<SEC-DOCUMENT>0001562762-25-000050.txt : 20250321
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<ACCEPTANCE-DATETIME>20250321160139
ACCESSION NUMBER: 0001562762-25-000050
CONFORMED SUBMISSION TYPE: 20-F
PUBLIC DOCUMENT COUNT: 100
CONFORMED PERIOD OF REPORT: 20241231
FILED AS OF DATE: 20250321
DATE AS OF CHANGE: 20250321
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DIANA SHIPPING INC.
CENTRAL INDEX KEY: 0001318885
STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
ORGANIZATION NAME: 01 Energy & Transportation
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 20-F
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-32458
FILM NUMBER: 25760390
BUSINESS ADDRESS:
STREET 1: PENDELIS 16
STREET 2: 175 64 PALAIO FALIRO
CITY: ATHENS
STATE: J3
ZIP: 00000
BUSINESS PHONE: 30-210-947-0100
MAIL ADDRESS:
STREET 1: PENDELIS 16
STREET 2: 175 64 PALAIO FALIRO
CITY: ATHENS
STATE: J3
ZIP: 00000
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<div id="a0" style="position:absolute;font-family:'Calibri';font-weight:bold;left:351px;top:75px;">UNITED STATES </div><div id="a2" style="position:absolute;font-family:'Calibri';font-weight:bold;left:270px;top:93px;">SECURITIES AND EXCHANGE COMMISSION </div><div id="a4" style="position:absolute;font-family:'Calibri';font-weight:bold;left:318px;top:111px;">WASHINGTON, D.C.<div style="display:inline-block;width:5px"> </div>20549 </div><div id="a7" style="position:absolute;font-family:'Calibri';font-size:18.72px;font-weight:bold;left:356px;top:147.2px;">FORM </div><div id="a7_5_4" style="position:absolute;font-family:'Calibri';font-size:18.72px;font-weight:bold;left:408px;top:147.2px;"><ix:nonNumeric id="ID_214" name="dei:DocumentType" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">20-F</ix:nonNumeric></div><div id="a11" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:bold;left:57px;top:187px;">(Mark One)<div style="display:inline-block;width:3px"> </div></div><div id="a13" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:57px;top:218.9px;"><ix:nonNumeric id="ID_63" name="dei:DocumentRegistrationStatement" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:boolballotbox">☐</ix:nonNumeric></div><div id="a14" style="position:absolute;font-family:'Calibri';font-weight:bold;left:70px;top:221px;"><div style="display:inline-block;width:3px"> </div>REGISTRATION STATEMENT<div style="display:inline-block;width:7px"> </div>PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934<div style="display:inline-block;width:3px"> </div></div><div id="a17" style="position:absolute;font-family:'Calibri';font-weight:bold;left:390px;top:255px;">OR </div><div id="a19" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:57px;top:288.8px;"><ix:nonNumeric id="ID_130" name="dei:DocumentAnnualReport" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:boolballotbox">☑</ix:nonNumeric></div><div id="a20" style="position:absolute;font-family:'Calibri';font-weight:bold;left:70px;top:291px;"><div style="display:inline-block;width:3px"> </div>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<div style="display:inline-block;width:3px"> </div></div><div id="a23" style="position:absolute;font-family:'Calibri';font-weight:bold;left:263px;top:324.8px;">For the fiscal year ended </div><div id="a23_26_13" style="position:absolute;font-family:'Calibri';font-weight:bold;left:417px;top:324.8px;"><ix:nonNumeric id="ID_468" name="dei:DocumentPeriodEndDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:datemonthdayyearen">December 31, <ix:nonNumeric id="ID_183" name="dei:DocumentFiscalYearFocus" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">2024</ix:nonNumeric></ix:nonNumeric></div><div id="a27" style="position:absolute;font-family:'Calibri';font-weight:bold;left:390px;top:359px;">OR </div><div id="a29" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:57px;top:392.7px;"><ix:nonNumeric id="ID_319" name="dei:DocumentTransitionReport" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:boolballotbox">☐</ix:nonNumeric></div><div id="a31" style="position:absolute;font-family:'Calibri';font-weight:bold;left:74px;top:395px;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a33" style="position:absolute;font-family:'Calibri';font-weight:bold;left:390px;top:429px;">OR </div><div id="a35" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:57px;top:462.6px;"><ix:nonNumeric id="ID_161" name="dei:DocumentShellCompanyReport" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:boolballotbox">☐</ix:nonNumeric></div><div id="a37" style="position:absolute;font-family:'Calibri';font-weight:bold;left:73px;top:464px;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a38" style="position:absolute;font-family:'Calibri';font-weight:bold;left:57px;top:485px;">Date of event requiring this shell company report: </div><div id="a40" style="position:absolute;font-family:'Calibri';left:365px;top:485px;">Not applicable</div><div id="a41" style="position:absolute;font-family:'Calibri';font-weight:bold;left:451px;top:485px;"><div style="display:inline-block;width:3px"> </div></div><div id="a43" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:bold;left:57px;top:519px;">For the transition period from ___________________________<div style="display:inline-block;width:5px"> </div>to ___________________________<div style="display:inline-block;width:4px"> </div></div><div id="a45" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:551.4px;">Commission file number </div><div id="a45_23_9" style="position:absolute;font-family:'Calibri';font-size:12px;left:178px;top:551.4px;"><ix:nonNumeric id="ID_377" name="dei:EntityFileNumber" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">001-32458</ix:nonNumeric></div><div id="a52" style="position:absolute;font-family:'Calibri';font-weight:bold;left:333px;top:583.8px;"><ix:nonNumeric id="ID_426" name="dei:EntityRegistrantName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">DIANA SHIPPING INC.</ix:nonNumeric></div><div id="a54" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:602px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a58" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:271px;top:610px;"><div style="display:inline-block;width:3px"> </div>(</div><div id="a60" style="position:absolute;font-family:'Calibri';font-size:12px;left:278px;top:611px;">Exact name of Registrant as specified in its charter) </div><div id="a62" style="position:absolute;font-family:'Calibri';left:342px;top:626px;">Diana Shipping Inc. </div><div id="a64" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:644px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a69" style="position:absolute;font-family:'Calibri';font-size:12px;left:288px;top:652px;">(Translation of Registrant’s<div style="display:inline-block;width:5px"> </div>name into English)<div style="display:inline-block;width:3px"> </div></div><div id="a72" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:313px;top:683.3px;"><ix:nonNumeric id="ID_258" name="dei:EntityIncorporationStateCountryCode" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:edgarprovcountryen">Republic of the Marshall Islands</ix:nonNumeric></div><div id="a74" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:699px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a78" style="position:absolute;font-family:'Calibri';font-size:12px;left:287px;top:708px;"><div style="display:inline-block;width:3px"> </div>(Jurisdiction of incorporation or organization) </div><div id="a83" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:268px;top:737px;"><ix:nonNumeric id="ID_245" name="dei:EntityAddressAddressLine1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Pendelis 16</ix:nonNumeric></div><div id="a83_11_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:330px;top:737px;">, </div><div id="a83_13_20" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:337px;top:737px;"><ix:nonNumeric id="ID_101" name="dei:EntityAddressPostalZipCode" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">175 64 Palaio Faliro</ix:nonNumeric></div><div id="a83_33_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:443px;top:737px;">, </div><div id="a83_35_6" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:449px;top:737px;"><ix:nonNumeric id="ID_488" name="dei:EntityAddressCityOrTown" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Athens</ix:nonNumeric></div><div id="a83_41_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:487px;top:737px;">, </div><div id="a83_43_6" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:494px;top:737px;"><ix:nonNumeric id="ID_159" name="dei:EntityAddressCountry" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:countrynameen">Greece</ix:nonNumeric></div><div id="a84" style="position:absolute;font-family:'Calibri';font-size:12px;left:532px;top:738px;"><div style="display:inline-block;width:3px"> </div></div><div id="a86" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:753px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a90" style="position:absolute;font-family:'Calibri';font-size:12px;left:303px;top:761px;"><div style="display:inline-block;width:3px"> </div>(Address of principal executive offices) </div><div id="a94" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:357px;top:792.3px;"><ix:nonNumeric id="ID_325" name="dei:ContactPersonnelName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885"><ix:nonNumeric id="ID_392" name="dei:ContactPersonnelName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">Ms Maria Dede</ix:nonNumeric></ix:nonNumeric></div><div id="a99" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:267px;top:808.6px;"><ix:nonNumeric id="ID_165" name="dei:EntityAddressAddressLine1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">Pendelis 16</ix:nonNumeric></div><div id="a99_11_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:329px;top:808.6px;">, </div><div id="a99_13_20" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:335px;top:808.6px;"><ix:nonNumeric id="ID_495" name="dei:EntityAddressPostalZipCode" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">175 64 Palaio Faliro</ix:nonNumeric></div><div id="a99_33_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:441px;top:808.6px;">, </div><div id="a99_35_6" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:448px;top:808.6px;"><ix:nonNumeric id="ID_203" name="dei:EntityAddressCityOrTown" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">Athens</ix:nonNumeric></div><div id="a99_41_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:486px;top:808.6px;">, </div><div id="a99_43_6" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:492px;top:808.6px;"><ix:nonNumeric id="ID_173" name="dei:EntityAddressCountry" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember" format="ixt-sec:countrynameen">Greece</ix:nonNumeric></div><div id="a100" style="position:absolute;font-family:'Calibri';font-size:12px;left:530px;top:810px;"><div style="display:inline-block;width:3px"> </div></div><div id="a102" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:267px;top:824.9px;">Tel:<div style="display:inline-block;width:7px"> </div>+ </div><div id="a102_8_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:302px;top:824.9px;"><ix:nonNumeric id="ID_211" name="dei:CountryRegion" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">30</ix:nonNumeric></div><div id="a102_10_1" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:316px;top:824.9px;">-</div><div id="a102_11_3" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:320px;top:824.9px;"><ix:nonNumeric id="ID_371" name="dei:CityAreaCode" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">210</ix:nonNumeric></div><div id="a102_14_1" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:340px;top:824.9px;">-</div><div id="a102_15_8" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:344px;top:824.9px;"><ix:nonNumeric id="ID_501" name="dei:LocalPhoneNumber" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">9470-100</ix:nonNumeric></div><div id="a102_23_9" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:396px;top:824.9px;">, Fax: + </div><div id="a102_32_15" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:437px;top:824.9px;"><ix:nonNumeric id="ID_184" name="dei:ContactPersonnelFaxNumber" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">30-210-9470-101</ix:nonNumeric></div><div id="a119" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:295px;top:841px;">E-mail: </div><div id="a122" style="position:absolute;font-family:'Calibri';font-size:13.28px;color:#0000FF;left:335px;top:841.2px;"><ix:nonNumeric id="ID_469" name="dei:ContactPersonnelEmailAddress" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember">mdede@dianashippinginc.com</ix:nonNumeric></div><div id="a125" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:857px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a129" style="position:absolute;font-family:'Calibri';font-size:12px;left:169px;top:866px;"><div style="display:inline-block;width:3px"> </div>(Name, Telephone, E-mail and/or<div style="display:inline-block;width:4px"> </div>Facsimile number and Address of Company Contact Person)<div style="display:inline-block;width:4px"> </div></div><div id="a134" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:57px;top:896px;">Securities registered or to be<div style="display:inline-block;width:4px"> </div>registered pursuant<div style="display:inline-block;width:4px"> </div>to Section 12(b) of the Act. </div></div>
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<div id="a136" style="position:absolute;font-family:'Calibri';font-size:12px;left:64px;top:90px;">Title of each class </div><div id="a138" style="position:absolute;font-family:'Calibri';font-size:12px;left:504px;top:76px;">Trading </div><div id="a139" style="position:absolute;font-family:'Calibri';font-size:12px;left:498px;top:90px;">Symbol(s) </div><div id="a141" style="position:absolute;font-family:'Calibri';font-size:12px;left:563px;top:76px;">Name of each exchange on which </div><div id="a142" style="position:absolute;font-family:'Calibri';font-size:12px;left:563px;top:90px;">registered </div><div id="a144" style="position:absolute;font-family:'Calibri';font-size:12px;left:64px;top:105.6px;"><ix:nonNumeric id="ID_262" name="dei:Security12bTitle" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember">Common Stock, $0.01 par value including the Preferred Stock Purchase Rights</ix:nonNumeric></div><div id="a147" style="position:absolute;font-family:'Calibri';font-size:12px;left:513px;top:105.6px;"><ix:nonNumeric id="ID_81" name="dei:TradingSymbol" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember">DSX</ix:nonNumeric></div><div id="a149" style="position:absolute;font-family:'Calibri';font-size:12px;left:563px;top:105.6px;"><ix:nonNumeric id="ID_40" name="dei:SecurityExchangeName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></div><div id="a151" style="position:absolute;font-family:'Calibri';font-size:12px;left:64px;top:120.3px;"><ix:nonNumeric id="ID_60" name="dei:Security12bTitle" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember">8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value</ix:nonNumeric></div><div id="a153" style="position:absolute;font-family:'Calibri';font-size:12px;left:503px;top:120.3px;"><ix:nonNumeric id="ID_47" name="dei:TradingSymbol" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember">DSXPRB</ix:nonNumeric></div><div id="a155" style="position:absolute;font-family:'Calibri';font-size:12px;left:563px;top:120.3px;"><ix:nonNumeric id="ID_129" name="dei:SecurityExchangeName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></div><div id="a157" style="position:absolute;font-family:'Calibri';font-size:12px;left:64px;top:134.8px;"><ix:nonNumeric id="ID_219" name="dei:Security12bTitle" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_WarrantsToPurchaseCommonStockMember">Warrants to Purchase Common Stock, Expiring on or about December 14, 2026</ix:nonNumeric></div><div id="a160" style="position:absolute;font-family:'Calibri';font-size:12px;left:503px;top:134.8px;"><ix:nonNumeric id="ID_401" name="dei:TradingSymbol" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_WarrantsToPurchaseCommonStockMember">DSX WS</ix:nonNumeric></div><div id="a162" style="position:absolute;font-family:'Calibri';font-size:12px;left:563px;top:134.8px;"><ix:nonNumeric id="ID_385" name="dei:SecurityExchangeName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_dsx_WarrantsToPurchaseCommonStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></div><div id="a162_23_2" style="position:absolute;font-family:'Calibri';font-size:12px;left:687px;top:134.8px;"><div style="display:inline-block;width:3px"> </div></div><div id="a167" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:164px;">Securities registered or to be registered pursuant<div style="display:inline-block;width:4px"> </div>to Section 12(g) of the Act.<div style="display:inline-block;width:3px"> </div></div><div id="a169" style="position:absolute;font-family:'Calibri';font-size:12px;left:386px;top:179px;">None</div><div id="a171" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:193px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a175" style="position:absolute;font-family:'Calibri';font-size:12px;left:363px;top:202px;"><div style="display:inline-block;width:3px"> </div>(Title of Class) </div><div id="a178" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:232px;">Securities for which there is a reporting obligation pursuant to Section<div style="display:inline-block;width:4px"> </div>15(d) of the Act.<div style="display:inline-block;width:3px"> </div></div><div id="a180" style="position:absolute;font-family:'Calibri';font-size:12px;left:386px;top:247px;">None</div><div id="a182" style="position:absolute;font-family:'Calibri';font-size:6.72px;left:60px;top:261px;">____________________________________________________________________________________________________________________________________________________________________________________________________________<div style="display:inline-block;width:0px;margin-left:-2px"> </div></div><div id="a186" style="position:absolute;font-family:'Calibri';font-size:12px;left:363px;top:269px;"><div style="display:inline-block;width:3px"> </div>(Title of Class) </div><div id="a189" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:299px;">Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock<div style="display:inline-block;width:4px"> </div>as of the close of the period covered by </div><div id="a191" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:316px;">the annual report.<div style="display:inline-block;width:3px"> </div></div><div id="a193" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:118px;top:346.5px;">As of December 31, 2024, there were </div><div id="a193_36_11" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:323px;top:346.5px;"><ix:nonFraction id="ID_172" name="dei:EntityCommonStockSharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">125,203,405</ix:nonFraction></div><div id="a193_47_52" style="position:absolute;font-family:'Calibri';font-size:13.28px;left:391px;top:346.5px;"><div style="display:inline-block;width:3px"> </div>shares of the registrant’s<div style="display:inline-block;width:5px"> </div>common stock outstanding</div><div id="a199" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:379px;">Indicate by check mark if the registrant is a well-known seasoned issuer,<div style="display:inline-block;width:5px"> </div>as defined in Rule 405 of the Securities Act. </div><div id="a204" style="position:absolute;font-family:'Segoe UI Symbol';left:676px;top:393px;">☐</div><div id="a205" style="position:absolute;font-family:'Calibri';font-size:12px;left:689px;top:398px;"><div style="display:inline-block;width:3px"> </div>Yes </div><div id="a208" style="position:absolute;font-family:'Segoe UI Symbol';font-size:13.28px;font-weight:bold;left:711px;top:395px;">☑</div><div id="a210" style="position:absolute;font-family:'Calibri';font-size:12px;left:727px;top:397.6px;"><ix:nonNumeric id="ID_150" name="dei:EntityWellKnownSeasonedIssuer" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">No</ix:nonNumeric></div><div id="a213" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:427px;">If this report is an annual or transition report, indicate by check mark if the registrant<div style="display:inline-block;width:4px"> </div>is not required to file reports pursuant to Section 13 </div><div id="a215" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:442px;">or 15(d) of the Securities Exchange Act of 1934. </div><div id="a218" style="position:absolute;font-family:'Segoe UI Symbol';left:675px;top:457px;">☐</div><div id="a219" style="position:absolute;font-family:'Calibri';font-size:12px;left:688px;top:461px;"><div style="display:inline-block;width:3px"> </div>Yes </div><div id="a221" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:710px;top:457px;">☑</div><div id="a223" style="position:absolute;font-family:'Calibri';font-size:12px;left:727px;top:461px;"><ix:nonNumeric id="ID_213" name="dei:EntityVoluntaryFilers" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">No</ix:nonNumeric></div><div id="a223_2_2" style="position:absolute;font-family:'Calibri';font-size:12px;left:741px;top:461px;"><div style="display:inline-block;width:3px"> </div></div><div id="a225" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:476px;">Note – Checking the box above will not relieve any registrant<div style="display:inline-block;width:4px"> </div>required to file reports pursuant to Section 13 or<div style="display:inline-block;width:4px"> </div>15(d) of the Securities </div><div id="a230" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:491px;">Exchange Act of 1934 from their obligations under those Sections. </div><div id="a233" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:520px;">Indicate by check mark whether the registrant (1) has filed all reports required<div style="display:inline-block;width:4px"> </div>to be filed by Section 13 or 15(d) of the Securities Exchange </div><div id="a235" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:535px;">Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required<div style="display:inline-block;width:4px"> </div>to file such reports), and (2) has </div><div id="a237" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:549px;">been subject to such filing requirements for the past 90 days.<div style="display:inline-block;width:4px"> </div></div><div id="a239" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:675px;top:564px;">☑</div><div id="a241" style="position:absolute;font-family:'Calibri';font-size:12px;left:692px;top:568.5px;"><ix:nonNumeric id="ID_300" name="dei:EntityCurrentReportingStatus" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Yes</ix:nonNumeric></div><div id="a242" style="position:absolute;font-family:'Segoe UI Symbol';left:711px;top:564px;">☐</div><div id="a243" style="position:absolute;font-family:'Calibri';font-size:12px;left:724px;top:569px;"><div style="display:inline-block;width:3px"> </div>No<div style="display:inline-block;width:3px"> </div></div><div id="a246" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:584px;">Indicate by check mark whether the registrant has submitted electronically<div style="display:inline-block;width:4px"> </div>every Interactive Data File required to<div style="display:inline-block;width:4px"> </div>be submitted pursuant to </div><div id="a248" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:598px;">Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant<div style="display:inline-block;width:5px"> </div>was </div><div id="a252" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:613px;">required to submit such files). </div><div id="a255" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:675px;top:627px;">☑</div><div id="a257" style="position:absolute;font-family:'Calibri';font-size:12px;left:692px;top:631.9px;"><ix:nonNumeric id="ID_323" name="dei:EntityInteractiveDataCurrent" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Yes</ix:nonNumeric></div><div id="a258" style="position:absolute;font-family:'Segoe UI Symbol';left:711px;top:627px;">☐</div><div id="a259" style="position:absolute;font-family:'Calibri';font-size:12px;left:724px;top:632px;"><div style="display:inline-block;width:3px"> </div>No </div><div id="a262" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:647px;">Indicate by check mark whether the registrant is a large accelerated<div style="display:inline-block;width:5px"> </div>filer, an accelerated filer,<div style="display:inline-block;width:5px"> </div>a non-accelerated filer,<div style="display:inline-block;width:4px"> </div>or an emerging </div><div id="a267" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:662px;">growth company.<div style="display:inline-block;width:4px"> </div>See definition of “large accelerated filer”,<div style="display:inline-block;width:4px"> </div>“accelerated filer” and "emerging growth company" in Rule 12b-2 of the </div><div id="a275" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:676px;">Exchange Act.<div style="display:inline-block;width:3px"> </div></div><div id="a278" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:710px;">Large accelerated filer </div><div id="a279" style="position:absolute;font-family:'Segoe UI Symbol';left:168px;top:705px;">☐</div><div id="a280_1_17" style="position:absolute;font-family:'Calibri';font-size:12px;left:274px;top:709.9px;"><ix:nonNumeric id="ID_228" name="dei:EntityFilerCategory" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:entityfilercategoryen">Accelerated filer</ix:nonNumeric></div><div id="a282" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:357px;top:705px;">☑</div><div id="a283" style="position:absolute;font-family:'Calibri';font-size:12px;left:370px;top:710px;"><div style="display:inline-block;width:231px"> </div>Non-accelerated filer </div><div id="a287" style="position:absolute;font-family:'Segoe UI Symbol';left:706px;top:705px;">☐</div><div id="a288" style="position:absolute;font-family:'Calibri';font-size:12px;left:719px;top:710px;"><div style="display:inline-block;width:3px"> </div></div><div id="a290" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:729px;"><div style="display:inline-block;width:515px"> </div>Emerging growth company </div><div id="a293" style="position:absolute;font-family:'Segoe UI Symbol';left:706px;top:725px;-sec-ix-hidden:ID_30;">☐</div><div id="a294" style="position:absolute;font-family:'Calibri';font-size:12px;left:719px;top:729px;"><div style="display:inline-block;width:3px"> </div></div><div id="a297" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:759px;">If an emerging growth company that prepares its financial statements<div style="display:inline-block;width:4px"> </div>in accordance with U.S. GAAP,<div style="display:inline-block;width:5px"> </div>indicate by check mark if the </div><div id="a299" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:774px;">registrant has elected not to use the extended transition period for<div style="display:inline-block;width:4px"> </div>complying with any new or revised financial accounting standards† </div><div id="a302" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:789px;">provided pursuant to Section 13(a) of the Exchange Act. □<div style="display:inline-block;width:4px"> </div></div><div id="a305" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:818px;">† The term “new or revised financial accounting standard” refers<div style="display:inline-block;width:4px"> </div>to any update issued by the Financial Accounting Standards </div><div id="a306" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:833px;">Board to its Accounting Standards Codification after April 5, 2012.<div style="display:inline-block;width:4px"> </div></div><div id="a309" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:862px;">Indicate by check mark whether the registrant has filed a report on and attestation<div style="display:inline-block;width:5px"> </div>to its management’s assessment of the </div><div id="a312" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:877px;">effectiveness of its internal control<div style="display:inline-block;width:4px"> </div>over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the </div><div id="a315" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:896px;">registered public accounting firm that prepared or issued its audit report. </div><div id="a318" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:715px;top:891.1px;-sec-ix-hidden:ID_499;">☑</div><div id="a322" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:925px;">If securities are registered pursuant to Section 12(b) of the Act, indicate<div style="display:inline-block;width:4px"> </div>by check mark whether the financial statements of the </div><div id="a325" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:944px;">registrant included in the filing reflect the correction of an error to<div style="display:inline-block;width:4px"> </div>previously issued financial statements.<div style="display:inline-block;width:145px"> </div></div><div id="a328" style="position:absolute;font-family:'Segoe UI Symbol';left:715px;top:939.9px;-sec-ix-hidden:ID_85;">☐</div></div>
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<div id="a331" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:76px;">Indicate by check mark whether any of those error corrections are restatements<div style="display:inline-block;width:5px"> </div>that required a recovery analysis of incentive-</div><div id="a333" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:90px;">based compensation received by any of the registrant’s<div style="display:inline-block;width:4px"> </div>executive officers during the relevant recovery<div style="display:inline-block;width:5px"> </div>period pursuant to §240.10D-</div><div id="a336" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:109px;">1(b).<div style="display:inline-block;width:632px"> </div></div><div id="a340" style="position:absolute;font-family:'Segoe UI Symbol';left:712px;top:105px;">☐</div><div id="a342" style="position:absolute;font-family:'Calibri';font-size:12px;left:105px;top:124px;">Indicate by check mark which basis of accounting the registrant has used to<div style="display:inline-block;width:4px"> </div>prepare the financial statements included in this </div><div id="a344" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:139px;">filing:<div style="display:inline-block;width:3px"> </div></div><div id="a346" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:158.2px;"><ix:nonNumeric id="ID_97" name="dei:DocumentAccountingStandard" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">U.S. GAAP</ix:nonNumeric></div><div id="a346_9_2" style="position:absolute;font-family:'Calibri';font-size:12px;left:106px;top:158.2px;"><div style="display:inline-block;width:5px"> </div></div><div id="a347" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:112px;top:154px;">☑</div><div id="a348" style="position:absolute;font-family:'Calibri';font-size:12px;left:125px;top:158px;"><div style="display:inline-block;width:150px"> </div>International Financial Reporting Standards as issued<div style="display:inline-block;width:101px"> </div>Other<div style="display:inline-block;width:5px"> </div></div><div id="a355" style="position:absolute;font-family:'Segoe UI Symbol';left:667px;top:154px;">☐</div><div id="a357" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:173px;"><div style="display:inline-block;width:218px"> </div>by the International Accounting Standards Board □<div style="display:inline-block;width:4px"> </div></div><div id="a361" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:203px;">If “Other” has been checked in response to the previous question, indicate by check mark which financial statement<div style="display:inline-block;width:4px"> </div>item the registrant has </div><div id="a363" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:217px;">elected to follow. </div><div id="a365" style="position:absolute;font-family:'Segoe UI Symbol';left:632px;top:232px;">☐</div><div id="a366" style="position:absolute;font-family:'Calibri';font-size:12px;left:645px;top:236px;"><div style="display:inline-block;width:3px"> </div>Item 17 </div><div id="a368" style="position:absolute;font-family:'Segoe UI Symbol';left:688px;top:232px;">☐</div><div id="a369" style="position:absolute;font-family:'Calibri';font-size:12px;left:700px;top:236px;"><div style="display:inline-block;width:3px"> </div>Item 18<div style="display:inline-block;width:3px"> </div></div><div id="a372" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:251px;">If this is an annual report, indicate by check mark whether the registrant is a shell company<div style="display:inline-block;width:4px"> </div>(as defined in Rule 12b-2 of the Exchange Act). </div><div id="a376" style="position:absolute;font-family:'Segoe UI Symbol';left:675px;top:266px;">☐</div><div id="a377" style="position:absolute;font-family:'Calibri';font-size:12px;left:688px;top:270px;"><div style="display:inline-block;width:3px"> </div>Yes </div><div id="a379" style="position:absolute;font-family:'Segoe UI Symbol';font-weight:bold;left:710px;top:266px;">☑</div><div id="a381" style="position:absolute;font-family:'Calibri';font-size:12px;left:727px;top:270.4px;"><ix:nonNumeric id="ID_174" name="dei:EntityShellCompany" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleanfalse">No</ix:nonNumeric></div><div id="a381_2_2" style="position:absolute;font-family:'Calibri';font-size:12px;left:741px;top:270.4px;"><div style="display:inline-block;width:3px"> </div></div><div id="a383" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:286px;">(APPLICABLE ONLY TO<div style="display:inline-block;width:4px"> </div>ISSUERS INVOLVED IN BANKRUPTCY<div style="display:inline-block;width:4px"> </div>PROCEEDINGS DURING THE PAST FIVE YEARS)<div style="display:inline-block;width:4px"> </div></div><div id="a386" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:315px;">Indicate by check mark whether the registrant has filed all documents and reports required<div style="display:inline-block;width:4px"> </div>to be filed by Sections 12, 13 or 15(d) of the </div><div id="a388" style="position:absolute;font-family:'Calibri';font-size:12px;left:57px;top:329px;">Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. </div><div id="a390" style="position:absolute;font-family:'Segoe UI Symbol';left:677px;top:344px;">☐</div><div id="a391" style="position:absolute;font-family:'Calibri';font-size:12px;left:689px;top:348px;"><div style="display:inline-block;width:3px"> </div>Yes </div><div id="a393" style="position:absolute;font-family:'Segoe UI Symbol';left:711px;top:344px;">☐</div><div id="a394" style="position:absolute;font-family:'Calibri';font-size:12px;left:724px;top:348px;"><div style="display:inline-block;width:3px"> </div>No</div></div>
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<div id="a397" style="position:absolute;font-family:'Arial';left:395px;top:992px;">4 </div><div id="a399" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:312px;top:76px;">TABLE OF CONTENTS </div><div id="a403" style="position:absolute;font-family:'Arial';font-weight:bold;color:#0000FF;left:59px;top:114px;"><a href="#a618" style="color:#0000FF;text-decoration:underline;">FORWARD-LOOKING STATEMENTS</a></div><div id="a407" style="position:absolute;font-family:'Arial';font-weight:bold;left:730px;top:114px;">5</div><div id="a412" style="position:absolute;font-family:'Arial';font-weight:bold;color:#0000FF;left:59px;top:150px;"><a href="#a2582" style="color:#0000FF;text-decoration:underline;">PART I</a></div><div id="a416" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:168px;"><a href="#a2586" style="color:#0000FF;text-decoration:underline;">Item 1.</a></div><div id="a418" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:168px;"><a href="#a2586" style="color:#0000FF;text-decoration:underline;">Identity of Directors, Senior Management and Advisers</a></div><div id="a420" style="position:absolute;font-family:'Arial';left:730px;top:168px;">7 </div><div id="a422" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:185px;"><a href="#a2595" style="color:#0000FF;text-decoration:underline;">Item 2.</a></div><div id="a424" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:185px;"><a href="#a2595" style="color:#0000FF;text-decoration:underline;">Offer Statistics and Expected Timetable</a></div><div id="a426" style="position:absolute;font-family:'Arial';left:730px;top:185px;">7 </div><div id="a428" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:203px;"><a href="#a2603" style="color:#0000FF;text-decoration:underline;">Item 3.</a></div><div id="a430" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:203px;"><a href="#a2603" style="color:#0000FF;text-decoration:underline;">Key Information</a></div><div id="a432" style="position:absolute;font-family:'Arial';left:730px;top:203px;">7 </div><div id="a434" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:221px;"><a href="#a21141" style="color:#0000FF;text-decoration:underline;">Item 4.</a></div><div id="a436" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:221px;"><a href="#a21141" style="color:#0000FF;text-decoration:underline;">Information on the Company</a></div><div id="a438" style="position:absolute;font-family:'Arial';left:722px;top:221px;">42 </div><div id="a440" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:239px;"><a href="#a43651" style="color:#0000FF;text-decoration:underline;">Item 4A.</a></div><div id="a442" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:239px;"><a href="#a43651" style="color:#0000FF;text-decoration:underline;">Unresolved Staff Comments</a></div><div id="a444" style="position:absolute;font-family:'Arial';left:722px;top:239px;">68 </div><div id="a446" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:258px;"><a href="#a43663" style="color:#0000FF;text-decoration:underline;">Item 5.</a></div><div id="a448" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:258px;"><a href="#a43663" style="color:#0000FF;text-decoration:underline;">Operating and Financial Review and Prospects</a></div><div id="a450" style="position:absolute;font-family:'Arial';left:722px;top:258px;">69 </div><div id="a452" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:276px;"><a href="#a50144" style="color:#0000FF;text-decoration:underline;">Item 6.</a></div><div id="a454" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:276px;"><a href="#a50144" style="color:#0000FF;text-decoration:underline;">Directors, Senior Management and Employees</a></div><div id="a456" style="position:absolute;font-family:'Arial';left:722px;top:276px;">85 </div><div id="a458" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:294px;"><a href="#a56969" style="color:#0000FF;text-decoration:underline;">Item 7.</a></div><div id="a460" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:294px;"><a href="#a56969" style="color:#0000FF;text-decoration:underline;">Major Shareholders and Related Party Transactions</a></div><div id="a462" style="position:absolute;font-family:'Arial';left:722px;top:294px;">93 </div><div id="a464" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:312px;"><a href="#a57725" style="color:#0000FF;text-decoration:underline;">Item 8.</a></div><div id="a466" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:312px;"><a href="#a57725" style="color:#0000FF;text-decoration:underline;">Financial Information</a></div><div id="a468" style="position:absolute;font-family:'Arial';left:722px;top:312px;">98 </div><div id="a470" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:329px;"><a href="#a58277" style="color:#0000FF;text-decoration:underline;">Item 9.</a></div><div id="a472" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:329px;"><a href="#a58277" style="color:#0000FF;text-decoration:underline;">The Offer and Listing</a></div><div id="a474" style="position:absolute;font-family:'Arial';left:722px;top:329px;">99 </div><div id="a476" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:347px;"><a href="#a58417" style="color:#0000FF;text-decoration:underline;">Item 10.</a></div><div id="a478" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:347px;"><a href="#a58417" style="color:#0000FF;text-decoration:underline;">Additional Information</a></div><div id="a480" style="position:absolute;font-family:'Arial';left:714px;top:347px;">100 </div><div id="a482" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:365px;"><a href="#a59749" style="color:#0000FF;text-decoration:underline;">Item 11.</a></div><div id="a484" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:365px;"><a href="#a59749" style="color:#0000FF;text-decoration:underline;">Quantitative and Qualitative Disclosures about Market Risk</a></div><div id="a486" style="position:absolute;font-family:'Arial';left:714px;top:365px;">109 </div><div id="a488" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:383px;"><a href="#a59842" style="color:#0000FF;text-decoration:underline;">Item 12.</a></div><div id="a490" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:383px;"><a href="#a59842" style="color:#0000FF;text-decoration:underline;">Description of Securities Other than Equity Securities</a></div><div id="a492" style="position:absolute;font-family:'Arial';left:714px;top:383px;">110 </div><div id="a497" style="position:absolute;font-family:'Arial';font-weight:bold;color:#0000FF;left:59px;top:420px;"><a href="#a59852" style="color:#0000FF;text-decoration:underline;">PART II</a></div><div id="a501" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:438px;"><a href="#a59856" style="color:#0000FF;text-decoration:underline;">Item 13.</a></div><div id="a503" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:438px;"><a href="#a59856" style="color:#0000FF;text-decoration:underline;">Defaults, Dividend Arrearages and Delinquencies</a></div><div id="a505" style="position:absolute;font-family:'Arial';left:714px;top:438px;">111 </div><div id="a507" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:455px;"><a href="#a59863" style="color:#0000FF;text-decoration:underline;">Item 14.</a></div><div id="a509" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:455px;"><a href="#a59863" style="color:#0000FF;text-decoration:underline;">Material Modifications to the Rights of Security Holders and Use of<span style="display:inline-block;width:3px;text-decoration:underline"> </span>Proceeds</a></div><div id="a511" style="position:absolute;font-family:'Arial';left:714px;top:455px;">111 </div><div id="a513" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:473px;"><a href="#a59873" style="color:#0000FF;text-decoration:underline;">Item 15.</a></div><div id="a515" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:473px;"><a href="#a59873" style="color:#0000FF;text-decoration:underline;">Controls and Procedures</a></div><div id="a517" style="position:absolute;font-family:'Arial';left:714px;top:473px;">111 </div><div id="a519" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:491px;">Item 16A.</div><div id="a521" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:491px;">Audit Committee Financial Expert</div><div id="a523" style="position:absolute;font-family:'Arial';left:714px;top:491px;">112 </div><div id="a525" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:509px;"><a href="#a60011" style="color:#0000FF;text-decoration:underline;">Item 16B.</a></div><div id="a527" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:509px;"><a href="#a60011" style="color:#0000FF;text-decoration:underline;">Code of Ethics</a></div><div id="a529" style="position:absolute;font-family:'Arial';left:714px;top:509px;">112 </div><div id="a531" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:527px;"><a href="#a60029" style="color:#0000FF;text-decoration:underline;">Item 16C.</a></div><div id="a533" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:527px;"><a href="#a60029" style="color:#0000FF;text-decoration:underline;">Principal Accountant Fees and Services</a></div><div id="a535" style="position:absolute;font-family:'Arial';left:714px;top:527px;">112 </div><div id="a537" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:546px;"><a href="part2item16d" style="color:#0000FF;text-decoration:underline;">Item 16D.</a></div><div id="a539" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:546px;"><a href="#a60159" style="color:#0000FF;text-decoration:underline;">Exemptions from the Listing Standards for Audit Committees</a></div><div id="a541" style="position:absolute;font-family:'Arial';left:714px;top:546px;">113 </div><div id="a543" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:564px;"><a href="#a60167" style="color:#0000FF;text-decoration:underline;">Item 16E.</a></div><div id="a545" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:564px;"><a href="#a60167" style="color:#0000FF;text-decoration:underline;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></div><div id="a547" style="position:absolute;font-family:'Arial';left:714px;top:564px;">113 </div><div id="a549" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:581px;"><a href="#a60200" style="color:#0000FF;text-decoration:underline;">Item 16F.</a></div><div id="a551" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:581px;"><a href="#a60200" style="color:#0000FF;text-decoration:underline;">Change in Registrant’s Certifying Accountant</a></div><div id="a553" style="position:absolute;font-family:'Arial';left:714px;top:581px;">113 </div><div id="a555" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:599px;"><a href="#a60270" style="color:#0000FF;text-decoration:underline;">Item 16G.</a></div><div id="a557" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:599px;"><a href="#a60270" style="color:#0000FF;text-decoration:underline;">Corporate Governance</a></div><div id="a559" style="position:absolute;font-family:'Arial';left:714px;top:599px;">114 </div><div id="a561" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:617px;"><a href="#a60612" style="color:#0000FF;text-decoration:underline;">Item 16H.</a></div><div id="a563" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:617px;"><a href="#a60612" style="color:#0000FF;text-decoration:underline;">Mine Safety Disclosure</a></div><div id="a565" style="position:absolute;font-family:'Arial';left:714px;top:617px;">115 </div><div id="a567" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:635px;"><a href="#a60634" style="color:#0000FF;text-decoration:underline;">Item 16I.</a></div><div id="a569" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:635px;"><a href="#a60634" style="color:#0000FF;text-decoration:underline;">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</a></div><div id="a571" style="position:absolute;font-family:'Arial';left:714px;top:635px;">115 </div><div id="a573" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:653px;"><a href="#a60640" style="color:#0000FF;text-decoration:underline;">Item 16J.</a></div><div id="a575" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:653px;"><a href="#a60640" style="color:#0000FF;text-decoration:underline;">Insider Trading Policies</a></div><div id="a577" style="position:absolute;font-family:'Arial';left:714px;top:653px;">115 </div><div id="a579" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:671px;"><a href="#a60673" style="color:#0000FF;text-decoration:underline;">Item 16K.</a></div><div id="a581" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:671px;"><a href="#a60673" style="color:#0000FF;text-decoration:underline;">Cybersecurity</a></div><div id="a583" style="position:absolute;font-family:'Arial';left:714px;top:671px;">116 </div><div id="a588" style="position:absolute;font-family:'Arial';font-weight:bold;color:#0000FF;left:59px;top:708px;"><a href="#a60896" style="color:#0000FF;text-decoration:underline;">PART III</a></div><div id="a592" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:725px;"><a href="#a60900" style="color:#0000FF;text-decoration:underline;">Item 17.</a></div><div id="a594" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:725px;"><a href="part3item17" style="color:#0000FF;text-decoration:underline;">Financial Statements</a></div><div id="a596" style="position:absolute;font-family:'Arial';left:714px;top:725px;">119 </div><div id="a598" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:743px;"><a href="#a60908" style="color:#0000FF;text-decoration:underline;">Item 18.</a></div><div id="a600" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:743px;"><a href="#a60908" style="color:#0000FF;text-decoration:underline;">Financial Statements</a></div><div id="a602" style="position:absolute;font-family:'Arial';left:714px;top:743px;">119 </div><div id="a604" style="position:absolute;font-family:'Arial';color:#0000FF;left:59px;top:761px;"><a href="#a60919" style="color:#0000FF;text-decoration:underline;">Item 19.</a></div><div id="a606" style="position:absolute;font-family:'Arial';color:#0000FF;left:148px;top:761px;"><a href="#a60919" style="color:#0000FF;text-decoration:underline;">Exhibits</a></div><div id="a608" style="position:absolute;font-family:'Arial';left:714px;top:761px;">119 </div></div>
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<div id="Page5" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a612" style="position:absolute;font-family:'Arial';left:395px;top:992px;">5 </div><div id="a614" style="position:absolute;font-family:'Arial';font-weight:bold;left:272px;top:76px;">FORWARD-LOOKING STATEMENTS </div><div id="a618" style="position:absolute;font-family:'Arial';left:57px;top:93px;"><div style="display:inline-block;width:4px"> </div></div><div id="a620" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Matters<div style="display:inline-block;width:7px"> </div>discussed<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>report<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>documents<div style="display:inline-block;width:7px"> </div>incorporated<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>reference<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>constitute </div><div id="a648" style="position:absolute;font-family:'Arial';left:57px;top:126px;">forward-looking<div style="display:inline-block;width:6px"> </div>statements.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Private<div style="display:inline-block;width:6px"> </div>Securities<div style="display:inline-block;width:6px"> </div>Litigation<div style="display:inline-block;width:6px"> </div>Reform<div style="display:inline-block;width:6px"> </div>Act<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>1995<div style="display:inline-block;width:6px"> </div>provides<div style="display:inline-block;width:6px"> </div>safe<div style="display:inline-block;width:6px"> </div>harbor </div><div id="a676" style="position:absolute;font-family:'Arial';left:57px;top:143px;">protections<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>forward-looking<div style="display:inline-block;width:8px"> </div>statements<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>order<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>encourage<div style="display:inline-block;width:8px"> </div>companies<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>provide<div style="display:inline-block;width:8px"> </div>prospective </div><div id="a702" style="position:absolute;font-family:'Arial';left:57px;top:160px;">information about<div style="display:inline-block;width:6px"> </div>their business.<div style="display:inline-block;width:6px"> </div>Forward-looking statements<div style="display:inline-block;width:6px"> </div>include, but<div style="display:inline-block;width:6px"> </div>are not<div style="display:inline-block;width:7px"> </div>limited to,<div style="display:inline-block;width:6px"> </div>statements </div><div id="a730" style="position:absolute;font-family:'Arial';left:57px;top:177px;">concerning plans, objectives, goals,<div style="display:inline-block;width:2px"> </div>strategies, future events or<div style="display:inline-block;width:3px"> </div>performance, underlying assumptions<div style="display:inline-block;width:2px"> </div>and </div><div id="a754" style="position:absolute;font-family:'Arial';left:57px;top:194px;">other statements, which are other than statements of historical facts. </div><div id="a775" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Diana Shipping<div style="display:inline-block;width:2px"> </div>Inc., or<div style="display:inline-block;width:3px"> </div>the Company, desires<div style="display:inline-block;width:3px"> </div>to take<div style="display:inline-block;width:3px"> </div>advantage of<div style="display:inline-block;width:2px"> </div>the safe<div style="display:inline-block;width:3px"> </div>harbor provisions<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>Private </div><div id="a811" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Securities Litigation Reform Act of<div style="display:inline-block;width:6px"> </div>1995 and is including this<div style="display:inline-block;width:6px"> </div>cautionary statement in connection with this </div><div id="a843" style="position:absolute;font-family:'Arial';left:57px;top:261px;">safe harbor legislation.<div style="display:inline-block;width:8px"> </div>This document and any other written or oral statements made by the Company or </div><div id="a877" style="position:absolute;font-family:'Arial';left:57px;top:278px;">on its behalf may include forward-looking statements, which reflect its current views with respect to future </div><div id="a911" style="position:absolute;font-family:'Arial';left:57px;top:295px;">events and financial performance, and<div style="display:inline-block;width:6px"> </div>are not intended to<div style="display:inline-block;width:6px"> </div>give any assurance as to<div style="display:inline-block;width:6px"> </div>future results. When </div><div id="a945" style="position:absolute;font-family:'Arial';left:57px;top:312px;">used in this document, the words “believe”,<div style="display:inline-block;width:10px"> </div>“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” </div><div id="a971" style="position:absolute;font-family:'Arial';left:57px;top:329px;">“potential,”<div style="display:inline-block;width:10px"> </div>“will,”<div style="display:inline-block;width:10px"> </div>“may,”<div style="display:inline-block;width:11px"> </div>“should,”<div style="display:inline-block;width:9px"> </div>“expect,”<div style="display:inline-block;width:9px"> </div>“targets,”<div style="display:inline-block;width:9px"> </div>“likely,”<div style="display:inline-block;width:11px"> </div>“would,”<div style="display:inline-block;width:10px"> </div>“could,”<div style="display:inline-block;width:10px"> </div>“seeks,”<div style="display:inline-block;width:9px"> </div>“continue,” </div><div id="a993" style="position:absolute;font-family:'Arial';left:57px;top:346px;">“possible,”<div style="display:inline-block;width:7px"> </div>“might,”<div style="display:inline-block;width:7px"> </div>“pending,”<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>similar<div style="display:inline-block;width:7px"> </div>expressions,<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>phrases<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>identify<div style="display:inline-block;width:7px"> </div>forward-looking </div><div id="a1019" style="position:absolute;font-family:'Arial';left:57px;top:363px;">statements. </div><div id="a1022" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Please note in this annual report, “we”,<div style="display:inline-block;width:5px"> </div>“us”, “our” and “the Company” all refer to Diana<div style="display:inline-block;width:6px"> </div>Shipping Inc. and </div><div id="a1060" style="position:absolute;font-family:'Arial';left:57px;top:413px;">its subsidiaries, unless otherwise indicated. </div><div id="a1071" style="position:absolute;font-family:'Arial';left:57px;top:447px;">The forward-looking statements in<div style="display:inline-block;width:2px"> </div>this document are based<div style="display:inline-block;width:3px"> </div>upon various assumptions,<div style="display:inline-block;width:3px"> </div>many of which are </div><div id="a1103" style="position:absolute;font-family:'Arial';left:57px;top:464px;">based,<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:7px"> </div>turn,<div style="display:inline-block;width:8px"> </div>upon<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:8px"> </div>assumptions,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>without<div style="display:inline-block;width:8px"> </div>limitation,<div style="display:inline-block;width:7px"> </div>management’s<div style="display:inline-block;width:8px"> </div>examination<div style="display:inline-block;width:7px"> </div>of </div><div id="a1127" style="position:absolute;font-family:'Arial';left:57px;top:481px;">historical<div style="display:inline-block;width:12px"> </div>operating<div style="display:inline-block;width:11px"> </div>trends,<div style="display:inline-block;width:12px"> </div>data<div style="display:inline-block;width:11px"> </div>contained<div style="display:inline-block;width:11px"> </div>in<div style="display:inline-block;width:12px"> </div>its<div style="display:inline-block;width:12px"> </div>records<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:12px"> </div>other<div style="display:inline-block;width:11px"> </div>data<div style="display:inline-block;width:12px"> </div>available<div style="display:inline-block;width:11px"> </div>from<div style="display:inline-block;width:12px"> </div>third </div><div id="a1155" style="position:absolute;font-family:'Arial';left:57px;top:498px;">parties.<div style="display:inline-block;width:8px"> </div>Although the<div style="display:inline-block;width:5px"> </div>Company believes that<div style="display:inline-block;width:6px"> </div>these assumptions<div style="display:inline-block;width:5px"> </div>were reasonable when<div style="display:inline-block;width:6px"> </div>made, because </div><div id="a1181" style="position:absolute;font-family:'Arial';left:57px;top:514px;">these assumptions are inherently<div style="display:inline-block;width:6px"> </div>subject to significant uncertainties and<div style="display:inline-block;width:6px"> </div>contingencies which are difficult </div><div id="a1207" style="position:absolute;font-family:'Arial';left:57px;top:531px;">or impossible to predict and are beyond its control, the<div style="display:inline-block;width:5px"> </div>Company cannot assure you that it will achieve or </div><div id="a1245" style="position:absolute;font-family:'Arial';left:57px;top:548px;">accomplish these expectations, beliefs or projections. </div><div id="a1258" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Such<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>reflect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>views<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>events<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to </div><div id="a1290" style="position:absolute;font-family:'Arial';left:57px;top:599px;">certain risks,<div style="display:inline-block;width:2px"> </div>uncertainties and<div style="display:inline-block;width:2px"> </div>assumptions. Should<div style="display:inline-block;width:2px"> </div>one or<div style="display:inline-block;width:2px"> </div>more of<div style="display:inline-block;width:2px"> </div>these risks<div style="display:inline-block;width:2px"> </div>or uncertainties<div style="display:inline-block;width:2px"> </div>materialize, </div><div id="a1320" style="position:absolute;font-family:'Arial';left:57px;top:616px;">or should underlying assumptions prove<div style="display:inline-block;width:3px"> </div>incorrect, actual results may vary<div style="display:inline-block;width:3px"> </div>materially from those described </div><div id="a1348" style="position:absolute;font-family:'Arial';left:57px;top:632px;">herein as anticipated, believed,<div style="display:inline-block;width:2px"> </div>estimated, expected or<div style="display:inline-block;width:2px"> </div>intended. The Company<div style="display:inline-block;width:3px"> </div>is making investors<div style="display:inline-block;width:3px"> </div>aware </div><div id="a1376" style="position:absolute;font-family:'Arial';left:57px;top:649px;">that such forward-looking<div style="display:inline-block;width:2px"> </div>statements, because they<div style="display:inline-block;width:2px"> </div>relate to future<div style="display:inline-block;width:2px"> </div>events, are by<div style="display:inline-block;width:2px"> </div>their very nature<div style="display:inline-block;width:2px"> </div>subject </div><div id="a1410" style="position:absolute;font-family:'Arial';left:57px;top:666px;">to many important factors that could cause actual results to differ materially from those<div style="display:inline-block;width:3px"> </div>contemplated. </div><div id="a1441" style="position:absolute;font-family:'Arial';left:57px;top:700px;">In addition<div style="display:inline-block;width:3px"> </div>to these important<div style="display:inline-block;width:2px"> </div>factors and<div style="display:inline-block;width:3px"> </div>matters discussed<div style="display:inline-block;width:3px"> </div>elsewhere herein,<div style="display:inline-block;width:2px"> </div>including under<div style="display:inline-block;width:3px"> </div>the heading </div><div id="a1471" style="position:absolute;font-family:'Arial';left:57px;top:717px;">"Item<div style="display:inline-block;width:7px"> </div>3.<div style="display:inline-block;width:7px"> </div>Key<div style="display:inline-block;width:7px"> </div>Information—D.<div style="display:inline-block;width:7px"> </div>Risk<div style="display:inline-block;width:7px"> </div>Factors,"<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>documents<div style="display:inline-block;width:7px"> </div>incorporated<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>reference<div style="display:inline-block;width:7px"> </div>herein, </div><div id="a1501" style="position:absolute;font-family:'Arial';left:57px;top:734px;">important factors that, in<div style="display:inline-block;width:2px"> </div>its view, could cause actual results<div style="display:inline-block;width:2px"> </div>to differ materially from<div style="display:inline-block;width:3px"> </div>those discussed in<div style="display:inline-block;width:3px"> </div>the </div><div id="a1537" style="position:absolute;font-family:'Arial';left:57px;top:751px;">forward-looking statements include, but are not limited to:<div style="display:inline-block;width:3px"> </div></div><div id="a1557" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:788px;">●</div><div id="a1559" style="position:absolute;font-family:'Arial';left:104px;top:784px;">the strength of world economies; </div><div id="a1570" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:822px;">●</div><div id="a1572" style="position:absolute;font-family:'Arial';left:104px;top:818px;">fluctuations in currencies,<div style="display:inline-block;width:4px"> </div>interest rates, and inflationary pressures; </div><div id="a1590" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:855px;">●</div><div id="a1592" style="position:absolute;font-family:'Arial';left:104px;top:852px;">general market conditions, including fluctuations in charter hire rates and<div style="display:inline-block;width:3px"> </div>vessel values; </div><div id="a1617" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:889px;">●</div><div id="a1619" style="position:absolute;font-family:'Arial';left:104px;top:885px;">changes in demand in the dry-bulk shipping industry; </div><div id="a1638" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:923px;">●</div><div id="a1640" style="position:absolute;font-family:'Arial';left:104px;top:919px;">changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>supply<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>including<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>caused<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>newbuilding<div style="display:inline-block;width:5px"> </div>vessel<div style="display:inline-block;width:6px"> </div>orders<div style="display:inline-block;width:6px"> </div>or </div><div id="a1670" style="position:absolute;font-family:'Arial';left:104px;top:936px;">changes to or terminations of existing orders, and vessel scrapping<div style="display:inline-block;width:3px"> </div>levels; </div></div>
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<div id="Page6" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1695" style="position:absolute;font-family:'Arial';left:395px;top:992px;">6 </div><div id="a1697" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:79px;">●</div><div id="a1699" style="position:absolute;font-family:'Arial';left:104px;top:76px;">changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company's operating<div style="display:inline-block;width:7px"> </div>expenses, including<div style="display:inline-block;width:7px"> </div>bunker<div style="display:inline-block;width:6px"> </div>prices, crew<div style="display:inline-block;width:7px"> </div>costs,<div style="display:inline-block;width:6px"> </div>drydocking </div><div id="a1723" style="position:absolute;font-family:'Arial';left:104px;top:93px;">and insurance costs; </div><div id="a1730" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:130px;">●</div><div id="a1732" style="position:absolute;font-family:'Arial';left:104px;top:126px;">the Company’s future operating or financial results; </div><div id="a1747" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:164px;">●</div><div id="a1749" style="position:absolute;font-family:'Arial';left:104px;top:160px;">availability<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>financing<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>refinancing<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>condition<div style="display:inline-block;width:6px"> </div>and </div><div id="a1775" style="position:absolute;font-family:'Arial';left:104px;top:177px;">liquidity, including the Company’s ability<div style="display:inline-block;width:2px"> </div>to pay amounts<div style="display:inline-block;width:2px"> </div>that it owes<div style="display:inline-block;width:2px"> </div>and obtain additional<div style="display:inline-block;width:2px"> </div>financing </div><div id="a1805" style="position:absolute;font-family:'Arial';left:104px;top:194px;">to fund capital expenditures,<div style="display:inline-block;width:2px"> </div>acquisitions and other<div style="display:inline-block;width:3px"> </div>general corporate activities<div style="display:inline-block;width:3px"> </div>and the Company’s </div><div id="a1831" style="position:absolute;font-family:'Arial';left:104px;top:211px;">ability to<div style="display:inline-block;width:6px"> </div>obtain financing<div style="display:inline-block;width:6px"> </div>and comply<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>restrictions and<div style="display:inline-block;width:6px"> </div>other covenants in<div style="display:inline-block;width:6px"> </div>the Company’s </div><div id="a1861" style="position:absolute;font-family:'Arial';left:104px;top:228px;">financing arrangements; </div><div id="a1866" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:265px;">●</div><div id="a1868" style="position:absolute;font-family:'Arial';left:104px;top:261px;">changes in governmental rules and regulations or actions taken by<div style="display:inline-block;width:3px"> </div>regulatory authorities; </div><div id="a1893" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:299px;">●</div><div id="a1895" style="position:absolute;font-family:'Arial';left:104px;top:295px;">potential liability from pending or future litigation; </div><div id="a1910" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:333px;">●</div><div id="a1912" style="position:absolute;font-family:'Arial';left:104px;top:329px;">compliance with governmental, tax, environmental and safety regulation, any non-compliance with </div><div id="a1936" style="position:absolute;font-family:'Arial';left:104px;top:346px;">the U.S.<div style="display:inline-block;width:6px"> </div>Foreign Corrupt Practices<div style="display:inline-block;width:6px"> </div>Act of<div style="display:inline-block;width:6px"> </div>1977 (FCPA)<div style="display:inline-block;width:6px"> </div>or other<div style="display:inline-block;width:6px"> </div>applicable regulations relating<div style="display:inline-block;width:6px"> </div>to </div><div id="a1966" style="position:absolute;font-family:'Arial';left:104px;top:363px;">bribery; </div><div id="a1969" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:400px;">●</div><div id="a1971" style="position:absolute;font-family:'Arial';left:104px;top:396px;">the failure of counter-parties to fully perform their contracts with the Company; </div><div id="a1998" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:434px;">●</div><div id="a2000" style="position:absolute;font-family:'Arial';left:104px;top:430px;">the Company’s dependence on key personnel; </div><div id="a2013" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:467px;">●</div><div id="a2015" style="position:absolute;font-family:'Arial';left:104px;top:464px;">adequacy of insurance coverage; </div><div id="a2024" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:501px;">●</div><div id="a2026" style="position:absolute;font-family:'Arial';left:104px;top:498px;">the volatility of the price of the Company’s common shares; </div><div id="a2047" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:535px;">●</div><div id="a2049" style="position:absolute;font-family:'Arial';left:104px;top:531px;">the Company’s incorporation under the<div style="display:inline-block;width:3px"> </div>laws of the Marshall<div style="display:inline-block;width:3px"> </div>Islands and the different rights<div style="display:inline-block;width:3px"> </div>to relief </div><div id="a2081" style="position:absolute;font-family:'Arial';left:104px;top:548px;">that may be available compared to other countries, including the United<div style="display:inline-block;width:3px"> </div>States; </div><div id="a2106" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:586px;">●</div><div id="a2108" style="position:absolute;font-family:'Arial';left:104px;top:582px;">general domestic and international political conditions or labor disruptions; </div><div id="a2127" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:619px;">●</div><div id="a2129" style="position:absolute;font-family:'Arial';left:104px;top:616px;">the impact of port or canal congestion or disruptions; </div><div id="a2148" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:653px;">●</div><div id="a2150" style="position:absolute;font-family:'Arial';left:104px;top:649px;">global or regional pandemics and its impact in the dry-bulk shipping industry; </div><div id="a2155" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:687px;">●</div><div id="a2157" style="position:absolute;font-family:'Arial';left:104px;top:683px;">potential physical<div style="display:inline-block;width:2px"> </div>disruption of<div style="display:inline-block;width:2px"> </div>shipping routes<div style="display:inline-block;width:2px"> </div>due to<div style="display:inline-block;width:2px"> </div>accidents, climate-related<div style="display:inline-block;width:2px"> </div>reasons (acute<div style="display:inline-block;width:2px"> </div>and </div><div id="a2185" style="position:absolute;font-family:'Arial';left:104px;top:700px;">chronic), political events, public health threats, international<div style="display:inline-block;width:3px"> </div>hostilities and instability, piracy or acts </div><div id="a2211" style="position:absolute;font-family:'Arial';left:104px;top:717px;">by terrorists; and </div><div id="a2218" style="position:absolute;font-family:'Arial';font-size:10.72px;left:81px;top:754px;">●</div><div id="a2220" style="position:absolute;font-family:'Arial';left:104px;top:751px;">other<div style="display:inline-block;width:5px"> </div>important factors<div style="display:inline-block;width:7px"> </div>described from<div style="display:inline-block;width:6px"> </div>time to<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:7px"> </div>reports filed<div style="display:inline-block;width:7px"> </div>by the<div style="display:inline-block;width:7px"> </div>Company with<div style="display:inline-block;width:6px"> </div>the </div><div id="a2254" style="position:absolute;font-family:'Arial';left:104px;top:767px;">Securities and<div style="display:inline-block;width:6px"> </div>Exchange Commission,<div style="display:inline-block;width:6px"> </div>or the<div style="display:inline-block;width:6px"> </div>SEC, including<div style="display:inline-block;width:6px"> </div>those factors<div style="display:inline-block;width:6px"> </div>discussed in<div style="display:inline-block;width:6px"> </div>“Item 3. </div><div id="a2282" style="position:absolute;font-family:'Arial';left:104px;top:784px;">Key<div style="display:inline-block;width:6px"> </div>Information-<div style="display:inline-block;width:5px"> </div>D.<div style="display:inline-block;width:6px"> </div>Risk<div style="display:inline-block;width:5px"> </div>Factors” in<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:6px"> </div>Annual Report<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:5px"> </div>20-F<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>New<div style="display:inline-block;width:5px"> </div>York<div style="display:inline-block;width:7px"> </div>Stock </div><div id="a2319" style="position:absolute;font-family:'Arial';left:104px;top:801px;">Exchange, or the NYSE. </div><div id="a2328" style="position:absolute;font-family:'Arial';left:57px;top:835px;">This report may<div style="display:inline-block;width:3px"> </div>contain assumptions,<div style="display:inline-block;width:3px"> </div>expectations, projections,<div style="display:inline-block;width:3px"> </div>intentions and<div style="display:inline-block;width:3px"> </div>beliefs about future<div style="display:inline-block;width:2px"> </div>events. </div><div id="a2354" style="position:absolute;font-family:'Arial';left:57px;top:852px;">These statements are intended as forward-looking statements.<div style="display:inline-block;width:6px"> </div>The Company may also from time<div style="display:inline-block;width:6px"> </div>to time </div><div id="a2386" style="position:absolute;font-family:'Arial';left:57px;top:869px;">make forward-<div style="display:inline-block;width:6px"> </div>looking statements<div style="display:inline-block;width:6px"> </div>in other<div style="display:inline-block;width:6px"> </div>documents and<div style="display:inline-block;width:6px"> </div>reports that<div style="display:inline-block;width:6px"> </div>are filed<div style="display:inline-block;width:6px"> </div>with or<div style="display:inline-block;width:6px"> </div>submitted to<div style="display:inline-block;width:6px"> </div>the </div><div id="a2421" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Commission, in<div style="display:inline-block;width:6px"> </div>other information sent<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>Company’s security<div style="display:inline-block;width:6px"> </div>holders, and in<div style="display:inline-block;width:6px"> </div>other written<div style="display:inline-block;width:5px"> </div>materials. </div><div id="a2451" style="position:absolute;font-family:'Arial';left:57px;top:902px;">The Company<div style="display:inline-block;width:2px"> </div>also cautions<div style="display:inline-block;width:2px"> </div>that assumptions,<div style="display:inline-block;width:2px"> </div>expectations, projections,<div style="display:inline-block;width:2px"> </div>intentions and<div style="display:inline-block;width:2px"> </div>beliefs about<div style="display:inline-block;width:2px"> </div>future </div><div id="a2477" style="position:absolute;font-family:'Arial';left:57px;top:919px;">events<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>often<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>vary<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>actual<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>differences<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>material.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Company </div><div id="a2511" style="position:absolute;font-family:'Arial';left:57px;top:936px;">undertakes no<div style="display:inline-block;width:2px"> </div>obligation to<div style="display:inline-block;width:2px"> </div>publicly update<div style="display:inline-block;width:2px"> </div>or revise<div style="display:inline-block;width:2px"> </div>any forward-looking<div style="display:inline-block;width:2px"> </div>statement contained<div style="display:inline-block;width:2px"> </div>in this<div style="display:inline-block;width:2px"> </div>report, </div><div id="a2543" style="position:absolute;font-family:'Arial';left:57px;top:953px;">whether as a result of new information, future events or otherwise, except<div style="display:inline-block;width:3px"> </div>as required by law. </div></div>
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<div id="a2577" style="position:absolute;font-family:'Arial';left:395px;top:992px;">7 </div><div id="a2579" style="position:absolute;font-family:'Arial';font-size:21.28px;font-weight:bold;left:365px;top:76px;">PART I</div><div id="a2582" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:149px;">Item 1.<div style="display:inline-block;width:37px"> </div>Identity of Directors, Senior Management and Advisers </div><div id="a2586" style="position:absolute;font-family:'Arial';left:57px;top:175px;"><div style="display:inline-block;width:4px"> </div></div><div id="a2588" style="position:absolute;font-family:'Arial';left:57px;top:192px;">Not Applicable. </div><div id="a2591" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:241px;">Item 2.<div style="display:inline-block;width:37px"> </div>Offer Statistics and Expected Timetable </div><div id="a2595" style="position:absolute;font-family:'Arial';left:57px;top:267px;"> </div><div id="a2596" style="position:absolute;font-family:'Arial';left:57px;top:284px;">Not Applicable. </div><div id="a2599" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:333px;">Item 3.<div style="display:inline-block;width:37px"> </div>Key Information </div><div id="a2603" style="position:absolute;font-family:'Arial';left:57px;top:359px;"> </div><div id="a2604" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:105px;top:376px;">A.<div style="display:inline-block;width:37px"> </div>[Reserved]<div style="display:inline-block;width:4px"> </div></div><div id="a2611" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:105px;top:414px;">B.<div style="display:inline-block;width:37px"> </div>Capitalization and Indebtedness<div style="display:inline-block;width:4px"> </div></div><div id="a2617" style="position:absolute;font-family:'Arial';left:57px;top:449px;">Not Applicable.<div style="display:inline-block;width:4px"> </div></div><div id="a2620" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:105px;top:483px;">C.<div style="display:inline-block;width:32px"> </div>Reasons for the Offer and Use of Proceeds<div style="display:inline-block;width:5px"> </div></div><div id="a2625" style="position:absolute;font-family:'Arial';left:57px;top:518px;">Not Applicable. </div><div id="a2629" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:105px;top:552px;">D.<div style="display:inline-block;width:32px"> </div>Risk Factors </div><div id="a2634" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:587px;">Summary of Risk Factors </div><div id="a2644" style="position:absolute;font-family:'Arial';left:57px;top:621px;">The bullets below summarize the principal risk factors related<div style="display:inline-block;width:3px"> </div>to an investment in our Company.<div style="display:inline-block;width:4px"> </div></div><div id="a2647" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:655px;">Industry Specific Risk Factors </div><div id="a2650" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:694px;">● </div><div id="a2652" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:688px;">Charter hire<div style="display:inline-block;width:6px"> </div>rates for<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>vessels are<div style="display:inline-block;width:6px"> </div>volatile and<div style="display:inline-block;width:6px"> </div>have fluctuated<div style="display:inline-block;width:6px"> </div>significantly in<div style="display:inline-block;width:6px"> </div>the </div><div id="a2653" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:705px;">past<div style="display:inline-block;width:7px"> </div>years,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>earnings,<div style="display:inline-block;width:6px"> </div>revenues<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>profitability<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>our </div><div id="a2654" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:722px;">ability to comply with our loan covenants. </div><div id="a2657" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:762px;">● </div><div id="a2659" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:756px;">The current<div style="display:inline-block;width:7px"> </div>state of<div style="display:inline-block;width:7px"> </div>the global<div style="display:inline-block;width:6px"> </div>financial markets<div style="display:inline-block;width:6px"> </div>and economic<div style="display:inline-block;width:6px"> </div>conditions may<div style="display:inline-block;width:6px"> </div>adversely </div><div id="a2660" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:773px;">impact<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:9px"> </div>ability<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>obtain<div style="display:inline-block;width:9px"> </div>additional<div style="display:inline-block;width:9px"> </div>financing<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>acceptable<div style="display:inline-block;width:9px"> </div>terms<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>otherwise </div><div id="a2661" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:789px;">negatively impact our business. </div><div id="a2664" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:829px;">● </div><div id="a2666" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:823px;">Our operating results may be affected by seasonal fluctuations. </div><div id="a2669" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:863px;">● </div><div id="a2671" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:857px;">An increase in the price of fuel, or bunkers, may adversely affect our<div style="display:inline-block;width:3px"> </div>profits. </div><div id="a2675" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:897px;">● </div><div id="a2677" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:891px;">We are<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>complex laws<div style="display:inline-block;width:6px"> </div>and regulations, including<div style="display:inline-block;width:6px"> </div>environmental regulations that </div><div id="a2678" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:908px;">can adversely affect the cost, manner or feasibility of doing business. </div></div>
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<div id="a2683" style="position:absolute;font-family:'Arial';left:395px;top:992px;">8 </div><div id="a2685" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:82px;">● </div><div id="a2687" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:76px;">If our<div style="display:inline-block;width:3px"> </div>vessels call<div style="display:inline-block;width:2px"> </div>on ports<div style="display:inline-block;width:2px"> </div>located in<div style="display:inline-block;width:2px"> </div>countries or<div style="display:inline-block;width:2px"> </div>territories that<div style="display:inline-block;width:2px"> </div>are the<div style="display:inline-block;width:2px"> </div>subject of<div style="display:inline-block;width:3px"> </div>sanctions </div><div id="a2690" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:93px;">or embargoes imposed<div style="display:inline-block;width:6px"> </div>by the U.S.<div style="display:inline-block;width:6px"> </div>government, the United<div style="display:inline-block;width:5px"> </div>Kingdom, the European Union, </div><div id="a2694" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:110px;">the United Nations, or other governmental<div style="display:inline-block;width:2px"> </div>authorities, or engage in other<div style="display:inline-block;width:3px"> </div>such transactions </div><div id="a2697" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:126px;">or dealings<div style="display:inline-block;width:6px"> </div>that would<div style="display:inline-block;width:6px"> </div>be violative<div style="display:inline-block;width:6px"> </div>of applicable<div style="display:inline-block;width:6px"> </div>sanctions laws, it<div style="display:inline-block;width:6px"> </div>could lead<div style="display:inline-block;width:6px"> </div>to monetary </div><div id="a2700" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:143px;">fines or penalties and<div style="display:inline-block;width:3px"> </div>may adversely affect our reputation<div style="display:inline-block;width:3px"> </div>and the market for our<div style="display:inline-block;width:2px"> </div>securities. </div><div id="a2705" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:183px;">● </div><div id="a2707" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:177px;">We conduct business<div style="display:inline-block;width:2px"> </div>in China, where<div style="display:inline-block;width:2px"> </div>the legal system<div style="display:inline-block;width:2px"> </div>has inherent uncertainties<div style="display:inline-block;width:2px"> </div>that could </div><div id="a2708" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:194px;">limit the legal protections available to us. </div><div id="a2711" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:228px;">Company Specific Risk Factors </div><div id="a2714" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:268px;">● </div><div id="a2716" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:261px;">We charter<div style="display:inline-block;width:5px"> </div>some of our<div style="display:inline-block;width:6px"> </div>vessels on short-term time<div style="display:inline-block;width:6px"> </div>charters in a<div style="display:inline-block;width:6px"> </div>volatile shipping industry </div><div id="a2719" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:278px;">and a<div style="display:inline-block;width:6px"> </div>decline in<div style="display:inline-block;width:6px"> </div>charter hire<div style="display:inline-block;width:6px"> </div>rates could<div style="display:inline-block;width:6px"> </div>affect our<div style="display:inline-block;width:6px"> </div>results of<div style="display:inline-block;width:6px"> </div>operations and<div style="display:inline-block;width:6px"> </div>our ability<div style="display:inline-block;width:6px"> </div>to </div><div id="a2721" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:295px;">pay dividends. </div><div id="a2724" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:335px;">● </div><div id="a2726" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:329px;">A cyber-attack could materially disrupt our business. </div><div id="a2731" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:369px;">● </div><div id="a2733" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:363px;">Increasing<div style="display:inline-block;width:6px"> </div>scrutiny<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>changing<div style="display:inline-block;width:6px"> </div>expectations<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>investors,<div style="display:inline-block;width:6px"> </div>lenders<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>market </div><div id="a2734" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:379px;">participants with respect to our ESG policies may impose additional costs on us or expose </div><div id="a2735" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:396px;">us to additional risks. </div><div id="a2738" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:436px;">● </div><div id="a2740" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:430px;">Our<div style="display:inline-block;width:6px"> </div>earnings may<div style="display:inline-block;width:6px"> </div>be adversely<div style="display:inline-block;width:6px"> </div>affected if<div style="display:inline-block;width:7px"> </div>we are<div style="display:inline-block;width:7px"> </div>not able<div style="display:inline-block;width:6px"> </div>to take<div style="display:inline-block;width:7px"> </div>advantage of<div style="display:inline-block;width:6px"> </div>favorable </div><div id="a2741" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:447px;">charter rates. </div><div id="a2744" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:487px;">● </div><div id="a2746" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:481px;">We<div style="display:inline-block;width:7px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>borrow<div style="display:inline-block;width:6px"> </div>amounts<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>facilities<div style="display:inline-block;width:6px"> </div>and </div><div id="a2748" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:498px;">restrictive covenants in our loan facilities impose financial and<div style="display:inline-block;width:3px"> </div>other restrictions on us. </div><div id="a2751" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:537px;">● </div><div id="a2753" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:531px;">In the highly competitive<div style="display:inline-block;width:2px"> </div>international shipping industry, we may<div style="display:inline-block;width:3px"> </div>not be able to<div style="display:inline-block;width:3px"> </div>compete for </div><div id="a2755" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:548px;">charters with<div style="display:inline-block;width:2px"> </div>new entrants<div style="display:inline-block;width:2px"> </div>or established<div style="display:inline-block;width:2px"> </div>companies with<div style="display:inline-block;width:2px"> </div>greater resources,<div style="display:inline-block;width:2px"> </div>and as<div style="display:inline-block;width:2px"> </div>a result, </div><div id="a2756" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:565px;">we may be unable to employ our vessels profitably. </div><div id="a2759" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:605px;">● </div><div id="a2761" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:599px;">Technological innovation and<div style="display:inline-block;width:2px"> </div>quality and<div style="display:inline-block;width:2px"> </div>efficiency requirements<div style="display:inline-block;width:2px"> </div>from our<div style="display:inline-block;width:3px"> </div>customers could </div><div id="a2762" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:616px;">reduce our charter hire income and affect the demand and the value<div style="display:inline-block;width:3px"> </div>of our vessels. </div><div id="a2769" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:655px;">● </div><div id="a2771" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:649px;">We<div style="display:inline-block;width:6px"> </div>are a<div style="display:inline-block;width:6px"> </div>holding company,<div style="display:inline-block;width:7px"> </div>and we<div style="display:inline-block;width:6px"> </div>depend on<div style="display:inline-block;width:6px"> </div>the ability<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>subsidiaries to<div style="display:inline-block;width:6px"> </div>distribute </div><div id="a2772" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:666px;">funds to us in order to satisfy our financial obligations. </div><div id="a2775" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:706px;">● </div><div id="a2777" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:700px;">Because we are organized<div style="display:inline-block;width:2px"> </div>under the laws<div style="display:inline-block;width:3px"> </div>of the Marshall<div style="display:inline-block;width:3px"> </div>Islands, it may be<div style="display:inline-block;width:2px"> </div>difficult to serve </div><div id="a2779" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:717px;">us with legal process or enforce judgments against us, our directors<div style="display:inline-block;width:2px"> </div>or our management. </div><div id="a2782" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:751px;">Risks Relating to Our Common Stock </div><div id="a2785" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:791px;">● </div><div id="a2787" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:784px;">We<div style="display:inline-block;width:7px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>continue<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>declare<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>on </div><div id="a2788" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:801px;">shares of our common stock in the future. </div><div id="a2791" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:841px;">● </div><div id="a2793" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:835px;">The market prices<div style="display:inline-block;width:3px"> </div>and trading volume<div style="display:inline-block;width:2px"> </div>of our shares<div style="display:inline-block;width:3px"> </div>of common stock<div style="display:inline-block;width:2px"> </div>may experience rapid </div><div id="a2794" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:852px;">and substantial price<div style="display:inline-block;width:2px"> </div>volatility, which could<div style="display:inline-block;width:2px"> </div>cause purchasers<div style="display:inline-block;width:2px"> </div>of our common<div style="display:inline-block;width:2px"> </div>stock to incur </div><div id="a2795" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:869px;">substantial losses. </div><div id="a2798" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:908px;">● </div><div id="a2800" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:902px;">Since we<div style="display:inline-block;width:7px"> </div>are incorporated<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>Marshall Islands,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:5px"> </div>does not<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:5px"> </div>a well-developed </div><div id="a2803" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:919px;">body<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>corporate<div style="display:inline-block;width:9px"> </div>law,<div style="display:inline-block;width:10px"> </div>you<div style="display:inline-block;width:9px"> </div>may<div style="display:inline-block;width:9px"> </div>have<div style="display:inline-block;width:9px"> </div>more<div style="display:inline-block;width:9px"> </div>difficulty<div style="display:inline-block;width:9px"> </div>protecting<div style="display:inline-block;width:9px"> </div>your<div style="display:inline-block;width:9px"> </div>interests<div style="display:inline-block;width:9px"> </div>than </div><div id="a2804" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:936px;">shareholders of a U.S. corporation. </div></div>
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<div id="Page9" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2809" style="position:absolute;font-family:'Arial';left:395px;top:992px;">9 </div><div id="a2811" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:82px;">● </div><div id="a2813" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:76px;">As a Marshall Islands corporation and<div style="display:inline-block;width:2px"> </div>with some of our subsidiaries being<div style="display:inline-block;width:3px"> </div>Marshall Islands </div><div id="a2814" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:93px;">entities and also having subsidiaries in other offshore jurisdictions, our operations may be </div><div id="a2815" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:110px;">subject to economic substance requirements, which could impact<div style="display:inline-block;width:3px"> </div>our business. </div><div id="a2819" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:149px;">● </div><div id="a2821" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:143px;">Certain<div style="display:inline-block;width:6px"> </div>existing<div style="display:inline-block;width:6px"> </div>shareholders<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>exert<div style="display:inline-block;width:6px"> </div>considerable<div style="display:inline-block;width:6px"> </div>control<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>matters<div style="display:inline-block;width:6px"> </div>on </div><div id="a2822" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:160px;">which our shareholders are entitled to vote.<div style="display:inline-block;width:3px"> </div></div><div id="a2825" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:200px;">● </div><div id="a2827" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:194px;">Our Series B Preferred Shares are senior obligations of ours and rank prior to our common </div><div id="a2828" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:211px;">shares with respect to dividends,<div style="display:inline-block;width:3px"> </div>distributions and payments upon<div style="display:inline-block;width:2px"> </div>liquidation, which could </div><div id="a2829" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:228px;">have an adverse effect on the value of our common shares. </div><div id="a2832" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:261px;">Risks Relating to Our Series B Preferred Stock </div><div id="a2849" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:301px;">● </div><div id="a2851" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:295px;">We may not<div style="display:inline-block;width:6px"> </div>have sufficient cash from<div style="display:inline-block;width:5px"> </div>our operations to enable us<div style="display:inline-block;width:6px"> </div>to pay dividends on<div style="display:inline-block;width:5px"> </div>our </div><div id="a2853" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:312px;">Series B Preferred Shares following the payment of expenses and the establishment of any </div><div id="a2854" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:329px;">reserves. </div><div id="a2857" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:369px;">● </div><div id="a2859" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:363px;">Our Series<div style="display:inline-block;width:2px"> </div>B Preferred<div style="display:inline-block;width:2px"> </div>Shares are<div style="display:inline-block;width:2px"> </div>subordinate to<div style="display:inline-block;width:2px"> </div>our indebtedness,<div style="display:inline-block;width:2px"> </div>and your<div style="display:inline-block;width:2px"> </div>interests could </div><div id="a2861" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:379px;">be<div style="display:inline-block;width:7px"> </div>diluted<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>issuance<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:7px"> </div>shares,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:7px"> </div>B </div><div id="a2862" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:396px;">Preferred Shares, and by other transactions. </div><div id="a2865" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:436px;">● </div><div id="a2867" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:430px;">We<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>redeem<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>reinvest<div style="display:inline-block;width:6px"> </div>the </div><div id="a2868" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:447px;">redemption price you receive in a similar security. </div><div id="a2871" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:481px;">Risks Relating to Our Outstanding Warrants<div style="display:inline-block;width:4px"> </div></div><div id="a2885" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:521px;">● </div><div id="a2887" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:514px;">The<div style="display:inline-block;width:6px"> </div>issuance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>exercise<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Warrants<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>depress<div style="display:inline-block;width:6px"> </div>our </div><div id="a2888" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:104px;top:531px;">stock price. </div><div id="a2891" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>following<div style="display:inline-block;width:6px"> </div>risks<div style="display:inline-block;width:6px"> </div>relate<div style="display:inline-block;width:6px"> </div>principally<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>industry<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>operate<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>in </div><div id="a2892" style="position:absolute;font-family:'Arial';left:57px;top:582px;">general. Other<div style="display:inline-block;width:3px"> </div>risks relate<div style="display:inline-block;width:3px"> </div>principally to<div style="display:inline-block;width:3px"> </div>the securities<div style="display:inline-block;width:3px"> </div>market and ownership<div style="display:inline-block;width:2px"> </div>of our securities,<div style="display:inline-block;width:2px"> </div>including our </div><div id="a2893" style="position:absolute;font-family:'Arial';left:57px;top:599px;">common<div style="display:inline-block;width:5px"> </div>stock, outstanding<div style="display:inline-block;width:6px"> </div>warrants and<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>Series B<div style="display:inline-block;width:7px"> </div>Preferred Shares.<div style="display:inline-block;width:6px"> </div>The occurrence<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>any of<div style="display:inline-block;width:7px"> </div>the </div><div id="a2897" style="position:absolute;font-family:'Arial';left:57px;top:616px;">events described in this section<div style="display:inline-block;width:6px"> </div>could significantly and negatively affect<div style="display:inline-block;width:6px"> </div>our business, financial condition, </div><div id="a2898" style="position:absolute;font-family:'Arial';left:57px;top:632px;">operating<div style="display:inline-block;width:6px"> </div>results,<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>available<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>payment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>loan </div><div id="a2900" style="position:absolute;font-family:'Arial';left:57px;top:649px;">facilities and bond, or the trading price of our securities. </div><div id="a2905" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:684px;">Industry Specific Risk Factors </div><div id="a2908" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:720px;">Charter<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>volatile<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>fluctuated<div style="display:inline-block;width:6px"> </div>significantly<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>past </div><div id="a2940" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:737px;">years, which<div style="display:inline-block;width:2px"> </div>may adversely<div style="display:inline-block;width:2px"> </div>affect our earnings,<div style="display:inline-block;width:2px"> </div>revenues and<div style="display:inline-block;width:2px"> </div>profitability and<div style="display:inline-block;width:2px"> </div>our ability<div style="display:inline-block;width:2px"> </div>to comply </div><div id="a2970" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:754px;">with our loan covenants. </div><div id="a2979" style="position:absolute;font-family:'Arial';left:57px;top:789px;">Substantially all of our revenues<div style="display:inline-block;width:3px"> </div>are derived from a single<div style="display:inline-block;width:2px"> </div>market, the dry bulk segment,<div style="display:inline-block;width:3px"> </div>and therefore our </div><div id="a3015" style="position:absolute;font-family:'Arial';left:57px;top:806px;">financial results<div style="display:inline-block;width:7px"> </div>are subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>cyclicality of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>dry bulk<div style="display:inline-block;width:7px"> </div>shipping industry<div style="display:inline-block;width:6px"> </div>and any<div style="display:inline-block;width:7px"> </div>attendant volatility<div style="display:inline-block;width:6px"> </div>in </div><div id="a3049" style="position:absolute;font-family:'Arial';left:57px;top:823px;">charter hire<div style="display:inline-block;width:3px"> </div>rates and profitability. The<div style="display:inline-block;width:2px"> </div>degree of<div style="display:inline-block;width:3px"> </div>charter hire<div style="display:inline-block;width:3px"> </div>rate volatility<div style="display:inline-block;width:3px"> </div>among different types<div style="display:inline-block;width:2px"> </div>of dry<div style="display:inline-block;width:3px"> </div>bulk </div><div id="a3085" style="position:absolute;font-family:'Arial';left:57px;top:840px;">vessels has<div style="display:inline-block;width:6px"> </div>varied widely,<div style="display:inline-block;width:7px"> </div>and time<div style="display:inline-block;width:6px"> </div>charter and<div style="display:inline-block;width:6px"> </div>spot market<div style="display:inline-block;width:6px"> </div>rates for<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>vessels have<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>past </div><div id="a3124" style="position:absolute;font-family:'Arial';left:57px;top:856px;">declined below the<div style="display:inline-block;width:6px"> </div>operating costs of<div style="display:inline-block;width:6px"> </div>vessels. When we<div style="display:inline-block;width:6px"> </div>charter our<div style="display:inline-block;width:5px"> </div>vessels pursuant to<div style="display:inline-block;width:6px"> </div>short-term time </div><div id="a3158" style="position:absolute;font-family:'Arial';left:57px;top:873px;">charters, we<div style="display:inline-block;width:6px"> </div>are exposed<div style="display:inline-block;width:6px"> </div>to changes<div style="display:inline-block;width:6px"> </div>in short-term<div style="display:inline-block;width:6px"> </div>charter rates<div style="display:inline-block;width:6px"> </div>for dry<div style="display:inline-block;width:6px"> </div>bulk carriers<div style="display:inline-block;width:6px"> </div>and such<div style="display:inline-block;width:6px"> </div>changes </div><div id="a3194" style="position:absolute;font-family:'Arial';left:57px;top:890px;">may affect our earnings. Fluctuations in charter rates result<div style="display:inline-block;width:3px"> </div>from changes in the supply of and demand<div style="display:inline-block;width:2px"> </div>for </div><div id="a3230" style="position:absolute;font-family:'Arial';left:57px;top:907px;">vessel<div style="display:inline-block;width:6px"> </div>capacity<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>supply<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>major<div style="display:inline-block;width:6px"> </div>commodities<div style="display:inline-block;width:6px"> </div>carried<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>water </div><div id="a3264" style="position:absolute;font-family:'Arial';left:57px;top:924px;">internationally.<div style="display:inline-block;width:7px"> </div>Because<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>factors<div style="display:inline-block;width:6px"> </div>affecting<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>supply<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>outside<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our </div><div id="a3296" style="position:absolute;font-family:'Arial';left:57px;top:941px;">control and<div style="display:inline-block;width:6px"> </div>are unpredictable,<div style="display:inline-block;width:6px"> </div>the nature,<div style="display:inline-block;width:6px"> </div>timing, direction<div style="display:inline-block;width:6px"> </div>and degree<div style="display:inline-block;width:6px"> </div>of changes<div style="display:inline-block;width:6px"> </div>in industry<div style="display:inline-block;width:6px"> </div>conditions </div><div id="a3326" style="position:absolute;font-family:'Arial';left:57px;top:958px;">are also<div style="display:inline-block;width:6px"> </div>unpredictable. We<div style="display:inline-block;width:6px"> </div>cannot assure<div style="display:inline-block;width:5px"> </div>you that<div style="display:inline-block;width:6px"> </div>we will<div style="display:inline-block;width:5px"> </div>be able<div style="display:inline-block;width:6px"> </div>to successfully<div style="display:inline-block;width:6px"> </div>charter our<div style="display:inline-block;width:6px"> </div>vessels in </div></div>
</div>
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<div id="Page10" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3364" style="position:absolute;font-family:'Arial';left:390px;top:992px;">10 </div><div id="a3366" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>renew<div style="display:inline-block;width:6px"> </div>existing<div style="display:inline-block;width:6px"> </div>charters<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>sufficient<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>allow<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>meet<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>obligations<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>any </div><div id="a3404" style="position:absolute;font-family:'Arial';left:57px;top:93px;">dividends in the future. A significant decrease<div style="display:inline-block;width:3px"> </div>in charter rates would adversely affect our profitability, cash </div><div id="a3436" style="position:absolute;font-family:'Arial';left:57px;top:110px;">flows<div style="display:inline-block;width:6px"> </div>and may<div style="display:inline-block;width:7px"> </div>cause vessel<div style="display:inline-block;width:7px"> </div>values to<div style="display:inline-block;width:7px"> </div>decline, and,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:5px"> </div>a result,<div style="display:inline-block;width:7px"> </div>we may<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>record an<div style="display:inline-block;width:7px"> </div>impairment </div><div id="a3474" style="position:absolute;font-family:'Arial';left:57px;top:126px;">charge in our consolidated financial statements which could adversely<div style="display:inline-block;width:3px"> </div>affect our financial results.</div><div id="a3501" style="position:absolute;font-family:'Arial';left:57px;top:161px;">In 2024, the<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>shipping market<div style="display:inline-block;width:3px"> </div>experienced significant<div style="display:inline-block;width:2px"> </div>volatility, especially in<div style="display:inline-block;width:3px"> </div>the Capesize segment, </div><div id="a3531" style="position:absolute;font-family:'Arial';left:57px;top:178px;">with fluctuating demand<div style="display:inline-block;width:2px"> </div>and a notable<div style="display:inline-block;width:3px"> </div>drop in rates<div style="display:inline-block;width:2px"> </div>during the fourth<div style="display:inline-block;width:3px"> </div>quarter.<div style="display:inline-block;width:3px"> </div>Geopolitical tensions, stricter </div><div id="a3564" style="position:absolute;font-family:'Arial';left:57px;top:195px;">environmental<div style="display:inline-block;width:7px"> </div>regulations,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>EU<div style="display:inline-block;width:7px"> </div>fuel<div style="display:inline-block;width:7px"> </div>rules,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>disruptions<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Panama<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Suez<div style="display:inline-block;width:7px"> </div>Canals </div><div id="a3592" style="position:absolute;font-family:'Arial';left:57px;top:212px;">impacted<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>dynamics.<div style="display:inline-block;width:6px"> </div>Infrastructure<div style="display:inline-block;width:5px"> </div>projects<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>agricultural<div style="display:inline-block;width:5px"> </div>exports<div style="display:inline-block;width:6px"> </div>supported<div style="display:inline-block;width:6px"> </div>demand,<div style="display:inline-block;width:5px"> </div>keeping </div><div id="a3614" style="position:absolute;font-family:'Arial';left:57px;top:229px;">freight rates for<div style="display:inline-block;width:6px"> </div>Panamax and Ultramax segments relatively<div style="display:inline-block;width:6px"> </div>stable, with an exception<div style="display:inline-block;width:6px"> </div>towards the end<div style="display:inline-block;width:5px"> </div>of </div><div id="a3647" style="position:absolute;font-family:'Arial';left:57px;top:246px;">2024.<div style="display:inline-block;width:5px"> </div>Freight rate<div style="display:inline-block;width:6px"> </div>volatility stemmed<div style="display:inline-block;width:6px"> </div>from seasonal<div style="display:inline-block;width:6px"> </div>demand shifts,<div style="display:inline-block;width:7px"> </div>with recovery<div style="display:inline-block;width:6px"> </div>periods driven<div style="display:inline-block;width:6px"> </div>by key </div><div id="a3677" style="position:absolute;font-family:'Arial';left:57px;top:262px;">commodity<div style="display:inline-block;width:6px"> </div>demand,<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>China’s<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>coal<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>iron<div style="display:inline-block;width:6px"> </div>ore<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>remained<div style="display:inline-block;width:6px"> </div>crucial,<div style="display:inline-block;width:6px"> </div>while<div style="display:inline-block;width:6px"> </div>also </div><div id="a3709" style="position:absolute;font-family:'Arial';left:57px;top:279px;">limited fleet<div style="display:inline-block;width:2px"> </div>growth provided<div style="display:inline-block;width:2px"> </div>partial support.<div style="display:inline-block;width:2px"> </div>The introduction<div style="display:inline-block;width:2px"> </div>of stricter<div style="display:inline-block;width:2px"> </div>environmental<div style="display:inline-block;width:3px"> </div>regulations, including </div><div id="a3735" style="position:absolute;font-family:'Arial';left:57px;top:296px;">IMO 2030<div style="display:inline-block;width:2px"> </div>and EU<div style="display:inline-block;width:2px"> </div>fuel mandates,<div style="display:inline-block;width:2px"> </div>is expected<div style="display:inline-block;width:2px"> </div>to raise<div style="display:inline-block;width:2px"> </div>operational costs,<div style="display:inline-block;width:2px"> </div>potentially affecting<div style="display:inline-block;width:2px"> </div>shipping rates. </div><div id="a3767" style="position:absolute;font-family:'Arial';left:57px;top:313px;">The<div style="display:inline-block;width:7px"> </div>Russia-Ukraine<div style="display:inline-block;width:7px"> </div>war<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>tensions<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Israel<div style="display:inline-block;width:7px"> </div>disrupted<div style="display:inline-block;width:7px"> </div>supply<div style="display:inline-block;width:7px"> </div>chains<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>routes,<div style="display:inline-block;width:7px"> </div>causing </div><div id="a3797" style="position:absolute;font-family:'Arial';left:57px;top:330px;">unpredictable shifts in dry bulk demand. Despite these challenges, the market outlook remains cautiously </div><div id="a3825" style="position:absolute;font-family:'Arial';left:57px;top:347px;">optimistic,<div style="display:inline-block;width:9px"> </div>though<div style="display:inline-block;width:9px"> </div>subject<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>shifts<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:9px"> </div>global<div style="display:inline-block;width:9px"> </div>trade<div style="display:inline-block;width:9px"> </div>patterns,<div style="display:inline-block;width:9px"> </div>economic<div style="display:inline-block;width:9px"> </div>conditions,<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>geopolitical </div><div id="a3851" style="position:absolute;font-family:'Arial';left:57px;top:364px;">developments.</div><div id="a3854" style="position:absolute;font-family:'Arial';left:57px;top:398px;">Factors that influence demand for dry bulk vessel capacity include:</div><div id="a3875" style="position:absolute;font-family:'Arial';left:81px;top:434px;">●</div><div id="a3876" style="position:absolute;font-family:'Arial';left:88px;top:434px;"><div style="display:inline-block;width:17px"> </div>supply<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>demand<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>energy<div style="display:inline-block;width:9px"> </div>resources,<div style="display:inline-block;width:9px"> </div>commodities,<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>semi-finished<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>finished </div><div id="a3903" style="position:absolute;font-family:'Arial';left:105px;top:451px;">consumer and industrial products; </div><div id="a3912" style="position:absolute;font-family:'Arial';left:81px;top:487px;">●</div><div id="a3913" style="position:absolute;font-family:'Arial';left:88px;top:487px;"><div style="display:inline-block;width:17px"> </div>changes in the exploration or production of energy<div style="display:inline-block;width:2px"> </div>resources, commodities, and semi-finished and </div><div id="a3942" style="position:absolute;font-family:'Arial';left:105px;top:504px;">finished consumer and industrial products; </div><div id="a3953" style="position:absolute;font-family:'Arial';left:81px;top:539px;">●</div><div id="a3954" style="position:absolute;font-family:'Arial';left:88px;top:539px;"><div style="display:inline-block;width:17px"> </div>the location of regional and global exploration, production and manufacturing<div style="display:inline-block;width:3px"> </div>facilities; </div><div id="a3978" style="position:absolute;font-family:'Arial';left:81px;top:575px;">●</div><div id="a3979" style="position:absolute;font-family:'Arial';left:88px;top:575px;"><div style="display:inline-block;width:17px"> </div>the<div style="display:inline-block;width:8px"> </div>location<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>consuming<div style="display:inline-block;width:7px"> </div>regions<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>energy<div style="display:inline-block;width:7px"> </div>resources,<div style="display:inline-block;width:7px"> </div>commodities,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>semi-finished<div style="display:inline-block;width:7px"> </div>and </div><div id="a4006" style="position:absolute;font-family:'Arial';left:105px;top:592px;">finished consumer and industrial products; </div><div id="a4017" style="position:absolute;font-family:'Arial';left:81px;top:628px;">●</div><div id="a4018" style="position:absolute;font-family:'Arial';left:88px;top:628px;"><div style="display:inline-block;width:17px"> </div>the globalization of production and manufacturing; </div><div id="a4032" style="position:absolute;font-family:'Arial';left:81px;top:664px;">●</div><div id="a4033" style="position:absolute;font-family:'Arial';left:88px;top:664px;"><div style="display:inline-block;width:17px"> </div>global<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>regional<div style="display:inline-block;width:8px"> </div>economic<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>political<div style="display:inline-block;width:8px"> </div>conditions,<div style="display:inline-block;width:7px"> </div>armed<div style="display:inline-block;width:8px"> </div>conflicts,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>ongoing </div><div id="a4058" style="position:absolute;font-family:'Arial';left:105px;top:680px;">conflicts<div style="display:inline-block;width:6px"> </div>between<div style="display:inline-block;width:6px"> </div>Russia<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Ukraine<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Israel<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Hamas,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>fluctuations<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>industrial<div style="display:inline-block;width:6px"> </div>and </div><div id="a4080" style="position:absolute;font-family:'Arial';left:105px;top:697px;">agricultural production; </div><div id="a4085" style="position:absolute;font-family:'Arial';left:81px;top:733px;">●</div><div id="a4086" style="position:absolute;font-family:'Arial';left:88px;top:733px;"><div style="display:inline-block;width:17px"> </div>disruptions and developments in international trade; </div><div id="a4100" style="position:absolute;font-family:'Arial';left:81px;top:769px;">●</div><div id="a4101" style="position:absolute;font-family:'Arial';left:88px;top:769px;"><div style="display:inline-block;width:17px"> </div>changes in seaborne and other transportation patterns,<div style="display:inline-block;width:3px"> </div>including the distance cargo is transported </div><div id="a4128" style="position:absolute;font-family:'Arial';left:105px;top:786px;">by<div style="display:inline-block;width:7px"> </div>sea<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>reasons<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>but<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>limited<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>reductions<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>canal<div style="display:inline-block;width:7px"> </div>capacities<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>geopolitical </div><div id="a4133" style="position:absolute;font-family:'Arial';left:105px;top:803px;">conflicts and military responses; </div><div id="a4137" style="position:absolute;font-family:'Arial';left:81px;top:838px;">●</div><div id="a4138" style="position:absolute;font-family:'Arial';left:88px;top:838px;"><div style="display:inline-block;width:17px"> </div>international<div style="display:inline-block;width:6px"> </div>sanctions,<div style="display:inline-block;width:6px"> </div>embargoes,<div style="display:inline-block;width:6px"> </div>import<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>export<div style="display:inline-block;width:6px"> </div>restrictions,<div style="display:inline-block;width:6px"> </div>nationalizations,<div style="display:inline-block;width:6px"> </div>piracy,<div style="display:inline-block;width:7px"> </div>and </div><div id="a4159" style="position:absolute;font-family:'Arial';left:105px;top:855px;">terrorist attacks; </div><div id="a4164" style="position:absolute;font-family:'Arial';left:81px;top:891px;">●</div><div id="a4165" style="position:absolute;font-family:'Arial';left:88px;top:891px;"><div style="display:inline-block;width:17px"> </div>legal<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>regulatory<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>including<div style="display:inline-block;width:6px"> </div>regulations<div style="display:inline-block;width:6px"> </div>adopted<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>supranational<div style="display:inline-block;width:6px"> </div>authorities<div style="display:inline-block;width:6px"> </div>and/or </div><div id="a4188" style="position:absolute;font-family:'Arial';left:105px;top:908px;">industry bodies, such as safety and environmental regulations and<div style="display:inline-block;width:3px"> </div>requirements; </div><div id="a4209" style="position:absolute;font-family:'Arial';left:81px;top:944px;">●</div><div id="a4210" style="position:absolute;font-family:'Arial';left:88px;top:944px;"><div style="display:inline-block;width:17px"> </div>weather and acts of God and natural disasters; </div></div>
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<div id="Page11" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4229" style="position:absolute;font-family:'Arial';left:390px;top:992px;">11 </div><div id="a4232" style="position:absolute;font-family:'Arial';left:81px;top:95px;">●</div><div id="a4233" style="position:absolute;font-family:'Arial';left:88px;top:95px;"><div style="display:inline-block;width:17px"> </div>environmental and other regulatory developments; </div><div id="a4245" style="position:absolute;font-family:'Arial';left:81px;top:130px;">●</div><div id="a4246" style="position:absolute;font-family:'Arial';left:88px;top:130px;"><div style="display:inline-block;width:17px"> </div>currency exchange rates, specifically versus USD; and </div><div id="a4262" style="position:absolute;font-family:'Arial';left:81px;top:166px;">●</div><div id="a4263" style="position:absolute;font-family:'Arial';left:88px;top:166px;"><div style="display:inline-block;width:17px"> </div>economic slowdowns caused by public health pandemics. </div><div id="a4268" style="position:absolute;font-family:'Arial';left:57px;top:201px;">Demand for<div style="display:inline-block;width:2px"> </div>our dry<div style="display:inline-block;width:2px"> </div>bulk oceangoing<div style="display:inline-block;width:2px"> </div>vessels is<div style="display:inline-block;width:2px"> </div>dependent upon<div style="display:inline-block;width:2px"> </div>economic<div style="display:inline-block;width:3px"> </div>growth in<div style="display:inline-block;width:2px"> </div>the world’s<div style="display:inline-block;width:2px"> </div>economies, </div><div id="a4300" style="position:absolute;font-family:'Arial';left:57px;top:218px;">seasonal and regional changes in<div style="display:inline-block;width:3px"> </div>demand and changes to the<div style="display:inline-block;width:3px"> </div>capacity of the global dry<div style="display:inline-block;width:3px"> </div>bulk fleet and the </div><div id="a4338" style="position:absolute;font-family:'Arial';left:57px;top:235px;">sources and supply for dry bulk cargo transported by sea. Continued adverse economic, political<div style="display:inline-block;width:3px"> </div>or social </div><div id="a4370" style="position:absolute;font-family:'Arial';left:57px;top:252px;">conditions<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>developments<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>negatively<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>therefore<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material </div><div id="a4398" style="position:absolute;font-family:'Arial';left:57px;top:268px;">adverse effect on our business results, results of operations and ability to pay dividends.</div><div id="a4427" style="position:absolute;font-family:'Arial';left:57px;top:303px;">Factors that influence the supply of dry bulk vessel capacity include:</div><div id="a4450" style="position:absolute;font-family:'Arial';left:81px;top:339px;">●</div><div id="a4451" style="position:absolute;font-family:'Arial';left:88px;top:339px;"><div style="display:inline-block;width:17px"> </div>the number of newbuilding orders and deliveries, including slippage<div style="display:inline-block;width:3px"> </div>in deliveries; </div><div id="a4475" style="position:absolute;font-family:'Arial';left:81px;top:375px;">●</div><div id="a4476" style="position:absolute;font-family:'Arial';left:88px;top:375px;"><div style="display:inline-block;width:17px"> </div>the number of shipyards and ability of shipyards to deliver vessels; </div><div id="a4500" style="position:absolute;font-family:'Arial';left:81px;top:411px;">●</div><div id="a4501" style="position:absolute;font-family:'Arial';left:88px;top:411px;"><div style="display:inline-block;width:17px"> </div>port or canal congestion; </div><div id="a4511" style="position:absolute;font-family:'Arial';left:81px;top:446px;">●</div><div id="a4512" style="position:absolute;font-family:'Arial';left:88px;top:446px;"><div style="display:inline-block;width:17px"> </div>potential<div style="display:inline-block;width:7px"> </div>disruption,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>supply<div style="display:inline-block;width:7px"> </div>chain<div style="display:inline-block;width:7px"> </div>disruptions,<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>routes<div style="display:inline-block;width:7px"> </div>due<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>accidents<div style="display:inline-block;width:7px"> </div>or </div><div id="a4539" style="position:absolute;font-family:'Arial';left:105px;top:463px;">political events; </div><div id="a4544" style="position:absolute;font-family:'Arial';left:81px;top:499px;">●</div><div id="a4545" style="position:absolute;font-family:'Arial';left:88px;top:499px;"><div style="display:inline-block;width:17px"> </div>speed of vessel operation; </div><div id="a4555" style="position:absolute;font-family:'Arial';left:81px;top:535px;">●</div><div id="a4556" style="position:absolute;font-family:'Arial';left:88px;top:535px;"><div style="display:inline-block;width:17px"> </div>vessel casualties; </div><div id="a4562" style="position:absolute;font-family:'Arial';left:81px;top:571px;">●</div><div id="a4563" style="position:absolute;font-family:'Arial';left:88px;top:571px;"><div style="display:inline-block;width:17px"> </div>technological advances in vessel design and capacity; </div><div id="a4579" style="position:absolute;font-family:'Arial';left:81px;top:606px;">●</div><div id="a4580" style="position:absolute;font-family:'Arial';left:88px;top:606px;"><div style="display:inline-block;width:17px"> </div>the degree of<div style="display:inline-block;width:3px"> </div>scrapping or recycling<div style="display:inline-block;width:2px"> </div>of older vessels,<div style="display:inline-block;width:2px"> </div>depending, among other<div style="display:inline-block;width:2px"> </div>things, on scrapping </div><div id="a4611" style="position:absolute;font-family:'Arial';left:105px;top:623px;">or recycling rates and international scrapping or recycling regulations; </div><div id="a4630" style="position:absolute;font-family:'Arial';left:81px;top:659px;">●</div><div id="a4631" style="position:absolute;font-family:'Arial';left:88px;top:659px;"><div style="display:inline-block;width:17px"> </div>the price of steel and vessel equipment; </div><div id="a4647" style="position:absolute;font-family:'Arial';left:81px;top:695px;">●</div><div id="a4648" style="position:absolute;font-family:'Arial';left:88px;top:695px;"><div style="display:inline-block;width:17px"> </div>product imbalances (affecting level of trading activity) and developments in international<div style="display:inline-block;width:3px"> </div>trade; </div><div id="a4674" style="position:absolute;font-family:'Arial';left:81px;top:730px;">●</div><div id="a4675" style="position:absolute;font-family:'Arial';left:88px;top:730px;"><div style="display:inline-block;width:17px"> </div>the number<div style="display:inline-block;width:6px"> </div>of vessels<div style="display:inline-block;width:5px"> </div>that are<div style="display:inline-block;width:6px"> </div>out of<div style="display:inline-block;width:6px"> </div>service, namely those<div style="display:inline-block;width:6px"> </div>that are<div style="display:inline-block;width:6px"> </div>laid-up, drydocked, awaiting </div><div id="a4710" style="position:absolute;font-family:'Arial';left:105px;top:747px;">repairs or otherwise not available for hire;<div style="display:inline-block;width:3px"> </div></div><div id="a4726" style="position:absolute;font-family:'Arial';left:81px;top:783px;">●</div><div id="a4727" style="position:absolute;font-family:'Arial';left:88px;top:783px;"><div style="display:inline-block;width:17px"> </div>availability of financing for new vessels and shipping activity; </div><div id="a4747" style="position:absolute;font-family:'Arial';left:81px;top:819px;">●</div><div id="a4748" style="position:absolute;font-family:'Arial';left:88px;top:819px;"><div style="display:inline-block;width:17px"> </div>changes in international regulations<div style="display:inline-block;width:6px"> </div>that may effectively<div style="display:inline-block;width:6px"> </div>cause reductions in the<div style="display:inline-block;width:6px"> </div>carrying capacity </div><div id="a4775" style="position:absolute;font-family:'Arial';left:105px;top:836px;">of vessels or early obsolescence of tonnage; and </div><div id="a4792" style="position:absolute;font-family:'Arial';left:81px;top:872px;">●</div><div id="a4793" style="position:absolute;font-family:'Arial';left:88px;top:872px;"><div style="display:inline-block;width:17px"> </div>changes in environmental and other regulations that may limit the useful lives and trading patterns </div><div id="a4819" style="position:absolute;font-family:'Arial';left:105px;top:888px;">of vessels. </div><div id="a4824" style="position:absolute;font-family:'Arial';left:57px;top:923px;">In<div style="display:inline-block;width:7px"> </div>addition<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>prevailing<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>anticipated<div style="display:inline-block;width:7px"> </div>freight<div style="display:inline-block;width:7px"> </div>rates,<div style="display:inline-block;width:7px"> </div>factors<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>rate<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>newbuilding, </div><div id="a4856" style="position:absolute;font-family:'Arial';left:57px;top:940px;">scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, </div><div id="a4886" style="position:absolute;font-family:'Arial';left:57px;top:957px;">costs of<div style="display:inline-block;width:7px"> </div>bunkers and<div style="display:inline-block;width:6px"> </div>other operating<div style="display:inline-block;width:6px"> </div>costs, costs<div style="display:inline-block;width:6px"> </div>associated with<div style="display:inline-block;width:6px"> </div>classification society<div style="display:inline-block;width:6px"> </div>surveys, normal </div></div>
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<div id="a4916" style="position:absolute;font-family:'Arial';left:390px;top:992px;">12 </div><div id="a4918" style="position:absolute;font-family:'Arial';left:57px;top:76px;">maintenance and insurance coverage<div style="display:inline-block;width:5px"> </div>costs, the efficiency<div style="display:inline-block;width:6px"> </div>and age profile of<div style="display:inline-block;width:6px"> </div>the existing dry bulk<div style="display:inline-block;width:6px"> </div>fleet in </div><div id="a4952" style="position:absolute;font-family:'Arial';left:57px;top:93px;">the<div style="display:inline-block;width:8px"> </div>market<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>government<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>industry<div style="display:inline-block;width:7px"> </div>regulation<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>maritime<div style="display:inline-block;width:8px"> </div>transportation<div style="display:inline-block;width:7px"> </div>practices,<div style="display:inline-block;width:7px"> </div>particularly </div><div id="a4976" style="position:absolute;font-family:'Arial';left:57px;top:110px;">environmental<div style="display:inline-block;width:5px"> </div>protection<div style="display:inline-block;width:5px"> </div>laws<div style="display:inline-block;width:6px"> </div>and regulations.<div style="display:inline-block;width:7px"> </div>These factors<div style="display:inline-block;width:7px"> </div>influencing the<div style="display:inline-block;width:7px"> </div>supply<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>for </div><div id="a5004" style="position:absolute;font-family:'Arial';left:57px;top:126px;">shipping capacity are outside of our<div style="display:inline-block;width:3px"> </div>control, and we may not be able<div style="display:inline-block;width:3px"> </div>to correctly assess the nature, timing </div><div id="a5042" style="position:absolute;font-family:'Arial';left:57px;top:143px;">and degree of changes in industry conditions.</div><div id="a5057" style="position:absolute;font-family:'Arial';left:57px;top:178px;">We anticipate that the future demand for our dry bulk carriers will be dependent upon economic growth in </div><div id="a5093" style="position:absolute;font-family:'Arial';left:57px;top:195px;">the world’s economies, including China and India, seasonal and regional changes in demand, changes in </div><div id="a5123" style="position:absolute;font-family:'Arial';left:57px;top:212px;">the capacity of the global<div style="display:inline-block;width:2px"> </div>dry bulk carrier fleet<div style="display:inline-block;width:3px"> </div>and the sources and<div style="display:inline-block;width:2px"> </div>supply of dry bulk<div style="display:inline-block;width:3px"> </div>cargo transported by </div><div id="a5163" style="position:absolute;font-family:'Arial';left:57px;top:229px;">sea. While there has been a general decrease in new dry bulk carrier ordering<div style="display:inline-block;width:3px"> </div>since 2014, the capacity of </div><div id="a5201" style="position:absolute;font-family:'Arial';left:57px;top:246px;">the global dry<div style="display:inline-block;width:6px"> </div>bulk carrier fleet<div style="display:inline-block;width:6px"> </div>could increase, and<div style="display:inline-block;width:5px"> </div>economic growth may<div style="display:inline-block;width:5px"> </div>not resume in<div style="display:inline-block;width:6px"> </div>areas that have </div><div id="a5237" style="position:absolute;font-family:'Arial';left:57px;top:262px;">experienced<div style="display:inline-block;width:9px"> </div>a<div style="display:inline-block;width:9px"> </div>recession<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>continue<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:9px"> </div>other<div style="display:inline-block;width:9px"> </div>areas.<div style="display:inline-block;width:9px"> </div>Adverse<div style="display:inline-block;width:9px"> </div>economic,<div style="display:inline-block;width:9px"> </div>political,<div style="display:inline-block;width:9px"> </div>social<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>other </div><div id="a5265" style="position:absolute;font-family:'Arial';left:57px;top:279px;">developments could have a material adverse effect on our business and operating<div style="display:inline-block;width:3px"> </div>results.</div><div id="a5292" style="position:absolute;font-family:'Arial';left:57px;top:314px;">In<div style="display:inline-block;width:6px"> </div>addition,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>conflict<div style="display:inline-block;width:6px"> </div>between<div style="display:inline-block;width:6px"> </div>Israel<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Hamas,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>began<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>resulted<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>an </div><div id="a5326" style="position:absolute;font-family:'Arial';left:57px;top:331px;">increased<div style="display:inline-block;width:7px"> </div>number<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>attacks<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Red<div style="display:inline-block;width:7px"> </div>Sea.<div style="display:inline-block;width:7px"> </div>Various<div style="display:inline-block;width:8px"> </div>shipping<div style="display:inline-block;width:7px"> </div>companies<div style="display:inline-block;width:7px"> </div>and/or<div style="display:inline-block;width:7px"> </div>commercial </div><div id="a5354" style="position:absolute;font-family:'Arial';left:57px;top:348px;">managers have indicated that their vessels would<div style="display:inline-block;width:2px"> </div>avoid crossing the Red Sea and consequently<div style="display:inline-block;width:3px"> </div>the Suez </div><div id="a5386" style="position:absolute;font-family:'Arial';left:57px;top:365px;">Canal,<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>time<div style="display:inline-block;width:8px"> </div>being<div style="display:inline-block;width:8px"> </div>divert<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>around<div style="display:inline-block;width:8px"> </div>southern<div style="display:inline-block;width:8px"> </div>Africa’s<div style="display:inline-block;width:8px"> </div>Cape<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Good<div style="display:inline-block;width:8px"> </div>Hope,<div style="display:inline-block;width:8px"> </div>which </div><div id="a5418" style="position:absolute;font-family:'Arial';left:57px;top:382px;">occasionally adds substantial<div style="display:inline-block;width:6px"> </div>time and cost<div style="display:inline-block;width:6px"> </div>to East-West voyages.<div style="display:inline-block;width:6px"> </div>While we are<div style="display:inline-block;width:6px"> </div>unable to ascertain<div style="display:inline-block;width:6px"> </div>the </div><div id="a5452" style="position:absolute;font-family:'Arial';left:57px;top:398px;">immediate impact of this conflict,<div style="display:inline-block;width:5px"> </div>any further attacks or piracy attempts,<div style="display:inline-block;width:5px"> </div>or continued diversion of vessels </div><div id="a5484" style="position:absolute;font-family:'Arial';left:57px;top:415px;">from the Suez Canal, may affect our business, financial condition, and results of operations.</div><div id="a5513" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:450px;">The current<div style="display:inline-block;width:6px"> </div>state of<div style="display:inline-block;width:6px"> </div>the global<div style="display:inline-block;width:6px"> </div>financial markets<div style="display:inline-block;width:6px"> </div>and economic<div style="display:inline-block;width:6px"> </div>conditions may<div style="display:inline-block;width:6px"> </div>adversely impact </div><div id="a5541" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:467px;">our ability to obtain additional financing on acceptable terms and otherwise negatively impact our </div><div id="a5569" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:484px;">business. </div><div id="a5572" style="position:absolute;font-family:'Arial';left:57px;top:519px;">Global<div style="display:inline-block;width:8px"> </div>financial<div style="display:inline-block;width:7px"> </div>markets<div style="display:inline-block;width:7px"> </div>can<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:7px"> </div>volatile<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>contraction<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:8px"> </div>available<div style="display:inline-block;width:7px"> </div>credit<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:8px"> </div>occur<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:7px"> </div>economic </div><div id="a5602" style="position:absolute;font-family:'Arial';left:57px;top:535px;">conditions change.<div style="display:inline-block;width:6px"> </div>In recent<div style="display:inline-block;width:7px"> </div>years, operating<div style="display:inline-block;width:6px"> </div>businesses in<div style="display:inline-block;width:6px"> </div>the global<div style="display:inline-block;width:6px"> </div>economy have<div style="display:inline-block;width:6px"> </div>faced<div style="display:inline-block;width:5px"> </div>weakening </div><div id="a5630" style="position:absolute;font-family:'Arial';left:57px;top:552px;">demand for<div style="display:inline-block;width:2px"> </div>goods and<div style="display:inline-block;width:2px"> </div>services, deteriorating<div style="display:inline-block;width:2px"> </div>international liquidity<div style="display:inline-block;width:2px"> </div>conditions, and<div style="display:inline-block;width:2px"> </div>declining markets<div style="display:inline-block;width:2px"> </div>which </div><div id="a5656" style="position:absolute;font-family:'Arial';left:57px;top:569px;">lead<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>general<div style="display:inline-block;width:7px"> </div>decline<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>willingness<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>banks<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:6px"> </div>institutions<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>extend<div style="display:inline-block;width:7px"> </div>credit, </div><div id="a5690" style="position:absolute;font-family:'Arial';left:57px;top:586px;">particularly in<div style="display:inline-block;width:3px"> </div>the shipping industry. As<div style="display:inline-block;width:3px"> </div>the shipping industry<div style="display:inline-block;width:2px"> </div>is highly dependent<div style="display:inline-block;width:2px"> </div>on the availability<div style="display:inline-block;width:2px"> </div>of credit </div><div id="a5724" style="position:absolute;font-family:'Arial';left:57px;top:603px;">to finance and expand operations, it may be negatively affected by such<div style="display:inline-block;width:3px"> </div>changes and volatility.</div><div id="a5755" style="position:absolute;font-family:'Arial';left:57px;top:638px;">We face risks attendant to changes in economic environments, changes in<div style="display:inline-block;width:3px"> </div>interest rates, and instability in </div><div id="a5787" style="position:absolute;font-family:'Arial';left:57px;top:655px;">the<div style="display:inline-block;width:6px"> </div>banking<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>markets<div style="display:inline-block;width:6px"> </div>around<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>world,<div style="display:inline-block;width:6px"> </div>among<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>factors<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material </div><div id="a5819" style="position:absolute;font-family:'Arial';left:57px;top:671px;">adverse effect on our results<div style="display:inline-block;width:2px"> </div>of operations and financial<div style="display:inline-block;width:2px"> </div>condition and may cause<div style="display:inline-block;width:2px"> </div>the price of our<div style="display:inline-block;width:3px"> </div>common </div><div id="a5855" style="position:absolute;font-family:'Arial';left:57px;top:688px;">shares to decline. </div><div id="a5863" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:723px;">Global economic conditions may negatively impact the drybulk shipping<div style="display:inline-block;width:2px"> </div>industry. </div><div id="a5884" style="position:absolute;font-family:'Arial';left:57px;top:758px;">Economic<div style="display:inline-block;width:6px"> </div>growth<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>expected<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>remain<div style="display:inline-block;width:6px"> </div>resilient<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2025<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2026,<div style="display:inline-block;width:6px"> </div>despite<div style="display:inline-block;width:6px"> </div>significant<div style="display:inline-block;width:6px"> </div>challenges,<div style="display:inline-block;width:6px"> </div>as </div><div id="a5915" style="position:absolute;font-family:'Arial';left:57px;top:775px;">inflation is<div style="display:inline-block;width:6px"> </div>expected to<div style="display:inline-block;width:6px"> </div>ease further<div style="display:inline-block;width:6px"> </div>compared to<div style="display:inline-block;width:6px"> </div>2024. However,<div style="display:inline-block;width:7px"> </div>major market<div style="display:inline-block;width:6px"> </div>disruptions and<div style="display:inline-block;width:6px"> </div>adverse </div><div id="a5946" style="position:absolute;font-family:'Arial';left:57px;top:792px;">changes in market conditions and regulatory climate in China,<div style="display:inline-block;width:3px"> </div>the United States, the European Union and </div><div id="a5978" style="position:absolute;font-family:'Arial';left:57px;top:808px;">worldwide may adversely affect our business or impair our ability to borrow amounts under credit facilities </div><div id="a6010" style="position:absolute;font-family:'Arial';left:57px;top:825px;">or any future financial arrangements. </div><div id="a6022" style="position:absolute;font-family:'Arial';left:57px;top:860px;">Chinese dry bulk imports have accounted<div style="display:inline-block;width:2px"> </div>for the majority of global dry bulk<div style="display:inline-block;width:3px"> </div>transportation growth annually </div><div id="a6054" style="position:absolute;font-family:'Arial';left:57px;top:877px;">over the<div style="display:inline-block;width:6px"> </div>last decade.<div style="display:inline-block;width:6px"> </div>Accordingly,<div style="display:inline-block;width:6px"> </div>our financial<div style="display:inline-block;width:5px"> </div>condition and results<div style="display:inline-block;width:6px"> </div>of operations,<div style="display:inline-block;width:6px"> </div>as well<div style="display:inline-block;width:6px"> </div>as our<div style="display:inline-block;width:6px"> </div>future </div><div id="a6088" style="position:absolute;font-family:'Arial';left:57px;top:894px;">prospects,<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>likely<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>hindered<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>economic<div style="display:inline-block;width:6px"> </div>downturn<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>countries<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>geographic </div><div id="a6120" style="position:absolute;font-family:'Arial';left:57px;top:911px;">regions. In recent years<div style="display:inline-block;width:2px"> </div>China and India have<div style="display:inline-block;width:2px"> </div>been among the<div style="display:inline-block;width:3px"> </div>world’s fastest growing economies<div style="display:inline-block;width:2px"> </div>in terms </div><div id="a6154" style="position:absolute;font-family:'Arial';left:57px;top:928px;">of gross<div style="display:inline-block;width:2px"> </div>domestic product.<div style="display:inline-block;width:2px"> </div>Although China<div style="display:inline-block;width:2px"> </div>met its<div style="display:inline-block;width:2px"> </div>official growth<div style="display:inline-block;width:2px"> </div>target of<div style="display:inline-block;width:2px"> </div>5% in<div style="display:inline-block;width:2px"> </div>2024, the<div style="display:inline-block;width:2px"> </div>growth of<div style="display:inline-block;width:2px"> </div>China’s </div><div id="a6194" style="position:absolute;font-family:'Arial';left:57px;top:944px;">economy is projected to slow<div style="display:inline-block;width:3px"> </div>in 2025, as there is a<div style="display:inline-block;width:3px"> </div>continuous threat of a Chinese<div style="display:inline-block;width:3px"> </div>financial crisis resulting </div></div>
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<div id="a6234" style="position:absolute;font-family:'Arial';left:390px;top:992px;">13 </div><div id="a6236" style="position:absolute;font-family:'Arial';left:57px;top:76px;">from deteriorating real estate property values, excessive personal and corporate indebtedness and “trade </div><div id="a6262" style="position:absolute;font-family:'Arial';left:57px;top:93px;">wars”. An economic slowdown in<div style="display:inline-block;width:6px"> </div>China, the Asia-Pacific region, or in<div style="display:inline-block;width:6px"> </div>India may adversely affect<div style="display:inline-block;width:5px"> </div>demand </div><div id="a6298" style="position:absolute;font-family:'Arial';left:57px;top:110px;">for seaborne<div style="display:inline-block;width:6px"> </div>transportation of<div style="display:inline-block;width:6px"> </div>our products<div style="display:inline-block;width:6px"> </div>and our<div style="display:inline-block;width:6px"> </div>results of<div style="display:inline-block;width:6px"> </div>operations. Moreover,<div style="display:inline-block;width:6px"> </div>any deterioration in </div><div id="a6328" style="position:absolute;font-family:'Arial';left:57px;top:126px;">the economy of the<div style="display:inline-block;width:3px"> </div>United States or the<div style="display:inline-block;width:3px"> </div>European Union, may<div style="display:inline-block;width:3px"> </div>further adversely affect economic<div style="display:inline-block;width:3px"> </div>growth in </div><div id="a6362" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Asia.</div><div id="a6365" style="position:absolute;font-family:'Arial';left:57px;top:178px;">In<div style="display:inline-block;width:7px"> </div>recent<div style="display:inline-block;width:7px"> </div>years,<div style="display:inline-block;width:7px"> </div>China<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>United<div style="display:inline-block;width:7px"> </div>States<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>implemented<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>increasingly<div style="display:inline-block;width:7px"> </div>protective<div style="display:inline-block;width:7px"> </div>trade </div><div id="a6393" style="position:absolute;font-family:'Arial';left:57px;top:195px;">measures<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>continuing<div style="display:inline-block;width:6px"> </div>tensions<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:7px"> </div>started<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>tariffs<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>now<div style="display:inline-block;width:7px"> </div>include<div style="display:inline-block;width:6px"> </div>technology<div style="display:inline-block;width:6px"> </div>restrictions<div style="display:inline-block;width:6px"> </div>and </div><div id="a6421" style="position:absolute;font-family:'Arial';left:57px;top:212px;">additional export controls. Moreover, the impact that the<div style="display:inline-block;width:5px"> </div>new U.S. presidential administration will have on </div><div id="a6451" style="position:absolute;font-family:'Arial';left:57px;top:229px;">these tensions remains in flux. Geopolitical tensions in 2025<div style="display:inline-block;width:3px"> </div>may intensify and impact trade flows, military </div><div id="a6483" style="position:absolute;font-family:'Arial';left:57px;top:246px;">conflicts, and dry<div style="display:inline-block;width:2px"> </div>bulk transportation<div style="display:inline-block;width:3px"> </div>in the<div style="display:inline-block;width:3px"> </div>future, and<div style="display:inline-block;width:3px"> </div>U.S.-China trade<div style="display:inline-block;width:2px"> </div>tensions, including<div style="display:inline-block;width:3px"> </div>the introduction </div><div id="a6515" style="position:absolute;font-family:'Arial';left:57px;top:262px;">by the U.S.<div style="display:inline-block;width:2px"> </div>government of<div style="display:inline-block;width:3px"> </div>tariffs affecting certain<div style="display:inline-block;width:2px"> </div>goods imported<div style="display:inline-block;width:3px"> </div>by China, may<div style="display:inline-block;width:2px"> </div>provoke further<div style="display:inline-block;width:2px"> </div>retaliatory </div><div id="a6547" style="position:absolute;font-family:'Arial';left:57px;top:279px;">trade actions.<div style="display:inline-block;width:6px"> </div>Additionally,<div style="display:inline-block;width:6px"> </div>new tariffs<div style="display:inline-block;width:6px"> </div>have recently<div style="display:inline-block;width:6px"> </div>been imposed<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>U.S. on<div style="display:inline-block;width:6px"> </div>imports from<div style="display:inline-block;width:6px"> </div>Canada </div><div id="a6579" style="position:absolute;font-family:'Arial';left:57px;top:296px;">and Mexico,<div style="display:inline-block;width:2px"> </div>among other<div style="display:inline-block;width:2px"> </div>countries, on<div style="display:inline-block;width:2px"> </div>goods including<div style="display:inline-block;width:2px"> </div>steel and<div style="display:inline-block;width:2px"> </div>aluminum, and<div style="display:inline-block;width:2px"> </div>the U.S.<div style="display:inline-block;width:2px"> </div>has also<div style="display:inline-block;width:2px"> </div>signaled </div><div id="a6613" style="position:absolute;font-family:'Arial';left:57px;top:313px;">that it may<div style="display:inline-block;width:6px"> </div>impose “reciprocal” tariffs<div style="display:inline-block;width:6px"> </div>on foreign imports in<div style="display:inline-block;width:6px"> </div>the coming weeks.<div style="display:inline-block;width:5px"> </div>It is unknown<div style="display:inline-block;width:6px"> </div>whether and </div><div id="a6649" style="position:absolute;font-family:'Arial';left:57px;top:330px;">to<div style="display:inline-block;width:6px"> </div>what<div style="display:inline-block;width:6px"> </div>extent<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>tariffs<div style="display:inline-block;width:7px"> </div>(or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>laws<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>regulations)<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>retained,<div style="display:inline-block;width:6px"> </div>expanded<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>otherwise </div><div id="a6683" style="position:absolute;font-family:'Arial';left:57px;top:347px;">modified by the U.S.,<div style="display:inline-block;width:3px"> </div>or the effect that<div style="display:inline-block;width:3px"> </div>any such actions<div style="display:inline-block;width:3px"> </div>will have on us<div style="display:inline-block;width:3px"> </div>or our industry, but such measures </div><div id="a6725" style="position:absolute;font-family:'Arial';left:57px;top:364px;">could have an adverse effect on our business, financial condition, and results of operations.</div><div id="a6754" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:398px;">The dry bulk<div style="display:inline-block;width:6px"> </div>carrier charter market remains<div style="display:inline-block;width:6px"> </div>significantly below its<div style="display:inline-block;width:5px"> </div>high in 2008,<div style="display:inline-block;width:5px"> </div>which may affect </div><div id="a6786" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:415px;">our revenues, earnings and profitability, and our ability to comply with our loan covenants. </div><div id="a6815" style="position:absolute;font-family:'Arial';left:57px;top:450px;">The abrupt and<div style="display:inline-block;width:6px"> </div>dramatic downturn in the<div style="display:inline-block;width:6px"> </div>dry bulk charter<div style="display:inline-block;width:5px"> </div>market until the<div style="display:inline-block;width:5px"> </div>beginning of 2021,<div style="display:inline-block;width:6px"> </div>from which </div><div id="a6851" style="position:absolute;font-family:'Arial';left:57px;top:467px;">we<div style="display:inline-block;width:7px"> </div>derive<div style="display:inline-block;width:7px"> </div>substantially<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>revenues,<div style="display:inline-block;width:7px"> </div>severely<div style="display:inline-block;width:7px"> </div>affected<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>industry<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>our </div><div id="a6883" style="position:absolute;font-family:'Arial';left:57px;top:484px;">business. The<div style="display:inline-block;width:2px"> </div>Baltic Dry<div style="display:inline-block;width:2px"> </div>Index, or<div style="display:inline-block;width:2px"> </div>the BDI,<div style="display:inline-block;width:2px"> </div>a daily<div style="display:inline-block;width:2px"> </div>average of<div style="display:inline-block;width:2px"> </div>charter rates<div style="display:inline-block;width:2px"> </div>for key<div style="display:inline-block;width:3px"> </div>dry bulk<div style="display:inline-block;width:2px"> </div>routes published </div><div id="a6923" style="position:absolute;font-family:'Arial';left:57px;top:501px;">by the Baltic Exchange Limited, has long been viewed as the main benchmark to monitor the movements </div><div id="a6957" style="position:absolute;font-family:'Arial';left:57px;top:518px;">of the dry bulk vessel charter market and the performance of the entire dry bulk shipping market. The BDI </div><div id="a6995" style="position:absolute;font-family:'Arial';left:57px;top:534px;">declined<div style="display:inline-block;width:6px"> </div>94%<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2008<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>peak<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>11,793<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>May<div style="display:inline-block;width:6px"> </div>2008<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>low<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>663<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>December 2008<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>has </div><div id="a7039" style="position:absolute;font-family:'Arial';left:57px;top:551px;">remained volatile since then,<div style="display:inline-block;width:3px"> </div>reaching a record low of<div style="display:inline-block;width:3px"> </div>290 in February 2016.<div style="display:inline-block;width:3px"> </div>In 2024, the BDI ranged<div style="display:inline-block;width:3px"> </div>from </div><div id="a7077" style="position:absolute;font-family:'Arial';left:57px;top:568px;">a low of<div style="display:inline-block;width:6px"> </div>976 to a<div style="display:inline-block;width:6px"> </div>high of 2,419<div style="display:inline-block;width:6px"> </div>and closed at<div style="display:inline-block;width:6px"> </div>1,635 on March<div style="display:inline-block;width:6px"> </div>20, 2025. There<div style="display:inline-block;width:6px"> </div>can be no<div style="display:inline-block;width:6px"> </div>assurance that </div><div id="a7124" style="position:absolute;font-family:'Arial';left:57px;top:585px;">the<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>decline<div style="display:inline-block;width:6px"> </div>further.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:6px"> </div>decline<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>volatility<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to </div><div id="a7162" style="position:absolute;font-family:'Arial';left:57px;top:602px;">various factors, including the<div style="display:inline-block;width:3px"> </div>oversupply of vessels, easing<div style="display:inline-block;width:3px"> </div>of port congestion, slower<div style="display:inline-block;width:3px"> </div>demand growth and </div><div id="a7192" style="position:absolute;font-family:'Arial';left:57px;top:619px;">economic and<div style="display:inline-block;width:7px"> </div>geopolitical factors.<div style="display:inline-block;width:6px"> </div>The decline<div style="display:inline-block;width:6px"> </div>and volatility<div style="display:inline-block;width:6px"> </div>in charter<div style="display:inline-block;width:6px"> </div>rates in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>market also </div><div id="a7227" style="position:absolute;font-family:'Arial';left:57px;top:635px;">affects the value of our dry bulk vessels, which follows the trends of dry bulk charter<div style="display:inline-block;width:3px"> </div>rates.</div><div id="a7262" style="position:absolute;font-family:'Arial';left:57px;top:670px;">Any<div style="display:inline-block;width:6px"> </div>decline<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carrier<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>consequences<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our </div><div id="a7294" style="position:absolute;font-family:'Arial';left:57px;top:687px;">industry,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>absence<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>financing<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>no<div style="display:inline-block;width:7px"> </div>active<div style="display:inline-block;width:7px"> </div>secondhand<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>sale<div style="display:inline-block;width:7px"> </div>of </div><div id="a7326" style="position:absolute;font-family:'Arial';left:57px;top:704px;">vessels,<div style="display:inline-block;width:7px"> </div>charterers<div style="display:inline-block;width:7px"> </div>seeking<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>renegotiate<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>rates<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>existing<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>charters,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>widespread<div style="display:inline-block;width:7px"> </div>loan </div><div id="a7354" style="position:absolute;font-family:'Arial';left:57px;top:721px;">covenant defaults in the dry bulk shipping<div style="display:inline-block;width:3px"> </div>industry. Accordingly, the value of our common shares could be </div><div id="a7388" style="position:absolute;font-family:'Arial';left:57px;top:738px;">substantially reduced or eliminated.</div><div id="a7397" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:773px;">Worldwide inflationary<div style="display:inline-block;width:2px"> </div>pressures could<div style="display:inline-block;width:2px"> </div>negatively impact<div style="display:inline-block;width:2px"> </div>our results<div style="display:inline-block;width:2px"> </div>of operations<div style="display:inline-block;width:2px"> </div>and cash<div style="display:inline-block;width:2px"> </div>flows. </div><div id="a7424" style="position:absolute;font-family:'Arial';left:57px;top:807px;">The<div style="display:inline-block;width:6px"> </div>previous<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>worldwide<div style="display:inline-block;width:6px"> </div>economies<div style="display:inline-block;width:6px"> </div>experienced<div style="display:inline-block;width:6px"> </div>inflationary<div style="display:inline-block;width:6px"> </div>pressures,<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:6px"> </div>increases<div style="display:inline-block;width:6px"> </div>seen </div><div id="a7448" style="position:absolute;font-family:'Arial';left:57px;top:824px;">across<div style="display:inline-block;width:8px"> </div>many<div style="display:inline-block;width:7px"> </div>sectors<div style="display:inline-block;width:7px"> </div>globally.<div style="display:inline-block;width:9px"> </div>For<div style="display:inline-block;width:8px"> </div>example,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>consumer<div style="display:inline-block;width:7px"> </div>price<div style="display:inline-block;width:7px"> </div>index,<div style="display:inline-block;width:8px"> </div>an<div style="display:inline-block;width:8px"> </div>inflation<div style="display:inline-block;width:7px"> </div>gauge<div style="display:inline-block;width:7px"> </div>that </div><div id="a7478" style="position:absolute;font-family:'Arial';left:57px;top:841px;">measures costs<div style="display:inline-block;width:5px"> </div>across dozens<div style="display:inline-block;width:5px"> </div>of items<div style="display:inline-block;width:5px"> </div>rose 3.4%<div style="display:inline-block;width:6px"> </div>and 2.9%<div style="display:inline-block;width:6px"> </div>in December 2023<div style="display:inline-block;width:6px"> </div>and 2024,<div style="display:inline-block;width:5px"> </div>respectively, </div><div id="a7512" style="position:absolute;font-family:'Arial';left:57px;top:858px;">compared to the prior year. It remains to be seen whether<div style="display:inline-block;width:3px"> </div>inflationary pressures will increase again<div style="display:inline-block;width:2px"> </div>and to </div><div id="a7548" style="position:absolute;font-family:'Arial';left:57px;top:875px;">what degree. In the<div style="display:inline-block;width:3px"> </div>event that inflation<div style="display:inline-block;width:3px"> </div>becomes a significant<div style="display:inline-block;width:2px"> </div>factor in the global<div style="display:inline-block;width:2px"> </div>economy generally and<div style="display:inline-block;width:3px"> </div>in </div><div id="a7584" style="position:absolute;font-family:'Arial';left:57px;top:892px;">the shipping industry more specifically,<div style="display:inline-block;width:6px"> </div>inflationary pressures would result in increased operating, voyage </div><div id="a7610" style="position:absolute;font-family:'Arial';left:57px;top:908px;">and administrative<div style="display:inline-block;width:6px"> </div>costs. Furthermore, the<div style="display:inline-block;width:6px"> </div>effects of<div style="display:inline-block;width:6px"> </div>inflation on<div style="display:inline-block;width:5px"> </div>the supply<div style="display:inline-block;width:6px"> </div>and demand<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>products </div><div id="a7642" style="position:absolute;font-family:'Arial';left:57px;top:925px;">we<div style="display:inline-block;width:7px"> </div>transport<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>alter<div style="display:inline-block;width:7px"> </div>demand<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>services.<div style="display:inline-block;width:7px"> </div>Interventions<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>economy<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>central<div style="display:inline-block;width:7px"> </div>banks<div style="display:inline-block;width:7px"> </div>in </div><div id="a7674" style="position:absolute;font-family:'Arial';left:57px;top:942px;">response<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>inflationary<div style="display:inline-block;width:7px"> </div>pressures<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>slow<div style="display:inline-block;width:7px"> </div>down<div style="display:inline-block;width:7px"> </div>economic<div style="display:inline-block;width:7px"> </div>activity,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>altering<div style="display:inline-block;width:7px"> </div>consumer </div></div>
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<div id="Page14" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7702" style="position:absolute;font-family:'Arial';left:390px;top:992px;">14 </div><div id="a7704" style="position:absolute;font-family:'Arial';left:57px;top:76px;">purchasing habits<div style="display:inline-block;width:3px"> </div>and reducing<div style="display:inline-block;width:2px"> </div>demand for<div style="display:inline-block;width:2px"> </div>the commodities<div style="display:inline-block;width:2px"> </div>and products<div style="display:inline-block;width:2px"> </div>we carry, and cause<div style="display:inline-block;width:2px"> </div>a reduction </div><div id="a7736" style="position:absolute;font-family:'Arial';left:57px;top:93px;">in trade. As a result,<div style="display:inline-block;width:3px"> </div>the volumes of goods we<div style="display:inline-block;width:2px"> </div>deliver and/or charter rates<div style="display:inline-block;width:2px"> </div>for our vessels may be<div style="display:inline-block;width:3px"> </div>affected. </div><div id="a7776" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>these<div style="display:inline-block;width:6px"> </div>factors<div style="display:inline-block;width:5px"> </div>could<div style="display:inline-block;width:5px"> </div>have<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>adverse effect<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>business, financial<div style="display:inline-block;width:7px"> </div>condition,<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>flows<div style="display:inline-block;width:6px"> </div>and </div><div id="a7810" style="position:absolute;font-family:'Arial';left:57px;top:126px;">operating results.</div><div id="a7815" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:161px;">Our operations<div style="display:inline-block;width:2px"> </div>expose us<div style="display:inline-block;width:2px"> </div>to global<div style="display:inline-block;width:2px"> </div>risks, such<div style="display:inline-block;width:2px"> </div>as political<div style="display:inline-block;width:2px"> </div>instability, terrorist<div style="display:inline-block;width:3px"> </div>or other<div style="display:inline-block;width:2px"> </div>attacks, war, </div><div id="a7816" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:178px;">international<div style="display:inline-block;width:9px"> </div>hostilities<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:9px"> </div>economic<div style="display:inline-block;width:8px"> </div>sanctions<div style="display:inline-block;width:8px"> </div>restrictions<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:9px"> </div>may<div style="display:inline-block;width:9px"> </div>affect<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>seaborne </div><div id="a7821" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:195px;">transportation industry and adversely affect our business. </div><div id="a7824" style="position:absolute;font-family:'Arial';left:57px;top:230px;">We are an international<div style="display:inline-block;width:2px"> </div>shipping company and<div style="display:inline-block;width:2px"> </div>primarily conduct most<div style="display:inline-block;width:2px"> </div>of our operations<div style="display:inline-block;width:2px"> </div>outside the United </div><div id="a7856" style="position:absolute;font-family:'Arial';left:57px;top:247px;">States, and our business,<div style="display:inline-block;width:3px"> </div>results of operations, cash<div style="display:inline-block;width:2px"> </div>flows, financial condition<div style="display:inline-block;width:3px"> </div>and ability to pay dividends, </div><div id="a7888" style="position:absolute;font-family:'Arial';left:57px;top:263px;">if<div style="display:inline-block;width:7px"> </div>any,<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>adversely<div style="display:inline-block;width:7px"> </div>affected<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>changing<div style="display:inline-block;width:7px"> </div>economic,<div style="display:inline-block;width:7px"> </div>political<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>government<div style="display:inline-block;width:7px"> </div>conditions<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the </div><div id="a7918" style="position:absolute;font-family:'Arial';left:57px;top:280px;">countries and regions where our vessels are employed or registered. Moreover, we operate<div style="display:inline-block;width:5px"> </div>in a sector of </div><div id="a7952" style="position:absolute;font-family:'Arial';left:57px;top:297px;">the economy that is<div style="display:inline-block;width:3px"> </div>likely to be adversely<div style="display:inline-block;width:2px"> </div>impacted by the effects<div style="display:inline-block;width:3px"> </div>of political conflicts,<div style="display:inline-block;width:3px"> </div>including the current </div><div id="a7989" style="position:absolute;font-family:'Arial';left:57px;top:314px;">political instability in the<div style="display:inline-block;width:6px"> </div>Middle East (including in<div style="display:inline-block;width:6px"> </div>Israel and Gaza), Ukraine, the<div style="display:inline-block;width:6px"> </div>South China Sea region </div><div id="a8023" style="position:absolute;font-family:'Arial';left:57px;top:331px;">and other geographic<div style="display:inline-block;width:2px"> </div>countries and<div style="display:inline-block;width:3px"> </div>areas, geopolitical<div style="display:inline-block;width:2px"> </div>events, terrorist<div style="display:inline-block;width:3px"> </div>or other attacks,<div style="display:inline-block;width:2px"> </div>war (or<div style="display:inline-block;width:3px"> </div>threatened </div><div id="a8053" style="position:absolute;font-family:'Arial';left:57px;top:348px;">war) and international hostilities. The response of the United States and others to terrorist<div style="display:inline-block;width:3px"> </div>attacks, as well </div><div id="a8087" style="position:absolute;font-family:'Arial';left:57px;top:365px;">as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>threat<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>terrorist<div style="display:inline-block;width:6px"> </div>attacks<div style="display:inline-block;width:6px"> </div>around<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>world,<div style="display:inline-block;width:6px"> </div>continues<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>cause<div style="display:inline-block;width:6px"> </div>uncertainty<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>world’s </div><div id="a8121" style="position:absolute;font-family:'Arial';left:57px;top:382px;">financial<div style="display:inline-block;width:7px"> </div>markets<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:7px"> </div>business,<div style="display:inline-block;width:7px"> </div>operating<div style="display:inline-block;width:7px"> </div>results,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>condition.<div style="display:inline-block;width:7px"> </div>Continuing </div><div id="a8147" style="position:absolute;font-family:'Arial';left:57px;top:398px;">conflicts and<div style="display:inline-block;width:6px"> </div>recent developments<div style="display:inline-block;width:6px"> </div>in Ukraine<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>Middle East,<div style="display:inline-block;width:6px"> </div>and increased<div style="display:inline-block;width:6px"> </div>tensions between<div style="display:inline-block;width:6px"> </div>the </div><div id="a8177" style="position:absolute;font-family:'Arial';left:57px;top:415px;">U.S. and China,<div style="display:inline-block;width:6px"> </div>Russia, Iran and<div style="display:inline-block;width:6px"> </div>certain terrorist organizations, as<div style="display:inline-block;width:6px"> </div>well as the<div style="display:inline-block;width:6px"> </div>presence of U.S.<div style="display:inline-block;width:6px"> </div>or other </div><div id="a8213" style="position:absolute;font-family:'Arial';left:57px;top:432px;">armed forces in various<div style="display:inline-block;width:6px"> </div>other regions, may lead<div style="display:inline-block;width:6px"> </div>to additional acts of<div style="display:inline-block;width:6px"> </div>terrorism and armed conflict<div style="display:inline-block;width:5px"> </div>around </div><div id="a8247" style="position:absolute;font-family:'Arial';left:57px;top:449px;">the world, which<div style="display:inline-block;width:6px"> </div>may contribute to<div style="display:inline-block;width:6px"> </div>further economic instability in<div style="display:inline-block;width:6px"> </div>the global financial markets.<div style="display:inline-block;width:6px"> </div>As a result </div><div id="a8281" style="position:absolute;font-family:'Arial';left:57px;top:466px;">of the above, insurers have increased premiums and reduced or restricted coverage for losses caused by </div><div id="a8313" style="position:absolute;font-family:'Arial';left:57px;top:483px;">terrorist<div style="display:inline-block;width:7px"> </div>acts<div style="display:inline-block;width:6px"> </div>generally.<div style="display:inline-block;width:7px"> </div>These<div style="display:inline-block;width:7px"> </div>uncertainties<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>ability<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>obtain<div style="display:inline-block;width:6px"> </div>additional </div><div id="a8341" style="position:absolute;font-family:'Arial';left:57px;top:500px;">financing<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:6px"> </div>acceptable to<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>all.<div style="display:inline-block;width:6px"> </div>Any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>occurrences could<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>a material<div style="display:inline-block;width:7px"> </div>adverse </div><div id="a8377" style="position:absolute;font-family:'Arial';left:57px;top:516px;">impact on our<div style="display:inline-block;width:2px"> </div>operating results,<div style="display:inline-block;width:2px"> </div>revenues and<div style="display:inline-block;width:3px"> </div>costs. Additionally, events in<div style="display:inline-block;width:2px"> </div>other jurisdictions could<div style="display:inline-block;width:2px"> </div>impact </div><div id="a8407" style="position:absolute;font-family:'Arial';left:57px;top:533px;">global<div style="display:inline-block;width:6px"> </div>markets,<div style="display:inline-block;width:6px"> </div>including<div style="display:inline-block;width:6px"> </div>foreign<div style="display:inline-block;width:6px"> </div>exchange<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>markets;<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>resulting<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>currency </div><div id="a8433" style="position:absolute;font-family:'Arial';left:57px;top:550px;">exchange rates, tariffs,<div style="display:inline-block;width:6px"> </div>treaties and other<div style="display:inline-block;width:6px"> </div>regulatory matters could<div style="display:inline-block;width:6px"> </div>in turn adversely<div style="display:inline-block;width:6px"> </div>impact our business </div><div id="a8463" style="position:absolute;font-family:'Arial';left:57px;top:567px;">and operations.</div><div id="a8468" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:602px;">Currently, the world economy faces a number of challenges, including trade tensions between the </div><div id="a8496" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:619px;">United States and China,<div style="display:inline-block;width:6px"> </div>stabilizing growth in China, continuing threat<div style="display:inline-block;width:6px"> </div>of terrorist attacks around </div><div id="a8524" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:635px;">the world,<div style="display:inline-block;width:6px"> </div>continuing instability and<div style="display:inline-block;width:6px"> </div>conflicts and other<div style="display:inline-block;width:6px"> </div>ongoing occurrences in<div style="display:inline-block;width:6px"> </div>the Middle<div style="display:inline-block;width:5px"> </div>East, </div><div id="a8552" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:652px;">Ukraine, and in other geographic areas and countries, economic<div style="display:inline-block;width:3px"> </div>sanctions restrictions.<div style="display:inline-block;width:4px"> </div></div><div id="a8577" style="position:absolute;font-family:'Arial';left:57px;top:687px;">In the<div style="display:inline-block;width:3px"> </div>past, political<div style="display:inline-block;width:2px"> </div>instability has<div style="display:inline-block;width:2px"> </div>also resulted<div style="display:inline-block;width:2px"> </div>in attacks<div style="display:inline-block;width:2px"> </div>on vessels,<div style="display:inline-block;width:2px"> </div>mining of<div style="display:inline-block;width:3px"> </div>waterways and<div style="display:inline-block;width:2px"> </div>other efforts </div><div id="a8613" style="position:absolute;font-family:'Arial';left:57px;top:704px;">to disrupt international shipping,<div style="display:inline-block;width:3px"> </div>particularly in the Arabian<div style="display:inline-block;width:2px"> </div>Gulf region, in the Black<div style="display:inline-block;width:2px"> </div>Sea in connection with </div><div id="a8648" style="position:absolute;font-family:'Arial';left:57px;top:721px;">the conflict<div style="display:inline-block;width:6px"> </div>between Russia and<div style="display:inline-block;width:6px"> </div>Ukraine,<div style="display:inline-block;width:5px"> </div>and in<div style="display:inline-block;width:5px"> </div>and around<div style="display:inline-block;width:6px"> </div>the Red<div style="display:inline-block;width:6px"> </div>Sea in<div style="display:inline-block;width:6px"> </div>connection with the<div style="display:inline-block;width:6px"> </div>conflict </div><div id="a8664" style="position:absolute;font-family:'Arial';left:57px;top:738px;">between Israel and Hamas.<div style="display:inline-block;width:2px"> </div>Acts of terrorism<div style="display:inline-block;width:3px"> </div>and piracy have also<div style="display:inline-block;width:2px"> </div>affected vessels trading in<div style="display:inline-block;width:2px"> </div>regions such </div><div id="a8692" style="position:absolute;font-family:'Arial';left:57px;top:755px;">as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>South<div style="display:inline-block;width:6px"> </div>China<div style="display:inline-block;width:6px"> </div>Sea<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Gulf<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Aden<div style="display:inline-block;width:6px"> </div>off<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>coast<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Somalia,<div style="display:inline-block;width:6px"> </div>among<div style="display:inline-block;width:6px"> </div>others.<div style="display:inline-block;width:6px"> </div>Any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>these </div><div id="a8734" style="position:absolute;font-family:'Arial';left:57px;top:772px;">occurrences could have<div style="display:inline-block;width:6px"> </div>a material<div style="display:inline-block;width:6px"> </div>adverse impact on<div style="display:inline-block;width:6px"> </div>our future<div style="display:inline-block;width:6px"> </div>performance, results of<div style="display:inline-block;width:6px"> </div>operation, cash </div><div id="a8764" style="position:absolute;font-family:'Arial';left:57px;top:788px;">flows and financial position.</div><div id="a8773" style="position:absolute;font-family:'Arial';left:57px;top:823px;">Beginning in<div style="display:inline-block;width:6px"> </div>February of<div style="display:inline-block;width:6px"> </div>2022, the<div style="display:inline-block;width:6px"> </div>United States,<div style="display:inline-block;width:5px"> </div>the United<div style="display:inline-block;width:6px"> </div>Kingdom and<div style="display:inline-block;width:6px"> </div>the European<div style="display:inline-block;width:6px"> </div>Union, among </div><div id="a8805" style="position:absolute;font-family:'Arial';left:57px;top:840px;">other countries,<div style="display:inline-block;width:6px"> </div>European leaders<div style="display:inline-block;width:6px"> </div>announced various<div style="display:inline-block;width:6px"> </div>economic sanctions<div style="display:inline-block;width:6px"> </div>against Russia<div style="display:inline-block;width:6px"> </div>in connection </div><div id="a8829" style="position:absolute;font-family:'Arial';left:57px;top:857px;">with the<div style="display:inline-block;width:7px"> </div>aforementioned conflicts<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:7px"> </div>Ukraine region,<div style="display:inline-block;width:6px"> </div>which may<div style="display:inline-block;width:6px"> </div>adversely impact<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>business. The </div><div id="a8859" style="position:absolute;font-family:'Arial';left:57px;top:874px;">ongoing conflict<div style="display:inline-block;width:6px"> </div>could result<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>imposition of<div style="display:inline-block;width:6px"> </div>further economic<div style="display:inline-block;width:6px"> </div>sanctions or<div style="display:inline-block;width:6px"> </div>new categories<div style="display:inline-block;width:6px"> </div>of export </div><div id="a8891" style="position:absolute;font-family:'Arial';left:57px;top:891px;">restrictions<div style="display:inline-block;width:8px"> </div>against<div style="display:inline-block;width:8px"> </div>persons<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>connected<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>Russia.<div style="display:inline-block;width:8px"> </div>While<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>general<div style="display:inline-block;width:8px"> </div>much<div style="display:inline-block;width:8px"> </div>uncertainty<div style="display:inline-block;width:8px"> </div>remains </div><div id="a8919" style="position:absolute;font-family:'Arial';left:57px;top:908px;">regarding the<div style="display:inline-block;width:3px"> </div>global impact<div style="display:inline-block;width:3px"> </div>of the<div style="display:inline-block;width:3px"> </div>conflict in Ukraine,<div style="display:inline-block;width:2px"> </div>it is possible<div style="display:inline-block;width:2px"> </div>that such<div style="display:inline-block;width:3px"> </div>tensions could<div style="display:inline-block;width:3px"> </div>adversely affect </div><div id="a8955" style="position:absolute;font-family:'Arial';left:57px;top:924px;">the Company’s business, financial condition, results of operation and cash flows.</div></div>
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<div id="a8980" style="position:absolute;font-family:'Arial';left:390px;top:992px;">15 </div><div id="a8982" style="position:absolute;font-family:'Arial';left:57px;top:76px;">The United States<div style="display:inline-block;width:3px"> </div>has issued several<div style="display:inline-block;width:2px"> </div>Executive Orders<div style="display:inline-block;width:3px"> </div>that prohibit certain<div style="display:inline-block;width:2px"> </div>transactions related to<div style="display:inline-block;width:2px"> </div>Russia, </div><div id="a9012" style="position:absolute;font-family:'Arial';left:57px;top:93px;">including<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>importation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>energy<div style="display:inline-block;width:6px"> </div>products<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Russian<div style="display:inline-block;width:6px"> </div>Federation<div style="display:inline-block;width:6px"> </div>origin<div style="display:inline-block;width:6px"> </div>(including<div style="display:inline-block;width:6px"> </div>crude<div style="display:inline-block;width:7px"> </div>oil, </div><div id="a9040" style="position:absolute;font-family:'Arial';left:57px;top:110px;">petroleum, petroleum fuels,<div style="display:inline-block;width:3px"> </div>oils, liquefied natural<div style="display:inline-block;width:3px"> </div>gas and coal), and<div style="display:inline-block;width:2px"> </div>all new investments<div style="display:inline-block;width:3px"> </div>in Russia by<div style="display:inline-block;width:3px"> </div>U.S. </div><div id="a9074" style="position:absolute;font-family:'Arial';left:57px;top:126px;">persons,<div style="display:inline-block;width:9px"> </div>among<div style="display:inline-block;width:9px"> </div>other<div style="display:inline-block;width:9px"> </div>prohibitions<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>export<div style="display:inline-block;width:9px"> </div>controls,<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>has<div style="display:inline-block;width:9px"> </div>issued<div style="display:inline-block;width:9px"> </div>numerous<div style="display:inline-block;width:9px"> </div>determinations </div><div id="a9099" style="position:absolute;font-family:'Arial';left:57px;top:143px;">authorizing the<div style="display:inline-block;width:6px"> </div>imposition of<div style="display:inline-block;width:6px"> </div>sanctions on<div style="display:inline-block;width:6px"> </div>persons who<div style="display:inline-block;width:6px"> </div>operate or<div style="display:inline-block;width:6px"> </div>have operated<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>energy,<div style="display:inline-block;width:6px"> </div>metals </div><div id="a9131" style="position:absolute;font-family:'Arial';left:57px;top:160px;">and mining, and marine sectors of<div style="display:inline-block;width:2px"> </div>the Russian Federation economy, among others. Increased restrictions </div><div id="a9159" style="position:absolute;font-family:'Arial';left:57px;top:177px;">on<div style="display:inline-block;width:7px"> </div>these<div style="display:inline-block;width:6px"> </div>sectors,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>expansion<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>sanctions<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>sectors,<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>pose<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>risks<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>could </div><div id="a9193" style="position:absolute;font-family:'Arial';left:57px;top:194px;">adversely affect our business and operations.</div><div id="a9206" style="position:absolute;font-family:'Arial';left:57px;top:229px;">Our business could be adversely impacted by trade tariffs,<div style="display:inline-block;width:5px"> </div>trade embargoes or other economic sanctions </div><div id="a9207" style="position:absolute;font-family:'Arial';left:57px;top:246px;">that limit trading<div style="display:inline-block;width:6px"> </div>activities between the United<div style="display:inline-block;width:5px"> </div>States or other countries<div style="display:inline-block;width:6px"> </div>and countries in the<div style="display:inline-block;width:6px"> </div>Middle East, </div><div id="a9215" style="position:absolute;font-family:'Arial';left:57px;top:262px;">Asia or elsewhere as<div style="display:inline-block;width:2px"> </div>a result of<div style="display:inline-block;width:3px"> </div>terrorist attacks, hostilities<div style="display:inline-block;width:3px"> </div>or diplomatic or<div style="display:inline-block;width:3px"> </div>political pressures, including<div style="display:inline-block;width:2px"> </div>as </div><div id="a9216" style="position:absolute;font-family:'Arial';left:57px;top:279px;">a result of<div style="display:inline-block;width:3px"> </div>the ongoing tensions<div style="display:inline-block;width:2px"> </div>involving Russia, Iran,<div style="display:inline-block;width:2px"> </div>and China and<div style="display:inline-block;width:2px"> </div>the current conflicts<div style="display:inline-block;width:2px"> </div>between Russia </div><div id="a9220" style="position:absolute;font-family:'Arial';left:57px;top:296px;">and Ukraine and in the Middle East. </div><div id="a9225" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:331px;">An increase in<div style="display:inline-block;width:2px"> </div>trade protectionism,<div style="display:inline-block;width:3px"> </div>the unravelling of<div style="display:inline-block;width:2px"> </div>multilateral trade<div style="display:inline-block;width:3px"> </div>agreements and<div style="display:inline-block;width:3px"> </div>a decrease </div><div id="a9226" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:348px;">in the level<div style="display:inline-block;width:6px"> </div>of China’s export<div style="display:inline-block;width:6px"> </div>of goods and<div style="display:inline-block;width:5px"> </div>import of raw<div style="display:inline-block;width:5px"> </div>materials could have a<div style="display:inline-block;width:6px"> </div>material adverse </div><div id="a9228" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:365px;">impact<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>charterers’<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>and,<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>turn,<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>cause<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our </div><div id="a9229" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:382px;">results of operations, financial condition and cash flows.</div><div id="a9233" style="position:absolute;font-family:'Arial';left:57px;top:415px;">Our operations expose<div style="display:inline-block;width:2px"> </div>us to the<div style="display:inline-block;width:2px"> </div>risk that increased<div style="display:inline-block;width:2px"> </div>trade protectionism<div style="display:inline-block;width:3px"> </div>may adversely affect<div style="display:inline-block;width:3px"> </div>our business. </div><div id="a9234" style="position:absolute;font-family:'Arial';left:57px;top:432px;">Recently,<div style="display:inline-block;width:6px"> </div>government leaders<div style="display:inline-block;width:6px"> </div>have declared<div style="display:inline-block;width:6px"> </div>that their<div style="display:inline-block;width:6px"> </div>countries may<div style="display:inline-block;width:6px"> </div>turn to<div style="display:inline-block;width:6px"> </div>trade barriers<div style="display:inline-block;width:6px"> </div>to protect<div style="display:inline-block;width:6px"> </div>or </div><div id="a9235" style="position:absolute;font-family:'Arial';left:57px;top:449px;">revive their domestic industries<div style="display:inline-block;width:2px"> </div>in the face of<div style="display:inline-block;width:2px"> </div>foreign imports, thereby<div style="display:inline-block;width:3px"> </div>depressing the demand<div style="display:inline-block;width:2px"> </div>for shipping.</div><div id="a9241" style="position:absolute;font-family:'Arial';left:57px;top:483px;">The U.S.<div style="display:inline-block;width:3px"> </div>government has<div style="display:inline-block;width:2px"> </div>made statements<div style="display:inline-block;width:2px"> </div>and taken<div style="display:inline-block;width:3px"> </div>actions that<div style="display:inline-block;width:2px"> </div>may impact<div style="display:inline-block;width:3px"> </div>U.S. and<div style="display:inline-block;width:3px"> </div>international trade </div><div id="a9242" style="position:absolute;font-family:'Arial';left:57px;top:500px;">policies, including tariffs<div style="display:inline-block;width:5px"> </div>affecting certain Chinese<div style="display:inline-block;width:5px"> </div>industries. Additionally,<div style="display:inline-block;width:6px"> </div>new tariffs may<div style="display:inline-block;width:6px"> </div>be imposed by </div><div id="a9243" style="position:absolute;font-family:'Arial';left:57px;top:516px;">the Trump<div style="display:inline-block;width:6px"> </div>administration on imports<div style="display:inline-block;width:6px"> </div>from Canada,<div style="display:inline-block;width:5px"> </div>Mexico and<div style="display:inline-block;width:6px"> </div>China as<div style="display:inline-block;width:5px"> </div>well as<div style="display:inline-block;width:6px"> </div>on imports of<div style="display:inline-block;width:6px"> </div>steel and </div><div id="a9245" style="position:absolute;font-family:'Arial';left:57px;top:533px;">aluminum. It is unknown<div style="display:inline-block;width:5px"> </div>whether and to what<div style="display:inline-block;width:6px"> </div>extent new tariffs (or<div style="display:inline-block;width:6px"> </div>other new laws or<div style="display:inline-block;width:5px"> </div>regulations) will be </div><div id="a9246" style="position:absolute;font-family:'Arial';left:57px;top:550px;">adopted, or the effect that any such actions would<div style="display:inline-block;width:3px"> </div>have on us or our industry. If any new tariffs, legislation </div><div id="a9248" style="position:absolute;font-family:'Arial';left:57px;top:567px;">and/or regulations are implemented,<div style="display:inline-block;width:2px"> </div>or if existing trade<div style="display:inline-block;width:3px"> </div>agreements are renegotiated<div style="display:inline-block;width:2px"> </div>or, in particular, if the </div><div id="a9249" style="position:absolute;font-family:'Arial';left:57px;top:584px;">U.S. government<div style="display:inline-block;width:2px"> </div>takes retaliatory<div style="display:inline-block;width:2px"> </div>trade actions<div style="display:inline-block;width:2px"> </div>due to<div style="display:inline-block;width:2px"> </div>the ongoing<div style="display:inline-block;width:2px"> </div>U.S.-China trade<div style="display:inline-block;width:2px"> </div>tension, such<div style="display:inline-block;width:2px"> </div>changes </div><div id="a9252" style="position:absolute;font-family:'Arial';left:57px;top:601px;">could have an adverse effect on our business, results of operations and<div style="display:inline-block;width:3px"> </div>financial condition.</div><div id="a9256" style="position:absolute;font-family:'Arial';left:57px;top:635px;">Additionally,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>trade<div style="display:inline-block;width:6px"> </div>war<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>China<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>escalate<div style="display:inline-block;width:6px"> </div>beyond<div style="display:inline-block;width:6px"> </div>tariffs<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>proposal<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Trump </div><div id="a9257" style="position:absolute;font-family:'Arial';left:57px;top:652px;">administration to impose significant fees on any<div style="display:inline-block;width:3px"> </div>vessel entering a U.S. port where that<div style="display:inline-block;width:3px"> </div>vessel is owned by </div><div id="a9258" style="position:absolute;font-family:'Arial';left:57px;top:669px;">a<div style="display:inline-block;width:6px"> </div>Chinese<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>company<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>operator<div style="display:inline-block;width:6px"> </div>whose<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>includes<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>Chinese-built </div><div id="a9262" style="position:absolute;font-family:'Arial';left:57px;top:686px;">vessels or<div style="display:inline-block;width:2px"> </div>that has<div style="display:inline-block;width:2px"> </div>newbuilding<div style="display:inline-block;width:3px"> </div>orders at<div style="display:inline-block;width:2px"> </div>a Chinese<div style="display:inline-block;width:2px"> </div>shipyard. The<div style="display:inline-block;width:2px"> </div>proposal of<div style="display:inline-block;width:2px"> </div>the U.S.<div style="display:inline-block;width:2px"> </div>trade representative </div><div id="a9263" style="position:absolute;font-family:'Arial';left:57px;top:703px;">(USTR), if<div style="display:inline-block;width:6px"> </div>adopted as<div style="display:inline-block;width:6px"> </div>proposed, would<div style="display:inline-block;width:6px"> </div>require Chinese<div style="display:inline-block;width:6px"> </div>shipping company’s-to<div style="display:inline-block;width:6px"> </div>pay up<div style="display:inline-block;width:6px"> </div>to $1<div style="display:inline-block;width:6px"> </div>million per </div><div id="a9267" style="position:absolute;font-family:'Arial';left:57px;top:720px;">port<div style="display:inline-block;width:6px"> </div>call<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>Chinese-built<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>charged<div style="display:inline-block;width:6px"> </div>up<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$1.5<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>port<div style="display:inline-block;width:6px"> </div>call, </div><div id="a9270" style="position:absolute;font-family:'Arial';left:57px;top:737px;">depending on the percentage of vessels in their fleet<div style="display:inline-block;width:6px"> </div>built at Chinese shipyard or newbuilding orders with </div><div id="a9271" style="position:absolute;font-family:'Arial';left:57px;top:754px;">Chinese shipyards.<div style="display:inline-block;width:6px"> </div>It is<div style="display:inline-block;width:6px"> </div>unknown whether<div style="display:inline-block;width:6px"> </div>and to<div style="display:inline-block;width:6px"> </div>what extent<div style="display:inline-block;width:6px"> </div>these new<div style="display:inline-block;width:6px"> </div>port fees<div style="display:inline-block;width:7px"> </div>on Chinese<div style="display:inline-block;width:6px"> </div>shipping </div><div id="a9273" style="position:absolute;font-family:'Arial';left:57px;top:771px;">companies and vessels will be adopted, or the effect that they would<div style="display:inline-block;width:3px"> </div>have on us or our industry generally.</div><div id="a9276" style="position:absolute;font-family:'Arial';left:57px;top:805px;">Furthermore, the government of China has<div style="display:inline-block;width:5px"> </div>implemented economic policies aimed at increasing domestic </div><div id="a9277" style="position:absolute;font-family:'Arial';left:57px;top:822px;">consumption of Chinese-made goods. This may have the effect of reducing the supply of goods available </div><div id="a9280" style="position:absolute;font-family:'Arial';left:57px;top:839px;">for export<div style="display:inline-block;width:6px"> </div>and may,<div style="display:inline-block;width:7px"> </div>in turn,<div style="display:inline-block;width:6px"> </div>result in<div style="display:inline-block;width:6px"> </div>a decrease of<div style="display:inline-block;width:6px"> </div>demand for<div style="display:inline-block;width:6px"> </div>container shipping. Many<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>reforms, </div><div id="a9282" style="position:absolute;font-family:'Arial';left:57px;top:856px;">particularly<div style="display:inline-block;width:5px"> </div>some limited<div style="display:inline-block;width:6px"> </div>price reforms<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>result<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:7px"> </div>prices for<div style="display:inline-block;width:7px"> </div>certain commodities<div style="display:inline-block;width:6px"> </div>being<div style="display:inline-block;width:5px"> </div>principally </div><div id="a9283" style="position:absolute;font-family:'Arial';left:57px;top:873px;">determined by market forces, are unprecedented or experimental and may be subject to revision, change </div><div id="a9285" style="position:absolute;font-family:'Arial';left:57px;top:890px;">or abolition.</div><div id="a9289" style="position:absolute;font-family:'Arial';left:57px;top:923px;">Restrictions<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>imports, including<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>form<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>tariffs,<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>major<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>global<div style="display:inline-block;width:6px"> </div>trade<div style="display:inline-block;width:6px"> </div>and </div><div id="a9290" style="position:absolute;font-family:'Arial';left:57px;top:940px;">demand for shipping. Specifically,<div style="display:inline-block;width:6px"> </div>increasing trade protectionism in the markets<div style="display:inline-block;width:6px"> </div>that our charterers serve </div><div id="a9291" style="position:absolute;font-family:'Arial';left:57px;top:957px;">may cause<div style="display:inline-block;width:6px"> </div>an increase<div style="display:inline-block;width:6px"> </div>in (i)<div style="display:inline-block;width:6px"> </div>the cost<div style="display:inline-block;width:6px"> </div>of goods<div style="display:inline-block;width:6px"> </div>exported from<div style="display:inline-block;width:6px"> </div>exporting countries,<div style="display:inline-block;width:6px"> </div>(ii) the<div style="display:inline-block;width:6px"> </div>length of<div style="display:inline-block;width:6px"> </div>time </div></div>
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<div id="Page16" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9295" style="position:absolute;font-family:'Arial';left:390px;top:992px;">16 </div><div id="a9297" style="position:absolute;font-family:'Arial';left:57px;top:76px;">required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>deliver<div style="display:inline-block;width:7px"> </div>goods<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>exporting<div style="display:inline-block;width:7px"> </div>countries,<div style="display:inline-block;width:7px"> </div>(iii)<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>costs<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>delivery<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>(iv)<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>risks </div><div id="a9298" style="position:absolute;font-family:'Arial';left:57px;top:93px;">associated with<div style="display:inline-block;width:6px"> </div>exporting goods.<div style="display:inline-block;width:6px"> </div>These factors<div style="display:inline-block;width:6px"> </div>may result<div style="display:inline-block;width:7px"> </div>in a<div style="display:inline-block;width:7px"> </div>decrease in<div style="display:inline-block;width:6px"> </div>the quantity<div style="display:inline-block;width:6px"> </div>of goods<div style="display:inline-block;width:6px"> </div>to be </div><div id="a9299" style="position:absolute;font-family:'Arial';left:57px;top:110px;">shipped, shipping time<div style="display:inline-block;width:6px"> </div>schedules, voyage costs and<div style="display:inline-block;width:6px"> </div>other associated costs.<div style="display:inline-block;width:5px"> </div>Protectionist developments, </div><div id="a9301" style="position:absolute;font-family:'Arial';left:57px;top:126px;">or the perception they may occur, may have a material adverse effect on global economic conditions, and </div><div id="a9302" style="position:absolute;font-family:'Arial';left:57px;top:143px;">may<div style="display:inline-block;width:8px"> </div>significantly<div style="display:inline-block;width:7px"> </div>reduce<div style="display:inline-block;width:7px"> </div>global<div style="display:inline-block;width:7px"> </div>trade,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:8px"> </div>between<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>United<div style="display:inline-block;width:8px"> </div>States<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>China.<div style="display:inline-block;width:7px"> </div>These </div><div id="a9303" style="position:absolute;font-family:'Arial';left:57px;top:160px;">developments<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>adverse<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>charterers’<div style="display:inline-block;width:6px"> </div>business,<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:7px"> </div>and </div><div id="a9304" style="position:absolute;font-family:'Arial';left:57px;top:177px;">financial condition which could,<div style="display:inline-block;width:6px"> </div>in turn, affect<div style="display:inline-block;width:6px"> </div>our charterers’ ability to<div style="display:inline-block;width:6px"> </div>make timely charter<div style="display:inline-block;width:5px"> </div>hire payments </div><div id="a9305" style="position:absolute;font-family:'Arial';left:57px;top:194px;">to us<div style="display:inline-block;width:6px"> </div>and impair<div style="display:inline-block;width:6px"> </div>our ability<div style="display:inline-block;width:6px"> </div>to renew<div style="display:inline-block;width:6px"> </div>charters and<div style="display:inline-block;width:6px"> </div>grow our<div style="display:inline-block;width:6px"> </div>business. Any<div style="display:inline-block;width:6px"> </div>of these<div style="display:inline-block;width:6px"> </div>developments could </div><div id="a9307" style="position:absolute;font-family:'Arial';left:57px;top:211px;">have a material<div style="display:inline-block;width:2px"> </div>adverse effect on<div style="display:inline-block;width:3px"> </div>our business, results<div style="display:inline-block;width:2px"> </div>of operations and<div style="display:inline-block;width:2px"> </div>financial condition,<div style="display:inline-block;width:3px"> </div>as well as<div style="display:inline-block;width:3px"> </div>our </div><div id="a9308" style="position:absolute;font-family:'Arial';left:57px;top:228px;">cash flows, including cash available for dividends to our stockholders.</div><div id="a9311" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:262px;">Outbreaks<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>epidemic<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>pandemic<div style="display:inline-block;width:9px"> </div>diseases<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>governmental<div style="display:inline-block;width:9px"> </div>responses<div style="display:inline-block;width:9px"> </div>thereto<div style="display:inline-block;width:9px"> </div>could </div><div id="a9333" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:279px;">adversely affect our business. </div><div id="a9342" style="position:absolute;font-family:'Arial';left:57px;top:314px;">Our operations are subject to risks related to pandemics, epidemics or other infectious disease outbreaks </div><div id="a9343" style="position:absolute;font-family:'Arial';left:57px;top:331px;">and government responses thereto.</div><div id="a9346" style="position:absolute;font-family:'Arial';left:57px;top:366px;">The<div style="display:inline-block;width:7px"> </div>extent<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>business,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>global<div style="display:inline-block;width:7px"> </div>economy<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>transportation<div style="display:inline-block;width:7px"> </div>industry<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>be </div><div id="a9347" style="position:absolute;font-family:'Arial';left:57px;top:383px;">negatively<div style="display:inline-block;width:6px"> </div>affected<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>pandemics,<div style="display:inline-block;width:6px"> </div>epidemics<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>outbreaks<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>infectious<div style="display:inline-block;width:6px"> </div>diseases<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>highly </div><div id="a9348" style="position:absolute;font-family:'Arial';left:57px;top:399px;">uncertain and will<div style="display:inline-block;width:5px"> </div>depend on numerous evolving<div style="display:inline-block;width:5px"> </div>factors that we<div style="display:inline-block;width:6px"> </div>cannot predict, including, but<div style="display:inline-block;width:6px"> </div>not limited </div><div id="a9349" style="position:absolute;font-family:'Arial';left:57px;top:416px;">to (i) the duration and<div style="display:inline-block;width:3px"> </div>severity of the infectious disease<div style="display:inline-block;width:2px"> </div>outbreak; (ii) the imposition<div style="display:inline-block;width:2px"> </div>of restrictive measures </div><div id="a9351" style="position:absolute;font-family:'Arial';left:57px;top:433px;">to combat the outbreak and slow disease transmission; (iii) the introduction of financial support measures </div><div id="a9352" style="position:absolute;font-family:'Arial';left:57px;top:450px;">to reduce the impact<div style="display:inline-block;width:6px"> </div>of the outbreak on the<div style="display:inline-block;width:6px"> </div>economy; (iv) volatility in the<div style="display:inline-block;width:6px"> </div>demand for and price<div style="display:inline-block;width:6px"> </div>of oil and </div><div id="a9354" style="position:absolute;font-family:'Arial';left:57px;top:467px;">gas; (v) shortages or reductions in the supply of<div style="display:inline-block;width:5px"> </div>essential goods, services or labor; (vi) the effect such<div style="display:inline-block;width:6px"> </div>an </div><div id="a9359" style="position:absolute;font-family:'Arial';left:57px;top:484px;">outbreak would have on the<div style="display:inline-block;width:3px"> </div>global business environment and<div style="display:inline-block;width:3px"> </div>the demand for the goods we<div style="display:inline-block;width:2px"> </div>transport; (vii) </div><div id="a9362" style="position:absolute;font-family:'Arial';left:57px;top:501px;">governmental<div style="display:inline-block;width:6px"> </div>responses;<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(viii)<div style="display:inline-block;width:7px"> </div>fluctuations<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>general<div style="display:inline-block;width:6px"> </div>economic<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>conditions<div style="display:inline-block;width:6px"> </div>tied<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>the </div><div id="a9365" style="position:absolute;font-family:'Arial';left:57px;top:518px;">outbreak, such<div style="display:inline-block;width:7px"> </div>as a<div style="display:inline-block;width:7px"> </div>sharp increase<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>interest rates<div style="display:inline-block;width:6px"> </div>or reduction<div style="display:inline-block;width:7px"> </div>in the<div style="display:inline-block;width:7px"> </div>availability of<div style="display:inline-block;width:6px"> </div>credit. We<div style="display:inline-block;width:7px"> </div>cannot </div><div id="a9366" style="position:absolute;font-family:'Arial';left:57px;top:534px;">predict<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>infectious<div style="display:inline-block;width:6px"> </div>disease<div style="display:inline-block;width:6px"> </div>outbreak,<div style="display:inline-block;width:6px"> </div>pandemic<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>epidemic<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our </div><div id="a9368" style="position:absolute;font-family:'Arial';left:57px;top:551px;">business, results of operations and financial condition, which could be<div style="display:inline-block;width:2px"> </div>material and adverse.</div><div id="a9371" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:586px;">Our operating results may be affected by seasonal fluctuations. </div><div id="a9390" style="position:absolute;font-family:'Arial';left:57px;top:621px;">We operate our vessels in markets that have<div style="display:inline-block;width:6px"> </div>historically exhibited seasonal variations in demand and, as </div><div id="a9422" style="position:absolute;font-family:'Arial';left:57px;top:638px;">a result,<div style="display:inline-block;width:7px"> </div>in charter<div style="display:inline-block;width:6px"> </div>hire rates.<div style="display:inline-block;width:6px"> </div>This seasonality<div style="display:inline-block;width:6px"> </div>may result<div style="display:inline-block;width:7px"> </div>in quarter-to-quarter<div style="display:inline-block;width:6px"> </div>volatility in<div style="display:inline-block;width:6px"> </div>our operating </div><div id="a9458" style="position:absolute;font-family:'Arial';left:57px;top:655px;">results.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carrier<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>typically<div style="display:inline-block;width:6px"> </div>stronger<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>fall<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>winter<div style="display:inline-block;width:6px"> </div>months<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>anticipation<div style="display:inline-block;width:6px"> </div>of </div><div id="a9494" style="position:absolute;font-family:'Arial';left:57px;top:671px;">increased<div style="display:inline-block;width:7px"> </div>consumption<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>coal<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:6px"> </div>raw<div style="display:inline-block;width:7px"> </div>materials<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>northern<div style="display:inline-block;width:6px"> </div>hemisphere<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>winter </div><div id="a9524" style="position:absolute;font-family:'Arial';left:57px;top:688px;">months. In addition, unpredictable<div style="display:inline-block;width:3px"> </div>weather patterns in these<div style="display:inline-block;width:3px"> </div>months tend to disrupt vessel<div style="display:inline-block;width:2px"> </div>scheduling and </div><div id="a9554" style="position:absolute;font-family:'Arial';left:57px;top:705px;">supplies of certain<div style="display:inline-block;width:2px"> </div>commodities. As a<div style="display:inline-block;width:2px"> </div>result, our revenues<div style="display:inline-block;width:2px"> </div>may be weaker<div style="display:inline-block;width:2px"> </div>during the<div style="display:inline-block;width:3px"> </div>fiscal quarters ending </div><div id="a9588" style="position:absolute;font-family:'Arial';left:57px;top:722px;">June 30<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>September 30,<div style="display:inline-block;width:6px"> </div>and,<div style="display:inline-block;width:7px"> </div>conversely,<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>revenues<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>stronger<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>fiscal<div style="display:inline-block;width:7px"> </div>quarters<div style="display:inline-block;width:6px"> </div>ending </div><div id="a9620" style="position:absolute;font-family:'Arial';left:57px;top:739px;">December 31 and March 31.<div style="display:inline-block;width:5px"> </div>While this seasonality<div style="display:inline-block;width:6px"> </div>does not directly<div style="display:inline-block;width:6px"> </div>affect our operating<div style="display:inline-block;width:6px"> </div>results, it could </div><div id="a9654" style="position:absolute;font-family:'Arial';left:57px;top:756px;">materially<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>operating results<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>extent<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>spot<div style="display:inline-block;width:5px"> </div>market<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the </div><div id="a9690" style="position:absolute;font-family:'Arial';left:57px;top:773px;">future.</div><div id="a9693" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:807px;">An increase in the price of fuel, or bunkers, may adversely affect our<div style="display:inline-block;width:3px"> </div>profits. </div><div id="a9722" style="position:absolute;font-family:'Arial';left:57px;top:842px;">While we generally will not bear the cost<div style="display:inline-block;width:3px"> </div>of fuel or bunkers for vessels<div style="display:inline-block;width:3px"> </div>operating on time charters, fuel is<div style="display:inline-block;width:3px"> </div>a </div><div id="a9764" style="position:absolute;font-family:'Arial';left:57px;top:859px;">significant<div style="display:inline-block;width:6px"> </div>factor<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>negotiating<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>result,<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:7px"> </div>increase<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>price<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>fuel<div style="display:inline-block;width:7px"> </div>beyond<div style="display:inline-block;width:6px"> </div>our </div><div id="a9800" style="position:absolute;font-family:'Arial';left:57px;top:876px;">expectations<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>adversely<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>profitability<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>time<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>charter<div style="display:inline-block;width:8px"> </div>negotiation.<div style="display:inline-block;width:7px"> </div>Fuel<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:8px"> </div>a </div><div id="a9832" style="position:absolute;font-family:'Arial';left:57px;top:893px;">significant, if not<div style="display:inline-block;width:6px"> </div>the largest, expense<div style="display:inline-block;width:6px"> </div>in shipping when<div style="display:inline-block;width:6px"> </div>vessels are under<div style="display:inline-block;width:6px"> </div>voyage charter.<div style="display:inline-block;width:6px"> </div>The price and </div><div id="a9866" style="position:absolute;font-family:'Arial';left:57px;top:910px;">supply of<div style="display:inline-block;width:6px"> </div>fuel is<div style="display:inline-block;width:6px"> </div>unpredictable and<div style="display:inline-block;width:6px"> </div>fluctuates based<div style="display:inline-block;width:6px"> </div>on events<div style="display:inline-block;width:6px"> </div>outside our<div style="display:inline-block;width:6px"> </div>control, including<div style="display:inline-block;width:6px"> </div>geopolitical </div><div id="a9896" style="position:absolute;font-family:'Arial';left:57px;top:926px;">developments, such as the ongoing conflict between Russia and Ukraine and between<div style="display:inline-block;width:3px"> </div>Israel and Hamas, </div><div id="a9926" style="position:absolute;font-family:'Arial';left:57px;top:943px;">supply<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>demand for<div style="display:inline-block;width:7px"> </div>oil<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>gas,<div style="display:inline-block;width:6px"> </div>actions<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Organization<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Petroleum Exporting<div style="display:inline-block;width:7px"> </div>Countries<div style="display:inline-block;width:5px"> </div>(the </div></div>
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<div id="Page17" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9960" style="position:absolute;font-family:'Arial';left:390px;top:992px;">17 </div><div id="a9962" style="position:absolute;font-family:'Arial';left:57px;top:76px;">"OPEC"), and other oil and gas producers, war and unrest in<div style="display:inline-block;width:3px"> </div>oil producing countries and regions, regional </div><div id="a9996" style="position:absolute;font-family:'Arial';left:57px;top:93px;">production patterns<div style="display:inline-block;width:6px"> </div>and environmental<div style="display:inline-block;width:6px"> </div>concerns. Any<div style="display:inline-block;width:6px"> </div>future increase<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>cost of<div style="display:inline-block;width:6px"> </div>fuel may<div style="display:inline-block;width:6px"> </div>reduce the </div><div id="a10028" style="position:absolute;font-family:'Arial';left:57px;top:110px;">profitability and competitiveness of our business.</div><div id="a10041" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:144px;">We<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>complex<div style="display:inline-block;width:6px"> </div>laws<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>regulations,<div style="display:inline-block;width:6px"> </div>including<div style="display:inline-block;width:6px"> </div>environmental<div style="display:inline-block;width:6px"> </div>regulations<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>can </div><div id="a10067" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:161px;">adversely affect the cost, manner or feasibility of doing business. </div><div id="a10088" style="position:absolute;font-family:'Arial';left:57px;top:196px;">Our business and the operations of our vessels<div style="display:inline-block;width:6px"> </div>are materially affected by environmental regulation in the </div><div id="a10120" style="position:absolute;font-family:'Arial';left:57px;top:213px;">form of international conventions, national, state<div style="display:inline-block;width:3px"> </div>and local laws and regulations in force in the<div style="display:inline-block;width:3px"> </div>jurisdictions </div><div id="a10152" style="position:absolute;font-family:'Arial';left:57px;top:230px;">in which<div style="display:inline-block;width:7px"> </div>our vessels<div style="display:inline-block;width:7px"> </div>operate, as<div style="display:inline-block;width:6px"> </div>well as<div style="display:inline-block;width:7px"> </div>in the<div style="display:inline-block;width:6px"> </div>country or<div style="display:inline-block;width:7px"> </div>countries of<div style="display:inline-block;width:6px"> </div>their registration,<div style="display:inline-block;width:6px"> </div>including those </div><div id="a10188" style="position:absolute;font-family:'Arial';left:57px;top:247px;">governing the<div style="display:inline-block;width:6px"> </div>management and<div style="display:inline-block;width:6px"> </div>disposal of<div style="display:inline-block;width:6px"> </div>hazardous substances<div style="display:inline-block;width:6px"> </div>and wastes,<div style="display:inline-block;width:6px"> </div>the cleanup<div style="display:inline-block;width:6px"> </div>of oil<div style="display:inline-block;width:6px"> </div>spills </div><div id="a10218" style="position:absolute;font-family:'Arial';left:57px;top:263px;">and other contamination, air emissions (including greenhouse gases), water discharges and ballast water </div><div id="a10244" style="position:absolute;font-family:'Arial';left:57px;top:280px;">management. These regulations include, but<div style="display:inline-block;width:6px"> </div>are not limited<div style="display:inline-block;width:6px"> </div>to, European Union<div style="display:inline-block;width:5px"> </div>regulations, the U.S.<div style="display:inline-block;width:6px"> </div>Oil </div><div id="a10274" style="position:absolute;font-family:'Arial';left:57px;top:297px;">Pollution<div style="display:inline-block;width:7px"> </div>Act<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>1990,<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>Coast<div style="display:inline-block;width:7px"> </div>Guard,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>USCG<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>Environmental </div><div id="a10306" style="position:absolute;font-family:'Arial';left:57px;top:314px;">Protection Agency, the U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990), the U.S. </div><div id="a10342" style="position:absolute;font-family:'Arial';left:57px;top:331px;">Clean Water<div style="display:inline-block;width:5px"> </div>Act, and the U.S.<div style="display:inline-block;width:6px"> </div>Maritime Transportation Security<div style="display:inline-block;width:5px"> </div>Act of 2002, and<div style="display:inline-block;width:6px"> </div>regulations of the IMO, </div><div id="a10376" style="position:absolute;font-family:'Arial';left:57px;top:348px;">including the International Convention on Civil Liability for Oil Pollution<div style="display:inline-block;width:5px"> </div>Damage of 1969, the International </div><div id="a10406" style="position:absolute;font-family:'Arial';left:57px;top:365px;">Convention<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Prevention<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Pollution<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>Ships<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>1973,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>modified<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Protocol<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>1978, </div><div id="a10440" style="position:absolute;font-family:'Arial';left:57px;top:382px;">collectively referred to as MARPOL 73/78 or MARPOL, including designations of Emission Control Areas, </div><div id="a10468" style="position:absolute;font-family:'Arial';left:57px;top:398px;">thereunder, SOLAS,<div style="display:inline-block;width:6px"> </div>the International Convention on<div style="display:inline-block;width:6px"> </div>Load Lines of 1966,<div style="display:inline-block;width:6px"> </div>the International Convention of </div><div id="a10496" style="position:absolute;font-family:'Arial';left:57px;top:415px;">Civil Liability for<div style="display:inline-block;width:6px"> </div>Bunker Oil Pollution<div style="display:inline-block;width:6px"> </div>Damage, and the<div style="display:inline-block;width:6px"> </div>ISM Code. Because such<div style="display:inline-block;width:6px"> </div>conventions, laws, and </div><div id="a10528" style="position:absolute;font-family:'Arial';left:57px;top:432px;">regulations are often revised, we<div style="display:inline-block;width:6px"> </div>cannot predict the ultimate cost<div style="display:inline-block;width:6px"> </div>of complying with such requirements or </div><div id="a10560" style="position:absolute;font-family:'Arial';left:57px;top:449px;">the impact<div style="display:inline-block;width:6px"> </div>thereof on the<div style="display:inline-block;width:6px"> </div>re-sale price<div style="display:inline-block;width:5px"> </div>or useful life<div style="display:inline-block;width:6px"> </div>of any<div style="display:inline-block;width:6px"> </div>vessel that<div style="display:inline-block;width:5px"> </div>we own<div style="display:inline-block;width:5px"> </div>or will<div style="display:inline-block;width:5px"> </div>acquire. Additional </div><div id="a10602" style="position:absolute;font-family:'Arial';left:57px;top:466px;">conventions, laws<div style="display:inline-block;width:6px"> </div>and regulations<div style="display:inline-block;width:5px"> </div>may be<div style="display:inline-block;width:6px"> </div>adopted that<div style="display:inline-block;width:6px"> </div>could limit<div style="display:inline-block;width:6px"> </div>our ability<div style="display:inline-block;width:6px"> </div>to do<div style="display:inline-block;width:6px"> </div>business or<div style="display:inline-block;width:6px"> </div>increase </div><div id="a10636" style="position:absolute;font-family:'Arial';left:57px;top:483px;">the<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>doing<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>materially<div style="display:inline-block;width:6px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>operations.<div style="display:inline-block;width:6px"> </div>Government </div><div id="a10666" style="position:absolute;font-family:'Arial';left:57px;top:500px;">regulation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>particularly<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>areas<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>safety<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>environmental<div style="display:inline-block;width:6px"> </div>requirements,<div style="display:inline-block;width:7px"> </div>continue<div style="display:inline-block;width:6px"> </div>to </div><div id="a10694" style="position:absolute;font-family:'Arial';left:57px;top:516px;">change, requiring us<div style="display:inline-block;width:6px"> </div>to incur significant<div style="display:inline-block;width:6px"> </div>capital expenditures on<div style="display:inline-block;width:5px"> </div>our vessels to<div style="display:inline-block;width:6px"> </div>keep them in<div style="display:inline-block;width:6px"> </div>compliance, </div><div id="a10726" style="position:absolute;font-family:'Arial';left:57px;top:533px;">or even<div style="display:inline-block;width:6px"> </div>to scrap<div style="display:inline-block;width:6px"> </div>or sell<div style="display:inline-block;width:6px"> </div>certain vessels<div style="display:inline-block;width:6px"> </div>altogether.<div style="display:inline-block;width:5px"> </div>In addition,<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:6px"> </div>incur significant<div style="display:inline-block;width:5px"> </div>costs in<div style="display:inline-block;width:6px"> </div>meeting </div><div id="a10762" style="position:absolute;font-family:'Arial';left:57px;top:550px;">new<div style="display:inline-block;width:7px"> </div>maintenance<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>inspection<div style="display:inline-block;width:7px"> </div>requirements,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>developing<div style="display:inline-block;width:7px"> </div>contingency<div style="display:inline-block;width:7px"> </div>arrangements<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>potential </div><div id="a10784" style="position:absolute;font-family:'Arial';left:57px;top:567px;">environmental violations and in obtaining insurance coverage.</div><div id="a10799" style="position:absolute;font-family:'Arial';left:57px;top:602px;">In addition,<div style="display:inline-block;width:5px"> </div>we are required<div style="display:inline-block;width:6px"> </div>by various<div style="display:inline-block;width:5px"> </div>governmental and quasi-governmental agencies<div style="display:inline-block;width:6px"> </div>to obtain<div style="display:inline-block;width:5px"> </div>certain </div><div id="a10829" style="position:absolute;font-family:'Arial';left:57px;top:619px;">permits,<div style="display:inline-block;width:7px"> </div>licenses,<div style="display:inline-block;width:6px"> </div>certificates,<div style="display:inline-block;width:6px"> </div>approvals<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>assurances<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>operations.<div style="display:inline-block;width:6px"> </div>Our </div><div id="a10855" style="position:absolute;font-family:'Arial';left:57px;top:635px;">failure to<div style="display:inline-block;width:2px"> </div>maintain necessary<div style="display:inline-block;width:2px"> </div>permits, licenses,<div style="display:inline-block;width:2px"> </div>certificates, approvals<div style="display:inline-block;width:2px"> </div>or financial<div style="display:inline-block;width:2px"> </div>assurances could<div style="display:inline-block;width:2px"> </div>require </div><div id="a10881" style="position:absolute;font-family:'Arial';left:57px;top:652px;">us to incur substantial costs or temporarily suspend operation of one or more of the vessels in our fleet or </div><div id="a10921" style="position:absolute;font-family:'Arial';left:57px;top:669px;">lead to the invalidation or reduction of our insurance coverage.</div><div id="a10942" style="position:absolute;font-family:'Arial';left:57px;top:704px;">Environmental<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>resale<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>useful<div style="display:inline-block;width:6px"> </div>lives<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>require<div style="display:inline-block;width:7px"> </div>a </div><div id="a10974" style="position:absolute;font-family:'Arial';left:57px;top:721px;">reduction in<div style="display:inline-block;width:6px"> </div>cargo capacity,<div style="display:inline-block;width:7px"> </div>ship modifications<div style="display:inline-block;width:6px"> </div>or operational<div style="display:inline-block;width:6px"> </div>changes or<div style="display:inline-block;width:6px"> </div>restrictions, lead<div style="display:inline-block;width:6px"> </div>to decreased </div><div id="a11002" style="position:absolute;font-family:'Arial';left:57px;top:738px;">availability<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>coverage<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>environmental<div style="display:inline-block;width:5px"> </div>matters<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>result<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>denial<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>access<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>certain </div><div id="a11034" style="position:absolute;font-family:'Arial';left:57px;top:755px;">jurisdictional waters or<div style="display:inline-block;width:6px"> </div>ports, or detention<div style="display:inline-block;width:6px"> </div>in certain ports.<div style="display:inline-block;width:6px"> </div>Under local, national and<div style="display:inline-block;width:6px"> </div>foreign laws, as<div style="display:inline-block;width:6px"> </div>well </div><div id="a11068" style="position:absolute;font-family:'Arial';left:57px;top:772px;">as international treaties<div style="display:inline-block;width:5px"> </div>and conventions, we<div style="display:inline-block;width:6px"> </div>could incur material<div style="display:inline-block;width:6px"> </div>liabilities, including cleanup<div style="display:inline-block;width:6px"> </div>obligations </div><div id="a11094" style="position:absolute;font-family:'Arial';left:57px;top:788px;">and natural resource damages, in the event that there is a release of petroleum or hazardous substances </div><div id="a11128" style="position:absolute;font-family:'Arial';left:57px;top:805px;">from our vessels<div style="display:inline-block;width:2px"> </div>or otherwise<div style="display:inline-block;width:2px"> </div>in connection<div style="display:inline-block;width:3px"> </div>with our<div style="display:inline-block;width:3px"> </div>operations. We<div style="display:inline-block;width:3px"> </div>could also<div style="display:inline-block;width:3px"> </div>become subject<div style="display:inline-block;width:3px"> </div>to personal </div><div id="a11162" style="position:absolute;font-family:'Arial';left:57px;top:822px;">injury<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>property<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>claims<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>release<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>hazardous<div style="display:inline-block;width:6px"> </div>substances<div style="display:inline-block;width:6px"> </div>associated<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>our </div><div id="a11192" style="position:absolute;font-family:'Arial';left:57px;top:839px;">existing or<div style="display:inline-block;width:6px"> </div>historic operations. Violations<div style="display:inline-block;width:6px"> </div>of, or<div style="display:inline-block;width:6px"> </div>liabilities under,<div style="display:inline-block;width:6px"> </div>environmental requirements can<div style="display:inline-block;width:6px"> </div>result in </div><div id="a11220" style="position:absolute;font-family:'Arial';left:57px;top:856px;">substantial penalties, fines and other sanctions,<div style="display:inline-block;width:5px"> </div>including in certain instances, seizure or<div style="display:inline-block;width:5px"> </div>detention of our </div><div id="a11250" style="position:absolute;font-family:'Arial';left:57px;top:873px;">vessels.</div></div>
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<div id="a11255" style="position:absolute;font-family:'Arial';left:390px;top:992px;">18 </div><div id="a11257" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Increased inspection procedures, tighter import and export controls and new security regulations </div><div id="a11281" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">could increase costs and disrupt our business. </div><div id="a11296" style="position:absolute;font-family:'Arial';left:57px;top:127px;">International<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>various<div style="display:inline-block;width:6px"> </div>security<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>customs<div style="display:inline-block;width:6px"> </div>inspection<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>related<div style="display:inline-block;width:6px"> </div>procedures<div style="display:inline-block;width:6px"> </div>in </div><div id="a11324" style="position:absolute;font-family:'Arial';left:57px;top:144px;">countries of origin,<div style="display:inline-block;width:2px"> </div>destination and trans-shipment<div style="display:inline-block;width:2px"> </div>points. Under the<div style="display:inline-block;width:2px"> </div>U.S. Maritime Transportation Security </div><div id="a11352" style="position:absolute;font-family:'Arial';left:57px;top:161px;">Act<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>2002 (“MTSA”),<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>Coast Guard<div style="display:inline-block;width:7px"> </div>issued regulations<div style="display:inline-block;width:6px"> </div>requiring<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>implementation of<div style="display:inline-block;width:7px"> </div>certain </div><div id="a11382" style="position:absolute;font-family:'Arial';left:57px;top:178px;">security requirements<div style="display:inline-block;width:6px"> </div>aboard vessels<div style="display:inline-block;width:6px"> </div>operating in<div style="display:inline-block;width:6px"> </div>waters subject<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>jurisdiction of<div style="display:inline-block;width:6px"> </div>the United<div style="display:inline-block;width:6px"> </div>States </div><div id="a11412" style="position:absolute;font-family:'Arial';left:57px;top:195px;">and<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:5px"> </div>certain ports<div style="display:inline-block;width:7px"> </div>and facilities.<div style="display:inline-block;width:7px"> </div>These security<div style="display:inline-block;width:7px"> </div>procedures may<div style="display:inline-block;width:6px"> </div>result<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>cargo seizure,<div style="display:inline-block;width:7px"> </div>delays in<div style="display:inline-block;width:7px"> </div>the </div><div id="a11446" style="position:absolute;font-family:'Arial';left:57px;top:212px;">loading, offloading,<div style="display:inline-block;width:6px"> </div>trans-shipment or delivery<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:5px"> </div>levying of customs<div style="display:inline-block;width:6px"> </div>duties, fines or<div style="display:inline-block;width:6px"> </div>other penalties </div><div id="a11478" style="position:absolute;font-family:'Arial';left:57px;top:229px;">against us. It is possible<div style="display:inline-block;width:3px"> </div>that changes to inspection procedures<div style="display:inline-block;width:2px"> </div>could impose additional financial<div style="display:inline-block;width:3px"> </div>and legal </div><div id="a11510" style="position:absolute;font-family:'Arial';left:57px;top:246px;">obligations on us.<div style="display:inline-block;width:2px"> </div>Changes to inspection<div style="display:inline-block;width:2px"> </div>procedures could also<div style="display:inline-block;width:2px"> </div>impose additional<div style="display:inline-block;width:3px"> </div>costs and obligations<div style="display:inline-block;width:2px"> </div>on </div><div id="a11540" style="position:absolute;font-family:'Arial';left:57px;top:262px;">our customers and<div style="display:inline-block;width:5px"> </div>may,<div style="display:inline-block;width:6px"> </div>in certain cases,<div style="display:inline-block;width:6px"> </div>render the shipment<div style="display:inline-block;width:5px"> </div>of certain types<div style="display:inline-block;width:5px"> </div>of cargo uneconomical or </div><div id="a11574" style="position:absolute;font-family:'Arial';left:57px;top:279px;">impractical.<div style="display:inline-block;width:6px"> </div>Any<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>developments<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business, </div><div id="a11604" style="position:absolute;font-family:'Arial';left:57px;top:296px;">customer relations, financial condition and earnings. </div><div id="a11618" style="position:absolute;font-family:'Arial';left:57px;top:331px;">In<div style="display:inline-block;width:8px"> </div>addition,<div style="display:inline-block;width:8px"> </div>international<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>subject<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>various<div style="display:inline-block;width:8px"> </div>security<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>customs<div style="display:inline-block;width:8px"> </div>inspection<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>related </div><div id="a11646" style="position:absolute;font-family:'Arial';left:57px;top:348px;">procedures<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>countries of<div style="display:inline-block;width:7px"> </div>origin<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>destination and<div style="display:inline-block;width:7px"> </div>trans-shipment points.<div style="display:inline-block;width:7px"> </div>Inspection<div style="display:inline-block;width:6px"> </div>procedures can </div><div id="a11674" style="position:absolute;font-family:'Arial';left:57px;top:365px;">result in<div style="display:inline-block;width:5px"> </div>the seizure of<div style="display:inline-block;width:6px"> </div>the cargo and/or<div style="display:inline-block;width:6px"> </div>our vessels, delays<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:5px"> </div>loading, offloading or<div style="display:inline-block;width:6px"> </div>delivery and the </div><div id="a11712" style="position:absolute;font-family:'Arial';left:57px;top:382px;">levying<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>customs<div style="display:inline-block;width:6px"> </div>duties,<div style="display:inline-block;width:6px"> </div>fines<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>penalties<div style="display:inline-block;width:6px"> </div>against<div style="display:inline-block;width:6px"> </div>us.<div style="display:inline-block;width:6px"> </div>It<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>possible<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>inspection </div><div id="a11746" style="position:absolute;font-family:'Arial';left:57px;top:398px;">procedures<div style="display:inline-block;width:8px"> </div>could<div style="display:inline-block;width:8px"> </div>impose<div style="display:inline-block;width:8px"> </div>additional<div style="display:inline-block;width:8px"> </div>financial<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>legal<div style="display:inline-block;width:8px"> </div>obligations<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>us.<div style="display:inline-block;width:8px"> </div>Furthermore,<div style="display:inline-block;width:8px"> </div>changes<div style="display:inline-block;width:8px"> </div>to </div><div id="a11772" style="position:absolute;font-family:'Arial';left:57px;top:415px;">inspection procedures<div style="display:inline-block;width:6px"> </div>could also<div style="display:inline-block;width:6px"> </div>impose additional<div style="display:inline-block;width:6px"> </div>costs and<div style="display:inline-block;width:6px"> </div>obligations on<div style="display:inline-block;width:6px"> </div>our customers<div style="display:inline-block;width:6px"> </div>and may,<div style="display:inline-block;width:7px"> </div>in </div><div id="a11802" style="position:absolute;font-family:'Arial';left:57px;top:432px;">certain<div style="display:inline-block;width:7px"> </div>cases,<div style="display:inline-block;width:7px"> </div>render<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>shipment<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>types<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>cargo<div style="display:inline-block;width:7px"> </div>uneconomical<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>impractical.<div style="display:inline-block;width:7px"> </div>Any<div style="display:inline-block;width:7px"> </div>such </div><div id="a11832" style="position:absolute;font-family:'Arial';left:57px;top:449px;">changes or developments may<div style="display:inline-block;width:3px"> </div>have a material adverse<div style="display:inline-block;width:3px"> </div>effect on our business, results<div style="display:inline-block;width:3px"> </div>of operations, cash </div><div id="a11864" style="position:absolute;font-family:'Arial';left:57px;top:466px;">flows, financial condition and available cash.</div><div id="a11877" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:501px;">Operational risks and damage to our vessels could adversely impact<div style="display:inline-block;width:2px"> </div>our performance.<div style="display:inline-block;width:4px"> </div></div><div id="a11903" style="position:absolute;font-family:'Arial';left:57px;top:535px;">The operation of an ocean-going vessel carries inherent<div style="display:inline-block;width:3px"> </div>risks. Our vessels and their cargoes are<div style="display:inline-block;width:3px"> </div>at risk of </div><div id="a11941" style="position:absolute;font-family:'Arial';left:57px;top:552px;">being damaged or<div style="display:inline-block;width:2px"> </div>lost because of<div style="display:inline-block;width:3px"> </div>events such as<div style="display:inline-block;width:2px"> </div>marine disasters, environmental<div style="display:inline-block;width:2px"> </div>accidents, bad<div style="display:inline-block;width:3px"> </div>weather </div><div id="a11971" style="position:absolute;font-family:'Arial';left:57px;top:569px;">and natural disasters<div style="display:inline-block;width:6px"> </div>or other disasters<div style="display:inline-block;width:6px"> </div>outside our control<div style="display:inline-block;width:5px"> </div>and other acts<div style="display:inline-block;width:6px"> </div>of God, business<div style="display:inline-block;width:6px"> </div>interruptions </div><div id="a12003" style="position:absolute;font-family:'Arial';left:57px;top:586px;">caused<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>mechanical<div style="display:inline-block;width:6px"> </div>failures,<div style="display:inline-block;width:6px"> </div>grounding,<div style="display:inline-block;width:6px"> </div>fire,<div style="display:inline-block;width:6px"> </div>explosions<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>collisions,<div style="display:inline-block;width:6px"> </div>human<div style="display:inline-block;width:6px"> </div>error,<div style="display:inline-block;width:7px"> </div>war,<div style="display:inline-block;width:7px"> </div>terrorism, </div><div id="a12029" style="position:absolute;font-family:'Arial';left:57px;top:603px;">piracy, robbery,<div style="display:inline-block;width:6px"> </div>labor strikes, boycotts and other<div style="display:inline-block;width:2px"> </div>circumstances or events.<div style="display:inline-block;width:3px"> </div>Changing economic, regulatory </div><div id="a12055" style="position:absolute;font-family:'Arial';left:57px;top:620px;">and political conditions<div style="display:inline-block;width:6px"> </div>in some countries, including<div style="display:inline-block;width:6px"> </div>political and military conflicts,<div style="display:inline-block;width:6px"> </div>have from time to<div style="display:inline-block;width:6px"> </div>time </div><div id="a12087" style="position:absolute;font-family:'Arial';left:57px;top:637px;">resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. Damage </div><div id="a12117" style="position:absolute;font-family:'Arial';left:57px;top:653px;">to the environment could also result from our operations, particularly through spillage of fuel, lubricants or </div><div id="a12149" style="position:absolute;font-family:'Arial';left:57px;top:670px;">other chemicals<div style="display:inline-block;width:5px"> </div>and substances used<div style="display:inline-block;width:6px"> </div>in operations, or<div style="display:inline-block;width:6px"> </div>extensive uncontrolled fires.<div style="display:inline-block;width:6px"> </div>These hazards may </div><div id="a12177" style="position:absolute;font-family:'Arial';left:57px;top:687px;">result in death or<div style="display:inline-block;width:6px"> </div>injury to persons, loss of<div style="display:inline-block;width:6px"> </div>revenues or property,<div style="display:inline-block;width:6px"> </div>the payment of ransoms, environmental </div><div id="a12211" style="position:absolute;font-family:'Arial';left:57px;top:704px;">damage, higher<div style="display:inline-block;width:6px"> </div>insurance rates,<div style="display:inline-block;width:6px"> </div>damage to<div style="display:inline-block;width:5px"> </div>our customer relationships<div style="display:inline-block;width:6px"> </div>and market<div style="display:inline-block;width:6px"> </div>disruptions, delay or </div><div id="a12239" style="position:absolute;font-family:'Arial';left:57px;top:721px;">rerouting, any of which may<div style="display:inline-block;width:2px"> </div>reduce our revenue or increase<div style="display:inline-block;width:3px"> </div>our expenses and also<div style="display:inline-block;width:3px"> </div>subject us to litigation. </div><div id="a12275" style="position:absolute;font-family:'Arial';left:57px;top:738px;">As a<div style="display:inline-block;width:6px"> </div>result, we<div style="display:inline-block;width:5px"> </div>could be<div style="display:inline-block;width:5px"> </div>exposed to<div style="display:inline-block;width:5px"> </div>substantial liabilities not<div style="display:inline-block;width:6px"> </div>recoverable under our<div style="display:inline-block;width:6px"> </div>insurances. Further, </div><div id="a12307" style="position:absolute;font-family:'Arial';left:57px;top:755px;">the<div style="display:inline-block;width:6px"> </div>involvement<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>serious<div style="display:inline-block;width:6px"> </div>accident<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>loss<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>harm<div style="display:inline-block;width:6px"> </div>our </div><div id="a12347" style="position:absolute;font-family:'Arial';left:57px;top:772px;">reputation as a<div style="display:inline-block;width:2px"> </div>safe and<div style="display:inline-block;width:3px"> </div>reliable vessel<div style="display:inline-block;width:2px"> </div>operator and<div style="display:inline-block;width:3px"> </div>lead to a<div style="display:inline-block;width:2px"> </div>loss of<div style="display:inline-block;width:3px"> </div>business. Epidemics<div style="display:inline-block;width:2px"> </div>and other<div style="display:inline-block;width:3px"> </div>public </div><div id="a12385" style="position:absolute;font-family:'Arial';left:57px;top:788px;">health incidents may also lead to crew member<div style="display:inline-block;width:3px"> </div>illness, which can disrupt the operations<div style="display:inline-block;width:3px"> </div>of our vessels, or </div><div id="a12421" style="position:absolute;font-family:'Arial';left:57px;top:805px;">to public health measures,<div style="display:inline-block;width:2px"> </div>which may prevent our<div style="display:inline-block;width:2px"> </div>vessels from calling on<div style="display:inline-block;width:2px"> </div>ports or discharging cargo<div style="display:inline-block;width:2px"> </div>in the </div><div id="a12457" style="position:absolute;font-family:'Arial';left:57px;top:822px;">affected areas or in other locations after having visited the affected areas. </div><div id="a12483" style="position:absolute;font-family:'Arial';left:57px;top:857px;">If our vessels suffer<div style="display:inline-block;width:6px"> </div>damage, they may need<div style="display:inline-block;width:5px"> </div>to be repaired at<div style="display:inline-block;width:6px"> </div>a drydocking facility.<div style="display:inline-block;width:6px"> </div>The costs of drydock </div><div id="a12521" style="position:absolute;font-family:'Arial';left:57px;top:874px;">repairs are unpredictable<div style="display:inline-block;width:2px"> </div>and may be<div style="display:inline-block;width:2px"> </div>substantial. We<div style="display:inline-block;width:3px"> </div>may have to<div style="display:inline-block;width:2px"> </div>pay drydocking<div style="display:inline-block;width:2px"> </div>costs that<div style="display:inline-block;width:3px"> </div>our insurance </div><div id="a12555" style="position:absolute;font-family:'Arial';left:57px;top:891px;">does not<div style="display:inline-block;width:2px"> </div>cover at<div style="display:inline-block;width:2px"> </div>all or<div style="display:inline-block;width:2px"> </div>in full.<div style="display:inline-block;width:2px"> </div>The loss<div style="display:inline-block;width:2px"> </div>of revenues<div style="display:inline-block;width:2px"> </div>while these<div style="display:inline-block;width:2px"> </div>vessels are<div style="display:inline-block;width:2px"> </div>being repaired<div style="display:inline-block;width:2px"> </div>and repositioned, </div><div id="a12595" style="position:absolute;font-family:'Arial';left:57px;top:908px;">as well as the actual cost<div style="display:inline-block;width:3px"> </div>of these repairs not covered by<div style="display:inline-block;width:3px"> </div>our insurance, would decrease our<div style="display:inline-block;width:3px"> </div>earnings and </div><div id="a12633" style="position:absolute;font-family:'Arial';left:57px;top:924px;">available<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>adversely<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:7px"> </div>business<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>condition.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:8px"> </div>addition,<div style="display:inline-block;width:7px"> </div>space<div style="display:inline-block;width:7px"> </div>at </div><div id="a12663" style="position:absolute;font-family:'Arial';left:57px;top:941px;">drydocking facilities is<div style="display:inline-block;width:2px"> </div>sometimes limited<div style="display:inline-block;width:3px"> </div>and not<div style="display:inline-block;width:3px"> </div>all drydocking facilities<div style="display:inline-block;width:2px"> </div>are conveniently located.<div style="display:inline-block;width:2px"> </div>We may </div></div>
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<div id="a12695" style="position:absolute;font-family:'Arial';left:390px;top:992px;">19 </div><div id="a12697" style="position:absolute;font-family:'Arial';left:57px;top:76px;">be<div style="display:inline-block;width:7px"> </div>unable<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>find<div style="display:inline-block;width:7px"> </div>space<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>suitable<div style="display:inline-block;width:7px"> </div>drydocking<div style="display:inline-block;width:7px"> </div>facility<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>forced<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>travel<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>a </div><div id="a12737" style="position:absolute;font-family:'Arial';left:57px;top:93px;">drydocking facility<div style="display:inline-block;width:5px"> </div>that is<div style="display:inline-block;width:6px"> </div>not conveniently<div style="display:inline-block;width:5px"> </div>located relative to<div style="display:inline-block;width:6px"> </div>our vessels' positions.<div style="display:inline-block;width:6px"> </div>The loss<div style="display:inline-block;width:5px"> </div>of earnings </div><div id="a12769" style="position:absolute;font-family:'Arial';left:57px;top:110px;">while<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>forced<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>wait<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>space<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>travel<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>distant<div style="display:inline-block;width:6px"> </div>drydocking<div style="display:inline-block;width:6px"> </div>facilities<div style="display:inline-block;width:6px"> </div>may </div><div id="a12805" style="position:absolute;font-family:'Arial';left:57px;top:126px;">adversely affect our business and financial condition.</div><div id="a12820" style="position:absolute;font-family:'Arial';left:57px;top:161px;">The operation<div style="display:inline-block;width:6px"> </div>of dry<div style="display:inline-block;width:6px"> </div>bulk vessels has<div style="display:inline-block;width:6px"> </div>certain unique operational<div style="display:inline-block;width:6px"> </div>risks. With<div style="display:inline-block;width:6px"> </div>a dry<div style="display:inline-block;width:6px"> </div>bulk vessel, the<div style="display:inline-block;width:6px"> </div>cargo </div><div id="a12856" style="position:absolute;font-family:'Arial';left:57px;top:178px;">itself and its interaction<div style="display:inline-block;width:2px"> </div>with the ship can<div style="display:inline-block;width:2px"> </div>be a risk<div style="display:inline-block;width:3px"> </div>factor. By their nature, dry<div style="display:inline-block;width:3px"> </div>bulk cargoes are<div style="display:inline-block;width:3px"> </div>often heavy, </div><div id="a12898" style="position:absolute;font-family:'Arial';left:57px;top:195px;">dense<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>easily<div style="display:inline-block;width:7px"> </div>shifted,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>react<div style="display:inline-block;width:7px"> </div>badly<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>water<div style="display:inline-block;width:7px"> </div>exposure.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:7px"> </div>addition,<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>often </div><div id="a12932" style="position:absolute;font-family:'Arial';left:57px;top:212px;">subjected to<div style="display:inline-block;width:6px"> </div>battering treatment<div style="display:inline-block;width:6px"> </div>during unloading<div style="display:inline-block;width:6px"> </div>operations with<div style="display:inline-block;width:6px"> </div>grabs, jackhammers<div style="display:inline-block;width:6px"> </div>(to pry<div style="display:inline-block;width:6px"> </div>encrusted </div><div id="a12958" style="position:absolute;font-family:'Arial';left:57px;top:229px;">cargoes out of the<div style="display:inline-block;width:6px"> </div>hold), and small bulldozers. This<div style="display:inline-block;width:6px"> </div>treatment may cause damage to<div style="display:inline-block;width:6px"> </div>the dry bulk vessel. </div><div id="a12994" style="position:absolute;font-family:'Arial';left:57px;top:246px;">Dry bulk<div style="display:inline-block;width:6px"> </div>vessels damaged<div style="display:inline-block;width:6px"> </div>due to<div style="display:inline-block;width:6px"> </div>treatment during<div style="display:inline-block;width:6px"> </div>unloading procedures<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>more susceptible<div style="display:inline-block;width:6px"> </div>to a </div><div id="a13026" style="position:absolute;font-family:'Arial';left:57px;top:262px;">breach at sea. Hull breaches in<div style="display:inline-block;width:5px"> </div>dry bulk vessels may lead to the<div style="display:inline-block;width:6px"> </div>flooding of their holds. If flooding occurs </div><div id="a13066" style="position:absolute;font-family:'Arial';left:57px;top:279px;">in the forward holds, the bulk<div style="display:inline-block;width:6px"> </div>cargo may become so waterlogged that<div style="display:inline-block;width:6px"> </div>the vessel's bulkheads may buckle </div><div id="a13100" style="position:absolute;font-family:'Arial';left:57px;top:296px;">under the resulting<div style="display:inline-block;width:3px"> </div>pressure leading<div style="display:inline-block;width:3px"> </div>to the loss of<div style="display:inline-block;width:2px"> </div>the dry bulk vessel.<div style="display:inline-block;width:2px"> </div>These risks may<div style="display:inline-block;width:2px"> </div>also impact the<div style="display:inline-block;width:2px"> </div>risk </div><div id="a13140" style="position:absolute;font-family:'Arial';left:57px;top:313px;">of loss of life or harm to our crew.</div><div id="a13159" style="position:absolute;font-family:'Arial';left:57px;top:348px;">If<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>unable to<div style="display:inline-block;width:7px"> </div>adequately maintain<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>safeguard<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>unable<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>prevent these </div><div id="a13195" style="position:absolute;font-family:'Arial';left:57px;top:365px;">events. Any of these circumstances or events could negatively impact our business, financial condition or </div><div id="a13225" style="position:absolute;font-family:'Arial';left:57px;top:382px;">results of operations.</div><div id="a13232" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:416px;">If our<div style="display:inline-block;width:6px"> </div>vessels call<div style="display:inline-block;width:6px"> </div>on ports<div style="display:inline-block;width:6px"> </div>located in<div style="display:inline-block;width:6px"> </div>countries or<div style="display:inline-block;width:6px"> </div>territories that<div style="display:inline-block;width:6px"> </div>are the<div style="display:inline-block;width:6px"> </div>subject of<div style="display:inline-block;width:6px"> </div>sanctions or </div><div id="a13268" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:433px;">embargoes imposed by the U.S. government,<div style="display:inline-block;width:2px"> </div>the United Kingdom, the European<div style="display:inline-block;width:3px"> </div>Union, the United </div><div id="a13296" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:450px;">Nations, or other<div style="display:inline-block;width:6px"> </div>governmental authorities, or engage<div style="display:inline-block;width:6px"> </div>in other such<div style="display:inline-block;width:6px"> </div>transactions or dealings that </div><div id="a13324" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:467px;">would be<div style="display:inline-block;width:6px"> </div>violative of<div style="display:inline-block;width:6px"> </div>applicable sanctions<div style="display:inline-block;width:6px"> </div>laws, it<div style="display:inline-block;width:6px"> </div>could lead<div style="display:inline-block;width:6px"> </div>to monetary<div style="display:inline-block;width:6px"> </div>fines or<div style="display:inline-block;width:6px"> </div>penalties and </div><div id="a13356" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:484px;">may adversely affect our reputation and the market for our securities. </div><div id="a13379" style="position:absolute;font-family:'Arial';left:57px;top:519px;">Our<div style="display:inline-block;width:7px"> </div>contracts<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>charterers<div style="display:inline-block;width:7px"> </div>prohibit<div style="display:inline-block;width:7px"> </div>them<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>causing<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>call<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>ports<div style="display:inline-block;width:7px"> </div>located<div style="display:inline-block;width:7px"> </div>in </div><div id="a13413" style="position:absolute;font-family:'Arial';left:57px;top:535px;">sanctioned countries or<div style="display:inline-block;width:3px"> </div>territories or carrying<div style="display:inline-block;width:3px"> </div>cargo for entities or<div style="display:inline-block;width:2px"> </div>from countries and territories<div style="display:inline-block;width:2px"> </div>that are the </div><div id="a13447" style="position:absolute;font-family:'Arial';left:57px;top:552px;">subject of<div style="display:inline-block;width:6px"> </div>sanctions. Although our<div style="display:inline-block;width:6px"> </div>charterers may,<div style="display:inline-block;width:6px"> </div>in certain cases,<div style="display:inline-block;width:6px"> </div>control the operation<div style="display:inline-block;width:6px"> </div>of our vessels, </div><div id="a13480" style="position:absolute;font-family:'Arial';left:57px;top:569px;">we have monitoring processes in place to ensure our compliance with applicable<div style="display:inline-block;width:3px"> </div>economic sanctions and </div><div id="a13510" style="position:absolute;font-family:'Arial';left:57px;top:586px;">embargo<div style="display:inline-block;width:6px"> </div>laws. Nevertheless,<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>remains possible<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>charterers may<div style="display:inline-block;width:7px"> </div>cause<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels to<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:5px"> </div>in </div><div id="a13542" style="position:absolute;font-family:'Arial';left:57px;top:603px;">violation of<div style="display:inline-block;width:7px"> </div>sanctions<div style="display:inline-block;width:5px"> </div>provisions without<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>consent. If<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:6px"> </div>activities result<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>violation of<div style="display:inline-block;width:7px"> </div>applicable </div><div id="a13574" style="position:absolute;font-family:'Arial';left:57px;top:620px;">sanctions or embargo laws, we<div style="display:inline-block;width:6px"> </div>could be subject to monetary<div style="display:inline-block;width:5px"> </div>fines, penalties, or other sanctions, and our </div><div id="a13608" style="position:absolute;font-family:'Arial';left:57px;top:637px;">reputation and the market for our common shares could be adversely<div style="display:inline-block;width:3px"> </div>affected.</div><div id="a13633" style="position:absolute;font-family:'Arial';left:57px;top:671px;">The applicable sanctions<div style="display:inline-block;width:6px"> </div>and embargo laws<div style="display:inline-block;width:6px"> </div>and regulations vary<div style="display:inline-block;width:6px"> </div>in their application,<div style="display:inline-block;width:6px"> </div>and by jurisdiction, </div><div id="a13664" style="position:absolute;font-family:'Arial';left:57px;top:688px;">and do<div style="display:inline-block;width:3px"> </div>not all<div style="display:inline-block;width:2px"> </div>apply to<div style="display:inline-block;width:2px"> </div>the same<div style="display:inline-block;width:3px"> </div>covered persons<div style="display:inline-block;width:2px"> </div>or proscribe<div style="display:inline-block;width:2px"> </div>the same<div style="display:inline-block;width:2px"> </div>activities. In<div style="display:inline-block;width:2px"> </div>addition, the<div style="display:inline-block;width:2px"> </div>sanctions </div><div id="a13702" style="position:absolute;font-family:'Arial';left:57px;top:705px;">and<div style="display:inline-block;width:7px"> </div>embargo<div style="display:inline-block;width:7px"> </div>laws<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>regulations<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>jurisdiction<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>amended<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>increase<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>reduce<div style="display:inline-block;width:7px"> </div>the </div><div id="a13734" style="position:absolute;font-family:'Arial';left:57px;top:722px;">restrictions they impose over<div style="display:inline-block;width:5px"> </div>time, and the lists<div style="display:inline-block;width:6px"> </div>of persons and entities<div style="display:inline-block;width:6px"> </div>designated under these laws and </div><div id="a13768" style="position:absolute;font-family:'Arial';left:57px;top:739px;">regulations<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>amended<div style="display:inline-block;width:6px"> </div>frequently.<div style="display:inline-block;width:7px"> </div>Moreover,<div style="display:inline-block;width:7px"> </div>most<div style="display:inline-block;width:6px"> </div>sanctions<div style="display:inline-block;width:6px"> </div>regimes<div style="display:inline-block;width:6px"> </div>provide<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>entities<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>or </div><div id="a13794" style="position:absolute;font-family:'Arial';left:57px;top:756px;">controlled by the persons or entities designated in such<div style="display:inline-block;width:5px"> </div>lists are also subject to sanctions. The U.S.,<div style="display:inline-block;width:5px"> </div>U.K. </div><div id="a13831" style="position:absolute;font-family:'Arial';left:57px;top:773px;">and EU have<div style="display:inline-block;width:5px"> </div>enacted new sanctions programs<div style="display:inline-block;width:5px"> </div>in recent years. Additional countries<div style="display:inline-block;width:6px"> </div>or territories, as well </div><div id="a13863" style="position:absolute;font-family:'Arial';left:57px;top:789px;">as additional<div style="display:inline-block;width:3px"> </div>persons or<div style="display:inline-block;width:3px"> </div>entities within<div style="display:inline-block;width:3px"> </div>or affiliated with<div style="display:inline-block;width:2px"> </div>those countries<div style="display:inline-block;width:3px"> </div>or territories,<div style="display:inline-block;width:3px"> </div>have, and<div style="display:inline-block;width:3px"> </div>in the<div style="display:inline-block;width:3px"> </div>future </div><div id="a13899" style="position:absolute;font-family:'Arial';left:57px;top:806px;">will,<div style="display:inline-block;width:6px"> </div>become<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>target<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>sanctions.<div style="display:inline-block;width:6px"> </div>These<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>diligent<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>ensuring<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:7px"> </div>compliance<div style="display:inline-block;width:6px"> </div>with </div><div id="a13933" style="position:absolute;font-family:'Arial';left:57px;top:823px;">sanctions<div style="display:inline-block;width:6px"> </div>laws.<div style="display:inline-block;width:6px"> </div>Further,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>has<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:5px"> </div>its<div style="display:inline-block;width:5px"> </div>focus<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>sanctions enforcement<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:6px"> </div>respect to<div style="display:inline-block;width:7px"> </div>the </div><div id="a13965" style="position:absolute;font-family:'Arial';left:57px;top:840px;">shipping sector. Current or<div style="display:inline-block;width:5px"> </div>future counterparties of ours may be affiliated<div style="display:inline-block;width:5px"> </div>with persons or entities that are </div><div id="a13999" style="position:absolute;font-family:'Arial';left:57px;top:857px;">or may<div style="display:inline-block;width:6px"> </div>be in<div style="display:inline-block;width:6px"> </div>the future<div style="display:inline-block;width:6px"> </div>the subject<div style="display:inline-block;width:6px"> </div>of sanctions<div style="display:inline-block;width:6px"> </div>or embargoes<div style="display:inline-block;width:6px"> </div>imposed by<div style="display:inline-block;width:6px"> </div>the United<div style="display:inline-block;width:6px"> </div>States, U.K.,<div style="display:inline-block;width:6px"> </div>EU, </div><div id="a14037" style="position:absolute;font-family:'Arial';left:57px;top:874px;">and/or other<div style="display:inline-block;width:6px"> </div>international bodies. If<div style="display:inline-block;width:6px"> </div>we determine<div style="display:inline-block;width:6px"> </div>that such<div style="display:inline-block;width:6px"> </div>sanctions require<div style="display:inline-block;width:6px"> </div>us to<div style="display:inline-block;width:6px"> </div>terminate existing<div style="display:inline-block;width:5px"> </div>or </div><div id="a14069" style="position:absolute;font-family:'Arial';left:57px;top:891px;">future<div style="display:inline-block;width:6px"> </div>contracts to<div style="display:inline-block;width:7px"> </div>which we,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>our<div style="display:inline-block;width:5px"> </div>subsidiaries, are<div style="display:inline-block;width:7px"> </div>party or<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:5px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>found to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>violation of<div style="display:inline-block;width:7px"> </div>such </div><div id="a14111" style="position:absolute;font-family:'Arial';left:57px;top:908px;">applicable sanctions,<div style="display:inline-block;width:6px"> </div>our results<div style="display:inline-block;width:6px"> </div>of operations<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>adversely affected,<div style="display:inline-block;width:6px"> </div>or we<div style="display:inline-block;width:6px"> </div>may suffer<div style="display:inline-block;width:6px"> </div>reputational </div><div id="a14141" style="position:absolute;font-family:'Arial';left:57px;top:924px;">harm.</div></div>
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<div id="Page20" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a14146" style="position:absolute;font-family:'Arial';left:390px;top:992px;">20 </div><div id="a14148" style="position:absolute;font-family:'Arial';left:57px;top:76px;">As a result<div style="display:inline-block;width:3px"> </div>of Russia’s actions<div style="display:inline-block;width:3px"> </div>in Ukraine, the<div style="display:inline-block;width:2px"> </div>U.S., EU and<div style="display:inline-block;width:3px"> </div>United Kingdom,<div style="display:inline-block;width:3px"> </div>together with numerous<div style="display:inline-block;width:2px"> </div>other </div><div id="a14184" style="position:absolute;font-family:'Arial';left:57px;top:93px;">countries, have imposed<div style="display:inline-block;width:2px"> </div>significant sanctions on<div style="display:inline-block;width:2px"> </div>persons and entities<div style="display:inline-block;width:2px"> </div>associated with Russia<div style="display:inline-block;width:2px"> </div>and Belarus, </div><div id="a14212" style="position:absolute;font-family:'Arial';left:57px;top:110px;">as<div style="display:inline-block;width:7px"> </div>well<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:7px"> </div>comprehensive<div style="display:inline-block;width:6px"> </div>sanctions<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:6px"> </div>areas<div style="display:inline-block;width:7px"> </div>within<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Donbas<div style="display:inline-block;width:6px"> </div>region<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Ukraine,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>such </div><div id="a14244" style="position:absolute;font-family:'Arial';left:57px;top:126px;">sanctions apply<div style="display:inline-block;width:6px"> </div>to entities<div style="display:inline-block;width:6px"> </div>owned or<div style="display:inline-block;width:6px"> </div>controlled by<div style="display:inline-block;width:6px"> </div>such designated<div style="display:inline-block;width:6px"> </div>persons or<div style="display:inline-block;width:6px"> </div>entities. These<div style="display:inline-block;width:6px"> </div>sanctions </div><div id="a14274" style="position:absolute;font-family:'Arial';left:57px;top:143px;">adversely affect our ability to operate in the region and also restrict parties<div style="display:inline-block;width:3px"> </div>whose cargo we may carry. </div><div id="a14312" style="position:absolute;font-family:'Arial';left:57px;top:178px;">Although we believe that we<div style="display:inline-block;width:3px"> </div>have been in compliance with all<div style="display:inline-block;width:3px"> </div>applicable sanctions and embargo<div style="display:inline-block;width:3px"> </div>laws and </div><div id="a14346" style="position:absolute;font-family:'Arial';left:57px;top:195px;">regulations in 2024 and<div style="display:inline-block;width:3px"> </div>up to the date of this<div style="display:inline-block;width:3px"> </div>annual report, and intend<div style="display:inline-block;width:3px"> </div>to maintain such compliance,<div style="display:inline-block;width:3px"> </div>there </div><div id="a14385" style="position:absolute;font-family:'Arial';left:57px;top:212px;">can be no assurance that we<div style="display:inline-block;width:3px"> </div>or our charterers will be<div style="display:inline-block;width:3px"> </div>in compliance in the future, particularly<div style="display:inline-block;width:2px"> </div>as the scope </div><div id="a14425" style="position:absolute;font-family:'Arial';left:57px;top:229px;">of certain<div style="display:inline-block;width:6px"> </div>laws may be<div style="display:inline-block;width:6px"> </div>unclear and may<div style="display:inline-block;width:6px"> </div>be subject to<div style="display:inline-block;width:6px"> </div>changing interpretations. Any<div style="display:inline-block;width:6px"> </div>such violation could </div><div id="a14459" style="position:absolute;font-family:'Arial';left:57px;top:246px;">result<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>fines,<div style="display:inline-block;width:5px"> </div>penalties or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:6px"> </div>sanctions that<div style="display:inline-block;width:7px"> </div>could severely<div style="display:inline-block;width:7px"> </div>impact<div style="display:inline-block;width:5px"> </div>our<div style="display:inline-block;width:5px"> </div>ability to<div style="display:inline-block;width:7px"> </div>access<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>capital </div><div id="a14493" style="position:absolute;font-family:'Arial';left:57px;top:262px;">markets and conduct our business and could result in<div style="display:inline-block;width:5px"> </div>our reputation and the markets for our securities to </div><div id="a14529" style="position:absolute;font-family:'Arial';left:57px;top:279px;">be adversely affected<div style="display:inline-block;width:6px"> </div>and/or in some<div style="display:inline-block;width:6px"> </div>investors deciding, or being<div style="display:inline-block;width:6px"> </div>required, to divest<div style="display:inline-block;width:5px"> </div>their interest, or<div style="display:inline-block;width:6px"> </div>not </div><div id="a14563" style="position:absolute;font-family:'Arial';left:57px;top:296px;">to invest, in us. In<div style="display:inline-block;width:6px"> </div>addition, certain institutional investors may have investment policies<div style="display:inline-block;width:6px"> </div>or restrictions that </div><div id="a14595" style="position:absolute;font-family:'Arial';left:57px;top:313px;">prevent them<div style="display:inline-block;width:2px"> </div>from holding<div style="display:inline-block;width:2px"> </div>securities of<div style="display:inline-block;width:2px"> </div>companies that<div style="display:inline-block;width:2px"> </div>have contracts<div style="display:inline-block;width:2px"> </div>with countries<div style="display:inline-block;width:2px"> </div>or territories<div style="display:inline-block;width:2px"> </div>identified </div><div id="a14625" style="position:absolute;font-family:'Arial';left:57px;top:330px;">by the U.S. government as state sponsors of terrorism. The determination<div style="display:inline-block;width:3px"> </div>by these investors not to invest </div><div id="a14659" style="position:absolute;font-family:'Arial';left:57px;top:347px;">in, or<div style="display:inline-block;width:6px"> </div>to divest<div style="display:inline-block;width:5px"> </div>from, our shares<div style="display:inline-block;width:6px"> </div>may adversely<div style="display:inline-block;width:5px"> </div>affect the<div style="display:inline-block;width:6px"> </div>price at<div style="display:inline-block;width:5px"> </div>which our<div style="display:inline-block;width:5px"> </div>shares trade. Moreover,<div style="display:inline-block;width:7px"> </div>our </div><div id="a14697" style="position:absolute;font-family:'Arial';left:57px;top:364px;">charterers may violate applicable sanctions<div style="display:inline-block;width:6px"> </div>and embargo laws and<div style="display:inline-block;width:6px"> </div>regulations as a result<div style="display:inline-block;width:6px"> </div>of actions that </div><div id="a14729" style="position:absolute;font-family:'Arial';left:57px;top:380px;">do not involve<div style="display:inline-block;width:3px"> </div>us or our<div style="display:inline-block;width:2px"> </div>vessels, and those<div style="display:inline-block;width:2px"> </div>violations could in<div style="display:inline-block;width:2px"> </div>turn negatively affect<div style="display:inline-block;width:3px"> </div>our reputation. Further, </div><div id="a14765" style="position:absolute;font-family:'Arial';left:57px;top:397px;">our reputation<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>market for<div style="display:inline-block;width:6px"> </div>our securities<div style="display:inline-block;width:5px"> </div>may be<div style="display:inline-block;width:6px"> </div>adversely affected<div style="display:inline-block;width:6px"> </div>if, for<div style="display:inline-block;width:6px"> </div>example, we<div style="display:inline-block;width:6px"> </div>enter into </div><div id="a14801" style="position:absolute;font-family:'Arial';left:57px;top:414px;">charters<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>individuals<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>entities<div style="display:inline-block;width:6px"> </div>who,<div style="display:inline-block;width:6px"> </div>pursuant<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>contracts<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>third<div style="display:inline-block;width:6px"> </div>parties,<div style="display:inline-block;width:6px"> </div>provide<div style="display:inline-block;width:6px"> </div>services<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>or </div><div id="a14833" style="position:absolute;font-family:'Arial';left:57px;top:431px;">engage in operations associated with countries or territories that<div style="display:inline-block;width:6px"> </div>are the subject of certain U.S. sanctions </div><div id="a14865" style="position:absolute;font-family:'Arial';left:57px;top:448px;">or embargo laws. Investor perception<div style="display:inline-block;width:2px"> </div>of the value of our<div style="display:inline-block;width:2px"> </div>common stock may also<div style="display:inline-block;width:3px"> </div>be adversely affected by </div><div id="a14901" style="position:absolute;font-family:'Arial';left:57px;top:465px;">the<div style="display:inline-block;width:5px"> </div>consequences of<div style="display:inline-block;width:7px"> </div>war,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>effects<div style="display:inline-block;width:6px"> </div>of terrorism,<div style="display:inline-block;width:7px"> </div>civil unrest<div style="display:inline-block;width:7px"> </div>and governmental<div style="display:inline-block;width:6px"> </div>actions in<div style="display:inline-block;width:7px"> </div>countries or </div><div id="a14933" style="position:absolute;font-family:'Arial';left:57px;top:482px;">territories that we operate in.</div><div id="a14944" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:516px;">The smuggling<div style="display:inline-block;width:6px"> </div>of drugs<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:5px"> </div>other contraband<div style="display:inline-block;width:6px"> </div>onto our<div style="display:inline-block;width:7px"> </div>vessels may<div style="display:inline-block;width:6px"> </div>lead to<div style="display:inline-block;width:6px"> </div>governmental claims </div><div id="a14974" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:533px;">against us. </div><div id="a14979" style="position:absolute;font-family:'Arial';left:57px;top:568px;">We<div style="display:inline-block;width:6px"> </div>expect that<div style="display:inline-block;width:7px"> </div>our vessels<div style="display:inline-block;width:7px"> </div>will call<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>ports in<div style="display:inline-block;width:7px"> </div>areas where<div style="display:inline-block;width:7px"> </div>smugglers attempt<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>hide drugs<div style="display:inline-block;width:7px"> </div>and other </div><div id="a15017" style="position:absolute;font-family:'Arial';left:57px;top:585px;">contraband on<div style="display:inline-block;width:7px"> </div>vessels, with<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:6px"> </div>without the<div style="display:inline-block;width:7px"> </div>knowledge of<div style="display:inline-block;width:7px"> </div>crew members. </div><div id="a15039" style="position:absolute;font-family:'Arial';left:545px;top:585px;">To </div><div id="a15041" style="position:absolute;font-family:'Arial';left:567px;top:585px;">the<div style="display:inline-block;width:5px"> </div>extent our<div style="display:inline-block;width:7px"> </div>vessels are </div><div id="a15051" style="position:absolute;font-family:'Arial';left:57px;top:602px;">found with contraband,<div style="display:inline-block;width:2px"> </div>or stowaways,<div style="display:inline-block;width:3px"> </div>whether inside<div style="display:inline-block;width:3px"> </div>or attached to<div style="display:inline-block;width:2px"> </div>the hull of<div style="display:inline-block;width:3px"> </div>our vessel and<div style="display:inline-block;width:2px"> </div>whether with </div><div id="a15088" style="position:absolute;font-family:'Arial';left:57px;top:619px;">or without the knowledge of<div style="display:inline-block;width:5px"> </div>any of our crew,<div style="display:inline-block;width:6px"> </div>we may face governmental or other<div style="display:inline-block;width:5px"> </div>regulatory claims which </div><div id="a15124" style="position:absolute;font-family:'Arial';left:57px;top:635px;">could have<div style="display:inline-block;width:6px"> </div>an adverse<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:6px"> </div>on our<div style="display:inline-block;width:6px"> </div>business, results<div style="display:inline-block;width:6px"> </div>of operations,<div style="display:inline-block;width:6px"> </div>cash flows<div style="display:inline-block;width:6px"> </div>and financial<div style="display:inline-block;width:6px"> </div>condition. </div><div id="a15156" style="position:absolute;font-family:'Arial';left:57px;top:652px;">Under some jurisdictions, vessels used for<div style="display:inline-block;width:6px"> </div>the conveyance of illegal drugs could<div style="display:inline-block;width:6px"> </div>result in forfeiture of the </div><div id="a15190" style="position:absolute;font-family:'Arial';left:57px;top:669px;">subject vessel to the government of such jurisdiction.</div><div id="a15207" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:704px;">Maritime claimants<div style="display:inline-block;width:7px"> </div>could arrest<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>attach one<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>more<div style="display:inline-block;width:5px"> </div>of our<div style="display:inline-block;width:7px"> </div>vessels, which<div style="display:inline-block;width:7px"> </div>could interrupt<div style="display:inline-block;width:7px"> </div>our </div><div id="a15239" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:721px;">business or have a negative effect on our cash flows. </div><div id="a15260" style="position:absolute;font-family:'Arial';left:57px;top:756px;">Crew members, suppliers of goods and services to a vessel, shippers of cargo, lenders, and other parties </div><div id="a15294" style="position:absolute;font-family:'Arial';left:57px;top:773px;">may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>entitled<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>maritime<div style="display:inline-block;width:6px"> </div>lien<div style="display:inline-block;width:6px"> </div>against<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>unsatisfied<div style="display:inline-block;width:6px"> </div>debts,<div style="display:inline-block;width:6px"> </div>claims<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>damages.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>many </div><div id="a15330" style="position:absolute;font-family:'Arial';left:57px;top:789px;">jurisdictions, a<div style="display:inline-block;width:2px"> </div>maritime lien<div style="display:inline-block;width:2px"> </div>holder may<div style="display:inline-block;width:2px"> </div>enforce its<div style="display:inline-block;width:2px"> </div>lien by<div style="display:inline-block;width:2px"> </div>“arresting” or<div style="display:inline-block;width:2px"> </div>“attaching” a<div style="display:inline-block;width:2px"> </div>vessel through<div style="display:inline-block;width:2px"> </div>judicial </div><div id="a15364" style="position:absolute;font-family:'Arial';left:57px;top:806px;">or foreclosure proceedings.<div style="display:inline-block;width:2px"> </div>The arrest or<div style="display:inline-block;width:2px"> </div>attachment of<div style="display:inline-block;width:3px"> </div>one or more<div style="display:inline-block;width:2px"> </div>of our<div style="display:inline-block;width:3px"> </div>vessels could interrupt<div style="display:inline-block;width:2px"> </div>the cash </div><div id="a15400" style="position:absolute;font-family:'Arial';left:57px;top:823px;">flow of<div style="display:inline-block;width:2px"> </div>the charterer<div style="display:inline-block;width:2px"> </div>and/or require<div style="display:inline-block;width:2px"> </div>us to<div style="display:inline-block;width:2px"> </div>pay a<div style="display:inline-block;width:2px"> </div>significant amount<div style="display:inline-block;width:2px"> </div>of money<div style="display:inline-block;width:2px"> </div>to have<div style="display:inline-block;width:2px"> </div>the arrest<div style="display:inline-block;width:2px"> </div>or attachment </div><div id="a15440" style="position:absolute;font-family:'Arial';left:57px;top:840px;">lifted, which would have an adverse effect on our cash flows.</div><div id="a15463" style="position:absolute;font-family:'Arial';left:57px;top:875px;">In addition, in some jurisdictions, such<div style="display:inline-block;width:3px"> </div>as South Africa, under the “sister-ship”<div style="display:inline-block;width:2px"> </div>theory of liability, a claimant </div><div id="a15499" style="position:absolute;font-family:'Arial';left:57px;top:892px;">may arrest<div style="display:inline-block;width:3px"> </div>both the<div style="display:inline-block;width:3px"> </div>vessel that<div style="display:inline-block;width:3px"> </div>is subject<div style="display:inline-block;width:2px"> </div>to the claimant’s<div style="display:inline-block;width:2px"> </div>maritime lien<div style="display:inline-block;width:3px"> </div>and any<div style="display:inline-block;width:2px"> </div>“associated” vessel,<div style="display:inline-block;width:2px"> </div>which </div><div id="a15535" style="position:absolute;font-family:'Arial';left:57px;top:908px;">is any<div style="display:inline-block;width:6px"> </div>vessel owned<div style="display:inline-block;width:6px"> </div>or controlled<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>same owner.<div style="display:inline-block;width:7px"> </div>Claimants could<div style="display:inline-block;width:6px"> </div>try to<div style="display:inline-block;width:6px"> </div>assert “sister-ship”<div style="display:inline-block;width:6px"> </div>liability </div><div id="a15571" style="position:absolute;font-family:'Arial';left:57px;top:925px;">against<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>claims<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>another<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>ships.<div style="display:inline-block;width:6px"> </div>Under<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>present </div><div id="a15609" style="position:absolute;font-family:'Arial';left:57px;top:942px;">charters, if the vessel is arrested or detained as a result of a claim against us, we may be in default of our </div></div>
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<div id="Page21" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a15657" style="position:absolute;font-family:'Arial';left:390px;top:992px;">21 </div><div id="a15659" style="position:absolute;font-family:'Arial';left:57px;top:76px;">charter<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>charterer<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>suspend<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>payment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>charge<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>any </div><div id="a15695" style="position:absolute;font-family:'Arial';left:57px;top:93px;">additional expenses<div style="display:inline-block;width:2px"> </div>incurred during<div style="display:inline-block;width:2px"> </div>that period,<div style="display:inline-block;width:2px"> </div>which may<div style="display:inline-block;width:2px"> </div>negatively impact<div style="display:inline-block;width:2px"> </div>our revenues<div style="display:inline-block;width:2px"> </div>and cash<div style="display:inline-block;width:2px"> </div>flows.</div><div id="a15726" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:127px;">We conduct business<div style="display:inline-block;width:5px"> </div>in China, where the<div style="display:inline-block;width:6px"> </div>legal system has inherent<div style="display:inline-block;width:5px"> </div>uncertainties that could limit </div><div id="a15756" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:144px;">the legal protections available to us. </div><div id="a15769" style="position:absolute;font-family:'Arial';left:57px;top:179px;">Some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>chartered to<div style="display:inline-block;width:7px"> </div>Chinese<div style="display:inline-block;width:6px"> </div>customers and<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>charterers' </div><div id="a15805" style="position:absolute;font-family:'Arial';left:57px;top:196px;">instructions,<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>call<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>Chinese<div style="display:inline-block;width:7px"> </div>ports.<div style="display:inline-block;width:7px"> </div>Such<div style="display:inline-block;width:7px"> </div>charters<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>voyages<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:7px"> </div>to </div><div id="a15837" style="position:absolute;font-family:'Arial';left:57px;top:213px;">regulations in China<div style="display:inline-block;width:2px"> </div>that may require<div style="display:inline-block;width:2px"> </div>us to incur<div style="display:inline-block;width:2px"> </div>new or additional<div style="display:inline-block;width:2px"> </div>compliance or other<div style="display:inline-block;width:2px"> </div>administrative costs </div><div id="a15871" style="position:absolute;font-family:'Arial';left:57px;top:230px;">and<div style="display:inline-block;width:6px"> </div>may require<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>we pay<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>Chinese government<div style="display:inline-block;width:7px"> </div>new taxes<div style="display:inline-block;width:7px"> </div>or other<div style="display:inline-block;width:7px"> </div>fees.<div style="display:inline-block;width:6px"> </div>Applicable laws<div style="display:inline-block;width:7px"> </div>and </div><div id="a15907" style="position:absolute;font-family:'Arial';left:57px;top:247px;">regulations in<div style="display:inline-block;width:3px"> </div>China may<div style="display:inline-block;width:2px"> </div>not be well<div style="display:inline-block;width:2px"> </div>publicized and<div style="display:inline-block;width:3px"> </div>may not<div style="display:inline-block;width:3px"> </div>be known<div style="display:inline-block;width:3px"> </div>to us<div style="display:inline-block;width:3px"> </div>or to our<div style="display:inline-block;width:2px"> </div>charterers in<div style="display:inline-block;width:3px"> </div>advance </div><div id="a15949" style="position:absolute;font-family:'Arial';left:57px;top:263px;">of us<div style="display:inline-block;width:7px"> </div>or our<div style="display:inline-block;width:6px"> </div>charterers becoming<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>them, and<div style="display:inline-block;width:6px"> </div>the implementation<div style="display:inline-block;width:6px"> </div>of such<div style="display:inline-block;width:6px"> </div>laws and<div style="display:inline-block;width:6px"> </div>regulations </div><div id="a15983" style="position:absolute;font-family:'Arial';left:57px;top:280px;">may be<div style="display:inline-block;width:6px"> </div>inconsistent. Changes in<div style="display:inline-block;width:6px"> </div>Chinese laws and<div style="display:inline-block;width:6px"> </div>regulations, including with<div style="display:inline-block;width:6px"> </div>regards to<div style="display:inline-block;width:6px"> </div>tax matters, or </div><div id="a16015" style="position:absolute;font-family:'Arial';left:57px;top:297px;">changes<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>implementation<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>local<div style="display:inline-block;width:7px"> </div>authorities<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>chartered<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>Chinese </div><div id="a16045" style="position:absolute;font-family:'Arial';left:57px;top:314px;">customers as well<div style="display:inline-block;width:2px"> </div>as our vessels<div style="display:inline-block;width:2px"> </div>calling to Chinese<div style="display:inline-block;width:2px"> </div>ports and could<div style="display:inline-block;width:2px"> </div>have a material<div style="display:inline-block;width:2px"> </div>adverse impact on<div style="display:inline-block;width:2px"> </div>our </div><div id="a16083" style="position:absolute;font-family:'Arial';left:57px;top:331px;">business, financial condition and results of operations.</div><div id="a16098" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:366px;">Governments could<div style="display:inline-block;width:2px"> </div>requisition our<div style="display:inline-block;width:3px"> </div>vessels during<div style="display:inline-block;width:3px"> </div>a period of<div style="display:inline-block;width:2px"> </div>war or emergency,<div style="display:inline-block;width:2px"> </div>resulting in<div style="display:inline-block;width:2px"> </div>a loss </div><div id="a16130" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:383px;">of earnings. </div><div id="a16135" style="position:absolute;font-family:'Arial';left:57px;top:417px;">A government could<div style="display:inline-block;width:6px"> </div>requisition one or<div style="display:inline-block;width:6px"> </div>more of<div style="display:inline-block;width:5px"> </div>our vessels for<div style="display:inline-block;width:6px"> </div>title or<div style="display:inline-block;width:6px"> </div>for hire.<div style="display:inline-block;width:5px"> </div>Requisition for title<div style="display:inline-block;width:6px"> </div>occurs </div><div id="a16173" style="position:absolute;font-family:'Arial';left:57px;top:434px;">when<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>government takes<div style="display:inline-block;width:6px"> </div>control of<div style="display:inline-block;width:7px"> </div>a vessel<div style="display:inline-block;width:7px"> </div>and becomes<div style="display:inline-block;width:7px"> </div>her<div style="display:inline-block;width:5px"> </div>owner,<div style="display:inline-block;width:6px"> </div>while requisition<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:6px"> </div>hire occurs </div><div id="a16207" style="position:absolute;font-family:'Arial';left:57px;top:451px;">when<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>government takes<div style="display:inline-block;width:7px"> </div>control<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel and<div style="display:inline-block;width:7px"> </div>effectively<div style="display:inline-block;width:6px"> </div>becomes her<div style="display:inline-block;width:7px"> </div>charterer<div style="display:inline-block;width:5px"> </div>at<div style="display:inline-block;width:5px"> </div>dictated charter </div><div id="a16239" style="position:absolute;font-family:'Arial';left:57px;top:468px;">rates. Generally, requisitions occur<div style="display:inline-block;width:6px"> </div>during periods of war or emergency,<div style="display:inline-block;width:6px"> </div>although governments may elect </div><div id="a16267" style="position:absolute;font-family:'Arial';left:57px;top:485px;">to requisition vessels in other circumstances. Although we would be entitled to compensation in the event </div><div id="a16299" style="position:absolute;font-family:'Arial';left:57px;top:502px;">of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>requisition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>timing<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>payment<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>uncertain. </div><div id="a16337" style="position:absolute;font-family:'Arial';left:57px;top:519px;">Although<div style="display:inline-block;width:6px"> </div>none<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>requisitioned by<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>government<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>title<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>hire,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Government </div><div id="a16371" style="position:absolute;font-family:'Arial';left:57px;top:535px;">requisition of<div style="display:inline-block;width:6px"> </div>one or more<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:5px"> </div>vessels may negatively<div style="display:inline-block;width:6px"> </div>impact our revenues<div style="display:inline-block;width:6px"> </div>and reduce the<div style="display:inline-block;width:6px"> </div>amount of </div><div id="a16407" style="position:absolute;font-family:'Arial';left:57px;top:552px;">cash we<div style="display:inline-block;width:6px"> </div>may have<div style="display:inline-block;width:6px"> </div>available for<div style="display:inline-block;width:6px"> </div>distribution as<div style="display:inline-block;width:6px"> </div>dividends to<div style="display:inline-block;width:6px"> </div>our shareholders,<div style="display:inline-block;width:6px"> </div>if any<div style="display:inline-block;width:6px"> </div>such dividends<div style="display:inline-block;width:6px"> </div>are </div><div id="a16441" style="position:absolute;font-family:'Arial';left:57px;top:569px;">declared.</div><div id="a16444" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:604px;">Failure<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>comply<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>Foreign<div style="display:inline-block;width:7px"> </div>Corrupt<div style="display:inline-block;width:7px"> </div>Practices<div style="display:inline-block;width:8px"> </div>Act<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>result<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>fines,<div style="display:inline-block;width:8px"> </div>criminal </div><div id="a16474" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:621px;">penalties and an adverse effect on our business. </div><div id="a16491" style="position:absolute;font-family:'Arial';left:57px;top:655px;">We may<div style="display:inline-block;width:6px"> </div>operate in a<div style="display:inline-block;width:6px"> </div>number of countries<div style="display:inline-block;width:6px"> </div>throughout the world,<div style="display:inline-block;width:6px"> </div>including countries suspected<div style="display:inline-block;width:6px"> </div>to have<div style="display:inline-block;width:5px"> </div>a </div><div id="a16525" style="position:absolute;font-family:'Arial';left:57px;top:672px;">risk of corruption. We are committed to doing business in accordance with applicable anti-corruption laws </div><div id="a16557" style="position:absolute;font-family:'Arial';left:57px;top:689px;">and have adopted measures<div style="display:inline-block;width:6px"> </div>designed to ensure compliance<div style="display:inline-block;width:5px"> </div>with the U.S. Foreign<div style="display:inline-block;width:6px"> </div>Corrupt Practices Act </div><div id="a16587" style="position:absolute;font-family:'Arial';left:57px;top:706px;">of 1977, as<div style="display:inline-block;width:6px"> </div>amended (the “FCPA”).<div style="display:inline-block;width:6px"> </div>We are<div style="display:inline-block;width:5px"> </div>subject, however,<div style="display:inline-block;width:5px"> </div>to the risk<div style="display:inline-block;width:6px"> </div>that we, our<div style="display:inline-block;width:6px"> </div>affiliated entities or </div><div id="a16625" style="position:absolute;font-family:'Arial';left:57px;top:723px;">their respective officers, directors,<div style="display:inline-block;width:2px"> </div>employees and agents<div style="display:inline-block;width:2px"> </div>may take actions<div style="display:inline-block;width:3px"> </div>determined to be<div style="display:inline-block;width:3px"> </div>in violation of </div><div id="a16657" style="position:absolute;font-family:'Arial';left:57px;top:740px;">such<div style="display:inline-block;width:8px"> </div>anti-corruption<div style="display:inline-block;width:8px"> </div>laws,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>FCPA.<div style="display:inline-block;width:9px"> </div>Any<div style="display:inline-block;width:8px"> </div>such<div style="display:inline-block;width:8px"> </div>violation<div style="display:inline-block;width:8px"> </div>could<div style="display:inline-block;width:8px"> </div>result<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>substantial<div style="display:inline-block;width:8px"> </div>fines, </div><div id="a16687" style="position:absolute;font-family:'Arial';left:57px;top:757px;">sanctions,<div style="display:inline-block;width:7px"> </div>civil<div style="display:inline-block;width:7px"> </div>and/or<div style="display:inline-block;width:7px"> </div>criminal<div style="display:inline-block;width:7px"> </div>penalties,<div style="display:inline-block;width:7px"> </div>curtailment<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>operations<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>jurisdictions,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>might </div><div id="a16713" style="position:absolute;font-family:'Arial';left:57px;top:774px;">adversely affect our business,<div style="display:inline-block;width:3px"> </div>earnings or financial<div style="display:inline-block;width:3px"> </div>condition. In addition,<div style="display:inline-block;width:3px"> </div>actual or alleged violations<div style="display:inline-block;width:2px"> </div>could </div><div id="a16743" style="position:absolute;font-family:'Arial';left:57px;top:791px;">damage<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>reputation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>ability<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>business.<div style="display:inline-block;width:6px"> </div>Furthermore,<div style="display:inline-block;width:6px"> </div>detecting,<div style="display:inline-block;width:6px"> </div>investigating,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>resolving </div><div id="a16769" style="position:absolute;font-family:'Arial';left:57px;top:807px;">actual<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>alleged<div style="display:inline-block;width:6px"> </div>violations<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>expensive<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:6px"> </div>consume<div style="display:inline-block;width:6px"> </div>significant<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>attention<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>senior </div><div id="a16801" style="position:absolute;font-family:'Arial';left:57px;top:824px;">management.</div><div id="a16804" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:859px;">Changing laws and<div style="display:inline-block;width:3px"> </div>evolving reporting requirements<div style="display:inline-block;width:2px"> </div>could have an<div style="display:inline-block;width:3px"> </div>adverse effect on<div style="display:inline-block;width:3px"> </div>our business. </div><div id="a16833" style="position:absolute;font-family:'Arial';left:57px;top:894px;">Changing laws,<div style="display:inline-block;width:2px"> </div>regulations and<div style="display:inline-block;width:2px"> </div>standards relating<div style="display:inline-block;width:2px"> </div>to reporting<div style="display:inline-block;width:2px"> </div>requirements, including<div style="display:inline-block;width:2px"> </div>the European<div style="display:inline-block;width:2px"> </div>Union </div><div id="a16859" style="position:absolute;font-family:'Arial';left:57px;top:911px;">General Data Protection Regulation, or GDPR, may create additional<div style="display:inline-block;width:3px"> </div>compliance requirements for us.</div></div>
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<div id="a16888" style="position:absolute;font-family:'Arial';left:390px;top:992px;">22 </div><div id="a16890" style="position:absolute;font-family:'Arial';left:57px;top:76px;">GDPR broadens the<div style="display:inline-block;width:6px"> </div>scope of personal<div style="display:inline-block;width:6px"> </div>privacy laws to<div style="display:inline-block;width:6px"> </div>protect the rights<div style="display:inline-block;width:6px"> </div>of European Union<div style="display:inline-block;width:6px"> </div>citizens and </div><div id="a16924" style="position:absolute;font-family:'Arial';left:57px;top:93px;">requires organizations to<div style="display:inline-block;width:6px"> </div>report data<div style="display:inline-block;width:5px"> </div>breaches within 72<div style="display:inline-block;width:6px"> </div>hours and be<div style="display:inline-block;width:6px"> </div>bound by more<div style="display:inline-block;width:6px"> </div>stringent rules for </div><div id="a16958" style="position:absolute;font-family:'Arial';left:57px;top:110px;">obtaining<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>consent<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>individuals<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>how<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>data<div style="display:inline-block;width:7px"> </div>can<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>used.<div style="display:inline-block;width:7px"> </div>GDPR<div style="display:inline-block;width:7px"> </div>applies<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>companies </div><div id="a16992" style="position:absolute;font-family:'Arial';left:57px;top:126px;">processing and holding the personal<div style="display:inline-block;width:3px"> </div>data of data subjects residing<div style="display:inline-block;width:3px"> </div>in the EU, regardless of<div style="display:inline-block;width:3px"> </div>the company’s </div><div id="a17026" style="position:absolute;font-family:'Arial';left:57px;top:143px;">location.<div style="display:inline-block;width:7px"> </div>GDPR<div style="display:inline-block;width:8px"> </div>became<div style="display:inline-block;width:7px"> </div>enforceable<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>May<div style="display:inline-block;width:8px"> </div>25,<div style="display:inline-block;width:8px"> </div>2018<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>non-compliance<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>expose<div style="display:inline-block;width:7px"> </div>entities<div style="display:inline-block;width:7px"> </div>to </div><div id="a17056" style="position:absolute;font-family:'Arial';left:57px;top:160px;">significant fines or<div style="display:inline-block;width:6px"> </div>other regulatory claims<div style="display:inline-block;width:6px"> </div>which could have<div style="display:inline-block;width:6px"> </div>an adverse effect<div style="display:inline-block;width:6px"> </div>on our<div style="display:inline-block;width:6px"> </div>business, financial </div><div id="a17088" style="position:absolute;font-family:'Arial';left:57px;top:177px;">condition, and operations.</div><div id="a17095" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:211px;">Company Specific Risk Factors </div><div id="a17098" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:246px;">The market values of our vessels could decline,<div style="display:inline-block;width:3px"> </div>which could limit the amount of funds<div style="display:inline-block;width:3px"> </div>that we can </div><div id="a17102" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:263px;">borrow and<div style="display:inline-block;width:6px"> </div>could trigger<div style="display:inline-block;width:6px"> </div>breaches of<div style="display:inline-block;width:6px"> </div>certain financial<div style="display:inline-block;width:6px"> </div>covenants contained<div style="display:inline-block;width:5px"> </div>in our<div style="display:inline-block;width:6px"> </div>loan facilities, </div><div id="a17103" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:280px;">which<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>results,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>incur<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>loss<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>sell<div style="display:inline-block;width:6px"> </div>vessels </div><div id="a17104" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:297px;">following a decline in their market values. </div><div id="a17108" style="position:absolute;font-family:'Arial';left:57px;top:330px;">While the<div style="display:inline-block;width:6px"> </div>market values<div style="display:inline-block;width:6px"> </div>of vessels<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>freight charter<div style="display:inline-block;width:6px"> </div>market have<div style="display:inline-block;width:6px"> </div>a very<div style="display:inline-block;width:6px"> </div>close relationship<div style="display:inline-block;width:6px"> </div>as the </div><div id="a17109" style="position:absolute;font-family:'Arial';left:57px;top:347px;">charter market<div style="display:inline-block;width:2px"> </div>moves from<div style="display:inline-block;width:2px"> </div>trough to<div style="display:inline-block;width:2px"> </div>peak, the<div style="display:inline-block;width:2px"> </div>time lag<div style="display:inline-block;width:2px"> </div>between the<div style="display:inline-block;width:2px"> </div>effect of<div style="display:inline-block;width:2px"> </div>charter rates<div style="display:inline-block;width:2px"> </div>on market<div style="display:inline-block;width:2px"> </div>values </div><div id="a17111" style="position:absolute;font-family:'Arial';left:57px;top:364px;">of ships can vary. </div><div id="a17114" style="position:absolute;font-family:'Arial';left:57px;top:398px;">The market<div style="display:inline-block;width:6px"> </div>values of<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>have generally<div style="display:inline-block;width:6px"> </div>experienced high<div style="display:inline-block;width:6px"> </div>volatility,<div style="display:inline-block;width:6px"> </div>and you<div style="display:inline-block;width:6px"> </div>should expect<div style="display:inline-block;width:6px"> </div>the </div><div id="a17115" style="position:absolute;font-family:'Arial';left:57px;top:415px;">market values of our vessels to fluctuate depending on a number of<div style="display:inline-block;width:3px"> </div>factors including: </div><div id="a17118" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:455px;">●</div><div id="a17120" style="position:absolute;font-family:'Arial';left:104px;top:448px;">the prevailing level of charter hire rates; </div><div id="a17123" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:488px;">●</div><div id="a17125" style="position:absolute;font-family:'Arial';left:104px;top:482px;">general economic and market conditions affecting the shipping industry; </div><div id="a17128" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:522px;">●</div><div id="a17130" style="position:absolute;font-family:'Arial';left:104px;top:516px;">competition from other shipping companies and other modes<div style="display:inline-block;width:3px"> </div>of transportation; </div><div id="a17133" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:556px;">●</div><div id="a17135" style="position:absolute;font-family:'Arial';left:104px;top:550px;">the types, sizes and ages of vessels; </div><div id="a17138" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:590px;">●</div><div id="a17140" style="position:absolute;font-family:'Arial';left:104px;top:583px;">the supply of and demand for vessels; </div><div id="a17143" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:623px;">●</div><div id="a17145" style="position:absolute;font-family:'Arial';left:104px;top:617px;">scrap values; </div><div id="a17148" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:657px;">●</div><div id="a17150" style="position:absolute;font-family:'Arial';left:104px;top:651px;">applicable governmental or other regulations; </div><div id="a17153" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:691px;">●</div><div id="a17155" style="position:absolute;font-family:'Arial';left:104px;top:685px;">technological advances;<div style="display:inline-block;width:4px"> </div></div><div id="a17158" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:725px;">●</div><div id="a17160" style="position:absolute;font-family:'Arial';left:104px;top:718px;">the need<div style="display:inline-block;width:2px"> </div>to upgrade<div style="display:inline-block;width:2px"> </div>vessels as<div style="display:inline-block;width:2px"> </div>a result<div style="display:inline-block;width:2px"> </div>of charterer<div style="display:inline-block;width:2px"> </div>requirements, technological<div style="display:inline-block;width:2px"> </div>advances in<div style="display:inline-block;width:2px"> </div>vessel </div><div id="a17192" style="position:absolute;font-family:'Arial';left:104px;top:735px;">design or equipment or otherwise; and </div><div id="a17205" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:775px;">●</div><div id="a17207" style="position:absolute;font-family:'Arial';left:104px;top:769px;">the cost of newbuildings. </div><div id="a17209" style="position:absolute;font-family:'Arial';left:105px;top:786px;"><div style="display:inline-block;width:166px"> </div></div><div id="a17211" style="position:absolute;font-family:'Arial';left:57px;top:803px;">In<div style="display:inline-block;width:6px"> </div>addition,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>grow<div style="display:inline-block;width:6px"> </div>older,<div style="display:inline-block;width:7px"> </div>they<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>decline<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>value.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>values<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels </div><div id="a17216" style="position:absolute;font-family:'Arial';left:57px;top:820px;">decline, we may<div style="display:inline-block;width:6px"> </div>not be in<div style="display:inline-block;width:6px"> </div>compliance with certain<div style="display:inline-block;width:6px"> </div>covenants contained in our<div style="display:inline-block;width:6px"> </div>loan facilities and<div style="display:inline-block;width:5px"> </div>we may </div><div id="a17217" style="position:absolute;font-family:'Arial';left:57px;top:836px;">not be able to refinance our<div style="display:inline-block;width:6px"> </div>debt or obtain additional financing or incur<div style="display:inline-block;width:6px"> </div>debt on terms that are acceptable </div><div id="a17218" style="position:absolute;font-family:'Arial';left:57px;top:853px;">to<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>all.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>compliance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>covenants<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>loan </div><div id="a17223" style="position:absolute;font-family:'Arial';left:57px;top:870px;">facilities. If<div style="display:inline-block;width:2px"> </div>we are<div style="display:inline-block;width:2px"> </div>not able<div style="display:inline-block;width:2px"> </div>to comply<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:2px"> </div>covenants in<div style="display:inline-block;width:2px"> </div>our loan<div style="display:inline-block;width:2px"> </div>facilities or<div style="display:inline-block;width:2px"> </div>are unable<div style="display:inline-block;width:2px"> </div>to obtain<div style="display:inline-block;width:2px"> </div>waivers </div><div id="a17224" style="position:absolute;font-family:'Arial';left:57px;top:887px;">or<div style="display:inline-block;width:7px"> </div>amendments<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>otherwise<div style="display:inline-block;width:6px"> </div>remedy<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>relevant<div style="display:inline-block;width:7px"> </div>breach,<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>lenders<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:7px"> </div>accelerate<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:7px"> </div>debt<div style="display:inline-block;width:7px"> </div>and </div><div id="a17226" style="position:absolute;font-family:'Arial';left:57px;top:904px;">foreclose on our vessels.<div style="display:inline-block;width:3px"> </div></div><div id="a17229" style="position:absolute;font-family:'Arial';left:57px;top:938px;">Furthermore, if<div style="display:inline-block;width:2px"> </div>we sell<div style="display:inline-block;width:2px"> </div>any of<div style="display:inline-block;width:2px"> </div>our owned<div style="display:inline-block;width:2px"> </div>vessels at<div style="display:inline-block;width:2px"> </div>a time<div style="display:inline-block;width:2px"> </div>when prices<div style="display:inline-block;width:2px"> </div>are depressed,<div style="display:inline-block;width:2px"> </div>our business,<div style="display:inline-block;width:2px"> </div>results </div><div id="a17230" style="position:absolute;font-family:'Arial';left:57px;top:954px;">of operations, cash flow and financial condition<div style="display:inline-block;width:6px"> </div>could be adversely affected. Moreover,<div style="display:inline-block;width:6px"> </div>if we sell a vessel </div></div>
</div>
<div style="padding: 7px">
<div id="Page23" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a17233" style="position:absolute;font-family:'Arial';left:390px;top:992px;">23 </div><div id="a17235" style="position:absolute;font-family:'Arial';left:57px;top:76px;">at a time when vessel prices have fallen, the sale may be at less than the vessel's carrying amount in our </div><div id="a17236" style="position:absolute;font-family:'Arial';left:57px;top:93px;">financial statements, resulting<div style="display:inline-block;width:6px"> </div>in a<div style="display:inline-block;width:6px"> </div>loss and<div style="display:inline-block;width:6px"> </div>a reduction in<div style="display:inline-block;width:6px"> </div>earnings. In<div style="display:inline-block;width:6px"> </div>addition, if<div style="display:inline-block;width:6px"> </div>vessel values decline, </div><div id="a17237" style="position:absolute;font-family:'Arial';left:57px;top:110px;">we may have to record an impairment adjustment in our financial statements which could<div style="display:inline-block;width:3px"> </div>adversely affect </div><div id="a17239" style="position:absolute;font-family:'Arial';left:57px;top:126px;">our financial<div style="display:inline-block;width:3px"> </div>results.<div style="display:inline-block;width:7px"> </div>Conversely, if vessel<div style="display:inline-block;width:3px"> </div>values are<div style="display:inline-block;width:2px"> </div>elevated at<div style="display:inline-block;width:3px"> </div>a time<div style="display:inline-block;width:3px"> </div>when we<div style="display:inline-block;width:3px"> </div>wish to acquire<div style="display:inline-block;width:2px"> </div>additional </div><div id="a17247" style="position:absolute;font-family:'Arial';left:57px;top:143px;">vessels,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>cost<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>acquisition<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>increase<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>business,<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:7px"> </div>of </div><div id="a17250" style="position:absolute;font-family:'Arial';left:57px;top:160px;">operations, cash flow and financial condition.<div style="display:inline-block;width:7px"> </div></div><div id="a17254" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:194px;">We charter<div style="display:inline-block;width:6px"> </div>some of<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>on short-term time<div style="display:inline-block;width:6px"> </div>charters in<div style="display:inline-block;width:6px"> </div>a volatile<div style="display:inline-block;width:5px"> </div>shipping industry and<div style="display:inline-block;width:6px"> </div>a </div><div id="a17257" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:211px;">decline in charter hire rates could affect our results of operations and our ability to<div style="display:inline-block;width:3px"> </div>pay dividends. </div><div id="a17261" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Although significant exposure to<div style="display:inline-block;width:6px"> </div>short-term time charters is<div style="display:inline-block;width:6px"> </div>not unusual in the<div style="display:inline-block;width:6px"> </div>dry bulk shipping industry, </div><div id="a17264" style="position:absolute;font-family:'Arial';left:57px;top:261px;">the short-term<div style="display:inline-block;width:6px"> </div>time charter<div style="display:inline-block;width:6px"> </div>market is<div style="display:inline-block;width:6px"> </div>highly competitive<div style="display:inline-block;width:6px"> </div>and spot<div style="display:inline-block;width:6px"> </div>market charter<div style="display:inline-block;width:6px"> </div>hire rates<div style="display:inline-block;width:6px"> </div>(which affect </div><div id="a17267" style="position:absolute;font-family:'Arial';left:57px;top:278px;">time charter<div style="display:inline-block;width:2px"> </div>rates) may<div style="display:inline-block;width:2px"> </div>fluctuate significantly<div style="display:inline-block;width:2px"> </div>based upon<div style="display:inline-block;width:2px"> </div>available charters<div style="display:inline-block;width:2px"> </div>and the<div style="display:inline-block;width:2px"> </div>supply of,<div style="display:inline-block;width:2px"> </div>and demand </div><div id="a17269" style="position:absolute;font-family:'Arial';left:57px;top:295px;">for,<div style="display:inline-block;width:7px"> </div>seaborne<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>capacity.<div style="display:inline-block;width:7px"> </div>While<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>short-term<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>enable<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>benefit<div style="display:inline-block;width:6px"> </div>in </div><div id="a17272" style="position:absolute;font-family:'Arial';left:57px;top:312px;">periods<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>increasing charter<div style="display:inline-block;width:7px"> </div>hire<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>must<div style="display:inline-block;width:6px"> </div>consistently<div style="display:inline-block;width:5px"> </div>renew<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>charters<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>dependence </div><div id="a17274" style="position:absolute;font-family:'Arial';left:57px;top:329px;">makes us<div style="display:inline-block;width:6px"> </div>vulnerable to<div style="display:inline-block;width:6px"> </div>declining charter<div style="display:inline-block;width:6px"> </div>rates. As<div style="display:inline-block;width:6px"> </div>a result<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>volatility in<div style="display:inline-block;width:6px"> </div>the dry<div style="display:inline-block;width:6px"> </div>bulk carrier<div style="display:inline-block;width:6px"> </div>charter </div><div id="a17275" style="position:absolute;font-family:'Arial';left:57px;top:346px;">market, we may<div style="display:inline-block;width:6px"> </div>not be able<div style="display:inline-block;width:6px"> </div>to employ our<div style="display:inline-block;width:6px"> </div>vessels upon the<div style="display:inline-block;width:6px"> </div>termination of their<div style="display:inline-block;width:5px"> </div>existing charters at their </div><div id="a17276" style="position:absolute;font-family:'Arial';left:57px;top:363px;">current charter hire rates<div style="display:inline-block;width:6px"> </div>or at all.<div style="display:inline-block;width:6px"> </div>The dry bulk<div style="display:inline-block;width:6px"> </div>carrier charter market is<div style="display:inline-block;width:6px"> </div>volatile, and since<div style="display:inline-block;width:5px"> </div>the beginning </div><div id="a17281" style="position:absolute;font-family:'Arial';left:57px;top:379px;">of 2025, short-term time charter and spot market charter rates for some dry bulk carriers have declined at </div><div id="a17289" style="position:absolute;font-family:'Arial';left:57px;top:396px;">or<div style="display:inline-block;width:6px"> </div>below<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:5px"> </div>costs<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>those<div style="display:inline-block;width:6px"> </div>vessels. We<div style="display:inline-block;width:7px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure you<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>will </div><div id="a17291" style="position:absolute;font-family:'Arial';left:57px;top:413px;">enable us to operate our vessels profitably, or to pay dividends.<div style="display:inline-block;width:4px"> </div></div><div id="a17294" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:447px;">Rising crew costs could adversely affect our results of operations.<div style="display:inline-block;width:3px"> </div></div><div id="a17297" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Due to an increase in the size of the global shipping fleet, the limited supply of<div style="display:inline-block;width:5px"> </div>and increased demand for </div><div id="a17298" style="position:absolute;font-family:'Arial';left:57px;top:498px;">crew<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>created<div style="display:inline-block;width:7px"> </div>upward<div style="display:inline-block;width:7px"> </div>pressure<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>crew<div style="display:inline-block;width:7px"> </div>costs.<div style="display:inline-block;width:7px"> </div>Additionally,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:7px"> </div>return<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>number<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Ukrainian </div><div id="a17300" style="position:absolute;font-family:'Arial';left:57px;top:514px;">seafarers to<div style="display:inline-block;width:5px"> </div>their homes as<div style="display:inline-block;width:6px"> </div>a result<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>ongoing war in<div style="display:inline-block;width:6px"> </div>Ukraine has<div style="display:inline-block;width:5px"> </div>reduced the number<div style="display:inline-block;width:6px"> </div>of seafarers </div><div id="a17301" style="position:absolute;font-family:'Arial';left:57px;top:531px;">globally<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>thereby<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>pressure<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>crew<div style="display:inline-block;width:7px"> </div>wages.<div style="display:inline-block;width:7px"> </div>Continued<div style="display:inline-block;width:7px"> </div>higher<div style="display:inline-block;width:7px"> </div>crew<div style="display:inline-block;width:7px"> </div>costs<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>further </div><div id="a17305" style="position:absolute;font-family:'Arial';left:57px;top:548px;">increases in crew costs could adversely affect our results of operations. </div><div id="a17308" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:582px;">Our investment in Diana Wilhelmsen Management Limited may expose<div style="display:inline-block;width:3px"> </div>us to additional risks. </div><div id="a17311" style="position:absolute;font-family:'Arial';left:57px;top:616px;">During<div style="display:inline-block;width:7px"> </div>2015<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>invested<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>50/50<div style="display:inline-block;width:6px"> </div>joint<div style="display:inline-block;width:7px"> </div>venture<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:6px"> </div>Wilhelmsen<div style="display:inline-block;width:6px"> </div>Ship<div style="display:inline-block;width:7px"> </div>Management<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>provides </div><div id="a17312" style="position:absolute;font-family:'Arial';left:57px;top:632px;">management<div style="display:inline-block;width:6px"> </div>services<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>limited<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>affiliated<div style="display:inline-block;width:6px"> </div>companies,<div style="display:inline-block;width:6px"> </div>but<div style="display:inline-block;width:6px"> </div>our </div><div id="a17313" style="position:absolute;font-family:'Arial';left:57px;top:649px;">eventual goal<div style="display:inline-block;width:6px"> </div>is to<div style="display:inline-block;width:6px"> </div>provide fleet<div style="display:inline-block;width:6px"> </div>management services<div style="display:inline-block;width:6px"> </div>to unaffiliated<div style="display:inline-block;width:7px"> </div>third-party vessel<div style="display:inline-block;width:6px"> </div>operators. While </div><div id="a17320" style="position:absolute;font-family:'Arial';left:57px;top:666px;">this joint<div style="display:inline-block;width:6px"> </div>venture may<div style="display:inline-block;width:6px"> </div>provide us<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>future with<div style="display:inline-block;width:6px"> </div>a potential<div style="display:inline-block;width:6px"> </div>revenue source,<div style="display:inline-block;width:6px"> </div>it may<div style="display:inline-block;width:6px"> </div>also expose<div style="display:inline-block;width:6px"> </div>us to </div><div id="a17321" style="position:absolute;font-family:'Arial';left:57px;top:683px;">risks such<div style="display:inline-block;width:5px"> </div>as low<div style="display:inline-block;width:5px"> </div>customer satisfaction, increased<div style="display:inline-block;width:6px"> </div>operating costs compared<div style="display:inline-block;width:6px"> </div>to those we<div style="display:inline-block;width:6px"> </div>would achieve </div><div id="a17322" style="position:absolute;font-family:'Arial';left:57px;top:700px;">for our<div style="display:inline-block;width:6px"> </div>vessels, and<div style="display:inline-block;width:6px"> </div>inability to<div style="display:inline-block;width:6px"> </div>adequately staff<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>with crew<div style="display:inline-block;width:6px"> </div>that meets<div style="display:inline-block;width:6px"> </div>our expectations<div style="display:inline-block;width:6px"> </div>or to </div><div id="a17324" style="position:absolute;font-family:'Arial';left:57px;top:717px;">maintain our vessels according to our standards, which would adversely<div style="display:inline-block;width:3px"> </div>affect our financial condition. </div><div id="a17327" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:751px;">A cyber-attack could materially disrupt our business. </div><div id="a17332" style="position:absolute;font-family:'Arial';left:57px;top:784px;">We<div style="display:inline-block;width:7px"> </div>rely<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>information<div style="display:inline-block;width:6px"> </div>technology<div style="display:inline-block;width:6px"> </div>systems<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>networks<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>operations<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>administration<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>our </div><div id="a17333" style="position:absolute;font-family:'Arial';left:57px;top:801px;">business, including navigation,<div style="display:inline-block;width:5px"> </div>provision of services, propulsion,<div style="display:inline-block;width:6px"> </div>machinery management, power control, </div><div id="a17334" style="position:absolute;font-family:'Arial';left:57px;top:818px;">communications and cargo management. We have in<div style="display:inline-block;width:6px"> </div>place safety and security measures on our<div style="display:inline-block;width:5px"> </div>vessels </div><div id="a17337" style="position:absolute;font-family:'Arial';left:57px;top:835px;">and onshore<div style="display:inline-block;width:6px"> </div>operations to<div style="display:inline-block;width:6px"> </div>protect our<div style="display:inline-block;width:6px"> </div>vessels against<div style="display:inline-block;width:6px"> </div>cyber-security attacks<div style="display:inline-block;width:6px"> </div>and any<div style="display:inline-block;width:6px"> </div>disruption to<div style="display:inline-block;width:6px"> </div>their </div><div id="a17343" style="position:absolute;font-family:'Arial';left:57px;top:852px;">information systems.<div style="display:inline-block;width:10px"> </div>Information systems are<div style="display:inline-block;width:5px"> </div>vulnerable to security<div style="display:inline-block;width:6px"> </div>breaches by computer<div style="display:inline-block;width:6px"> </div>hackers and </div><div id="a17344" style="position:absolute;font-family:'Arial';left:57px;top:869px;">cyber<div style="display:inline-block;width:6px"> </div>terrorists.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>rely<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>industry<div style="display:inline-block;width:6px"> </div>accepted<div style="display:inline-block;width:6px"> </div>security<div style="display:inline-block;width:6px"> </div>measures<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>technology<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>securely<div style="display:inline-block;width:6px"> </div>maintain </div><div id="a17347" style="position:absolute;font-family:'Arial';left:57px;top:885px;">confidential and proprietary<div style="display:inline-block;width:2px"> </div>information maintained on<div style="display:inline-block;width:2px"> </div>our information systems.<div style="display:inline-block;width:2px"> </div>However, these measures </div><div id="a17348" style="position:absolute;font-family:'Arial';left:57px;top:902px;">and technology may not<div style="display:inline-block;width:2px"> </div>adequately prevent security<div style="display:inline-block;width:3px"> </div>breaches. Our business<div style="display:inline-block;width:2px"> </div>operations could be<div style="display:inline-block;width:3px"> </div>targeted </div><div id="a17349" style="position:absolute;font-family:'Arial';left:57px;top:919px;">by individuals or groups seeking to sabotage or<div style="display:inline-block;width:3px"> </div>disrupt our information technology<div style="display:inline-block;width:3px"> </div>systems and networks, </div><div id="a17351" style="position:absolute;font-family:'Arial';left:57px;top:936px;">or to<div style="display:inline-block;width:5px"> </div>steal data. A<div style="display:inline-block;width:6px"> </div>successful cyber-attack could materially<div style="display:inline-block;width:6px"> </div>disrupt our operations,<div style="display:inline-block;width:6px"> </div>including the safety<div style="display:inline-block;width:6px"> </div>of </div><div id="a17354" style="position:absolute;font-family:'Arial';left:57px;top:953px;">our operations, or<div style="display:inline-block;width:6px"> </div>lead to unauthorized release<div style="display:inline-block;width:6px"> </div>of information or<div style="display:inline-block;width:6px"> </div>alteration of information<div style="display:inline-block;width:5px"> </div>in our systems. </div></div>
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<div id="a17358" style="position:absolute;font-family:'Arial';left:390px;top:992px;">24 </div><div id="a17360" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Any<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>attack<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>breach<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>information<div style="display:inline-block;width:5px"> </div>technology<div style="display:inline-block;width:6px"> </div>systems could<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>adverse </div><div id="a17361" style="position:absolute;font-family:'Arial';left:57px;top:93px;">effect on our<div style="display:inline-block;width:6px"> </div>business and results of<div style="display:inline-block;width:6px"> </div>operations. In addition, the<div style="display:inline-block;width:6px"> </div>unavailability of the information systems </div><div id="a17362" style="position:absolute;font-family:'Arial';left:57px;top:110px;">or the<div style="display:inline-block;width:7px"> </div>failure of<div style="display:inline-block;width:6px"> </div>these systems<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>perform as<div style="display:inline-block;width:6px"> </div>anticipated for<div style="display:inline-block;width:6px"> </div>any reason<div style="display:inline-block;width:6px"> </div>could disrupt<div style="display:inline-block;width:6px"> </div>our business<div style="display:inline-block;width:6px"> </div>and </div><div id="a17364" style="position:absolute;font-family:'Arial';left:57px;top:126px;">could result in decreased<div style="display:inline-block;width:2px"> </div>performance and increased<div style="display:inline-block;width:3px"> </div>operating costs, causing<div style="display:inline-block;width:3px"> </div>our business and results<div style="display:inline-block;width:3px"> </div>of </div><div id="a17365" style="position:absolute;font-family:'Arial';left:57px;top:143px;">operations to<div style="display:inline-block;width:7px"> </div>suffer.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>do not<div style="display:inline-block;width:7px"> </div>maintain cyber-liability<div style="display:inline-block;width:6px"> </div>insurance at<div style="display:inline-block;width:7px"> </div>this time<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>cover such<div style="display:inline-block;width:7px"> </div>losses. Any </div><div id="a17369" style="position:absolute;font-family:'Arial';left:57px;top:160px;">significant<div style="display:inline-block;width:6px"> </div>interruption<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>failure<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>information<div style="display:inline-block;width:6px"> </div>systems<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>significant<div style="display:inline-block;width:6px"> </div>breach<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>security<div style="display:inline-block;width:6px"> </div>could </div><div id="a17370" style="position:absolute;font-family:'Arial';left:57px;top:177px;">adversely affect<div style="display:inline-block;width:6px"> </div>our business<div style="display:inline-block;width:5px"> </div>and results<div style="display:inline-block;width:6px"> </div>of operations.<div style="display:inline-block;width:5px"> </div>We have<div style="display:inline-block;width:6px"> </div>taken extensive measures<div style="display:inline-block;width:6px"> </div>to enhance </div><div id="a17373" style="position:absolute;font-family:'Arial';left:57px;top:194px;">our<div style="display:inline-block;width:10px"> </div>security<div style="display:inline-block;width:10px"> </div>infrastructure,<div style="display:inline-block;width:10px"> </div>reform<div style="display:inline-block;width:10px"> </div>network<div style="display:inline-block;width:10px"> </div>architecture,<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>implement<div style="display:inline-block;width:10px"> </div>rigorous<div style="display:inline-block;width:10px"> </div>security<div style="display:inline-block;width:10px"> </div>policies, </div><div id="a17374" style="position:absolute;font-family:'Arial';left:57px;top:211px;">culminating<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>ISO<div style="display:inline-block;width:8px"> </div>27001<div style="display:inline-block;width:8px"> </div>certification.<div style="display:inline-block;width:8px"> </div>Key<div style="display:inline-block;width:8px"> </div>initiatives<div style="display:inline-block;width:8px"> </div>include<div style="display:inline-block;width:8px"> </div>establishing<div style="display:inline-block;width:8px"> </div>security<div style="display:inline-block;width:8px"> </div>testing,<div style="display:inline-block;width:8px"> </div>business </div><div id="a17378" style="position:absolute;font-family:'Arial';left:57px;top:228px;">continuity,<div style="display:inline-block;width:7px"> </div>disaster<div style="display:inline-block;width:6px"> </div>recovery,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>incident<div style="display:inline-block;width:6px"> </div>response<div style="display:inline-block;width:6px"> </div>programs,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>well<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>developing<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>robust<div style="display:inline-block;width:6px"> </div>security </div><div id="a17379" style="position:absolute;font-family:'Arial';left:57px;top:245px;">awareness<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>training<div style="display:inline-block;width:6px"> </div>program<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>enhance<div style="display:inline-block;width:6px"> </div>employee<div style="display:inline-block;width:6px"> </div>vigilance<div style="display:inline-block;width:6px"> </div>against<div style="display:inline-block;width:6px"> </div>cyber<div style="display:inline-block;width:6px"> </div>threats.<div style="display:inline-block;width:6px"> </div>Despite<div style="display:inline-block;width:6px"> </div>these </div><div id="a17381" style="position:absolute;font-family:'Arial';left:57px;top:261px;">improvements<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>successfully<div style="display:inline-block;width:6px"> </div>thwart<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>attacks<div style="display:inline-block;width:6px"> </div>with </div><div id="a17382" style="position:absolute;font-family:'Arial';left:57px;top:278px;">causing material and adverse effect on our business. </div><div id="a17385" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Moreover, our risk of cyber-attacks and other sources of security breaches<div style="display:inline-block;width:2px"> </div>and incidents may be elevated </div><div id="a17388" style="position:absolute;font-family:'Arial';left:57px;top:329px;">as<div style="display:inline-block;width:6px"> </div>a result<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>ongoing conflicts<div style="display:inline-block;width:7px"> </div>between Russia<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Ukraine. and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Israel-Hamas conflict.<div style="display:inline-block;width:6px"> </div>To<div style="display:inline-block;width:7px"> </div>the </div><div id="a17391" style="position:absolute;font-family:'Arial';left:57px;top:346px;">extent<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>attacks<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>collateral<div style="display:inline-block;width:6px"> </div>effects<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>global<div style="display:inline-block;width:6px"> </div>critical<div style="display:inline-block;width:6px"> </div>infrastructure<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>institutions,<div style="display:inline-block;width:6px"> </div>such </div><div id="a17393" style="position:absolute;font-family:'Arial';left:57px;top:363px;">developments could adversely affect our<div style="display:inline-block;width:3px"> </div>business, operating results and<div style="display:inline-block;width:2px"> </div>financial condition. At this<div style="display:inline-block;width:3px"> </div>time, it </div><div id="a17397" style="position:absolute;font-family:'Arial';left:57px;top:379px;">is difficult to assess the likelihood of such a threat and any potential impact. </div><div id="a17403" style="position:absolute;font-family:'Arial';left:57px;top:413px;">As<div style="display:inline-block;width:6px"> </div>cyberattacks<div style="display:inline-block;width:6px"> </div>become<div style="display:inline-block;width:6px"> </div>increasingly<div style="display:inline-block;width:6px"> </div>sophisticated,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>tools<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>resources<div style="display:inline-block;width:6px"> </div>become<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>readily </div><div id="a17405" style="position:absolute;font-family:'Arial';left:57px;top:430px;">available to<div style="display:inline-block;width:6px"> </div>malicious third<div style="display:inline-block;width:6px"> </div>parties, including<div style="display:inline-block;width:6px"> </div>the risk<div style="display:inline-block;width:7px"> </div>associated with<div style="display:inline-block;width:6px"> </div>the use<div style="display:inline-block;width:7px"> </div>of emerging<div style="display:inline-block;width:6px"> </div>technologies, </div><div id="a17408" style="position:absolute;font-family:'Arial';left:57px;top:447px;">such as<div style="display:inline-block;width:6px"> </div>artificial intelligence and<div style="display:inline-block;width:6px"> </div>quantum computing for<div style="display:inline-block;width:6px"> </div>nefarious purposes, there<div style="display:inline-block;width:6px"> </div>can be no<div style="display:inline-block;width:6px"> </div>guarantee </div><div id="a17411" style="position:absolute;font-family:'Arial';left:57px;top:464px;">that our actions,<div style="display:inline-block;width:2px"> </div>security measures<div style="display:inline-block;width:2px"> </div>and controls<div style="display:inline-block;width:3px"> </div>designed to<div style="display:inline-block;width:3px"> </div>prevent, detect<div style="display:inline-block;width:3px"> </div>or respond<div style="display:inline-block;width:3px"> </div>to intrusion,<div style="display:inline-block;width:3px"> </div>to limit </div><div id="a17414" style="position:absolute;font-family:'Arial';left:57px;top:481px;">access to data,<div style="display:inline-block;width:2px"> </div>to prevent destruction<div style="display:inline-block;width:2px"> </div>or alteration<div style="display:inline-block;width:3px"> </div>of data or<div style="display:inline-block;width:2px"> </div>to limit the<div style="display:inline-block;width:3px"> </div>negative impact<div style="display:inline-block;width:3px"> </div>from such attacks, </div><div id="a17419" style="position:absolute;font-family:'Arial';left:57px;top:498px;">can provide absolute<div style="display:inline-block;width:5px"> </div>security against compromise. Even<div style="display:inline-block;width:6px"> </div>without actual breaches of<div style="display:inline-block;width:6px"> </div>information security, </div><div id="a17426" style="position:absolute;font-family:'Arial';left:57px;top:514px;">protection<div style="display:inline-block;width:6px"> </div>against<div style="display:inline-block;width:6px"> </div>increasingly<div style="display:inline-block;width:5px"> </div>sophisticated<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>prevalent<div style="display:inline-block;width:6px"> </div>cyberattacks may<div style="display:inline-block;width:7px"> </div>result<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>significant<div style="display:inline-block;width:5px"> </div>future </div><div id="a17429" style="position:absolute;font-family:'Arial';left:57px;top:531px;">prevention,<div style="display:inline-block;width:7px"> </div>detection,<div style="display:inline-block;width:7px"> </div>response<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>management<div style="display:inline-block;width:7px"> </div>costs,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>costs,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>deployment<div style="display:inline-block;width:7px"> </div>of </div><div id="a17432" style="position:absolute;font-family:'Arial';left:57px;top:548px;">additional<div style="display:inline-block;width:6px"> </div>cybersecurity<div style="display:inline-block;width:6px"> </div>technologies,<div style="display:inline-block;width:6px"> </div>engaging<div style="display:inline-block;width:6px"> </div>third-party<div style="display:inline-block;width:6px"> </div>experts,<div style="display:inline-block;width:6px"> </div>deploying<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>personnel<div style="display:inline-block;width:6px"> </div>and </div><div id="a17435" style="position:absolute;font-family:'Arial';left:57px;top:565px;">training employees.<div style="display:inline-block;width:6px"> </div>Further,<div style="display:inline-block;width:6px"> </div>as cyber<div style="display:inline-block;width:6px"> </div>threats are<div style="display:inline-block;width:6px"> </div>continually evolving,<div style="display:inline-block;width:6px"> </div>our controls<div style="display:inline-block;width:6px"> </div>and procedures<div style="display:inline-block;width:6px"> </div>may </div><div id="a17439" style="position:absolute;font-family:'Arial';left:57px;top:582px;">become<div style="display:inline-block;width:6px"> </div>inadequate,<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>devote<div style="display:inline-block;width:6px"> </div>additional resources<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>modify<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>enhance<div style="display:inline-block;width:5px"> </div>our </div><div id="a17440" style="position:absolute;font-family:'Arial';left:57px;top:599px;">systems<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>future.<div style="display:inline-block;width:5px"> </div>Such expenses<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:5px"> </div>have a<div style="display:inline-block;width:7px"> </div>material adverse<div style="display:inline-block;width:7px"> </div>effect<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>future<div style="display:inline-block;width:6px"> </div>performance, </div><div id="a17442" style="position:absolute;font-family:'Arial';left:57px;top:616px;">results of operations, cash flows and financial position. </div><div id="a17445" style="position:absolute;font-family:'Arial';left:57px;top:649px;">Further,<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:7px"> </div>July<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>SEC<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>amendments<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>rules<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>cybersecurity<div style="display:inline-block;width:7px"> </div>risk<div style="display:inline-block;width:7px"> </div>management, </div><div id="a17446" style="position:absolute;font-family:'Arial';left:57px;top:666px;">strategy, governance, and<div style="display:inline-block;width:3px"> </div>incident disclosure.<div style="display:inline-block;width:2px"> </div>The amendments<div style="display:inline-block;width:2px"> </div>require us<div style="display:inline-block;width:3px"> </div>to report<div style="display:inline-block;width:3px"> </div>material cybersecurity </div><div id="a17450" style="position:absolute;font-family:'Arial';left:57px;top:683px;">incidents involving our<div style="display:inline-block;width:6px"> </div>information systems and<div style="display:inline-block;width:6px"> </div>periodic reporting regarding our<div style="display:inline-block;width:6px"> </div>policies and procedures </div><div id="a17451" style="position:absolute;font-family:'Arial';left:57px;top:700px;">to identify and manage cybersecurity risks, amongst other disclosures. A<div style="display:inline-block;width:5px"> </div>failure to disclosure could result </div><div id="a17453" style="position:absolute;font-family:'Arial';left:57px;top:717px;">in the<div style="display:inline-block;width:7px"> </div>imposition of<div style="display:inline-block;width:6px"> </div>injunctions, fines<div style="display:inline-block;width:6px"> </div>and other<div style="display:inline-block;width:7px"> </div>penalties by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>SEC. Complying<div style="display:inline-block;width:6px"> </div>with these<div style="display:inline-block;width:7px"> </div>obligations </div><div id="a17454" style="position:absolute;font-family:'Arial';left:57px;top:734px;">could<div style="display:inline-block;width:9px"> </div>cause<div style="display:inline-block;width:9px"> </div>us<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>incur<div style="display:inline-block;width:9px"> </div>substantial<div style="display:inline-block;width:9px"> </div>costs<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>could<div style="display:inline-block;width:9px"> </div>increase<div style="display:inline-block;width:9px"> </div>negative<div style="display:inline-block;width:9px"> </div>publicity<div style="display:inline-block;width:9px"> </div>surrounding<div style="display:inline-block;width:9px"> </div>any </div><div id="a17455" style="position:absolute;font-family:'Arial';left:57px;top:751px;">cybersecurity incident.<div style="display:inline-block;width:6px"> </div>During the<div style="display:inline-block;width:6px"> </div>year ended<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:5px"> </div>2024, we<div style="display:inline-block;width:6px"> </div>did not<div style="display:inline-block;width:6px"> </div>identify any<div style="display:inline-block;width:6px"> </div>cybersecurity </div><div id="a17457" style="position:absolute;font-family:'Arial';left:57px;top:767px;">threats<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>materially<div style="display:inline-block;width:6px"> </div>affected<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>reasonably<div style="display:inline-block;width:6px"> </div>likely<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>materially<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>strategy, </div><div id="a17458" style="position:absolute;font-family:'Arial';left:57px;top:784px;">results of operations, or financial condition. </div><div id="a17461" style="position:absolute;font-family:'Arial';left:57px;top:818px;">For more information on our cybersecurity policies, please see<div style="display:inline-block;width:3px"> </div>“Item 16K. Cybersecurity.” </div><div id="a17465" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:852px;">Climate<div style="display:inline-block;width:9px"> </div>change<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:9px"> </div>greenhouse<div style="display:inline-block;width:9px"> </div>gas<div style="display:inline-block;width:9px"> </div>restrictions<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:9px"> </div>adversely<div style="display:inline-block;width:8px"> </div>impact<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:9px"> </div>operations<div style="display:inline-block;width:8px"> </div>and </div><div id="a17466" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:869px;">markets. </div><div id="a17469" style="position:absolute;font-family:'Arial';left:57px;top:902px;">Due to concern over the risk<div style="display:inline-block;width:6px"> </div>of climate change, a number of<div style="display:inline-block;width:6px"> </div>countries and the IMO have adopted, or<div style="display:inline-block;width:6px"> </div>are </div><div id="a17472" style="position:absolute;font-family:'Arial';left:57px;top:919px;">considering the<div style="display:inline-block;width:3px"> </div>adoption of,<div style="display:inline-block;width:2px"> </div>regulatory frameworks<div style="display:inline-block;width:2px"> </div>to reduce<div style="display:inline-block;width:3px"> </div>greenhouse gas<div style="display:inline-block;width:2px"> </div>emissions. These<div style="display:inline-block;width:2px"> </div>regulatory </div><div id="a17473" style="position:absolute;font-family:'Arial';left:57px;top:936px;">measures<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>include,<div style="display:inline-block;width:7px"> </div>among<div style="display:inline-block;width:7px"> </div>others,<div style="display:inline-block;width:7px"> </div>adoption<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>cap<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:7px"> </div>regimes,<div style="display:inline-block;width:7px"> </div>carbon<div style="display:inline-block;width:7px"> </div>taxes,<div style="display:inline-block;width:7px"> </div>increased </div><div id="a17474" style="position:absolute;font-family:'Arial';left:57px;top:953px;">efficiency<div style="display:inline-block;width:8px"> </div>standards<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>incentives<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>mandates<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>renewable<div style="display:inline-block;width:7px"> </div>energy.<div style="display:inline-block;width:8px"> </div>In<div style="display:inline-block;width:7px"> </div>July<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>nations<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>the </div></div>
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<div id="a17481" style="position:absolute;font-family:'Arial';left:390px;top:992px;">25 </div><div id="a17483" style="position:absolute;font-family:'Arial';left:57px;top:76px;">International Maritime Organization’s<div style="display:inline-block;width:2px"> </div>Marine Environment Protection<div style="display:inline-block;width:2px"> </div>Committee (“MEPC”) 80<div style="display:inline-block;width:3px"> </div>updated the </div><div id="a17487" style="position:absolute;font-family:'Arial';left:57px;top:93px;">initial strategy<div style="display:inline-block;width:6px"> </div>to reduce<div style="display:inline-block;width:6px"> </div>greenhouse gas<div style="display:inline-block;width:6px"> </div>emissions from<div style="display:inline-block;width:6px"> </div>ships. The<div style="display:inline-block;width:6px"> </div>initial strategy<div style="display:inline-block;width:6px"> </div>identifies ―levels<div style="display:inline-block;width:6px"> </div>of </div><div id="a17488" style="position:absolute;font-family:'Arial';left:57px;top:110px;">ambition to reducing greenhouse gas<div style="display:inline-block;width:6px"> </div>emissions, including (1) decreasing the<div style="display:inline-block;width:6px"> </div>carbon intensity from ships </div><div id="a17489" style="position:absolute;font-family:'Arial';left:57px;top:126px;">through implementation<div style="display:inline-block;width:2px"> </div>of further phases<div style="display:inline-block;width:2px"> </div>of the EEDI<div style="display:inline-block;width:2px"> </div>for new ships;<div style="display:inline-block;width:2px"> </div>(2) reducing<div style="display:inline-block;width:3px"> </div>carbon dioxide<div style="display:inline-block;width:3px"> </div>emissions </div><div id="a17491" style="position:absolute;font-family:'Arial';left:57px;top:143px;">per transport<div style="display:inline-block;width:6px"> </div>work, as<div style="display:inline-block;width:6px"> </div>an average<div style="display:inline-block;width:6px"> </div>across international<div style="display:inline-block;width:6px"> </div>shipping, by<div style="display:inline-block;width:6px"> </div>at least<div style="display:inline-block;width:7px"> </div>20% by<div style="display:inline-block;width:6px"> </div>2030, compared<div style="display:inline-block;width:6px"> </div>to </div><div id="a17494" style="position:absolute;font-family:'Arial';left:57px;top:160px;">2008 emission<div style="display:inline-block;width:6px"> </div>levels; and<div style="display:inline-block;width:6px"> </div>(3) reducing<div style="display:inline-block;width:6px"> </div>the total<div style="display:inline-block;width:6px"> </div>annual greenhouse<div style="display:inline-block;width:6px"> </div>emissions by<div style="display:inline-block;width:6px"> </div>at least<div style="display:inline-block;width:6px"> </div>70% by<div style="display:inline-block;width:6px"> </div>2040 </div><div id="a17499" style="position:absolute;font-family:'Arial';left:57px;top:177px;">compared to 2008 while pursuing efforts towards phasing them out entirely. </div><div id="a17502" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Since January<div style="display:inline-block;width:2px"> </div>1, 2020,<div style="display:inline-block;width:2px"> </div>ships have<div style="display:inline-block;width:2px"> </div>to either<div style="display:inline-block;width:2px"> </div>remove sulfur<div style="display:inline-block;width:2px"> </div>from emissions<div style="display:inline-block;width:2px"> </div>or buy<div style="display:inline-block;width:2px"> </div>fuel with<div style="display:inline-block;width:2px"> </div>low sulfur<div style="display:inline-block;width:2px"> </div>content, </div><div id="a17503" style="position:absolute;font-family:'Arial';left:57px;top:228px;">which may lead to<div style="display:inline-block;width:6px"> </div>increased costs and supplementary investments for<div style="display:inline-block;width:6px"> </div>ship owners. The interpretation of </div><div id="a17504" style="position:absolute;font-family:'Arial';left:57px;top:245px;">"fuel<div style="display:inline-block;width:5px"> </div>oil used<div style="display:inline-block;width:6px"> </div>on board"<div style="display:inline-block;width:6px"> </div>includes use<div style="display:inline-block;width:6px"> </div>in main<div style="display:inline-block;width:6px"> </div>engine, auxiliary<div style="display:inline-block;width:6px"> </div>engines and<div style="display:inline-block;width:6px"> </div>boilers. We<div style="display:inline-block;width:7px"> </div>have elected<div style="display:inline-block;width:6px"> </div>to </div><div id="a17508" style="position:absolute;font-family:'Arial';left:57px;top:261px;">comply with this regulation<div style="display:inline-block;width:5px"> </div>by using 0.5% sulfur fuels<div style="display:inline-block;width:6px"> </div>on board, which are<div style="display:inline-block;width:5px"> </div>available around the world but </div><div id="a17510" style="position:absolute;font-family:'Arial';left:57px;top:278px;">often at a higher cost<div style="display:inline-block;width:3px"> </div>and may result in higher<div style="display:inline-block;width:2px"> </div>costs than other companies<div style="display:inline-block;width:3px"> </div>that elected to install scrubbers </div><div id="a17515" style="position:absolute;font-family:'Arial';left:57px;top:295px;">on their vessels. </div><div id="a17518" style="position:absolute;font-family:'Arial';left:57px;top:329px;">In<div style="display:inline-block;width:7px"> </div>addition,<div style="display:inline-block;width:6px"> </div>although<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>emissions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>greenhouse<div style="display:inline-block;width:6px"> </div>gases<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>international<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>currently<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>not </div><div id="a17519" style="position:absolute;font-family:'Arial';left:57px;top:346px;">subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Kyoto<div style="display:inline-block;width:6px"> </div>Protocol<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>Nations<div style="display:inline-block;width:6px"> </div>Framework<div style="display:inline-block;width:6px"> </div>Convention<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>Climate<div style="display:inline-block;width:6px"> </div>Change,<div style="display:inline-block;width:5px"> </div>which </div><div id="a17520" style="position:absolute;font-family:'Arial';left:57px;top:363px;">required adopting countries<div style="display:inline-block;width:5px"> </div>to implement national programs<div style="display:inline-block;width:6px"> </div>to reduce emissions<div style="display:inline-block;width:6px"> </div>of certain gases,<div style="display:inline-block;width:5px"> </div>or the </div><div id="a17522" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Paris<div style="display:inline-block;width:7px"> </div>Agreement<div style="display:inline-block;width:7px"> </div>(discussed<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:7px"> </div>below),<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>new<div style="display:inline-block;width:7px"> </div>treaty<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>future<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>includes </div><div id="a17523" style="position:absolute;font-family:'Arial';left:57px;top:396px;">restrictions on shipping emissions. Compliance with<div style="display:inline-block;width:6px"> </div>changes in laws, regulations and<div style="display:inline-block;width:5px"> </div>obligations relating </div><div id="a17524" style="position:absolute;font-family:'Arial';left:57px;top:413px;">to climate<div style="display:inline-block;width:5px"> </div>change could increase<div style="display:inline-block;width:6px"> </div>our costs related<div style="display:inline-block;width:6px"> </div>to operating<div style="display:inline-block;width:5px"> </div>and maintaining our<div style="display:inline-block;width:6px"> </div>vessels and require </div><div id="a17526" style="position:absolute;font-family:'Arial';left:57px;top:430px;">us<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>install<div style="display:inline-block;width:7px"> </div>new<div style="display:inline-block;width:7px"> </div>emission<div style="display:inline-block;width:7px"> </div>controls,<div style="display:inline-block;width:7px"> </div>acquire<div style="display:inline-block;width:7px"> </div>allowances<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>pay<div style="display:inline-block;width:7px"> </div>taxes<div style="display:inline-block;width:7px"> </div>related<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>greenhouse<div style="display:inline-block;width:7px"> </div>gas </div><div id="a17527" style="position:absolute;font-family:'Arial';left:57px;top:447px;">emissions<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>administer<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>manage<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>greenhouse<div style="display:inline-block;width:6px"> </div>gas<div style="display:inline-block;width:6px"> </div>emissions<div style="display:inline-block;width:6px"> </div>program.<div style="display:inline-block;width:6px"> </div>Revenue<div style="display:inline-block;width:6px"> </div>generation<div style="display:inline-block;width:6px"> </div>and </div><div id="a17529" style="position:absolute;font-family:'Arial';left:57px;top:464px;">strategic growth opportunities may also be adversely affected. </div><div id="a17532" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:498px;">Increasing<div style="display:inline-block;width:11px"> </div>scrutiny<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:11px"> </div>changing<div style="display:inline-block;width:11px"> </div>expectations<div style="display:inline-block;width:10px"> </div>from<div style="display:inline-block;width:10px"> </div>investors,<div style="display:inline-block;width:11px"> </div>lenders<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:11px"> </div>other<div style="display:inline-block;width:10px"> </div>market </div><div id="a17533" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:514px;">participants with respect<div style="display:inline-block;width:6px"> </div>to our ESG<div style="display:inline-block;width:6px"> </div>policies may impose<div style="display:inline-block;width:6px"> </div>additional costs on<div style="display:inline-block;width:6px"> </div>us or<div style="display:inline-block;width:5px"> </div>expose us to </div><div id="a17534" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:531px;">additional risks. </div><div id="a17537" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Companies<div style="display:inline-block;width:7px"> </div>across<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>industries<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>facing<div style="display:inline-block;width:6px"> </div>increasing<div style="display:inline-block;width:6px"> </div>scrutiny<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>ESG<div style="display:inline-block;width:7px"> </div>policies.<div style="display:inline-block;width:6px"> </div>Investor </div><div id="a17539" style="position:absolute;font-family:'Arial';left:57px;top:582px;">advocacy groups,<div style="display:inline-block;width:6px"> </div>certain institutional<div style="display:inline-block;width:6px"> </div>investors, investment<div style="display:inline-block;width:6px"> </div>funds, lenders<div style="display:inline-block;width:6px"> </div>and other<div style="display:inline-block;width:6px"> </div>market participants </div><div id="a17540" style="position:absolute;font-family:'Arial';left:57px;top:599px;">are increasingly focused on ESG practices and in recent years have placed increasing importance on the </div><div id="a17542" style="position:absolute;font-family:'Arial';left:57px;top:616px;">implications and social<div style="display:inline-block;width:2px"> </div>cost of their<div style="display:inline-block;width:2px"> </div>investments. Companies<div style="display:inline-block;width:2px"> </div>which do not<div style="display:inline-block;width:2px"> </div>adapt to or<div style="display:inline-block;width:2px"> </div>comply with investor, </div><div id="a17543" style="position:absolute;font-family:'Arial';left:57px;top:632px;">lender<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>industry<div style="display:inline-block;width:8px"> </div>shareholder<div style="display:inline-block;width:8px"> </div>expectations<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>standards,<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>evolving,<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:8px"> </div>are </div><div id="a17544" style="position:absolute;font-family:'Arial';left:57px;top:649px;">perceived<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>responded<div style="display:inline-block;width:6px"> </div>appropriately<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>growing<div style="display:inline-block;width:6px"> </div>concern<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>ESG<div style="display:inline-block;width:6px"> </div>issues,<div style="display:inline-block;width:6px"> </div>regardless<div style="display:inline-block;width:6px"> </div>of </div><div id="a17546" style="position:absolute;font-family:'Arial';left:57px;top:666px;">whether<div style="display:inline-block;width:6px"> </div>there<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>legal requirement<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>so,<div style="display:inline-block;width:5px"> </div>may<div style="display:inline-block;width:6px"> </div>suffer<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>reputational damage<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>business, </div><div id="a17547" style="position:absolute;font-family:'Arial';left:57px;top:683px;">financial condition, and/or stock price of such a company could<div style="display:inline-block;width:3px"> </div>be materially and adversely affected. </div><div id="a17550" style="position:absolute;font-family:'Arial';left:57px;top:717px;">In<div style="display:inline-block;width:8px"> </div>February<div style="display:inline-block;width:7px"> </div>2021,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>former<div style="display:inline-block;width:7px"> </div>Acting<div style="display:inline-block;width:7px"> </div>Chair<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>SEC<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>statement<div style="display:inline-block;width:7px"> </div>directing<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>Division<div style="display:inline-block;width:7px"> </div>of </div><div id="a17584" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Corporation Finance<div style="display:inline-block;width:6px"> </div>to enhance<div style="display:inline-block;width:7px"> </div>its focus<div style="display:inline-block;width:7px"> </div>on climate-related<div style="display:inline-block;width:6px"> </div>disclosure in<div style="display:inline-block;width:6px"> </div>public company<div style="display:inline-block;width:6px"> </div>filings and<div style="display:inline-block;width:7px"> </div>in </div><div id="a17616" style="position:absolute;font-family:'Arial';left:57px;top:751px;">March<div style="display:inline-block;width:7px"> </div>2021<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>SEC<div style="display:inline-block;width:7px"> </div>announced<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>creation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>Climate<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>ESG<div style="display:inline-block;width:7px"> </div>Task<div style="display:inline-block;width:9px"> </div>Force<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Division<div style="display:inline-block;width:7px"> </div>of </div><div id="a17652" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Enforcement (the “Task Force”). The Task Force’s goal is to<div style="display:inline-block;width:3px"> </div>develop initiatives<div style="display:inline-block;width:3px"> </div>to proactively identify<div style="display:inline-block;width:3px"> </div>ESG-</div><div id="a17684" style="position:absolute;font-family:'Arial';left:57px;top:784px;">related misconduct consistent with increased investor<div style="display:inline-block;width:2px"> </div>reliance on climate and ESG-related disclosure<div style="display:inline-block;width:3px"> </div>and </div><div id="a17712" style="position:absolute;font-family:'Arial';left:57px;top:801px;">investment. </div><div id="a17714" style="position:absolute;font-family:'Arial';left:136px;top:801px;">To </div><div id="a17716" style="position:absolute;font-family:'Arial';left:156px;top:801px;">implement the Task Force’s purpose, the<div style="display:inline-block;width:3px"> </div>SEC has taken<div style="display:inline-block;width:2px"> </div>several enforcement actions,<div style="display:inline-block;width:2px"> </div>with </div><div id="a17742" style="position:absolute;font-family:'Arial';left:57px;top:818px;">the first enforcement<div style="display:inline-block;width:2px"> </div>action taking place<div style="display:inline-block;width:2px"> </div>in May 2022,<div style="display:inline-block;width:3px"> </div>and promulgated new<div style="display:inline-block;width:2px"> </div>rules. On March<div style="display:inline-block;width:3px"> </div>21, 2022, the </div><div id="a17778" style="position:absolute;font-family:'Arial';left:57px;top:835px;">SEC proposed that all<div style="display:inline-block;width:5px"> </div>public companies are to include<div style="display:inline-block;width:6px"> </div>extensive climate-related information in their<div style="display:inline-block;width:6px"> </div>SEC </div><div id="a17810" style="position:absolute;font-family:'Arial';left:57px;top:852px;">filings. On<div style="display:inline-block;width:2px"> </div>May 25,<div style="display:inline-block;width:2px"> </div>2022, SEC<div style="display:inline-block;width:2px"> </div>proposed a<div style="display:inline-block;width:2px"> </div>second set<div style="display:inline-block;width:2px"> </div>of rules<div style="display:inline-block;width:2px"> </div>aiming to<div style="display:inline-block;width:2px"> </div>curb the<div style="display:inline-block;width:2px"> </div>practice of<div style="display:inline-block;width:2px"> </div>"greenwashing" </div><div id="a17848" style="position:absolute;font-family:'Arial';left:57px;top:869px;">(i.e., making<div style="display:inline-block;width:6px"> </div>unfounded claims<div style="display:inline-block;width:6px"> </div>about one's<div style="display:inline-block;width:6px"> </div>ESG efforts)<div style="display:inline-block;width:6px"> </div>and would<div style="display:inline-block;width:6px"> </div>add proposed<div style="display:inline-block;width:6px"> </div>amendments to<div style="display:inline-block;width:6px"> </div>rules </div><div id="a17878" style="position:absolute;font-family:'Arial';left:57px;top:885px;">and reporting<div style="display:inline-block;width:7px"> </div>forms that<div style="display:inline-block;width:7px"> </div>apply to<div style="display:inline-block;width:7px"> </div>registered investment<div style="display:inline-block;width:6px"> </div>companies and<div style="display:inline-block;width:6px"> </div>advisers, advisers<div style="display:inline-block;width:7px"> </div>exempt from </div><div id="a17906" style="position:absolute;font-family:'Arial';left:57px;top:902px;">registration,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>development<div style="display:inline-block;width:6px"> </div>companies. On<div style="display:inline-block;width:7px"> </div>March<div style="display:inline-block;width:6px"> </div>6,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>SEC<div style="display:inline-block;width:6px"> </div>adopted<div style="display:inline-block;width:6px"> </div>final<div style="display:inline-block;width:6px"> </div>rules<div style="display:inline-block;width:6px"> </div>to </div><div id="a17917" style="position:absolute;font-family:'Arial';left:57px;top:919px;">require registrants<div style="display:inline-block;width:2px"> </div>to disclose<div style="display:inline-block;width:2px"> </div>certain climate-related<div style="display:inline-block;width:2px"> </div>information in<div style="display:inline-block;width:2px"> </div>SEC filings<div style="display:inline-block;width:2px"> </div>of all<div style="display:inline-block;width:3px"> </div>public companies.<div style="display:inline-block;width:2px"> </div>The </div><div id="a17920" style="position:absolute;font-family:'Arial';left:57px;top:936px;">final rules<div style="display:inline-block;width:6px"> </div>require companies<div style="display:inline-block;width:6px"> </div>to disclose,<div style="display:inline-block;width:6px"> </div>among other<div style="display:inline-block;width:6px"> </div>things: material<div style="display:inline-block;width:6px"> </div>climate-related risks;<div style="display:inline-block;width:6px"> </div>activities to </div><div id="a17924" style="position:absolute;font-family:'Arial';left:57px;top:953px;">mitigate or<div style="display:inline-block;width:6px"> </div>adapt to such<div style="display:inline-block;width:6px"> </div>risks; information about<div style="display:inline-block;width:6px"> </div>the registrant's board<div style="display:inline-block;width:6px"> </div>of directors' oversight<div style="display:inline-block;width:6px"> </div>of climate-</div></div>
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<div id="a17928" style="position:absolute;font-family:'Arial';left:390px;top:992px;">26 </div><div id="a17930" style="position:absolute;font-family:'Arial';left:57px;top:76px;">related risks<div style="display:inline-block;width:6px"> </div>and management’s<div style="display:inline-block;width:6px"> </div>role in<div style="display:inline-block;width:6px"> </div>managing material<div style="display:inline-block;width:6px"> </div>climate-related risks;<div style="display:inline-block;width:6px"> </div>and information<div style="display:inline-block;width:6px"> </div>on any </div><div id="a17933" style="position:absolute;font-family:'Arial';left:57px;top:93px;">climate-related<div style="display:inline-block;width:6px"> </div>targets<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>goals<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>registrant's<div style="display:inline-block;width:6px"> </div>business,<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>operations,<div style="display:inline-block;width:6px"> </div>or </div><div id="a17936" style="position:absolute;font-family:'Arial';left:57px;top:110px;">financial condition.<div style="display:inline-block;width:2px"> </div>Further, to facilitate<div style="display:inline-block;width:3px"> </div>investors' assessment<div style="display:inline-block;width:2px"> </div>of certain<div style="display:inline-block;width:2px"> </div>climate-related risks,<div style="display:inline-block;width:2px"> </div>the final<div style="display:inline-block;width:3px"> </div>rules </div><div id="a17940" style="position:absolute;font-family:'Arial';left:57px;top:126px;">require<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Scope<div style="display:inline-block;width:5px"> </div>1<div style="display:inline-block;width:6px"> </div>and/or<div style="display:inline-block;width:6px"> </div>Scope<div style="display:inline-block;width:6px"> </div>2<div style="display:inline-block;width:6px"> </div>greenhouse<div style="display:inline-block;width:5px"> </div>gas<div style="display:inline-block;width:6px"> </div>(GHG)<div style="display:inline-block;width:6px"> </div>emissions<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>phased-in<div style="display:inline-block;width:6px"> </div>basis </div><div id="a17943" style="position:absolute;font-family:'Arial';left:57px;top:143px;">when those<div style="display:inline-block;width:6px"> </div>emissions are<div style="display:inline-block;width:6px"> </div>material; the<div style="display:inline-block;width:6px"> </div>filing of<div style="display:inline-block;width:6px"> </div>an attestation<div style="display:inline-block;width:6px"> </div>report covering<div style="display:inline-block;width:6px"> </div>the required<div style="display:inline-block;width:6px"> </div>disclosure of </div><div id="a17945" style="position:absolute;font-family:'Arial';left:57px;top:160px;">such<div style="display:inline-block;width:6px"> </div>registrants’<div style="display:inline-block;width:6px"> </div>Scope<div style="display:inline-block;width:5px"> </div>1<div style="display:inline-block;width:6px"> </div>and/or<div style="display:inline-block;width:6px"> </div>Scope<div style="display:inline-block;width:6px"> </div>2<div style="display:inline-block;width:6px"> </div>emissions,<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>phased-in<div style="display:inline-block;width:5px"> </div>basis;<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>disclosure of<div style="display:inline-block;width:7px"> </div>the </div><div id="a17948" style="position:absolute;font-family:'Arial';left:57px;top:177px;">financial statement<div style="display:inline-block;width:5px"> </div>effects of<div style="display:inline-block;width:5px"> </div>severe weather<div style="display:inline-block;width:5px"> </div>events and other<div style="display:inline-block;width:6px"> </div>natural conditions including,<div style="display:inline-block;width:6px"> </div>for example, </div><div id="a17949" style="position:absolute;font-family:'Arial';left:57px;top:194px;">costs<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>losses.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>final<div style="display:inline-block;width:7px"> </div>rules<div style="display:inline-block;width:8px"> </div>include<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>phased-in<div style="display:inline-block;width:7px"> </div>compliance<div style="display:inline-block;width:7px"> </div>period<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>registrants,<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the </div><div id="a17953" style="position:absolute;font-family:'Arial';left:57px;top:211px;">compliance date dependent on the registrant’s filer status and the content<div style="display:inline-block;width:3px"> </div>of the disclosure.<div style="display:inline-block;width:4px"> </div></div><div id="a17956" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Almost immediately upon release of the<div style="display:inline-block;width:6px"> </div>rules, multiple lawsuits challenging the rules<div style="display:inline-block;width:6px"> </div>were filed in federal </div><div id="a17957" style="position:absolute;font-family:'Arial';left:57px;top:261px;">court, and the<div style="display:inline-block;width:6px"> </div>cases were transferred<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>Eighth Circuit Court<div style="display:inline-block;width:6px"> </div>of Appeals.<div style="display:inline-block;width:10px"> </div>On April<div style="display:inline-block;width:6px"> </div>4, 2024, the<div style="display:inline-block;width:6px"> </div>SEC </div><div id="a17958" style="position:absolute;font-family:'Arial';left:57px;top:278px;">voluntarily issued a stay of<div style="display:inline-block;width:3px"> </div>the climate-related disclosure rules<div style="display:inline-block;width:3px"> </div>pending the completion of<div style="display:inline-block;width:3px"> </div>judicial review of </div><div id="a17962" style="position:absolute;font-family:'Arial';left:57px;top:295px;">the consolidated<div style="display:inline-block;width:2px"> </div>Eighth Circuit<div style="display:inline-block;width:2px"> </div>petitions, which<div style="display:inline-block;width:2px"> </div>is still<div style="display:inline-block;width:3px"> </div>ongoing.<div style="display:inline-block;width:7px"> </div>In addition,<div style="display:inline-block;width:2px"> </div>on June<div style="display:inline-block;width:3px"> </div>28, 2024,<div style="display:inline-block;width:2px"> </div>in its<div style="display:inline-block;width:3px"> </div>decision </div><div id="a17963" style="position:absolute;font-family:'Arial';left:57px;top:312px;">of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>combined<div style="display:inline-block;width:8px"> </div>cases<div style="display:inline-block;width:8px"> </div>of</div><div id="a17964" style="position:absolute;font-family:'Arial';font-style:italic;left:235px;top:312px;"><div style="display:inline-block;width:8px"> </div>Relentless<div style="display:inline-block;width:8px"> </div>v.<div style="display:inline-block;width:9px"> </div>Department<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Commerce</div><div id="a17966" style="position:absolute;font-family:'Arial';left:515px;top:312px;"><div style="display:inline-block;width:8px"> </div>and </div><div id="a17968" style="position:absolute;font-family:'Arial';font-style:italic;left:556px;top:312px;">Loper<div style="display:inline-block;width:8px"> </div>Bright<div style="display:inline-block;width:8px"> </div>Enterprises<div style="display:inline-block;width:8px"> </div>v. </div><div id="a17969" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:329px;">Raimondo</div><div id="a17970" style="position:absolute;font-family:'Arial';left:124px;top:329px;">, the<div style="display:inline-block;width:5px"> </div>Supreme Court of the<div style="display:inline-block;width:6px"> </div>United States narrowed its<div style="display:inline-block;width:6px"> </div>view of agency<div style="display:inline-block;width:6px"> </div>authority by overturning </div><div id="a17971" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Chevron deference, which required judges to defer to an agency’s interpretation of relevant laws when its </div><div id="a17972" style="position:absolute;font-family:'Arial';left:57px;top:363px;">regulations are subject to a legal challenge. This<div style="display:inline-block;width:3px"> </div>decision will raise the burden for administrative<div style="display:inline-block;width:2px"> </div>agencies </div><div id="a17974" style="position:absolute;font-family:'Arial';left:57px;top:379px;">to prove they have the<div style="display:inline-block;width:6px"> </div>authority to create a rule and<div style="display:inline-block;width:6px"> </div>will likely create a hurdle<div style="display:inline-block;width:5px"> </div>for SEC’s pending climate-</div><div id="a17976" style="position:absolute;font-family:'Arial';left:57px;top:396px;">related<div style="display:inline-block;width:6px"> </div>disclosure rules.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>ongoing litigation<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:5px"> </div>rules,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>well as<div style="display:inline-block;width:7px"> </div>the </div><div id="a17979" style="position:absolute;font-family:'Arial';left:57px;top:413px;">change in administration, is uncertain. Costs<div style="display:inline-block;width:6px"> </div>of compliance with these new rules<div style="display:inline-block;width:6px"> </div>and any further climate-</div><div id="a17981" style="position:absolute;font-family:'Arial';left:57px;top:430px;">related disclosure rules that are adopted<div style="display:inline-block;width:3px"> </div>in the future may be significant<div style="display:inline-block;width:3px"> </div>and may have a material adverse </div><div id="a17982" style="position:absolute;font-family:'Arial';left:57px;top:447px;">effect on our future performance, results of operations, cash flows and<div style="display:inline-block;width:3px"> </div>financial position. </div><div id="a17986" style="position:absolute;font-family:'Arial';left:57px;top:481px;">We may<div style="display:inline-block;width:6px"> </div>face increasing pressures<div style="display:inline-block;width:6px"> </div>from investors, future<div style="display:inline-block;width:6px"> </div>lenders and other<div style="display:inline-block;width:6px"> </div>market participants, who<div style="display:inline-block;width:6px"> </div>are </div><div id="a17991" style="position:absolute;font-family:'Arial';left:57px;top:498px;">increasingly<div style="display:inline-block;width:6px"> </div>focused<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>climate<div style="display:inline-block;width:6px"> </div>change,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>prioritize<div style="display:inline-block;width:6px"> </div>sustainable<div style="display:inline-block;width:6px"> </div>energy<div style="display:inline-block;width:7px"> </div>practices,<div style="display:inline-block;width:6px"> </div>reduce<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>carbon </div><div id="a17992" style="position:absolute;font-family:'Arial';left:57px;top:514px;">footprint and<div style="display:inline-block;width:7px"> </div>promote sustainability.<div style="display:inline-block;width:7px"> </div>As a<div style="display:inline-block;width:7px"> </div>result, we<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:5px"> </div>be required<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>implement more<div style="display:inline-block;width:6px"> </div>stringent ESG </div><div id="a17993" style="position:absolute;font-family:'Arial';left:57px;top:531px;">procedures or<div style="display:inline-block;width:6px"> </div>standards so that<div style="display:inline-block;width:6px"> </div>our existing and<div style="display:inline-block;width:6px"> </div>future investors<div style="display:inline-block;width:5px"> </div>and lenders remain<div style="display:inline-block;width:6px"> </div>invested in us<div style="display:inline-block;width:6px"> </div>and </div><div id="a17995" style="position:absolute;font-family:'Arial';left:57px;top:548px;">make further investments in us. </div><div id="a17998" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Additionally,<div style="display:inline-block;width:8px"> </div>certain<div style="display:inline-block;width:7px"> </div>investors<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>lenders<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>exclude<div style="display:inline-block;width:7px"> </div>companies,<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>us,<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>investing </div><div id="a17999" style="position:absolute;font-family:'Arial';left:57px;top:599px;">portfolios<div style="display:inline-block;width:6px"> </div>altogether<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to environmental,<div style="display:inline-block;width:6px"> </div>social and<div style="display:inline-block;width:6px"> </div>governance<div style="display:inline-block;width:6px"> </div>factors.<div style="display:inline-block;width:6px"> </div>These<div style="display:inline-block;width:6px"> </div>limitations<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>both<div style="display:inline-block;width:6px"> </div>the </div><div id="a18004" style="position:absolute;font-family:'Arial';left:57px;top:616px;">debt and<div style="display:inline-block;width:2px"> </div>equity capital<div style="display:inline-block;width:2px"> </div>markets may<div style="display:inline-block;width:2px"> </div>affect our<div style="display:inline-block;width:3px"> </div>ability to<div style="display:inline-block;width:2px"> </div>grow as<div style="display:inline-block;width:2px"> </div>our plans<div style="display:inline-block;width:2px"> </div>for growth<div style="display:inline-block;width:2px"> </div>may include<div style="display:inline-block;width:2px"> </div>accessing </div><div id="a18006" style="position:absolute;font-family:'Arial';left:57px;top:632px;">the<div style="display:inline-block;width:7px"> </div>equity<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>debt<div style="display:inline-block;width:7px"> </div>capital<div style="display:inline-block;width:7px"> </div>markets.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:7px"> </div>those<div style="display:inline-block;width:7px"> </div>markets<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>unavailable,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>unable<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>access </div><div id="a18007" style="position:absolute;font-family:'Arial';left:57px;top:649px;">alternative means of<div style="display:inline-block;width:3px"> </div>financing on acceptable<div style="display:inline-block;width:2px"> </div>terms, or at all,<div style="display:inline-block;width:2px"> </div>we may be unable<div style="display:inline-block;width:2px"> </div>to implement our business </div><div id="a18009" style="position:absolute;font-family:'Arial';left:57px;top:666px;">strategy,<div style="display:inline-block;width:6px"> </div>which would have<div style="display:inline-block;width:6px"> </div>a material<div style="display:inline-block;width:5px"> </div>adverse effect<div style="display:inline-block;width:6px"> </div>on our<div style="display:inline-block;width:5px"> </div>financial condition and<div style="display:inline-block;width:6px"> </div>results of<div style="display:inline-block;width:6px"> </div>operations </div><div id="a18010" style="position:absolute;font-family:'Arial';left:57px;top:683px;">and impair our ability to service<div style="display:inline-block;width:3px"> </div>our indebtedness. Further, it is likely that we<div style="display:inline-block;width:2px"> </div>will incur additional costs and </div><div id="a18011" style="position:absolute;font-family:'Arial';left:57px;top:700px;">require<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>resources<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>monitor,<div style="display:inline-block;width:7px"> </div>report<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>comply<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>wide<div style="display:inline-block;width:6px"> </div>ranging<div style="display:inline-block;width:6px"> </div>ESG<div style="display:inline-block;width:6px"> </div>requirements.<div style="display:inline-block;width:6px"> </div>The </div><div id="a18013" style="position:absolute;font-family:'Arial';left:57px;top:717px;">occurrence<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>foregoing<div style="display:inline-block;width:5px"> </div>could<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>financial </div><div id="a18014" style="position:absolute;font-family:'Arial';left:57px;top:734px;">condition.<div style="display:inline-block;width:4px"> </div></div><div id="a18018" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Moreover,<div style="display:inline-block;width:6px"> </div>from time to<div style="display:inline-block;width:6px"> </div>time, in<div style="display:inline-block;width:6px"> </div>alignment with<div style="display:inline-block;width:5px"> </div>our sustainability priorities,<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:6px"> </div>establish and publicly </div><div id="a18019" style="position:absolute;font-family:'Arial';left:57px;top:784px;">announce<div style="display:inline-block;width:6px"> </div>goals<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>commitments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>certain<div style="display:inline-block;width:6px"> </div>ESG<div style="display:inline-block;width:6px"> </div>items.<div style="display:inline-block;width:6px"> </div>While<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>create<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>publish </div><div id="a18020" style="position:absolute;font-family:'Arial';left:57px;top:801px;">voluntary disclosures regarding ESG matters from time to time,<div style="display:inline-block;width:3px"> </div>many of the statements in those voluntary </div><div id="a18022" style="position:absolute;font-family:'Arial';left:57px;top:818px;">disclosures are<div style="display:inline-block;width:2px"> </div>based on<div style="display:inline-block;width:2px"> </div>hypothetical expectations<div style="display:inline-block;width:2px"> </div>and assumptions<div style="display:inline-block;width:2px"> </div>that may<div style="display:inline-block;width:2px"> </div>or may<div style="display:inline-block;width:2px"> </div>not be<div style="display:inline-block;width:2px"> </div>representative </div><div id="a18023" style="position:absolute;font-family:'Arial';left:57px;top:835px;">of current or actual risks or events or forecasts of expected risks or events, including<div style="display:inline-block;width:3px"> </div>the costs associated </div><div id="a18026" style="position:absolute;font-family:'Arial';left:57px;top:852px;">therewith.<div style="display:inline-block;width:6px"> </div>Such<div style="display:inline-block;width:6px"> </div>expectations and<div style="display:inline-block;width:7px"> </div>assumptions<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>necessarily uncertain<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>prone to<div style="display:inline-block;width:7px"> </div>error<div style="display:inline-block;width:6px"> </div>or </div><div id="a18027" style="position:absolute;font-family:'Arial';left:57px;top:869px;">subject to<div style="display:inline-block;width:2px"> </div>misinterpretation given<div style="display:inline-block;width:2px"> </div>the long<div style="display:inline-block;width:2px"> </div>timelines involved<div style="display:inline-block;width:2px"> </div>and the<div style="display:inline-block;width:2px"> </div>lack of<div style="display:inline-block;width:2px"> </div>an established<div style="display:inline-block;width:2px"> </div>single approach </div><div id="a18028" style="position:absolute;font-family:'Arial';left:57px;top:885px;">to identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly<div style="display:inline-block;width:3px"> </div>report on </div><div id="a18030" style="position:absolute;font-family:'Arial';left:57px;top:902px;">our progress toward achieving our environmental goals and commitments, the resulting negative publicity </div><div id="a18031" style="position:absolute;font-family:'Arial';left:57px;top:919px;">could adversely affect our reputation and/or our access to capital. </div></div>
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<div id="Page27" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a18036" style="position:absolute;font-family:'Arial';left:390px;top:992px;">27 </div><div id="a18038" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Our earnings<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>adversely affected<div style="display:inline-block;width:6px"> </div>if we<div style="display:inline-block;width:6px"> </div>are not<div style="display:inline-block;width:6px"> </div>able to<div style="display:inline-block;width:6px"> </div>take advantage of<div style="display:inline-block;width:6px"> </div>favorable charter </div><div id="a18040" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">rates. </div><div id="a18043" style="position:absolute;font-family:'Arial';left:57px;top:126px;">We<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>carriers<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>customers<div style="display:inline-block;width:6px"> </div>pursuant<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>short,<div style="display:inline-block;width:7px"> </div>medium<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>long-term<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>charters. </div><div id="a18046" style="position:absolute;font-family:'Arial';left:57px;top:143px;">However,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:6px"> </div>part<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>strategy,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>majority<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>currently<div style="display:inline-block;width:6px"> </div>fixed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>short<div style="display:inline-block;width:6px"> </div>to </div><div id="a18048" style="position:absolute;font-family:'Arial';left:57px;top:160px;">medium-term time charters.<div style="display:inline-block;width:2px"> </div>We may extend<div style="display:inline-block;width:2px"> </div>the charter periods<div style="display:inline-block;width:2px"> </div>for additional<div style="display:inline-block;width:3px"> </div>vessels in our<div style="display:inline-block;width:2px"> </div>fleet, including </div><div id="a18051" style="position:absolute;font-family:'Arial';left:57px;top:177px;">additional dry bulk<div style="display:inline-block;width:6px"> </div>carriers that<div style="display:inline-block;width:5px"> </div>we may purchase<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:5px"> </div>future, to take<div style="display:inline-block;width:6px"> </div>advantage of the<div style="display:inline-block;width:6px"> </div>relatively stable </div><div id="a18052" style="position:absolute;font-family:'Arial';left:57px;top:194px;">cash flow and high utilization rates that are associated with long-term time charters. While we believe<div style="display:inline-block;width:3px"> </div>that </div><div id="a18056" style="position:absolute;font-family:'Arial';left:57px;top:211px;">long-term charters provide<div style="display:inline-block;width:2px"> </div>us with relatively<div style="display:inline-block;width:2px"> </div>stable cash flows<div style="display:inline-block;width:2px"> </div>and higher<div style="display:inline-block;width:3px"> </div>utilization rates than<div style="display:inline-block;width:2px"> </div>shorter-term </div><div id="a18061" style="position:absolute;font-family:'Arial';left:57px;top:228px;">charters, our<div style="display:inline-block;width:6px"> </div>vessels that<div style="display:inline-block;width:6px"> </div>are committed<div style="display:inline-block;width:6px"> </div>to long-term<div style="display:inline-block;width:6px"> </div>charters may<div style="display:inline-block;width:6px"> </div>not be<div style="display:inline-block;width:6px"> </div>available for<div style="display:inline-block;width:6px"> </div>employment on </div><div id="a18065" style="position:absolute;font-family:'Arial';left:57px;top:245px;">short-term charters during periods of increasing short-term charter hire rates when these charters may be </div><div id="a18070" style="position:absolute;font-family:'Arial';left:57px;top:261px;">more profitable than long-term charters. </div><div id="a18075" style="position:absolute;font-family:'Arial';left:57px;top:295px;">At the expiration of our charters or if<div style="display:inline-block;width:3px"> </div>a charter terminates early for any<div style="display:inline-block;width:3px"> </div>reason or when we acquire vessels </div><div id="a18079" style="position:absolute;font-family:'Arial';left:57px;top:312px;">charter-free, we<div style="display:inline-block;width:6px"> </div>will need<div style="display:inline-block;width:6px"> </div>to charter<div style="display:inline-block;width:6px"> </div>or recharter<div style="display:inline-block;width:6px"> </div>our vessels.<div style="display:inline-block;width:6px"> </div>If an<div style="display:inline-block;width:6px"> </div>excess of<div style="display:inline-block;width:6px"> </div>vessels is<div style="display:inline-block;width:6px"> </div>available on<div style="display:inline-block;width:6px"> </div>the </div><div id="a18082" style="position:absolute;font-family:'Arial';left:57px;top:329px;">spot or short-term<div style="display:inline-block;width:2px"> </div>market at the<div style="display:inline-block;width:2px"> </div>time we are<div style="display:inline-block;width:2px"> </div>seeking to<div style="display:inline-block;width:3px"> </div>fix new longer-term<div style="display:inline-block;width:2px"> </div>charters, we<div style="display:inline-block;width:3px"> </div>may have difficulty </div><div id="a18087" style="position:absolute;font-family:'Arial';left:57px;top:346px;">entering into<div style="display:inline-block;width:7px"> </div>such charters<div style="display:inline-block;width:6px"> </div>at all<div style="display:inline-block;width:7px"> </div>or at<div style="display:inline-block;width:7px"> </div>profitable rates<div style="display:inline-block;width:6px"> </div>and for<div style="display:inline-block;width:6px"> </div>any term<div style="display:inline-block;width:6px"> </div>other than<div style="display:inline-block;width:7px"> </div>short term<div style="display:inline-block;width:7px"> </div>and, as<div style="display:inline-block;width:6px"> </div>a </div><div id="a18089" style="position:absolute;font-family:'Arial';left:57px;top:363px;">result,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>cash<div style="display:inline-block;width:6px"> </div>flow may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:7px"> </div>instability in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>mid<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>long-term. In<div style="display:inline-block;width:7px"> </div>addition, it<div style="display:inline-block;width:7px"> </div>would be<div style="display:inline-block;width:7px"> </div>more </div><div id="a18092" style="position:absolute;font-family:'Arial';left:57px;top:379px;">difficult to<div style="display:inline-block;width:6px"> </div>fix relatively older<div style="display:inline-block;width:6px"> </div>vessels should there<div style="display:inline-block;width:6px"> </div>be an<div style="display:inline-block;width:5px"> </div>oversupply of younger<div style="display:inline-block;width:6px"> </div>vessels on the<div style="display:inline-block;width:6px"> </div>market. A </div><div id="a18094" style="position:absolute;font-family:'Arial';left:57px;top:396px;">depressed spot<div style="display:inline-block;width:5px"> </div>market may require<div style="display:inline-block;width:6px"> </div>us to<div style="display:inline-block;width:6px"> </div>enter into short-term<div style="display:inline-block;width:6px"> </div>spot charters<div style="display:inline-block;width:5px"> </div>based on prevailing<div style="display:inline-block;width:6px"> </div>market </div><div id="a18097" style="position:absolute;font-family:'Arial';left:57px;top:413px;">rates, which could result in a decrease in our cash flow. </div><div id="a18100" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:447px;">We cannot assure<div style="display:inline-block;width:5px"> </div>you that we will<div style="display:inline-block;width:6px"> </div>be able to borrow<div style="display:inline-block;width:6px"> </div>amounts under loan facilities<div style="display:inline-block;width:5px"> </div>and restrictive </div><div id="a18101" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:464px;">covenants in our loan facilities impose financial and other restrictions<div style="display:inline-block;width:2px"> </div>on us. </div><div id="a18104" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Historically, we have entered into several loan agreements<div style="display:inline-block;width:3px"> </div>to finance vessel acquisitions,<div style="display:inline-block;width:3px"> </div>the construction </div><div id="a18108" style="position:absolute;font-family:'Arial';left:57px;top:514px;">of<div style="display:inline-block;width:6px"> </div>newbuildings and<div style="display:inline-block;width:7px"> </div>working<div style="display:inline-block;width:5px"> </div>capital.<div style="display:inline-block;width:6px"> </div>Our<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:7px"> </div>borrow<div style="display:inline-block;width:6px"> </div>amounts under<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>facilities is<div style="display:inline-block;width:7px"> </div>subject to<div style="display:inline-block;width:7px"> </div>the </div><div id="a18112" style="position:absolute;font-family:'Arial';left:57px;top:531px;">execution of customary documentation relating to the facility, including security documents, satisfaction of </div><div id="a18113" style="position:absolute;font-family:'Arial';left:57px;top:548px;">certain<div style="display:inline-block;width:6px"> </div>customary<div style="display:inline-block;width:6px"> </div>conditions precedent<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>compliance with<div style="display:inline-block;width:7px"> </div>terms<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>conditions<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>loan </div><div id="a18115" style="position:absolute;font-family:'Arial';left:57px;top:565px;">documents.<div style="display:inline-block;width:6px"> </div>Prior<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>drawdown,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>required,<div style="display:inline-block;width:6px"> </div>among<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>things,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>provide<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>lender<div style="display:inline-block;width:6px"> </div>with </div><div id="a18116" style="position:absolute;font-family:'Arial';left:57px;top:582px;">acceptable valuations<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>vessels in<div style="display:inline-block;width:5px"> </div>our fleet<div style="display:inline-block;width:6px"> </div>confirming that<div style="display:inline-block;width:6px"> </div>the vessels in<div style="display:inline-block;width:6px"> </div>our fleet<div style="display:inline-block;width:6px"> </div>have a<div style="display:inline-block;width:6px"> </div>minimum </div><div id="a18117" style="position:absolute;font-family:'Arial';left:57px;top:599px;">value and that the<div style="display:inline-block;width:2px"> </div>vessels in our<div style="display:inline-block;width:3px"> </div>fleet that secure<div style="display:inline-block;width:3px"> </div>our obligations under<div style="display:inline-block;width:3px"> </div>the facilities are<div style="display:inline-block;width:3px"> </div>sufficient to satisfy </div><div id="a18120" style="position:absolute;font-family:'Arial';left:57px;top:616px;">minimum security requirements.<div style="display:inline-block;width:3px"> </div>To the extent that we are not able<div style="display:inline-block;width:2px"> </div>to satisfy these requirements,<div style="display:inline-block;width:2px"> </div>including </div><div id="a18121" style="position:absolute;font-family:'Arial';left:57px;top:632px;">as a result of a decline<div style="display:inline-block;width:2px"> </div>in the value of our<div style="display:inline-block;width:3px"> </div>vessels, we may not be<div style="display:inline-block;width:2px"> </div>able to draw down<div style="display:inline-block;width:3px"> </div>the full amount under </div><div id="a18124" style="position:absolute;font-family:'Arial';left:57px;top:649px;">the facilities.<div style="display:inline-block;width:3px"> </div>We will also<div style="display:inline-block;width:2px"> </div>not be permitted<div style="display:inline-block;width:2px"> </div>to borrow<div style="display:inline-block;width:3px"> </div>amounts under<div style="display:inline-block;width:3px"> </div>the facilities<div style="display:inline-block;width:2px"> </div>if we experience<div style="display:inline-block;width:2px"> </div>a change </div><div id="a18125" style="position:absolute;font-family:'Arial';left:57px;top:666px;">of control. </div><div id="a18128" style="position:absolute;font-family:'Arial';left:57px;top:700px;">The loan facilities<div style="display:inline-block;width:6px"> </div>also impose operating<div style="display:inline-block;width:6px"> </div>and financial restrictions<div style="display:inline-block;width:6px"> </div>on us. These<div style="display:inline-block;width:6px"> </div>restrictions may limit<div style="display:inline-block;width:6px"> </div>our </div><div id="a18129" style="position:absolute;font-family:'Arial';left:57px;top:717px;">ability to, among other things: </div><div id="a18132" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:757px;">●</div><div id="a18134" style="position:absolute;font-family:'Arial';left:129px;top:751px;">pay dividends<div style="display:inline-block;width:3px"> </div>if there<div style="display:inline-block;width:3px"> </div>is a<div style="display:inline-block;width:3px"> </div>default under<div style="display:inline-block;width:3px"> </div>the loan<div style="display:inline-block;width:3px"> </div>facilities or<div style="display:inline-block;width:3px"> </div>if the payment<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>dividend would </div><div id="a18137" style="position:absolute;font-family:'Arial';left:129px;top:767px;">result in a default or breach of a loan covenants; </div><div id="a18142" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:807px;">●</div><div id="a18144" style="position:absolute;font-family:'Arial';left:129px;top:801px;">incur additional indebtedness, including through the issuance of guarantees; </div><div id="a18147" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:841px;">●</div><div id="a18149" style="position:absolute;font-family:'Arial';left:129px;top:835px;">change the flag, class or management of our vessels; </div><div id="a18153" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:875px;">●</div><div id="a18155" style="position:absolute;font-family:'Arial';left:129px;top:869px;">create liens on our assets; </div><div id="a18158" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:908px;">●</div><div id="a18160" style="position:absolute;font-family:'Arial';left:129px;top:902px;">sell our vessels; </div><div id="a18163" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:942px;">●</div><div id="a18165" style="position:absolute;font-family:'Arial';left:129px;top:936px;">enter into a<div style="display:inline-block;width:2px"> </div>time charter<div style="display:inline-block;width:2px"> </div>or consecutive<div style="display:inline-block;width:3px"> </div>voyage charters<div style="display:inline-block;width:2px"> </div>that have a<div style="display:inline-block;width:2px"> </div>term that<div style="display:inline-block;width:3px"> </div>exceeds, or<div style="display:inline-block;width:3px"> </div>which </div><div id="a18167" style="position:absolute;font-family:'Arial';left:129px;top:953px;">by virtue of any optional extensions may exceed a certain period; </div></div>
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<div id="Page28" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a18171" style="position:absolute;font-family:'Arial';left:390px;top:992px;">28 </div><div id="a18174" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:99px;">●</div><div id="a18176" style="position:absolute;font-family:'Arial';left:129px;top:93px;">merge or consolidate with, or transfer all or substantially all<div style="display:inline-block;width:3px"> </div>our assets to, another person; and </div><div id="a18179" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:133px;">●</div><div id="a18181" style="position:absolute;font-family:'Arial';left:129px;top:126px;">enter into a new line of business. </div><div id="a18184" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Therefore, we<div style="display:inline-block;width:2px"> </div>may need<div style="display:inline-block;width:2px"> </div>to seek<div style="display:inline-block;width:3px"> </div>permission from<div style="display:inline-block;width:2px"> </div>our lenders<div style="display:inline-block;width:3px"> </div>in order<div style="display:inline-block;width:3px"> </div>to engage<div style="display:inline-block;width:3px"> </div>in some<div style="display:inline-block;width:3px"> </div>corporate actions. </div><div id="a18186" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Our lenders’ interests<div style="display:inline-block;width:6px"> </div>may be different<div style="display:inline-block;width:6px"> </div>from ours and<div style="display:inline-block;width:6px"> </div>we cannot guarantee that<div style="display:inline-block;width:6px"> </div>we will be<div style="display:inline-block;width:6px"> </div>able to obtain </div><div id="a18187" style="position:absolute;font-family:'Arial';left:57px;top:194px;">our<div style="display:inline-block;width:6px"> </div>lenders'<div style="display:inline-block;width:6px"> </div>permission when<div style="display:inline-block;width:7px"> </div>needed.<div style="display:inline-block;width:6px"> </div>This<div style="display:inline-block;width:5px"> </div>may<div style="display:inline-block;width:6px"> </div>limit<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:7px"> </div>finance<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>operations, make </div><div id="a18188" style="position:absolute;font-family:'Arial';left:57px;top:211px;">acquisitions or pursue business opportunities. </div><div id="a18192" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:245px;">We<div style="display:inline-block;width:7px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>refinance<div style="display:inline-block;width:6px"> </div>indebtedness<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>loan </div><div id="a18193" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:261px;">facilities and bond. </div><div id="a18196" style="position:absolute;font-family:'Arial';left:57px;top:295px;">We cannot assure<div style="display:inline-block;width:2px"> </div>you that we<div style="display:inline-block;width:2px"> </div>will be able<div style="display:inline-block;width:2px"> </div>to refinance our<div style="display:inline-block;width:2px"> </div>indebtedness with<div style="display:inline-block;width:3px"> </div>equity offerings or<div style="display:inline-block;width:2px"> </div>otherwise, </div><div id="a18197" style="position:absolute;font-family:'Arial';left:57px;top:312px;">on<div style="display:inline-block;width:6px"> </div>terms that<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:5px"> </div>acceptable to<div style="display:inline-block;width:7px"> </div>us or<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:5px"> </div>all. If<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>not able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>refinance these<div style="display:inline-block;width:7px"> </div>amounts with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>net </div><div id="a18198" style="position:absolute;font-family:'Arial';left:57px;top:329px;">proceeds of<div style="display:inline-block;width:6px"> </div>equity offerings<div style="display:inline-block;width:6px"> </div>or otherwise,<div style="display:inline-block;width:6px"> </div>on terms<div style="display:inline-block;width:6px"> </div>acceptable to us<div style="display:inline-block;width:6px"> </div>or at<div style="display:inline-block;width:6px"> </div>all, we<div style="display:inline-block;width:6px"> </div>will have<div style="display:inline-block;width:5px"> </div>to dedicate<div style="display:inline-block;width:6px"> </div>a </div><div id="a18200" style="position:absolute;font-family:'Arial';left:57px;top:346px;">greater portion of our cash flow from operations to pay the principal and interest<div style="display:inline-block;width:3px"> </div>of this indebtedness than </div><div id="a18201" style="position:absolute;font-family:'Arial';left:57px;top:363px;">if we were able to refinance such amounts. If we are not able to satisfy these obligations, we may have to </div><div id="a18203" style="position:absolute;font-family:'Arial';left:57px;top:379px;">undertake alternative financing plans. The<div style="display:inline-block;width:3px"> </div>actual or perceived credit quality<div style="display:inline-block;width:3px"> </div>of our charterers, any defaults </div><div id="a18204" style="position:absolute;font-family:'Arial';left:57px;top:396px;">by them, and<div style="display:inline-block;width:5px"> </div>the market value of<div style="display:inline-block;width:6px"> </div>our fleet, among other<div style="display:inline-block;width:6px"> </div>things, may materially affect<div style="display:inline-block;width:6px"> </div>our ability to obtain </div><div id="a18205" style="position:absolute;font-family:'Arial';left:57px;top:413px;">alternative financing.<div style="display:inline-block;width:6px"> </div>In addition,<div style="display:inline-block;width:6px"> </div>debt service<div style="display:inline-block;width:6px"> </div>payments under<div style="display:inline-block;width:6px"> </div>our loan<div style="display:inline-block;width:6px"> </div>facilities or<div style="display:inline-block;width:6px"> </div>alternative financing </div><div id="a18207" style="position:absolute;font-family:'Arial';left:57px;top:430px;">may limit funds otherwise available for working capital, capital expenditures and other purposes. If we are </div><div id="a18208" style="position:absolute;font-family:'Arial';left:57px;top:447px;">unable to<div style="display:inline-block;width:6px"> </div>meet our<div style="display:inline-block;width:6px"> </div>debt obligations,<div style="display:inline-block;width:6px"> </div>or if<div style="display:inline-block;width:6px"> </div>we otherwise<div style="display:inline-block;width:6px"> </div>default under<div style="display:inline-block;width:6px"> </div>our loan<div style="display:inline-block;width:6px"> </div>facilities or<div style="display:inline-block;width:6px"> </div>an alternative </div><div id="a18210" style="position:absolute;font-family:'Arial';left:57px;top:464px;">financing arrangement, our lenders could declare the<div style="display:inline-block;width:6px"> </div>debt, together with accrued interest<div style="display:inline-block;width:5px"> </div>and fees, to be </div><div id="a18211" style="position:absolute;font-family:'Arial';left:57px;top:481px;">immediately due<div style="display:inline-block;width:7px"> </div>and payable<div style="display:inline-block;width:6px"> </div>and foreclose<div style="display:inline-block;width:7px"> </div>on our<div style="display:inline-block;width:7px"> </div>fleet, which<div style="display:inline-block;width:7px"> </div>could result<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:7px"> </div>acceleration of<div style="display:inline-block;width:6px"> </div>other </div><div id="a18213" style="position:absolute;font-family:'Arial';left:57px;top:498px;">indebtedness that we<div style="display:inline-block;width:6px"> </div>may have at<div style="display:inline-block;width:6px"> </div>such time and<div style="display:inline-block;width:6px"> </div>the commencement of<div style="display:inline-block;width:6px"> </div>similar foreclosure proceedings </div><div id="a18214" style="position:absolute;font-family:'Arial';left:57px;top:514px;">by other lenders. </div><div id="a18217" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:548px;">Purchasing<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>operating<div style="display:inline-block;width:8px"> </div>secondhand<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:8px"> </div>result<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>increased<div style="display:inline-block;width:8px"> </div>operating<div style="display:inline-block;width:8px"> </div>costs<div style="display:inline-block;width:8px"> </div>and </div><div id="a18218" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:565px;">reduced operating days, which may adversely affect our earnings.<div style="display:inline-block;width:3px"> </div></div><div id="a18221" style="position:absolute;font-family:'Arial';left:57px;top:599px;">As part of our<div style="display:inline-block;width:2px"> </div>current business<div style="display:inline-block;width:3px"> </div>strategy to increase<div style="display:inline-block;width:2px"> </div>our owned fleet,<div style="display:inline-block;width:3px"> </div>we may acquire<div style="display:inline-block;width:3px"> </div>new and secondhand </div><div id="a18222" style="position:absolute;font-family:'Arial';left:57px;top:616px;">vessels. While we rigorously<div style="display:inline-block;width:2px"> </div>inspect previously owned<div style="display:inline-block;width:3px"> </div>or secondhand vessels prior<div style="display:inline-block;width:3px"> </div>to purchase, this does </div><div id="a18223" style="position:absolute;font-family:'Arial';left:57px;top:632px;">not<div style="display:inline-block;width:6px"> </div>provide us<div style="display:inline-block;width:7px"> </div>with the<div style="display:inline-block;width:7px"> </div>same<div style="display:inline-block;width:6px"> </div>knowledge about<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>condition and<div style="display:inline-block;width:7px"> </div>cost of<div style="display:inline-block;width:7px"> </div>any required<div style="display:inline-block;width:7px"> </div>(or<div style="display:inline-block;width:6px"> </div>anticipated) </div><div id="a18225" style="position:absolute;font-family:'Arial';left:57px;top:649px;">repairs<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>would<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>had<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>these<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>had<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>built<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>operated<div style="display:inline-block;width:7px"> </div>exclusively<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>us. </div><div id="a18226" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Accordingly, we may<div style="display:inline-block;width:5px"> </div>not discover defects or other problems with secondhand vessels prior to purchasing </div><div id="a18228" style="position:absolute;font-family:'Arial';left:57px;top:683px;">or chartering-in. Any such<div style="display:inline-block;width:6px"> </div>hidden defects or<div style="display:inline-block;width:5px"> </div>problems may be expensive<div style="display:inline-block;width:6px"> </div>to repair and<div style="display:inline-block;width:6px"> </div>may require us to </div><div id="a18231" style="position:absolute;font-family:'Arial';left:57px;top:700px;">put a<div style="display:inline-block;width:6px"> </div>vessel into<div style="display:inline-block;width:6px"> </div>drydock, which<div style="display:inline-block;width:6px"> </div>would reduce<div style="display:inline-block;width:6px"> </div>our fleet<div style="display:inline-block;width:6px"> </div>utilization and<div style="display:inline-block;width:6px"> </div>increase our<div style="display:inline-block;width:6px"> </div>operating costs.<div style="display:inline-block;width:6px"> </div>If a </div><div id="a18232" style="position:absolute;font-family:'Arial';left:57px;top:717px;">hidden defect<div style="display:inline-block;width:6px"> </div>or problem<div style="display:inline-block;width:6px"> </div>is not<div style="display:inline-block;width:6px"> </div>detected, it<div style="display:inline-block;width:6px"> </div>may result<div style="display:inline-block;width:6px"> </div>in accidents<div style="display:inline-block;width:6px"> </div>or other<div style="display:inline-block;width:6px"> </div>incidents for<div style="display:inline-block;width:6px"> </div>which we<div style="display:inline-block;width:6px"> </div>may </div><div id="a18235" style="position:absolute;font-family:'Arial';left:57px;top:734px;">become liable to<div style="display:inline-block;width:2px"> </div>third parties.<div style="display:inline-block;width:3px"> </div>The market prices<div style="display:inline-block;width:2px"> </div>of secondhand and<div style="display:inline-block;width:2px"> </div>newbuilt vessels<div style="display:inline-block;width:3px"> </div>also tend<div style="display:inline-block;width:3px"> </div>to fluctuate </div><div id="a18238" style="position:absolute;font-family:'Arial';left:57px;top:751px;">with changes in<div style="display:inline-block;width:6px"> </div>charter rates and,<div style="display:inline-block;width:5px"> </div>if we sell<div style="display:inline-block;width:6px"> </div>the vessels, the<div style="display:inline-block;width:6px"> </div>sales prices may<div style="display:inline-block;width:6px"> </div>be less than<div style="display:inline-block;width:6px"> </div>their carrying </div><div id="a18242" style="position:absolute;font-family:'Arial';left:57px;top:767px;">values at that time. </div><div id="a18245" style="position:absolute;font-family:'Arial';left:57px;top:801px;">In general, the costs to maintain a vessel in<div style="display:inline-block;width:6px"> </div>good operating condition increase with the age of the vessel. </div><div id="a18246" style="position:absolute;font-family:'Arial';left:57px;top:818px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>annual<div style="display:inline-block;width:6px"> </div>report,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>consists<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>39<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>37<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>and </div><div id="a18254" style="position:absolute;font-family:'Arial';left:57px;top:835px;">chartered-in, are in operation,<div style="display:inline-block;width:3px"> </div>having a combined carrying<div style="display:inline-block;width:3px"> </div>capacity of 4.1 million dead<div style="display:inline-block;width:3px"> </div>weight tons, or dwt, </div><div id="a18263" style="position:absolute;font-family:'Arial';left:57px;top:852px;">and a weighted average age of<div style="display:inline-block;width:6px"> </div>11.4 years and<div style="display:inline-block;width:6px"> </div>two vessels are under construction. As our<div style="display:inline-block;width:6px"> </div>fleet ages, we </div><div id="a18271" style="position:absolute;font-family:'Arial';left:57px;top:869px;">will<div style="display:inline-block;width:6px"> </div>incur<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:6px"> </div>costs.<div style="display:inline-block;width:6px"> </div>Older<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>typically<div style="display:inline-block;width:6px"> </div>less<div style="display:inline-block;width:6px"> </div>fuel-efficient<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>recently<div style="display:inline-block;width:6px"> </div>constructed </div><div id="a18274" style="position:absolute;font-family:'Arial';left:57px;top:885px;">vessels<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>improvements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>engine<div style="display:inline-block;width:6px"> </div>technology.<div style="display:inline-block;width:7px"> </div>Cargo<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>increase<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>age<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a </div><div id="a18275" style="position:absolute;font-family:'Arial';left:57px;top:902px;">vessel, making older vessels less desirable to charterers. </div><div id="a18279" style="position:absolute;font-family:'Arial';left:57px;top:936px;">Furthermore, governmental regulations, safety or other equipment<div style="display:inline-block;width:3px"> </div>standards related to the age of vessels </div><div id="a18280" style="position:absolute;font-family:'Arial';left:57px;top:953px;">may<div style="display:inline-block;width:5px"> </div>require<div style="display:inline-block;width:6px"> </div>expenditures for<div style="display:inline-block;width:7px"> </div>alterations, or<div style="display:inline-block;width:7px"> </div>the addition<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>new equipment<div style="display:inline-block;width:7px"> </div>and may<div style="display:inline-block;width:7px"> </div>restrict the<div style="display:inline-block;width:7px"> </div>type<div style="display:inline-block;width:5px"> </div>of </div></div>
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<div id="Page29" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a18283" style="position:absolute;font-family:'Arial';left:390px;top:992px;">29 </div><div id="a18285" style="position:absolute;font-family:'Arial';left:57px;top:76px;">activities<div style="display:inline-block;width:5px"> </div>in which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>vessel may<div style="display:inline-block;width:7px"> </div>engage. As<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>vessels age,<div style="display:inline-block;width:6px"> </div>market conditions<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:5px"> </div>not justify<div style="display:inline-block;width:7px"> </div>those </div><div id="a18286" style="position:absolute;font-family:'Arial';left:57px;top:93px;">expenditures or enable us to operate our vessels profitably during the remainder<div style="display:inline-block;width:3px"> </div>of their useful lives. As a </div><div id="a18290" style="position:absolute;font-family:'Arial';left:57px;top:110px;">result, regulations and<div style="display:inline-block;width:3px"> </div>standards could have<div style="display:inline-block;width:3px"> </div>a material adverse<div style="display:inline-block;width:2px"> </div>effect on our business,<div style="display:inline-block;width:2px"> </div>financial condition, </div><div id="a18291" style="position:absolute;font-family:'Arial';left:57px;top:126px;">results of operations, cash flows and ability to pay dividends. </div><div id="a18294" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:160px;">We are subject to certain risks with respect to our counterparties<div style="display:inline-block;width:3px"> </div>on contracts, and failure of such </div><div id="a18295" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:177px;">counterparties<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>meet<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>obligations could<div style="display:inline-block;width:7px"> </div>cause<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>suffer<div style="display:inline-block;width:6px"> </div>losses<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>otherwise adversely </div><div id="a18296" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:194px;">affect our business. </div><div id="a18299" style="position:absolute;font-family:'Arial';left:57px;top:228px;">We<div style="display:inline-block;width:6px"> </div>enter<div style="display:inline-block;width:6px"> </div>into,<div style="display:inline-block;width:5px"> </div>among<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>things,<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>parties with<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>customers. Such<div style="display:inline-block;width:7px"> </div>agreements<div style="display:inline-block;width:5px"> </div>subject<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to </div><div id="a18300" style="position:absolute;font-family:'Arial';left:57px;top:245px;">counterparty risks. The<div style="display:inline-block;width:2px"> </div>ability and willingness<div style="display:inline-block;width:2px"> </div>of each of<div style="display:inline-block;width:3px"> </div>our counterparties to<div style="display:inline-block;width:2px"> </div>perform its obligations<div style="display:inline-block;width:2px"> </div>under </div><div id="a18301" style="position:absolute;font-family:'Arial';left:57px;top:261px;">a contract with us will depend on<div style="display:inline-block;width:3px"> </div>a number of factors that are beyond<div style="display:inline-block;width:3px"> </div>our control and may include, among </div><div id="a18303" style="position:absolute;font-family:'Arial';left:57px;top:278px;">other things, general<div style="display:inline-block;width:2px"> </div>economic conditions,<div style="display:inline-block;width:2px"> </div>the condition of<div style="display:inline-block;width:2px"> </div>the maritime and<div style="display:inline-block;width:2px"> </div>offshore industries, the<div style="display:inline-block;width:2px"> </div>overall </div><div id="a18304" style="position:absolute;font-family:'Arial';left:57px;top:295px;">financial condition of the<div style="display:inline-block;width:3px"> </div>counterparty, charter rates received for specific types of<div style="display:inline-block;width:2px"> </div>vessels, work stoppages </div><div id="a18308" style="position:absolute;font-family:'Arial';left:57px;top:312px;">or other labor disturbances<div style="display:inline-block;width:2px"> </div>and various expenses. Should<div style="display:inline-block;width:2px"> </div>a counterparty fail<div style="display:inline-block;width:3px"> </div>to honor its obligations<div style="display:inline-block;width:2px"> </div>under </div><div id="a18311" style="position:absolute;font-family:'Arial';left:57px;top:329px;">agreements with us,<div style="display:inline-block;width:3px"> </div>we could sustain<div style="display:inline-block;width:3px"> </div>significant losses, which<div style="display:inline-block;width:2px"> </div>could have a<div style="display:inline-block;width:3px"> </div>material adverse effect<div style="display:inline-block;width:3px"> </div>on our </div><div id="a18312" style="position:absolute;font-family:'Arial';left:57px;top:346px;">business, financial condition, results of operations and cash<div style="display:inline-block;width:3px"> </div>flows. </div><div id="a18315" style="position:absolute;font-family:'Arial';left:57px;top:379px;">In addition, in<div style="display:inline-block;width:6px"> </div>depressed market conditions, our<div style="display:inline-block;width:6px"> </div>charterers may no<div style="display:inline-block;width:6px"> </div>longer need a<div style="display:inline-block;width:6px"> </div>vessel that is<div style="display:inline-block;width:6px"> </div>currently </div><div id="a18316" style="position:absolute;font-family:'Arial';left:57px;top:396px;">under charter<div style="display:inline-block;width:6px"> </div>or may<div style="display:inline-block;width:6px"> </div>be able<div style="display:inline-block;width:6px"> </div>to obtain<div style="display:inline-block;width:6px"> </div>a comparable<div style="display:inline-block;width:6px"> </div>vessel at<div style="display:inline-block;width:6px"> </div>lower rates.<div style="display:inline-block;width:6px"> </div>As a<div style="display:inline-block;width:6px"> </div>result, charterers<div style="display:inline-block;width:6px"> </div>may </div><div id="a18317" style="position:absolute;font-family:'Arial';left:57px;top:413px;">seek to<div style="display:inline-block;width:6px"> </div>renegotiate the<div style="display:inline-block;width:6px"> </div>terms of<div style="display:inline-block;width:6px"> </div>their existing<div style="display:inline-block;width:6px"> </div>charter agreements<div style="display:inline-block;width:6px"> </div>or avoid<div style="display:inline-block;width:6px"> </div>their obligations<div style="display:inline-block;width:6px"> </div>under those </div><div id="a18320" style="position:absolute;font-family:'Arial';left:57px;top:430px;">contracts. Furthermore, it<div style="display:inline-block;width:6px"> </div>is possible that<div style="display:inline-block;width:6px"> </div>parties with whom we<div style="display:inline-block;width:6px"> </div>have charter contracts may<div style="display:inline-block;width:6px"> </div>be impacted </div><div id="a18324" style="position:absolute;font-family:'Arial';left:57px;top:447px;">by events in Russia and Ukraine and in the Middle East, including in the Red Sea area,<div style="display:inline-block;width:5px"> </div>and any resulting </div><div id="a18328" style="position:absolute;font-family:'Arial';left:57px;top:464px;">sanctions.<div style="display:inline-block;width:7px"> </div>If<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:7px"> </div>charterers<div style="display:inline-block;width:7px"> </div>fail<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>meet<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>obligations<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>attempt<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>renegotiate<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>charter </div><div id="a18331" style="position:absolute;font-family:'Arial';left:57px;top:481px;">agreements,<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:5px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>difficult<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>secure substitute<div style="display:inline-block;width:7px"> </div>employment for<div style="display:inline-block;width:7px"> </div>such vessels,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>charter </div><div id="a18332" style="position:absolute;font-family:'Arial';left:57px;top:498px;">arrangements we<div style="display:inline-block;width:7px"> </div>secure may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:5px"> </div>lower rates.<div style="display:inline-block;width:7px"> </div>As<div style="display:inline-block;width:6px"> </div>a result,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>sustain significant<div style="display:inline-block;width:7px"> </div>losses, which </div><div id="a18334" style="position:absolute;font-family:'Arial';left:57px;top:514px;">could have<div style="display:inline-block;width:6px"> </div>a material<div style="display:inline-block;width:5px"> </div>adverse effect<div style="display:inline-block;width:6px"> </div>on our<div style="display:inline-block;width:5px"> </div>business, financial condition,<div style="display:inline-block;width:6px"> </div>results of<div style="display:inline-block;width:6px"> </div>operations and cash </div><div id="a18335" style="position:absolute;font-family:'Arial';left:57px;top:531px;">flows.<div style="display:inline-block;width:4px"> </div></div><div id="a18338" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:565px;">In<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>highly<div style="display:inline-block;width:7px"> </div>competitive<div style="display:inline-block;width:7px"> </div>international<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>industry,<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>able<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>compete<div style="display:inline-block;width:7px"> </div>for </div><div id="a18339" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:582px;">charters with<div style="display:inline-block;width:6px"> </div>new entrants<div style="display:inline-block;width:6px"> </div>or established<div style="display:inline-block;width:6px"> </div>companies with<div style="display:inline-block;width:6px"> </div>greater resources,<div style="display:inline-block;width:6px"> </div>and as<div style="display:inline-block;width:6px"> </div>a result,<div style="display:inline-block;width:6px"> </div>we </div><div id="a18341" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:599px;">may be unable to employ our vessels profitably. </div><div id="a18344" style="position:absolute;font-family:'Arial';left:57px;top:632px;">The<div style="display:inline-block;width:6px"> </div>operation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>transportation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>cargoes<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>extremely<div style="display:inline-block;width:6px"> </div>competitive<div style="display:inline-block;width:6px"> </div>and </div><div id="a18376" style="position:absolute;font-family:'Arial';left:57px;top:649px;">fragmented. Competition<div style="display:inline-block;width:3px"> </div>for the transportation<div style="display:inline-block;width:2px"> </div>of dry bulk<div style="display:inline-block;width:3px"> </div>cargoes by sea<div style="display:inline-block;width:2px"> </div>is intense and<div style="display:inline-block;width:3px"> </div>depends on<div style="display:inline-block;width:3px"> </div>price, </div><div id="a18410" style="position:absolute;font-family:'Arial';left:57px;top:666px;">location,<div style="display:inline-block;width:7px"> </div>size,<div style="display:inline-block;width:7px"> </div>age,<div style="display:inline-block;width:7px"> </div>condition<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>acceptability<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>operators<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charterers. </div><div id="a18442" style="position:absolute;font-family:'Arial';left:57px;top:683px;">Competition arises<div style="display:inline-block;width:3px"> </div>primarily from<div style="display:inline-block;width:2px"> </div>other vessel<div style="display:inline-block;width:3px"> </div>owners, some<div style="display:inline-block;width:2px"> </div>of whom<div style="display:inline-block;width:3px"> </div>have substantially<div style="display:inline-block;width:2px"> </div>greater resources </div><div id="a18470" style="position:absolute;font-family:'Arial';left:57px;top:700px;">than we do. Due in part<div style="display:inline-block;width:3px"> </div>to the highly fragmented market,<div style="display:inline-block;width:3px"> </div>competitors with greater resources<div style="display:inline-block;width:3px"> </div>than us could </div><div id="a18506" style="position:absolute;font-family:'Arial';left:57px;top:717px;">enter the<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>shipping industry<div style="display:inline-block;width:6px"> </div>and operate<div style="display:inline-block;width:6px"> </div>larger fleets<div style="display:inline-block;width:6px"> </div>through consolidations<div style="display:inline-block;width:6px"> </div>or acquisitions<div style="display:inline-block;width:6px"> </div>and </div><div id="a18536" style="position:absolute;font-family:'Arial';left:57px;top:734px;">may<div style="display:inline-block;width:6px"> </div>be able<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>offer<div style="display:inline-block;width:6px"> </div>lower<div style="display:inline-block;width:5px"> </div>charter rates<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>higher quality<div style="display:inline-block;width:7px"> </div>vessels than<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>able to<div style="display:inline-block;width:7px"> </div>offer.<div style="display:inline-block;width:6px"> </div>If we<div style="display:inline-block;width:7px"> </div>are </div><div id="a18578" style="position:absolute;font-family:'Arial';left:57px;top:751px;">unable to successfully compete with other<div style="display:inline-block;width:6px"> </div>dry bulk shipping companies, our results<div style="display:inline-block;width:5px"> </div>of operations may be </div><div id="a18610" style="position:absolute;font-family:'Arial';left:57px;top:767px;">adversely impacted. </div><div id="a18615" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:801px;">We<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>unable to<div style="display:inline-block;width:7px"> </div>attract<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>retain<div style="display:inline-block;width:6px"> </div>key management<div style="display:inline-block;width:7px"> </div>personnel and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:5px"> </div>employees in<div style="display:inline-block;width:7px"> </div>the </div><div id="a18616" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:818px;">shipping industry, which may<div style="display:inline-block;width:6px"> </div>negatively impact the effectiveness of our<div style="display:inline-block;width:6px"> </div>management and results </div><div id="a18617" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:835px;">of operations. </div><div id="a18620" style="position:absolute;font-family:'Arial';left:57px;top:869px;">Our success depends<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>significant extent upon<div style="display:inline-block;width:6px"> </div>the abilities and<div style="display:inline-block;width:6px"> </div>efforts of<div style="display:inline-block;width:6px"> </div>our management team.<div style="display:inline-block;width:6px"> </div>Our </div><div id="a18621" style="position:absolute;font-family:'Arial';left:57px;top:885px;">success<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:5px"> </div>depend<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>ability<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>retain<div style="display:inline-block;width:6px"> </div>key<div style="display:inline-block;width:6px"> </div>members<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:5px"> </div>team<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>new </div><div id="a18622" style="position:absolute;font-family:'Arial';left:57px;top:902px;">members as may<div style="display:inline-block;width:6px"> </div>be necessary.<div style="display:inline-block;width:6px"> </div>The loss of<div style="display:inline-block;width:6px"> </div>any of these<div style="display:inline-block;width:6px"> </div>individuals could adversely affect<div style="display:inline-block;width:6px"> </div>our business </div><div id="a18624" style="position:absolute;font-family:'Arial';left:57px;top:919px;">prospects<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>condition.<div style="display:inline-block;width:6px"> </div>Difficulty<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>hiring<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>retaining<div style="display:inline-block;width:6px"> </div>replacement<div style="display:inline-block;width:6px"> </div>personnel<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>have<div style="display:inline-block;width:6px"> </div>a </div><div id="a18625" style="position:absolute;font-family:'Arial';left:57px;top:936px;">similar effect.<div style="display:inline-block;width:6px"> </div>We do<div style="display:inline-block;width:6px"> </div>not currently,<div style="display:inline-block;width:7px"> </div>nor do<div style="display:inline-block;width:6px"> </div>we intend<div style="display:inline-block;width:6px"> </div>to, maintain<div style="display:inline-block;width:6px"> </div>“key man”<div style="display:inline-block;width:6px"> </div>life insurance<div style="display:inline-block;width:6px"> </div>on any<div style="display:inline-block;width:6px"> </div>of our </div><div id="a18627" style="position:absolute;font-family:'Arial';left:57px;top:953px;">officers or other members of our management team.</div></div>
</div>
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<div id="Page30" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a18631" style="position:absolute;font-family:'Arial';left:390px;top:992px;">30 </div><div id="a18634" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">Technological<div style="display:inline-block;width:8px"> </div>innovation<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>quality<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>efficiency<div style="display:inline-block;width:8px"> </div>requirements<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>customers<div style="display:inline-block;width:8px"> </div>could </div><div id="a18635" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:110px;">reduce our charter hire income and affect the demand and the value<div style="display:inline-block;width:3px"> </div>of our vessels. </div><div id="a18642" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Our customers have a high and increasing focus on quality and compliance standards with their suppliers </div><div id="a18643" style="position:absolute;font-family:'Arial';left:57px;top:160px;">across<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>entire<div style="display:inline-block;width:9px"> </div>supply<div style="display:inline-block;width:9px"> </div>chain,<div style="display:inline-block;width:9px"> </div>including<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>shipping<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>transportation<div style="display:inline-block;width:9px"> </div>segment.<div style="display:inline-block;width:9px"> </div>Our<div style="display:inline-block;width:9px"> </div>continued </div><div id="a18644" style="position:absolute;font-family:'Arial';left:57px;top:177px;">compliance with these<div style="display:inline-block;width:3px"> </div>standards and quality<div style="display:inline-block;width:2px"> </div>requirements is vital<div style="display:inline-block;width:2px"> </div>for our operations.<div style="display:inline-block;width:3px"> </div>The charter hire<div style="display:inline-block;width:2px"> </div>rates </div><div id="a18646" style="position:absolute;font-family:'Arial';left:57px;top:194px;">and the value and operational life<div style="display:inline-block;width:3px"> </div>of a vessel are determined by a number<div style="display:inline-block;width:2px"> </div>of factors including the vessel’s </div><div id="a18647" style="position:absolute;font-family:'Arial';left:57px;top:211px;">efficiency, operational flexibility and physical<div style="display:inline-block;width:3px"> </div>life. Efficiency includes<div style="display:inline-block;width:3px"> </div>speed, fuel economy<div style="display:inline-block;width:3px"> </div>and the ability<div style="display:inline-block;width:2px"> </div>to </div><div id="a18650" style="position:absolute;font-family:'Arial';left:57px;top:228px;">load<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>discharge<div style="display:inline-block;width:5px"> </div>cargo quickly.<div style="display:inline-block;width:8px"> </div>Flexibility includes<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:7px"> </div>enter harbors,<div style="display:inline-block;width:7px"> </div>utilize related<div style="display:inline-block;width:7px"> </div>docking </div><div id="a18651" style="position:absolute;font-family:'Arial';left:57px;top:245px;">facilities and pass through canals and straits. The length of a vessel’s physical life is<div style="display:inline-block;width:6px"> </div>related to its original </div><div id="a18652" style="position:absolute;font-family:'Arial';left:57px;top:261px;">design and construction, its maintenance and the impact of the stress<div style="display:inline-block;width:5px"> </div>of operations. We face competition </div><div id="a18654" style="position:absolute;font-family:'Arial';left:57px;top:278px;">from<div style="display:inline-block;width:6px"> </div>companies<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>modern<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:5px"> </div>having<div style="display:inline-block;width:5px"> </div>more<div style="display:inline-block;width:6px"> </div>fuel<div style="display:inline-block;width:6px"> </div>efficient<div style="display:inline-block;width:6px"> </div>designs<div style="display:inline-block;width:5px"> </div>than<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels, or<div style="display:inline-block;width:7px"> </div>eco </div><div id="a18655" style="position:absolute;font-family:'Arial';left:57px;top:295px;">vessels, and if<div style="display:inline-block;width:2px"> </div>new dry bulk<div style="display:inline-block;width:2px"> </div>vessels are built<div style="display:inline-block;width:2px"> </div>that are<div style="display:inline-block;width:3px"> </div>more efficient or<div style="display:inline-block;width:3px"> </div>more flexible or<div style="display:inline-block;width:2px"> </div>have longer<div style="display:inline-block;width:3px"> </div>physical </div><div id="a18657" style="position:absolute;font-family:'Arial';left:57px;top:312px;">lives<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>competition<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>eco<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>technologically </div><div id="a18658" style="position:absolute;font-family:'Arial';left:57px;top:329px;">advanced vessels could adversely<div style="display:inline-block;width:6px"> </div>affect the amount<div style="display:inline-block;width:6px"> </div>of charter hire payments<div style="display:inline-block;width:6px"> </div>we receive for our<div style="display:inline-block;width:6px"> </div>vessels </div><div id="a18659" style="position:absolute;font-family:'Arial';left:57px;top:346px;">and the resale value of<div style="display:inline-block;width:5px"> </div>our vessels could significantly decrease. In these circumstances, we may<div style="display:inline-block;width:6px"> </div>also be </div><div id="a18664" style="position:absolute;font-family:'Arial';left:57px;top:363px;">forced to<div style="display:inline-block;width:3px"> </div>charter our<div style="display:inline-block;width:3px"> </div>vessels to<div style="display:inline-block;width:3px"> </div>less creditworthy<div style="display:inline-block;width:2px"> </div>charterers, either<div style="display:inline-block;width:3px"> </div>because top<div style="display:inline-block;width:2px"> </div>tier charters<div style="display:inline-block;width:3px"> </div>will not<div style="display:inline-block;width:3px"> </div>charter </div><div id="a18665" style="position:absolute;font-family:'Arial';left:57px;top:379px;">older<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>less<div style="display:inline-block;width:6px"> </div>technologically<div style="display:inline-block;width:6px"> </div>advanced<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>only<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>lower<div style="display:inline-block;width:6px"> </div>contracted </div><div id="a18666" style="position:absolute;font-family:'Arial';left:57px;top:396px;">charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>less<div style="display:inline-block;width:6px"> </div>creditworthy,<div style="display:inline-block;width:6px"> </div>second<div style="display:inline-block;width:5px"> </div>tier<div style="display:inline-block;width:6px"> </div>charterers.<div style="display:inline-block;width:6px"> </div>Similarly, </div><div id="a18670" style="position:absolute;font-family:'Arial';left:57px;top:413px;">technologically advanced vessels are needed to<div style="display:inline-block;width:5px"> </div>comply with environmental laws the<div style="display:inline-block;width:5px"> </div>investment in which </div><div id="a18671" style="position:absolute;font-family:'Arial';left:57px;top:430px;">along with the<div style="display:inline-block;width:6px"> </div>foregoing could have<div style="display:inline-block;width:6px"> </div>a material adverse<div style="display:inline-block;width:6px"> </div>effect on charter<div style="display:inline-block;width:6px"> </div>hire payments and<div style="display:inline-block;width:5px"> </div>resale value </div><div id="a18672" style="position:absolute;font-family:'Arial';left:57px;top:447px;">of vessels. This could<div style="display:inline-block;width:6px"> </div>have an adverse effect<div style="display:inline-block;width:6px"> </div>on our results of<div style="display:inline-block;width:6px"> </div>operations, cash flows, financial condition </div><div id="a18674" style="position:absolute;font-family:'Arial';left:57px;top:464px;">and ability to pay dividends.<div style="display:inline-block;width:4px"> </div></div><div id="a18678" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Developments in technology could also affect global<div style="display:inline-block;width:5px"> </div>trade flows and supply chains causing disruptions in </div><div id="a18679" style="position:absolute;font-family:'Arial';left:57px;top:514px;">the<div style="display:inline-block;width:8px"> </div>demand<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>vessels.<div style="display:inline-block;width:8px"> </div>Decreasing<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>cost<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>labor<div style="display:inline-block;width:8px"> </div>through<div style="display:inline-block;width:8px"> </div>automation<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>digitization<div style="display:inline-block;width:8px"> </div>and </div><div id="a18680" style="position:absolute;font-family:'Arial';left:57px;top:531px;">increasing<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>consumers<div style="display:inline-block;width:6px"> </div>power<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>goods,<div style="display:inline-block;width:6px"> </div>technology<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>changing<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>business<div style="display:inline-block;width:6px"> </div>models<div style="display:inline-block;width:6px"> </div>and </div><div id="a18682" style="position:absolute;font-family:'Arial';left:57px;top:548px;">production of<div style="display:inline-block;width:5px"> </div>goods in many<div style="display:inline-block;width:6px"> </div>industries. Consequently,<div style="display:inline-block;width:6px"> </div>supply chains are<div style="display:inline-block;width:6px"> </div>being pulled closer<div style="display:inline-block;width:6px"> </div>to the end-</div><div id="a18684" style="position:absolute;font-family:'Arial';left:57px;top:565px;">customer<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>more<div style="display:inline-block;width:7px"> </div>responsive<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>changing<div style="display:inline-block;width:7px"> </div>demand<div style="display:inline-block;width:7px"> </div>patterns.<div style="display:inline-block;width:7px"> </div>As<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>result,<div style="display:inline-block;width:7px"> </div>fewer </div><div id="a18685" style="position:absolute;font-family:'Arial';left:57px;top:582px;">intermediate and raw inputs are<div style="display:inline-block;width:6px"> </div>traded, which could lead to<div style="display:inline-block;width:6px"> </div>a decrease in shipping activity.<div style="display:inline-block;width:7px"> </div>If automation </div><div id="a18688" style="position:absolute;font-family:'Arial';left:57px;top:599px;">and digitization become more<div style="display:inline-block;width:3px"> </div>commercially viable and/or production<div style="display:inline-block;width:2px"> </div>becomes more regional or<div style="display:inline-block;width:3px"> </div>local, total </div><div id="a18689" style="position:absolute;font-family:'Arial';left:57px;top:616px;">dry-bulk<div style="display:inline-block;width:5px"> </div>volumes would<div style="display:inline-block;width:6px"> </div>decrease,<div style="display:inline-block;width:5px"> </div>which would<div style="display:inline-block;width:6px"> </div>adversely affect<div style="display:inline-block;width:7px"> </div>demand for<div style="display:inline-block;width:7px"> </div>our services.<div style="display:inline-block;width:6px"> </div>Supply chain </div><div id="a18693" style="position:absolute;font-family:'Arial';left:57px;top:632px;">disruptions<div style="display:inline-block;width:7px"> </div>caused<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>geopolitical<div style="display:inline-block;width:7px"> </div>events,<div style="display:inline-block;width:7px"> </div>rising<div style="display:inline-block;width:7px"> </div>tariff<div style="display:inline-block;width:7px"> </div>barriers<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>environmental<div style="display:inline-block;width:7px"> </div>concerns<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>also </div><div id="a18694" style="position:absolute;font-family:'Arial';left:57px;top:649px;">accelerate these trends. </div><div id="a18697" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:683px;">We may<div style="display:inline-block;width:6px"> </div>not have adequate<div style="display:inline-block;width:6px"> </div>insurance to<div style="display:inline-block;width:5px"> </div>compensate us if<div style="display:inline-block;width:6px"> </div>we lose<div style="display:inline-block;width:6px"> </div>our vessels or<div style="display:inline-block;width:6px"> </div>to compensate </div><div id="a18698" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:700px;">third parties. </div><div id="a18701" style="position:absolute;font-family:'Arial';left:57px;top:734px;">We procure<div style="display:inline-block;width:2px"> </div>insurance for<div style="display:inline-block;width:2px"> </div>our fleet<div style="display:inline-block;width:2px"> </div>against risks<div style="display:inline-block;width:2px"> </div>commonly insured<div style="display:inline-block;width:2px"> </div>against by<div style="display:inline-block;width:2px"> </div>vessel owners<div style="display:inline-block;width:2px"> </div>and operators. </div><div id="a18702" style="position:absolute;font-family:'Arial';left:57px;top:751px;">Our<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>includes<div style="display:inline-block;width:6px"> </div>hull<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>machinery<div style="display:inline-block;width:6px"> </div>insurance,<div style="display:inline-block;width:6px"> </div>war<div style="display:inline-block;width:6px"> </div>risks<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>protection<div style="display:inline-block;width:6px"> </div>and </div><div id="a18703" style="position:absolute;font-family:'Arial';left:57px;top:767px;">indemnity<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>(which<div style="display:inline-block;width:6px"> </div>includes<div style="display:inline-block;width:6px"> </div>environmental<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>pollution<div style="display:inline-block;width:6px"> </div>insurance).<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:7px"> </div>can<div style="display:inline-block;width:6px"> </div>give<div style="display:inline-block;width:6px"> </div>no </div><div id="a18705" style="position:absolute;font-family:'Arial';left:57px;top:784px;">assurance that we are<div style="display:inline-block;width:6px"> </div>adequately insured against all risks<div style="display:inline-block;width:6px"> </div>or that our insurers<div style="display:inline-block;width:6px"> </div>will pay a particular<div style="display:inline-block;width:6px"> </div>claim. </div><div id="a18707" style="position:absolute;font-family:'Arial';left:57px;top:801px;">Even if<div style="display:inline-block;width:7px"> </div>our insurance<div style="display:inline-block;width:6px"> </div>coverage is<div style="display:inline-block;width:6px"> </div>adequate to<div style="display:inline-block;width:6px"> </div>cover our<div style="display:inline-block;width:6px"> </div>losses, we<div style="display:inline-block;width:6px"> </div>may not<div style="display:inline-block;width:7px"> </div>be able<div style="display:inline-block;width:6px"> </div>to timely<div style="display:inline-block;width:6px"> </div>obtain a </div><div id="a18708" style="position:absolute;font-family:'Arial';left:57px;top:818px;">replacement vessel<div style="display:inline-block;width:3px"> </div>in the event<div style="display:inline-block;width:2px"> </div>of a loss.<div style="display:inline-block;width:2px"> </div>Additionally, our insurers may<div style="display:inline-block;width:2px"> </div>refuse to pay<div style="display:inline-block;width:2px"> </div>particular claims<div style="display:inline-block;width:2px"> </div>and </div><div id="a18710" style="position:absolute;font-family:'Arial';left:57px;top:835px;">our insurance may<div style="display:inline-block;width:6px"> </div>be voidable by<div style="display:inline-block;width:6px"> </div>the insurers if<div style="display:inline-block;width:6px"> </div>we take, or<div style="display:inline-block;width:6px"> </div>fail to take,<div style="display:inline-block;width:6px"> </div>certain action, such<div style="display:inline-block;width:5px"> </div>as failing to </div><div id="a18711" style="position:absolute;font-family:'Arial';left:57px;top:852px;">maintain certification of our vessels with applicable maritime regulatory organizations. Furthermore, in the </div><div id="a18713" style="position:absolute;font-family:'Arial';left:57px;top:869px;">future, we<div style="display:inline-block;width:6px"> </div>may not<div style="display:inline-block;width:6px"> </div>be able<div style="display:inline-block;width:6px"> </div>to obtain<div style="display:inline-block;width:6px"> </div>adequate insurance coverage<div style="display:inline-block;width:6px"> </div>at reasonable<div style="display:inline-block;width:6px"> </div>rates for<div style="display:inline-block;width:6px"> </div>our fleet.<div style="display:inline-block;width:5px"> </div>We </div><div id="a18714" style="position:absolute;font-family:'Arial';left:57px;top:885px;">may also be<div style="display:inline-block;width:6px"> </div>subject to calls,<div style="display:inline-block;width:6px"> </div>or premiums, in<div style="display:inline-block;width:6px"> </div>amounts based not<div style="display:inline-block;width:6px"> </div>only on our<div style="display:inline-block;width:6px"> </div>own claim records<div style="display:inline-block;width:6px"> </div>but also </div><div id="a18717" style="position:absolute;font-family:'Arial';left:57px;top:902px;">the<div style="display:inline-block;width:6px"> </div>claim<div style="display:inline-block;width:6px"> </div>records<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>members<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>protection<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>indemnity<div style="display:inline-block;width:5px"> </div>associations<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>we </div><div id="a18718" style="position:absolute;font-family:'Arial';left:57px;top:919px;">receive<div style="display:inline-block;width:6px"> </div>indemnity<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>coverage<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>tort<div style="display:inline-block;width:6px"> </div>liability.<div style="display:inline-block;width:7px"> </div>Our<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>policies<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>contain<div style="display:inline-block;width:6px"> </div>deductibles, </div><div id="a18720" style="position:absolute;font-family:'Arial';left:57px;top:936px;">limitations<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>exclusions<div style="display:inline-block;width:9px"> </div>which,<div style="display:inline-block;width:9px"> </div>although<div style="display:inline-block;width:9px"> </div>we<div style="display:inline-block;width:9px"> </div>believe<div style="display:inline-block;width:9px"> </div>are<div style="display:inline-block;width:9px"> </div>standard<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>shipping<div style="display:inline-block;width:9px"> </div>industry,<div style="display:inline-block;width:10px"> </div>may </div><div id="a18721" style="position:absolute;font-family:'Arial';left:57px;top:953px;">nevertheless increase<div style="display:inline-block;width:3px"> </div>our costs. In<div style="display:inline-block;width:2px"> </div>addition, we<div style="display:inline-block;width:3px"> </div>do not presently<div style="display:inline-block;width:2px"> </div>carry loss-of-hire<div style="display:inline-block;width:3px"> </div>insurance, which<div style="display:inline-block;width:2px"> </div>covers </div></div>
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<div id="a18730" style="position:absolute;font-family:'Arial';left:390px;top:992px;">31 </div><div id="a18732" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the<div style="display:inline-block;width:6px"> </div>loss<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>revenue<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>extended<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>off-hire<div style="display:inline-block;width:6px"> </div>periods,<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>might<div style="display:inline-block;width:6px"> </div>occur<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>an </div><div id="a18735" style="position:absolute;font-family:'Arial';left:57px;top:93px;">unscheduled drydocking due to damage to the vessel from a major accident. Accordingly, any vessel that </div><div id="a18736" style="position:absolute;font-family:'Arial';left:57px;top:110px;">is off hire<div style="display:inline-block;width:6px"> </div>for an extended period<div style="display:inline-block;width:6px"> </div>of time, due to<div style="display:inline-block;width:6px"> </div>an accident or<div style="display:inline-block;width:5px"> </div>otherwise, could have a material<div style="display:inline-block;width:6px"> </div>adverse </div><div id="a18738" style="position:absolute;font-family:'Arial';left:57px;top:126px;">effect on our business, results of operations and financial condition. </div><div id="a18741" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:160px;">We are exposed to U.S. dollar and foreign currency fluctuations and devaluations that could harm </div><div id="a18742" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:177px;">results of operations. </div><div id="a18745" style="position:absolute;font-family:'Arial';left:57px;top:211px;">We generate<div style="display:inline-block;width:6px"> </div>all of<div style="display:inline-block;width:6px"> </div>our revenues<div style="display:inline-block;width:5px"> </div>in U.S.<div style="display:inline-block;width:6px"> </div>dollars but incur<div style="display:inline-block;width:6px"> </div>around half of<div style="display:inline-block;width:6px"> </div>our operating<div style="display:inline-block;width:6px"> </div>expenses and our </div><div id="a18746" style="position:absolute;font-family:'Arial';left:57px;top:228px;">general and administrative expenses in currencies other than the U.S. dollar, primarily the Euro. Because </div><div id="a18748" style="position:absolute;font-family:'Arial';left:57px;top:245px;">a significant portion of<div style="display:inline-block;width:3px"> </div>our expenses is incurred<div style="display:inline-block;width:2px"> </div>in currencies other<div style="display:inline-block;width:2px"> </div>than the U.S. dollar, our expenses<div style="display:inline-block;width:2px"> </div>may </div><div id="a18749" style="position:absolute;font-family:'Arial';left:57px;top:261px;">from time to<div style="display:inline-block;width:2px"> </div>time increase relative<div style="display:inline-block;width:2px"> </div>to our revenues<div style="display:inline-block;width:2px"> </div>as a result<div style="display:inline-block;width:3px"> </div>of fluctuations in<div style="display:inline-block;width:2px"> </div>exchange rates, particularly </div><div id="a18751" style="position:absolute;font-family:'Arial';left:57px;top:278px;">between the U.S. dollar and the Euro,<div style="display:inline-block;width:3px"> </div>which could affect the amount of net<div style="display:inline-block;width:3px"> </div>income that we report in future </div><div id="a18752" style="position:absolute;font-family:'Arial';left:57px;top:295px;">periods. While<div style="display:inline-block;width:2px"> </div>we historically<div style="display:inline-block;width:2px"> </div>have not<div style="display:inline-block;width:2px"> </div>mitigated the<div style="display:inline-block;width:2px"> </div>risk associated<div style="display:inline-block;width:2px"> </div>with exchange<div style="display:inline-block;width:2px"> </div>rate fluctuations<div style="display:inline-block;width:2px"> </div>through </div><div id="a18754" style="position:absolute;font-family:'Arial';left:57px;top:312px;">the use of financial derivatives, we<div style="display:inline-block;width:3px"> </div>may employ such instruments<div style="display:inline-block;width:3px"> </div>from time to time in the future<div style="display:inline-block;width:2px"> </div>in order to </div><div id="a18755" style="position:absolute;font-family:'Arial';left:57px;top:329px;">minimize this risk. Our use of<div style="display:inline-block;width:3px"> </div>financial derivatives would involve<div style="display:inline-block;width:3px"> </div>certain risks, including the risk<div style="display:inline-block;width:3px"> </div>that losses </div><div id="a18756" style="position:absolute;font-family:'Arial';left:57px;top:346px;">on a<div style="display:inline-block;width:6px"> </div>hedged position<div style="display:inline-block;width:6px"> </div>could exceed<div style="display:inline-block;width:6px"> </div>the nominal<div style="display:inline-block;width:6px"> </div>amount invested<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>instrument and<div style="display:inline-block;width:6px"> </div>the risk<div style="display:inline-block;width:6px"> </div>that the </div><div id="a18758" style="position:absolute;font-family:'Arial';left:57px;top:363px;">counterparty to the derivative transaction<div style="display:inline-block;width:5px"> </div>may be unable or<div style="display:inline-block;width:5px"> </div>unwilling to satisfy its<div style="display:inline-block;width:5px"> </div>contractual obligations, </div><div id="a18759" style="position:absolute;font-family:'Arial';left:57px;top:379px;">which could have an adverse effect on our results. </div><div id="a18762" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:413px;">We depend<div style="display:inline-block;width:5px"> </div>upon a few<div style="display:inline-block;width:6px"> </div>significant customers for a<div style="display:inline-block;width:6px"> </div>large part of<div style="display:inline-block;width:6px"> </div>our revenues and the<div style="display:inline-block;width:6px"> </div>loss of one </div><div id="a18763" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:430px;">or more of these customers could adversely affect our financial performance.<div style="display:inline-block;width:3px"> </div></div><div id="a18766" style="position:absolute;font-family:'Arial';left:57px;top:464px;">We have historically<div style="display:inline-block;width:6px"> </div>derived a significant part<div style="display:inline-block;width:6px"> </div>of our revenues from<div style="display:inline-block;width:6px"> </div>a small number of<div style="display:inline-block;width:6px"> </div>charterers. During </div><div id="a18767" style="position:absolute;font-family:'Arial';left:57px;top:481px;">2024, 2023, and<div style="display:inline-block;width:2px"> </div>2022, approximately<div style="display:inline-block;width:2px"> </div>11%, 13% and 34%,<div style="display:inline-block;width:2px"> </div>respectively, of our revenues<div style="display:inline-block;width:2px"> </div>were derived<div style="display:inline-block;width:3px"> </div>from </div><div id="a18768" style="position:absolute;font-family:'Arial';left:57px;top:498px;">one,<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>two<div style="display:inline-block;width:6px"> </div>charterers,<div style="display:inline-block;width:5px"> </div>respectively.<div style="display:inline-block;width:7px"> </div>If<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>charterers<div style="display:inline-block;width:6px"> </div>chooses<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>our </div><div id="a18770" style="position:absolute;font-family:'Arial';left:57px;top:514px;">vessels<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>unable<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>perform<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>one<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>more<div style="display:inline-block;width:7px"> </div>charters<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>able<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>find<div style="display:inline-block;width:7px"> </div>a </div><div id="a18771" style="position:absolute;font-family:'Arial';left:57px;top:531px;">replacement charter, we could suffer<div style="display:inline-block;width:6px"> </div>a loss of revenues that could adversely affect our financial condition </div><div id="a18773" style="position:absolute;font-family:'Arial';left:57px;top:548px;">and results of operations. </div><div id="a18776" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:582px;">We are a holding company, and we<div style="display:inline-block;width:6px"> </div>depend on the ability of our subsidiaries to distribute funds to </div><div id="a18777" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:599px;">us in order to satisfy our financial obligations. </div><div id="a18781" style="position:absolute;font-family:'Arial';left:57px;top:632px;">We are a holding company and our subsidiaries conduct all of our operations and own all of our<div style="display:inline-block;width:3px"> </div>operating </div><div id="a18782" style="position:absolute;font-family:'Arial';left:57px;top:649px;">assets. We<div style="display:inline-block;width:6px"> </div>have no significant<div style="display:inline-block;width:6px"> </div>assets other than<div style="display:inline-block;width:6px"> </div>the equity<div style="display:inline-block;width:5px"> </div>interests in our<div style="display:inline-block;width:6px"> </div>subsidiaries. As a<div style="display:inline-block;width:6px"> </div>result, our </div><div id="a18783" style="position:absolute;font-family:'Arial';left:57px;top:666px;">ability to satisfy our financial obligations depends on our subsidiaries and their ability to distribute<div style="display:inline-block;width:3px"> </div>funds to </div><div id="a18785" style="position:absolute;font-family:'Arial';left:57px;top:683px;">us.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>unable<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:6px"> </div>funds<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>satisfy<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>financial </div><div id="a18786" style="position:absolute;font-family:'Arial';left:57px;top:700px;">obligations. </div><div id="a18789" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:734px;">Certain of our vessels<div style="display:inline-block;width:6px"> </div>are owned through joint<div style="display:inline-block;width:6px"> </div>ventures that we have entered<div style="display:inline-block;width:6px"> </div>into, and our views </div><div id="a18790" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:751px;">about<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>operations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>differ<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>joint<div style="display:inline-block;width:6px"> </div>venture<div style="display:inline-block;width:6px"> </div>partners<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>adversely </div><div id="a18792" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:767px;">affect our interest in the joint ventures. </div><div id="a18795" style="position:absolute;font-family:'Arial';left:57px;top:801px;">We have entered into<div style="display:inline-block;width:5px"> </div>two joint venture arrangements pursuant to<div style="display:inline-block;width:5px"> </div>which we own minority interests in<div style="display:inline-block;width:5px"> </div>four </div><div id="a18796" style="position:absolute;font-family:'Arial';left:57px;top:818px;">commissioning service operation<div style="display:inline-block;width:6px"> </div>vessel newbuilding contracts<div style="display:inline-block;width:6px"> </div>through Windward<div style="display:inline-block;width:6px"> </div>Offshore GmbH<div style="display:inline-block;width:6px"> </div>& Co. </div><div id="a18806" style="position:absolute;font-family:'Arial';left:57px;top:835px;">KG<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>one<div style="display:inline-block;width:8px"> </div>dry<div style="display:inline-block;width:8px"> </div>bulk<div style="display:inline-block;width:8px"> </div>vessel<div style="display:inline-block;width:8px"> </div>through<div style="display:inline-block;width:8px"> </div>Bergen<div style="display:inline-block;width:8px"> </div>Ultra,<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:8px"> </div>enter<div style="display:inline-block;width:8px"> </div>into<div style="display:inline-block;width:8px"> </div>additional<div style="display:inline-block;width:8px"> </div>joint<div style="display:inline-block;width:8px"> </div>venture </div><div id="a18809" style="position:absolute;font-family:'Arial';left:57px;top:852px;">arrangement<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>future. As<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>minority<div style="display:inline-block;width:7px"> </div>interest<div style="display:inline-block;width:7px"> </div>holder<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>these<div style="display:inline-block;width:7px"> </div>joint<div style="display:inline-block;width:7px"> </div>ventures,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>share<div style="display:inline-block;width:7px"> </div>voting<div style="display:inline-block;width:7px"> </div>and </div><div id="a18812" style="position:absolute;font-family:'Arial';left:57px;top:869px;">operational control of these joint<div style="display:inline-block;width:6px"> </div>ventures and the operations of<div style="display:inline-block;width:6px"> </div>these vessels. Our joint venture partners </div><div id="a18817" style="position:absolute;font-family:'Arial';left:57px;top:885px;">may have interests that are different from ours which may result in conflicting views as to the operation of </div><div id="a18819" style="position:absolute;font-family:'Arial';left:57px;top:902px;">the vessels owned by<div style="display:inline-block;width:6px"> </div>the joint ventures or<div style="display:inline-block;width:6px"> </div>the conduct of the<div style="display:inline-block;width:6px"> </div>business of the joint<div style="display:inline-block;width:6px"> </div>ventures. We may<div style="display:inline-block;width:5px"> </div>not </div><div id="a18822" style="position:absolute;font-family:'Arial';left:57px;top:919px;">be able<div style="display:inline-block;width:6px"> </div>to resolve<div style="display:inline-block;width:6px"> </div>such conflicts<div style="display:inline-block;width:6px"> </div>in our<div style="display:inline-block;width:6px"> </div>favor and<div style="display:inline-block;width:6px"> </div>such conflicts<div style="display:inline-block;width:6px"> </div>or differing<div style="display:inline-block;width:6px"> </div>views could<div style="display:inline-block;width:6px"> </div>have a<div style="display:inline-block;width:6px"> </div>material </div><div id="a18826" style="position:absolute;font-family:'Arial';left:57px;top:936px;">adverse effect on our interest in these joint ventures.<div style="display:inline-block;width:3px"> </div></div></div>
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<div id="a18836" style="position:absolute;font-family:'Arial';left:390px;top:992px;">32 </div><div id="a18838" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Because we<div style="display:inline-block;width:6px"> </div>are organized<div style="display:inline-block;width:6px"> </div>under the<div style="display:inline-block;width:6px"> </div>laws of<div style="display:inline-block;width:6px"> </div>the Marshall<div style="display:inline-block;width:6px"> </div>Islands, it<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>difficult to<div style="display:inline-block;width:7px"> </div>serve us </div><div id="a18839" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">with legal process or enforce judgments against us, our directors<div style="display:inline-block;width:3px"> </div>or our management. </div><div id="a18843" style="position:absolute;font-family:'Arial';left:57px;top:126px;">We are<div style="display:inline-block;width:6px"> </div>organized under<div style="display:inline-block;width:6px"> </div>the laws<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Marshall Islands,<div style="display:inline-block;width:6px"> </div>and substantially<div style="display:inline-block;width:6px"> </div>all of<div style="display:inline-block;width:6px"> </div>our assets<div style="display:inline-block;width:6px"> </div>are located </div><div id="a18844" style="position:absolute;font-family:'Arial';left:57px;top:143px;">outside of the United States. In addition, the majority of our directors and officers are non-residents of the </div><div id="a18847" style="position:absolute;font-family:'Arial';left:57px;top:160px;">United States, and all or a substantial portion of the assets of these non-residents are located outside the </div><div id="a18851" style="position:absolute;font-family:'Arial';left:57px;top:177px;">United States.<div style="display:inline-block;width:6px"> </div>As a<div style="display:inline-block;width:6px"> </div>result, it<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>difficult or<div style="display:inline-block;width:6px"> </div>impossible for<div style="display:inline-block;width:6px"> </div>someone to<div style="display:inline-block;width:6px"> </div>bring an<div style="display:inline-block;width:6px"> </div>action against<div style="display:inline-block;width:6px"> </div>us or </div><div id="a18852" style="position:absolute;font-family:'Arial';left:57px;top:194px;">against these<div style="display:inline-block;width:7px"> </div>individuals in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>United<div style="display:inline-block;width:5px"> </div>States if<div style="display:inline-block;width:6px"> </div>they<div style="display:inline-block;width:5px"> </div>believe that<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:5px"> </div>rights<div style="display:inline-block;width:6px"> </div>have been<div style="display:inline-block;width:7px"> </div>infringed under </div><div id="a18855" style="position:absolute;font-family:'Arial';left:57px;top:211px;">securities laws or<div style="display:inline-block;width:6px"> </div>otherwise. Even if<div style="display:inline-block;width:6px"> </div>you are successful<div style="display:inline-block;width:6px"> </div>in bringing an<div style="display:inline-block;width:6px"> </div>action of this<div style="display:inline-block;width:6px"> </div>kind, the laws<div style="display:inline-block;width:6px"> </div>of the </div><div id="a18856" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Marshall Islands and of other jurisdictions may prevent or restrict them from enforcing a judgment against </div><div id="a18857" style="position:absolute;font-family:'Arial';left:57px;top:245px;">our assets or the assets of our directors or officers. </div><div id="a18862" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:278px;">The international nature of our operations may make<div style="display:inline-block;width:5px"> </div>the outcome of any bankruptcy proceedings </div><div id="a18864" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:295px;">difficult to predict. </div><div id="a18867" style="position:absolute;font-family:'Arial';left:57px;top:329px;">We are incorporated under the laws of the Republic of the<div style="display:inline-block;width:5px"> </div>Marshall Islands and we conduct operations in </div><div id="a18869" style="position:absolute;font-family:'Arial';left:57px;top:346px;">countries<div style="display:inline-block;width:9px"> </div>around<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:9px"> </div>world.<div style="display:inline-block;width:8px"> </div>Consequently,<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>event<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>any<div style="display:inline-block;width:8px"> </div>bankruptcy,<div style="display:inline-block;width:9px"> </div>insolvency,<div style="display:inline-block;width:10px"> </div>liquidation, </div><div id="a18870" style="position:absolute;font-family:'Arial';left:57px;top:363px;">dissolution, reorganization or<div style="display:inline-block;width:6px"> </div>similar proceeding involving<div style="display:inline-block;width:6px"> </div>us or<div style="display:inline-block;width:6px"> </div>any of<div style="display:inline-block;width:6px"> </div>our subsidiaries,<div style="display:inline-block;width:5px"> </div>bankruptcy laws </div><div id="a18871" style="position:absolute;font-family:'Arial';left:57px;top:379px;">other<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>apply.<div style="display:inline-block;width:7px"> </div>If<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>become<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>debtor<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>bankruptcy<div style="display:inline-block;width:6px"> </div>law, </div><div id="a18873" style="position:absolute;font-family:'Arial';left:57px;top:396px;">bankruptcy<div style="display:inline-block;width:6px"> </div>courts<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>seek<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>assert<div style="display:inline-block;width:6px"> </div>jurisdiction<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>assets,<div style="display:inline-block;width:6px"> </div>wherever </div><div id="a18874" style="position:absolute;font-family:'Arial';left:57px;top:413px;">located, including<div style="display:inline-block;width:3px"> </div>property situated<div style="display:inline-block;width:3px"> </div>in other countries.<div style="display:inline-block;width:2px"> </div>There can<div style="display:inline-block;width:3px"> </div>be no assurance,<div style="display:inline-block;width:2px"> </div>however, that we would </div><div id="a18876" style="position:absolute;font-family:'Arial';left:57px;top:430px;">become<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>debtor<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>bankruptcy<div style="display:inline-block;width:5px"> </div>court<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>entitled<div style="display:inline-block;width:6px"> </div>to,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>accept, </div><div id="a18877" style="position:absolute;font-family:'Arial';left:57px;top:447px;">jurisdiction over such a<div style="display:inline-block;width:2px"> </div>bankruptcy case, or<div style="display:inline-block;width:3px"> </div>that courts in other<div style="display:inline-block;width:3px"> </div>countries that have<div style="display:inline-block;width:3px"> </div>jurisdiction over us<div style="display:inline-block;width:3px"> </div>and </div><div id="a18878" style="position:absolute;font-family:'Arial';left:57px;top:464px;">our operations would recognize a<div style="display:inline-block;width:6px"> </div>U.S. bankruptcy court’s jurisdiction<div style="display:inline-block;width:6px"> </div>if any other bankruptcy<div style="display:inline-block;width:5px"> </div>court would </div><div id="a18880" style="position:absolute;font-family:'Arial';left:57px;top:481px;">determine it had jurisdiction. </div><div id="a18883" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:514px;">If we<div style="display:inline-block;width:6px"> </div>expand our<div style="display:inline-block;width:6px"> </div>business further,<div style="display:inline-block;width:7px"> </div>we may<div style="display:inline-block;width:6px"> </div>need to<div style="display:inline-block;width:6px"> </div>improve our<div style="display:inline-block;width:6px"> </div>operating and<div style="display:inline-block;width:6px"> </div>financial systems </div><div id="a18884" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:531px;">and will need to recruit suitable employees and crew for our vessels. </div><div id="a18887" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Our current operating and financial<div style="display:inline-block;width:3px"> </div>systems may not be adequate<div style="display:inline-block;width:3px"> </div>if we further expand the size<div style="display:inline-block;width:2px"> </div>of our fleet </div><div id="a18888" style="position:absolute;font-family:'Arial';left:57px;top:582px;">and our attempts to<div style="display:inline-block;width:5px"> </div>improve those systems may be<div style="display:inline-block;width:5px"> </div>ineffective. In addition, if we<div style="display:inline-block;width:6px"> </div>expand our fleet further, </div><div id="a18889" style="position:absolute;font-family:'Arial';left:57px;top:599px;">we<div style="display:inline-block;width:8px"> </div>will<div style="display:inline-block;width:8px"> </div>need<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>recruit<div style="display:inline-block;width:8px"> </div>suitable<div style="display:inline-block;width:8px"> </div>additional<div style="display:inline-block;width:8px"> </div>seafarers<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>shoreside<div style="display:inline-block;width:8px"> </div>administrative<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>management </div><div id="a18891" style="position:absolute;font-family:'Arial';left:57px;top:616px;">personnel. While we have not<div style="display:inline-block;width:3px"> </div>experienced any difficulty in recruiting<div style="display:inline-block;width:2px"> </div>to date, we cannot guarantee<div style="display:inline-block;width:3px"> </div>that we </div><div id="a18892" style="position:absolute;font-family:'Arial';left:57px;top:632px;">will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>continue<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>suitable<div style="display:inline-block;width:6px"> </div>employees<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>expand<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>crewing<div style="display:inline-block;width:6px"> </div>agents </div><div id="a18894" style="position:absolute;font-family:'Arial';left:57px;top:649px;">encounter business or financial difficulties, we may not be able to adequately<div style="display:inline-block;width:3px"> </div>staff our vessels.. </div><div id="a18897" style="position:absolute;font-family:'Arial';left:57px;top:683px;">Any future growth will primarily depend on our ability to: </div><div id="a18900" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:723px;">●</div><div id="a18902" style="position:absolute;font-family:'Arial';left:129px;top:717px;">locate and acquire suitable vessels; </div><div id="a18905" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:757px;">●</div><div id="a18907" style="position:absolute;font-family:'Arial';left:129px;top:751px;">identify and consummate acquisitions or joint ventures; </div><div id="a18910" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:791px;">●</div><div id="a18912" style="position:absolute;font-family:'Arial';left:129px;top:784px;">enhance our customer base; </div><div id="a18915" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:824px;">●</div><div id="a18917" style="position:absolute;font-family:'Arial';left:129px;top:818px;">manage our expansion; and </div><div id="a18920" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:858px;">●</div><div id="a18922" style="position:absolute;font-family:'Arial';left:129px;top:852px;">obtain required financing on acceptable terms. </div><div id="a18925" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Growing<div style="display:inline-block;width:9px"> </div>any<div style="display:inline-block;width:9px"> </div>business<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:9px"> </div>acquisition<div style="display:inline-block;width:8px"> </div>presents<div style="display:inline-block;width:8px"> </div>numerous<div style="display:inline-block;width:8px"> </div>risks,<div style="display:inline-block;width:9px"> </div>such<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:9px"> </div>undisclosed<div style="display:inline-block;width:8px"> </div>liabilities<div style="display:inline-block;width:8px"> </div>and </div><div id="a18926" style="position:absolute;font-family:'Arial';left:57px;top:902px;">obligations, the<div style="display:inline-block;width:7px"> </div>possibility that<div style="display:inline-block;width:6px"> </div>indemnification agreements<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:7px"> </div>unenforceable or<div style="display:inline-block;width:6px"> </div>insufficient to<div style="display:inline-block;width:7px"> </div>cover </div><div id="a18928" style="position:absolute;font-family:'Arial';left:57px;top:919px;">potential<div style="display:inline-block;width:6px"> </div>losses<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>difficulties<div style="display:inline-block;width:6px"> </div>associated<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>imposing<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>standards,<div style="display:inline-block;width:6px"> </div>controls,<div style="display:inline-block;width:6px"> </div>procedures<div style="display:inline-block;width:6px"> </div>and </div><div id="a18929" style="position:absolute;font-family:'Arial';left:57px;top:936px;">policies,<div style="display:inline-block;width:6px"> </div>obtaining<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:5px"> </div>qualified<div style="display:inline-block;width:5px"> </div>personnel,<div style="display:inline-block;width:6px"> </div>managing<div style="display:inline-block;width:6px"> </div>relationships with<div style="display:inline-block;width:7px"> </div>customers,<div style="display:inline-block;width:6px"> </div>suppliers<div style="display:inline-block;width:6px"> </div>and </div><div id="a18933" style="position:absolute;font-family:'Arial';left:57px;top:953px;">integrating newly acquired assets and operations into existing infrastructure. If we<div style="display:inline-block;width:6px"> </div>are unable to grow our </div></div>
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<div id="a18936" style="position:absolute;font-family:'Arial';left:390px;top:992px;">33 </div><div id="a18938" style="position:absolute;font-family:'Arial';left:57px;top:76px;">financial and operating<div style="display:inline-block;width:3px"> </div>systems or to<div style="display:inline-block;width:3px"> </div>recruit suitable employees,<div style="display:inline-block;width:2px"> </div>should we decide<div style="display:inline-block;width:3px"> </div>to expand our<div style="display:inline-block;width:3px"> </div>fleet, our </div><div id="a18939" style="position:absolute;font-family:'Arial';left:57px;top:93px;">financial performance may be<div style="display:inline-block;width:3px"> </div>adversely affected, among other<div style="display:inline-block;width:3px"> </div>things. We cannot give any assurance<div style="display:inline-block;width:2px"> </div>that </div><div id="a18943" style="position:absolute;font-family:'Arial';left:57px;top:110px;">we will be<div style="display:inline-block;width:2px"> </div>successful in executing<div style="display:inline-block;width:2px"> </div>any future<div style="display:inline-block;width:3px"> </div>growth plans or<div style="display:inline-block;width:2px"> </div>that we will<div style="display:inline-block;width:2px"> </div>not incur significant<div style="display:inline-block;width:2px"> </div>expenses and </div><div id="a18944" style="position:absolute;font-family:'Arial';left:57px;top:126px;">losses in connection with our future growth.<div style="display:inline-block;width:3px"> </div></div><div id="a18947" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:160px;">We may have to pay tax on U.S. source income, which would reduce<div style="display:inline-block;width:3px"> </div>our earnings. </div><div id="a18950" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>Internal<div style="display:inline-block;width:5px"> </div>Revenue<div style="display:inline-block;width:6px"> </div>Code<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>1986, as<div style="display:inline-block;width:7px"> </div>amended,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Code,<div style="display:inline-block;width:6px"> </div>50%<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>gross<div style="display:inline-block;width:6px"> </div>shipping </div><div id="a18951" style="position:absolute;font-family:'Arial';left:57px;top:211px;">income<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>vessel-owning<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>chartering<div style="display:inline-block;width:7px"> </div>corporation,<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>ourselves<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>subsidiaries,<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:7px"> </div>is </div><div id="a18955" style="position:absolute;font-family:'Arial';left:57px;top:228px;">attributable to<div style="display:inline-block;width:3px"> </div>transportation that<div style="display:inline-block;width:3px"> </div>begins or<div style="display:inline-block;width:2px"> </div>ends, but<div style="display:inline-block;width:3px"> </div>that does<div style="display:inline-block;width:3px"> </div>not both<div style="display:inline-block;width:3px"> </div>begin and<div style="display:inline-block;width:3px"> </div>end, in<div style="display:inline-block;width:3px"> </div>the United<div style="display:inline-block;width:2px"> </div>States </div><div id="a18956" style="position:absolute;font-family:'Arial';left:57px;top:245px;">is characterized as<div style="display:inline-block;width:2px"> </div>U.S. source shipping<div style="display:inline-block;width:2px"> </div>income and such<div style="display:inline-block;width:2px"> </div>income is generally<div style="display:inline-block;width:2px"> </div>subject to a<div style="display:inline-block;width:2px"> </div>4% U.S. federal </div><div id="a18957" style="position:absolute;font-family:'Arial';left:57px;top:261px;">income tax<div style="display:inline-block;width:3px"> </div>without allowance<div style="display:inline-block;width:2px"> </div>for deductions,<div style="display:inline-block;width:2px"> </div>unless that<div style="display:inline-block;width:2px"> </div>corporation qualifies<div style="display:inline-block;width:2px"> </div>for exemption<div style="display:inline-block;width:2px"> </div>from tax<div style="display:inline-block;width:3px"> </div>under </div><div id="a18959" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Section 883 of the Code and the Treasury Regulations promulgated thereunder. </div><div id="a18962" style="position:absolute;font-family:'Arial';left:57px;top:312px;">We expect that<div style="display:inline-block;width:3px"> </div>we and each<div style="display:inline-block;width:2px"> </div>of our subsidiaries<div style="display:inline-block;width:2px"> </div>qualify for this<div style="display:inline-block;width:2px"> </div>statutory tax exemption<div style="display:inline-block;width:2px"> </div>for the 2024<div style="display:inline-block;width:2px"> </div>taxable </div><div id="a18963" style="position:absolute;font-family:'Arial';left:57px;top:329px;">year and<div style="display:inline-block;width:6px"> </div>we will take<div style="display:inline-block;width:6px"> </div>this position<div style="display:inline-block;width:5px"> </div>for U.S. federal<div style="display:inline-block;width:6px"> </div>income tax return<div style="display:inline-block;width:6px"> </div>reporting purposes. However,<div style="display:inline-block;width:6px"> </div>there </div><div id="a18964" style="position:absolute;font-family:'Arial';left:57px;top:346px;">are factual circumstances beyond our control that could cause us to lose the benefit of this tax exemption </div><div id="a18966" style="position:absolute;font-family:'Arial';left:57px;top:363px;">in future years<div style="display:inline-block;width:2px"> </div>and thereby<div style="display:inline-block;width:3px"> </div>become subject<div style="display:inline-block;width:2px"> </div>to U.S.<div style="display:inline-block;width:3px"> </div>federal income<div style="display:inline-block;width:2px"> </div>tax on<div style="display:inline-block;width:3px"> </div>our U.S. source<div style="display:inline-block;width:2px"> </div>shipping income. </div><div id="a18967" style="position:absolute;font-family:'Arial';left:57px;top:379px;">For example, in<div style="display:inline-block;width:3px"> </div>certain circumstances we<div style="display:inline-block;width:2px"> </div>may no longer<div style="display:inline-block;width:3px"> </div>qualify for exemption<div style="display:inline-block;width:2px"> </div>under Code Section 883<div style="display:inline-block;width:2px"> </div>for </div><div id="a18971" style="position:absolute;font-family:'Arial';left:57px;top:396px;">a particular taxable year if shareholders, other than “qualified shareholders”, with a five percent or greater </div><div id="a18972" style="position:absolute;font-family:'Arial';left:57px;top:413px;">interest in our common shares owned, in the aggregate, 50% or more of our outstanding common shares </div><div id="a18973" style="position:absolute;font-family:'Arial';left:57px;top:430px;">for more<div style="display:inline-block;width:6px"> </div>than half<div style="display:inline-block;width:5px"> </div>the days<div style="display:inline-block;width:6px"> </div>during the<div style="display:inline-block;width:6px"> </div>taxable year.<div style="display:inline-block;width:6px"> </div>Due to<div style="display:inline-block;width:5px"> </div>the factual<div style="display:inline-block;width:6px"> </div>nature of the<div style="display:inline-block;width:6px"> </div>issues involved, we </div><div id="a18975" style="position:absolute;font-family:'Arial';left:57px;top:447px;">can give no assurances on our tax-exempt status or that of any of our subsidiaries. </div><div id="a18980" style="position:absolute;font-family:'Arial';left:57px;top:481px;">If we or<div style="display:inline-block;width:5px"> </div>our subsidiaries are not<div style="display:inline-block;width:6px"> </div>entitled to this exemption<div style="display:inline-block;width:5px"> </div>under Section 883 of<div style="display:inline-block;width:5px"> </div>the Code for any<div style="display:inline-block;width:6px"> </div>taxable </div><div id="a18981" style="position:absolute;font-family:'Arial';left:57px;top:498px;">year, we or our subsidiaries would<div style="display:inline-block;width:2px"> </div>be subject for those<div style="display:inline-block;width:2px"> </div>years to a 4%<div style="display:inline-block;width:3px"> </div>U.S. federal income<div style="display:inline-block;width:3px"> </div>tax on our gross </div><div id="a18982" style="position:absolute;font-family:'Arial';left:57px;top:514px;">U.S.-source shipping income. The imposition of this taxation<div style="display:inline-block;width:3px"> </div>could have a negative effect on our business </div><div id="a18986" style="position:absolute;font-family:'Arial';left:57px;top:531px;">and would<div style="display:inline-block;width:2px"> </div>result in<div style="display:inline-block;width:3px"> </div>decreased earnings<div style="display:inline-block;width:2px"> </div>available for<div style="display:inline-block;width:2px"> </div>distribution to<div style="display:inline-block;width:2px"> </div>our shareholders,<div style="display:inline-block;width:2px"> </div>although, for<div style="display:inline-block;width:2px"> </div>the 2024 </div><div id="a18987" style="position:absolute;font-family:'Arial';left:57px;top:548px;">taxable year, we estimate<div style="display:inline-block;width:2px"> </div>our maximum<div style="display:inline-block;width:3px"> </div>U.S. federal<div style="display:inline-block;width:3px"> </div>income tax<div style="display:inline-block;width:3px"> </div>liability to be<div style="display:inline-block;width:2px"> </div>immaterial if we<div style="display:inline-block;width:2px"> </div>were subject </div><div id="a18989" style="position:absolute;font-family:'Arial';left:57px;top:565px;">to<div style="display:inline-block;width:10px"> </div>this<div style="display:inline-block;width:10px"> </div>U.S.<div style="display:inline-block;width:10px"> </div>federal<div style="display:inline-block;width:10px"> </div>income<div style="display:inline-block;width:10px"> </div>tax.<div style="display:inline-block;width:10px"> </div>See<div style="display:inline-block;width:10px"> </div>“Item<div style="display:inline-block;width:10px"> </div>10.<div style="display:inline-block;width:10px"> </div>Additional<div style="display:inline-block;width:10px"> </div>Information—E.<div style="display:inline-block;width:10px"> </div>Taxation"<div style="display:inline-block;width:11px"> </div>for<div style="display:inline-block;width:10px"> </div>a<div style="display:inline-block;width:10px"> </div>more </div><div id="a18992" style="position:absolute;font-family:'Arial';left:57px;top:582px;">comprehensive discussion of U.S. federal income tax considerations. </div><div id="a18995" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:616px;">U.S. federal tax authorities<div style="display:inline-block;width:3px"> </div>could treat us as<div style="display:inline-block;width:3px"> </div>a “passive foreign investment<div style="display:inline-block;width:2px"> </div>company”, which could </div><div id="a18996" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:632px;">have adverse U.S. federal income tax consequences to U.S. shareholders. </div><div id="a18999" style="position:absolute;font-family:'Arial';left:57px;top:666px;">A foreign corporation will be treated as a<div style="display:inline-block;width:6px"> </div>“passive foreign investment company”, or PFIC, for U.S. federal </div><div id="a19001" style="position:absolute;font-family:'Arial';left:57px;top:683px;">income tax purposes if<div style="display:inline-block;width:6px"> </div>either (1) at least 75%<div style="display:inline-block;width:6px"> </div>of its gross income<div style="display:inline-block;width:6px"> </div>for any taxable year<div style="display:inline-block;width:6px"> </div>consists of certain </div><div id="a19004" style="position:absolute;font-family:'Arial';left:57px;top:700px;">types of “passive income”<div style="display:inline-block;width:5px"> </div>or (2) at least 50% of<div style="display:inline-block;width:6px"> </div>the average value of the<div style="display:inline-block;width:6px"> </div>corporation's assets produce or </div><div id="a19008" style="position:absolute;font-family:'Arial';left:57px;top:717px;">are<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>production<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>types<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>“passive<div style="display:inline-block;width:6px"> </div>income.”<div style="display:inline-block;width:6px"> </div>For<div style="display:inline-block;width:6px"> </div>purposes<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>tests,<div style="display:inline-block;width:6px"> </div>“passive </div><div id="a19009" style="position:absolute;font-family:'Arial';left:57px;top:734px;">income” includes<div style="display:inline-block;width:6px"> </div>dividends, interest,<div style="display:inline-block;width:6px"> </div>gains from<div style="display:inline-block;width:6px"> </div>the sale<div style="display:inline-block;width:6px"> </div>or exchange<div style="display:inline-block;width:6px"> </div>of investment<div style="display:inline-block;width:6px"> </div>property,<div style="display:inline-block;width:6px"> </div>and rents </div><div id="a19011" style="position:absolute;font-family:'Arial';left:57px;top:751px;">and royalties<div style="display:inline-block;width:6px"> </div>other than rents<div style="display:inline-block;width:6px"> </div>and royalties which<div style="display:inline-block;width:6px"> </div>are received<div style="display:inline-block;width:6px"> </div>from unrelated parties<div style="display:inline-block;width:6px"> </div>in connection with </div><div id="a19012" style="position:absolute;font-family:'Arial';left:57px;top:767px;">the<div style="display:inline-block;width:8px"> </div>active<div style="display:inline-block;width:8px"> </div>conduct<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>trade<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>business.<div style="display:inline-block;width:8px"> </div>For<div style="display:inline-block;width:8px"> </div>purposes<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>these<div style="display:inline-block;width:8px"> </div>tests,<div style="display:inline-block;width:8px"> </div>income<div style="display:inline-block;width:8px"> </div>derived<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>the </div><div id="a19013" style="position:absolute;font-family:'Arial';left:57px;top:784px;">performance of services does not constitute “passive income.” U.S. shareholders of a PFIC are subject to </div><div id="a19015" style="position:absolute;font-family:'Arial';left:57px;top:801px;">a disadvantageous<div style="display:inline-block;width:6px"> </div>U.S. federal<div style="display:inline-block;width:6px"> </div>income tax<div style="display:inline-block;width:6px"> </div>regime with<div style="display:inline-block;width:6px"> </div>respect to<div style="display:inline-block;width:6px"> </div>the income<div style="display:inline-block;width:6px"> </div>derived by<div style="display:inline-block;width:6px"> </div>the PFIC,<div style="display:inline-block;width:6px"> </div>the </div><div id="a19016" style="position:absolute;font-family:'Arial';left:57px;top:818px;">distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition </div><div id="a19018" style="position:absolute;font-family:'Arial';left:57px;top:835px;">of their shares in the PFIC. </div><div id="a19021" style="position:absolute;font-family:'Arial';left:57px;top:869px;">Based on<div style="display:inline-block;width:6px"> </div>our current<div style="display:inline-block;width:6px"> </div>and proposed<div style="display:inline-block;width:6px"> </div>method of<div style="display:inline-block;width:6px"> </div>operation, we<div style="display:inline-block;width:6px"> </div>do not<div style="display:inline-block;width:6px"> </div>believe that<div style="display:inline-block;width:6px"> </div>we will<div style="display:inline-block;width:6px"> </div>be a<div style="display:inline-block;width:6px"> </div>PFIC with </div><div id="a19022" style="position:absolute;font-family:'Arial';left:57px;top:885px;">respect to any taxable<div style="display:inline-block;width:3px"> </div>year. In this regard, we intend<div style="display:inline-block;width:3px"> </div>to treat the gross income<div style="display:inline-block;width:2px"> </div>we derive or are<div style="display:inline-block;width:3px"> </div>deemed to </div><div id="a19023" style="position:absolute;font-family:'Arial';left:57px;top:902px;">derive from<div style="display:inline-block;width:6px"> </div>our time<div style="display:inline-block;width:6px"> </div>chartering activities<div style="display:inline-block;width:6px"> </div>as services<div style="display:inline-block;width:6px"> </div>income, rather<div style="display:inline-block;width:5px"> </div>than rental<div style="display:inline-block;width:6px"> </div>income. Accordingly,<div style="display:inline-block;width:6px"> </div>we </div><div id="a19025" style="position:absolute;font-family:'Arial';left:57px;top:919px;">believe that<div style="display:inline-block;width:6px"> </div>our income<div style="display:inline-block;width:5px"> </div>from our<div style="display:inline-block;width:6px"> </div>time chartering activities<div style="display:inline-block;width:6px"> </div>does not<div style="display:inline-block;width:6px"> </div>constitute “passive<div style="display:inline-block;width:5px"> </div>income,” and the </div><div id="a19026" style="position:absolute;font-family:'Arial';left:57px;top:936px;">assets that we own and operate in connection with<div style="display:inline-block;width:5px"> </div>the production of that income do not constitute assets </div><div id="a19028" style="position:absolute;font-family:'Arial';left:57px;top:953px;">that produce or are held for the production of “passive income”. </div></div>
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<div id="a19032" style="position:absolute;font-family:'Arial';left:390px;top:992px;">34 </div><div id="a19035" style="position:absolute;font-family:'Arial';left:57px;top:93px;">There<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>substantial<div style="display:inline-block;width:7px"> </div>legal<div style="display:inline-block;width:7px"> </div>authority<div style="display:inline-block;width:7px"> </div>supporting<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>position<div style="display:inline-block;width:7px"> </div>consisting<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>case<div style="display:inline-block;width:7px"> </div>law<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>Internal </div><div id="a19036" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Revenue Service, or “IRS”, pronouncements concerning the characterization of income derived from time </div><div id="a19037" style="position:absolute;font-family:'Arial';left:57px;top:126px;">charters and voyage charters as services income for other<div style="display:inline-block;width:3px"> </div>tax purposes. However, it should be noted that </div><div id="a19040" style="position:absolute;font-family:'Arial';left:57px;top:143px;">there<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>authority<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>characterizes<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>rental<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>rather<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>services </div><div id="a19041" style="position:absolute;font-family:'Arial';left:57px;top:160px;">income for other tax<div style="display:inline-block;width:5px"> </div>purposes. Accordingly,<div style="display:inline-block;width:5px"> </div>no assurance can be given<div style="display:inline-block;width:5px"> </div>that the IRS or a<div style="display:inline-block;width:6px"> </div>court of law will </div><div id="a19044" style="position:absolute;font-family:'Arial';left:57px;top:177px;">accept this position, and there is a risk<div style="display:inline-block;width:5px"> </div>that the IRS or a court of<div style="display:inline-block;width:6px"> </div>law could determine that we are a PFIC. </div><div id="a19045" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Moreover, no assurance can be<div style="display:inline-block;width:2px"> </div>given that we<div style="display:inline-block;width:3px"> </div>would not constitute<div style="display:inline-block;width:3px"> </div>a PFIC for any<div style="display:inline-block;width:2px"> </div>future taxable year<div style="display:inline-block;width:3px"> </div>if the </div><div id="a19046" style="position:absolute;font-family:'Arial';left:57px;top:211px;">nature and extent of our operations changed. </div><div id="a19050" style="position:absolute;font-family:'Arial';left:57px;top:245px;">If the<div style="display:inline-block;width:6px"> </div>IRS or<div style="display:inline-block;width:6px"> </div>a court<div style="display:inline-block;width:6px"> </div>of law<div style="display:inline-block;width:6px"> </div>were to<div style="display:inline-block;width:6px"> </div>find that<div style="display:inline-block;width:6px"> </div>we are<div style="display:inline-block;width:6px"> </div>or have<div style="display:inline-block;width:6px"> </div>been a<div style="display:inline-block;width:6px"> </div>PFIC for<div style="display:inline-block;width:6px"> </div>any taxable<div style="display:inline-block;width:6px"> </div>year,<div style="display:inline-block;width:6px"> </div>our U.S. </div><div id="a19051" style="position:absolute;font-family:'Arial';left:57px;top:261px;">shareholders would<div style="display:inline-block;width:6px"> </div>face adverse<div style="display:inline-block;width:6px"> </div>U.S. federal<div style="display:inline-block;width:6px"> </div>income tax<div style="display:inline-block;width:6px"> </div>consequences. Under<div style="display:inline-block;width:6px"> </div>the PFIC<div style="display:inline-block;width:6px"> </div>rules, unless </div><div id="a19052" style="position:absolute;font-family:'Arial';left:57px;top:278px;">those shareholders make<div style="display:inline-block;width:6px"> </div>an election available<div style="display:inline-block;width:6px"> </div>under the Code<div style="display:inline-block;width:6px"> </div>(which election could<div style="display:inline-block;width:6px"> </div>itself have adverse </div><div id="a19054" style="position:absolute;font-family:'Arial';left:57px;top:295px;">consequences for such shareholders),<div style="display:inline-block;width:6px"> </div>such shareholders would<div style="display:inline-block;width:5px"> </div>be subject to<div style="display:inline-block;width:5px"> </div>U.S. federal income<div style="display:inline-block;width:5px"> </div>tax at </div><div id="a19055" style="position:absolute;font-family:'Arial';left:57px;top:312px;">the then<div style="display:inline-block;width:3px"> </div>prevailing U.S.<div style="display:inline-block;width:2px"> </div>federal income<div style="display:inline-block;width:2px"> </div>tax rates<div style="display:inline-block;width:3px"> </div>on ordinary<div style="display:inline-block;width:3px"> </div>income plus<div style="display:inline-block;width:2px"> </div>interest upon<div style="display:inline-block;width:2px"> </div>excess distributions </div><div id="a19057" style="position:absolute;font-family:'Arial';left:57px;top:329px;">and upon any gain<div style="display:inline-block;width:2px"> </div>from the disposition of<div style="display:inline-block;width:2px"> </div>our common stock,<div style="display:inline-block;width:3px"> </div>as if the excess<div style="display:inline-block;width:2px"> </div>distribution or gain<div style="display:inline-block;width:3px"> </div>had been </div><div id="a19058" style="position:absolute;font-family:'Arial';left:57px;top:346px;">recognized ratably<div style="display:inline-block;width:6px"> </div>over the<div style="display:inline-block;width:6px"> </div>shareholder's holding<div style="display:inline-block;width:6px"> </div>period of<div style="display:inline-block;width:6px"> </div>our common<div style="display:inline-block;width:6px"> </div>stock. See<div style="display:inline-block;width:6px"> </div>“Item 10.<div style="display:inline-block;width:6px"> </div>Additional </div><div id="a19059" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Information—E.<div style="display:inline-block;width:8px"> </div>Taxation–United<div style="display:inline-block;width:10px"> </div>States<div style="display:inline-block;width:9px"> </div>Ta<div style="display:inline-block;width:2px"> </div>xation<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>Holders–PFIC<div style="display:inline-block;width:8px"> </div>Status<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>Significant<div style="display:inline-block;width:8px"> </div>Tax </div><div id="a19067" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Consequences" for<div style="display:inline-block;width:2px"> </div>a more<div style="display:inline-block;width:2px"> </div>comprehensive discussion<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>U.S. federal<div style="display:inline-block;width:2px"> </div>income tax<div style="display:inline-block;width:2px"> </div>consequences to<div style="display:inline-block;width:2px"> </div>U.S. </div><div id="a19068" style="position:absolute;font-family:'Arial';left:57px;top:396px;">holders of our common stock if we are or were to be treated as a PFIC. </div><div id="a19071" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:430px;">Changes in tax<div style="display:inline-block;width:2px"> </div>laws and unanticipated<div style="display:inline-block;width:2px"> </div>tax liabilities could<div style="display:inline-block;width:2px"> </div>materially and adversely<div style="display:inline-block;width:2px"> </div>affect the taxes </div><div id="a19073" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:447px;">we pay, results of operations and financial results. </div><div id="a19076" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Our results<div style="display:inline-block;width:3px"> </div>of operations<div style="display:inline-block;width:2px"> </div>and financial<div style="display:inline-block;width:3px"> </div>results may<div style="display:inline-block;width:3px"> </div>be affected by<div style="display:inline-block;width:2px"> </div>tax and<div style="display:inline-block;width:3px"> </div>other initiatives<div style="display:inline-block;width:2px"> </div>around the<div style="display:inline-block;width:2px"> </div>world. </div><div id="a19077" style="position:absolute;font-family:'Arial';left:57px;top:498px;">For instance, there<div style="display:inline-block;width:3px"> </div>is a high<div style="display:inline-block;width:2px"> </div>level of uncertainty<div style="display:inline-block;width:3px"> </div>in today’s tax<div style="display:inline-block;width:3px"> </div>environment stemming from<div style="display:inline-block;width:2px"> </div>global initiatives </div><div id="a19078" style="position:absolute;font-family:'Arial';left:57px;top:514px;">put<div style="display:inline-block;width:6px"> </div>forth<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Organisation<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>Economic<div style="display:inline-block;width:6px"> </div>Co-operation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Development’s<div style="display:inline-block;width:6px"> </div>(“OECD”)<div style="display:inline-block;width:6px"> </div>two-pillar<div style="display:inline-block;width:6px"> </div>base </div><div id="a19084" style="position:absolute;font-family:'Arial';left:57px;top:531px;">erosion and profit<div style="display:inline-block;width:2px"> </div>shifting project. In<div style="display:inline-block;width:2px"> </div>October 2021, members<div style="display:inline-block;width:2px"> </div>of the OECD<div style="display:inline-block;width:2px"> </div>put forth two<div style="display:inline-block;width:2px"> </div>proposals: (i)<div style="display:inline-block;width:3px"> </div>Pillar </div><div id="a19085" style="position:absolute;font-family:'Arial';left:57px;top:548px;">One reallocates profit to the<div style="display:inline-block;width:3px"> </div>market jurisdictions where sales<div style="display:inline-block;width:3px"> </div>arise versus physical presence;<div style="display:inline-block;width:3px"> </div>and (ii) Pillar </div><div id="a19087" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Two<div style="display:inline-block;width:8px"> </div>compels<div style="display:inline-block;width:7px"> </div>multinational<div style="display:inline-block;width:6px"> </div>corporations<div style="display:inline-block;width:7px"> </div>with €750<div style="display:inline-block;width:7px"> </div>million<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>more<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>revenue<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>pay<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>global </div><div id="a19090" style="position:absolute;font-family:'Arial';left:57px;top:582px;">minimum tax of 15%<div style="display:inline-block;width:6px"> </div>on income received in<div style="display:inline-block;width:5px"> </div>each country in which they<div style="display:inline-block;width:6px"> </div>operate. The reforms aim to level </div><div id="a19093" style="position:absolute;font-family:'Arial';left:57px;top:599px;">the playing<div style="display:inline-block;width:6px"> </div>field between<div style="display:inline-block;width:6px"> </div>countries by<div style="display:inline-block;width:6px"> </div>discouraging them<div style="display:inline-block;width:6px"> </div>from reducing<div style="display:inline-block;width:6px"> </div>their corporate<div style="display:inline-block;width:6px"> </div>income taxes<div style="display:inline-block;width:6px"> </div>to </div><div id="a19096" style="position:absolute;font-family:'Arial';left:57px;top:616px;">attract foreign business investment. Over 140 countries agreed to<div style="display:inline-block;width:6px"> </div>enact the two-pillar solution to address </div><div id="a19099" style="position:absolute;font-family:'Arial';left:57px;top:632px;">the challenges arising from the digitalization of the economy<div style="display:inline-block;width:3px"> </div>and, in 2024, these guidelines were declared </div><div id="a19101" style="position:absolute;font-family:'Arial';left:57px;top:649px;">effective and must now be enacted by<div style="display:inline-block;width:3px"> </div>those OECD member countries.<div style="display:inline-block;width:3px"> </div>It is possible that these guidelines, </div><div id="a19102" style="position:absolute;font-family:'Arial';left:57px;top:666px;">including the global minimum corporate tax rate measure of<div style="display:inline-block;width:5px"> </div>15%, could increase the burden and costs of </div><div id="a19103" style="position:absolute;font-family:'Arial';left:57px;top:683px;">our tax<div style="display:inline-block;width:6px"> </div>compliance, the<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>taxes we<div style="display:inline-block;width:6px"> </div>incur in<div style="display:inline-block;width:6px"> </div>those jurisdictions<div style="display:inline-block;width:6px"> </div>and our<div style="display:inline-block;width:6px"> </div>global effective<div style="display:inline-block;width:6px"> </div>tax rate, </div><div id="a19105" style="position:absolute;font-family:'Arial';left:57px;top:700px;">which could have a material adverse impact on our results of<div style="display:inline-block;width:3px"> </div>operations and financial results.<div style="display:inline-block;width:3px"> </div></div><div id="a19108" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:734px;">Risks Relating to Our Common Stock </div><div id="a19111" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:769px;">We cannot<div style="display:inline-block;width:6px"> </div>assure you that<div style="display:inline-block;width:5px"> </div>our board of<div style="display:inline-block;width:6px"> </div>directors will continue to<div style="display:inline-block;width:6px"> </div>declare dividends on shares<div style="display:inline-block;width:6px"> </div>of </div><div id="a19112" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:786px;">our common stock in the future.</div><div id="a19115" style="position:absolute;font-family:'Arial';left:57px;top:820px;">In order to position us to take advantage of market opportunities in a then-deteriorating market, our board </div><div id="a19120" style="position:absolute;font-family:'Arial';left:57px;top:836px;">of directors, beginning with the fourth quarter of 2008, suspended<div style="display:inline-block;width:3px"> </div>our common stock dividend. As a result </div><div id="a19121" style="position:absolute;font-family:'Arial';left:57px;top:853px;">of improving market conditions in 2021, our<div style="display:inline-block;width:5px"> </div>board of directors elected to declare quarterly dividends from </div><div id="a19125" style="position:absolute;font-family:'Arial';left:57px;top:870px;">the fourth quarter of 2021 until the<div style="display:inline-block;width:5px"> </div>fourth quarter of 2024 and two<div style="display:inline-block;width:6px"> </div>special non-cash dividends. The actual </div><div id="a19134" style="position:absolute;font-family:'Arial';left:57px;top:887px;">declaration of future<div style="display:inline-block;width:3px"> </div>cash dividends, and<div style="display:inline-block;width:3px"> </div>the establishment of<div style="display:inline-block;width:3px"> </div>record and payment<div style="display:inline-block;width:3px"> </div>dates, is subject<div style="display:inline-block;width:2px"> </div>to final </div><div id="a19135" style="position:absolute;font-family:'Arial';left:57px;top:904px;">determination<div style="display:inline-block;width:9px"> </div>by<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:9px"> </div>board<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>directors<div style="display:inline-block;width:9px"> </div>each<div style="display:inline-block;width:9px"> </div>quarter<div style="display:inline-block;width:9px"> </div>after<div style="display:inline-block;width:9px"> </div>its<div style="display:inline-block;width:9px"> </div>review<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>company's<div style="display:inline-block;width:9px"> </div>financial </div><div id="a19139" style="position:absolute;font-family:'Arial';left:57px;top:921px;">performance.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:7px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>declare<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>going </div><div id="a19145" style="position:absolute;font-family:'Arial';left:57px;top:938px;">forward. Our dividend policy<div style="display:inline-block;width:6px"> </div>is assessed by<div style="display:inline-block;width:6px"> </div>our board of<div style="display:inline-block;width:6px"> </div>directors from time to<div style="display:inline-block;width:6px"> </div>time, based on<div style="display:inline-block;width:6px"> </div>prevailing </div><div id="a19149" style="position:absolute;font-family:'Arial';left:57px;top:954px;">market conditions,<div style="display:inline-block;width:4px"> </div>available cash, uses of capital, contingent liabilities, the terms of our loan facilities, our </div></div>
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<div id="a19156" style="position:absolute;font-family:'Arial';left:390px;top:992px;">35 </div><div id="a19158" style="position:absolute;font-family:'Arial';left:57px;top:76px;">growth strategy and other<div style="display:inline-block;width:3px"> </div>cash needs, the requirements<div style="display:inline-block;width:3px"> </div>of Marshall Islands law<div style="display:inline-block;width:2px"> </div>and other factors deemed </div><div id="a19164" style="position:absolute;font-family:'Arial';left:57px;top:93px;">relevant<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:7px"> </div>board<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>directors.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:8px"> </div>addition,<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:8px"> </div>external<div style="display:inline-block;width:7px"> </div>factors,<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>lenders<div style="display:inline-block;width:7px"> </div>imposing </div><div id="a19166" style="position:absolute;font-family:'Arial';left:57px;top:110px;">restrictions on our<div style="display:inline-block;width:6px"> </div>ability to pay<div style="display:inline-block;width:6px"> </div>dividends.<div style="display:inline-block;width:4px"> </div>Under the terms<div style="display:inline-block;width:6px"> </div>of our agreements,<div style="display:inline-block;width:6px"> </div>we may not<div style="display:inline-block;width:6px"> </div>be permitted </div><div id="a19169" style="position:absolute;font-family:'Arial';left:57px;top:126px;">to<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>result<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>event<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>default<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>event<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>default<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>occurred<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is </div><div id="a19170" style="position:absolute;font-family:'Arial';left:57px;top:143px;">continuing. </div><div id="a19173" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Our strategy contemplates that we will finance the acquisition of additional vessels through a combination </div><div id="a19174" style="position:absolute;font-family:'Arial';left:57px;top:194px;">of debt<div style="display:inline-block;width:6px"> </div>and equity<div style="display:inline-block;width:6px"> </div>financing on<div style="display:inline-block;width:6px"> </div>terms acceptable<div style="display:inline-block;width:6px"> </div>to us.<div style="display:inline-block;width:6px"> </div>If financing<div style="display:inline-block;width:6px"> </div>is not<div style="display:inline-block;width:6px"> </div>available to<div style="display:inline-block;width:6px"> </div>us on<div style="display:inline-block;width:6px"> </div>acceptable </div><div id="a19175" style="position:absolute;font-family:'Arial';left:57px;top:211px;">terms, our board<div style="display:inline-block;width:3px"> </div>of directors<div style="display:inline-block;width:3px"> </div>may determine to<div style="display:inline-block;width:3px"> </div>finance or refinance<div style="display:inline-block;width:2px"> </div>acquisitions with cash<div style="display:inline-block;width:2px"> </div>from operations, </div><div id="a19178" style="position:absolute;font-family:'Arial';left:57px;top:228px;">which could also reduce or even eliminate the amount of cash available<div style="display:inline-block;width:3px"> </div>for the payment of dividends. </div><div id="a19181" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Marshall<div style="display:inline-block;width:7px"> </div>Islands<div style="display:inline-block;width:7px"> </div>law<div style="display:inline-block;width:7px"> </div>generally<div style="display:inline-block;width:7px"> </div>prohibits<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>payment<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>dividends<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>than<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:8px"> </div>surplus<div style="display:inline-block;width:7px"> </div>(retained </div><div id="a19182" style="position:absolute;font-family:'Arial';left:57px;top:278px;">earnings and<div style="display:inline-block;width:2px"> </div>the excess<div style="display:inline-block;width:2px"> </div>of consideration<div style="display:inline-block;width:2px"> </div>received for<div style="display:inline-block;width:2px"> </div>the sale<div style="display:inline-block;width:2px"> </div>of shares<div style="display:inline-block;width:2px"> </div>above the<div style="display:inline-block;width:2px"> </div>par value<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>shares), </div><div id="a19184" style="position:absolute;font-family:'Arial';left:57px;top:295px;">or while<div style="display:inline-block;width:6px"> </div>a company<div style="display:inline-block;width:6px"> </div>is insolvent<div style="display:inline-block;width:6px"> </div>or would<div style="display:inline-block;width:6px"> </div>be rendered<div style="display:inline-block;width:6px"> </div>insolvent by<div style="display:inline-block;width:6px"> </div>the payment<div style="display:inline-block;width:6px"> </div>of such<div style="display:inline-block;width:6px"> </div>a dividend.<div style="display:inline-block;width:6px"> </div>We </div><div id="a19187" style="position:absolute;font-family:'Arial';left:57px;top:312px;">may not have sufficient surplus in the future to pay dividends.<div style="display:inline-block;width:3px"> </div></div><div id="a19190" style="position:absolute;font-family:'Arial';left:57px;top:346px;">In<div style="display:inline-block;width:5px"> </div>addition, our<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:6px"> </div>pay dividends<div style="display:inline-block;width:6px"> </div>to holders<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:7px"> </div>common shares<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>the rights<div style="display:inline-block;width:6px"> </div>of </div><div id="a19191" style="position:absolute;font-family:'Arial';left:57px;top:363px;">holders<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>Series<div style="display:inline-block;width:7px"> </div>B<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:7px"> </div>Shares,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>rank<div style="display:inline-block;width:7px"> </div>senior<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>respect<div style="display:inline-block;width:7px"> </div>to </div><div id="a19192" style="position:absolute;font-family:'Arial';left:57px;top:379px;">dividends,<div style="display:inline-block;width:6px"> </div>distributions and<div style="display:inline-block;width:7px"> </div>payments<div style="display:inline-block;width:5px"> </div>upon<div style="display:inline-block;width:5px"> </div>liquidation. No<div style="display:inline-block;width:7px"> </div>cash dividend<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>common </div><div id="a19194" style="position:absolute;font-family:'Arial';left:57px;top:396px;">stock unless full cumulative dividends have been or contemporaneously are being paid or provided for on </div><div id="a19195" style="position:absolute;font-family:'Arial';left:57px;top:413px;">all outstanding<div style="display:inline-block;width:6px"> </div>Series B<div style="display:inline-block;width:6px"> </div>Preferred Shares<div style="display:inline-block;width:6px"> </div>for all<div style="display:inline-block;width:6px"> </div>prior and<div style="display:inline-block;width:6px"> </div>the then-ending<div style="display:inline-block;width:6px"> </div>dividend periods.<div style="display:inline-block;width:6px"> </div>Cumulative </div><div id="a19198" style="position:absolute;font-family:'Arial';left:57px;top:430px;">dividends<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>accrue<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>rate<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>8.875%<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>annum<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>$25.00<div style="display:inline-block;width:6px"> </div>stated </div><div id="a19199" style="position:absolute;font-family:'Arial';left:57px;top:447px;">liquidation preference<div style="display:inline-block;width:6px"> </div>per Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Share, subject<div style="display:inline-block;width:6px"> </div>to increase<div style="display:inline-block;width:6px"> </div>upon the<div style="display:inline-block;width:7px"> </div>occurrence of<div style="display:inline-block;width:6px"> </div>certain </div><div id="a19200" style="position:absolute;font-family:'Arial';left:57px;top:464px;">events, and are payable, as and if<div style="display:inline-block;width:3px"> </div>declared by our board of directors,<div style="display:inline-block;width:3px"> </div>on January 15, April 15, July<div style="display:inline-block;width:3px"> </div>15 and </div><div id="a19202" style="position:absolute;font-family:'Arial';left:57px;top:481px;">October 15 of each year, or, if any such dividend payment date otherwise would<div style="display:inline-block;width:3px"> </div>fall on a date that is not a </div><div id="a19203" style="position:absolute;font-family:'Arial';left:57px;top:498px;">business<div style="display:inline-block;width:6px"> </div>day,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>immediately succeeding<div style="display:inline-block;width:7px"> </div>business<div style="display:inline-block;width:5px"> </div>day.<div style="display:inline-block;width:7px"> </div>For<div style="display:inline-block;width:6px"> </div>additional information<div style="display:inline-block;width:7px"> </div>about<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>Series<div style="display:inline-block;width:6px"> </div>B </div><div id="a19205" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Preferred Shares, please see the section entitled "Description of Registrant's Securities to be Registered" </div><div id="a19206" style="position:absolute;font-family:'Arial';left:57px;top:531px;">of our<div style="display:inline-block;width:6px"> </div>registration statement<div style="display:inline-block;width:6px"> </div>on Form<div style="display:inline-block;width:6px"> </div>8-A filed<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>SEC on<div style="display:inline-block;width:6px"> </div>February 13,<div style="display:inline-block;width:6px"> </div>2014 and<div style="display:inline-block;width:6px"> </div>incorporated by </div><div id="a19209" style="position:absolute;font-family:'Arial';left:57px;top:548px;">reference herein. </div><div id="a19212" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:582px;letter-spacing:-0.3px;">The<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>prices<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:6px"> </div>volume<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>experience<div style="display:inline-block;width:6px"> </div>rapid<div style="display:inline-block;width:6px"> </div>and </div><div id="a19218" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:599px;letter-spacing:-0.3px;">substantial price<div style="display:inline-block;width:6px"> </div>volatility, which<div style="display:inline-block;width:6px"> </div>could cause<div style="display:inline-block;width:6px"> </div>purchasers of<div style="display:inline-block;width:6px"> </div>our common<div style="display:inline-block;width:6px"> </div>stock to<div style="display:inline-block;width:6px"> </div>incur substantial </div><div id="a19221" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:616px;letter-spacing:-0.29px;">losses. </div><div id="a19225" style="position:absolute;font-family:'Arial';left:57px;top:649px;letter-spacing:0.23px;">Our shares of our common stock may experience<div style="display:inline-block;width:3px"> </div>similar rapid and substantial price volatility unrelated </div><div id="a19228" style="position:absolute;font-family:'Arial';left:57px;top:666px;letter-spacing:0.23px;">to our financial<div style="display:inline-block;width:6px"> </div>performance, which<div style="display:inline-block;width:6px"> </div>could cause purchasers<div style="display:inline-block;width:6px"> </div>of our common<div style="display:inline-block;width:6px"> </div>stock to incur<div style="display:inline-block;width:6px"> </div>substantial </div><div id="a19229" style="position:absolute;font-family:'Arial';left:57px;top:683px;letter-spacing:0.23px;">losses,<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:8px"> </div>may<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:8px"> </div>unpredictable<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>not<div style="display:inline-block;width:8px"> </div>bear<div style="display:inline-block;width:8px"> </div>any<div style="display:inline-block;width:8px"> </div>relationship<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>business<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>financial </div><div id="a19231" style="position:absolute;font-family:'Arial';left:57px;top:700px;letter-spacing:0.23px;">performance. Extreme fluctuations in<div style="display:inline-block;width:6px"> </div>the market price of<div style="display:inline-block;width:6px"> </div>our common stock may<div style="display:inline-block;width:6px"> </div>occur in response to </div><div id="a19232" style="position:absolute;font-family:'Arial';left:57px;top:717px;letter-spacing:0.23px;">strong<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>atypical<div style="display:inline-block;width:6px"> </div>retail<div style="display:inline-block;width:7px"> </div>investor<div style="display:inline-block;width:7px"> </div>interest,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>social<div style="display:inline-block;width:6px"> </div>media<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>online<div style="display:inline-block;width:6px"> </div>forums,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>direct </div><div id="a19233" style="position:absolute;font-family:'Arial';left:57px;top:734px;letter-spacing:0.23px;">access by retail investors<div style="display:inline-block;width:3px"> </div>to broadly available trading<div style="display:inline-block;width:2px"> </div>platforms, the amount and<div style="display:inline-block;width:3px"> </div>status of short interest </div><div id="a19236" style="position:absolute;font-family:'Arial';left:57px;top:751px;letter-spacing:0.23px;">in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>securities,<div style="display:inline-block;width:6px"> </div>access<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>margin<div style="display:inline-block;width:6px"> </div>debt,<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>options<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other </div><div id="a19237" style="position:absolute;font-family:'Arial';left:57px;top:767px;letter-spacing:0.24px;">derivatives on our shares of common<div style="display:inline-block;width:6px"> </div>stock and any related hedging<div style="display:inline-block;width:6px"> </div>and other trading factors: </div><div id="a19241" style="position:absolute;font-family:'Arial';left:57px;top:801px;letter-spacing:0.22px;">If<div style="display:inline-block;width:5px"> </div>there<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:5px"> </div>extreme<div style="display:inline-block;width:5px"> </div>market<div style="display:inline-block;width:6px"> </div>volatility<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:5px"> </div>trading<div style="display:inline-block;width:5px"> </div>patterns<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:5px"> </div>our<div style="display:inline-block;width:5px"> </div>common<div style="display:inline-block;width:6px"> </div>stock,<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:5px"> </div>may<div style="display:inline-block;width:5px"> </div>create<div style="display:inline-block;width:5px"> </div>several </div><div id="a19242" style="position:absolute;font-family:'Arial';left:57px;top:818px;letter-spacing:0.23px;">risks for purchasers of<div style="display:inline-block;width:5px"> </div>our shares, including the following: </div><div id="a19245" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:858px;">●</div><div id="a19247" style="position:absolute;font-family:'Arial';left:129px;top:852px;letter-spacing:0.23px;">the market<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:5px"> </div>of our<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:5px"> </div>experience<div style="display:inline-block;width:5px"> </div>rapid and<div style="display:inline-block;width:6px"> </div>substantial<div style="display:inline-block;width:5px"> </div>increases or </div><div id="a19248" style="position:absolute;font-family:'Arial';left:129px;top:869px;letter-spacing:0.22px;">decreases<div style="display:inline-block;width:8px"> </div>unrelated<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>operating<div style="display:inline-block;width:8px"> </div>performance<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>prospects,<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>macro<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>industry </div><div id="a19249" style="position:absolute;font-family:'Arial';left:129px;top:885px;letter-spacing:0.25px;">fundamentals; </div><div id="a19252" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:925px;">●</div><div id="a19254" style="position:absolute;font-family:'Arial';left:129px;top:919px;letter-spacing:0.23px;">if<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:8px"> </div>future<div style="display:inline-block;width:8px"> </div>market<div style="display:inline-block;width:8px"> </div>capitalization<div style="display:inline-block;width:8px"> </div>reflects<div style="display:inline-block;width:8px"> </div>trading<div style="display:inline-block;width:8px"> </div>dynamics<div style="display:inline-block;width:9px"> </div>unrelated<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:8px"> </div>financial </div><div id="a19255" style="position:absolute;font-family:'Arial';left:129px;top:936px;letter-spacing:0.23px;">performance or<div style="display:inline-block;width:6px"> </div>prospects, purchasers<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>could incur<div style="display:inline-block;width:6px"> </div>substantial losses </div><div id="a19256" style="position:absolute;font-family:'Arial';left:129px;top:953px;letter-spacing:0.23px;">as prices decline once<div style="display:inline-block;width:5px"> </div>the level of market volatility<div style="display:inline-block;width:6px"> </div>has abated; </div></div>
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<div id="a19260" style="position:absolute;font-family:'Arial';left:390px;top:992px;">36 </div><div id="a19263" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:99px;">●</div><div id="a19265" style="position:absolute;font-family:'Arial';left:129px;top:93px;letter-spacing:0.23px;">if the<div style="display:inline-block;width:6px"> </div>future market<div style="display:inline-block;width:6px"> </div>price of<div style="display:inline-block;width:6px"> </div>our common<div style="display:inline-block;width:6px"> </div>stock declines,<div style="display:inline-block;width:6px"> </div>purchasers of<div style="display:inline-block;width:6px"> </div>shares of<div style="display:inline-block;width:6px"> </div>common </div><div id="a19266" style="position:absolute;font-family:'Arial';left:129px;top:110px;letter-spacing:0.23px;">stock in this offering may be unable to<div style="display:inline-block;width:3px"> </div>resell such shares at or above the price<div style="display:inline-block;width:3px"> </div>at which they </div><div id="a19267" style="position:absolute;font-family:'Arial';left:129px;top:126px;letter-spacing:0.24px;">acquired<div style="display:inline-block;width:6px"> </div>them.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>cannot<div style="display:inline-block;width:6px"> </div>assure<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>purchasers<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock </div><div id="a19269" style="position:absolute;font-family:'Arial';left:129px;top:143px;letter-spacing:0.23px;">will not fluctuate or decline significantly in the<div style="display:inline-block;width:5px"> </div>future, in which case investors in this offering </div><div id="a19270" style="position:absolute;font-family:'Arial';left:129px;top:160px;letter-spacing:0.24px;">could incur substantial losses. </div><div id="a19273" style="position:absolute;font-family:'Arial';left:57px;top:194px;letter-spacing:0.24px;">Further, we may<div style="display:inline-block;width:6px"> </div>incur rapid and<div style="display:inline-block;width:6px"> </div>substantial increases<div style="display:inline-block;width:6px"> </div>or decreases<div style="display:inline-block;width:6px"> </div>in our common<div style="display:inline-block;width:6px"> </div>stock price in<div style="display:inline-block;width:6px"> </div>the </div><div id="a19274" style="position:absolute;font-family:'Arial';left:57px;top:211px;letter-spacing:0.24px;">foreseeable future<div style="display:inline-block;width:6px"> </div>that may<div style="display:inline-block;width:6px"> </div>not coincide<div style="display:inline-block;width:6px"> </div>in timing<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>disclosure of<div style="display:inline-block;width:6px"> </div>news or<div style="display:inline-block;width:6px"> </div>developments by<div style="display:inline-block;width:6px"> </div>or </div><div id="a19275" style="position:absolute;font-family:'Arial';left:57px;top:228px;letter-spacing:0.26px;">affecting us.<div style="display:inline-block;width:6px"> </div>Accordingly, the<div style="display:inline-block;width:6px"> </div>market price<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>may fluctuate<div style="display:inline-block;width:6px"> </div>dramatically, and<div style="display:inline-block;width:6px"> </div>may </div><div id="a19277" style="position:absolute;font-family:'Arial';left:57px;top:245px;letter-spacing:0.25px;">decline<div style="display:inline-block;width:6px"> </div>rapidly,<div style="display:inline-block;width:6px"> </div>regardless<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>developments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business.<div style="display:inline-block;width:6px"> </div>Overall,<div style="display:inline-block;width:6px"> </div>there<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>various<div style="display:inline-block;width:6px"> </div>factors, </div><div id="a19278" style="position:absolute;font-family:'Arial';left:57px;top:261px;letter-spacing:0.23px;">many<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>beyond<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>control,<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>negatively<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common </div><div id="a19280" style="position:absolute;font-family:'Arial';left:57px;top:278px;letter-spacing:0.23px;">stock or result in<div style="display:inline-block;width:5px"> </div>fluctuations in the price or trading<div style="display:inline-block;width:6px"> </div>volume of our common<div style="display:inline-block;width:5px"> </div>stock, including: </div><div id="a19283" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:318px;">●</div><div id="a19285" style="position:absolute;font-family:'Arial';left:129px;top:312px;letter-spacing:0.23px;">actual or anticipated variations in our annual or quarterly<div style="display:inline-block;width:3px"> </div>results of operations, including our </div><div id="a19286" style="position:absolute;font-family:'Arial';left:129px;top:329px;letter-spacing:0.24px;">earnings estimates and whether we<div style="display:inline-block;width:6px"> </div>meet market expectations with regard<div style="display:inline-block;width:6px"> </div>to our earnings; </div><div id="a19289" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:369px;">●</div><div id="a19291" style="position:absolute;font-family:'Arial';left:129px;top:363px;letter-spacing:0.24px;">our ability to pay dividends or<div style="display:inline-block;width:6px"> </div>other distributions; </div><div id="a19294" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:402px;">●</div><div id="a19296" style="position:absolute;font-family:'Arial';left:129px;top:396px;letter-spacing:0.23px;">publication<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>research<div style="display:inline-block;width:6px"> </div>reports<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>analysts<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>others<div style="display:inline-block;width:6px"> </div>about<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>industry<div style="display:inline-block;width:6px"> </div>in </div><div id="a19297" style="position:absolute;font-family:'Arial';left:129px;top:413px;letter-spacing:0.22px;">which we<div style="display:inline-block;width:6px"> </div>operate which<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>unfavorable, inaccurate,<div style="display:inline-block;width:6px"> </div>inconsistent or<div style="display:inline-block;width:6px"> </div>not disseminated </div><div id="a19298" style="position:absolute;font-family:'Arial';left:129px;top:430px;letter-spacing:0.23px;">on a regular basis; </div><div id="a19301" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:470px;">●</div><div id="a19303" style="position:absolute;font-family:'Arial';left:129px;top:464px;letter-spacing:0.24px;">changes in market valuations of similar<div style="display:inline-block;width:6px"> </div>companies; </div><div id="a19306" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:504px;">●</div><div id="a19308" style="position:absolute;font-family:'Arial';left:129px;top:498px;letter-spacing:0.24px;">market reaction<div style="display:inline-block;width:6px"> </div>to any<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:5px"> </div>equity, debt<div style="display:inline-block;width:6px"> </div>or other<div style="display:inline-block;width:6px"> </div>securities that<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:7px"> </div>issue in<div style="display:inline-block;width:6px"> </div>the </div><div id="a19309" style="position:absolute;font-family:'Arial';left:129px;top:514px;letter-spacing:0.24px;">future, and which may or<div style="display:inline-block;width:6px"> </div>may not dilute the holdings<div style="display:inline-block;width:6px"> </div>of our existing stockholders; </div><div id="a19312" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:554px;">●</div><div id="a19314" style="position:absolute;font-family:'Arial';left:129px;top:548px;letter-spacing:0.23px;">additions or departures of key<div style="display:inline-block;width:6px"> </div>personnel; </div><div id="a19317" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:588px;">●</div><div id="a19319" style="position:absolute;font-family:'Arial';left:129px;top:582px;letter-spacing:0.24px;">actions by institutional or<div style="display:inline-block;width:6px"> </div>significant stockholders; </div><div id="a19322" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:622px;">●</div><div id="a19324" style="position:absolute;font-family:'Arial';left:129px;top:616px;letter-spacing:0.23px;">short interest in our<div style="display:inline-block;width:5px"> </div>common stock or our<div style="display:inline-block;width:5px"> </div>other securities and the market<div style="display:inline-block;width:6px"> </div>response to such </div><div id="a19325" style="position:absolute;font-family:'Arial';left:129px;top:632px;letter-spacing:0.23px;">short interest; </div><div id="a19328" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:672px;">●</div><div id="a19330" style="position:absolute;font-family:'Arial';left:129px;top:666px;letter-spacing:0.21px;">the<div style="display:inline-block;width:6px"> </div>dramatic<div style="display:inline-block;width:6px"> </div>increase<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>individual<div style="display:inline-block;width:6px"> </div>holders<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>their </div><div id="a19331" style="position:absolute;font-family:'Arial';left:129px;top:683px;letter-spacing:0.24px;">participation in social media platforms<div style="display:inline-block;width:6px"> </div>targeted at speculative investing; </div><div id="a19334" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:723px;">●</div><div id="a19336" style="position:absolute;font-family:'Arial';left:129px;top:717px;letter-spacing:0.23px;">speculation in the press or investment community about our company or industries in which </div><div id="a19337" style="position:absolute;font-family:'Arial';left:129px;top:734px;letter-spacing:0.24px;">we operate; </div><div id="a19340" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:774px;">●</div><div id="a19342" style="position:absolute;font-family:'Arial';left:129px;top:767px;letter-spacing:0.24px;">strategic actions by us or<div style="display:inline-block;width:6px"> </div>our competitors, such as strategic<div style="display:inline-block;width:6px"> </div>alliances, acquisitions or other </div><div id="a19347" style="position:absolute;font-family:'Arial';left:129px;top:784px;letter-spacing:0.25px;">investments; </div><div id="a19350" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:824px;">●</div><div id="a19352" style="position:absolute;font-family:'Arial';left:129px;top:818px;letter-spacing:0.24px;">legislative, administrative, regulatory or<div style="display:inline-block;width:5px"> </div>other actions affecting our business,<div style="display:inline-block;width:6px"> </div>our industry; </div><div id="a19355" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:858px;">●</div><div id="a19357" style="position:absolute;font-family:'Arial';left:129px;top:852px;letter-spacing:0.23px;">investigations, proceedings, or litigation<div style="display:inline-block;width:5px"> </div>that involve or affect<div style="display:inline-block;width:6px"> </div>us; </div><div id="a19360" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:892px;">●</div><div id="a19362" style="position:absolute;font-family:'Arial';left:129px;top:885px;letter-spacing:0.24px;">the occurrence of any of the<div style="display:inline-block;width:6px"> </div>other risk factors included in<div style="display:inline-block;width:6px"> </div>this annual report; and </div><div id="a19367" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:925px;">●</div><div id="a19369" style="position:absolute;font-family:'Arial';left:129px;top:919px;letter-spacing:0.23px;">general state of the securities markets,<div style="display:inline-block;width:6px"> </div>and general market and<div style="display:inline-block;width:6px"> </div>economic conditions. </div></div>
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<div id="a19376" style="position:absolute;font-family:'Arial';left:390px;top:992px;">37 </div><div id="a19378" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Since we are<div style="display:inline-block;width:6px"> </div>incorporated in the<div style="display:inline-block;width:5px"> </div>Marshall Islands, which<div style="display:inline-block;width:6px"> </div>does not have a<div style="display:inline-block;width:6px"> </div>well-developed body of </div><div id="a19412" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">corporate law, you<div style="display:inline-block;width:6px"> </div>may have more difficulty<div style="display:inline-block;width:6px"> </div>protecting your interests than<div style="display:inline-block;width:6px"> </div>shareholders of a U.S. </div><div id="a19443" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:110px;">corporation.</div><div id="a19446" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Our corporate affairs are governed by our amended and restated articles of incorporation and bylaws and </div><div id="a19478" style="position:absolute;font-family:'Arial';left:57px;top:160px;">by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:6px"> </div>Business<div style="display:inline-block;width:6px"> </div>Corporations<div style="display:inline-block;width:6px"> </div>Act,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>BCA.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>provisions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>BCA<div style="display:inline-block;width:6px"> </div>resemble </div><div id="a19510" style="position:absolute;font-family:'Arial';left:57px;top:177px;">provisions of the<div style="display:inline-block;width:6px"> </div>corporation laws of<div style="display:inline-block;width:6px"> </div>a number of<div style="display:inline-block;width:6px"> </div>states in the<div style="display:inline-block;width:6px"> </div>United States. However,<div style="display:inline-block;width:6px"> </div>there have been </div><div id="a19546" style="position:absolute;font-family:'Arial';left:57px;top:194px;">few judicial cases in the<div style="display:inline-block;width:6px"> </div>Marshall Islands interpreting the BCA.<div style="display:inline-block;width:5px"> </div>The rights and fiduciary responsibilities<div style="display:inline-block;width:5px"> </div>of </div><div id="a19578" style="position:absolute;font-family:'Arial';left:57px;top:211px;">directors under the<div style="display:inline-block;width:6px"> </div>laws of the<div style="display:inline-block;width:6px"> </div>Marshall Islands are<div style="display:inline-block;width:6px"> </div>not as clearly<div style="display:inline-block;width:6px"> </div>established as the<div style="display:inline-block;width:6px"> </div>rights and fiduciary </div><div id="a19614" style="position:absolute;font-family:'Arial';left:57px;top:228px;">responsibilities of<div style="display:inline-block;width:3px"> </div>directors under statutes<div style="display:inline-block;width:2px"> </div>or judicial<div style="display:inline-block;width:2px"> </div>precedent in existence<div style="display:inline-block;width:2px"> </div>in the United<div style="display:inline-block;width:2px"> </div>States. The<div style="display:inline-block;width:3px"> </div>rights </div><div id="a19646" style="position:absolute;font-family:'Arial';left:57px;top:245px;">of<div style="display:inline-block;width:9px"> </div>shareholders<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>Marshall<div style="display:inline-block;width:9px"> </div>Islands<div style="display:inline-block;width:9px"> </div>may<div style="display:inline-block;width:9px"> </div>differ<div style="display:inline-block;width:9px"> </div>from<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>rights<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>shareholders<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>companies </div><div id="a19676" style="position:absolute;font-family:'Arial';left:57px;top:261px;">incorporated in the United States. While the BCA<div style="display:inline-block;width:3px"> </div>provides that it is to be interpreted according to the laws </div><div id="a19714" style="position:absolute;font-family:'Arial';left:57px;top:278px;">of the State of Delaware and other states with substantially similar legislative provisions, there have been </div><div id="a19746" style="position:absolute;font-family:'Arial';left:57px;top:295px;">few, if any, court<div style="display:inline-block;width:2px"> </div>cases interpreting<div style="display:inline-block;width:2px"> </div>the BCA<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>Marshall Islands<div style="display:inline-block;width:2px"> </div>and we<div style="display:inline-block;width:2px"> </div>cannot predict<div style="display:inline-block;width:2px"> </div>whether Marshall </div><div id="a19782" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Islands courts<div style="display:inline-block;width:6px"> </div>would reach<div style="display:inline-block;width:6px"> </div>the same<div style="display:inline-block;width:6px"> </div>conclusions as<div style="display:inline-block;width:6px"> </div>U.S. courts.<div style="display:inline-block;width:6px"> </div>Thus, you<div style="display:inline-block;width:6px"> </div>may have<div style="display:inline-block;width:6px"> </div>more difficulty<div style="display:inline-block;width:6px"> </div>in </div><div id="a19816" style="position:absolute;font-family:'Arial';left:57px;top:329px;">protecting your<div style="display:inline-block;width:6px"> </div>interests in<div style="display:inline-block;width:6px"> </div>the face<div style="display:inline-block;width:6px"> </div>of actions<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>management, directors<div style="display:inline-block;width:6px"> </div>or controlling<div style="display:inline-block;width:6px"> </div>shareholders </div><div id="a19846" style="position:absolute;font-family:'Arial';left:57px;top:346px;">than<div style="display:inline-block;width:7px"> </div>would<div style="display:inline-block;width:7px"> </div>shareholders<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>corporation<div style="display:inline-block;width:7px"> </div>incorporated<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>jurisdiction<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>developed<div style="display:inline-block;width:7px"> </div>a </div><div id="a19876" style="position:absolute;font-family:'Arial';left:57px;top:363px;">relatively more substantial body of case law.<div style="display:inline-block;width:4px"> </div></div><div id="a19892" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:396px;">We are a<div style="display:inline-block;width:6px"> </div>“foreign private issuer” under the<div style="display:inline-block;width:5px"> </div>NYSE rules, and as such we<div style="display:inline-block;width:6px"> </div>are entitled to exemption </div><div id="a19928" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:413px;">from certain NYSE<div style="display:inline-block;width:6px"> </div>corporate governance standards,<div style="display:inline-block;width:5px"> </div>and you may<div style="display:inline-block;width:6px"> </div>not have the<div style="display:inline-block;width:6px"> </div>same protections </div><div id="a19956" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:430px;">afforded to<div style="display:inline-block;width:6px"> </div>shareholders of<div style="display:inline-block;width:6px"> </div>companies that<div style="display:inline-block;width:6px"> </div>are subject<div style="display:inline-block;width:6px"> </div>to all<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>NYSE corporate<div style="display:inline-block;width:6px"> </div>governance </div><div id="a19986" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:447px;">requirements. </div><div id="a19990" style="position:absolute;font-family:'Arial';left:57px;top:481px;">We are a “foreign private issuer” under the<div style="display:inline-block;width:3px"> </div>securities laws of the United States<div style="display:inline-block;width:3px"> </div>and the rules of the NYSE. </div><div id="a20030" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Under the securities laws of<div style="display:inline-block;width:6px"> </div>the United States, “foreign private<div style="display:inline-block;width:5px"> </div>issuers” are subject to different<div style="display:inline-block;width:6px"> </div>disclosure </div><div id="a20062" style="position:absolute;font-family:'Arial';left:57px;top:514px;">requirements than U.S. domiciled<div style="display:inline-block;width:6px"> </div>registrants, as well<div style="display:inline-block;width:5px"> </div>as different financial<div style="display:inline-block;width:6px"> </div>reporting requirements. Under </div><div id="a20088" style="position:absolute;font-family:'Arial';left:57px;top:531px;">the NYSE rules, a “foreign private<div style="display:inline-block;width:5px"> </div>issuer” is subject to less stringent corporate<div style="display:inline-block;width:5px"> </div>governance requirements. </div><div id="a20118" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Subject to<div style="display:inline-block;width:7px"> </div>certain exceptions,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>rules of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>NYSE permit<div style="display:inline-block;width:6px"> </div>a “foreign<div style="display:inline-block;width:6px"> </div>private issuer”<div style="display:inline-block;width:6px"> </div>to follow<div style="display:inline-block;width:6px"> </div>its home </div><div id="a20154" style="position:absolute;font-family:'Arial';left:57px;top:565px;">country practice in lieu of the listing requirements of the NYSE.<div style="display:inline-block;width:3px"> </div></div><div id="a20178" style="position:absolute;font-family:'Arial';left:57px;top:599px;">Accordingly, you may<div style="display:inline-block;width:2px"> </div>not have<div style="display:inline-block;width:2px"> </div>the same<div style="display:inline-block;width:2px"> </div>protections afforded<div style="display:inline-block;width:2px"> </div>to shareholders<div style="display:inline-block;width:2px"> </div>of companies<div style="display:inline-block;width:2px"> </div>that are<div style="display:inline-block;width:2px"> </div>subject </div><div id="a20210" style="position:absolute;font-family:'Arial';left:57px;top:616px;">to all of the<div style="display:inline-block;width:6px"> </div>NYSE corporate governance requirements. For a<div style="display:inline-block;width:6px"> </div>list of the practices followed<div style="display:inline-block;width:5px"> </div>by us in lieu<div style="display:inline-block;width:5px"> </div>of </div><div id="a20250" style="position:absolute;font-family:'Arial';left:57px;top:632px;">NYSE’s corporate<div style="display:inline-block;width:6px"> </div>governance rules, we<div style="display:inline-block;width:6px"> </div>refer you to<div style="display:inline-block;width:6px"> </div>the section of<div style="display:inline-block;width:6px"> </div>this annual report<div style="display:inline-block;width:6px"> </div>entitled "Corporate </div><div id="a20282" style="position:absolute;font-family:'Arial';left:57px;top:649px;">Governance" under Item 16G. </div><div id="a20291" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:683px;">As a<div style="display:inline-block;width:3px"> </div>Marshall Islands<div style="display:inline-block;width:3px"> </div>corporation and<div style="display:inline-block;width:2px"> </div>with some<div style="display:inline-block;width:3px"> </div>of our<div style="display:inline-block;width:3px"> </div>subsidiaries being<div style="display:inline-block;width:2px"> </div>Marshall Islands<div style="display:inline-block;width:2px"> </div>entities </div><div id="a20321" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:700px;">and<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>having<div style="display:inline-block;width:6px"> </div>subsidiaries<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>offshore<div style="display:inline-block;width:7px"> </div>jurisdictions,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:7px"> </div>operations<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:6px"> </div>to </div><div id="a20349" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:717px;">economic substance requirements, which could impact our business.</div><div id="a20366" style="position:absolute;font-family:'Arial';left:57px;top:751px;">We<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:6px"> </div>corporation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:6px"> </div>entities.<div style="display:inline-block;width:6px"> </div>The </div><div id="a20398" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Marshall Islands has<div style="display:inline-block;width:6px"> </div>enacted economic substance laws<div style="display:inline-block;width:5px"> </div>and regulations with which<div style="display:inline-block;width:6px"> </div>we may be<div style="display:inline-block;width:6px"> </div>obligated </div><div id="a20428" style="position:absolute;font-family:'Arial';left:57px;top:784px;">to<div style="display:inline-block;width:6px"> </div>comply.<div style="display:inline-block;width:7px"> </div>We<div style="display:inline-block;width:6px"> </div>believe<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>compliant<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:6px"> </div>economic </div><div id="a20460" style="position:absolute;font-family:'Arial';left:57px;top:801px;">substance requirements. However, if there were a change in the requirements or interpretation thereof, or </div><div id="a20490" style="position:absolute;font-family:'Arial';left:57px;top:818px;">if there were<div style="display:inline-block;width:2px"> </div>an unexpected<div style="display:inline-block;width:2px"> </div>change to<div style="display:inline-block;width:3px"> </div>our operations,<div style="display:inline-block;width:2px"> </div>any such<div style="display:inline-block;width:3px"> </div>change could<div style="display:inline-block;width:2px"> </div>result in<div style="display:inline-block;width:3px"> </div>noncompliance with </div><div id="a20524" style="position:absolute;font-family:'Arial';left:57px;top:835px;">the economic substance legislation and<div style="display:inline-block;width:6px"> </div>related fines or other<div style="display:inline-block;width:6px"> </div>penalties, increased monitoring and audits, </div><div id="a20552" style="position:absolute;font-family:'Arial';left:57px;top:852px;">and dissolution of the non-compliant entity,<div style="display:inline-block;width:6px"> </div>which could have an adverse effect on our business, financial </div><div id="a20586" style="position:absolute;font-family:'Arial';left:57px;top:869px;">condition or operating results. </div><div id="a20595" style="position:absolute;font-family:'Arial';left:57px;top:902px;">EU Finance ministers rate jurisdictions for tax rates and tax transparency,<div style="display:inline-block;width:6px"> </div>governance and real economic </div><div id="a20596" style="position:absolute;font-family:'Arial';left:57px;top:919px;">activity.<div style="display:inline-block;width:6px"> </div>Countries that are<div style="display:inline-block;width:6px"> </div>viewed by such<div style="display:inline-block;width:6px"> </div>finance ministers as<div style="display:inline-block;width:6px"> </div>not adequately cooperating,<div style="display:inline-block;width:6px"> </div>including by </div><div id="a20597" style="position:absolute;font-family:'Arial';left:57px;top:936px;">not implementing sufficient<div style="display:inline-block;width:2px"> </div>standards in<div style="display:inline-block;width:3px"> </div>respect of the<div style="display:inline-block;width:2px"> </div>foregoing, may be<div style="display:inline-block;width:2px"> </div>put on a<div style="display:inline-block;width:2px"> </div>“grey list” or<div style="display:inline-block;width:2px"> </div>a “blacklist”. </div><div id="a20599" style="position:absolute;font-family:'Arial';left:57px;top:953px;">Effective as<div style="display:inline-block;width:6px"> </div>of October 17,<div style="display:inline-block;width:6px"> </div>2023 the Marshall<div style="display:inline-block;width:6px"> </div>Islands has<div style="display:inline-block;width:6px"> </div>been designated as<div style="display:inline-block;width:6px"> </div>a cooperating<div style="display:inline-block;width:6px"> </div>jurisdiction </div></div>
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<div id="a20602" style="position:absolute;font-family:'Arial';left:390px;top:992px;">38 </div><div id="a20604" style="position:absolute;font-family:'Arial';left:57px;top:76px;">for tax<div style="display:inline-block;width:6px"> </div>purposes. If<div style="display:inline-block;width:6px"> </div>the Marshall<div style="display:inline-block;width:6px"> </div>Islands is<div style="display:inline-block;width:6px"> </div>added to<div style="display:inline-block;width:6px"> </div>the list<div style="display:inline-block;width:6px"> </div>of non-cooperative<div style="display:inline-block;width:6px"> </div>jurisdictions in<div style="display:inline-block;width:6px"> </div>the future </div><div id="a20607" style="position:absolute;font-family:'Arial';left:57px;top:93px;">and sanctions or other financial, tax or regulatory measures were applied by<div style="display:inline-block;width:6px"> </div>European Member States to </div><div id="a20608" style="position:absolute;font-family:'Arial';left:57px;top:110px;">countries on<div style="display:inline-block;width:6px"> </div>the list<div style="display:inline-block;width:6px"> </div>or further<div style="display:inline-block;width:6px"> </div>economic substance requirements<div style="display:inline-block;width:6px"> </div>were imposed<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>Marshall Islands, </div><div id="a20610" style="position:absolute;font-family:'Arial';left:57px;top:126px;">our business could be harmed. </div><div id="a20613" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:160px;">Certain existing<div style="display:inline-block;width:6px"> </div>shareholders will<div style="display:inline-block;width:6px"> </div>be able<div style="display:inline-block;width:6px"> </div>to exert<div style="display:inline-block;width:6px"> </div>considerable influence<div style="display:inline-block;width:6px"> </div>over matters<div style="display:inline-block;width:6px"> </div>on which </div><div id="a20617" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:177px;">our shareholders are entitled to vote. </div><div id="a20620" style="position:absolute;font-family:'Arial';left:57px;top:211px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>annual<div style="display:inline-block;width:6px"> </div>report,<div style="display:inline-block;width:6px"> </div>Mrs.<div style="display:inline-block;width:6px"> </div>Semiramis<div style="display:inline-block;width:6px"> </div>Paliou,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>Director, </div><div id="a20621" style="position:absolute;font-family:'Arial';left:57px;top:228px;">beneficially owns 24,719,462 shares, or approximately 20.3% of<div style="display:inline-block;width:6px"> </div>our outstanding common stock, which is </div><div id="a20622" style="position:absolute;font-family:'Arial';left:57px;top:245px;">held indirectly<div style="display:inline-block;width:6px"> </div>through entities<div style="display:inline-block;width:6px"> </div>over which<div style="display:inline-block;width:6px"> </div>she exercises<div style="display:inline-block;width:6px"> </div>sole voting<div style="display:inline-block;width:6px"> </div>power.<div style="display:inline-block;width:6px"> </div>Mrs. Paliou<div style="display:inline-block;width:6px"> </div>controls 10,675 </div><div id="a20624" style="position:absolute;font-family:'Arial';left:57px;top:261px;">shares of<div style="display:inline-block;width:2px"> </div>Series C<div style="display:inline-block;width:2px"> </div>Preferred Stock,<div style="display:inline-block;width:2px"> </div>par value<div style="display:inline-block;width:2px"> </div>$0.01 per<div style="display:inline-block;width:2px"> </div>share, issued<div style="display:inline-block;width:2px"> </div>on January<div style="display:inline-block;width:2px"> </div>31, 2019,<div style="display:inline-block;width:2px"> </div>and 400<div style="display:inline-block;width:2px"> </div>shares </div><div id="a20625" style="position:absolute;font-family:'Arial';left:57px;top:278px;">of Series D<div style="display:inline-block;width:2px"> </div>Preferred Stock,<div style="display:inline-block;width:3px"> </div>issued on<div style="display:inline-block;width:3px"> </div>June 22,<div style="display:inline-block;width:3px"> </div>2021. The<div style="display:inline-block;width:3px"> </div>Series C Preferred<div style="display:inline-block;width:2px"> </div>Stock vote<div style="display:inline-block;width:3px"> </div>with our common </div><div id="a20628" style="position:absolute;font-family:'Arial';left:57px;top:295px;">shares and<div style="display:inline-block;width:7px"> </div>each share<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:7px"> </div>Series C<div style="display:inline-block;width:6px"> </div>Preferred Stock<div style="display:inline-block;width:6px"> </div>entitles the<div style="display:inline-block;width:6px"> </div>holder thereof<div style="display:inline-block;width:6px"> </div>to 1,000<div style="display:inline-block;width:6px"> </div>votes on<div style="display:inline-block;width:6px"> </div>all </div><div id="a20629" style="position:absolute;font-family:'Arial';left:57px;top:312px;">matters submitted to a vote of the common stockholders of the Issuer.<div style="display:inline-block;width:6px"> </div>The Series D Preferred Stock vote </div><div id="a20643" style="position:absolute;font-family:'Arial';left:57px;top:329px;">with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>shares of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>each share<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>Series D<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Stock<div style="display:inline-block;width:5px"> </div>entitles the </div><div id="a20679" style="position:absolute;font-family:'Arial';left:57px;top:346px;">holder thereof<div style="display:inline-block;width:2px"> </div>to up<div style="display:inline-block;width:2px"> </div>to 200,000<div style="display:inline-block;width:2px"> </div>votes, on<div style="display:inline-block;width:2px"> </div>all matters<div style="display:inline-block;width:2px"> </div>submitted to<div style="display:inline-block;width:2px"> </div>a vote<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>stockholders of<div style="display:inline-block;width:2px"> </div>the Company, </div><div id="a20720" style="position:absolute;font-family:'Arial';left:57px;top:363px;">provided however, that<div style="display:inline-block;width:6px"> </div>to the extent the<div style="display:inline-block;width:5px"> </div>total number of votes one<div style="display:inline-block;width:6px"> </div>or more holders of Series<div style="display:inline-block;width:6px"> </div>D Preferred </div><div id="a20721" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Stock is entitled<div style="display:inline-block;width:2px"> </div>to vote (including<div style="display:inline-block;width:2px"> </div>any voting power<div style="display:inline-block;width:2px"> </div>of such holders<div style="display:inline-block;width:2px"> </div>derived from Series<div style="display:inline-block;width:2px"> </div>D Preferred<div style="display:inline-block;width:3px"> </div>Stock, </div><div id="a20722" style="position:absolute;font-family:'Arial';left:57px;top:396px;">shares of<div style="display:inline-block;width:6px"> </div>Common Stock<div style="display:inline-block;width:6px"> </div>or any<div style="display:inline-block;width:6px"> </div>other voting<div style="display:inline-block;width:6px"> </div>security of<div style="display:inline-block;width:6px"> </div>the Company<div style="display:inline-block;width:6px"> </div>issued and<div style="display:inline-block;width:6px"> </div>outstanding as<div style="display:inline-block;width:6px"> </div>of the </div><div id="a20724" style="position:absolute;font-family:'Arial';left:57px;top:413px;">date hereof or<div style="display:inline-block;width:6px"> </div>that may be<div style="display:inline-block;width:6px"> </div>issued in the<div style="display:inline-block;width:6px"> </div>future) on any<div style="display:inline-block;width:6px"> </div>matter submitted to<div style="display:inline-block;width:6px"> </div>a vote of<div style="display:inline-block;width:6px"> </div>stockholders of the </div><div id="a20725" style="position:absolute;font-family:'Arial';left:57px;top:430px;">Company<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>exceed<div style="display:inline-block;width:6px"> </div>36%<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>total<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>votes<div style="display:inline-block;width:6px"> </div>eligible<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>cast<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>matter,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>total </div><div id="a20727" style="position:absolute;font-family:'Arial';left:57px;top:447px;">number of<div style="display:inline-block;width:3px"> </div>votes that<div style="display:inline-block;width:3px"> </div>holders of<div style="display:inline-block;width:3px"> </div>Series D<div style="display:inline-block;width:3px"> </div>Preferred Stock<div style="display:inline-block;width:2px"> </div>may exercise<div style="display:inline-block;width:3px"> </div>derived from<div style="display:inline-block;width:3px"> </div>the Series<div style="display:inline-block;width:3px"> </div>D Preferred </div><div id="a20728" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Stock together with<div style="display:inline-block;width:6px"> </div>Common Shares and<div style="display:inline-block;width:6px"> </div>any other voting<div style="display:inline-block;width:6px"> </div>securities of the<div style="display:inline-block;width:6px"> </div>Company beneficially owned </div><div id="a20729" style="position:absolute;font-family:'Arial';left:57px;top:481px;">by such holder,<div style="display:inline-block;width:6px"> </div>shall be reduced to 36% of<div style="display:inline-block;width:5px"> </div>the total number of votes entitled to<div style="display:inline-block;width:6px"> </div>vote on any matter put to </div><div id="a20731" style="position:absolute;font-family:'Arial';left:57px;top:498px;">stockholders of the Company.<div style="display:inline-block;width:5px"> </div>Through her beneficial ownership of common shares<div style="display:inline-block;width:5px"> </div>and shares of Series </div><div id="a20735" style="position:absolute;font-family:'Arial';left:57px;top:514px;">C<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Stock<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>D<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Stock,<div style="display:inline-block;width:6px"> </div>Mrs.<div style="display:inline-block;width:6px"> </div>Paliou<div style="display:inline-block;width:6px"> </div>controls<div style="display:inline-block;width:6px"> </div>36%<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vote<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>matter </div><div id="a20744" style="position:absolute;font-family:'Arial';left:57px;top:531px;">submitted to the vote<div style="display:inline-block;width:6px"> </div>of the common shareholders.<div style="display:inline-block;width:6px"> </div>Please see "Item 7.<div style="display:inline-block;width:6px"> </div>Major Shareholders and Related </div><div id="a20745" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Party Transactions—A. Major<div style="display:inline-block;width:5px"> </div>Shareholders." While Mrs. Paliou and the entities<div style="display:inline-block;width:6px"> </div>controlled by Mrs. Paliou </div><div id="a20749" style="position:absolute;font-family:'Arial';left:57px;top:565px;">have no<div style="display:inline-block;width:6px"> </div>agreement, arrangement<div style="display:inline-block;width:6px"> </div>or understanding<div style="display:inline-block;width:6px"> </div>relating to<div style="display:inline-block;width:6px"> </div>the voting<div style="display:inline-block;width:6px"> </div>of their<div style="display:inline-block;width:6px"> </div>shares of<div style="display:inline-block;width:6px"> </div>our common </div><div id="a20750" style="position:absolute;font-family:'Arial';left:57px;top:582px;">stock, they<div style="display:inline-block;width:6px"> </div>are able<div style="display:inline-block;width:6px"> </div>to influence<div style="display:inline-block;width:6px"> </div>the outcome<div style="display:inline-block;width:6px"> </div>of matters<div style="display:inline-block;width:6px"> </div>on which<div style="display:inline-block;width:6px"> </div>our shareholders<div style="display:inline-block;width:6px"> </div>are entitled<div style="display:inline-block;width:6px"> </div>to vote, </div><div id="a20751" style="position:absolute;font-family:'Arial';left:57px;top:599px;">including the election of directors and other significant corporate actions. This concentration of ownership </div><div id="a20753" style="position:absolute;font-family:'Arial';left:57px;top:616px;">may<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>effect<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>delaying,<div style="display:inline-block;width:7px"> </div>deferring<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>preventing<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>change<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>control,<div style="display:inline-block;width:7px"> </div>merger,<div style="display:inline-block;width:8px"> </div>consolidation, </div><div id="a20754" style="position:absolute;font-family:'Arial';left:57px;top:632px;">takeover or other<div style="display:inline-block;width:3px"> </div>business combination.<div style="display:inline-block;width:3px"> </div>This concentration of<div style="display:inline-block;width:2px"> </div>ownership could<div style="display:inline-block;width:3px"> </div>also discourage a<div style="display:inline-block;width:3px"> </div>potential </div><div id="a20756" style="position:absolute;font-family:'Arial';left:57px;top:649px;">acquirer from<div style="display:inline-block;width:3px"> </div>making a<div style="display:inline-block;width:3px"> </div>tender offer or<div style="display:inline-block;width:2px"> </div>otherwise attempting<div style="display:inline-block;width:2px"> </div>to obtain<div style="display:inline-block;width:3px"> </div>control of<div style="display:inline-block;width:2px"> </div>us, which<div style="display:inline-block;width:3px"> </div>could in<div style="display:inline-block;width:2px"> </div>turn have </div><div id="a20757" style="position:absolute;font-family:'Arial';left:57px;top:666px;">an adverse effect<div style="display:inline-block;width:6px"> </div>on the market<div style="display:inline-block;width:6px"> </div>price of our<div style="display:inline-block;width:6px"> </div>shares. So long<div style="display:inline-block;width:6px"> </div>as our<div style="display:inline-block;width:5px"> </div>Chief Executive Officer<div style="display:inline-block;width:6px"> </div>continues to </div><div id="a20758" style="position:absolute;font-family:'Arial';left:57px;top:683px;">own a significant amount<div style="display:inline-block;width:6px"> </div>of our equity,<div style="display:inline-block;width:6px"> </div>even though the amount<div style="display:inline-block;width:6px"> </div>held by her represents<div style="display:inline-block;width:6px"> </div>less than 50% of </div><div id="a20760" style="position:absolute;font-family:'Arial';left:57px;top:700px;">our voting power,<div style="display:inline-block;width:6px"> </div>she will continue to<div style="display:inline-block;width:6px"> </div>be able to exercise<div style="display:inline-block;width:6px"> </div>considerable influence over our<div style="display:inline-block;width:6px"> </div>decisions. The </div><div id="a20761" style="position:absolute;font-family:'Arial';left:57px;top:717px;">interests of these shareholders may be different from your interests. </div><div id="a20764" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:751px;">Future sales of our common stock could cause the market price<div style="display:inline-block;width:3px"> </div>of our common stock to decline.</div><div id="a20767" style="position:absolute;font-family:'Arial';left:57px;top:784px;">Our amended<div style="display:inline-block;width:6px"> </div>and restated<div style="display:inline-block;width:6px"> </div>articles of<div style="display:inline-block;width:6px"> </div>incorporation authorize<div style="display:inline-block;width:6px"> </div>us to<div style="display:inline-block;width:6px"> </div>issue up<div style="display:inline-block;width:6px"> </div>to 1,000,000,000<div style="display:inline-block;width:6px"> </div>shares of </div><div id="a20770" style="position:absolute;font-family:'Arial';left:57px;top:801px;">common stock, of which, as<div style="display:inline-block;width:3px"> </div>of December 31, 2024, 125,203,405<div style="display:inline-block;width:2px"> </div>shares were outstanding. The<div style="display:inline-block;width:3px"> </div>number of </div><div id="a20771" style="position:absolute;font-family:'Arial';left:57px;top:818px;">shares of<div style="display:inline-block;width:6px"> </div>common stock available<div style="display:inline-block;width:6px"> </div>for sale<div style="display:inline-block;width:5px"> </div>in the public<div style="display:inline-block;width:6px"> </div>market is limited<div style="display:inline-block;width:6px"> </div>by restrictions applicable<div style="display:inline-block;width:6px"> </div>under </div><div id="a20772" style="position:absolute;font-family:'Arial';left:57px;top:835px;">securities laws<div style="display:inline-block;width:6px"> </div>and agreements<div style="display:inline-block;width:6px"> </div>that we<div style="display:inline-block;width:6px"> </div>and our<div style="display:inline-block;width:6px"> </div>executive officers,<div style="display:inline-block;width:6px"> </div>directors and<div style="display:inline-block;width:6px"> </div>principal shareholders </div><div id="a20774" style="position:absolute;font-family:'Arial';left:57px;top:852px;">have entered into. </div><div id="a20777" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Sales of a substantial<div style="display:inline-block;width:6px"> </div>number of shares of our<div style="display:inline-block;width:6px"> </div>common stock in the public<div style="display:inline-block;width:6px"> </div>market, or the perception that </div><div id="a20778" style="position:absolute;font-family:'Arial';left:57px;top:902px;">these<div style="display:inline-block;width:6px"> </div>sales<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>occur,<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>depress the<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>stock.<div style="display:inline-block;width:6px"> </div>These<div style="display:inline-block;width:6px"> </div>sales<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>also </div><div id="a20779" style="position:absolute;font-family:'Arial';left:57px;top:919px;">impair our ability to raise additional capital through the sale of our equity<div style="display:inline-block;width:3px"> </div>securities in the future. </div></div>
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<div id="a20785" style="position:absolute;font-family:'Arial';left:390px;top:992px;">39 </div><div id="a20787" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Anti-takeover<div style="display:inline-block;width:11px"> </div>provisions<div style="display:inline-block;width:11px"> </div>in<div style="display:inline-block;width:11px"> </div>our<div style="display:inline-block;width:11px"> </div>organizational<div style="display:inline-block;width:10px"> </div>documents<div style="display:inline-block;width:11px"> </div>could<div style="display:inline-block;width:11px"> </div>make<div style="display:inline-block;width:11px"> </div>it<div style="display:inline-block;width:11px"> </div>difficult<div style="display:inline-block;width:11px"> </div>for<div style="display:inline-block;width:11px"> </div>our </div><div id="a20790" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:93px;">shareholders to<div style="display:inline-block;width:2px"> </div>replace or<div style="display:inline-block;width:2px"> </div>remove our<div style="display:inline-block;width:2px"> </div>current board<div style="display:inline-block;width:2px"> </div>of directors<div style="display:inline-block;width:2px"> </div>or have<div style="display:inline-block;width:2px"> </div>the effect<div style="display:inline-block;width:3px"> </div>of discouraging, </div><div id="a20791" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:110px;">delaying or<div style="display:inline-block;width:6px"> </div>preventing a<div style="display:inline-block;width:6px"> </div>merger or<div style="display:inline-block;width:6px"> </div>acquisition, which<div style="display:inline-block;width:6px"> </div>could adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:5px"> </div>the market<div style="display:inline-block;width:6px"> </div>price of </div><div id="a20793" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:126px;">our common stock.</div><div id="a20796" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Several provisions of our amended and<div style="display:inline-block;width:2px"> </div>restated articles of incorporation and<div style="display:inline-block;width:3px"> </div>bylaws could make it difficult </div><div id="a20798" style="position:absolute;font-family:'Arial';left:57px;top:177px;">for our shareholders to change the composition of our board<div style="display:inline-block;width:3px"> </div>of directors in any one year, preventing them </div><div id="a20799" style="position:absolute;font-family:'Arial';left:57px;top:194px;">from changing the composition<div style="display:inline-block;width:2px"> </div>of management. In<div style="display:inline-block;width:3px"> </div>addition, the same<div style="display:inline-block;width:3px"> </div>provisions may discourage,<div style="display:inline-block;width:3px"> </div>delay or </div><div id="a20800" style="position:absolute;font-family:'Arial';left:57px;top:211px;">prevent a merger or acquisition that shareholders may consider<div style="display:inline-block;width:3px"> </div>favorable. </div><div id="a20804" style="position:absolute;font-family:'Arial';left:57px;top:245px;">These provisions include: </div><div id="a20807" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:284px;">●</div><div id="a20809" style="position:absolute;font-family:'Arial';left:129px;top:278px;">authorizing<div style="display:inline-block;width:5px"> </div>our board<div style="display:inline-block;width:7px"> </div>of directors<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>issue “blank<div style="display:inline-block;width:7px"> </div>check” preferred<div style="display:inline-block;width:6px"> </div>stock without<div style="display:inline-block;width:7px"> </div>shareholder </div><div id="a20810" style="position:absolute;font-family:'Arial';left:129px;top:295px;">approval; </div><div id="a20813" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:335px;">●</div><div id="a20815" style="position:absolute;font-family:'Arial';left:129px;top:329px;">providing for a classified board of directors with staggered, three-year<div style="display:inline-block;width:3px"> </div>terms; </div><div id="a20820" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:369px;">●</div><div id="a20822" style="position:absolute;font-family:'Arial';left:129px;top:363px;">prohibiting cumulative voting in the election of directors; </div><div id="a20825" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:402px;">●</div><div id="a20827" style="position:absolute;font-family:'Arial';left:129px;top:396px;">authorizing<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>removal of<div style="display:inline-block;width:7px"> </div>directors<div style="display:inline-block;width:5px"> </div>only for<div style="display:inline-block;width:7px"> </div>cause and<div style="display:inline-block;width:7px"> </div>only<div style="display:inline-block;width:5px"> </div>upon<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>affirmative<div style="display:inline-block;width:6px"> </div>vote<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>the </div><div id="a20828" style="position:absolute;font-family:'Arial';left:129px;top:413px;">holders<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>majority<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>outstanding shares<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>stock<div style="display:inline-block;width:5px"> </div>entitled<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>vote<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>the </div><div id="a20829" style="position:absolute;font-family:'Arial';left:129px;top:430px;">directors; </div><div id="a20832" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:470px;">●</div><div id="a20834" style="position:absolute;font-family:'Arial';left:129px;top:464px;">prohibiting shareholder action by written consent; </div><div id="a20837" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:504px;">●</div><div id="a20839" style="position:absolute;font-family:'Arial';left:129px;top:498px;">limiting the persons who may call special meetings of shareholders;<div style="display:inline-block;width:3px"> </div>and </div><div id="a20842" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:537px;">●</div><div id="a20844" style="position:absolute;font-family:'Arial';left:129px;top:531px;">establishing advance notice requirements for nominations for election to our board of directors </div><div id="a20845" style="position:absolute;font-family:'Arial';left:129px;top:548px;">or for proposing matters that can be acted on by shareholders at shareholder<div style="display:inline-block;width:2px"> </div>meetings. </div><div id="a20848" style="position:absolute;font-family:'Arial';left:57px;top:582px;">In addition, we have adopted an Amended and Restated<div style="display:inline-block;width:3px"> </div>Stockholders Rights Agreement, dated February </div><div id="a20854" style="position:absolute;font-family:'Arial';left:57px;top:599px;">2,<div style="display:inline-block;width:5px"> </div>2024, pursuant<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>which our<div style="display:inline-block;width:7px"> </div>board of<div style="display:inline-block;width:6px"> </div>directors may<div style="display:inline-block;width:6px"> </div>cause the<div style="display:inline-block;width:7px"> </div>substantial dilution<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>any person<div style="display:inline-block;width:6px"> </div>that </div><div id="a20858" style="position:absolute;font-family:'Arial';left:57px;top:616px;">attempts to acquire us without<div style="display:inline-block;width:3px"> </div>the approval of our board<div style="display:inline-block;width:3px"> </div>of directors. See “Item 10.<div style="display:inline-block;width:3px"> </div>Additional Information-</div><div id="a20866" style="position:absolute;font-family:'Arial';left:57px;top:632px;">B. Memorandum and Articles of Association-Stockholders Rights<div style="display:inline-block;width:3px"> </div>Agreement.”<div style="display:inline-block;width:4px"> </div></div><div id="a20872" style="position:absolute;font-family:'Arial';left:57px;top:666px;">These<div style="display:inline-block;width:9px"> </div>anti-takeover<div style="display:inline-block;width:9px"> </div>provisions,<div style="display:inline-block;width:9px"> </div>including<div style="display:inline-block;width:9px"> </div>provisions<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>our<div style="display:inline-block;width:9px"> </div>Stockholders<div style="display:inline-block;width:9px"> </div>Rights<div style="display:inline-block;width:9px"> </div>Agreement,<div style="display:inline-block;width:9px"> </div>could </div><div id="a20875" style="position:absolute;font-family:'Arial';left:57px;top:683px;">substantially impede the ability of public shareholders to benefit from a change in control and, as a result, </div><div id="a20876" style="position:absolute;font-family:'Arial';left:57px;top:700px;">may adversely affect the<div style="display:inline-block;width:2px"> </div>market price of our<div style="display:inline-block;width:2px"> </div>common stock and<div style="display:inline-block;width:3px"> </div>your ability to<div style="display:inline-block;width:3px"> </div>realize any potential<div style="display:inline-block;width:3px"> </div>change </div><div id="a20878" style="position:absolute;font-family:'Arial';left:57px;top:717px;">of control premium. </div><div id="a20881" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:751px;">Our Series B Preferred Shares<div style="display:inline-block;width:3px"> </div>are senior obligations of ours<div style="display:inline-block;width:3px"> </div>and rank prior to our common<div style="display:inline-block;width:2px"> </div>shares </div><div id="a20882" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:767px;">with<div style="display:inline-block;width:7px"> </div>respect<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>dividends,<div style="display:inline-block;width:7px"> </div>distributions<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>payments<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:7px"> </div>liquidation,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>an </div><div id="a20883" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:784px;">adverse effect on the value of our common shares.</div><div id="a20886" style="position:absolute;font-family:'Arial';left:57px;top:818px;">The rights of the holders<div style="display:inline-block;width:5px"> </div>of our Series B Preferred Shares<div style="display:inline-block;width:6px"> </div>rank senior to the obligations to<div style="display:inline-block;width:6px"> </div>holders of our </div><div id="a20889" style="position:absolute;font-family:'Arial';left:57px;top:835px;">common shares. Upon our liquidation, the holders of Series<div style="display:inline-block;width:5px"> </div>B Preferred Shares will be entitled to receive </div><div id="a20890" style="position:absolute;font-family:'Arial';left:57px;top:852px;">a liquidation preference<div style="display:inline-block;width:3px"> </div>of $25.00 per share,<div style="display:inline-block;width:3px"> </div>plus all accrued but<div style="display:inline-block;width:2px"> </div>unpaid dividends, prior and<div style="display:inline-block;width:2px"> </div>in preference </div><div id="a20892" style="position:absolute;font-family:'Arial';left:57px;top:869px;">to any distribution to the holders of any other class of our equity securities, including our common shares. </div><div id="a20893" style="position:absolute;font-family:'Arial';left:57px;top:885px;">The existence of the Series B Preferred<div style="display:inline-block;width:3px"> </div>Shares could have an adverse effect on the value<div style="display:inline-block;width:3px"> </div>of our common </div><div id="a20894" style="position:absolute;font-family:'Arial';left:57px;top:902px;">shares. </div></div>
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<div id="a20899" style="position:absolute;font-family:'Arial';left:390px;top:992px;">40 </div><div id="a20901" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:76px;">Risks Relating to Our Series B Preferred Stock</div><div id="a20904" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:111px;">We may not have<div style="display:inline-block;width:6px"> </div>sufficient cash from our operations to<div style="display:inline-block;width:6px"> </div>enable us to pay dividends on<div style="display:inline-block;width:6px"> </div>our Series </div><div id="a20906" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:128px;">B Preferred Shares following the payment of expenses and the establishment<div style="display:inline-block;width:2px"> </div>of any reserves.</div><div id="a20909" style="position:absolute;font-family:'Arial';left:57px;top:162px;">We<div style="display:inline-block;width:6px"> </div>pay quarterly<div style="display:inline-block;width:6px"> </div>dividends on<div style="display:inline-block;width:6px"> </div>our Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares only<div style="display:inline-block;width:6px"> </div>from funds<div style="display:inline-block;width:6px"> </div>legally available<div style="display:inline-block;width:6px"> </div>for such </div><div id="a20911" style="position:absolute;font-family:'Arial';left:57px;top:179px;">purpose when,<div style="display:inline-block;width:7px"> </div>as and<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:5px"> </div>declared by<div style="display:inline-block;width:7px"> </div>our board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>directors. We<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:5px"> </div>not have<div style="display:inline-block;width:7px"> </div>sufficient<div style="display:inline-block;width:6px"> </div>cash available </div><div id="a20912" style="position:absolute;font-family:'Arial';left:57px;top:195px;">each<div style="display:inline-block;width:6px"> </div>quarter to<div style="display:inline-block;width:7px"> </div>pay dividends.<div style="display:inline-block;width:6px"> </div>The amount<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>dividends we<div style="display:inline-block;width:6px"> </div>can pay<div style="display:inline-block;width:7px"> </div>on our<div style="display:inline-block;width:7px"> </div>Series B<div style="display:inline-block;width:7px"> </div>Preferred Shares </div><div id="a20913" style="position:absolute;font-family:'Arial';left:57px;top:212px;">depends upon the amount of cash we generate from and use in our<div style="display:inline-block;width:3px"> </div>operations, which may fluctuate. </div><div id="a20917" style="position:absolute;font-family:'Arial';left:57px;top:246px;">The<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:7px"> </div>cash we<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>available for<div style="display:inline-block;width:7px"> </div>dividends on<div style="display:inline-block;width:6px"> </div>our Series<div style="display:inline-block;width:7px"> </div>B Preferred<div style="display:inline-block;width:7px"> </div>Shares will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:5px"> </div>depend </div><div id="a20918" style="position:absolute;font-family:'Arial';left:57px;top:263px;">solely on our<div style="display:inline-block;width:5px"> </div>profitability. The<div style="display:inline-block;width:6px"> </div>actual amount of cash<div style="display:inline-block;width:6px"> </div>we have available to<div style="display:inline-block;width:6px"> </div>pay dividends on our<div style="display:inline-block;width:6px"> </div>Series B </div><div id="a20919" style="position:absolute;font-family:'Arial';left:57px;top:280px;">Preferred Shares depends on many factors, including<div style="display:inline-block;width:3px"> </div>the following: </div><div id="a20923" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:320px;">●</div><div id="a20925" style="position:absolute;font-family:'Arial';left:105px;top:314px;">changes in<div style="display:inline-block;width:3px"> </div>our operating<div style="display:inline-block;width:2px"> </div>cash flow, capital expenditure<div style="display:inline-block;width:2px"> </div>requirements, working<div style="display:inline-block;width:2px"> </div>capital requirements </div><div id="a20926" style="position:absolute;font-family:'Arial';left:105px;top:330px;">and other cash needs; </div><div id="a20929" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:370px;">●</div><div id="a20931" style="position:absolute;font-family:'Arial';left:105px;top:364px;">restrictions under our existing or future credit facilities or any future debt securities on our<div style="display:inline-block;width:3px"> </div>ability to </div><div id="a20933" style="position:absolute;font-family:'Arial';left:105px;top:381px;">pay dividends if an<div style="display:inline-block;width:2px"> </div>event of default has<div style="display:inline-block;width:2px"> </div>occurred and is<div style="display:inline-block;width:3px"> </div>continuing or if<div style="display:inline-block;width:3px"> </div>the payment of the<div style="display:inline-block;width:2px"> </div>dividend </div><div id="a20934" style="position:absolute;font-family:'Arial';left:105px;top:398px;">would result in<div style="display:inline-block;width:3px"> </div>an event of<div style="display:inline-block;width:3px"> </div>default, or under<div style="display:inline-block;width:2px"> </div>certain facilities<div style="display:inline-block;width:3px"> </div>if it would<div style="display:inline-block;width:2px"> </div>result in the<div style="display:inline-block;width:3px"> </div>breach of certain </div><div id="a20936" style="position:absolute;font-family:'Arial';left:105px;top:415px;">financial covenants; </div><div id="a20939" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:455px;">●</div><div id="a20941" style="position:absolute;font-family:'Arial';left:105px;top:448px;">the amount of any cash reserves established by our board of directors;<div style="display:inline-block;width:3px"> </div>and </div><div id="a20944" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:488px;">●</div><div id="a20946" style="position:absolute;font-family:'Arial';left:105px;top:482px;">restrictions under<div style="display:inline-block;width:6px"> </div>Marshall Islands<div style="display:inline-block;width:6px"> </div>law,<div style="display:inline-block;width:6px"> </div>which generally<div style="display:inline-block;width:6px"> </div>prohibits the<div style="display:inline-block;width:6px"> </div>payment of<div style="display:inline-block;width:6px"> </div>dividends other </div><div id="a20947" style="position:absolute;font-family:'Arial';left:105px;top:499px;">than from<div style="display:inline-block;width:3px"> </div>surplus (retained<div style="display:inline-block;width:2px"> </div>earnings and<div style="display:inline-block;width:2px"> </div>the excess<div style="display:inline-block;width:2px"> </div>of consideration<div style="display:inline-block;width:2px"> </div>received for<div style="display:inline-block;width:2px"> </div>the sale<div style="display:inline-block;width:3px"> </div>of shares </div><div id="a20948" style="position:absolute;font-family:'Arial';left:105px;top:516px;">above the par value of the shares) or while a company is insolvent or would be rendered insolvent </div><div id="a20950" style="position:absolute;font-family:'Arial';left:105px;top:533px;">by the payment of such a dividend. </div><div id="a20953" style="position:absolute;font-family:'Arial';left:57px;top:567px;">The amount of cash we generate from our operations may differ materially<div style="display:inline-block;width:3px"> </div>from our net income or loss for </div><div id="a20955" style="position:absolute;font-family:'Arial';left:57px;top:583px;">the period, which<div style="display:inline-block;width:6px"> </div>is affected by<div style="display:inline-block;width:6px"> </div>non-cash items, and<div style="display:inline-block;width:5px"> </div>our board of<div style="display:inline-block;width:6px"> </div>directors in its discretion<div style="display:inline-block;width:6px"> </div>may elect not </div><div id="a20958" style="position:absolute;font-family:'Arial';left:57px;top:600px;">to declare<div style="display:inline-block;width:2px"> </div>any dividends.<div style="display:inline-block;width:2px"> </div>As a<div style="display:inline-block;width:2px"> </div>result of<div style="display:inline-block;width:2px"> </div>these and<div style="display:inline-block;width:2px"> </div>the other<div style="display:inline-block;width:2px"> </div>factors mentioned<div style="display:inline-block;width:2px"> </div>above, we<div style="display:inline-block;width:2px"> </div>may pay<div style="display:inline-block;width:2px"> </div>dividends </div><div id="a20960" style="position:absolute;font-family:'Arial';left:57px;top:617px;">during<div style="display:inline-block;width:6px"> </div>periods<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>losses<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>periods<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>net </div><div id="a20961" style="position:absolute;font-family:'Arial';left:57px;top:634px;">income. </div><div id="a20964" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:668px;">The Series B Preferred Shares represent perpetual equity<div style="display:inline-block;width:3px"> </div>interests.</div><div id="a20967" style="position:absolute;font-family:'Arial';left:57px;top:701px;">The Series B<div style="display:inline-block;width:3px"> </div>Preferred Shares represent<div style="display:inline-block;width:2px"> </div>perpetual equity interests<div style="display:inline-block;width:2px"> </div>in us and,<div style="display:inline-block;width:3px"> </div>unlike our indebtedness,<div style="display:inline-block;width:2px"> </div>will </div><div id="a20968" style="position:absolute;font-family:'Arial';left:57px;top:718px;">not give<div style="display:inline-block;width:6px"> </div>rise to<div style="display:inline-block;width:6px"> </div>a claim for<div style="display:inline-block;width:6px"> </div>payment of a<div style="display:inline-block;width:6px"> </div>principal amount at<div style="display:inline-block;width:6px"> </div>a particular date.<div style="display:inline-block;width:6px"> </div>As a<div style="display:inline-block;width:5px"> </div>result, holders of<div style="display:inline-block;width:6px"> </div>the </div><div id="a20970" style="position:absolute;font-family:'Arial';left:57px;top:735px;">Series<div style="display:inline-block;width:5px"> </div>B Preferred<div style="display:inline-block;width:7px"> </div>Shares may<div style="display:inline-block;width:6px"> </div>be required<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>bear the<div style="display:inline-block;width:7px"> </div>financial risks<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>an investment<div style="display:inline-block;width:7px"> </div>in the<div style="display:inline-block;width:7px"> </div>Series B </div><div id="a20971" style="position:absolute;font-family:'Arial';left:57px;top:752px;">Preferred Shares for an indefinite period<div style="display:inline-block;width:3px"> </div>of time. In addition, the Series B<div style="display:inline-block;width:2px"> </div>Preferred Shares will rank junior </div><div id="a20974" style="position:absolute;font-family:'Arial';left:57px;top:769px;">to all our<div style="display:inline-block;width:6px"> </div>indebtedness and other<div style="display:inline-block;width:5px"> </div>liabilities, and to<div style="display:inline-block;width:6px"> </div>any other senior<div style="display:inline-block;width:6px"> </div>securities we may<div style="display:inline-block;width:6px"> </div>issue in the<div style="display:inline-block;width:6px"> </div>future </div><div id="a20975" style="position:absolute;font-family:'Arial';left:57px;top:786px;">with respect to assets available to satisfy claims against us. </div><div id="a20978" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:820px;">Our Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares are<div style="display:inline-block;width:6px"> </div>subordinate to<div style="display:inline-block;width:6px"> </div>our indebtedness,<div style="display:inline-block;width:6px"> </div>and your<div style="display:inline-block;width:6px"> </div>interests could<div style="display:inline-block;width:6px"> </div>be </div><div id="a20979" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:836px;">diluted<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>issuance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>shares,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:7px"> </div>B<div style="display:inline-block;width:7px"> </div>Preferred </div><div id="a20980" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:853px;">Shares, and by other transactions.</div><div id="a20983" style="position:absolute;font-family:'Arial';left:57px;top:887px;">Our Series B Preferred Shares are subordinated to all of our existing and future indebtedness. Therefore, </div><div id="a20984" style="position:absolute;font-family:'Arial';left:57px;top:904px;">our ability to pay dividends on, redeem<div style="display:inline-block;width:3px"> </div>or pay the liquidation preference on<div style="display:inline-block;width:3px"> </div>our Series B Preferred Shares </div><div id="a20985" style="position:absolute;font-family:'Arial';left:57px;top:921px;">in liquidation or<div style="display:inline-block;width:6px"> </div>otherwise may be<div style="display:inline-block;width:6px"> </div>subject to prior<div style="display:inline-block;width:6px"> </div>payments due to<div style="display:inline-block;width:6px"> </div>the holders of<div style="display:inline-block;width:6px"> </div>our indebtedness. Our </div><div id="a20987" style="position:absolute;font-family:'Arial';left:57px;top:938px;">existing indebtedness restricts, and our future indebtedness may include restrictions on, our<div style="display:inline-block;width:5px"> </div>ability to pay </div><div id="a20988" style="position:absolute;font-family:'Arial';left:57px;top:954px;">dividends on<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:6px"> </div>redeem preferred<div style="display:inline-block;width:7px"> </div>shares. Our<div style="display:inline-block;width:7px"> </div>amended and<div style="display:inline-block;width:7px"> </div>restated<div style="display:inline-block;width:6px"> </div>articles of<div style="display:inline-block;width:7px"> </div>incorporation currently </div></div>
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<div id="a20992" style="position:absolute;font-family:'Arial';left:390px;top:992px;">41 </div><div id="a20994" style="position:absolute;font-family:'Arial';left:57px;top:76px;">authorize the issuance<div style="display:inline-block;width:2px"> </div>of up to<div style="display:inline-block;width:2px"> </div>50,000,000 preferred<div style="display:inline-block;width:3px"> </div>shares, par value<div style="display:inline-block;width:2px"> </div>$0.01 per share.<div style="display:inline-block;width:2px"> </div>Of these preferred </div><div id="a20997" style="position:absolute;font-family:'Arial';left:57px;top:93px;">shares, 1,000,000 shares have been<div style="display:inline-block;width:3px"> </div>designated Series A Participating<div style="display:inline-block;width:3px"> </div>Preferred Stock, 5,000,000 shares </div><div id="a20998" style="position:absolute;font-family:'Arial';left:57px;top:110px;">have been<div style="display:inline-block;width:6px"> </div>designated Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares, 10,675<div style="display:inline-block;width:6px"> </div>are designated<div style="display:inline-block;width:6px"> </div>as Series<div style="display:inline-block;width:6px"> </div>C Preferred<div style="display:inline-block;width:6px"> </div>Shares </div><div id="a21000" style="position:absolute;font-family:'Arial';left:57px;top:126px;">and 400 are designated as<div style="display:inline-block;width:6px"> </div>Series D Preferred Shares. The<div style="display:inline-block;width:6px"> </div>Series B Preferred Shares are<div style="display:inline-block;width:6px"> </div>senior in rank </div><div id="a21001" style="position:absolute;font-family:'Arial';left:57px;top:143px;">to the<div style="display:inline-block;width:6px"> </div>Series A<div style="display:inline-block;width:6px"> </div>Participating Preferred<div style="display:inline-block;width:6px"> </div>Shares. The<div style="display:inline-block;width:6px"> </div>issuance of<div style="display:inline-block;width:6px"> </div>additional Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares or </div><div id="a21002" style="position:absolute;font-family:'Arial';left:57px;top:160px;">other preferred shares<div style="display:inline-block;width:3px"> </div>on a parity<div style="display:inline-block;width:3px"> </div>with or senior<div style="display:inline-block;width:3px"> </div>to the Series B<div style="display:inline-block;width:2px"> </div>Preferred Shares would<div style="display:inline-block;width:2px"> </div>dilute the interests </div><div id="a21004" style="position:absolute;font-family:'Arial';left:57px;top:177px;">of holders of our<div style="display:inline-block;width:5px"> </div>Series B Preferred Shares, and any issuance<div style="display:inline-block;width:6px"> </div>of preferred shares senior to<div style="display:inline-block;width:5px"> </div>our Series B </div><div id="a21005" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Preferred Shares or of additional indebtedness could affect our ability to pay dividends on, redeem or pay </div><div id="a21007" style="position:absolute;font-family:'Arial';left:57px;top:211px;">the liquidation preference<div style="display:inline-block;width:2px"> </div>on our Series<div style="display:inline-block;width:3px"> </div>B Preferred Shares.<div style="display:inline-block;width:2px"> </div>The Series B<div style="display:inline-block;width:2px"> </div>Preferred Shares do<div style="display:inline-block;width:2px"> </div>not contain </div><div id="a21008" style="position:absolute;font-family:'Arial';left:57px;top:228px;">any provisions<div style="display:inline-block;width:6px"> </div>affording the<div style="display:inline-block;width:6px"> </div>holders of<div style="display:inline-block;width:6px"> </div>our Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares protection<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>event of<div style="display:inline-block;width:6px"> </div>a highly </div><div id="a21009" style="position:absolute;font-family:'Arial';left:57px;top:245px;">leveraged or other transaction,<div style="display:inline-block;width:5px"> </div>including a merger or the<div style="display:inline-block;width:6px"> </div>sale, lease or conveyance<div style="display:inline-block;width:5px"> </div>of all or substantially </div><div id="a21012" style="position:absolute;font-family:'Arial';left:57px;top:261px;">all our assets<div style="display:inline-block;width:5px"> </div>or business, which might<div style="display:inline-block;width:6px"> </div>adversely affect the<div style="display:inline-block;width:5px"> </div>holders of our Series<div style="display:inline-block;width:6px"> </div>B Preferred Shares, so </div><div id="a21013" style="position:absolute;font-family:'Arial';left:57px;top:278px;">long as the rights of our Series B Preferred Shares are not directly<div style="display:inline-block;width:3px"> </div>materially and adversely affected. </div><div id="a21018" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:312px;">We may redeem the<div style="display:inline-block;width:2px"> </div>Series B Preferred<div style="display:inline-block;width:2px"> </div>Shares, and you<div style="display:inline-block;width:2px"> </div>may not be<div style="display:inline-block;width:3px"> </div>able to reinvest<div style="display:inline-block;width:3px"> </div>the redemption </div><div id="a21020" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:329px;">price you receive in a similar security.</div><div id="a21023" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Since February 14, 2019, we<div style="display:inline-block;width:3px"> </div>may, at our option, redeem Series B Preferred Shares,<div style="display:inline-block;width:3px"> </div>in whole or in part, at </div><div id="a21024" style="position:absolute;font-family:'Arial';left:57px;top:379px;">any time or from time to time. We may have an incentive to redeem Series B Preferred Shares voluntarily </div><div id="a21026" style="position:absolute;font-family:'Arial';left:57px;top:396px;">if market conditions allow us<div style="display:inline-block;width:6px"> </div>to issue other preferred shares<div style="display:inline-block;width:5px"> </div>or debt securities at a<div style="display:inline-block;width:6px"> </div>rate that is lower than </div><div id="a21027" style="position:absolute;font-family:'Arial';left:57px;top:413px;">the dividend<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>Series B<div style="display:inline-block;width:6px"> </div>Preferred Shares.<div style="display:inline-block;width:6px"> </div>If we<div style="display:inline-block;width:6px"> </div>redeem Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares, then<div style="display:inline-block;width:6px"> </div>from and </div><div id="a21030" style="position:absolute;font-family:'Arial';left:57px;top:430px;">after the<div style="display:inline-block;width:6px"> </div>redemption date,<div style="display:inline-block;width:6px"> </div>your dividends<div style="display:inline-block;width:6px"> </div>will cease<div style="display:inline-block;width:6px"> </div>to accrue<div style="display:inline-block;width:6px"> </div>on your<div style="display:inline-block;width:6px"> </div>Series B<div style="display:inline-block;width:6px"> </div>Preferred Shares,<div style="display:inline-block;width:6px"> </div>your </div><div id="a21031" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Series B Preferred Shares shall no longer be deemed outstanding and all your rights as a holder of those </div><div id="a21034" style="position:absolute;font-family:'Arial';left:57px;top:464px;">shares<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>terminate,<div style="display:inline-block;width:7px"> </div>except<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>right<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>receive<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>redemption<div style="display:inline-block;width:7px"> </div>price<div style="display:inline-block;width:7px"> </div>plus<div style="display:inline-block;width:7px"> </div>accumulated<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>unpaid </div><div id="a21035" style="position:absolute;font-family:'Arial';left:57px;top:481px;">dividends, if any,<div style="display:inline-block;width:7px"> </div>payable upon redemption. If<div style="display:inline-block;width:6px"> </div>we redeem the<div style="display:inline-block;width:6px"> </div>Series B Preferred<div style="display:inline-block;width:5px"> </div>Shares for any<div style="display:inline-block;width:6px"> </div>reason, </div><div id="a21036" style="position:absolute;font-family:'Arial';left:57px;top:498px;">you may not be able to reinvest the redemption price you receive in a similar<div style="display:inline-block;width:3px"> </div>security.<div style="display:inline-block;width:5px"> </div></div><div id="a21041" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:531px;">Market interest rates may adversely affect the value of our Series B Preferred<div style="display:inline-block;width:3px"> </div>Shares.</div><div id="a21044" style="position:absolute;font-family:'Arial';left:57px;top:565px;">One of<div style="display:inline-block;width:6px"> </div>the factors that<div style="display:inline-block;width:6px"> </div>may influence the<div style="display:inline-block;width:6px"> </div>price of<div style="display:inline-block;width:5px"> </div>our Series B<div style="display:inline-block;width:6px"> </div>Preferred Shares is<div style="display:inline-block;width:6px"> </div>the dividend yield<div style="display:inline-block;width:6px"> </div>on </div><div id="a21045" style="position:absolute;font-family:'Arial';left:57px;top:582px;">the Series B Preferred Shares<div style="display:inline-block;width:6px"> </div>(as a percentage of the<div style="display:inline-block;width:6px"> </div>price of our Series B<div style="display:inline-block;width:6px"> </div>Preferred Shares) relative to </div><div id="a21046" style="position:absolute;font-family:'Arial';left:57px;top:599px;">market<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:5px"> </div>rates.<div style="display:inline-block;width:6px"> </div>An<div style="display:inline-block;width:6px"> </div>increase<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>currently<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>low<div style="display:inline-block;width:6px"> </div>levels<div style="display:inline-block;width:6px"> </div>relative<div style="display:inline-block;width:6px"> </div>to </div><div id="a21048" style="position:absolute;font-family:'Arial';left:57px;top:616px;">historical<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>lead<div style="display:inline-block;width:6px"> </div>prospective<div style="display:inline-block;width:6px"> </div>purchasers<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>expect<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>higher </div><div id="a21049" style="position:absolute;font-family:'Arial';left:57px;top:632px;">dividend yield, and<div style="display:inline-block;width:3px"> </div>higher interest rates<div style="display:inline-block;width:2px"> </div>would likely increase<div style="display:inline-block;width:3px"> </div>our borrowing costs<div style="display:inline-block;width:2px"> </div>and potentially decrease </div><div id="a21052" style="position:absolute;font-family:'Arial';left:57px;top:649px;">funds available for<div style="display:inline-block;width:6px"> </div>distribution. Accordingly,<div style="display:inline-block;width:6px"> </div>higher market<div style="display:inline-block;width:6px"> </div>interest rates could<div style="display:inline-block;width:6px"> </div>cause the<div style="display:inline-block;width:5px"> </div>market price of </div><div id="a21053" style="position:absolute;font-family:'Arial';left:57px;top:666px;">our Series B Preferred Shares to decrease. </div><div id="a21056" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:700px;">As a holder of Series B Preferred Shares you have extremely<div style="display:inline-block;width:3px"> </div>limited voting rights.</div><div id="a21059" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Your voting rights as a holder of Series<div style="display:inline-block;width:3px"> </div>B Preferred Shares are<div style="display:inline-block;width:3px"> </div>extremely limited. Our common<div style="display:inline-block;width:2px"> </div>shares are </div><div id="a21061" style="position:absolute;font-family:'Arial';left:57px;top:751px;">the only outstanding class or series of our shares carrying full voting rights. Holders of Series B Preferred </div><div id="a21062" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Shares have<div style="display:inline-block;width:6px"> </div>no voting<div style="display:inline-block;width:6px"> </div>rights other<div style="display:inline-block;width:6px"> </div>than the<div style="display:inline-block;width:6px"> </div>ability,<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>certain exceptions,<div style="display:inline-block;width:6px"> </div>to elect<div style="display:inline-block;width:6px"> </div>one director<div style="display:inline-block;width:6px"> </div>if </div><div id="a21065" style="position:absolute;font-family:'Arial';left:57px;top:784px;">dividends for six<div style="display:inline-block;width:2px"> </div>quarterly dividend<div style="display:inline-block;width:2px"> </div>periods (whether<div style="display:inline-block;width:3px"> </div>or not consecutive)<div style="display:inline-block;width:2px"> </div>payable on<div style="display:inline-block;width:3px"> </div>our Series B<div style="display:inline-block;width:2px"> </div>Preferred </div><div id="a21066" style="position:absolute;font-family:'Arial';left:57px;top:801px;">Shares are in arrears and certain other limited protective voting<div style="display:inline-block;width:3px"> </div>rights. </div><div id="a21069" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:835px;">Our<div style="display:inline-block;width:6px"> </div>ability<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>redeem<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>limited<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the </div><div id="a21070" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:852px;">requirements of Marshall Islands law.</div><div id="a21073" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Marshall Islands<div style="display:inline-block;width:5px"> </div>law provides that<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:5px"> </div>pay dividends on<div style="display:inline-block;width:6px"> </div>and redeem the<div style="display:inline-block;width:6px"> </div>Series B<div style="display:inline-block;width:5px"> </div>Preferred Shares </div><div id="a21074" style="position:absolute;font-family:'Arial';left:57px;top:902px;">only to the<div style="display:inline-block;width:2px"> </div>extent that assets<div style="display:inline-block;width:2px"> </div>are legally available<div style="display:inline-block;width:2px"> </div>for such purposes.<div style="display:inline-block;width:2px"> </div>Legally available<div style="display:inline-block;width:3px"> </div>assets generally<div style="display:inline-block;width:3px"> </div>are </div><div id="a21075" style="position:absolute;font-family:'Arial';left:57px;top:919px;">limited to our surplus, which essentially represents our retained earnings<div style="display:inline-block;width:5px"> </div>and the excess of consideration </div><div id="a21077" style="position:absolute;font-family:'Arial';left:57px;top:936px;">received by us for<div style="display:inline-block;width:3px"> </div>the sale of shares<div style="display:inline-block;width:3px"> </div>above the par value<div style="display:inline-block;width:2px"> </div>of the shares. In<div style="display:inline-block;width:2px"> </div>addition, under Marshall<div style="display:inline-block;width:3px"> </div>Islands </div></div>
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<div id="Page42" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a21080" style="position:absolute;font-family:'Arial';left:390px;top:992px;">42 </div><div id="a21082" style="position:absolute;font-family:'Arial';left:57px;top:76px;">law we<div style="display:inline-block;width:6px"> </div>may not<div style="display:inline-block;width:6px"> </div>pay dividends<div style="display:inline-block;width:6px"> </div>on or<div style="display:inline-block;width:6px"> </div>redeem Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares if<div style="display:inline-block;width:6px"> </div>we are<div style="display:inline-block;width:6px"> </div>insolvent or<div style="display:inline-block;width:6px"> </div>would be </div><div id="a21083" style="position:absolute;font-family:'Arial';left:57px;top:93px;">rendered insolvent by the payment of such a dividend or the making<div style="display:inline-block;width:3px"> </div>of such redemption. </div><div id="a21086" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:126px;">The amount of your<div style="display:inline-block;width:2px"> </div>liquidation preference is<div style="display:inline-block;width:3px"> </div>fixed and you will<div style="display:inline-block;width:3px"> </div>have no right<div style="display:inline-block;width:3px"> </div>to receive any greater </div><div id="a21090" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:143px;">payment regardless of the circumstances.</div><div id="a21093" style="position:absolute;font-family:'Arial';left:57px;top:177px;">The<div style="display:inline-block;width:8px"> </div>payment<div style="display:inline-block;width:8px"> </div>due<div style="display:inline-block;width:8px"> </div>upon<div style="display:inline-block;width:8px"> </div>liquidation<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>fixed<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>redemption<div style="display:inline-block;width:8px"> </div>preference<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>$25.00<div style="display:inline-block;width:8px"> </div>per<div style="display:inline-block;width:8px"> </div>share<div style="display:inline-block;width:8px"> </div>plus </div><div id="a21097" style="position:absolute;font-family:'Arial';left:57px;top:194px;">accumulated and<div style="display:inline-block;width:7px"> </div>unpaid dividends<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>date<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>liquidation. If,<div style="display:inline-block;width:7px"> </div>in the<div style="display:inline-block;width:7px"> </div>case of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>liquidation, there<div style="display:inline-block;width:7px"> </div>are </div><div id="a21098" style="position:absolute;font-family:'Arial';left:57px;top:211px;">remaining<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>be distributed<div style="display:inline-block;width:7px"> </div>after<div style="display:inline-block;width:6px"> </div>payment<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>this<div style="display:inline-block;width:6px"> </div>amount,<div style="display:inline-block;width:6px"> </div>you<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:5px"> </div>have<div style="display:inline-block;width:6px"> </div>no right<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>receive<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>to </div><div id="a21100" style="position:absolute;font-family:'Arial';left:57px;top:228px;">participate in these<div style="display:inline-block;width:2px"> </div>amounts. Furthermore,<div style="display:inline-block;width:3px"> </div>if the market<div style="display:inline-block;width:2px"> </div>price for your<div style="display:inline-block;width:2px"> </div>Series B Preferred<div style="display:inline-block;width:2px"> </div>Shares is greater </div><div id="a21101" style="position:absolute;font-family:'Arial';left:57px;top:245px;">than<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>liquidation<div style="display:inline-block;width:7px"> </div>preference,<div style="display:inline-block;width:7px"> </div>you<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>no<div style="display:inline-block;width:7px"> </div>right<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>receive<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:7px"> </div>price<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:7px"> </div>our </div><div id="a21102" style="position:absolute;font-family:'Arial';left:57px;top:261px;">liquidation. </div><div id="a21105" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:295px;">Risks Relating to Our Outstanding Warrants </div><div id="a21108" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:330px;">The issuance<div style="display:inline-block;width:3px"> </div>of our<div style="display:inline-block;width:3px"> </div>common stock<div style="display:inline-block;width:3px"> </div>upon the<div style="display:inline-block;width:3px"> </div>exercise of<div style="display:inline-block;width:2px"> </div>the Warrants may<div style="display:inline-block;width:2px"> </div>depress our<div style="display:inline-block;width:2px"> </div>stock price.</div><div id="a21111" style="position:absolute;font-family:'Arial';left:57px;top:364px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>December 31,<div style="display:inline-block;width:7px"> </div>2024, we<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>issued 9.8<div style="display:inline-block;width:6px"> </div>million shares<div style="display:inline-block;width:7px"> </div>of common<div style="display:inline-block;width:7px"> </div>stock<div style="display:inline-block;width:5px"> </div>and we<div style="display:inline-block;width:7px"> </div>could issue<div style="display:inline-block;width:7px"> </div>up </div><div id="a21114" style="position:absolute;font-family:'Arial';left:57px;top:381px;">to 26.5<div style="display:inline-block;width:6px"> </div>million additional shares<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>stock<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>connection<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>exercise<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>Warrants.<div style="display:inline-block;width:6px"> </div>The </div><div id="a21121" style="position:absolute;font-family:'Arial';left:57px;top:398px;">issuances of<div style="display:inline-block;width:6px"> </div>the shares<div style="display:inline-block;width:6px"> </div>of common<div style="display:inline-block;width:6px"> </div>stock upon<div style="display:inline-block;width:6px"> </div>exercise of<div style="display:inline-block;width:6px"> </div>the Warrants<div style="display:inline-block;width:7px"> </div>and the<div style="display:inline-block;width:6px"> </div>resale of<div style="display:inline-block;width:6px"> </div>such shares </div><div id="a21122" style="position:absolute;font-family:'Arial';left:57px;top:415px;">after their issuance,<div style="display:inline-block;width:6px"> </div>or the perception that<div style="display:inline-block;width:6px"> </div>such sales could occur,<div style="display:inline-block;width:7px"> </div>could result in<div style="display:inline-block;width:6px"> </div>downward pressure on </div><div id="a21125" style="position:absolute;font-family:'Arial';left:57px;top:432px;">our<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:5px"> </div>price<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>impact<div style="display:inline-block;width:5px"> </div>our<div style="display:inline-block;width:5px"> </div>ability to<div style="display:inline-block;width:7px"> </div>raise<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:5px"> </div>through the<div style="display:inline-block;width:7px"> </div>sale<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>additional shares<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the </div><div id="a21126" style="position:absolute;font-family:'Arial';left:57px;top:448px;">future. See<div style="display:inline-block;width:3px"> </div>“Item 4. Information<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:3px"> </div>Company— A.<div style="display:inline-block;width:3px"> </div>History and<div style="display:inline-block;width:3px"> </div>development of<div style="display:inline-block;width:3px"> </div>the Company—<div style="display:inline-block;width:3px"> </div>Warrant </div><div id="a21133" style="position:absolute;font-family:'Arial';left:57px;top:465px;">Distribution" for a more detailed discussion of our Warrants. </div><div id="a21137" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:499px;">Item 4.<div style="display:inline-block;width:37px"> </div>Information on the Company </div><div id="a21141" style="position:absolute;font-family:'Arial';left:57px;top:520px;"> </div><div id="a21142" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:538px;">A.<div style="display:inline-block;width:32px"> </div>History and development of the Company </div><div id="a21147" style="position:absolute;font-family:'Arial';left:57px;top:573px;">Diana Shipping Inc. is a holding company<div style="display:inline-block;width:6px"> </div>incorporated under the laws of Liberia in<div style="display:inline-block;width:6px"> </div>March 1999 as Diana </div><div id="a21150" style="position:absolute;font-family:'Arial';left:57px;top:590px;">Shipping<div style="display:inline-block;width:6px"> </div>Investments<div style="display:inline-block;width:6px"> </div>Corp.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>February<div style="display:inline-block;width:6px"> </div>2005,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>articles<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>incorporation<div style="display:inline-block;width:5px"> </div>were<div style="display:inline-block;width:6px"> </div>amended. </div><div id="a21152" style="position:absolute;font-family:'Arial';left:57px;top:606px;">Under the amended<div style="display:inline-block;width:3px"> </div>and restated articles<div style="display:inline-block;width:2px"> </div>of incorporation, the<div style="display:inline-block;width:2px"> </div>Company was<div style="display:inline-block;width:3px"> </div>renamed Diana Shipping<div style="display:inline-block;width:2px"> </div>Inc. </div><div id="a21153" style="position:absolute;font-family:'Arial';left:57px;top:623px;">and was re-domiciled from the Republic<div style="display:inline-block;width:5px"> </div>of Liberia to the Republic of<div style="display:inline-block;width:6px"> </div>the Marshall Islands.<div style="display:inline-block;width:9px"> </div>Our executive </div><div id="a21156" style="position:absolute;font-family:'Arial';left:57px;top:640px;">offices<div style="display:inline-block;width:6px"> </div>are located<div style="display:inline-block;width:6px"> </div>at Pendelis<div style="display:inline-block;width:6px"> </div>16,<div style="display:inline-block;width:5px"> </div>175 64<div style="display:inline-block;width:6px"> </div>Palaio Faliro,<div style="display:inline-block;width:6px"> </div>Athens, Greece.<div style="display:inline-block;width:6px"> </div>Our telephone<div style="display:inline-block;width:6px"> </div>number at<div style="display:inline-block;width:7px"> </div>this </div><div id="a21158" style="position:absolute;font-family:'Arial';left:57px;top:657px;">address is +30-210-947-0100. Our agent and authorized representative in the United States is our wholly </div><div id="a21165" style="position:absolute;font-family:'Arial';left:57px;top:674px;">owned<div style="display:inline-block;width:6px"> </div>subsidiary,<div style="display:inline-block;width:7px"> </div>Bulk<div style="display:inline-block;width:5px"> </div>Carriers<div style="display:inline-block;width:6px"> </div>(USA)<div style="display:inline-block;width:6px"> </div>LLC,<div style="display:inline-block;width:6px"> </div>established in<div style="display:inline-block;width:7px"> </div>September<div style="display:inline-block;width:6px"> </div>2006,<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>State<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Delaware, </div><div id="a21168" style="position:absolute;font-family:'Arial';left:57px;top:691px;">which is located<div style="display:inline-block;width:2px"> </div>at 2711 Centerville Road, Suite<div style="display:inline-block;width:2px"> </div>400, Wilmington, Delaware<div style="display:inline-block;width:2px"> </div>19808. The SEC<div style="display:inline-block;width:3px"> </div>maintains an </div><div id="a21169" style="position:absolute;font-family:'Arial';left:57px;top:707px;">Internet<div style="display:inline-block;width:7px"> </div>site<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>contains<div style="display:inline-block;width:7px"> </div>reports,<div style="display:inline-block;width:7px"> </div>proxy<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>information<div style="display:inline-block;width:6px"> </div>statements,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>information<div style="display:inline-block;width:7px"> </div>regarding </div><div id="a21170" style="position:absolute;font-family:'Arial';left:57px;top:724px;">issuers that file electronically with<div style="display:inline-block;width:6px"> </div>the SEC. The address of<div style="display:inline-block;width:6px"> </div>the SEC's Internet site<div style="display:inline-block;width:5px"> </div>is http://www.sec.gov. </div><div id="a21175" style="position:absolute;font-family:'Arial';left:57px;top:741px;">The address of the Company's Internet site is http://www.dianashippinginc.com. </div><div id="a21180" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:775px;">Recent Developments<div style="display:inline-block;width:4px"> </div></div><div id="a21183" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:809px;">Joint Venture Agreements </div><div id="a21186" style="position:absolute;font-family:'Arial';left:57px;top:843px;">In<div style="display:inline-block;width:6px"> </div>November<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>joint<div style="display:inline-block;width:6px"> </div>venture<div style="display:inline-block;width:6px"> </div>agreement,<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>two<div style="display:inline-block;width:6px"> </div>unrelated<div style="display:inline-block;width:6px"> </div>companies<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>form </div><div id="a21218" style="position:absolute;font-family:'Arial';left:57px;top:859px;">Windward<div style="display:inline-block;width:6px"> </div>Offshore<div style="display:inline-block;width:7px"> </div>GmbH<div style="display:inline-block;width:6px"> </div>&<div style="display:inline-block;width:7px"> </div>Co.<div style="display:inline-block;width:7px"> </div>KG,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>Windward,<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>purpose<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>establishing<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>an </div><div id="a21252" style="position:absolute;font-family:'Arial';left:57px;top:876px;">offshore wind<div style="display:inline-block;width:6px"> </div>vessel company.<div style="display:inline-block;width:7px"> </div>We<div style="display:inline-block;width:6px"> </div>agreed to<div style="display:inline-block;width:6px"> </div>contribute Euro<div style="display:inline-block;width:6px"> </div>25.0 million,<div style="display:inline-block;width:6px"> </div>being 45.45%<div style="display:inline-block;width:6px"> </div>of Windward’s </div><div id="a21282" style="position:absolute;font-family:'Arial';left:57px;top:893px;">capital,<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>construct<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:7px"> </div>CSOVs.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>committed<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>increase<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>contribution<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the </div><div id="a21314" style="position:absolute;font-family:'Arial';left:57px;top:910px;">partnership to Euro 50.0<div style="display:inline-block;width:5px"> </div>million, being 45.87% of<div style="display:inline-block;width:6px"> </div>Windward’s capital in<div style="display:inline-block;width:6px"> </div>order for the partnership to<div style="display:inline-block;width:6px"> </div>place </div><div id="a21348" style="position:absolute;font-family:'Arial';left:57px;top:927px;">orders for two additional CSOVs. </div></div>
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<div id="a21362" style="position:absolute;font-family:'Arial';left:390px;top:992px;">43 </div><div id="a21364" style="position:absolute;font-family:'Arial';left:57px;top:76px;">On March 12, 2025,<div style="display:inline-block;width:3px"> </div>we entered into a<div style="display:inline-block;width:3px"> </div>joint venture agreement with<div style="display:inline-block;width:2px"> </div>Ecogas Holding AS,<div style="display:inline-block;width:3px"> </div>pursuant to which </div><div id="a21400" style="position:absolute;font-family:'Arial';left:57px;top:93px;">we agreed to contribute $18.5 million, being 80.0%<div style="display:inline-block;width:3px"> </div>interests of two LPG newbuilding<div style="display:inline-block;width:3px"> </div>vessels with delivery </div><div id="a21432" style="position:absolute;font-family:'Arial';left:57px;top:110px;">in 2027 and with the option for two more. </div><div id="a21451" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:143px;">Tender offer </div><div id="a21454" style="position:absolute;font-family:'Arial';left:57px;top:177px;">In<div style="display:inline-block;width:6px"> </div>December 2024,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>announced<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>commencement of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>tender<div style="display:inline-block;width:6px"> </div>offer<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>purchase<div style="display:inline-block;width:6px"> </div>up<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>15,000,000 </div><div id="a21486" style="position:absolute;font-family:'Arial';left:57px;top:194px;">shares,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>about<div style="display:inline-block;width:6px"> </div>12.0%,<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>using<div style="display:inline-block;width:6px"> </div>funds<div style="display:inline-block;width:6px"> </div>available<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>cash </div><div id="a21518" style="position:absolute;font-family:'Arial';left:57px;top:211px;">equivalents<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>price<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>$2.00<div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:7px"> </div>share.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>tender<div style="display:inline-block;width:7px"> </div>offer<div style="display:inline-block;width:7px"> </div>was<div style="display:inline-block;width:7px"> </div>settled<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>7,<div style="display:inline-block;width:7px"> </div>2025<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>we </div><div id="a21556" style="position:absolute;font-family:'Arial';left:57px;top:228px;">purchased a total of 11,442,645 shares of common stock for an aggregate amount of $22.9 million. </div><div id="a21589" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:261px;">Stockholders’ Rights Agreement </div><div id="a21592" style="position:absolute;font-family:'Arial';left:57px;top:295px;">On<div style="display:inline-block;width:6px"> </div>February 2,<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:5px"> </div>into<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Amended<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>Restated Stockholders<div style="display:inline-block;width:7px"> </div>Rights<div style="display:inline-block;width:6px"> </div>Agreement (the </div><div id="a21622" style="position:absolute;font-family:'Arial';left:57px;top:312px;">“Rights Agreement”)<div style="display:inline-block;width:3px"> </div>with Computershare<div style="display:inline-block;width:3px"> </div>Trust Company, N.A., as Rights<div style="display:inline-block;width:2px"> </div>Agent, to amend<div style="display:inline-block;width:2px"> </div>and restate<div style="display:inline-block;width:3px"> </div>the </div><div id="a21652" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Stockholders Rights Agreement, dated January 15, 2016 which, among other things,<div style="display:inline-block;width:6px"> </div>amends the original </div><div id="a21680" style="position:absolute;font-family:'Arial';left:57px;top:346px;">rights agreement to extend the expiration date of the Rights Agreement<div style="display:inline-block;width:3px"> </div>to February 1, 2034. </div><div id="a21711" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:379px;">Equity Distribution Agreement </div><div id="a21714" style="position:absolute;font-family:'Arial';left:57px;top:413px;">On September 9,<div style="display:inline-block;width:2px"> </div>2024, we<div style="display:inline-block;width:3px"> </div>entered into Amendment<div style="display:inline-block;width:2px"> </div>No. 2 to<div style="display:inline-block;width:2px"> </div>the Equity Distribution<div style="display:inline-block;width:2px"> </div>Agreement dated<div style="display:inline-block;width:3px"> </div>April </div><div id="a21748" style="position:absolute;font-family:'Arial';left:57px;top:430px;">23, 2021, and amended July 9, 2021, between Maxim and the Company. </div><div id="a21773" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:464px;">Dividends </div><div id="a21776" style="position:absolute;font-family:'Arial';left:57px;top:498px;">On March<div style="display:inline-block;width:6px"> </div>12, 2024,<div style="display:inline-block;width:6px"> </div>we paid<div style="display:inline-block;width:6px"> </div>a cash<div style="display:inline-block;width:6px"> </div>dividend of<div style="display:inline-block;width:6px"> </div>$0.075 per<div style="display:inline-block;width:6px"> </div>share, or<div style="display:inline-block;width:6px"> </div>$9.0 million,<div style="display:inline-block;width:6px"> </div>to all<div style="display:inline-block;width:6px"> </div>shareholders of </div><div id="a21780" style="position:absolute;font-family:'Arial';left:57px;top:514px;">record as of March 5, 2024. </div><div id="a21783" style="position:absolute;font-family:'Arial';left:57px;top:548px;">On June 18, 2024, we paid a cash dividend of $0.075 per share, or $9.4 million,<div style="display:inline-block;width:3px"> </div>to shareholders of record </div><div id="a21789" style="position:absolute;font-family:'Arial';left:57px;top:565px;">as of June 12, 2024.<div style="display:inline-block;width:4px"> </div></div><div id="a21792" style="position:absolute;font-family:'Arial';left:57px;top:599px;">On August<div style="display:inline-block;width:3px"> </div>30, 2024,<div style="display:inline-block;width:2px"> </div>we paid<div style="display:inline-block;width:2px"> </div>a cash<div style="display:inline-block;width:3px"> </div>dividend of<div style="display:inline-block;width:2px"> </div>$0.075 per<div style="display:inline-block;width:2px"> </div>share, or<div style="display:inline-block;width:2px"> </div>$9.4 million,<div style="display:inline-block;width:2px"> </div>to shareholders<div style="display:inline-block;width:2px"> </div>of record </div><div id="a21798" style="position:absolute;font-family:'Arial';left:57px;top:616px;">as of August 15, 2024. </div><div id="a21801" style="position:absolute;font-family:'Arial';left:57px;top:649px;">On December<div style="display:inline-block;width:6px"> </div>18, 2024,<div style="display:inline-block;width:6px"> </div>we paid<div style="display:inline-block;width:6px"> </div>a cash<div style="display:inline-block;width:6px"> </div>dividend of<div style="display:inline-block;width:6px"> </div>$0.01 per<div style="display:inline-block;width:6px"> </div>share, or<div style="display:inline-block;width:6px"> </div>$1.3 million,<div style="display:inline-block;width:6px"> </div>to shareholders<div style="display:inline-block;width:6px"> </div>of </div><div id="a21819" style="position:absolute;font-family:'Arial';left:57px;top:666px;">record as of December 11, 2024. </div><div id="a21827" style="position:absolute;font-family:'Arial';left:57px;top:700px;">On February 25, 2025, we declared a cash dividend of $0.01 per<div style="display:inline-block;width:3px"> </div>share, or $1.1 million, payable on March </div><div id="a21840" style="position:absolute;font-family:'Arial';left:57px;top:717px;">21, 2025 to shareholders of record as of March 12, 2025. </div><div id="a21847" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:751px;">Loans </div><div id="a21850" style="position:absolute;font-family:'Arial';left:57px;top:784px;">In<div style="display:inline-block;width:6px"> </div>July<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>completed<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>pricing<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>$150<div style="display:inline-block;width:5px"> </div>million<div style="display:inline-block;width:5px"> </div>private<div style="display:inline-block;width:6px"> </div>placement<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>senior<div style="display:inline-block;width:6px"> </div>unsecured<div style="display:inline-block;width:5px"> </div>bonds </div><div id="a21851" style="position:absolute;font-family:'Arial';left:57px;top:801px;">maturing in July<div style="display:inline-block;width:3px"> </div>2029 and callable<div style="display:inline-block;width:3px"> </div>beginning three years<div style="display:inline-block;width:2px"> </div>after issuance. The<div style="display:inline-block;width:2px"> </div>bond offering was priced<div style="display:inline-block;width:2px"> </div>with </div><div id="a21852" style="position:absolute;font-family:'Arial';left:57px;top:818px;">a U.S. dollar fixed-rate coupon of<div style="display:inline-block;width:6px"> </div>8.75%. Interest is payable semi-annually in arrears in<div style="display:inline-block;width:5px"> </div>July and January </div><div id="a21858" style="position:absolute;font-family:'Arial';left:57px;top:835px;">of each year.<div style="display:inline-block;width:6px"> </div>In November 2024, we completed a $25<div style="display:inline-block;width:6px"> </div>million tap issue under our senior<div style="display:inline-block;width:6px"> </div>unsecured bond </div><div id="a21863" style="position:absolute;font-family:'Arial';left:57px;top:852px;">issue priced at 102.00% of par value. The bond is trading on the Oslo Børs. </div><div id="a21873" style="position:absolute;font-family:'Arial';left:57px;top:885px;">On July<div style="display:inline-block;width:3px"> </div>25, 2024,<div style="display:inline-block;width:3px"> </div>we refinanced<div style="display:inline-block;width:2px"> </div>the outstanding<div style="display:inline-block;width:3px"> </div>balance of<div style="display:inline-block;width:2px"> </div>two loan<div style="display:inline-block;width:3px"> </div>facilities with<div style="display:inline-block;width:3px"> </div>Nordea Bank<div style="display:inline-block;width:2px"> </div>amounting </div><div id="a21876" style="position:absolute;font-family:'Arial';left:57px;top:902px;">to $167.3 million and<div style="display:inline-block;width:3px"> </div>originally maturing in<div style="display:inline-block;width:3px"> </div>October 2027 and June<div style="display:inline-block;width:2px"> </div>2028 with a facility<div style="display:inline-block;width:3px"> </div>of the same amount </div><div id="a21882" style="position:absolute;font-family:'Arial';left:57px;top:919px;">and maturity extended to July 2030. </div></div>
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<div id="Page44" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a21900" style="position:absolute;font-family:'Arial';left:390px;top:992px;">44 </div><div id="a21902" style="position:absolute;font-family:'Arial';left:57px;top:76px;">On October 18,<div style="display:inline-block;width:5px"> </div>2024, we refinanced the<div style="display:inline-block;width:6px"> </div>outstanding balance of a<div style="display:inline-block;width:6px"> </div>loan facility with Danish<div style="display:inline-block;width:6px"> </div>Ship Finance, </div><div id="a21912" style="position:absolute;font-family:'Arial';left:57px;top:93px;">amounting to<div style="display:inline-block;width:3px"> </div>$80.2 million,<div style="display:inline-block;width:3px"> </div>originally maturing<div style="display:inline-block;width:2px"> </div>in April<div style="display:inline-block;width:3px"> </div>2028, with a<div style="display:inline-block;width:2px"> </div>facility of<div style="display:inline-block;width:3px"> </div>the same amount<div style="display:inline-block;width:2px"> </div>and maturity </div><div id="a21914" style="position:absolute;font-family:'Arial';left:57px;top:110px;">extended to April 2031.<div style="display:inline-block;width:4px"> </div></div><div id="a21917" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:143px;">Warrant Distribution<div style="display:inline-block;width:4px"> </div></div><div id="a21920" style="position:absolute;font-family:'Arial';left:57px;top:177px;">On December 14, 2023,<div style="display:inline-block;width:6px"> </div>we issued warrants to<div style="display:inline-block;width:6px"> </div>purchase common shares (the “Warrants”)<div style="display:inline-block;width:6px"> </div>to the holders </div><div id="a21921" style="position:absolute;font-family:'Arial';left:57px;top:194px;">of record of Common Stock<div style="display:inline-block;width:6px"> </div>as of the close<div style="display:inline-block;width:5px"> </div>of business on December 6, 2023<div style="display:inline-block;width:6px"> </div>(the “Record Date”) on the </div><div id="a21923" style="position:absolute;font-family:'Arial';left:57px;top:211px;">terms and conditions described in the Warrant Agreement (as defined below and attached as exhibit 2.10 </div><div id="a21924" style="position:absolute;font-family:'Arial';left:57px;top:228px;">to this<div style="display:inline-block;width:6px"> </div>annual report). Each<div style="display:inline-block;width:6px"> </div>holder received one<div style="display:inline-block;width:6px"> </div>Warrant for<div style="display:inline-block;width:6px"> </div>every five shares<div style="display:inline-block;width:6px"> </div>of issued and<div style="display:inline-block;width:6px"> </div>outstanding </div><div id="a21926" style="position:absolute;font-family:'Arial';left:57px;top:245px;">shares of common stock held as of the<div style="display:inline-block;width:6px"> </div>Record Date (rounded down to the nearest whole number for<div style="display:inline-block;width:6px"> </div>any </div><div id="a21927" style="position:absolute;font-family:'Arial';left:57px;top:261px;">fractional<div style="display:inline-block;width:7px"> </div>Warrant).<div style="display:inline-block;width:7px"> </div>Each<div style="display:inline-block;width:7px"> </div>Warrant<div style="display:inline-block;width:7px"> </div>entitles<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>holder<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>purchase,<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>holder’s<div style="display:inline-block;width:7px"> </div>sole<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>exclusive </div><div id="a21928" style="position:absolute;font-family:'Arial';left:57px;top:278px;">election,<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>exercise<div style="display:inline-block;width:6px"> </div>price,<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock,<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>adjustments,<div style="display:inline-block;width:6px"> </div>plus<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>extent </div><div id="a21930" style="position:absolute;font-family:'Arial';left:57px;top:295px;">described<div style="display:inline-block;width:7px"> </div>below,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:7px"> </div>Bonus<div style="display:inline-block;width:7px"> </div>Share<div style="display:inline-block;width:7px"> </div>Fraction.<div style="display:inline-block;width:7px"> </div>A<div style="display:inline-block;width:7px"> </div>Bonus<div style="display:inline-block;width:7px"> </div>Share<div style="display:inline-block;width:7px"> </div>Fraction<div style="display:inline-block;width:7px"> </div>entitles<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>holder<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>receive<div style="display:inline-block;width:7px"> </div>an </div><div id="a21931" style="position:absolute;font-family:'Arial';left:57px;top:312px;">additional 0.5 of<div style="display:inline-block;width:2px"> </div>a share<div style="display:inline-block;width:3px"> </div>of common stock<div style="display:inline-block;width:2px"> </div>for each Warrant<div style="display:inline-block;width:3px"> </div>exercised (the<div style="display:inline-block;width:3px"> </div>“Bonus Share Fraction”)<div style="display:inline-block;width:2px"> </div>without </div><div id="a21933" style="position:absolute;font-family:'Arial';left:57px;top:329px;">payment of<div style="display:inline-block;width:2px"> </div>any additional<div style="display:inline-block;width:2px"> </div>exercise price,<div style="display:inline-block;width:2px"> </div>also subject<div style="display:inline-block;width:2px"> </div>to adjustments.<div style="display:inline-block;width:2px"> </div>Since the<div style="display:inline-block;width:2px"> </div>dividend ex-Date<div style="display:inline-block;width:2px"> </div>on March </div><div id="a21940" style="position:absolute;font-family:'Arial';left:57px;top:346px;">12, 2025, each<div style="display:inline-block;width:6px"> </div>Warrant entitles the<div style="display:inline-block;width:6px"> </div>holder to purchase 1.09653<div style="display:inline-block;width:6px"> </div>shares of common stock<div style="display:inline-block;width:6px"> </div>plus the Bonus </div><div id="a21949" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Share Fraction adjusted to 0.54827 of a share of common stock<div style="display:inline-block;width:3px"> </div>for each Warrant exercised. </div><div id="a21960" style="position:absolute;font-family:'Arial';left:57px;top:396px;">The right<div style="display:inline-block;width:2px"> </div>to receive<div style="display:inline-block;width:2px"> </div>the Bonus<div style="display:inline-block;width:2px"> </div>Share Fraction<div style="display:inline-block;width:2px"> </div>will expire<div style="display:inline-block;width:2px"> </div>at 5:00<div style="display:inline-block;width:3px"> </div>p.m. New<div style="display:inline-block;width:2px"> </div>York City time (the<div style="display:inline-block;width:2px"> </div>“Bonus Share </div><div id="a21962" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Expiration Date”) upon<div style="display:inline-block;width:3px"> </div>the earlier of (i)<div style="display:inline-block;width:2px"> </div>the date specified<div style="display:inline-block;width:3px"> </div>by the Registrant<div style="display:inline-block;width:3px"> </div>upon not less than<div style="display:inline-block;width:2px"> </div>20 business </div><div id="a21963" style="position:absolute;font-family:'Arial';left:57px;top:430px;">days’<div style="display:inline-block;width:6px"> </div>notice<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(ii)<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>first<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:5px"> </div>day<div style="display:inline-block;width:6px"> </div>following<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>last<div style="display:inline-block;width:6px"> </div>day<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:6px"> </div>30<div style="display:inline-block;width:6px"> </div>consecutive trading<div style="display:inline-block;width:7px"> </div>day </div><div id="a21964" style="position:absolute;font-family:'Arial';left:57px;top:447px;">period<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>daily<div style="display:inline-block;width:6px"> </div>VWAP<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:7px"> </div>least<div style="display:inline-block;width:7px"> </div>equal<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>then </div><div id="a21966" style="position:absolute;font-family:'Arial';left:57px;top:464px;">applicable<div style="display:inline-block;width:7px"> </div>trigger<div style="display:inline-block;width:8px"> </div>price<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>least<div style="display:inline-block;width:7px"> </div>20<div style="display:inline-block;width:7px"> </div>trading<div style="display:inline-block;width:7px"> </div>days<div style="display:inline-block;width:8px"> </div>(whether<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:8px"> </div>not<div style="display:inline-block;width:8px"> </div>consecutive)<div style="display:inline-block;width:7px"> </div>(the<div style="display:inline-block;width:7px"> </div>“Bonus<div style="display:inline-block;width:7px"> </div>Price </div><div id="a21967" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Condition”). Any Warrant<div style="display:inline-block;width:3px"> </div>exercised with an<div style="display:inline-block;width:3px"> </div>exercise date after<div style="display:inline-block;width:2px"> </div>the Bonus Share<div style="display:inline-block;width:2px"> </div>Expiration Date will<div style="display:inline-block;width:2px"> </div>not be </div><div id="a21969" style="position:absolute;font-family:'Arial';left:57px;top:498px;">entitled to any Bonus Share<div style="display:inline-block;width:3px"> </div>Fraction. The Company will<div style="display:inline-block;width:2px"> </div>make a public announcement<div style="display:inline-block;width:3px"> </div>of the Bonus Share </div><div id="a21970" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Expiration Date<div style="display:inline-block;width:3px"> </div>(i) at least<div style="display:inline-block;width:2px"> </div>20 business<div style="display:inline-block;width:3px"> </div>days prior<div style="display:inline-block;width:3px"> </div>to such date,<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:3px"> </div>case of the<div style="display:inline-block;width:2px"> </div>Company setting<div style="display:inline-block;width:2px"> </div>a Bonus </div><div id="a21971" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Share Expiration Date<div style="display:inline-block;width:6px"> </div>and (ii)<div style="display:inline-block;width:5px"> </div>prior to market<div style="display:inline-block;width:6px"> </div>open on the<div style="display:inline-block;width:6px"> </div>Bonus Share Expiration<div style="display:inline-block;width:6px"> </div>Date in the<div style="display:inline-block;width:6px"> </div>case of<div style="display:inline-block;width:6px"> </div>a </div><div id="a21973" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Bonus Price Condition. </div><div id="a21976" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Unless earlier redeemed, the Warrants will expire<div style="display:inline-block;width:3px"> </div>and cease to be exercisable at<div style="display:inline-block;width:3px"> </div>5:00 p.m. New York City </div><div id="a21977" style="position:absolute;font-family:'Arial';left:57px;top:599px;">time on December 14, 2026 (the “Expiration Date”). </div><div id="a21980" style="position:absolute;font-family:'Arial';left:57px;top:632px;">In connection with the Warrant distribution, we filed a prospectus<div style="display:inline-block;width:5px"> </div>supplement, dated December 14, 2023, </div><div id="a21981" style="position:absolute;font-family:'Arial';left:57px;top:649px;">pursuant to a shelf registration statement<div style="display:inline-block;width:2px"> </div>on Form F-3 declared effective<div style="display:inline-block;width:3px"> </div>on July 9, 2021, registering<div style="display:inline-block;width:3px"> </div>up to </div><div id="a21987" style="position:absolute;font-family:'Arial';left:57px;top:666px;">33,919,605 shares of common stock to be issued upon<div style="display:inline-block;width:5px"> </div>exercise of the Warrants under the<div style="display:inline-block;width:6px"> </div>Securities Act </div><div id="a21988" style="position:absolute;font-family:'Arial';left:57px;top:683px;">of<div style="display:inline-block;width:6px"> </div>1933, as<div style="display:inline-block;width:7px"> </div>amended.<div style="display:inline-block;width:5px"> </div>The<div style="display:inline-block;width:6px"> </div>shelf<div style="display:inline-block;width:6px"> </div>registration<div style="display:inline-block;width:5px"> </div>statement on<div style="display:inline-block;width:7px"> </div>Form<div style="display:inline-block;width:5px"> </div>F-3<div style="display:inline-block;width:6px"> </div>declared<div style="display:inline-block;width:5px"> </div>effective<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>July<div style="display:inline-block;width:6px"> </div>9,<div style="display:inline-block;width:5px"> </div>2021 </div><div id="a21993" style="position:absolute;font-family:'Arial';left:57px;top:700px;">expired<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Warrant<div style="display:inline-block;width:8px"> </div>distribution<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>now<div style="display:inline-block;width:7px"> </div>being<div style="display:inline-block;width:7px"> </div>offered<div style="display:inline-block;width:8px"> </div>pursuant<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:8px"> </div>existing<div style="display:inline-block;width:7px"> </div>shelf<div style="display:inline-block;width:7px"> </div>registration </div><div id="a21994" style="position:absolute;font-family:'Arial';left:57px;top:717px;">statement on Form F-3 declared effective on September 9, 2024. </div><div id="a21999" style="position:absolute;font-family:'Arial';left:57px;top:751px;">The<div style="display:inline-block;width:7px"> </div>Warrants<div style="display:inline-block;width:7px"> </div>commenced<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>New<div style="display:inline-block;width:7px"> </div>York<div style="display:inline-block;width:8px"> </div>Stock<div style="display:inline-block;width:7px"> </div>Exchange<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>ticker<div style="display:inline-block;width:7px"> </div>“DSX<div style="display:inline-block;width:7px"> </div>WS”<div style="display:inline-block;width:7px"> </div>on </div><div id="a22000" style="position:absolute;font-family:'Arial';left:57px;top:767px;">December 14, 2023. </div><div id="a22003" style="position:absolute;font-family:'Arial';left:57px;top:801px;">As of<div style="display:inline-block;width:2px"> </div>the date<div style="display:inline-block;width:2px"> </div>of this<div style="display:inline-block;width:2px"> </div>annual report,<div style="display:inline-block;width:2px"> </div>out of<div style="display:inline-block;width:2px"> </div>the 22,613,070<div style="display:inline-block;width:2px"> </div>Warrants distributed<div style="display:inline-block;width:3px"> </div>in this<div style="display:inline-block;width:2px"> </div>transaction, 6,397,117 </div><div id="a22006" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Warrants have been exercised and 9,844,781 common shares have been issued. </div><div id="a22009" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:852px;">Appointment of new Co-Chief Financial Officer </div><div id="a22014" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Effective January<div style="display:inline-block;width:6px"> </div>17, 2025,<div style="display:inline-block;width:6px"> </div>we appointed<div style="display:inline-block;width:6px"> </div>Ms. Maria<div style="display:inline-block;width:6px"> </div>Dede as<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>Co-Chief Financial<div style="display:inline-block;width:6px"> </div>Officer </div><div id="a22020" style="position:absolute;font-family:'Arial';left:57px;top:902px;">(Operations Finance). Mr. Ioannis Zafirakis, the<div style="display:inline-block;width:3px"> </div>Company’s current Chief Financial<div style="display:inline-block;width:2px"> </div>Officer, will continue to </div><div id="a22025" style="position:absolute;font-family:'Arial';left:57px;top:919px;">serve in the Co-Chief Financial Officer (Strategic Finance) position with<div style="display:inline-block;width:3px"> </div>Ms. Dede. </div></div>
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<div id="a22032" style="position:absolute;font-family:'Arial';left:390px;top:992px;">45 </div><div id="a22034" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:76px;">Vessels under construction </div><div id="a22037" style="position:absolute;font-family:'Arial';left:57px;top:111px;">In February<div style="display:inline-block;width:2px"> </div>2024, we<div style="display:inline-block;width:2px"> </div>signed an<div style="display:inline-block;width:2px"> </div>agreement<div style="display:inline-block;width:3px"> </div>with an<div style="display:inline-block;width:2px"> </div>unaffiliated third<div style="display:inline-block;width:2px"> </div>party, for the<div style="display:inline-block;width:2px"> </div>construction of<div style="display:inline-block;width:2px"> </div>two 81,200 </div><div id="a22038" style="position:absolute;font-family:'Arial';left:57px;top:128px;">dwt methanol<div style="display:inline-block;width:2px"> </div>dual fuel<div style="display:inline-block;width:2px"> </div>new-building<div style="display:inline-block;width:3px"> </div>Kamsarmax dry<div style="display:inline-block;width:2px"> </div>bulk vessels<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:2px"> </div>built at<div style="display:inline-block;width:2px"> </div>Tsuneishi Group (Zhoushan) </div><div id="a22041" style="position:absolute;font-family:'Arial';left:57px;top:145px;">Shipbuilding Inc., China. The vessels<div style="display:inline-block;width:6px"> </div>are expected to be delivered to<div style="display:inline-block;width:6px"> </div>the Company by the second<div style="display:inline-block;width:6px"> </div>half of </div><div id="a22044" style="position:absolute;font-family:'Arial';left:57px;top:162px;">2027 and the first half of 2028. </div><div id="a22047" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:196px;">Vessel acquisitions </div><div id="a22050" style="position:absolute;font-family:'Arial';left:57px;top:231px;">In<div style="display:inline-block;width:7px"> </div>August<div style="display:inline-block;width:7px"> </div>2022,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>master<div style="display:inline-block;width:7px"> </div>agreement<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>unaffiliated<div style="display:inline-block;width:7px"> </div>third<div style="display:inline-block;width:7px"> </div>party,<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:7px"> </div>acquire<div style="display:inline-block;width:6px"> </div>nine </div><div id="a22051" style="position:absolute;font-family:'Arial';left:57px;top:248px;">Ultramax vessels for<div style="display:inline-block;width:6px"> </div>an aggregate purchase<div style="display:inline-block;width:6px"> </div>price of $330<div style="display:inline-block;width:6px"> </div>million, of which<div style="display:inline-block;width:6px"> </div>$220 million payable<div style="display:inline-block;width:6px"> </div>in cash </div><div id="a22052" style="position:absolute;font-family:'Arial';left:57px;top:264px;">and<div style="display:inline-block;width:7px"> </div>$110<div style="display:inline-block;width:8px"> </div>million<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>18,487,393<div style="display:inline-block;width:7px"> </div>newly<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:6px"> </div>shares,<div style="display:inline-block;width:6px"> </div>issuable<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>the </div><div id="a22055" style="position:absolute;font-family:'Arial';left:57px;top:281px;">delivery<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>each<div style="display:inline-block;width:8px"> </div>vessel.<div style="display:inline-block;width:8px"> </div>In<div style="display:inline-block;width:8px"> </div>addition<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>master<div style="display:inline-block;width:8px"> </div>agreement,<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:8px"> </div>also<div style="display:inline-block;width:8px"> </div>entered<div style="display:inline-block;width:8px"> </div>into<div style="display:inline-block;width:8px"> </div>nine<div style="display:inline-block;width:8px"> </div>separate </div><div id="a22056" style="position:absolute;font-family:'Arial';left:57px;top:298px;">memoranda of agreement for the acquisition of each vessel and issued nine warrants to the seller, for the </div><div id="a22057" style="position:absolute;font-family:'Arial';left:57px;top:315px;">issuance of the shares, exercisable on the delivery date of each vessel. We took delivery of eight vessels </div><div id="a22060" style="position:absolute;font-family:'Arial';left:57px;top:332px;">in December 2022 and the ninth vessel in January 2023.<div style="display:inline-block;width:3px"> </div></div><div id="a22063" style="position:absolute;font-family:'Arial';left:57px;top:366px;">In<div style="display:inline-block;width:8px"> </div>March<div style="display:inline-block;width:8px"> </div>2022,<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:8px"> </div>took<div style="display:inline-block;width:8px"> </div>delivery<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Florida,<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>Japanese<div style="display:inline-block;width:8px"> </div>new-building<div style="display:inline-block;width:8px"> </div>Capesize<div style="display:inline-block;width:8px"> </div>dry<div style="display:inline-block;width:8px"> </div>bulk<div style="display:inline-block;width:8px"> </div>vessel<div style="display:inline-block;width:8px"> </div>of </div><div id="a22066" style="position:absolute;font-family:'Arial';left:57px;top:383px;">approximately 181,500 dwt,<div style="display:inline-block;width:3px"> </div>which we agreed<div style="display:inline-block;width:3px"> </div>to acquire from an<div style="display:inline-block;width:3px"> </div>unaffiliated third party in<div style="display:inline-block;width:3px"> </div>December 2020. </div><div id="a22069" style="position:absolute;font-family:'Arial';left:57px;top:416px;">In February<div style="display:inline-block;width:2px"> </div>2022, we<div style="display:inline-block;width:2px"> </div>took delivery<div style="display:inline-block;width:2px"> </div>of Leonidas<div style="display:inline-block;width:2px"> </div>P.C. (ex Magnolia), a<div style="display:inline-block;width:2px"> </div>2011 built Kamsarmax<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:2px"> </div>vessel </div><div id="a22070" style="position:absolute;font-family:'Arial';left:57px;top:433px;">of 82,165 dwt, which we agreed to acquire from an unaffiliated third party in July<div style="display:inline-block;width:3px"> </div>2021.<div style="display:inline-block;width:4px"> </div></div><div id="a22073" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:467px;">Vessel disposals </div><div id="a22076" style="position:absolute;font-family:'Arial';left:57px;top:502px;">In February 2025, we agreed to sell to an unrelated third party, the vessel Alcmene, for $11.9<div style="display:inline-block;width:6px"> </div>million. The </div><div id="a22080" style="position:absolute;font-family:'Arial';left:57px;top:519px;">vessel was delivered to her new owners on March 13, 2025. </div><div id="a22089" style="position:absolute;font-family:'Arial';left:57px;top:553px;">In February 2024, we agreed to sell to an unrelated third party,<div style="display:inline-block;width:6px"> </div>the vessel Houston, for $23.3 million. The </div><div id="a22090" style="position:absolute;font-family:'Arial';left:57px;top:570px;">vessel was delivered to her new owners on September 4, 2024. </div><div id="a22093" style="position:absolute;font-family:'Arial';left:57px;top:603px;">In January 2024,<div style="display:inline-block;width:6px"> </div>we agreed to<div style="display:inline-block;width:5px"> </div>sell to an<div style="display:inline-block;width:6px"> </div>unrelated third party,<div style="display:inline-block;width:6px"> </div>the vessel Artemis, for<div style="display:inline-block;width:6px"> </div>the purchase price </div><div id="a22094" style="position:absolute;font-family:'Arial';left:57px;top:620px;">of $13.0 million. The vessel was delivered to her new owners on<div style="display:inline-block;width:3px"> </div>March 5, 2024.<div style="display:inline-block;width:4px"> </div></div><div id="a22097" style="position:absolute;font-family:'Arial';left:57px;top:654px;">In October<div style="display:inline-block;width:6px"> </div>2023, we<div style="display:inline-block;width:6px"> </div>agreed to<div style="display:inline-block;width:6px"> </div>sell to<div style="display:inline-block;width:6px"> </div>an unrelated<div style="display:inline-block;width:6px"> </div>third party,<div style="display:inline-block;width:7px"> </div>the vessel<div style="display:inline-block;width:6px"> </div>Boston, for<div style="display:inline-block;width:6px"> </div>$18.0 million.<div style="display:inline-block;width:6px"> </div>The </div><div id="a22098" style="position:absolute;font-family:'Arial';left:57px;top:671px;">vessel was delivered to her new owners on December 6, 2023. </div><div id="a22102" style="position:absolute;font-family:'Arial';left:57px;top:704px;">In February<div style="display:inline-block;width:6px"> </div>2023, we<div style="display:inline-block;width:6px"> </div>agreed to<div style="display:inline-block;width:6px"> </div>sell to<div style="display:inline-block;width:6px"> </div>OceanPal, a<div style="display:inline-block;width:6px"> </div>related party,<div style="display:inline-block;width:7px"> </div>the vessel<div style="display:inline-block;width:6px"> </div>Melia, for<div style="display:inline-block;width:6px"> </div>$14.0 million,<div style="display:inline-block;width:6px"> </div>of </div><div id="a22103" style="position:absolute;font-family:'Arial';left:57px;top:721px;">which $4.0<div style="display:inline-block;width:6px"> </div>million was<div style="display:inline-block;width:6px"> </div>paid in<div style="display:inline-block;width:6px"> </div>cash and<div style="display:inline-block;width:6px"> </div>$10.0 million through<div style="display:inline-block;width:6px"> </div>13,157 of<div style="display:inline-block;width:5px"> </div>OceanPal Series<div style="display:inline-block;width:6px"> </div>D Convertible </div><div id="a22104" style="position:absolute;font-family:'Arial';left:57px;top:738px;">Preferred Shares. The vessel was delivered to her<div style="display:inline-block;width:3px"> </div>new owners on February 8, 2023. </div><div id="a22108" style="position:absolute;font-family:'Arial';left:57px;top:772px;">In<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>agreed<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>sell<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>unrelated<div style="display:inline-block;width:5px"> </div>third<div style="display:inline-block;width:6px"> </div>party,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel Aliki,<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:6px"> </div>$15.08<div style="display:inline-block;width:6px"> </div>million.<div style="display:inline-block;width:6px"> </div>The </div><div id="a22109" style="position:absolute;font-family:'Arial';left:57px;top:789px;">vessel was delivered to her new owners on February 8, 2023. </div><div id="a22112" style="position:absolute;font-family:'Arial';left:57px;top:823px;">In June 2022, we<div style="display:inline-block;width:6px"> </div>sold to OceanPal Inc.,<div style="display:inline-block;width:5px"> </div>or OceanPal, a related party<div style="display:inline-block;width:6px"> </div>company, the<div style="display:inline-block;width:6px"> </div>vessel Baltimore, for </div><div id="a22113" style="position:absolute;font-family:'Arial';left:57px;top:840px;">a sale price of $22.0 million before commissions, of which $4.4 million was paid in cash and<div style="display:inline-block;width:5px"> </div>$17.6 million </div><div id="a22114" style="position:absolute;font-family:'Arial';left:57px;top:856px;">through<div style="display:inline-block;width:8px"> </div>25,000<div style="display:inline-block;width:8px"> </div>Series<div style="display:inline-block;width:8px"> </div>D<div style="display:inline-block;width:8px"> </div>Convertible<div style="display:inline-block;width:8px"> </div>Preferred<div style="display:inline-block;width:8px"> </div>shares.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>vessel<div style="display:inline-block;width:8px"> </div>was<div style="display:inline-block;width:8px"> </div>delivered<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>OceanPal<div style="display:inline-block;width:8px"> </div>on </div><div id="a22117" style="position:absolute;font-family:'Arial';left:57px;top:873px;">September 20, 2022. </div></div>
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<div id="a22122" style="position:absolute;font-family:'Arial';left:390px;top:992px;">46 </div><div id="a22124" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:76px;">B.<div style="display:inline-block;width:32px"> </div>Business overview </div><div id="a22129" style="position:absolute;font-family:'Arial';left:57px;top:111px;">We specialize<div style="display:inline-block;width:5px"> </div>in the ownership<div style="display:inline-block;width:6px"> </div>and bareboat charter-in<div style="display:inline-block;width:5px"> </div>of dry bulk<div style="display:inline-block;width:6px"> </div>vessels, determined as one<div style="display:inline-block;width:6px"> </div>business </div><div id="a22132" style="position:absolute;font-family:'Arial';left:57px;top:128px;">segment. Each of our vessels is owned through a separate wholly-owned<div style="display:inline-block;width:3px"> </div>subsidiary.<div style="display:inline-block;width:5px"> </div></div><div id="a22159" style="position:absolute;font-family:'Arial';left:57px;top:162px;">As of<div style="display:inline-block;width:2px"> </div>the date<div style="display:inline-block;width:2px"> </div>of this<div style="display:inline-block;width:2px"> </div>report, our<div style="display:inline-block;width:2px"> </div>fleet consisted<div style="display:inline-block;width:2px"> </div>of 39<div style="display:inline-block;width:2px"> </div>vessels of<div style="display:inline-block;width:2px"> </div>which 37<div style="display:inline-block;width:2px"> </div>in operation,<div style="display:inline-block;width:2px"> </div>owned and<div style="display:inline-block;width:2px"> </div>chartered-</div><div id="a22162" style="position:absolute;font-family:'Arial';left:57px;top:179px;">in, having<div style="display:inline-block;width:6px"> </div>a combined carrying<div style="display:inline-block;width:6px"> </div>capacity of<div style="display:inline-block;width:5px"> </div>4.1 million dead weight<div style="display:inline-block;width:6px"> </div>tons, or<div style="display:inline-block;width:6px"> </div>dwt, and<div style="display:inline-block;width:5px"> </div>a weighted average </div><div id="a22165" style="position:absolute;font-family:'Arial';left:57px;top:195px;">age of<div style="display:inline-block;width:6px"> </div>11.4 years.<div style="display:inline-block;width:6px"> </div>We also<div style="display:inline-block;width:6px"> </div>have two<div style="display:inline-block;width:6px"> </div>Kamsarmax vessels under<div style="display:inline-block;width:6px"> </div>construction with expected<div style="display:inline-block;width:6px"> </div>deliveries in </div><div id="a22169" style="position:absolute;font-family:'Arial';left:57px;top:212px;">2027 and 2028.<div style="display:inline-block;width:4px"> </div></div><div id="a22173" style="position:absolute;font-family:'Arial';left:57px;top:246px;">As of December<div style="display:inline-block;width:2px"> </div>31, 2024,<div style="display:inline-block;width:3px"> </div>we had a<div style="display:inline-block;width:2px"> </div>fleet of 38<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>carriers, owned and<div style="display:inline-block;width:2px"> </div>chartered-in, consisting<div style="display:inline-block;width:2px"> </div>of nine </div><div id="a22182" style="position:absolute;font-family:'Arial';left:57px;top:263px;">Ultramax,<div style="display:inline-block;width:7px"> </div>six<div style="display:inline-block;width:7px"> </div>Panamax,<div style="display:inline-block;width:7px"> </div>six<div style="display:inline-block;width:7px"> </div>Kamsarmax,<div style="display:inline-block;width:7px"> </div>five<div style="display:inline-block;width:7px"> </div>Post-Panamax,<div style="display:inline-block;width:6px"> </div>eight<div style="display:inline-block;width:7px"> </div>Capesize<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>four<div style="display:inline-block;width:7px"> </div>Newcastlemax </div><div id="a22185" style="position:absolute;font-family:'Arial';left:57px;top:280px;">vessels, having<div style="display:inline-block;width:3px"> </div>a combined<div style="display:inline-block;width:3px"> </div>carrying capacity<div style="display:inline-block;width:3px"> </div>of approximately<div style="display:inline-block;width:2px"> </div>4.2 million<div style="display:inline-block;width:3px"> </div>dwt and a<div style="display:inline-block;width:2px"> </div>weighted average<div style="display:inline-block;width:3px"> </div>age </div><div id="a22186" style="position:absolute;font-family:'Arial';left:57px;top:297px;">of 11.3 years.<div style="display:inline-block;width:5px"> </div></div><div id="a22189" style="position:absolute;font-family:'Arial';left:57px;top:330px;">As of December<div style="display:inline-block;width:2px"> </div>31, 2023,<div style="display:inline-block;width:3px"> </div>we had a<div style="display:inline-block;width:2px"> </div>fleet of 40<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>carriers, owned and<div style="display:inline-block;width:2px"> </div>chartered-in, consisting<div style="display:inline-block;width:2px"> </div>of nine </div><div id="a22199" style="position:absolute;font-family:'Arial';left:57px;top:347px;">Ultramax, seven<div style="display:inline-block;width:6px"> </div>Panamax, six<div style="display:inline-block;width:6px"> </div>Kamsarmax, five<div style="display:inline-block;width:6px"> </div>Post-Panamax, nine<div style="display:inline-block;width:6px"> </div>Capesize and<div style="display:inline-block;width:6px"> </div>four Newcastlemax </div><div id="a22205" style="position:absolute;font-family:'Arial';left:57px;top:364px;">vessels, having<div style="display:inline-block;width:3px"> </div>a combined<div style="display:inline-block;width:3px"> </div>carrying capacity<div style="display:inline-block;width:3px"> </div>of approximately<div style="display:inline-block;width:2px"> </div>4.5 million<div style="display:inline-block;width:3px"> </div>dwt and a<div style="display:inline-block;width:2px"> </div>weighted average<div style="display:inline-block;width:3px"> </div>age </div><div id="a22206" style="position:absolute;font-family:'Arial';left:57px;top:381px;">of 10.5 years. </div><div id="a22209" style="position:absolute;font-family:'Arial';left:57px;top:415px;">As<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>had<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>fleet<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>42<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carriers,<div style="display:inline-block;width:6px"> </div>consisting<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>eight<div style="display:inline-block;width:6px"> </div>Ultramax,<div style="display:inline-block;width:6px"> </div>eight </div><div id="a22217" style="position:absolute;font-family:'Arial';left:57px;top:432px;">Panamax, six Kamsarmax, five Post-Panamax, eleven Capesize and four<div style="display:inline-block;width:5px"> </div>Newcastlemax vessels,<div style="display:inline-block;width:4px"> </div>having </div><div id="a22231" style="position:absolute;font-family:'Arial';left:57px;top:448px;">a combined carrying capacity of approximately 4.9 million dwt and a weighted average age of 10.2 years. </div><div id="a22235" style="position:absolute;font-family:'Arial';left:57px;top:465px;">As of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:5px"> </div>2022, the<div style="display:inline-block;width:5px"> </div>Company had<div style="display:inline-block;width:5px"> </div>agreed to<div style="display:inline-block;width:6px"> </div>acquire a<div style="display:inline-block;width:6px"> </div>2016 built<div style="display:inline-block;width:5px"> </div>Ultramax dry<div style="display:inline-block;width:6px"> </div>bulk vessel<div style="display:inline-block;width:6px"> </div>of </div><div id="a22239" style="position:absolute;font-family:'Arial';left:57px;top:482px;">60,309 dwt, delivered on January 30, 2023.<div style="display:inline-block;width:3px"> </div></div><div id="a22243" style="position:absolute;font-family:'Arial';left:57px;top:516px;">During<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>had<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>utilization<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>99.7%,<div style="display:inline-block;width:6px"> </div>99.7%<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>98.9%,<div style="display:inline-block;width:6px"> </div>respectively,<div style="display:inline-block;width:7px"> </div>our </div><div id="a22245" style="position:absolute;font-family:'Arial';left:57px;top:533px;">vessels achieved daily<div style="display:inline-block;width:6px"> </div>time charter equivalent<div style="display:inline-block;width:6px"> </div>rates of<div style="display:inline-block;width:5px"> </div>$15,267, $16,713 and<div style="display:inline-block;width:6px"> </div>$22,735, respectively,<div style="display:inline-block;width:6px"> </div>and </div><div id="a22246" style="position:absolute;font-family:'Arial';left:57px;top:550px;">we generated revenues of $228.2 million, $262.1 million and $290.0<div style="display:inline-block;width:3px"> </div>million, respectively. </div><div id="a22251" style="position:absolute;font-family:'Arial';left:57px;top:583px;">We<div style="display:inline-block;width:7px"> </div>operate<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>worldwide,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>markets<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>historically<div style="display:inline-block;width:7px"> </div>exhibited<div style="display:inline-block;width:7px"> </div>seasonal<div style="display:inline-block;width:7px"> </div>variations<div style="display:inline-block;width:7px"> </div>in </div><div id="a22279" style="position:absolute;font-family:'Arial';left:57px;top:600px;">demand and,<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:6px"> </div>result, in<div style="display:inline-block;width:6px"> </div>charter hire<div style="display:inline-block;width:6px"> </div>rates. The<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>carrier market<div style="display:inline-block;width:6px"> </div>is typically<div style="display:inline-block;width:6px"> </div>stronger in the<div style="display:inline-block;width:6px"> </div>fall </div><div id="a22319" style="position:absolute;font-family:'Arial';left:57px;top:617px;">and winter months in<div style="display:inline-block;width:3px"> </div>anticipation of increased<div style="display:inline-block;width:3px"> </div>consumption of coal and<div style="display:inline-block;width:3px"> </div>other raw materials<div style="display:inline-block;width:3px"> </div>in the northern </div><div id="a22353" style="position:absolute;font-family:'Arial';left:57px;top:634px;">hemisphere during the winter months. In addition, unpredictable weather patterns<div style="display:inline-block;width:3px"> </div>in these months tend to </div><div id="a22383" style="position:absolute;font-family:'Arial';left:57px;top:651px;">disrupt vessel scheduling<div style="display:inline-block;width:3px"> </div>and supplies of certain<div style="display:inline-block;width:2px"> </div>commodities. This seasonality<div style="display:inline-block;width:2px"> </div>has a limited direct<div style="display:inline-block;width:3px"> </div>impact </div><div id="a22413" style="position:absolute;font-family:'Arial';left:57px;top:668px;">on our operating<div style="display:inline-block;width:6px"> </div>results as we<div style="display:inline-block;width:6px"> </div>charter our vessels to<div style="display:inline-block;width:6px"> </div>customers pursuant to medium-term<div style="display:inline-block;width:6px"> </div>and long-term </div><div id="a22449" style="position:absolute;font-family:'Arial';left:57px;top:685px;">time charter agreements. </div><div id="a22456" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:718px;">Management of Our Fleet </div><div id="a22459" style="position:absolute;font-family:'Arial';left:57px;top:752px;">The commercial and technical management of our fleet,<div style="display:inline-block;width:5px"> </div>owned and bareboat chartered-in, as well as the </div><div id="a22463" style="position:absolute;font-family:'Arial';left:57px;top:769px;">provision of administrative services<div style="display:inline-block;width:6px"> </div>relating to the fleet’s<div style="display:inline-block;width:6px"> </div>operations, are carried out<div style="display:inline-block;width:6px"> </div>by our wholly-owned </div><div id="a22466" style="position:absolute;font-family:'Arial';left:57px;top:786px;">subsidiary, Diana Shipping Services S.A., which we refer to as DSS, and Diana Wilhelmsen Management </div><div id="a22468" style="position:absolute;font-family:'Arial';left:57px;top:803px;">Limited, a 50/50 joint<div style="display:inline-block;width:2px"> </div>venture with Wilhelmsen<div style="display:inline-block;width:3px"> </div>Ship Management, which<div style="display:inline-block;width:3px"> </div>we refer to as<div style="display:inline-block;width:3px"> </div>DWM. In exchange </div><div id="a22469" style="position:absolute;font-family:'Arial';left:57px;top:820px;">for<div style="display:inline-block;width:7px"> </div>providing<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>commercial<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>technical<div style="display:inline-block;width:7px"> </div>services,<div style="display:inline-block;width:7px"> </div>personnel<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>office<div style="display:inline-block;width:7px"> </div>space,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>pay<div style="display:inline-block;width:7px"> </div>DSS<div style="display:inline-block;width:7px"> </div>a </div><div id="a22470" style="position:absolute;font-family:'Arial';left:57px;top:836px;">commission,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>percentage<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>managed<div style="display:inline-block;width:6px"> </div>vessels’<div style="display:inline-block;width:6px"> </div>gross<div style="display:inline-block;width:6px"> </div>revenues,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>fixed<div style="display:inline-block;width:6px"> </div>monthly<div style="display:inline-block;width:6px"> </div>fee<div style="display:inline-block;width:6px"> </div>per </div><div id="a22472" style="position:absolute;font-family:'Arial';left:57px;top:853px;">managed vessel and an additional monthly fee for the administrative services provided to Diana Shipping </div><div id="a22473" style="position:absolute;font-family:'Arial';left:57px;top:870px;">Inc. Such services may<div style="display:inline-block;width:3px"> </div>include budgeting, reporting,<div style="display:inline-block;width:3px"> </div>monitoring of bank accounts,<div style="display:inline-block;width:2px"> </div>compliance with banks, </div><div id="a22475" style="position:absolute;font-family:'Arial';left:57px;top:887px;">payroll<div style="display:inline-block;width:7px"> </div>services<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>possible<div style="display:inline-block;width:6px"> </div>service<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:7px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Inc.<div style="display:inline-block;width:7px"> </div>would<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>perform<div style="display:inline-block;width:7px"> </div>its </div><div id="a22476" style="position:absolute;font-family:'Arial';left:57px;top:904px;">operations. Similarly, in exchange<div style="display:inline-block;width:2px"> </div>for providing<div style="display:inline-block;width:3px"> </div>us with<div style="display:inline-block;width:3px"> </div>commercial and<div style="display:inline-block;width:3px"> </div>technical services,<div style="display:inline-block;width:2px"> </div>we pay<div style="display:inline-block;width:3px"> </div>to DWM </div><div id="a22477" style="position:absolute;font-family:'Arial';left:57px;top:921px;">a commission<div style="display:inline-block;width:6px"> </div>which is<div style="display:inline-block;width:6px"> </div>a percentage<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>managed vessels’<div style="display:inline-block;width:6px"> </div>gross revenues<div style="display:inline-block;width:6px"> </div>and a<div style="display:inline-block;width:6px"> </div>fixed management </div><div id="a22479" style="position:absolute;font-family:'Arial';left:57px;top:938px;">monthly fee<div style="display:inline-block;width:2px"> </div>for each<div style="display:inline-block;width:2px"> </div>managed vessel.<div style="display:inline-block;width:2px"> </div>The amounts<div style="display:inline-block;width:2px"> </div>deriving from<div style="display:inline-block;width:2px"> </div>the agreements<div style="display:inline-block;width:2px"> </div>with DSS<div style="display:inline-block;width:2px"> </div>are considered </div><div id="a22480" style="position:absolute;font-family:'Arial';left:57px;top:954px;">inter-company transactions and, therefore, are eliminated from<div style="display:inline-block;width:3px"> </div>our consolidated financial statements. The </div></div>
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<div id="a22486" style="position:absolute;font-family:'Arial';left:390px;top:992px;">47 </div><div id="a22488" style="position:absolute;font-family:'Arial';left:57px;top:76px;">management fees<div style="display:inline-block;width:2px"> </div>and commissions<div style="display:inline-block;width:2px"> </div>deriving from<div style="display:inline-block;width:2px"> </div>the agreements<div style="display:inline-block;width:3px"> </div>with DWM<div style="display:inline-block;width:2px"> </div>are included<div style="display:inline-block;width:2px"> </div>in our<div style="display:inline-block;width:3px"> </div>statement </div><div id="a22489" style="position:absolute;font-family:'Arial';left:57px;top:93px;">of income in “Management fees to a related party” and “Voyage Expenses”. </div><div id="a22501" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Steamship<div style="display:inline-block;width:8px"> </div>Shipbroking<div style="display:inline-block;width:8px"> </div>Enterprises<div style="display:inline-block;width:8px"> </div>Inc.,<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>Steamship,<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>related<div style="display:inline-block;width:8px"> </div>party<div style="display:inline-block;width:8px"> </div>controlled<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>CEO<div style="display:inline-block;width:8px"> </div>Mrs. </div><div id="a22502" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Semiramis Paliou,<div style="display:inline-block;width:4px"> </div>provides brokerage services to us, since June 1, 2010. Brokerage fees are included in </div><div id="a22506" style="position:absolute;font-family:'Arial';left:57px;top:160px;">“General<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Administrative<div style="display:inline-block;width:6px"> </div>expenses”<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>statement<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>income.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>relationship<div style="display:inline-block;width:6px"> </div>are </div><div id="a22510" style="position:absolute;font-family:'Arial';left:57px;top:177px;">currently governed by a Brokerage Services Agreement dated<div style="display:inline-block;width:3px"> </div>February 25, 2025. </div><div id="a22517" style="position:absolute;font-family:'Arial';left:57px;top:211px;">The following table presents certain information<div style="display:inline-block;width:2px"> </div>concerning the dry bulk carriers in<div style="display:inline-block;width:3px"> </div>our fleet, as of the date </div><div id="a22519" style="position:absolute;font-family:'Arial';left:57px;top:228px;">of this annual report. </div></div>
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<div id="a22524" style="position:absolute;font-family:'Arial';left:390px;top:992px;">48 </div><div id="a22526" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:82px;">Fleet Employment (As of March 19, 2025) </div><div id="a22539" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:114px;top:118px;">VESSEL </div><div id="a22542" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:193px;top:116px;">SISTE</div><div id="a22543" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:205px;top:128px;">R </div><div id="a22544" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:191px;top:140px;">SHIPS* </div><div id="a22546" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:233px;top:116px;">GROSS RATE </div><div id="a22547" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:242px;top:128px;">(USD PER </div><div id="a22548" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:255px;top:140px;">DAY) </div><div id="a22550" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:311px;top:128px;">COM** </div><div id="a22552" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:399px;top:114px;">CHARTERERS </div><div id="a22554" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:529px;top:116px;">DELIVERY DATE </div><div id="a22555" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:564px;top:128px;">TO </div><div id="a22556" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:529px;top:140px;">CHARTERERS*** </div><div id="a22558" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:634px;top:122px;">REDELIVERY DATE TO </div><div id="a22559" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:661px;top:134px;">OWNERS**** </div><div id="a22561" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:769px;top:128px;">NOTES </div><div id="a22564" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:105px;top:138px;">BUILT DWT </div><div id="a22567" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:370px;top:158px;">9 Ultramax Bulk Carriers </div><div id="a22569" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:177px;">1 </div><div id="a22571" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:177px;">DSI Phoenix </div><div id="a22574" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:177px;">A </div><div id="a22576" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:177px;">16,500 </div><div id="a22578" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:177px;">5.00% </div><div id="a22580" style="position:absolute;font-family:'Arial';font-size:10.72px;left:398px;top:174px;">Bulk Trading SA </div><div id="a22582" style="position:absolute;font-family:'Arial';font-size:10.72px;left:549px;top:177px;">6-May-24 </div><div id="a22588" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:177px;">1/Aug/2025 - 30/Sep/2025 </div><div id="a22595" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:195px;">2017 60,456 </div><div id="a22604" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:214px;">2 </div><div id="a22606" style="position:absolute;font-family:'Arial';font-size:10.72px;left:110px;top:214px;">DSI Pollux </div><div id="a22609" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:214px;">A </div><div id="a22611" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:214px;">14,000 </div><div id="a22613" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:214px;">4.75% </div><div id="a22615" style="position:absolute;font-family:'Arial';font-size:10.72px;left:368px;top:211px;">Cargill Ocean Transportation </div><div id="a22616" style="position:absolute;font-family:'Arial';font-size:10.72px;left:387px;top:223px;">(Singapore) Pte. Ltd. </div><div id="a22618" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:214px;">28-Dec-23 </div><div id="a22624" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:214px;">20/Aug/2025 - 20/Oct/2025 </div><div id="a22631" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:233px;">2015 60,446 </div><div id="a22640" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:252px;">3 </div><div id="a22642" style="position:absolute;font-family:'Arial';font-size:10.72px;left:112px;top:252px;">DSI Pyxis </div><div id="a22645" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:252px;">A </div><div id="a22647" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:252px;">13,100 </div><div id="a22649" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:252px;">5.00% </div><div id="a22651" style="position:absolute;font-family:'Arial';font-size:10.72px;left:391px;top:249px;">Stone Shipping Ltd </div><div id="a22653" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:252px;">8-Nov-24 </div><div id="a22659" style="position:absolute;font-family:'Arial';font-size:10.72px;left:630px;top:252px;">20/Feb/2026 - 20/Apr/2026 </div><div id="a22666" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:271px;">2018 60,362 </div><div id="a22675" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:290px;">4 </div><div id="a22677" style="position:absolute;font-family:'Arial';font-size:10.72px;left:108px;top:290px;">DSI Polaris </div><div id="a22680" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:290px;">A </div><div id="a22682" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:290px;">15,400 </div><div id="a22684" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:290px;">5.00% </div><div id="a22686" style="position:absolute;font-family:'Arial';font-size:10.72px;left:391px;top:287px;">Stone Shipping Ltd </div><div id="a22688" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:290px;">20-Jul-24 </div><div id="a22694" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:290px;">1/Jun/2025 - 15/Aug/2025 </div><div id="a22701" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:308px;">2018 60,404 </div><div id="a22710" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:325px;">5 </div><div id="a22712" style="position:absolute;font-family:'Arial';font-size:10.72px;left:104px;top:325px;">DSI Pegasus </div><div id="a22715" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:325px;">A </div><div id="a22717" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:325px;">15,250 </div><div id="a22719" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:325px;">4.75% </div><div id="a22721" style="position:absolute;font-family:'Arial';font-size:10.72px;left:368px;top:323px;">Cargill Ocean Transportation </div><div id="a22722" style="position:absolute;font-family:'Arial';font-size:10.72px;left:389px;top:335px;">(Singapore) Pte. Ltd </div><div id="a22724" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:325px;">5-Sep-24 </div><div id="a22730" style="position:absolute;font-family:'Arial';font-size:10.72px;left:635px;top:325px;">1/Jun/2025 - 1/Aug/2025 </div><div id="a22737" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:342px;">2015 60,508 </div><div id="a22746" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:359px;">6 </div><div id="a22748" style="position:absolute;font-family:'Arial';font-size:10.72px;left:103px;top:359px;">DSI Aquarius </div><div id="a22751" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:359px;">B </div><div id="a22753" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:359px;">13,300 </div><div id="a22755" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:359px;">5.00% </div><div id="a22757" style="position:absolute;font-family:'Arial';font-size:10.72px;left:391px;top:357px;">Bunge SA, Geneva </div><div id="a22759" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:359px;">6-Dec-24 </div><div id="a22765" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:359px;">6/Oct/2025 - 21/Dec/2025 </div><div id="a22772" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:376px;">2016 60,309 </div><div id="a22781" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:395px;">7 </div><div id="a22783" style="position:absolute;font-family:'Arial';font-size:10.72px;left:110px;top:395px;">DSI Aquila </div><div id="a22786" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:395px;">B </div><div id="a22788" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:395px;">12,500 </div><div id="a22790" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:395px;">5.00% </div><div id="a22792" style="position:absolute;font-family:'Arial';font-size:10.72px;left:376px;top:403px;">Western Bulk Carriers AS </div><div id="a22794" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:395px;">11-Nov-23 </div><div id="a22800" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:395px;">21-Jan-25 </div><div id="a22808" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:413px;">2015 60,309 </div><div id="a22812" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:413px;">12,250 </div><div id="a22814" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:413px;">5.00% </div><div id="a22816" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:413px;">21-Jan-25 </div><div id="a22822" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:413px;">23/Jun/2025 - 8/Aug/2025 </div><div id="a22827" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:413px;">1 </div><div id="a22829" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:432px;">8 </div><div id="a22831" style="position:absolute;font-family:'Arial';font-size:10.72px;left:112px;top:432px;">DSI Altair </div><div id="a22834" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:432px;">B </div><div id="a22836" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:432px;">15,750 </div><div id="a22838" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:432px;">5.00% </div><div id="a22840" style="position:absolute;font-family:'Arial';font-size:10.72px;left:377px;top:428px;">Propel Shipping Pte. Ltd. </div><div id="a22842" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:432px;">28-Sep-24 </div><div id="a22848" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:432px;">1/Nov/2025 - 31/Dec/2025 </div><div id="a22855" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:450px;">2016 60,309 </div><div id="a22864" style="position:absolute;font-family:'Arial';font-size:10.72px;left:69px;top:467px;">9 </div><div id="a22866" style="position:absolute;font-family:'Arial';font-size:10.72px;left:97px;top:467px;">DSI Andromeda </div><div id="a22869" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:467px;">B </div><div id="a22871" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:467px;">13,500 </div><div id="a22873" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:467px;">5.00% </div><div id="a22875" style="position:absolute;font-family:'Arial';font-size:10.72px;left:391px;top:465px;">Bunge SA, Geneva </div><div id="a22877" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:467px;">27-Nov-23 </div><div id="a22883" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:467px;">28-Mar-25 </div><div id="a22889" style="position:absolute;font-family:'Arial';font-size:10.72px;left:780px;top:467px;">2,3 </div><div id="a22892" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:484px;">2016 60,309 </div><div id="a22901" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:370px;top:502px;">6 Panamax Bulk Carriers </div><div id="a22903" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:518px;">10 </div><div id="a22905" style="position:absolute;font-family:'Arial';font-size:10.72px;left:121px;top:518px;">LETO </div><div id="a22909" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:516px;">16,000 </div><div id="a22911" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:516px;">5.00% </div><div id="a22913" style="position:absolute;font-family:'Arial';font-size:10.72px;left:374px;top:516px;">ASL Bulk Shipping Limited </div><div id="a22916" style="position:absolute;font-family:'Arial';font-size:10.72px;left:549px;top:516px;">3-May-24 </div><div id="a22922" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:516px;">9-Mar-25 </div><div id="a22928" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:518px;">4 </div><div id="a22931" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:532px;">2010 81,297 </div><div id="a22940" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:547px;">11 </div><div id="a22942" style="position:absolute;font-family:'Arial';font-size:10.72px;left:116px;top:547px;">SELINA </div><div id="a22945" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:547px;">C </div><div id="a22947" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:546px;">10,500 </div><div id="a22949" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:546px;">5.00% </div><div id="a22951" style="position:absolute;font-family:'Arial';font-size:10.72px;left:356px;top:546px;">Raffles Shipping International Pte. </div><div id="a22952" style="position:absolute;font-family:'Arial';font-size:10.72px;left:427px;top:558px;">Ltd. </div><div id="a22954" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:547px;">17-Oct-24 </div><div id="a22960" style="position:absolute;font-family:'Arial';font-size:10.72px;left:670px;top:547px;">10-Apr-25 </div><div id="a22966" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:547px;">3 </div><div id="a22969" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:562px;">2010 75,700 </div><div id="a22978" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:577px;">12 </div><div id="a22980" style="position:absolute;font-family:'Arial';font-size:10.72px;left:116px;top:577px;">MAERA </div><div id="a22983" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:577px;">C </div><div id="a22985" style="position:absolute;font-family:'Arial';font-size:10.72px;left:254px;top:576px;">8,400 </div><div id="a22987" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:576px;">5.00% </div><div id="a22989" style="position:absolute;font-family:'Arial';font-size:10.72px;left:353px;top:576px;">China Resource Chartering Limited </div><div id="a22991" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:577px;">15-Dec-24 </div><div id="a22997" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:577px;">20/Sep/2025-20/Nov/2025 </div><div id="a23003" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:595px;">2013 75,403 </div><div id="a23012" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:613px;">13 </div><div id="a23014" style="position:absolute;font-family:'Arial';font-size:10.72px;left:114px;top:613px;">ISMENE </div><div id="a23018" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:613px;">12,650 </div><div id="a23020" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:613px;">5.00% </div><div id="a23022" style="position:absolute;font-family:'Arial';font-size:10.72px;left:373px;top:611px;">Paralos Shipping Pte., Ltd. </div><div id="a23024" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:613px;">13-Sep-23 </div><div id="a23030" style="position:absolute;font-family:'Arial';font-size:10.72px;left:630px;top:613px;">15/Apr/2025 - 30/Jun/2025 </div><div id="a23037" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:630px;">2013 77,901 </div><div id="a23046" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:647px;">14 </div><div id="a23048" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:647px;">CRYSTALIA </div><div id="a23051" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:647px;">D </div><div id="a23053" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:645px;">13,900 </div><div id="a23055" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:645px;">5.00% </div><div id="a23057" style="position:absolute;font-family:'Arial';font-size:10.72px;left:361px;top:645px;">Louis Dreyfus Company Freight </div><div id="a23058" style="position:absolute;font-family:'Arial';font-size:10.72px;left:405px;top:657px;">Asia Pte. Ltd. </div><div id="a23060" style="position:absolute;font-family:'Arial';font-size:10.72px;left:549px;top:645px;">4-May-24 </div><div id="a23066" style="position:absolute;font-family:'Arial';font-size:10.72px;left:635px;top:645px;">4/Feb/2026 - 4/Jun/2026 </div><div id="a23073" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:664px;">2014 77,525 </div><div id="a23082" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:680px;">15 </div><div id="a23084" style="position:absolute;font-family:'Arial';font-size:10.72px;left:109px;top:680px;">ATALANDI </div><div id="a23087" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:680px;">D </div><div id="a23089" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:680px;">14,600 </div><div id="a23091" style="position:absolute;font-family:'Arial';font-size:10.72px;left:313px;top:680px;">4.75% </div><div id="a23093" style="position:absolute;font-family:'Arial';font-size:10.72px;left:360px;top:679px;">Cargill International SA, Geveva </div><div id="a23095" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:680px;">20-Jul-24 </div><div id="a23101" style="position:absolute;font-family:'Arial';font-size:10.72px;left:635px;top:680px;">1/Jun/2025 - 31/Jul/2025 </div><div id="a23108" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:695px;">2014 77,529 </div><div id="a23117" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:354px;top:711px;">6 Kamsarmax Bulk Carriers </div><div id="a23119" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:729px;">16 </div><div id="a23121" style="position:absolute;font-family:'Arial';font-size:10.72px;left:122px;top:729px;">MAIA </div><div id="a23124" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:729px;">E </div><div id="a23126" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:727px;">11,600 </div><div id="a23128" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:727px;">5.00% </div><div id="a23130" style="position:absolute;font-family:'Arial';font-size:10.72px;left:375px;top:727px;">Paralos Shipping Pte. Ltd. </div><div id="a23132" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:729px;">9-Dec-24 </div><div id="a23138" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:729px;">1/Nov/2025 - 31/Dec/2025 </div><div id="a23145" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:745px;">2009 82,193 </div><div id="a23154" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:762px;">17 </div><div id="a23156" style="position:absolute;font-family:'Arial';font-size:10.72px;left:113px;top:762px;">MYRSINI </div><div id="a23159" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:762px;">E </div><div id="a23161" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:762px;">17,100 </div><div id="a23163" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:762px;">5.00% </div><div id="a23165" style="position:absolute;font-family:'Arial';font-size:10.72px;left:372px;top:760px;">Cobelfret S.A. Luxembourg </div><div id="a23167" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:762px;">25-Jun-24 </div><div id="a23173" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:762px;">9-Feb-25 </div><div id="a23179" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:771px;">5 </div><div id="a23182" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:779px;">2010 82,117 </div><div id="a23186" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:779px;">13,000 </div><div id="a23188" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:779px;">4.75% </div><div id="a23190" style="position:absolute;font-family:'Arial';font-size:10.72px;left:360px;top:777px;">Cargill International SA, Geneva </div><div id="a23192" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:779px;">26-Feb-25 </div><div id="a23198" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:779px;">1/Jan/2026 - 28/Feb/2026 </div><div id="a23203" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:798px;">18 </div><div id="a23205" style="position:absolute;font-family:'Arial';font-size:10.72px;left:112px;top:798px;">MEDUSA </div><div id="a23208" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:798px;">E </div><div id="a23210" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:798px;">14,250 </div><div id="a23212" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:798px;">5.00% </div><div id="a23214" style="position:absolute;font-family:'Arial';font-size:10.72px;left:374px;top:794px;">ASL Bulk Shipping Limited </div><div id="a23216" style="position:absolute;font-family:'Arial';font-size:10.72px;left:546px;top:798px;">14-May-23 </div><div id="a23222" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:798px;">21-Feb-25 </div><div id="a23228" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:806px;">6 </div><div id="a23231" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:816px;">2010 82,194 </div><div id="a23235" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:816px;">13,000 </div><div id="a23237" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:816px;">4.75% </div><div id="a23239" style="position:absolute;font-family:'Arial';font-size:10.72px;left:353px;top:814px;">Cargill International SA, Geneva </div><div id="a23241" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:816px;">16-Mar-25 </div><div id="a23247" style="position:absolute;font-family:'Arial';font-size:10.72px;left:630px;top:816px;">15/May/2026 - 15/Jul/2026 </div><div id="a23252" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:833px;">19 </div><div id="a23254" style="position:absolute;font-family:'Arial';font-size:10.72px;left:116px;top:833px;">MYRTO </div><div id="a23257" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:833px;">E </div><div id="a23259" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:833px;">12,000 </div><div id="a23261" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:833px;">5.00% </div><div id="a23263" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:831px;">Nippon Yusen Kabushiki Kaisha, </div><div id="a23264" style="position:absolute;font-family:'Arial';font-size:10.72px;left:422px;top:844px;">Tokyo </div><div id="a23266" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:833px;">23-Dec-24 </div><div id="a23272" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:833px;">1/Mar/2026 - 15/May/2026 </div><div id="a23279" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:850px;">2013 82,131 </div><div id="a23288" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:867px;">20 </div><div id="a23290" style="position:absolute;font-family:'Arial';font-size:10.72px;left:110px;top:867px;">ASTARTE </div><div id="a23294" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:867px;">14,000 </div><div id="a23296" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:867px;">5.00% </div><div id="a23298" style="position:absolute;font-family:'Arial';font-size:10.72px;left:375px;top:865px;">Paralos Shipping Pte. Ltd. </div><div id="a23300" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:867px;">19-Aug-24 </div><div id="a23306" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:867px;">15/Jul/2025 - 15/Sep/2025 </div><div id="a23313" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:884px;">2013 81,513 </div><div id="a23322" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:901px;">21 </div><div id="a23324" style="position:absolute;font-family:'Arial';font-size:10.72px;left:94px;top:901px;">LEONIDAS P. C. </div><div id="a23328" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:901px;">17,000 </div><div id="a23330" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:901px;">5.00% </div><div id="a23332" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:899px;">Ming Wah International Shipping </div><div id="a23333" style="position:absolute;font-family:'Arial';font-size:10.72px;left:395px;top:912px;">Company Limited </div><div id="a23335" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:901px;">22-Feb-24 </div><div id="a23341" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:901px;">20/Aug/2025 - 20/Oct/2025 </div><div id="a23348" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:918px;">2011 82,165 </div><div id="a23357" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:347px;top:935px;">5 Post-Panamax Bulk Carriers </div><div id="a23361" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:954px;">22 </div><div id="a23363" style="position:absolute;font-family:'Arial';font-size:10.72px;left:109px;top:954px;">ALCMENE </div><div id="a23367" style="position:absolute;font-family:'Arial';font-size:10.72px;left:254px;top:951px;">6,000 </div><div id="a23369" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:951px;">5.00% </div><div id="a23371" style="position:absolute;font-family:'Arial';font-size:10.72px;left:380px;top:951px;">Lestari Shipping Pte Ltd </div><div id="a23373" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:951px;">28-Dec-24 </div><div id="a23379" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:951px;">16-Jan-25 </div></div>
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<div id="a23388" style="position:absolute;font-family:'Arial';left:390px;top:992px;">49 </div><div id="a23391" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:80px;">2010 93,193 </div><div id="a23395" style="position:absolute;font-family:'Arial';font-size:10.72px;left:254px;top:76px;">2,000 </div><div id="a23397" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:76px;">5.00% </div><div id="a23399" style="position:absolute;font-family:'Arial';font-size:10.72px;left:388px;top:76px;">Pan Ocean Co., Ltd. </div><div id="a23401" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:76px;">16-Jan-25 </div><div id="a23407" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:76px;">8-Mar-25 </div><div id="a23413" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:80px;">7 </div><div id="a23415" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:98px;">23 </div><div id="a23417" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:98px;">AMPHITRITE </div><div id="a23420" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:98px;">F </div><div id="a23422" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:98px;">15,000 </div><div id="a23424" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:96px;">5.00% </div><div id="a23426" style="position:absolute;font-family:'Arial';font-size:10.72px;left:370px;top:107px;">Cobelfret S.A., Luxembourg </div><div id="a23428" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:98px;">13-Jan-24 </div><div id="a23434" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:98px;">8-Jan-25 </div><div id="a23440" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:98px;">8 </div><div id="a23443" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:115px;">2012 98,697 </div><div id="a23447" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:115px;">12,100 </div><div id="a23449" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:113px;">5.00% </div><div id="a23451" style="position:absolute;font-family:'Arial';font-size:10.72px;left:551px;top:115px;">8-Jan-25 </div><div id="a23457" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:115px;">1/Jan/2026 - 15/Mar/2026 </div><div id="a23462" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:115px;">9 </div><div id="a23464" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:132px;">24 </div><div id="a23466" style="position:absolute;font-family:'Arial';font-size:10.72px;left:107px;top:132px;">POLYMNIA </div><div id="a23469" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:132px;">F </div><div id="a23471" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:132px;">17,500 </div><div id="a23473" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:132px;">5.00% </div><div id="a23475" style="position:absolute;font-family:'Arial';font-size:10.72px;left:358px;top:130px;">Reachy Shipping (SGP) Pte. Ltd. </div><div id="a23477" style="position:absolute;font-family:'Arial';font-size:10.72px;left:551px;top:132px;">8-Jun-24 </div><div id="a23483" style="position:absolute;font-family:'Arial';font-size:10.72px;left:630px;top:132px;">1/Aug/2025 - 30/Sept/2025 </div><div id="a23490" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:150px;">2012 98,704 </div><div id="a23498" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:167px;">25 </div><div id="a23500" style="position:absolute;font-family:'Arial';font-size:10.72px;left:110px;top:167px;">ELECTRA </div><div id="a23503" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:167px;">G </div><div id="a23505" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:167px;">14,000 </div><div id="a23507" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:167px;">4.75% </div><div id="a23509" style="position:absolute;font-family:'Arial';font-size:10.72px;left:373px;top:165px;">Aquavita International S.A. </div><div id="a23511" style="position:absolute;font-family:'Arial';font-size:10.72px;left:551px;top:167px;">3-Jun-24 </div><div id="a23517" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:167px;">15/Oct/2025 - 31/Dec/2025 </div><div id="a23524" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:186px;">2013 87,150 </div><div id="a23533" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:204px;">26 </div><div id="a23535" style="position:absolute;font-family:'Arial';font-size:10.72px;left:111px;top:204px;">PHAIDRA </div><div id="a23538" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:204px;">G </div><div id="a23540" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:204px;">12,000 </div><div id="a23542" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:204px;">4.75% </div><div id="a23544" style="position:absolute;font-family:'Arial';font-size:10.72px;left:373px;top:202px;">Aquavita International S.A. </div><div id="a23546" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:204px;">12-Oct-24 </div><div id="a23552" style="position:absolute;font-family:'Arial';font-size:10.72px;left:633px;top:204px;">1/May/2025 - 15/Jul/2025 </div><div id="a23559" style="position:absolute;font-family:'Arial';font-size:10.72px;left:105px;top:221px;">2013 87,146 </div><div id="a23568" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:362px;top:238px;">8 Capesize Bulk Carriers </div><div id="a23570" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:255px;">27 </div><div id="a23572" style="position:absolute;font-family:'Arial';font-size:10.72px;left:112px;top:255px;">SEMIRIO </div><div id="a23575" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:255px;">H </div><div id="a23577" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:255px;">14,150 </div><div id="a23579" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:255px;">5.00% </div><div id="a23581" style="position:absolute;font-family:'Arial';font-size:10.72px;left:356px;top:254px;">Solebay Shipping Cape Company </div><div id="a23582" style="position:absolute;font-family:'Arial';font-size:10.72px;left:390px;top:266px;">Limited, Hong Kong </div><div id="a23584" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:255px;">18-Aug-23 </div><div id="a23590" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:255px;">11-Feb-25 </div><div id="a23598" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:272px;">2007 174,261 </div><div id="a23602" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:272px;">16,650 </div><div id="a23604" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:272px;">5.00% </div><div id="a23606" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:272px;">11-Feb-25 </div><div id="a23612" style="position:absolute;font-family:'Arial';font-size:10.72px;left:630px;top:272px;">15/Feb/2026 - 15/Apr/2026 </div><div id="a23618" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:288px;">28 </div><div id="a23620" style="position:absolute;font-family:'Arial';font-size:10.72px;left:106px;top:288px;">NEW YORK </div><div id="a23623" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:288px;">H </div><div id="a23625" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:288px;">16,000 </div><div id="a23627" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:288px;">5.00% </div><div id="a23629" style="position:absolute;font-family:'Arial';font-size:10.72px;left:386px;top:287px;">STX Green Logis Ltd </div><div id="a23631" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:288px;">30-Nov-24 </div><div id="a23637" style="position:absolute;font-family:'Arial';font-size:10.72px;left:669px;top:288px;">11-Jan-25 </div><div id="a23645" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:303px;">2010 177,773 </div><div id="a23649" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:303px;">17,600 </div><div id="a23651" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:303px;">5.00% </div><div id="a23653" style="position:absolute;font-family:'Arial';font-size:10.72px;left:358px;top:302px;">SwissMarine Pte. Ltd., Singapore </div><div id="a23655" style="position:absolute;font-family:'Arial';font-size:10.72px;left:548px;top:303px;">11-Jan-25 </div><div id="a23661" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:303px;">15/Jan/2026 - 30/Mar/2026 </div><div id="a23666" style="position:absolute;font-family:'Arial';font-size:10.72px;left:774px;top:303px;">10,11 </div><div id="a23668" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:318px;">29 </div><div id="a23670" style="position:absolute;font-family:'Arial';font-size:10.72px;left:111px;top:318px;">SEATTLE </div><div id="a23673" style="position:absolute;font-family:'Arial';font-size:10.72px;left:207px;top:318px;">I </div><div id="a23675" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:318px;">17,500 </div><div id="a23677" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:318px;">5.00% </div><div id="a23679" style="position:absolute;font-family:'Arial';font-size:10.72px;left:356px;top:317px;">Solebay Shipping Cape Company </div><div id="a23680" style="position:absolute;font-family:'Arial';font-size:10.72px;left:390px;top:329px;">Limited, Hong Kong </div><div id="a23682" style="position:absolute;font-family:'Arial';font-size:10.72px;left:551px;top:318px;">1-Oct-23 </div><div id="a23688" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:318px;">15/Jul/2025 - 30/Sep/2025 </div><div id="a23695" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:336px;">2011 179,362 </div><div id="a23704" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:353px;">30 </div><div id="a23706" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:353px;">P.<div style="display:inline-block;width:4px"> </div>S. PALIOS </div><div id="a23709" style="position:absolute;font-family:'Arial';font-size:10.72px;left:207px;top:353px;">I </div><div id="a23711" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:353px;">27,150 </div><div id="a23713" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:353px;">5.00% </div><div id="a23715" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:352px;">Bohai Shipping (HEBEI) Co., Ltd </div><div id="a23717" style="position:absolute;font-family:'Arial';font-size:10.72px;left:549px;top:353px;">7-May-24 </div><div id="a23723" style="position:absolute;font-family:'Arial';font-size:10.72px;left:631px;top:353px;">1/Nov/2025 - 31/Dec/2025 </div><div id="a23730" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:368px;">2013 179,134 </div><div id="a23739" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:383px;">31 </div><div id="a23741" style="position:absolute;font-family:'Arial';font-size:10.72px;left:94px;top:383px;">G. P. ZAFIRAKIS </div><div id="a23744" style="position:absolute;font-family:'Arial';font-size:10.72px;left:206px;top:383px;">J </div><div id="a23746" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:383px;">26,800 </div><div id="a23748" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:383px;">5.00% </div><div id="a23750" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:382px;">Nippon Yusen Kabushiki Kaisha, </div><div id="a23751" style="position:absolute;font-family:'Arial';font-size:10.72px;left:422px;top:394px;">Tokyo </div><div id="a23753" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:383px;">16-Sep-24 </div><div id="a23759" style="position:absolute;font-family:'Arial';font-size:10.72px;left:628px;top:383px;">16/Aug/2026 - 16/Nov/2026 </div><div id="a23766" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:398px;">2014 179,492 </div><div id="a23774" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:413px;">32 </div><div id="a23776" style="position:absolute;font-family:'Arial';font-size:10.72px;left:90px;top:413px;">SANTA BARBARA </div><div id="a23779" style="position:absolute;font-family:'Arial';font-size:10.72px;left:206px;top:413px;">J </div><div id="a23781" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:413px;">22,000 </div><div id="a23783" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:413px;">5.00% </div><div id="a23785" style="position:absolute;font-family:'Arial';font-size:10.72px;left:379px;top:412px;">Mitsui O.S.K. Lines, Ltd. </div><div id="a23787" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:413px;">27-Dec-24 </div><div id="a23793" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:413px;">20/Oct/2025 - 20/Dec/2025 </div><div id="a23798" style="position:absolute;font-family:'Arial';font-size:10.72px;left:781px;top:413px;">12 </div><div id="a23801" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:428px;">2015 179,426 </div><div id="a23810" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:443px;">33 </div><div id="a23812" style="position:absolute;font-family:'Arial';font-size:10.72px;left:95px;top:443px;">NEW ORLEANS </div><div id="a23816" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:443px;">20,000 </div><div id="a23818" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:443px;">5.00% </div><div id="a23820" style="position:absolute;font-family:'Arial';font-size:10.72px;left:369px;top:442px;">Kawasaki Kisen Kaisha, Ltd. </div><div id="a23822" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:443px;">7-Dec-23 </div><div id="a23828" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:443px;">15/Aug/2025 - 31/Oct/2025 </div><div id="a23833" style="position:absolute;font-family:'Arial';font-size:10.72px;left:781px;top:443px;">12 </div><div id="a23836" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:458px;">2015 180,960 </div><div id="a23845" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:473px;">34 </div><div id="a23847" style="position:absolute;font-family:'Arial';font-size:10.72px;left:112px;top:473px;">FLORIDA </div><div id="a23851" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:473px;">25,900 </div><div id="a23853" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:473px;">5.00% </div><div id="a23855" style="position:absolute;font-family:'Arial';font-size:10.72px;left:388px;top:472px;">Bunge S.A., Geneva </div><div id="a23857" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:473px;">29-Mar-22 </div><div id="a23863" style="position:absolute;font-family:'Arial';font-size:10.72px;left:628px;top:473px;">29/Jan/2027 - 29/May/2027 </div><div id="a23868" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:473px;">2 </div><div id="a23871" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:488px;">2022 182,063 </div><div id="a23880" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:347px;top:503px;">4 Newcastlemax Bulk Carriers </div><div id="a23882" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:519px;">35 </div><div id="a23884" style="position:absolute;font-family:'Arial';font-size:10.72px;left:97px;top:519px;">LOS ANGELES </div><div id="a23887" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:519px;">K </div><div id="a23889" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:519px;">28,700 </div><div id="a23891" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:519px;">5.00% </div><div id="a23893" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:518px;">Nippon Yusen Kabushiki Kaisha, </div><div id="a23894" style="position:absolute;font-family:'Arial';font-size:10.72px;left:422px;top:530px;">Tokyo </div><div id="a23896" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:519px;">20-Jul-24 </div><div id="a23902" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:519px;">1/Oct/2025 - 15/Dec/2025 </div><div id="a23909" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:533px;">2012 206,104 </div><div id="a23918" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:548px;">36 </div><div id="a23920" style="position:absolute;font-family:'Arial';font-size:10.72px;left:97px;top:548px;">PHILADELPHIA </div><div id="a23923" style="position:absolute;font-family:'Arial';font-size:10.72px;left:205px;top:548px;">K </div><div id="a23925" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:548px;">22,500 </div><div id="a23927" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:548px;">5.00% </div><div id="a23929" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:547px;">Nippon Yusen Kabushiki Kaisha, </div><div id="a23930" style="position:absolute;font-family:'Arial';font-size:10.72px;left:422px;top:559px;">Tokyo </div><div id="a23932" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:548px;">4-Feb-24 </div><div id="a23938" style="position:absolute;font-family:'Arial';font-size:10.72px;left:632px;top:548px;">20/Apr/2025 - 20/Jul/2025 </div><div id="a23945" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:566px;">2012 206,040 </div><div id="a23954" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:584px;">37 </div><div id="a23956" style="position:absolute;font-family:'Arial';font-size:10.72px;left:91px;top:584px;">SAN FRANCISCO </div><div id="a23959" style="position:absolute;font-family:'Arial';font-size:10.72px;left:206px;top:584px;">L </div><div id="a23961" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:584px;">22,000 </div><div id="a23963" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:584px;">5.00% </div><div id="a23965" style="position:absolute;font-family:'Arial';font-size:10.72px;left:358px;top:593px;">SwissMarine Pte. Ltd., Singapore </div><div id="a23967" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:584px;">18-Feb-23 </div><div id="a23973" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:584px;">1-Mar-25 </div><div id="a23981" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:601px;">2017 208,006 </div><div id="a23985" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:601px;">26,000 </div><div id="a23987" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:601px;">5.00% </div><div id="a23989" style="position:absolute;font-family:'Arial';font-size:10.72px;left:550px;top:601px;">1-Mar-25 </div><div id="a23995" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:601px;">25/Oct/2026 - 25/Dec/2026 </div><div id="a24001" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:618px;">38 </div><div id="a24003" style="position:absolute;font-family:'Arial';font-size:10.72px;left:90px;top:618px;">NEWPORT NEWS </div><div id="a24006" style="position:absolute;font-family:'Arial';font-size:10.72px;left:206px;top:618px;">L </div><div id="a24008" style="position:absolute;font-family:'Arial';font-size:10.72px;left:252px;top:618px;">20,000 </div><div id="a24010" style="position:absolute;font-family:'Arial';font-size:10.72px;left:317px;top:618px;">5.00% </div><div id="a24012" style="position:absolute;font-family:'Arial';font-size:10.72px;left:359px;top:616px;">Nippon Yusen Kabushiki Kaisha, </div><div id="a24013" style="position:absolute;font-family:'Arial';font-size:10.72px;left:422px;top:628px;">Tokyo </div><div id="a24015" style="position:absolute;font-family:'Arial';font-size:10.72px;left:547px;top:618px;">20-Sep-23 </div><div id="a24021" style="position:absolute;font-family:'Arial';font-size:10.72px;left:629px;top:618px;">15/Mar/2025 - 10/Jun/2025 </div><div id="a24026" style="position:absolute;font-family:'Arial';font-size:10.72px;left:784px;top:618px;">3 </div><div id="a24029" style="position:absolute;font-family:'Arial';font-size:10.72px;left:102px;top:635px;">2017 208,021 </div><div id="a24048" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:669px;">* Each dry bulk carrier is a “sister ship”, or closely<div style="display:inline-block;width:1px"> </div>similar, to other dry bulk carriers that have the same letter. </div><div id="a24051" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:688px;">** Total commission percentage paid to third parties. </div><div id="a24053" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:707px;">*** In case of newly acquired vessel with<div style="display:inline-block;width:2px"> </div>time charter attached, this date refers to the expected/actual<div style="display:inline-block;width:1px"> </div>date of delivery of the vessel to the Company. </div><div id="a24057" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:736px;">**** Range of redelivery dates, with the actual<div style="display:inline-block;width:2px"> </div>date of redelivery being at the Charterers’<div style="display:inline-block;width:2px"> </div>option, but subject to the terms, conditions, and<div style="display:inline-block;width:2px"> </div>exceptions of the </div><div id="a24060" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:748px;">particular charterparty. </div><div id="a24063" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:787px;">1Charterers will compensate the Owners at a rate<div style="display:inline-block;width:2px"> </div>of 115% of the average Baltic Tess 58 Supramax Index as published by the Baltic Exchange on a daily </div><div id="a24065" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:799px;">basis or double the vessel’s present charter party rate, whichever<div style="display:inline-block;width:1px"> </div>is higher, for the excess period commencing from January 10, 2025 until<div style="display:inline-block;width:2px"> </div>the actual </div><div id="a24067" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:811px;">redelivery date. </div><div id="a24070" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:833px;">2Bareboat chartered-in for a period of ten years. </div><div id="a24074" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:852px;">3Based on latest information. </div><div id="a24076" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:871px;">4Currently without an active charterparty. </div><div id="a24078" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:890px;">5Vessel on scheduled drydocking from February 9, 2025 until February<div style="display:inline-block;width:2px"> </div>26, 2025. </div><div id="a24080" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:909px;">6Vessel on scheduled drydocking from February 21, 2025 until March<div style="display:inline-block;width:2px"> </div>16, 2025. </div><div id="a24083" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:928px;">7Vessel has been sold and it is delivered to her new Owners on<div style="display:inline-block;width:2px"> </div>March 13, 2025. </div><div id="a24085" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:947px;">8The charter rate was US$12,250 per day for<div style="display:inline-block;width:2px"> </div>the first thirty (30) days of the charter period. </div></div>
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<div id="a24089" style="position:absolute;font-family:'Arial';left:390px;top:992px;">50 </div><div id="a24091" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:76px;">9The charter rate will be US$8,750 per day for<div style="display:inline-block;width:2px"> </div>the first fifty (50) days of the charter period. </div><div id="a24094" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:95px;">10The charter rate will be US$6,300 per<div style="display:inline-block;width:2px"> </div>day for the first trip of the charter period. </div><div id="a24096" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:114px;">11Vessel currently off hire for drydocking. </div><div id="a24098" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:133px;">12Bareboat chartered-in for a period of eight years. </div><div id="a24105" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:169px;">Our Customers </div><div id="a24108" style="position:absolute;font-family:'Arial';left:57px;top:204px;">Our customers include<div style="display:inline-block;width:3px"> </div>regional and international<div style="display:inline-block;width:3px"> </div>companies,<div style="display:inline-block;width:3px"> </div>mainly with concentrations<div style="display:inline-block;width:3px"> </div>below 10% of<div style="display:inline-block;width:3px"> </div>our </div><div id="a24111" style="position:absolute;font-family:'Arial';left:57px;top:221px;">gross revenues. During 2024,<div style="display:inline-block;width:2px"> </div>only one of our<div style="display:inline-block;width:3px"> </div>charterers accounted for 11% of our<div style="display:inline-block;width:3px"> </div>revenues.<div style="display:inline-block;width:4px"> </div>During 2023, </div><div id="a24117" style="position:absolute;font-family:'Arial';left:57px;top:238px;">one of our<div style="display:inline-block;width:2px"> </div>charterers accounted<div style="display:inline-block;width:2px"> </div>for 13% of<div style="display:inline-block;width:2px"> </div>our revenues and<div style="display:inline-block;width:2px"> </div>during 2022,<div style="display:inline-block;width:3px"> </div>two of our<div style="display:inline-block;width:2px"> </div>charterers accounted </div><div id="a24123" style="position:absolute;font-family:'Arial';left:57px;top:255px;">for 34% of our revenues,<div style="display:inline-block;width:4px"> </div>in aggregate. </div><div id="a24127" style="position:absolute;font-family:'Arial';left:57px;top:271px;"><div style="display:inline-block;width:461px"> </div></div><div id="a24129" style="position:absolute;font-family:'Arial';left:57px;top:288px;">We charter our<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>carriers, owned<div style="display:inline-block;width:3px"> </div>and bareboat<div style="display:inline-block;width:3px"> </div>chartered-in, to<div style="display:inline-block;width:3px"> </div>customers pursuant<div style="display:inline-block;width:3px"> </div>to time charters. </div><div id="a24135" style="position:absolute;font-family:'Arial';left:57px;top:305px;">Under our time charters, the charterer typically<div style="display:inline-block;width:3px"> </div>pays us a fixed daily charter hire rate and<div style="display:inline-block;width:3px"> </div>bears all voyage </div><div id="a24136" style="position:absolute;font-family:'Arial';left:57px;top:322px;">expenses, including the cost<div style="display:inline-block;width:6px"> </div>of bunkers (fuel<div style="display:inline-block;width:6px"> </div>oil) and canal and<div style="display:inline-block;width:6px"> </div>port charges. We<div style="display:inline-block;width:6px"> </div>remain responsible for </div><div id="a24137" style="position:absolute;font-family:'Arial';left:57px;top:339px;">paying the<div style="display:inline-block;width:6px"> </div>chartered vessel's<div style="display:inline-block;width:6px"> </div>operating expenses,<div style="display:inline-block;width:6px"> </div>including the<div style="display:inline-block;width:6px"> </div>cost of<div style="display:inline-block;width:6px"> </div>crewing, insuring,<div style="display:inline-block;width:6px"> </div>repairing and </div><div id="a24139" style="position:absolute;font-family:'Arial';left:57px;top:356px;">maintaining the<div style="display:inline-block;width:6px"> </div>vessel. In<div style="display:inline-block;width:6px"> </div>2024, we<div style="display:inline-block;width:6px"> </div>paid commissions that<div style="display:inline-block;width:6px"> </div>ranged from<div style="display:inline-block;width:6px"> </div>4.75% to<div style="display:inline-block;width:6px"> </div>5.0% of<div style="display:inline-block;width:6px"> </div>the total<div style="display:inline-block;width:6px"> </div>daily </div><div id="a24142" style="position:absolute;font-family:'Arial';left:57px;top:373px;">charter hire<div style="display:inline-block;width:6px"> </div>rate of<div style="display:inline-block;width:6px"> </div>each charter<div style="display:inline-block;width:6px"> </div>to unaffiliated<div style="display:inline-block;width:6px"> </div>ship brokers<div style="display:inline-block;width:6px"> </div>and to<div style="display:inline-block;width:6px"> </div>in-house brokers<div style="display:inline-block;width:6px"> </div>associated with<div style="display:inline-block;width:6px"> </div>the </div><div id="a24145" style="position:absolute;font-family:'Arial';left:57px;top:390px;">charterer, depending on the number of brokers involved with arranging the charter. </div><div id="a24149" style="position:absolute;font-family:'Arial';left:57px;top:423px;">We strategically monitor developments in the dry bulk shipping industry on a regular basis and, subject to </div><div id="a24150" style="position:absolute;font-family:'Arial';left:57px;top:440px;">market<div style="display:inline-block;width:6px"> </div>demand,<div style="display:inline-block;width:6px"> </div>seek<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>adjust<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>periods<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>according<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>prevailing<div style="display:inline-block;width:6px"> </div>market </div><div id="a24151" style="position:absolute;font-family:'Arial';left:57px;top:457px;">conditions. In order to take advantage of relatively stable cash flow and high utilization rates,<div style="display:inline-block;width:6px"> </div>we fix some </div><div id="a24153" style="position:absolute;font-family:'Arial';left:57px;top:474px;">of our vessels on long-term time<div style="display:inline-block;width:5px"> </div>charters. Currently, the<div style="display:inline-block;width:5px"> </div>majority of our vessels are employed on<div style="display:inline-block;width:6px"> </div>short to </div><div id="a24156" style="position:absolute;font-family:'Arial';left:57px;top:491px;">medium-term time<div style="display:inline-block;width:6px"> </div>charters, which<div style="display:inline-block;width:5px"> </div>provides us<div style="display:inline-block;width:6px"> </div>with flexibility in<div style="display:inline-block;width:6px"> </div>responding to<div style="display:inline-block;width:6px"> </div>market developments.<div style="display:inline-block;width:6px"> </div>We </div><div id="a24160" style="position:absolute;font-family:'Arial';left:57px;top:508px;">continuously evaluate our balance of<div style="display:inline-block;width:6px"> </div>short-<div style="display:inline-block;width:4px"> </div>and long-term charters and extend<div style="display:inline-block;width:6px"> </div>or reduce the charter hire </div><div id="a24166" style="position:absolute;font-family:'Arial';left:57px;top:524px;">periods of the vessels in our fleet according to the developments in<div style="display:inline-block;width:3px"> </div>the dry bulk shipping industry. </div><div id="a24169" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:558px;">Charter Hire Rates </div><div id="a24172" style="position:absolute;font-family:'Arial';left:57px;top:593px;">Charter hire<div style="display:inline-block;width:6px"> </div>rates fluctuate<div style="display:inline-block;width:6px"> </div>by varying<div style="display:inline-block;width:6px"> </div>degrees among<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>carrier size<div style="display:inline-block;width:6px"> </div>categories. The<div style="display:inline-block;width:6px"> </div>volume and </div><div id="a24173" style="position:absolute;font-family:'Arial';left:57px;top:610px;">pattern of<div style="display:inline-block;width:2px"> </div>trade in<div style="display:inline-block;width:2px"> </div>a small<div style="display:inline-block;width:2px"> </div>number of<div style="display:inline-block;width:2px"> </div>commodities<div style="display:inline-block;width:3px"> </div>(major bulks)<div style="display:inline-block;width:2px"> </div>affect demand<div style="display:inline-block;width:2px"> </div>for larger<div style="display:inline-block;width:2px"> </div>vessels. Therefore, </div><div id="a24174" style="position:absolute;font-family:'Arial';left:57px;top:627px;">charter rates<div style="display:inline-block;width:2px"> </div>and vessel<div style="display:inline-block;width:2px"> </div>values of<div style="display:inline-block;width:2px"> </div>larger vessels<div style="display:inline-block;width:2px"> </div>often show<div style="display:inline-block;width:2px"> </div>greater volatility. Conversely, trade<div style="display:inline-block;width:2px"> </div>in a<div style="display:inline-block;width:2px"> </div>greater </div><div id="a24176" style="position:absolute;font-family:'Arial';left:57px;top:644px;">number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>commodities (minor<div style="display:inline-block;width:7px"> </div>bulks)<div style="display:inline-block;width:6px"> </div>drives<div style="display:inline-block;width:6px"> </div>demand<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>smaller<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carriers.<div style="display:inline-block;width:6px"> </div>Accordingly,<div style="display:inline-block;width:7px"> </div>charter </div><div id="a24177" style="position:absolute;font-family:'Arial';left:57px;top:661px;">rates and vessel values for those vessels are usually subject<div style="display:inline-block;width:3px"> </div>to less volatility. </div><div id="a24180" style="position:absolute;font-family:'Arial';left:57px;top:695px;">Charter<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carriers<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>primarily<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>function<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>underlying<div style="display:inline-block;width:6px"> </div>balance<div style="display:inline-block;width:6px"> </div>between </div><div id="a24181" style="position:absolute;font-family:'Arial';left:57px;top:711px;">vessel supply and demand, although at<div style="display:inline-block;width:2px"> </div>times other factors may play a<div style="display:inline-block;width:3px"> </div>role. Furthermore, the pattern seen </div><div id="a24182" style="position:absolute;font-family:'Arial';left:57px;top:728px;">in<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>broadly<div style="display:inline-block;width:6px"> </div>mirrored<div style="display:inline-block;width:6px"> </div>across<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>different<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>types<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>different<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carrier </div><div id="a24184" style="position:absolute;font-family:'Arial';left:57px;top:745px;">categories. In the<div style="display:inline-block;width:2px"> </div>time charter market,<div style="display:inline-block;width:2px"> </div>rates vary depending<div style="display:inline-block;width:2px"> </div>on the length<div style="display:inline-block;width:3px"> </div>of the charter<div style="display:inline-block;width:2px"> </div>period and vessel-</div><div id="a24186" style="position:absolute;font-family:'Arial';left:57px;top:762px;">specific factors such as age, speed and fuel consumption. </div><div id="a24189" style="position:absolute;font-family:'Arial';left:57px;top:796px;">In the<div style="display:inline-block;width:7px"> </div>voyage charter<div style="display:inline-block;width:6px"> </div>market, rates<div style="display:inline-block;width:6px"> </div>are, among<div style="display:inline-block;width:6px"> </div>other things,<div style="display:inline-block;width:7px"> </div>influenced by<div style="display:inline-block;width:6px"> </div>cargo size,<div style="display:inline-block;width:6px"> </div>commodity,<div style="display:inline-block;width:6px"> </div>port </div><div id="a24190" style="position:absolute;font-family:'Arial';left:57px;top:813px;">dues and canal transit fees, as well<div style="display:inline-block;width:3px"> </div>as commencement and termination<div style="display:inline-block;width:3px"> </div>regions. In general, a larger<div style="display:inline-block;width:3px"> </div>cargo </div><div id="a24191" style="position:absolute;font-family:'Arial';left:57px;top:830px;">size is quoted<div style="display:inline-block;width:2px"> </div>at a lower<div style="display:inline-block;width:2px"> </div>rate per ton<div style="display:inline-block;width:2px"> </div>than a smaller<div style="display:inline-block;width:2px"> </div>cargo size.<div style="display:inline-block;width:3px"> </div>Routes with<div style="display:inline-block;width:3px"> </div>costly ports or<div style="display:inline-block;width:2px"> </div>canals generally </div><div id="a24193" style="position:absolute;font-family:'Arial';left:57px;top:846px;">command higher rates<div style="display:inline-block;width:6px"> </div>than routes<div style="display:inline-block;width:6px"> </div>with low port<div style="display:inline-block;width:6px"> </div>dues and<div style="display:inline-block;width:6px"> </div>no canals to<div style="display:inline-block;width:6px"> </div>transit. Voyages<div style="display:inline-block;width:6px"> </div>with a<div style="display:inline-block;width:6px"> </div>load port </div><div id="a24194" style="position:absolute;font-family:'Arial';left:57px;top:863px;">within a<div style="display:inline-block;width:2px"> </div>region that<div style="display:inline-block;width:2px"> </div>includes ports<div style="display:inline-block;width:2px"> </div>where vessels<div style="display:inline-block;width:2px"> </div>usually discharge<div style="display:inline-block;width:2px"> </div>cargo or<div style="display:inline-block;width:2px"> </div>a discharge<div style="display:inline-block;width:2px"> </div>port within<div style="display:inline-block;width:2px"> </div>a region </div><div id="a24196" style="position:absolute;font-family:'Arial';left:57px;top:880px;">with<div style="display:inline-block;width:6px"> </div>ports<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>load<div style="display:inline-block;width:6px"> </div>cargo<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>quoted<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>lower<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>because<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>voyages </div><div id="a24197" style="position:absolute;font-family:'Arial';left:57px;top:897px;">generally increase vessel utilization<div style="display:inline-block;width:3px"> </div>by reducing the unloaded portion<div style="display:inline-block;width:2px"> </div>(or ballast leg) that is<div style="display:inline-block;width:3px"> </div>included in the </div><div id="a24198" style="position:absolute;font-family:'Arial';left:57px;top:914px;">calculation of the return charter to a loading area. </div></div>
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<div id="Page51" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a24205" style="position:absolute;font-family:'Arial';left:390px;top:992px;">51 </div><div id="a24207" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Within the dry bulk shipping industry, the<div style="display:inline-block;width:5px"> </div>charter hire rate references, most likely to be monitored, are the </div><div id="a24208" style="position:absolute;font-family:'Arial';left:57px;top:93px;">freight rate indices<div style="display:inline-block;width:3px"> </div>issued by the<div style="display:inline-block;width:3px"> </div>Baltic Exchange. These<div style="display:inline-block;width:2px"> </div>references are based<div style="display:inline-block;width:2px"> </div>on actual charter<div style="display:inline-block;width:3px"> </div>hire rates </div><div id="a24209" style="position:absolute;font-family:'Arial';left:57px;top:110px;">under<div style="display:inline-block;width:6px"> </div>charters<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>participants<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>well<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>daily<div style="display:inline-block;width:6px"> </div>assessments<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Baltic </div><div id="a24211" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Exchange by a panel<div style="display:inline-block;width:3px"> </div>of major shipbrokers.<div style="display:inline-block;width:3px"> </div>The Baltic Panamax<div style="display:inline-block;width:3px"> </div>Index is the index<div style="display:inline-block;width:2px"> </div>with the longest<div style="display:inline-block;width:3px"> </div>history. </div><div id="a24212" style="position:absolute;font-family:'Arial';left:57px;top:143px;">The Baltic Capesize Index and Baltic Handymax Index are<div style="display:inline-block;width:3px"> </div>of more recent origin.<div style="display:inline-block;width:4px"> </div></div><div id="a24215" style="position:absolute;font-family:'Arial';left:57px;top:177px;">The Baltic Dry Index, or BDI, is a daily average of charter rates<div style="display:inline-block;width:5px"> </div>in 20 shipping routes measured on a time </div><div id="a24220" style="position:absolute;font-family:'Arial';left:57px;top:194px;">charter and voyage basis and covering Capesize, Panamax, Supramax, and Handysize dry<div style="display:inline-block;width:5px"> </div>bulk carriers. </div><div id="a24222" style="position:absolute;font-family:'Arial';left:57px;top:211px;">In 2024, the BDI ranged from a low of 976 to a high of 2,419 and closed<div style="display:inline-block;width:3px"> </div>at 1,635 on March 20, 2025. </div><div id="a24270" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:245px;">The Dry Bulk Shipping Industry </div><div id="a24273" style="position:absolute;font-family:'Arial';left:57px;top:280px;">The<div style="display:inline-block;width:7px"> </div>global<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>carrier<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>divided<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:7px"> </div>seven<div style="display:inline-block;width:6px"> </div>categories<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>vessel's<div style="display:inline-block;width:7px"> </div>carrying </div><div id="a24274" style="position:absolute;font-family:'Arial';left:57px;top:297px;">capacity. These categories consist of: </div><div id="a24277" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:337px;">●</div><div id="a24279" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:330px;">Very<div style="display:inline-block;width:6px"> </div>Large Ore<div style="display:inline-block;width:6px"> </div>Carriers</div><div id="a24280" style="position:absolute;font-family:'Arial';left:274px;top:330px;">.<div style="display:inline-block;width:11px"> </div>Very<div style="display:inline-block;width:6px"> </div>large ore<div style="display:inline-block;width:6px"> </div>carriers, or<div style="display:inline-block;width:6px"> </div>VLOCs, have<div style="display:inline-block;width:6px"> </div>a carrying<div style="display:inline-block;width:6px"> </div>capacity of<div style="display:inline-block;width:6px"> </div>more </div><div id="a24281" style="position:absolute;font-family:'Arial';left:105px;top:347px;">than 200,000 dwt and are a comparatively new sector of the dry bulk carrier fleet. VLOCs are built </div><div id="a24282" style="position:absolute;font-family:'Arial';left:105px;top:364px;">to exploit economies of scale on long-haul iron ore routes.<div style="display:inline-block;width:7px"> </div></div><div id="a24287" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:404px;">●</div><div id="a24289" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:398px;">Capesize</div><div id="a24290" style="position:absolute;font-family:'Arial';left:169px;top:398px;">.<div style="display:inline-block;width:10px"> </div>Capesize vessels<div style="display:inline-block;width:6px"> </div>have a<div style="display:inline-block;width:6px"> </div>carrying capacity<div style="display:inline-block;width:6px"> </div>of 110,000<div style="display:inline-block;width:2px"> </div>-199,999 dwt.<div style="display:inline-block;width:6px"> </div>Only the<div style="display:inline-block;width:6px"> </div>largest </div><div id="a24293" style="position:absolute;font-family:'Arial';left:105px;top:415px;">ports around the<div style="display:inline-block;width:6px"> </div>world possess the<div style="display:inline-block;width:6px"> </div>infrastructure to accommodate<div style="display:inline-block;width:6px"> </div>vessels of this<div style="display:inline-block;width:6px"> </div>size. Capesize </div><div id="a24294" style="position:absolute;font-family:'Arial';left:105px;top:432px;">vessels are<div style="display:inline-block;width:2px"> </div>primarily used<div style="display:inline-block;width:2px"> </div>to transport<div style="display:inline-block;width:2px"> </div>iron ore<div style="display:inline-block;width:2px"> </div>or coal<div style="display:inline-block;width:2px"> </div>and, to<div style="display:inline-block;width:2px"> </div>a much<div style="display:inline-block;width:2px"> </div>lesser extent,<div style="display:inline-block;width:2px"> </div>grains, primarily </div><div id="a24296" style="position:absolute;font-family:'Arial';left:105px;top:448px;">on long-haul routes.<div style="display:inline-block;width:4px"> </div></div><div id="a24301" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:488px;">●</div><div id="a24303" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:482px;">Post-Panamax</div><div id="a24306" style="position:absolute;font-family:'Arial';left:206px;top:482px;">.<div style="display:inline-block;width:10px"> </div>Post-Panamax vessels<div style="display:inline-block;width:6px"> </div>have a<div style="display:inline-block;width:6px"> </div>carrying capacity<div style="display:inline-block;width:6px"> </div>of 80,000-109,999<div style="display:inline-block;width:6px"> </div>dwt. These </div><div id="a24311" style="position:absolute;font-family:'Arial';left:105px;top:499px;">vessels tend<div style="display:inline-block;width:6px"> </div>to have<div style="display:inline-block;width:6px"> </div>a shallower<div style="display:inline-block;width:6px"> </div>draft and<div style="display:inline-block;width:6px"> </div>larger beam<div style="display:inline-block;width:6px"> </div>than a<div style="display:inline-block;width:6px"> </div>standard Panamax<div style="display:inline-block;width:6px"> </div>vessel with<div style="display:inline-block;width:6px"> </div>a </div><div id="a24312" style="position:absolute;font-family:'Arial';left:105px;top:516px;">higher<div style="display:inline-block;width:7px"> </div>cargo<div style="display:inline-block;width:7px"> </div>capacity.<div style="display:inline-block;width:8px"> </div>These<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>designed<div style="display:inline-block;width:7px"> </div>specifically<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>loading<div style="display:inline-block;width:7px"> </div>high<div style="display:inline-block;width:7px"> </div>cubic </div><div id="a24315" style="position:absolute;font-family:'Arial';left:105px;top:533px;">cargoes from draught restricted ports, although they cannot<div style="display:inline-block;width:3px"> </div>transit the Panama Canal.<div style="display:inline-block;width:4px"> </div></div><div id="a24318" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:573px;">●</div><div id="a24320" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:567px;">Panamax</div><div id="a24321" style="position:absolute;font-family:'Arial';left:169px;top:567px;">.<div style="display:inline-block;width:8px"> </div>Panamax vessels have a carrying capacity of 60,000-79,999 dwt. These vessels carry </div><div id="a24324" style="position:absolute;font-family:'Arial';left:105px;top:583px;">coal,<div style="display:inline-block;width:6px"> </div>iron ore,<div style="display:inline-block;width:7px"> </div>grains, and,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>lesser extent,<div style="display:inline-block;width:6px"> </div>minor<div style="display:inline-block;width:5px"> </div>bulks, including<div style="display:inline-block;width:6px"> </div>steel products,<div style="display:inline-block;width:7px"> </div>cement and </div><div id="a24325" style="position:absolute;font-family:'Arial';left:105px;top:600px;">fertilizers.<div style="display:inline-block;width:7px"> </div>Panamax<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>able<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>pass<div style="display:inline-block;width:7px"> </div>through<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Panama<div style="display:inline-block;width:7px"> </div>Canal,<div style="display:inline-block;width:7px"> </div>making<div style="display:inline-block;width:7px"> </div>them<div style="display:inline-block;width:7px"> </div>more </div><div id="a24328" style="position:absolute;font-family:'Arial';left:105px;top:617px;">versatile than<div style="display:inline-block;width:7px"> </div>larger vessels<div style="display:inline-block;width:6px"> </div>with regard<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>accessing different<div style="display:inline-block;width:7px"> </div>trade routes.<div style="display:inline-block;width:6px"> </div>Most Panamax<div style="display:inline-block;width:6px"> </div>and </div><div id="a24329" style="position:absolute;font-family:'Arial';left:105px;top:634px;">Post-Panamax<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>“gearless,”<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>therefore<div style="display:inline-block;width:8px"> </div>must<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:8px"> </div>served<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>shore-based<div style="display:inline-block;width:8px"> </div>cargo </div><div id="a24334" style="position:absolute;font-family:'Arial';left:105px;top:651px;">handling equipment. However, there are a small number of geared<div style="display:inline-block;width:3px"> </div>vessels with onboard cranes, a </div><div id="a24336" style="position:absolute;font-family:'Arial';left:105px;top:668px;">feature<div style="display:inline-block;width:10px"> </div>that<div style="display:inline-block;width:10px"> </div>enhances<div style="display:inline-block;width:10px"> </div>trading<div style="display:inline-block;width:10px"> </div>flexibility<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>enables<div style="display:inline-block;width:10px"> </div>operation<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>ports<div style="display:inline-block;width:10px"> </div>which<div style="display:inline-block;width:10px"> </div>have<div style="display:inline-block;width:10px"> </div>poor </div><div id="a24337" style="position:absolute;font-family:'Arial';left:105px;top:685px;">infrastructure in terms of loading and unloading facilities. </div><div id="a24340" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:725px;">●</div><div id="a24342" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:718px;">Ultramax</div><div id="a24343" style="position:absolute;font-family:'Arial';left:168px;top:718px;"><div style="display:inline-block;width:7px"> </div>Ultramax<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>largest<div style="display:inline-block;width:6px"> </div>class<div style="display:inline-block;width:6px"> </div>before<div style="display:inline-block;width:6px"> </div>Panamax<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>newer<div style="display:inline-block;width:6px"> </div>form<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>smaller </div><div id="a24345" style="position:absolute;font-family:'Arial';left:105px;top:735px;">Supramax with a<div style="display:inline-block;width:7px"> </div>maximum length<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>200 meters<div style="display:inline-block;width:7px"> </div>and capacity<div style="display:inline-block;width:6px"> </div>that ranges<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:5px"> </div>60,000 dwt<div style="display:inline-block;width:7px"> </div>and </div><div id="a24348" style="position:absolute;font-family:'Arial';left:105px;top:752px;">66,000 dwt. This class is considered an upgrade to Supramax class as it offers a better all-around </div><div id="a24352" style="position:absolute;font-family:'Arial';left:105px;top:769px;">investment<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>Charterers<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Shipowners<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>higher<div style="display:inline-block;width:6px"> </div>cargo<div style="display:inline-block;width:6px"> </div>carrying<div style="display:inline-block;width:6px"> </div>capacity<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>better </div><div id="a24353" style="position:absolute;font-family:'Arial';left:105px;top:786px;">bunker<div style="display:inline-block;width:6px"> </div>efficiency.<div style="display:inline-block;width:7px"> </div>Ultramax<div style="display:inline-block;width:5px"> </div>class<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carriers<div style="display:inline-block;width:5px"> </div>have<div style="display:inline-block;width:6px"> </div>5<div style="display:inline-block;width:6px"> </div>cargo<div style="display:inline-block;width:6px"> </div>holds.<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>fitted<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>4<div style="display:inline-block;width:6px"> </div>cranes<div style="display:inline-block;width:6px"> </div>and </div><div id="a24354" style="position:absolute;font-family:'Arial';left:105px;top:803px;">usually are equipped with grabs allowing<div style="display:inline-block;width:2px"> </div>them to call more ports with no such<div style="display:inline-block;width:3px"> </div>facilities giving them </div><div id="a24356" style="position:absolute;font-family:'Arial';left:105px;top:820px;">more versatility. </div><div id="a24359" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:859px;">●</div><div id="a24361" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:853px;">Handymax/Supramax</div><div id="a24362" style="position:absolute;font-family:'Arial';left:254px;top:853px;">.<div style="display:inline-block;width:8px"> </div>Handymax vessels have a carrying<div style="display:inline-block;width:3px"> </div>capacity of 40,000-59,999 dwt.<div style="display:inline-block;width:3px"> </div>These </div><div id="a24365" style="position:absolute;font-family:'Arial';left:105px;top:870px;">vessels<div style="display:inline-block;width:8px"> </div>operate<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>large<div style="display:inline-block;width:8px"> </div>number<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>geographically<div style="display:inline-block;width:7px"> </div>dispersed<div style="display:inline-block;width:8px"> </div>global<div style="display:inline-block;width:8px"> </div>trade<div style="display:inline-block;width:8px"> </div>routes,<div style="display:inline-block;width:8px"> </div>carrying </div><div id="a24366" style="position:absolute;font-family:'Arial';left:105px;top:887px;">primarily grains and minor<div style="display:inline-block;width:6px"> </div>bulks. Within the Handymax category<div style="display:inline-block;width:5px"> </div>there is also a<div style="display:inline-block;width:6px"> </div>sub-sector known </div><div id="a24370" style="position:absolute;font-family:'Arial';left:105px;top:904px;">as Supramax. Supramax<div style="display:inline-block;width:6px"> </div>bulk carriers are<div style="display:inline-block;width:6px"> </div>ships between 50,000<div style="display:inline-block;width:6px"> </div>to 59,999 dwt,<div style="display:inline-block;width:6px"> </div>normally offering </div><div id="a24371" style="position:absolute;font-family:'Arial';left:105px;top:921px;">cargo<div style="display:inline-block;width:6px"> </div>loading<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>unloading<div style="display:inline-block;width:6px"> </div>flexibility<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>on-board<div style="display:inline-block;width:6px"> </div>cranes,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>“gear,”<div style="display:inline-block;width:7px"> </div>while<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>same<div style="display:inline-block;width:6px"> </div>time </div><div id="a24374" style="position:absolute;font-family:'Arial';left:105px;top:938px;">possessing the cargo carrying capability approaching conventional<div style="display:inline-block;width:3px"> </div>Panamax bulk carriers.<div style="display:inline-block;width:3px"> </div></div></div>
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<div id="a24380" style="position:absolute;font-family:'Arial';left:390px;top:992px;">52 </div><div id="a24382" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:82px;">●</div><div id="a24384" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:105px;top:76px;">Handysize</div><div id="a24385" style="position:absolute;font-family:'Arial';font-style:italic;left:177px;top:76px;">.</div><div id="a24386" style="position:absolute;font-family:'Arial';left:181px;top:76px;"><div style="display:inline-block;width:10px"> </div>Handysize vessels have<div style="display:inline-block;width:6px"> </div>a carrying capacity<div style="display:inline-block;width:6px"> </div>of up<div style="display:inline-block;width:6px"> </div>to 39,999 dwt.<div style="display:inline-block;width:6px"> </div>These vessels are </div><div id="a24388" style="position:absolute;font-family:'Arial';left:105px;top:93px;">primarily<div style="display:inline-block;width:6px"> </div>involved<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>carrying<div style="display:inline-block;width:6px"> </div>minor<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>cargoes.<div style="display:inline-block;width:6px"> </div>Increasingly,<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>type<div style="display:inline-block;width:6px"> </div>operate<div style="display:inline-block;width:6px"> </div>within </div><div id="a24389" style="position:absolute;font-family:'Arial';left:105px;top:110px;">regional<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:6px"> </div>routes, and<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:6px"> </div>serve<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>trans-shipment<div style="display:inline-block;width:5px"> </div>feeders<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>larger vessels.<div style="display:inline-block;width:7px"> </div>Handysize </div><div id="a24393" style="position:absolute;font-family:'Arial';left:105px;top:126px;">vessels are well<div style="display:inline-block;width:6px"> </div>suited for small<div style="display:inline-block;width:6px"> </div>ports with length<div style="display:inline-block;width:6px"> </div>and draft restrictions.<div style="display:inline-block;width:6px"> </div>Their cargo gear<div style="display:inline-block;width:6px"> </div>enables </div><div id="a24394" style="position:absolute;font-family:'Arial';left:105px;top:143px;">them to service ports lacking the infrastructure for cargo loading and unloading. </div><div id="a24397" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Other size categories occur in regional trade,<div style="display:inline-block;width:3px"> </div>such as Kamsarmax, with a maximum length<div style="display:inline-block;width:3px"> </div>of 229 meters, </div><div id="a24431" style="position:absolute;font-family:'Arial';left:57px;top:194px;">the maximum<div style="display:inline-block;width:5px"> </div>length that can<div style="display:inline-block;width:6px"> </div>load in<div style="display:inline-block;width:5px"> </div>the port<div style="display:inline-block;width:5px"> </div>of Kamsar<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:5px"> </div>Republic of Guinea.<div style="display:inline-block;width:6px"> </div>Other terms<div style="display:inline-block;width:5px"> </div>such as </div><div id="a24471" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Seawaymax, Setouchmax, Dunkirkmax, and Newcastlemax also appear<div style="display:inline-block;width:3px"> </div>in regional trade. </div><div id="a24492" style="position:absolute;font-family:'Arial';left:57px;top:245px;">The supply<div style="display:inline-block;width:6px"> </div>of dry<div style="display:inline-block;width:6px"> </div>bulk carriers<div style="display:inline-block;width:6px"> </div>is dependent<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>delivery of<div style="display:inline-block;width:6px"> </div>new vessels<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>removal of<div style="display:inline-block;width:6px"> </div>vessels </div><div id="a24493" style="position:absolute;font-family:'Arial';left:57px;top:261px;">from the global fleet,<div style="display:inline-block;width:2px"> </div>either through scrapping<div style="display:inline-block;width:3px"> </div>or loss. The level<div style="display:inline-block;width:2px"> </div>of scrapping activity<div style="display:inline-block;width:3px"> </div>is generally a function </div><div id="a24494" style="position:absolute;font-family:'Arial';left:57px;top:278px;">of scrapping prices<div style="display:inline-block;width:6px"> </div>in relation to current<div style="display:inline-block;width:6px"> </div>and prospective charter market<div style="display:inline-block;width:6px"> </div>conditions, as well as<div style="display:inline-block;width:6px"> </div>operating, </div><div id="a24496" style="position:absolute;font-family:'Arial';left:57px;top:295px;">repair<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>survey<div style="display:inline-block;width:7px"> </div>costs.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:7px"> </div>age<div style="display:inline-block;width:6px"> </div>range<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:7px"> </div>scrapped<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:7px"> </div>between<div style="display:inline-block;width:7px"> </div>20<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>32<div style="display:inline-block;width:7px"> </div>years, </div><div id="a24499" style="position:absolute;font-family:'Arial';left:57px;top:312px;">depending on among others, the vessel type, the freight<div style="display:inline-block;width:3px"> </div>market conditions and regulatory requirements. </div><div id="a24503" style="position:absolute;font-family:'Arial';left:57px;top:346px;">The<div style="display:inline-block;width:8px"> </div>demand<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>dry<div style="display:inline-block;width:7px"> </div>bulk<div style="display:inline-block;width:7px"> </div>carrier<div style="display:inline-block;width:7px"> </div>capacity<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>determined<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>underlying<div style="display:inline-block;width:7px"> </div>demand<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>commodities </div><div id="a24504" style="position:absolute;font-family:'Arial';left:57px;top:363px;">transported in<div style="display:inline-block;width:6px"> </div>dry bulk carriers,<div style="display:inline-block;width:6px"> </div>which in turn<div style="display:inline-block;width:6px"> </div>is influenced by<div style="display:inline-block;width:6px"> </div>trends in<div style="display:inline-block;width:5px"> </div>the global<div style="display:inline-block;width:5px"> </div>economy.<div style="display:inline-block;width:6px"> </div>Demand for </div><div id="a24505" style="position:absolute;font-family:'Arial';left:57px;top:379px;">dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>carrier<div style="display:inline-block;width:6px"> </div>capacity<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>affected<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>efficiency<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>global<div style="display:inline-block;width:6px"> </div>fleet,<div style="display:inline-block;width:6px"> </div>along<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>port </div><div id="a24507" style="position:absolute;font-family:'Arial';left:57px;top:396px;">congestion, which has been a feature of the market since 2004,<div style="display:inline-block;width:5px"> </div>absorbing tonnage and therefore leading </div><div id="a24508" style="position:absolute;font-family:'Arial';left:57px;top:413px;">to a<div style="display:inline-block;width:2px"> </div>tighter balance<div style="display:inline-block;width:2px"> </div>between supply<div style="display:inline-block;width:2px"> </div>and demand.<div style="display:inline-block;width:2px"> </div>In evaluating<div style="display:inline-block;width:2px"> </div>demand factors<div style="display:inline-block;width:2px"> </div>for dry<div style="display:inline-block;width:2px"> </div>bulk carrier<div style="display:inline-block;width:2px"> </div>capacity, </div><div id="a24510" style="position:absolute;font-family:'Arial';left:57px;top:430px;">the Company believes that dry<div style="display:inline-block;width:2px"> </div>bulk carriers can be<div style="display:inline-block;width:3px"> </div>the most versatile element<div style="display:inline-block;width:3px"> </div>of the global shipping<div style="display:inline-block;width:3px"> </div>fleets </div><div id="a24511" style="position:absolute;font-family:'Arial';left:57px;top:447px;">in terms of employment alternatives.<div style="display:inline-block;width:3px"> </div></div><div id="a24514" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:481px;">Vessel Prices<div style="display:inline-block;width:5px"> </div></div><div id="a24517" style="position:absolute;font-family:'Arial';left:57px;top:516px;">Dry bulk<div style="display:inline-block;width:6px"> </div>vessel values in<div style="display:inline-block;width:6px"> </div>2024 generally were<div style="display:inline-block;width:6px"> </div>lower as<div style="display:inline-block;width:6px"> </div>compared to 2023.<div style="display:inline-block;width:6px"> </div>Consistent with these<div style="display:inline-block;width:6px"> </div>trends </div><div id="a24519" style="position:absolute;font-family:'Arial';left:57px;top:533px;">were the market<div style="display:inline-block;width:2px"> </div>values of our<div style="display:inline-block;width:2px"> </div>dry bulk carriers.<div style="display:inline-block;width:2px"> </div>As charter rates<div style="display:inline-block;width:2px"> </div>and vessel<div style="display:inline-block;width:3px"> </div>values decreased during<div style="display:inline-block;width:2px"> </div>2024, </div><div id="a24520" style="position:absolute;font-family:'Arial';left:57px;top:550px;">and<div style="display:inline-block;width:11px"> </div>continued to<div style="display:inline-block;width:6px"> </div>decrease in<div style="display:inline-block;width:6px"> </div>early 2025,<div style="display:inline-block;width:6px"> </div>there can<div style="display:inline-block;width:6px"> </div>be no<div style="display:inline-block;width:6px"> </div>assurance as<div style="display:inline-block;width:6px"> </div>to how<div style="display:inline-block;width:6px"> </div>long charter<div style="display:inline-block;width:6px"> </div>rates and </div><div id="a24522" style="position:absolute;font-family:'Arial';left:57px;top:567px;">vessel values will remain at their current levels or whether they will decrease or improve to any significant </div><div id="a24523" style="position:absolute;font-family:'Arial';left:57px;top:583px;">degree in the near future. </div><div id="a24526" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:617px;">Competition<div style="display:inline-block;width:9px"> </div></div><div id="a24529" style="position:absolute;font-family:'Arial';left:57px;top:652px;">Our business<div style="display:inline-block;width:6px"> </div>fluctuates in<div style="display:inline-block;width:6px"> </div>line with<div style="display:inline-block;width:6px"> </div>the main<div style="display:inline-block;width:6px"> </div>patterns of<div style="display:inline-block;width:6px"> </div>trade of<div style="display:inline-block;width:6px"> </div>the major<div style="display:inline-block;width:6px"> </div>dry bulk<div style="display:inline-block;width:6px"> </div>cargoes and<div style="display:inline-block;width:6px"> </div>varies </div><div id="a24531" style="position:absolute;font-family:'Arial';left:57px;top:669px;">according to<div style="display:inline-block;width:6px"> </div>changes in<div style="display:inline-block;width:6px"> </div>the supply<div style="display:inline-block;width:6px"> </div>and demand<div style="display:inline-block;width:6px"> </div>for these<div style="display:inline-block;width:6px"> </div>items. We<div style="display:inline-block;width:7px"> </div>operate in<div style="display:inline-block;width:6px"> </div>markets that<div style="display:inline-block;width:6px"> </div>are highly </div><div id="a24532" style="position:absolute;font-family:'Arial';left:57px;top:686px;">competitive and<div style="display:inline-block;width:6px"> </div>based primarily<div style="display:inline-block;width:6px"> </div>on supply<div style="display:inline-block;width:6px"> </div>and demand.<div style="display:inline-block;width:6px"> </div>We compete<div style="display:inline-block;width:6px"> </div>for charters<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>basis of<div style="display:inline-block;width:6px"> </div>price, </div><div id="a24533" style="position:absolute;font-family:'Arial';left:57px;top:703px;">vessel<div style="display:inline-block;width:6px"> </div>location,<div style="display:inline-block;width:6px"> </div>size,<div style="display:inline-block;width:6px"> </div>age<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>condition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>well<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>reputation<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>owner<div style="display:inline-block;width:6px"> </div>and </div><div id="a24536" style="position:absolute;font-family:'Arial';left:57px;top:720px;">operator. We<div style="display:inline-block;width:6px"> </div>compete with other owners of dry bulk carriers<div style="display:inline-block;width:5px"> </div>in the Panamax, Post-Panamax and smaller </div><div id="a24539" style="position:absolute;font-family:'Arial';left:57px;top:737px;">class<div style="display:inline-block;width:6px"> </div>sectors and<div style="display:inline-block;width:7px"> </div>with owners<div style="display:inline-block;width:7px"> </div>of Capesize<div style="display:inline-block;width:7px"> </div>and Newcastlemax<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:5px"> </div>bulk carriers.<div style="display:inline-block;width:7px"> </div>Ownership of<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:5px"> </div>bulk </div><div id="a24541" style="position:absolute;font-family:'Arial';left:57px;top:754px;">carriers is highly fragmented. </div><div id="a24544" style="position:absolute;font-family:'Arial';left:57px;top:787px;">We believe that we possess a number<div style="display:inline-block;width:3px"> </div>of strengths that provide us<div style="display:inline-block;width:3px"> </div>with a competitive advantage in<div style="display:inline-block;width:2px"> </div>the dry </div><div id="a24545" style="position:absolute;font-family:'Arial';left:57px;top:804px;">bulk shipping industry: </div><div id="a24547" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:838px;">● </div><div id="a24549" style="position:absolute;font-family:'Arial';font-style:italic;left:105px;top:832px;">We own<div style="display:inline-block;width:6px"> </div>a modern, high<div style="display:inline-block;width:6px"> </div>quality fleet of<div style="display:inline-block;width:6px"> </div>dry bulk carriers</div><div id="a24550" style="position:absolute;font-family:'Arial';left:470px;top:832px;">.<div style="display:inline-block;width:10px"> </div>We believe that<div style="display:inline-block;width:6px"> </div>owning a modern,<div style="display:inline-block;width:6px"> </div>high </div><div id="a24551" style="position:absolute;font-family:'Arial';left:105px;top:849px;">quality fleet<div style="display:inline-block;width:2px"> </div>reduces operating<div style="display:inline-block;width:2px"> </div>costs, improves<div style="display:inline-block;width:2px"> </div>safety and<div style="display:inline-block;width:2px"> </div>provides us<div style="display:inline-block;width:2px"> </div>with a<div style="display:inline-block;width:2px"> </div>competitive advantage </div><div id="a24552" style="position:absolute;font-family:'Arial';left:105px;top:866px;">in securing favorable time charters.<div style="display:inline-block;width:5px"> </div>We maintain the<div style="display:inline-block;width:5px"> </div>quality of our vessels by<div style="display:inline-block;width:6px"> </div>carrying out regular </div><div id="a24553" style="position:absolute;font-family:'Arial';left:105px;top:883px;">inspections, both while<div style="display:inline-block;width:2px"> </div>in port and<div style="display:inline-block;width:3px"> </div>at sea, and<div style="display:inline-block;width:3px"> </div>adopting a comprehensive<div style="display:inline-block;width:2px"> </div>maintenance program<div style="display:inline-block;width:3px"> </div>for </div><div id="a24555" style="position:absolute;font-family:'Arial';left:105px;top:899px;">each vessel. </div></div>
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<div id="a24559" style="position:absolute;font-family:'Arial';left:390px;top:992px;">53 </div><div id="a24561" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:82px;">● </div><div id="a24563" style="position:absolute;font-family:'Arial';font-style:italic;left:105px;top:76px;">Our fleet<div style="display:inline-block;width:6px"> </div>includes groups<div style="display:inline-block;width:6px"> </div>of sister<div style="display:inline-block;width:6px"> </div>ships.</div><div id="a24564" style="position:absolute;font-family:'Arial';left:372px;top:76px;"><div style="display:inline-block;width:10px"> </div>We believe<div style="display:inline-block;width:6px"> </div>that maintaining<div style="display:inline-block;width:6px"> </div>a fleet<div style="display:inline-block;width:6px"> </div>that includes<div style="display:inline-block;width:6px"> </div>sister </div><div id="a24566" style="position:absolute;font-family:'Arial';left:105px;top:93px;">ships enhances the revenue<div style="display:inline-block;width:6px"> </div>generating potential of our<div style="display:inline-block;width:6px"> </div>fleet by providing us<div style="display:inline-block;width:6px"> </div>with operational and </div><div id="a24567" style="position:absolute;font-family:'Arial';left:105px;top:110px;">scheduling flexibility.<div style="display:inline-block;width:6px"> </div>The uniform<div style="display:inline-block;width:5px"> </div>nature of sister<div style="display:inline-block;width:6px"> </div>ships also<div style="display:inline-block;width:5px"> </div>improves our operating<div style="display:inline-block;width:6px"> </div>efficiency by </div><div id="a24569" style="position:absolute;font-family:'Arial';left:105px;top:126px;">allowing our<div style="display:inline-block;width:6px"> </div>fleet managers<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>apply the<div style="display:inline-block;width:6px"> </div>technical knowledge<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>one vessel<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>all vessels<div style="display:inline-block;width:6px"> </div>of the </div><div id="a24570" style="position:absolute;font-family:'Arial';left:105px;top:143px;">same series<div style="display:inline-block;width:2px"> </div>and create<div style="display:inline-block;width:2px"> </div>economies of<div style="display:inline-block;width:2px"> </div>scale that<div style="display:inline-block;width:2px"> </div>enable us<div style="display:inline-block;width:2px"> </div>to realize<div style="display:inline-block;width:2px"> </div>cost savings<div style="display:inline-block;width:2px"> </div>when maintaining, </div><div id="a24571" style="position:absolute;font-family:'Arial';left:105px;top:160px;">supplying and crewing our vessels. </div><div id="a24573" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:194px;">● </div><div id="a24575" style="position:absolute;font-family:'Arial';font-style:italic;left:105px;top:188px;">We<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>experienced<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>team.<div style="display:inline-block;width:10px"> </div></div><div id="a24576" style="position:absolute;font-family:'Arial';left:421px;top:188px;">Our<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>team<div style="display:inline-block;width:6px"> </div>consists<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>experienced </div><div id="a24577" style="position:absolute;font-family:'Arial';left:105px;top:205px;">executives<div style="display:inline-block;width:6px"> </div>who<div style="display:inline-block;width:6px"> </div>have,<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>average,<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>30<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>experience<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>shipping </div><div id="a24579" style="position:absolute;font-family:'Arial';left:105px;top:222px;">industry and has demonstrated<div style="display:inline-block;width:2px"> </div>ability in managing<div style="display:inline-block;width:3px"> </div>the commercial, technical<div style="display:inline-block;width:2px"> </div>and financial areas of </div><div id="a24580" style="position:absolute;font-family:'Arial';left:105px;top:238px;">our business.</div><div id="a24582" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:272px;">● </div><div id="a24584" style="position:absolute;font-family:'Arial';left:105px;top:266px;">We benefit<div style="display:inline-block;width:3px"> </div>from the<div style="display:inline-block;width:2px"> </div>experience and<div style="display:inline-block;width:2px"> </div>reputation of<div style="display:inline-block;width:2px"> </div>Diana Shipping<div style="display:inline-block;width:2px"> </div>Services S.A.<div style="display:inline-block;width:2px"> </div>and the<div style="display:inline-block;width:2px"> </div>relationship </div><div id="a24585" style="position:absolute;font-family:'Arial';left:105px;top:283px;">with<div style="display:inline-block;width:7px"> </div>Wilhelmsen<div style="display:inline-block;width:7px"> </div>Ship<div style="display:inline-block;width:7px"> </div>Management<div style="display:inline-block;width:7px"> </div>through<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Wilhelmsen<div style="display:inline-block;width:7px"> </div>Management<div style="display:inline-block;width:7px"> </div>Limited<div style="display:inline-block;width:7px"> </div>joint </div><div id="a24586" style="position:absolute;font-family:'Arial';left:105px;top:300px;">venture. </div><div id="a24588" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:334px;">● </div><div id="a24590" style="position:absolute;font-family:'Arial';font-style:italic;left:105px;top:328px;">We<div style="display:inline-block;width:6px"> </div>benefit from<div style="display:inline-block;width:6px"> </div>strong relationships<div style="display:inline-block;width:6px"> </div>with members<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:7px"> </div>shipping and<div style="display:inline-block;width:6px"> </div>financial industries.</div><div id="a24591" style="position:absolute;font-family:'Arial';left:708px;top:328px;"><div style="display:inline-block;width:11px"> </div>We </div><div id="a24593" style="position:absolute;font-family:'Arial';left:105px;top:345px;">have developed strong relationships with major international charterers, shipbuilders and financial </div><div id="a24594" style="position:absolute;font-family:'Arial';left:105px;top:361px;">institutions<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>believe<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>result<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>quality<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>operations,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>strength<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our </div><div id="a24595" style="position:absolute;font-family:'Arial';left:105px;top:378px;">management team and our reputation for dependability. </div><div id="a24597" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:412px;">● </div><div id="a24599" style="position:absolute;font-family:'Arial';font-style:italic;left:105px;top:406px;">We have<div style="display:inline-block;width:6px"> </div>a strong<div style="display:inline-block;width:6px"> </div>balance sheet<div style="display:inline-block;width:6px"> </div>and a<div style="display:inline-block;width:6px"> </div>relatively low<div style="display:inline-block;width:6px"> </div>level of<div style="display:inline-block;width:6px"> </div>indebtedness.</div><div id="a24600" style="position:absolute;font-family:'Arial';left:602px;top:406px;"><div style="display:inline-block;width:10px"> </div>We believe<div style="display:inline-block;width:6px"> </div>that our </div><div id="a24602" style="position:absolute;font-family:'Arial';left:105px;top:423px;">strong<div style="display:inline-block;width:7px"> </div>balance<div style="display:inline-block;width:7px"> </div>sheet<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>relatively<div style="display:inline-block;width:7px"> </div>low<div style="display:inline-block;width:7px"> </div>level<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>indebtedness<div style="display:inline-block;width:7px"> </div>provide<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>flexibility<div style="display:inline-block;width:7px"> </div>to </div><div id="a24603" style="position:absolute;font-family:'Arial';left:105px;top:440px;">increase<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:7px"> </div>funds<div style="display:inline-block;width:5px"> </div>that<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:7px"> </div>draw under<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:5px"> </div>facilities in<div style="display:inline-block;width:7px"> </div>connection<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>any </div><div id="a24604" style="position:absolute;font-family:'Arial';left:105px;top:457px;">future acquisitions or otherwise and enable us to use cash flow that would otherwise be dedicated </div><div id="a24606" style="position:absolute;font-family:'Arial';left:105px;top:474px;">to debt service for other purposes.<div style="display:inline-block;width:3px"> </div></div><div id="a24609" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:514px;">Permits and Authorizations </div><div id="a24612" style="position:absolute;font-family:'Arial';left:57px;top:549px;">We<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:6px"> </div>required<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>various<div style="display:inline-block;width:6px"> </div>governmental<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>quasi-governmental<div style="display:inline-block;width:6px"> </div>agencies<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:6px"> </div>certain<div style="display:inline-block;width:6px"> </div>permits, </div><div id="a24616" style="position:absolute;font-family:'Arial';left:57px;top:566px;">licenses and<div style="display:inline-block;width:2px"> </div>certificates with<div style="display:inline-block;width:2px"> </div>respect to<div style="display:inline-block;width:3px"> </div>our vessels.<div style="display:inline-block;width:2px"> </div>The kinds<div style="display:inline-block;width:2px"> </div>of permits,<div style="display:inline-block;width:2px"> </div>licenses and<div style="display:inline-block;width:2px"> </div>certificates required </div><div id="a24617" style="position:absolute;font-family:'Arial';left:57px;top:583px;">depend upon<div style="display:inline-block;width:3px"> </div>several factors,<div style="display:inline-block;width:2px"> </div>including the<div style="display:inline-block;width:2px"> </div>commodity transported,<div style="display:inline-block;width:2px"> </div>the waters<div style="display:inline-block;width:3px"> </div>in which<div style="display:inline-block;width:2px"> </div>the vessel<div style="display:inline-block;width:3px"> </div>operates </div><div id="a24620" style="position:absolute;font-family:'Arial';left:57px;top:600px;">the<div style="display:inline-block;width:6px"> </div>nationality<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel's<div style="display:inline-block;width:6px"> </div>crew<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>age<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>permits, </div><div id="a24621" style="position:absolute;font-family:'Arial';left:57px;top:617px;">licenses and<div style="display:inline-block;width:2px"> </div>certificates currently<div style="display:inline-block;width:2px"> </div>required to<div style="display:inline-block;width:2px"> </div>permit our<div style="display:inline-block;width:2px"> </div>vessels to<div style="display:inline-block;width:2px"> </div>operate. Additional<div style="display:inline-block;width:2px"> </div>laws and<div style="display:inline-block;width:2px"> </div>regulations, </div><div id="a24623" style="position:absolute;font-family:'Arial';left:57px;top:634px;">environmental or<div style="display:inline-block;width:6px"> </div>otherwise, may<div style="display:inline-block;width:6px"> </div>be adopted<div style="display:inline-block;width:6px"> </div>which could<div style="display:inline-block;width:6px"> </div>limit our<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:6px"> </div>do business<div style="display:inline-block;width:6px"> </div>or increase<div style="display:inline-block;width:6px"> </div>the </div><div id="a24624" style="position:absolute;font-family:'Arial';left:57px;top:650px;">cost of us doing business. </div><div id="a24627" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:683px;">Disclosure Pursuant to Section 219 of the Iran Threat Reduction and<div style="display:inline-block;width:3px"> </div>Syrian Human Rights </div><div id="a24629" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:701px;">Act </div><div id="a24632" style="position:absolute;font-family:'Arial';left:57px;top:735px;">Section 219<div style="display:inline-block;width:5px"> </div>of the U.S.<div style="display:inline-block;width:6px"> </div>Iran Threat<div style="display:inline-block;width:5px"> </div>Reduction and Syria<div style="display:inline-block;width:6px"> </div>Human Rights Act<div style="display:inline-block;width:6px"> </div>of 2012,<div style="display:inline-block;width:6px"> </div>or the ITRA,<div style="display:inline-block;width:6px"> </div>added </div><div id="a24633" style="position:absolute;font-family:'Arial';left:57px;top:751px;">new Section<div style="display:inline-block;width:2px"> </div>13(r) to<div style="display:inline-block;width:2px"> </div>the U.S.<div style="display:inline-block;width:2px"> </div>Securities Exchange<div style="display:inline-block;width:2px"> </div>Act of<div style="display:inline-block;width:2px"> </div>1934, as<div style="display:inline-block;width:2px"> </div>amended, or<div style="display:inline-block;width:2px"> </div>the Exchange<div style="display:inline-block;width:2px"> </div>Act, requiring </div><div id="a24635" style="position:absolute;font-family:'Arial';left:57px;top:768px;">each SEC reporting issuer to disclose in its<div style="display:inline-block;width:3px"> </div>annual and, if applicable, quarterly reports<div style="display:inline-block;width:3px"> </div>whether it or any of </div><div id="a24636" style="position:absolute;font-family:'Arial';left:57px;top:785px;">its affiliates<div style="display:inline-block;width:6px"> </div>have knowingly<div style="display:inline-block;width:5px"> </div>engaged in<div style="display:inline-block;width:6px"> </div>certain activities,<div style="display:inline-block;width:6px"> </div>transactions or dealings<div style="display:inline-block;width:6px"> </div>relating to<div style="display:inline-block;width:6px"> </div>Iran or<div style="display:inline-block;width:6px"> </div>with </div><div id="a24638" style="position:absolute;font-family:'Arial';left:57px;top:802px;">the<div style="display:inline-block;width:7px"> </div>Government<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Iran<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>designated<div style="display:inline-block;width:6px"> </div>natural<div style="display:inline-block;width:7px"> </div>persons<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>entities<div style="display:inline-block;width:7px"> </div>involved<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>terrorism<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>the </div><div id="a24639" style="position:absolute;font-family:'Arial';left:57px;top:819px;">proliferation of weapons of mass destruction during the period<div style="display:inline-block;width:3px"> </div>covered by the report.<div style="display:inline-block;width:4px"> </div></div><div id="a24642" style="position:absolute;font-family:'Arial';left:57px;top:853px;">Pursuant to Section 13(r) of the Exchange Act, we note that none of our vessels made port calls to Iran in </div><div id="a24643" style="position:absolute;font-family:'Arial';left:57px;top:870px;">2024 and to the date of this annual report.<div style="display:inline-block;width:3px"> </div></div><div id="a24646" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:903px;">Environmental and Other Regulations in the Shipping Industry </div><div id="a24663" style="position:absolute;font-family:'Arial';left:57px;top:939px;">Government<div style="display:inline-block;width:6px"> </div>regulation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>laws<div style="display:inline-block;width:6px"> </div>significantly<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>ownership<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:7px"> </div>are </div><div id="a24693" style="position:absolute;font-family:'Arial';left:57px;top:956px;">subject to international conventions and treaties,<div style="display:inline-block;width:6px"> </div>national, state and local laws<div style="display:inline-block;width:6px"> </div>and regulations in force in </div></div>
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<div id="a24727" style="position:absolute;font-family:'Arial';left:390px;top:992px;">54 </div><div id="a24729" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the<div style="display:inline-block;width:8px"> </div>countries<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>operate<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:7px"> </div>relating<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>safety<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>health<div style="display:inline-block;width:7px"> </div>and </div><div id="a24763" style="position:absolute;font-family:'Arial';left:57px;top:93px;">environmental<div style="display:inline-block;width:8px"> </div>protection<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>storage,<div style="display:inline-block;width:8px"> </div>handling,<div style="display:inline-block;width:8px"> </div>emission,<div style="display:inline-block;width:8px"> </div>transportation<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>discharge<div style="display:inline-block;width:8px"> </div>of </div><div id="a24785" style="position:absolute;font-family:'Arial';left:57px;top:110px;">hazardous and non-hazardous materials, and the remediation of contamination and liability<div style="display:inline-block;width:3px"> </div>for damage to </div><div id="a24815" style="position:absolute;font-family:'Arial';left:57px;top:126px;">natural<div style="display:inline-block;width:7px"> </div>resources.<div style="display:inline-block;width:7px"> </div>Compliance<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>laws,<div style="display:inline-block;width:7px"> </div>regulations<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:7px"> </div>entails<div style="display:inline-block;width:7px"> </div>significant </div><div id="a24839" style="position:absolute;font-family:'Arial';left:57px;top:143px;">expense, including vessel modifications and implementation of certain<div style="display:inline-block;width:3px"> </div>operating procedures. </div><div id="a24860" style="position:absolute;font-family:'Arial';left:57px;top:177px;">A<div style="display:inline-block;width:7px"> </div>variety<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>government<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>private<div style="display:inline-block;width:7px"> </div>entities<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>both<div style="display:inline-block;width:7px"> </div>scheduled<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>unscheduled </div><div id="a24890" style="position:absolute;font-family:'Arial';left:57px;top:194px;">inspections.<div style="display:inline-block;width:5px"> </div>These entities<div style="display:inline-block;width:7px"> </div>include the<div style="display:inline-block;width:7px"> </div>local port<div style="display:inline-block;width:7px"> </div>authorities (applicable<div style="display:inline-block;width:7px"> </div>national authorities<div style="display:inline-block;width:7px"> </div>such as<div style="display:inline-block;width:7px"> </div>the </div><div id="a24918" style="position:absolute;font-family:'Arial';left:57px;top:211px;">United<div style="display:inline-block;width:7px"> </div>States<div style="display:inline-block;width:7px"> </div>Coast<div style="display:inline-block;width:7px"> </div>Guard (“USCG”),<div style="display:inline-block;width:7px"> </div>harbor<div style="display:inline-block;width:7px"> </div>master<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>equivalent),<div style="display:inline-block;width:7px"> </div>classification<div style="display:inline-block;width:7px"> </div>societies,<div style="display:inline-block;width:6px"> </div>flag<div style="display:inline-block;width:7px"> </div>state </div><div id="a24944" style="position:absolute;font-family:'Arial';left:57px;top:228px;">administrations<div style="display:inline-block;width:7px"> </div>(countries<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>registry)<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>charterers,<div style="display:inline-block;width:7px"> </div>particularly<div style="display:inline-block;width:7px"> </div>terminal<div style="display:inline-block;width:7px"> </div>operators.<div style="display:inline-block;width:7px"> </div>Certain<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>these </div><div id="a24968" style="position:absolute;font-family:'Arial';left:57px;top:245px;">entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our </div><div id="a25000" style="position:absolute;font-family:'Arial';left:57px;top:261px;">vessels. Failure to maintain<div style="display:inline-block;width:6px"> </div>necessary permits or approvals<div style="display:inline-block;width:6px"> </div>could require us to<div style="display:inline-block;width:6px"> </div>incur substantial costs or </div><div id="a25032" style="position:absolute;font-family:'Arial';left:57px;top:278px;">result in the temporary suspension of the operation of one or more<div style="display:inline-block;width:3px"> </div>of our vessels. </div><div id="a25063" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Increasing<div style="display:inline-block;width:10px"> </div>environmental<div style="display:inline-block;width:10px"> </div>concerns<div style="display:inline-block;width:10px"> </div>have<div style="display:inline-block;width:10px"> </div>created<div style="display:inline-block;width:10px"> </div>a<div style="display:inline-block;width:10px"> </div>demand<div style="display:inline-block;width:10px"> </div>for<div style="display:inline-block;width:10px"> </div>vessels<div style="display:inline-block;width:10px"> </div>that<div style="display:inline-block;width:10px"> </div>conform<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>stricter </div><div id="a25089" style="position:absolute;font-family:'Arial';left:57px;top:329px;">environmental<div style="display:inline-block;width:7px"> </div>standards.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>maintain<div style="display:inline-block;width:7px"> </div>operating<div style="display:inline-block;width:6px"> </div>standards<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:6px"> </div>that </div><div id="a25119" style="position:absolute;font-family:'Arial';left:57px;top:346px;">emphasize<div style="display:inline-block;width:7px"> </div>operational<div style="display:inline-block;width:6px"> </div>safety,<div style="display:inline-block;width:8px"> </div>quality<div style="display:inline-block;width:6px"> </div>maintenance,<div style="display:inline-block;width:7px"> </div>continuous<div style="display:inline-block;width:6px"> </div>training<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>officers<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>crews<div style="display:inline-block;width:7px"> </div>and </div><div id="a25145" style="position:absolute;font-family:'Arial';left:57px;top:363px;">compliance with United States and international regulations. We<div style="display:inline-block;width:6px"> </div>believe that the operation of<div style="display:inline-block;width:6px"> </div>our vessels </div><div id="a25175" style="position:absolute;font-family:'Arial';left:57px;top:379px;">is in substantial compliance with applicable environmental<div style="display:inline-block;width:3px"> </div>laws and regulations and that our vessels have </div><div id="a25205" style="position:absolute;font-family:'Arial';left:57px;top:396px;">all<div style="display:inline-block;width:8px"> </div>material<div style="display:inline-block;width:8px"> </div>permits,<div style="display:inline-block;width:8px"> </div>licenses,<div style="display:inline-block;width:8px"> </div>certificates<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>authorizations<div style="display:inline-block;width:8px"> </div>necessary<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>conduct<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>our </div><div id="a25233" style="position:absolute;font-family:'Arial';left:57px;top:413px;">operations. However, because such laws and regulations frequently<div style="display:inline-block;width:3px"> </div>change and may impose increasingly </div><div id="a25259" style="position:absolute;font-family:'Arial';left:57px;top:430px;">stricter<div style="display:inline-block;width:6px"> </div>requirements,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>cannot<div style="display:inline-block;width:6px"> </div>predict<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>ultimate<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>complying with<div style="display:inline-block;width:7px"> </div>these<div style="display:inline-block;width:6px"> </div>requirements,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the </div><div id="a25289" style="position:absolute;font-family:'Arial';left:57px;top:447px;">impact of these requirements<div style="display:inline-block;width:2px"> </div>on the resale value<div style="display:inline-block;width:2px"> </div>or useful lives of<div style="display:inline-block;width:2px"> </div>our vessels. In<div style="display:inline-block;width:3px"> </div>addition, a future<div style="display:inline-block;width:3px"> </div>serious </div><div id="a25327" style="position:absolute;font-family:'Arial';left:57px;top:464px;">marine incident that causes<div style="display:inline-block;width:5px"> </div>significant adverse environmental impact could result<div style="display:inline-block;width:6px"> </div>in additional legislation </div><div id="a25353" style="position:absolute;font-family:'Arial';left:57px;top:481px;">or regulation that could negatively affect our profitability. </div><div id="a25370" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:514px;">International Maritime Organization </div><div id="a25377" style="position:absolute;font-family:'Arial';left:57px;top:548px;">The International Maritime<div style="display:inline-block;width:3px"> </div>Organization, the United<div style="display:inline-block;width:3px"> </div>Nations agency for<div style="display:inline-block;width:3px"> </div>maritime safety and the<div style="display:inline-block;width:2px"> </div>prevention </div><div id="a25405" style="position:absolute;font-family:'Arial';left:57px;top:565px;">of pollution<div style="display:inline-block;width:3px"> </div>by vessels (the “IMO”),<div style="display:inline-block;width:2px"> </div>has adopted<div style="display:inline-block;width:2px"> </div>the International<div style="display:inline-block;width:2px"> </div>Convention for<div style="display:inline-block;width:2px"> </div>the Prevention<div style="display:inline-block;width:3px"> </div>of Pollution </div><div id="a25437" style="position:absolute;font-family:'Arial';left:57px;top:582px;">from Ships, 1973, as modified<div style="display:inline-block;width:2px"> </div>by the Protocol of<div style="display:inline-block;width:3px"> </div>1978 relating thereto, collectively<div style="display:inline-block;width:3px"> </div>referred to as MARPOL </div><div id="a25471" style="position:absolute;font-family:'Arial';left:57px;top:599px;">73/78 and<div style="display:inline-block;width:3px"> </div>herein as “MARPOL,”<div style="display:inline-block;width:2px"> </div>the International<div style="display:inline-block;width:2px"> </div>Convention for<div style="display:inline-block;width:2px"> </div>the Safety<div style="display:inline-block;width:2px"> </div>of Life<div style="display:inline-block;width:3px"> </div>at Sea<div style="display:inline-block;width:2px"> </div>of 1974 (“SOLAS </div><div id="a25507" style="position:absolute;font-family:'Arial';left:57px;top:616px;">Convention”), and<div style="display:inline-block;width:7px"> </div>the International<div style="display:inline-block;width:6px"> </div>Convention on<div style="display:inline-block;width:7px"> </div>Load Lines<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>1966 (the<div style="display:inline-block;width:6px"> </div>“LL<div style="display:inline-block;width:5px"> </div>Convention”). MARPOL </div><div id="a25535" style="position:absolute;font-family:'Arial';left:57px;top:632px;">establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air </div><div id="a25561" style="position:absolute;font-family:'Arial';left:57px;top:649px;">emissions, handling and<div style="display:inline-block;width:5px"> </div>disposal of noxious<div style="display:inline-block;width:6px"> </div>liquids and the<div style="display:inline-block;width:6px"> </div>handling of harmful<div style="display:inline-block;width:6px"> </div>substances in packaged </div><div id="a25591" style="position:absolute;font-family:'Arial';left:57px;top:666px;">forms.<div style="display:inline-block;width:9px"> </div>MARPOL is<div style="display:inline-block;width:6px"> </div>applicable to<div style="display:inline-block;width:6px"> </div>drybulk, tanker<div style="display:inline-block;width:6px"> </div>and LNG carriers,<div style="display:inline-block;width:6px"> </div>among other<div style="display:inline-block;width:6px"> </div>vessels, and<div style="display:inline-block;width:6px"> </div>is broken </div><div id="a25624" style="position:absolute;font-family:'Arial';left:57px;top:683px;">into six Annexes, each<div style="display:inline-block;width:6px"> </div>of which regulates a<div style="display:inline-block;width:6px"> </div>different source of pollution.<div style="display:inline-block;width:6px"> </div>Annex I relates to<div style="display:inline-block;width:6px"> </div>oil leakage or </div><div id="a25653" style="position:absolute;font-family:'Arial';left:57px;top:700px;">spilling;<div style="display:inline-block;width:6px"> </div>Annexes<div style="display:inline-block;width:6px"> </div>II<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>III<div style="display:inline-block;width:6px"> </div>relate<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>harmful<div style="display:inline-block;width:6px"> </div>substances<div style="display:inline-block;width:6px"> </div>carried<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>liquid<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>packaged<div style="display:inline-block;width:6px"> </div>form, </div><div id="a25690" style="position:absolute;font-family:'Arial';left:57px;top:717px;">respectively; Annexes IV and<div style="display:inline-block;width:6px"> </div>V relate to<div style="display:inline-block;width:5px"> </div>sewage and garbage management, respectively;<div style="display:inline-block;width:5px"> </div>and Annex VI, </div><div id="a25720" style="position:absolute;font-family:'Arial';left:57px;top:734px;">lastly,<div style="display:inline-block;width:6px"> </div>relates to air<div style="display:inline-block;width:6px"> </div>emissions. Annex VI was<div style="display:inline-block;width:6px"> </div>separately adopted by the<div style="display:inline-block;width:6px"> </div>IMO in September<div style="display:inline-block;width:6px"> </div>of 1997; new </div><div id="a25756" style="position:absolute;font-family:'Arial';left:57px;top:751px;">emissions standards, titled IMO-2020, took effect on January 1, 2020. </div><div id="a25779" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:784px;">Air Emissions </div><div id="a25784" style="position:absolute;font-family:'Arial';left:57px;top:818px;">In<div style="display:inline-block;width:6px"> </div>September<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>1997,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>IMO<div style="display:inline-block;width:6px"> </div>adopted<div style="display:inline-block;width:6px"> </div>Annex<div style="display:inline-block;width:6px"> </div>VI<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>MARPOL<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>address<div style="display:inline-block;width:6px"> </div>air<div style="display:inline-block;width:6px"> </div>pollution<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>vessels. </div><div id="a25818" style="position:absolute;font-family:'Arial';left:57px;top:835px;">Effective May 2005, Annex VI sets limits<div style="display:inline-block;width:3px"> </div>on sulfur oxide and nitrogen oxide<div style="display:inline-block;width:2px"> </div>emissions from all commercial </div><div id="a25852" style="position:absolute;font-family:'Arial';left:57px;top:852px;">vessel exhausts and prohibits<div style="display:inline-block;width:6px"> </div>“deliberate emissions” of ozone depleting<div style="display:inline-block;width:6px"> </div>substances (such as halons<div style="display:inline-block;width:5px"> </div>and </div><div id="a25880" style="position:absolute;font-family:'Arial';left:57px;top:869px;">chlorofluorocarbons), emissions of<div style="display:inline-block;width:3px"> </div>volatile compounds from<div style="display:inline-block;width:3px"> </div>cargo tanks, and<div style="display:inline-block;width:3px"> </div>the shipboard incineration<div style="display:inline-block;width:3px"> </div>of </div><div id="a25906" style="position:absolute;font-family:'Arial';left:57px;top:885px;">specific substances.<div style="display:inline-block;width:6px"> </div>Annex VI<div style="display:inline-block;width:7px"> </div>also includes<div style="display:inline-block;width:6px"> </div>a global<div style="display:inline-block;width:6px"> </div>cap on<div style="display:inline-block;width:7px"> </div>the sulfur<div style="display:inline-block;width:6px"> </div>content of<div style="display:inline-block;width:6px"> </div>fuel<div style="display:inline-block;width:5px"> </div>oil and<div style="display:inline-block;width:6px"> </div>allows for </div><div id="a25944" style="position:absolute;font-family:'Arial';left:57px;top:902px;">special<div style="display:inline-block;width:10px"> </div>areas<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>be<div style="display:inline-block;width:10px"> </div>established<div style="display:inline-block;width:10px"> </div>with<div style="display:inline-block;width:10px"> </div>more<div style="display:inline-block;width:10px"> </div>stringent<div style="display:inline-block;width:10px"> </div>controls<div style="display:inline-block;width:10px"> </div>on<div style="display:inline-block;width:10px"> </div>sulfur<div style="display:inline-block;width:10px"> </div>emissions,<div style="display:inline-block;width:10px"> </div>as<div style="display:inline-block;width:10px"> </div>explained </div><div id="a25972" style="position:absolute;font-family:'Arial';left:57px;top:919px;">below.<div style="display:inline-block;width:11px"> </div>Emissions of<div style="display:inline-block;width:7px"> </div>“volatile<div style="display:inline-block;width:5px"> </div>organic<div style="display:inline-block;width:6px"> </div>compounds” from<div style="display:inline-block;width:7px"> </div>certain vessels,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>shipboard<div style="display:inline-block;width:6px"> </div>incineration </div><div id="a25999" style="position:absolute;font-family:'Arial';left:57px;top:936px;">(from incinerators<div style="display:inline-block;width:2px"> </div>installed after<div style="display:inline-block;width:2px"> </div>January 1,<div style="display:inline-block;width:2px"> </div>2000) of<div style="display:inline-block;width:2px"> </div>certain substances<div style="display:inline-block;width:2px"> </div>(such as<div style="display:inline-block;width:2px"> </div>polychlorinated biphenyls, </div></div>
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<div id="a26029" style="position:absolute;font-family:'Arial';left:390px;top:992px;">55 </div><div id="a26031" style="position:absolute;font-family:'Arial';left:57px;top:76px;">or<div style="display:inline-block;width:7px"> </div>“PCBs”)<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:6px"> </div>prohibited.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:7px"> </div>believe<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>currently<div style="display:inline-block;width:6px"> </div>compliant<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:6px"> </div>material </div><div id="a26065" style="position:absolute;font-family:'Arial';left:57px;top:93px;">respects with these regulations. </div><div id="a26074" style="position:absolute;font-family:'Arial';left:57px;top:126px;">The Marine Environment Protection Committee, or<div style="display:inline-block;width:5px"> </div>“MEPC”, adopted amendments to Annex VI<div style="display:inline-block;width:5px"> </div>regarding </div><div id="a26100" style="position:absolute;font-family:'Arial';left:57px;top:143px;">emissions of<div style="display:inline-block;width:2px"> </div>sulfur oxide,<div style="display:inline-block;width:2px"> </div>nitrogen oxide,<div style="display:inline-block;width:2px"> </div>particulate matter<div style="display:inline-block;width:2px"> </div>and ozone<div style="display:inline-block;width:2px"> </div>depleting substances,<div style="display:inline-block;width:2px"> </div>which entered </div><div id="a26128" style="position:absolute;font-family:'Arial';left:57px;top:160px;">into force on<div style="display:inline-block;width:6px"> </div>July 1, 2010.<div style="display:inline-block;width:10px"> </div>The amended Annex VI<div style="display:inline-block;width:6px"> </div>seeks to further<div style="display:inline-block;width:5px"> </div>reduce air pollution by,<div style="display:inline-block;width:7px"> </div>among other </div><div id="a26167" style="position:absolute;font-family:'Arial';left:57px;top:177px;">things, implementing<div style="display:inline-block;width:2px"> </div>a progressive<div style="display:inline-block;width:2px"> </div>reduction of<div style="display:inline-block;width:2px"> </div>the amount<div style="display:inline-block;width:2px"> </div>of sulfur<div style="display:inline-block;width:3px"> </div>contained in<div style="display:inline-block;width:2px"> </div>any fuel<div style="display:inline-block;width:3px"> </div>oil used<div style="display:inline-block;width:2px"> </div>on board </div><div id="a26203" style="position:absolute;font-family:'Arial';left:57px;top:194px;">ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global<div style="display:inline-block;width:3px"> </div>0.5% m/m sulfur </div><div id="a26241" style="position:absolute;font-family:'Arial';left:57px;top:211px;">oxide emissions limit<div style="display:inline-block;width:6px"> </div>(reduced from 3.50%)<div style="display:inline-block;width:6px"> </div>starting from January<div style="display:inline-block;width:6px"> </div>1, 2020.<div style="display:inline-block;width:9px"> </div>This limitation can<div style="display:inline-block;width:6px"> </div>be met by </div><div id="a26276" style="position:absolute;font-family:'Arial';left:57px;top:228px;">using<div style="display:inline-block;width:5px"> </div>low-sulfur compliant fuel<div style="display:inline-block;width:6px"> </div>oil, alternative<div style="display:inline-block;width:6px"> </div>fuels,<div style="display:inline-block;width:5px"> </div>or<div style="display:inline-block;width:5px"> </div>certain exhaust<div style="display:inline-block;width:7px"> </div>gas cleaning<div style="display:inline-block;width:7px"> </div>systems. Ships<div style="display:inline-block;width:6px"> </div>are </div><div id="a26308" style="position:absolute;font-family:'Arial';left:57px;top:245px;">now required<div style="display:inline-block;width:2px"> </div>to obtain<div style="display:inline-block;width:2px"> </div>bunker delivery<div style="display:inline-block;width:2px"> </div>notes and<div style="display:inline-block;width:2px"> </div>International Air<div style="display:inline-block;width:2px"> </div>Pollution Prevention (“IAPP”)<div style="display:inline-block;width:2px"> </div>Certificates </div><div id="a26336" style="position:absolute;font-family:'Arial';left:57px;top:261px;">from their<div style="display:inline-block;width:6px"> </div>flag states<div style="display:inline-block;width:6px"> </div>that specify<div style="display:inline-block;width:6px"> </div>sulfur content.<div style="display:inline-block;width:9px"> </div>Additionally,<div style="display:inline-block;width:6px"> </div>at MEPC<div style="display:inline-block;width:6px"> </div>73, amendments<div style="display:inline-block;width:6px"> </div>to Annex<div style="display:inline-block;width:6px"> </div>VI to </div><div id="a26370" style="position:absolute;font-family:'Arial';left:57px;top:278px;">prohibit the carriage of bunkers<div style="display:inline-block;width:5px"> </div>above 0.5% sulfur on ships were<div style="display:inline-block;width:6px"> </div>adopted and took effect March<div style="display:inline-block;width:5px"> </div>1, 2020, </div><div id="a26406" style="position:absolute;font-family:'Arial';left:57px;top:295px;">with the exception of<div style="display:inline-block;width:2px"> </div>vessels fitted with exhaust<div style="display:inline-block;width:2px"> </div>gas cleaning equipment<div style="display:inline-block;width:2px"> </div>(“scrubbers”) which can<div style="display:inline-block;width:3px"> </div>carry fuel </div><div id="a26438" style="position:absolute;font-family:'Arial';left:57px;top:312px;">of<div style="display:inline-block;width:5px"> </div>higher sulfur<div style="display:inline-block;width:7px"> </div>content.<div style="display:inline-block;width:9px"> </div>These regulations<div style="display:inline-block;width:6px"> </div>subject ocean-going<div style="display:inline-block;width:6px"> </div>vessels to<div style="display:inline-block;width:7px"> </div>stringent emissions<div style="display:inline-block;width:6px"> </div>controls </div><div id="a26467" style="position:absolute;font-family:'Arial';left:57px;top:329px;">and may cause us to incur substantial costs. </div><div id="a26484" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Sulfur<div style="display:inline-block;width:7px"> </div>content<div style="display:inline-block;width:6px"> </div>standards<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>even<div style="display:inline-block;width:7px"> </div>stricter<div style="display:inline-block;width:7px"> </div>within<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>“Emission<div style="display:inline-block;width:7px"> </div>Control<div style="display:inline-block;width:7px"> </div>Areas,”<div style="display:inline-block;width:7px"> </div>or (“ECAs”).<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:7px"> </div>of </div><div id="a26514" style="position:absolute;font-family:'Arial';left:57px;top:379px;">January 1, 2015,<div style="display:inline-block;width:2px"> </div>ships operating<div style="display:inline-block;width:3px"> </div>within an<div style="display:inline-block;width:3px"> </div>ECA were<div style="display:inline-block;width:3px"> </div>not permitted<div style="display:inline-block;width:3px"> </div>to use fuel<div style="display:inline-block;width:2px"> </div>with sulfur content<div style="display:inline-block;width:2px"> </div>in excess </div><div id="a26552" style="position:absolute;font-family:'Arial';left:57px;top:396px;">of 0.1%<div style="display:inline-block;width:6px"> </div>m/m. Amended Annex<div style="display:inline-block;width:6px"> </div>VI establishes procedures<div style="display:inline-block;width:6px"> </div>for designating new<div style="display:inline-block;width:6px"> </div>ECAs. Currently,<div style="display:inline-block;width:6px"> </div>the IMO </div><div id="a26582" style="position:absolute;font-family:'Arial';left:57px;top:413px;">has designated<div style="display:inline-block;width:6px"> </div>four ECAs,<div style="display:inline-block;width:6px"> </div>including specified<div style="display:inline-block;width:6px"> </div>portions of<div style="display:inline-block;width:6px"> </div>the Baltic<div style="display:inline-block;width:6px"> </div>Sea area,<div style="display:inline-block;width:6px"> </div>Mediterranean Sea<div style="display:inline-block;width:6px"> </div>area, </div><div id="a26612" style="position:absolute;font-family:'Arial';left:57px;top:430px;">North Sea area, North American area and United States Caribbean<div style="display:inline-block;width:3px"> </div>area. The Mediterranean </div><div id="a26638" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Sea became<div style="display:inline-block;width:6px"> </div>an ECA<div style="display:inline-block;width:6px"> </div>on May<div style="display:inline-block;width:6px"> </div>1, 2024,<div style="display:inline-block;width:6px"> </div>and compliance obligations<div style="display:inline-block;width:6px"> </div>will begin<div style="display:inline-block;width:6px"> </div>May 1,<div style="display:inline-block;width:6px"> </div>2025. Ocean-going </div><div id="a26674" style="position:absolute;font-family:'Arial';left:57px;top:464px;">vessels in these areas<div style="display:inline-block;width:5px"> </div>will be subject to stringent emission<div style="display:inline-block;width:6px"> </div>controls and may cause us<div style="display:inline-block;width:5px"> </div>to incur additional </div><div id="a26710" style="position:absolute;font-family:'Arial';left:57px;top:481px;">costs. Other areas in<div style="display:inline-block;width:6px"> </div>China are subject to<div style="display:inline-block;width:6px"> </div>local regulations that impose stricter<div style="display:inline-block;width:6px"> </div>emission controls. In July </div><div id="a26741" style="position:absolute;font-family:'Arial';left:57px;top:498px;">2023, MEPC<div style="display:inline-block;width:3px"> </div>80 announced<div style="display:inline-block;width:2px"> </div>three new<div style="display:inline-block;width:3px"> </div>ECA proposals,<div style="display:inline-block;width:2px"> </div>including the<div style="display:inline-block;width:2px"> </div>Canadian Arctic<div style="display:inline-block;width:2px"> </div>waters and<div style="display:inline-block;width:2px"> </div>the North-</div><div id="a26743" style="position:absolute;font-family:'Arial';left:57px;top:514px;">East<div style="display:inline-block;width:6px"> </div>Atlantic<div style="display:inline-block;width:5px"> </div>Ocean,<div style="display:inline-block;width:6px"> </div>which were<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>draft<div style="display:inline-block;width:6px"> </div>amendments<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>Annex<div style="display:inline-block;width:5px"> </div>IV<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:5px"> </div>enter<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>force<div style="display:inline-block;width:6px"> </div>in </div><div id="a26748" style="position:absolute;font-family:'Arial';left:57px;top:531px;">March 2026. If other ECAs are approved<div style="display:inline-block;width:3px"> </div>by the IMO, or other new or<div style="display:inline-block;width:2px"> </div>more stringent requirements relating </div><div id="a26782" style="position:absolute;font-family:'Arial';left:57px;top:548px;">to<div style="display:inline-block;width:9px"> </div>emissions<div style="display:inline-block;width:9px"> </div>from<div style="display:inline-block;width:9px"> </div>marine<div style="display:inline-block;width:9px"> </div>diesel<div style="display:inline-block;width:9px"> </div>engines<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>port<div style="display:inline-block;width:9px"> </div>operations<div style="display:inline-block;width:9px"> </div>by<div style="display:inline-block;width:9px"> </div>vessels<div style="display:inline-block;width:9px"> </div>are<div style="display:inline-block;width:9px"> </div>adopted<div style="display:inline-block;width:9px"> </div>by<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>U.S. </div><div id="a26814" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Environmental<div style="display:inline-block;width:9px"> </div>Protection<div style="display:inline-block;width:9px"> </div>Agency (“EPA”)<div style="display:inline-block;width:10px"> </div>or<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>states<div style="display:inline-block;width:9px"> </div>where<div style="display:inline-block;width:9px"> </div>we<div style="display:inline-block;width:9px"> </div>operate,<div style="display:inline-block;width:9px"> </div>compliance<div style="display:inline-block;width:9px"> </div>with<div style="display:inline-block;width:9px"> </div>these </div><div id="a26840" style="position:absolute;font-family:'Arial';left:57px;top:582px;">regulations could entail significant capital expenditures or otherwise increase<div style="display:inline-block;width:3px"> </div>the costs of our operations. </div><div id="a26869" style="position:absolute;font-family:'Arial';left:57px;top:616px;">Amended Annex VI also established<div style="display:inline-block;width:5px"> </div>new tiers of stringent nitrogen oxide emissions<div style="display:inline-block;width:6px"> </div>standards for marine </div><div id="a26900" style="position:absolute;font-family:'Arial';left:57px;top:632px;">diesel engines, depending<div style="display:inline-block;width:2px"> </div>on their date<div style="display:inline-block;width:3px"> </div>of installation. Tier III<div style="display:inline-block;width:2px"> </div>NOx standards were<div style="display:inline-block;width:2px"> </div>designed for the<div style="display:inline-block;width:2px"> </div>control </div><div id="a26934" style="position:absolute;font-family:'Arial';left:57px;top:649px;">of NOx<div style="display:inline-block;width:6px"> </div>produced by<div style="display:inline-block;width:6px"> </div>vessels and<div style="display:inline-block;width:6px"> </div>apply to<div style="display:inline-block;width:6px"> </div>ships that<div style="display:inline-block;width:6px"> </div>operate in<div style="display:inline-block;width:6px"> </div>the North<div style="display:inline-block;width:6px"> </div>American and<div style="display:inline-block;width:6px"> </div>U.S. Caribbean </div><div id="a26970" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Sea<div style="display:inline-block;width:6px"> </div>ECAs<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>marine<div style="display:inline-block;width:6px"> </div>diesel<div style="display:inline-block;width:6px"> </div>engine<div style="display:inline-block;width:6px"> </div>installed<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>constructed<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>after<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>1,<div style="display:inline-block;width:6px"> </div>2016.<div style="display:inline-block;width:10px"> </div>Tier<div style="display:inline-block;width:7px"> </div>III </div><div id="a27007" style="position:absolute;font-family:'Arial';left:57px;top:683px;">requirements could apply<div style="display:inline-block;width:6px"> </div>to areas that<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:5px"> </div>designated for Tier<div style="display:inline-block;width:6px"> </div>III NOx in<div style="display:inline-block;width:6px"> </div>the future.<div style="display:inline-block;width:5px"> </div>At MEPC 70<div style="display:inline-block;width:6px"> </div>and </div><div id="a27047" style="position:absolute;font-family:'Arial';left:57px;top:700px;">MEPC 71, the MEPC approved the North<div style="display:inline-block;width:3px"> </div>Sea and Baltic Sea as ECAs<div style="display:inline-block;width:3px"> </div>for nitrogen oxide for ships built on </div><div id="a27087" style="position:absolute;font-family:'Arial';left:57px;top:717px;">or<div style="display:inline-block;width:6px"> </div>after<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>1,<div style="display:inline-block;width:6px"> </div>2021.<div style="display:inline-block;width:6px"> </div>For<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>moment,<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>regulation<div style="display:inline-block;width:6px"> </div>relates<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>building<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>no </div><div id="a27123" style="position:absolute;font-family:'Arial';left:57px;top:734px;">retroactive<div style="display:inline-block;width:6px"> </div>application<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>existing<div style="display:inline-block;width:6px"> </div>fleet.<div style="display:inline-block;width:6px"> </div>The EPA<div style="display:inline-block;width:7px"> </div>promulgated<div style="display:inline-block;width:6px"> </div>equivalent<div style="display:inline-block;width:6px"> </div>(and<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>senses<div style="display:inline-block;width:6px"> </div>stricter) </div><div id="a27151" style="position:absolute;font-family:'Arial';left:57px;top:751px;">emissions standards in 2010.<div style="display:inline-block;width:8px"> </div>As a result of these designations or similar future designations, we may be </div><div id="a27186" style="position:absolute;font-family:'Arial';left:57px;top:767px;">required to incur additional operating or other costs. </div><div id="a27203" style="position:absolute;font-family:'Arial';left:57px;top:801px;">As determined<div style="display:inline-block;width:6px"> </div>at the<div style="display:inline-block;width:6px"> </div>MEPC 70,<div style="display:inline-block;width:6px"> </div>Regulation 22A<div style="display:inline-block;width:6px"> </div>of MARPOL<div style="display:inline-block;width:6px"> </div>Annex VI became<div style="display:inline-block;width:6px"> </div>effective as of<div style="display:inline-block;width:6px"> </div>March 1, </div><div id="a27239" style="position:absolute;font-family:'Arial';left:57px;top:818px;">2018<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>requires<div style="display:inline-block;width:8px"> </div>ships<div style="display:inline-block;width:8px"> </div>above<div style="display:inline-block;width:8px"> </div>5,000<div style="display:inline-block;width:8px"> </div>gross<div style="display:inline-block;width:8px"> </div>tonnage<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>collect<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>report<div style="display:inline-block;width:8px"> </div>annual<div style="display:inline-block;width:8px"> </div>data<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>fuel<div style="display:inline-block;width:8px"> </div>oil </div><div id="a27273" style="position:absolute;font-family:'Arial';left:57px;top:835px;">consumption to an<div style="display:inline-block;width:6px"> </div>IMO database, with<div style="display:inline-block;width:6px"> </div>the first year<div style="display:inline-block;width:6px"> </div>of data collection<div style="display:inline-block;width:6px"> </div>having commenced on<div style="display:inline-block;width:6px"> </div>January 1, </div><div id="a27307" style="position:absolute;font-family:'Arial';left:57px;top:852px;">2019.<div style="display:inline-block;width:9px"> </div>The IMO used such data as<div style="display:inline-block;width:6px"> </div>part of its initial roadmap (through<div style="display:inline-block;width:6px"> </div>2023) for developing its strategy to </div><div id="a27346" style="position:absolute;font-family:'Arial';left:57px;top:869px;">reduce greenhouse gas emissions from ships, as discussed further below. </div><div id="a27367" style="position:absolute;font-family:'Arial';left:57px;top:902px;">As of January<div style="display:inline-block;width:3px"> </div>1, 2013, MARPOL<div style="display:inline-block;width:3px"> </div>made mandatory certain<div style="display:inline-block;width:2px"> </div>measures relating to<div style="display:inline-block;width:2px"> </div>energy efficiency for<div style="display:inline-block;width:3px"> </div>ships. </div><div id="a27399" style="position:absolute;font-family:'Arial';left:57px;top:919px;">All<div style="display:inline-block;width:11px"> </div>ships<div style="display:inline-block;width:11px"> </div>are<div style="display:inline-block;width:11px"> </div>now<div style="display:inline-block;width:11px"> </div>required<div style="display:inline-block;width:11px"> </div>to<div style="display:inline-block;width:11px"> </div>develop<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:11px"> </div>implement<div style="display:inline-block;width:11px"> </div>a<div style="display:inline-block;width:11px"> </div>Ship<div style="display:inline-block;width:11px"> </div>Energy<div style="display:inline-block;width:11px"> </div>Efficiency<div style="display:inline-block;width:11px"> </div>Management </div><div id="a27427" style="position:absolute;font-family:'Arial';left:57px;top:936px;">Plans (“SEEMPs”), and new ships must be designed in compliance<div style="display:inline-block;width:3px"> </div>with minimum energy efficiency levels </div><div id="a27457" style="position:absolute;font-family:'Arial';left:57px;top:953px;">per capacity mile<div style="display:inline-block;width:6px"> </div>as defined by<div style="display:inline-block;width:6px"> </div>the Energy Efficiency<div style="display:inline-block;width:6px"> </div>Design Index (“EEDI”).<div style="display:inline-block;width:9px"> </div>Under these measures,<div style="display:inline-block;width:5px"> </div>by </div></div>
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<div id="a27492" style="position:absolute;font-family:'Arial';left:390px;top:992px;">56 </div><div id="a27494" style="position:absolute;font-family:'Arial';left:57px;top:76px;">2025, all new ships built will be 30% more energy<div style="display:inline-block;width:3px"> </div>efficient than those built in 2014. Additionally, MEPC 75 </div><div id="a27532" style="position:absolute;font-family:'Arial';left:57px;top:93px;">adopted amendments to MARPOL Annex VI which brings forward the effective date of the EEDI’s<div style="display:inline-block;width:5px"> </div>“phase </div><div id="a27564" style="position:absolute;font-family:'Arial';left:57px;top:110px;">3” requirements<div style="display:inline-block;width:3px"> </div>from April<div style="display:inline-block;width:2px"> </div>1, 2022 to<div style="display:inline-block;width:2px"> </div>January 1,<div style="display:inline-block;width:3px"> </div>2025 for<div style="display:inline-block;width:3px"> </div>several ship<div style="display:inline-block;width:2px"> </div>types, including<div style="display:inline-block;width:3px"> </div>gas carriers,<div style="display:inline-block;width:2px"> </div>general </div><div id="a27600" style="position:absolute;font-family:'Arial';left:57px;top:126px;">cargo ships, and LNG carriers. </div><div id="a27611" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Additionally,<div style="display:inline-block;width:6px"> </div>in 2022,<div style="display:inline-block;width:6px"> </div>MEPC 75<div style="display:inline-block;width:6px"> </div>amended to<div style="display:inline-block;width:6px"> </div>Annex VI<div style="display:inline-block;width:6px"> </div>to impose<div style="display:inline-block;width:6px"> </div>new regulations<div style="display:inline-block;width:6px"> </div>to reduce<div style="display:inline-block;width:6px"> </div>greenhouse </div><div id="a27643" style="position:absolute;font-family:'Arial';left:57px;top:177px;">gas emissions from<div style="display:inline-block;width:3px"> </div>ships.<div style="display:inline-block;width:7px"> </div>These amendments<div style="display:inline-block;width:3px"> </div>introduce requirements<div style="display:inline-block;width:3px"> </div>to assess and<div style="display:inline-block;width:2px"> </div>measure the energy </div><div id="a27671" style="position:absolute;font-family:'Arial';left:57px;top:194px;">efficiency of all ships and set the<div style="display:inline-block;width:3px"> </div>required attainment values, with<div style="display:inline-block;width:3px"> </div>the goal of reducing the carbon<div style="display:inline-block;width:3px"> </div>intensity </div><div id="a27707" style="position:absolute;font-family:'Arial';left:57px;top:211px;">of international shipping. The requirements include (1) a<div style="display:inline-block;width:6px"> </div>technical requirement to reduce carbon intensity </div><div id="a27735" style="position:absolute;font-family:'Arial';left:57px;top:228px;">based<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>new<div style="display:inline-block;width:7px"> </div>Energy<div style="display:inline-block;width:7px"> </div>Efficiency<div style="display:inline-block;width:7px"> </div>Existing<div style="display:inline-block;width:7px"> </div>Ship<div style="display:inline-block;width:7px"> </div>Index<div style="display:inline-block;width:7px"> </div>(“EEXI”),<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>(2)<div style="display:inline-block;width:7px"> </div>operational<div style="display:inline-block;width:7px"> </div>carbon<div style="display:inline-block;width:7px"> </div>intensity </div><div id="a27765" style="position:absolute;font-family:'Arial';left:57px;top:245px;">reduction requirements, based on a new<div style="display:inline-block;width:6px"> </div>operational carbon intensity indicator (“CII”).<div style="display:inline-block;width:10px"> </div>The attained EEXI </div><div id="a27793" style="position:absolute;font-family:'Arial';left:57px;top:261px;">is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values </div><div id="a27829" style="position:absolute;font-family:'Arial';left:57px;top:278px;">set for<div style="display:inline-block;width:6px"> </div>ship types<div style="display:inline-block;width:6px"> </div>and categories.<div style="display:inline-block;width:11px"> </div>With respect<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>CII, the<div style="display:inline-block;width:6px"> </div>draft amendments<div style="display:inline-block;width:6px"> </div>would require<div style="display:inline-block;width:6px"> </div>ships of </div><div id="a27865" style="position:absolute;font-family:'Arial';left:57px;top:295px;">5,000<div style="display:inline-block;width:8px"> </div>gross<div style="display:inline-block;width:7px"> </div>tonnage<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>document<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>verify<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>actual<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>operational<div style="display:inline-block;width:7px"> </div>CII<div style="display:inline-block;width:8px"> </div>achieved<div style="display:inline-block;width:7px"> </div>against<div style="display:inline-block;width:7px"> </div>a </div><div id="a27895" style="position:absolute;font-family:'Arial';left:57px;top:312px;">determined<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>operational<div style="display:inline-block;width:7px"> </div>CII.<div style="display:inline-block;width:14px"> </div>All<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:7px"> </div>above<div style="display:inline-block;width:7px"> </div>400<div style="display:inline-block;width:7px"> </div>gross<div style="display:inline-block;width:7px"> </div>tonnage<div style="display:inline-block;width:7px"> </div>must<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>an </div><div id="a27926" style="position:absolute;font-family:'Arial';left:57px;top:329px;">approved SEEMP on board.<div style="display:inline-block;width:10px"> </div>For ships above 5,000<div style="display:inline-block;width:5px"> </div>gross tonnage, the SEEMP needs<div style="display:inline-block;width:6px"> </div>to include certain </div><div id="a27959" style="position:absolute;font-family:'Arial';left:57px;top:346px;">mandatory content.<div style="display:inline-block;width:9px"> </div>That same year,<div style="display:inline-block;width:6px"> </div>MEPC amended MARPOL Annex I to<div style="display:inline-block;width:6px"> </div>prohibit the use and carriage </div><div id="a27991" style="position:absolute;font-family:'Arial';left:57px;top:363px;">for use as<div style="display:inline-block;width:6px"> </div>fuel of heavy<div style="display:inline-block;width:6px"> </div>fuel oil (“HFO”)<div style="display:inline-block;width:6px"> </div>by ships in<div style="display:inline-block;width:5px"> </div>Arctic waters on<div style="display:inline-block;width:6px"> </div>and after July<div style="display:inline-block;width:6px"> </div>1, 2024. In<div style="display:inline-block;width:6px"> </div>July 2021, </div><div id="a28037" style="position:absolute;font-family:'Arial';left:57px;top:379px;">MEPC 77 adopted a non-binding resolution<div style="display:inline-block;width:6px"> </div>which urges Member States and ship<div style="display:inline-block;width:6px"> </div>operators to voluntarily </div><div id="a28069" style="position:absolute;font-family:'Arial';left:57px;top:396px;">use distillate or<div style="display:inline-block;width:6px"> </div>other cleaner alternative<div style="display:inline-block;width:5px"> </div>fuels or methods<div style="display:inline-block;width:6px"> </div>of propulsion that<div style="display:inline-block;width:6px"> </div>are safe for<div style="display:inline-block;width:6px"> </div>ships and could </div><div id="a28105" style="position:absolute;font-family:'Arial';left:57px;top:413px;">contribute<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>reduction of<div style="display:inline-block;width:7px"> </div>Black<div style="display:inline-block;width:5px"> </div>Carbon<div style="display:inline-block;width:5px"> </div>emissions<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:5px"> </div>ships<div style="display:inline-block;width:6px"> </div>when operating<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>near the<div style="display:inline-block;width:7px"> </div>Arctic. </div><div id="a28139" style="position:absolute;font-family:'Arial';left:57px;top:430px;">MEPC 79 adopted amendments<div style="display:inline-block;width:6px"> </div>to MARPOL Annex VI,<div style="display:inline-block;width:6px"> </div>Appendix IX to include<div style="display:inline-block;width:6px"> </div>the attained and required </div><div id="a28171" style="position:absolute;font-family:'Arial';left:57px;top:447px;">CII values, the CII<div style="display:inline-block;width:3px"> </div>rating and attained EEXI<div style="display:inline-block;width:3px"> </div>for existing ships in<div style="display:inline-block;width:3px"> </div>the required information to be<div style="display:inline-block;width:2px"> </div>submitted to </div><div id="a28209" style="position:absolute;font-family:'Arial';left:57px;top:464px;">the IMO Ship Fuel Oil Consumption Database. The Mediterranean Sea became an ECA on<div style="display:inline-block;width:5px"> </div>May 1, 2024, </div><div id="a28243" style="position:absolute;font-family:'Arial';left:57px;top:481px;">and compliance obligations will begin<div style="display:inline-block;width:2px"> </div>May 1, 2025. MEPC 79 also revised<div style="display:inline-block;width:2px"> </div>the EEDI calculation guidelines </div><div id="a28275" style="position:absolute;font-family:'Arial';left:57px;top:498px;">to<div style="display:inline-block;width:8px"> </div>include<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>CO2<div style="display:inline-block;width:7px"> </div>conversion<div style="display:inline-block;width:7px"> </div>factor<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>ethane,<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>reference<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>updated<div style="display:inline-block;width:7px"> </div>ITCC<div style="display:inline-block;width:7px"> </div>guidelines,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>a </div><div id="a28309" style="position:absolute;font-family:'Arial';left:57px;top:514px;">clarification that<div style="display:inline-block;width:5px"> </div>in case of<div style="display:inline-block;width:6px"> </div>a ship with<div style="display:inline-block;width:6px"> </div>multiple load line<div style="display:inline-block;width:6px"> </div>certificates, the maximum<div style="display:inline-block;width:6px"> </div>certified summer draft </div><div id="a28343" style="position:absolute;font-family:'Arial';left:57px;top:531px;">should be used when<div style="display:inline-block;width:2px"> </div>determining the deadweight.<div style="display:inline-block;width:3px"> </div>These amendments entered<div style="display:inline-block;width:3px"> </div>into force on May<div style="display:inline-block;width:2px"> </div>1, 2024. </div><div id="a28363" style="position:absolute;font-family:'Arial';left:57px;top:548px;">In<div style="display:inline-block;width:6px"> </div>July<div style="display:inline-block;width:6px"> </div>2023, MEPC<div style="display:inline-block;width:7px"> </div>80 approved<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>plan<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>reviewing CII<div style="display:inline-block;width:7px"> </div>regulations<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>guidelines,<div style="display:inline-block;width:5px"> </div>which<div style="display:inline-block;width:6px"> </div>must<div style="display:inline-block;width:6px"> </div>be </div><div id="a28366" style="position:absolute;font-family:'Arial';left:57px;top:565px;">completed at the<div style="display:inline-block;width:6px"> </div>latest by January<div style="display:inline-block;width:6px"> </div>1, 2026. This<div style="display:inline-block;width:6px"> </div>review commenced at<div style="display:inline-block;width:6px"> </div>MEPC 82 in<div style="display:inline-block;width:6px"> </div>Fall 2024 and<div style="display:inline-block;width:6px"> </div>there </div><div id="a28371" style="position:absolute;font-family:'Arial';left:57px;top:582px;">will be no immediate changes to<div style="display:inline-block;width:6px"> </div>the CII framework, including correction factors<div style="display:inline-block;width:6px"> </div>and voyage adjustments, </div><div id="a28372" style="position:absolute;font-family:'Arial';left:57px;top:599px;">before the review is completed. </div><div id="a28375" style="position:absolute;font-family:'Arial';left:57px;top:632px;">We<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>incur<div style="display:inline-block;width:6px"> </div>costs<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>comply<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>revised<div style="display:inline-block;width:6px"> </div>standards.<div style="display:inline-block;width:6px"> </div>Additional<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>conventions,<div style="display:inline-block;width:6px"> </div>laws<div style="display:inline-block;width:6px"> </div>and </div><div id="a28407" style="position:absolute;font-family:'Arial';left:57px;top:649px;">regulations may be adopted that could require the<div style="display:inline-block;width:6px"> </div>installation of expensive emission control systems and </div><div id="a28437" style="position:absolute;font-family:'Arial';left:57px;top:666px;">could adversely affect our business, results of operations, cash flows and<div style="display:inline-block;width:3px"> </div>financial condition. </div><div id="a28464" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:700px;">Safety Management System Requirements </div><div id="a28473" style="position:absolute;font-family:'Arial';left:57px;top:734px;">The SOLAS<div style="display:inline-block;width:6px"> </div>Convention was<div style="display:inline-block;width:6px"> </div>amended to<div style="display:inline-block;width:6px"> </div>address the<div style="display:inline-block;width:6px"> </div>safe manning<div style="display:inline-block;width:6px"> </div>of vessels<div style="display:inline-block;width:6px"> </div>and emergency<div style="display:inline-block;width:6px"> </div>training </div><div id="a28503" style="position:absolute;font-family:'Arial';left:57px;top:751px;">drills.<div style="display:inline-block;width:8px"> </div>The Convention of Limitation of Liability for Maritime Claims (the “LLMC”) sets limitations of liability </div><div id="a28536" style="position:absolute;font-family:'Arial';left:57px;top:767px;">for<div style="display:inline-block;width:11px"> </div>a<div style="display:inline-block;width:11px"> </div>loss<div style="display:inline-block;width:11px"> </div>of<div style="display:inline-block;width:11px"> </div>life<div style="display:inline-block;width:11px"> </div>or<div style="display:inline-block;width:11px"> </div>personal<div style="display:inline-block;width:11px"> </div>injury<div style="display:inline-block;width:11px"> </div>claim<div style="display:inline-block;width:11px"> </div>or<div style="display:inline-block;width:11px"> </div>a<div style="display:inline-block;width:11px"> </div>property<div style="display:inline-block;width:11px"> </div>claim<div style="display:inline-block;width:11px"> </div>against<div style="display:inline-block;width:11px"> </div>ship<div style="display:inline-block;width:11px"> </div>owners.<div style="display:inline-block;width:11px"> </div>The ISM </div><div id="a28572" style="position:absolute;font-family:'Arial';left:57px;top:784px;">Certification provides validation that<div style="display:inline-block;width:3px"> </div>both company and<div style="display:inline-block;width:3px"> </div>ships are operating<div style="display:inline-block;width:3px"> </div>using a process-based system </div><div id="a28602" style="position:absolute;font-family:'Arial';left:57px;top:801px;">approach to manage risks and achieve continual improvement. The ISM code is meant to be a preventive </div><div id="a28636" style="position:absolute;font-family:'Arial';left:57px;top:818px;">tool<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>asks<div style="display:inline-block;width:8px"> </div>companies<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>assess<div style="display:inline-block;width:8px"> </div>all<div style="display:inline-block;width:8px"> </div>risks<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>then<div style="display:inline-block;width:8px"> </div>take<div style="display:inline-block;width:8px"> </div>measured<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>safeguard<div style="display:inline-block;width:8px"> </div>against<div style="display:inline-block;width:8px"> </div>them. </div><div id="a28668" style="position:absolute;font-family:'Arial';left:57px;top:835px;">Responsibilities and authorities<div style="display:inline-block;width:5px"> </div>are set out<div style="display:inline-block;width:6px"> </div>for the various<div style="display:inline-block;width:6px"> </div>entities includes in<div style="display:inline-block;width:5px"> </div>the ISM process.<div style="display:inline-block;width:6px"> </div>All of our </div><div id="a28704" style="position:absolute;font-family:'Arial';left:57px;top:852px;">vessels as well as our shore-based operations are fully certified under<div style="display:inline-block;width:3px"> </div>the ISM Code. </div><div id="a28735" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Under Chapter<div style="display:inline-block;width:6px"> </div>IX of<div style="display:inline-block;width:6px"> </div>the SOLAS<div style="display:inline-block;width:6px"> </div>Convention, or the<div style="display:inline-block;width:6px"> </div>International Safety Management<div style="display:inline-block;width:6px"> </div>Code for<div style="display:inline-block;width:5px"> </div>the Safe </div><div id="a28767" style="position:absolute;font-family:'Arial';left:57px;top:902px;">Operation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Ships<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>Pollution<div style="display:inline-block;width:7px"> </div>Prevention (the “ISM<div style="display:inline-block;width:7px"> </div>Code”),<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>operations<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:7px"> </div>to </div><div id="a28799" style="position:absolute;font-family:'Arial';left:57px;top:919px;">environmental standards and requirements. The ISM Code requires the party with operational<div style="display:inline-block;width:3px"> </div>control of a </div><div id="a28829" style="position:absolute;font-family:'Arial';left:57px;top:936px;">vessel to develop<div style="display:inline-block;width:2px"> </div>an extensive<div style="display:inline-block;width:3px"> </div>safety management<div style="display:inline-block;width:3px"> </div>system that<div style="display:inline-block;width:3px"> </div>includes, among<div style="display:inline-block;width:2px"> </div>other things,<div style="display:inline-block;width:3px"> </div>the adoption </div><div id="a28859" style="position:absolute;font-family:'Arial';left:57px;top:953px;">of a<div style="display:inline-block;width:6px"> </div>safety and<div style="display:inline-block;width:6px"> </div>environmental protection policy<div style="display:inline-block;width:5px"> </div>setting forth<div style="display:inline-block;width:6px"> </div>instructions and procedures<div style="display:inline-block;width:6px"> </div>for operating its </div></div>
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<div id="a28891" style="position:absolute;font-family:'Arial';left:390px;top:992px;">57 </div><div id="a28893" style="position:absolute;font-family:'Arial';left:57px;top:76px;">vessels safely and describing procedures<div style="display:inline-block;width:5px"> </div>for responding to emergencies. Through<div style="display:inline-block;width:6px"> </div>strong leadership and </div><div id="a28919" style="position:absolute;font-family:'Arial';left:57px;top:93px;">a<div style="display:inline-block;width:6px"> </div>disciplined,<div style="display:inline-block;width:6px"> </div>clearly<div style="display:inline-block;width:6px"> </div>documented<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>system,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>promotes<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>concept<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>HSSE </div><div id="a28945" style="position:absolute;font-family:'Arial';left:57px;top:110px;">(Health, Safety,<div style="display:inline-block;width:7px"> </div>Security and<div style="display:inline-block;width:6px"> </div>Environmental) excellence<div style="display:inline-block;width:6px"> </div>at all<div style="display:inline-block;width:6px"> </div>levels in<div style="display:inline-block;width:6px"> </div>the organisation.<div style="display:inline-block;width:6px"> </div>This concept<div style="display:inline-block;width:6px"> </div>is </div><div id="a28975" style="position:absolute;font-family:'Arial';left:57px;top:126px;">achieved<div style="display:inline-block;width:5px"> </div>by consistent<div style="display:inline-block;width:7px"> </div>measurement and<div style="display:inline-block;width:7px"> </div>feedback of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s Management<div style="display:inline-block;width:7px"> </div>System in<div style="display:inline-block;width:7px"> </div>order to </div><div id="a29003" style="position:absolute;font-family:'Arial';left:57px;top:143px;">generate<div style="display:inline-block;width:11px"> </div>continuous<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>sustainable<div style="display:inline-block;width:10px"> </div>improvement<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>Health,<div style="display:inline-block;width:10px"> </div>Safety,<div style="display:inline-block;width:11px"> </div>Security,<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:10px"> </div>Quality<div style="display:inline-block;width:10px"> </div>and </div><div id="a29027" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Environmental<div style="display:inline-block;width:6px"> </div>(including<div style="display:inline-block;width:6px"> </div>Energy<div style="display:inline-block;width:6px"> </div>Efficiency)<div style="display:inline-block;width:6px"> </div>(HSSQE)<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>processes. The<div style="display:inline-block;width:6px"> </div>failure<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel </div><div id="a29051" style="position:absolute;font-family:'Arial';left:57px;top:177px;">owner or bareboat<div style="display:inline-block;width:2px"> </div>charterer to<div style="display:inline-block;width:3px"> </div>comply with<div style="display:inline-block;width:2px"> </div>the ISM<div style="display:inline-block;width:3px"> </div>Code may<div style="display:inline-block;width:3px"> </div>subject such<div style="display:inline-block;width:2px"> </div>party to<div style="display:inline-block;width:3px"> </div>increased liability, may </div><div id="a29087" style="position:absolute;font-family:'Arial';left:57px;top:194px;">decrease available insurance coverage for the affected vessels and<div style="display:inline-block;width:3px"> </div>may result in a denial of access to, or </div><div id="a29123" style="position:absolute;font-family:'Arial';left:57px;top:211px;">detention in, certain ports. </div><div id="a29132" style="position:absolute;font-family:'Arial';left:57px;top:245px;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they </div><div id="a29164" style="position:absolute;font-family:'Arial';left:57px;top:261px;">operate. This<div style="display:inline-block;width:3px"> </div>certificate evidences<div style="display:inline-block;width:2px"> </div>compliance by<div style="display:inline-block;width:2px"> </div>a vessel’s management<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:3px"> </div>ISM Code<div style="display:inline-block;width:3px"> </div>requirements </div><div id="a29192" style="position:absolute;font-family:'Arial';left:57px;top:278px;">for a<div style="display:inline-block;width:2px"> </div>safety management<div style="display:inline-block;width:2px"> </div>system. No<div style="display:inline-block;width:2px"> </div>vessel can<div style="display:inline-block;width:2px"> </div>obtain a<div style="display:inline-block;width:2px"> </div>safety management<div style="display:inline-block;width:2px"> </div>certificate unless<div style="display:inline-block;width:2px"> </div>its manager </div><div id="a29224" style="position:absolute;font-family:'Arial';left:57px;top:295px;">has been<div style="display:inline-block;width:6px"> </div>awarded a document<div style="display:inline-block;width:6px"> </div>of compliance, issued<div style="display:inline-block;width:6px"> </div>by each flag<div style="display:inline-block;width:6px"> </div>state, under the<div style="display:inline-block;width:6px"> </div>ISM Code. We<div style="display:inline-block;width:6px"> </div>have </div><div id="a29260" style="position:absolute;font-family:'Arial';left:57px;top:312px;">obtained applicable documents of compliance for our offices and safety management certificates for all of </div><div id="a29290" style="position:absolute;font-family:'Arial';left:57px;top:329px;">our vessels<div style="display:inline-block;width:6px"> </div>for which<div style="display:inline-block;width:6px"> </div>the certificates<div style="display:inline-block;width:6px"> </div>are required by<div style="display:inline-block;width:6px"> </div>the IMO.<div style="display:inline-block;width:6px"> </div>The documents of<div style="display:inline-block;width:6px"> </div>compliance and safety </div><div id="a29324" style="position:absolute;font-family:'Arial';left:57px;top:346px;">management certificate are renewed as required. </div><div id="a29337" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Regulation II-1/3-10<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>SOLAS Convention<div style="display:inline-block;width:6px"> </div>governs ship<div style="display:inline-block;width:7px"> </div>construction and<div style="display:inline-block;width:6px"> </div>stipulates that<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:5px"> </div>over </div><div id="a29369" style="position:absolute;font-family:'Arial';left:57px;top:396px;">150 meters<div style="display:inline-block;width:2px"> </div>in length<div style="display:inline-block;width:2px"> </div>must have<div style="display:inline-block;width:2px"> </div>adequate strength,<div style="display:inline-block;width:2px"> </div>integrity and<div style="display:inline-block;width:2px"> </div>stability to<div style="display:inline-block;width:2px"> </div>minimize risk<div style="display:inline-block;width:2px"> </div>of loss<div style="display:inline-block;width:2px"> </div>or pollution. </div><div id="a29405" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012,<div style="display:inline-block;width:5px"> </div>with July 1, </div><div id="a29441" style="position:absolute;font-family:'Arial';left:57px;top:430px;">2016 set for application to new oil tankers and bulk carriers.<div style="display:inline-block;width:12px"> </div>The SOLAS Convention regulation II-1/3-10 </div><div id="a29478" style="position:absolute;font-family:'Arial';left:57px;top:447px;">on goal-based<div style="display:inline-block;width:6px"> </div>ship construction<div style="display:inline-block;width:6px"> </div>standards for<div style="display:inline-block;width:6px"> </div>bulk carriers<div style="display:inline-block;width:6px"> </div>and oil<div style="display:inline-block;width:6px"> </div>tankers, which<div style="display:inline-block;width:6px"> </div>entered into<div style="display:inline-block;width:6px"> </div>force on </div><div id="a29512" style="position:absolute;font-family:'Arial';left:57px;top:464px;">January 1, 2012, requires<div style="display:inline-block;width:2px"> </div>that all oil tankers<div style="display:inline-block;width:2px"> </div>and bulk carriers of<div style="display:inline-block;width:3px"> </div>150 meters in length<div style="display:inline-block;width:2px"> </div>and above, for which </div><div id="a29552" style="position:absolute;font-family:'Arial';left:57px;top:481px;">the building<div style="display:inline-block;width:2px"> </div>contract is<div style="display:inline-block;width:2px"> </div>placed on<div style="display:inline-block;width:2px"> </div>or after<div style="display:inline-block;width:2px"> </div>July 1,<div style="display:inline-block;width:2px"> </div>2016, satisfy<div style="display:inline-block;width:2px"> </div>applicable structural<div style="display:inline-block;width:2px"> </div>requirements conforming </div><div id="a29584" style="position:absolute;font-family:'Arial';left:57px;top:498px;">to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>functional<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>International<div style="display:inline-block;width:7px"> </div>Goal-based<div style="display:inline-block;width:7px"> </div>Ship<div style="display:inline-block;width:7px"> </div>Construction<div style="display:inline-block;width:7px"> </div>Standards<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>Bulk </div><div id="a29612" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Carriers and Oil Tankers (“GBS Standards”). </div><div id="a29625" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Amendments to<div style="display:inline-block;width:6px"> </div>the SOLAS Convention<div style="display:inline-block;width:6px"> </div>Chapter VII<div style="display:inline-block;width:6px"> </div>apply to<div style="display:inline-block;width:6px"> </div>vessels transporting dangerous<div style="display:inline-block;width:6px"> </div>goods and </div><div id="a29653" style="position:absolute;font-family:'Arial';left:57px;top:565px;">require those<div style="display:inline-block;width:7px"> </div>vessels be<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>compliance with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>International Maritime<div style="display:inline-block;width:6px"> </div>Dangerous Goods<div style="display:inline-block;width:6px"> </div>Code (“IMDG </div><div id="a29681" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Code”). Effective<div style="display:inline-block;width:6px"> </div>January 1, 2018,<div style="display:inline-block;width:6px"> </div>the IMDG<div style="display:inline-block;width:6px"> </div>Code includes (1)<div style="display:inline-block;width:6px"> </div>updates to the<div style="display:inline-block;width:6px"> </div>provisions for radioactive </div><div id="a29713" style="position:absolute;font-family:'Arial';left:57px;top:599px;">material, reflecting<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>latest provisions<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:6px"> </div>International Atomic<div style="display:inline-block;width:6px"> </div>Energy Agency,<div style="display:inline-block;width:8px"> </div>(2) new<div style="display:inline-block;width:7px"> </div>marking, </div><div id="a29741" style="position:absolute;font-family:'Arial';left:57px;top:616px;">packing<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:11px"> </div>classification<div style="display:inline-block;width:11px"> </div>requirements<div style="display:inline-block;width:11px"> </div>for<div style="display:inline-block;width:11px"> </div>dangerous<div style="display:inline-block;width:11px"> </div>goods,<div style="display:inline-block;width:11px"> </div>and<div style="display:inline-block;width:11px"> </div>(3)<div style="display:inline-block;width:11px"> </div>new<div style="display:inline-block;width:11px"> </div>mandatory<div style="display:inline-block;width:11px"> </div>training </div><div id="a29765" style="position:absolute;font-family:'Arial';left:57px;top:632px;">requirements. Amendments which took<div style="display:inline-block;width:5px"> </div>effect on January<div style="display:inline-block;width:6px"> </div>1, 2020 also reflect<div style="display:inline-block;width:6px"> </div>the latest material from<div style="display:inline-block;width:6px"> </div>the </div><div id="a29797" style="position:absolute;font-family:'Arial';left:57px;top:649px;">UN Recommendations on the Transport of Dangerous<div style="display:inline-block;width:2px"> </div>Goods, including (1) new provisions<div style="display:inline-block;width:3px"> </div>regarding IMO </div><div id="a29825" style="position:absolute;font-family:'Arial';left:57px;top:666px;">type 9 tank, (2) new abbreviations<div style="display:inline-block;width:3px"> </div>for segregation groups, and<div style="display:inline-block;width:3px"> </div>(3) special provisions for carriage<div style="display:inline-block;width:3px"> </div>of lithium </div><div id="a29859" style="position:absolute;font-family:'Arial';left:57px;top:683px;">batteries and of vehicles powered by flammable liquid or<div style="display:inline-block;width:6px"> </div>gas. Additional amendments came into force on </div><div id="a29891" style="position:absolute;font-family:'Arial';left:57px;top:700px;">June 1,<div style="display:inline-block;width:3px"> </div>2022, include<div style="display:inline-block;width:2px"> </div>(1) addition<div style="display:inline-block;width:2px"> </div>of a<div style="display:inline-block;width:3px"> </div>definition of<div style="display:inline-block;width:2px"> </div>dosage rate,<div style="display:inline-block;width:3px"> </div>(2) additions<div style="display:inline-block;width:2px"> </div>to the<div style="display:inline-block;width:3px"> </div>list of<div style="display:inline-block;width:2px"> </div>high consequence </div><div id="a29931" style="position:absolute;font-family:'Arial';left:57px;top:717px;">dangerous goods, (3)<div style="display:inline-block;width:6px"> </div>new provisions for medical/clinical<div style="display:inline-block;width:6px"> </div>waste, (4) addition<div style="display:inline-block;width:6px"> </div>of various ISO<div style="display:inline-block;width:6px"> </div>standards for </div><div id="a29961" style="position:absolute;font-family:'Arial';left:57px;top:734px;">gas<div style="display:inline-block;width:6px"> </div>cylinders,<div style="display:inline-block;width:6px"> </div>(5)<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>handling<div style="display:inline-block;width:6px"> </div>code,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(6)<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>stowage<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>segregation<div style="display:inline-block;width:6px"> </div>provisions.<div style="display:inline-block;width:6px"> </div>The </div><div id="a29993" style="position:absolute;font-family:'Arial';left:57px;top:751px;">newest<div style="display:inline-block;width:7px"> </div>edition<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>IMDG<div style="display:inline-block;width:7px"> </div>Code<div style="display:inline-block;width:7px"> </div>took<div style="display:inline-block;width:7px"> </div>effect<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>1,<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:7px"> </div>although<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>changes<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>largely </div><div id="a30027" style="position:absolute;font-family:'Arial';left:57px;top:767px;">incremental. </div><div id="a30030" style="position:absolute;font-family:'Arial';left:57px;top:801px;">The<div style="display:inline-block;width:7px"> </div>IMO<div style="display:inline-block;width:8px"> </div>has<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>International<div style="display:inline-block;width:7px"> </div>Convention<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>Standards<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>Training,<div style="display:inline-block;width:8px"> </div>Certification<div style="display:inline-block;width:7px"> </div>and </div><div id="a30058" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Watchkeeping for Seafarers (“STCW”).<div style="display:inline-block;width:7px"> </div>As of February<div style="display:inline-block;width:3px"> </div>2017, all seafarers<div style="display:inline-block;width:2px"> </div>are required to<div style="display:inline-block;width:3px"> </div>meet the STCW </div><div id="a30091" style="position:absolute;font-family:'Arial';left:57px;top:835px;">standards<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>be in<div style="display:inline-block;width:6px"> </div>possession of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>valid STCW<div style="display:inline-block;width:7px"> </div>certificate.<div style="display:inline-block;width:9px"> </div>Flag<div style="display:inline-block;width:5px"> </div>states that<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>ratified SOLAS<div style="display:inline-block;width:7px"> </div>and </div><div id="a30126" style="position:absolute;font-family:'Arial';left:57px;top:852px;">STCW<div style="display:inline-block;width:9px"> </div>generally<div style="display:inline-block;width:9px"> </div>employ<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>classification<div style="display:inline-block;width:9px"> </div>societies,<div style="display:inline-block;width:9px"> </div>which<div style="display:inline-block;width:9px"> </div>have<div style="display:inline-block;width:9px"> </div>incorporated<div style="display:inline-block;width:9px"> </div>SOLAS<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>STCW </div><div id="a30150" style="position:absolute;font-family:'Arial';left:57px;top:869px;">requirements into their class rules, to undertake surveys to confirm compliance. </div><div id="a30173" style="position:absolute;font-family:'Arial';left:57px;top:902px;">The<div style="display:inline-block;width:7px"> </div>IMO's<div style="display:inline-block;width:7px"> </div>Maritime<div style="display:inline-block;width:7px"> </div>Safety<div style="display:inline-block;width:7px"> </div>Committee<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>MEPC,<div style="display:inline-block;width:7px"> </div>respectively,<div style="display:inline-block;width:8px"> </div>each<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>relevant<div style="display:inline-block;width:7px"> </div>parts<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>the </div><div id="a30201" style="position:absolute;font-family:'Arial';left:57px;top:919px;">International Code for Ships Operating in Polar Water<div style="display:inline-block;width:6px"> </div>(the “Polar Code”). The Polar Code, which entered </div><div id="a30233" style="position:absolute;font-family:'Arial';left:57px;top:936px;">into force<div style="display:inline-block;width:6px"> </div>on January<div style="display:inline-block;width:6px"> </div>1, 2017,<div style="display:inline-block;width:6px"> </div>covers design,<div style="display:inline-block;width:6px"> </div>construction, equipment,<div style="display:inline-block;width:6px"> </div>operational, training,<div style="display:inline-block;width:6px"> </div>search and </div><div id="a30261" style="position:absolute;font-family:'Arial';left:57px;top:953px;">rescue as well<div style="display:inline-block;width:6px"> </div>as environmental protection matters<div style="display:inline-block;width:6px"> </div>relevant to ships<div style="display:inline-block;width:6px"> </div>operating in the<div style="display:inline-block;width:6px"> </div>waters surrounding </div></div>
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<div id="a30293" style="position:absolute;font-family:'Arial';left:390px;top:992px;">58 </div><div id="a30295" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the two<div style="display:inline-block;width:6px"> </div>poles. It<div style="display:inline-block;width:6px"> </div>also includes mandatory<div style="display:inline-block;width:6px"> </div>measures regarding<div style="display:inline-block;width:5px"> </div>safety and pollution<div style="display:inline-block;width:6px"> </div>prevention as<div style="display:inline-block;width:6px"> </div>well as </div><div id="a30327" style="position:absolute;font-family:'Arial';left:57px;top:93px;">recommendatory provisions. The Polar Code applies to new ships constructed after January 1, 2017, and </div><div id="a30357" style="position:absolute;font-family:'Arial';left:57px;top:110px;">after<div style="display:inline-block;width:8px"> </div>January<div style="display:inline-block;width:7px"> </div>1,<div style="display:inline-block;width:7px"> </div>2018,<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:7px"> </div>constructed<div style="display:inline-block;width:7px"> </div>before<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>1,<div style="display:inline-block;width:7px"> </div>2017<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>meet<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>relevant </div><div id="a30389" style="position:absolute;font-family:'Arial';left:57px;top:126px;">requirements by the earlier of their first intermediate or renewal survey. </div><div id="a30412" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Furthermore, recent action by the<div style="display:inline-block;width:3px"> </div>IMO’s Maritime Safety Committee and United<div style="display:inline-block;width:2px"> </div>States agencies indicates </div><div id="a30440" style="position:absolute;font-family:'Arial';left:57px;top:177px;">that cybersecurity regulations for the maritime industry are<div style="display:inline-block;width:3px"> </div>likely to be further developed in the near future </div><div id="a30474" style="position:absolute;font-family:'Arial';left:57px;top:194px;">in an<div style="display:inline-block;width:2px"> </div>attempt to<div style="display:inline-block;width:2px"> </div>combat cybersecurity<div style="display:inline-block;width:2px"> </div>threats. By<div style="display:inline-block;width:2px"> </div>IMO resolution,<div style="display:inline-block;width:2px"> </div>administrations are<div style="display:inline-block;width:2px"> </div>encouraged<div style="display:inline-block;width:3px"> </div>to ensure </div><div id="a30504" style="position:absolute;font-family:'Arial';left:57px;top:211px;">that cyber-risk management systems are incorporated by ship-owners<div style="display:inline-block;width:6px"> </div>and managers by their first annual </div><div id="a30536" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Document of Compliance audit after January<div style="display:inline-block;width:5px"> </div>1, 2021. In February 2021, the<div style="display:inline-block;width:6px"> </div>U.S. Coast Guard published </div><div id="a30568" style="position:absolute;font-family:'Arial';left:57px;top:245px;">guidance on addressing<div style="display:inline-block;width:2px"> </div>cyber risks in<div style="display:inline-block;width:2px"> </div>a vessel’s safety<div style="display:inline-block;width:2px"> </div>management system.<div style="display:inline-block;width:3px"> </div>This might<div style="display:inline-block;width:3px"> </div>cause companies </div><div id="a30598" style="position:absolute;font-family:'Arial';left:57px;top:261px;">to<div style="display:inline-block;width:7px"> </div>create<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>procedures<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>monitoring<div style="display:inline-block;width:6px"> </div>cybersecurity,<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>require<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>expenses </div><div id="a30622" style="position:absolute;font-family:'Arial';left:57px;top:278px;">and/or capital expenditures.<div style="display:inline-block;width:8px"> </div>The impact of future regulations is hard to predict at this time. </div><div id="a30654" style="position:absolute;font-family:'Arial';left:57px;top:312px;">In June<div style="display:inline-block;width:6px"> </div>2022, SOLAS<div style="display:inline-block;width:6px"> </div>also set<div style="display:inline-block;width:6px"> </div>out new<div style="display:inline-block;width:6px"> </div>amendments that<div style="display:inline-block;width:6px"> </div>took effect<div style="display:inline-block;width:6px"> </div>on January<div style="display:inline-block;width:6px"> </div>1, 2024,<div style="display:inline-block;width:6px"> </div>which include </div><div id="a30656" style="position:absolute;font-family:'Arial';left:57px;top:329px;">new<div style="display:inline-block;width:5px"> </div>requirements for:<div style="display:inline-block;width:7px"> </div>(1)<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>design for<div style="display:inline-block;width:7px"> </div>safe<div style="display:inline-block;width:5px"> </div>mooring operations,<div style="display:inline-block;width:7px"> </div>(2)<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Global<div style="display:inline-block;width:5px"> </div>Maritime<div style="display:inline-block;width:5px"> </div>Distress and </div><div id="a30657" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Safety System (“GMDSS”),<div style="display:inline-block;width:3px"> </div>(3) watertight integrity, (4) watertight doors<div style="display:inline-block;width:2px"> </div>on cargo ships,<div style="display:inline-block;width:3px"> </div>(5) fault-isolation of </div><div id="a30660" style="position:absolute;font-family:'Arial';left:57px;top:363px;">fire detection<div style="display:inline-block;width:6px"> </div>systems, (6)<div style="display:inline-block;width:5px"> </div>life-saving appliances, and<div style="display:inline-block;width:6px"> </div>(7) safety<div style="display:inline-block;width:6px"> </div>of ships<div style="display:inline-block;width:5px"> </div>using LNG<div style="display:inline-block;width:6px"> </div>as fuel.<div style="display:inline-block;width:11px"> </div>These new </div><div id="a30664" style="position:absolute;font-family:'Arial';left:57px;top:379px;">requirements may impact the cost of our operations. </div><div id="a30667" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:413px;">Pollution Control and Liability Requirements </div><div id="a30678" style="position:absolute;font-family:'Arial';left:57px;top:447px;">The IMO has negotiated international conventions<div style="display:inline-block;width:6px"> </div>that impose liability for pollution in<div style="display:inline-block;width:6px"> </div>international waters </div><div id="a30706" style="position:absolute;font-family:'Arial';left:57px;top:464px;">and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>territorial<div style="display:inline-block;width:7px"> </div>waters<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>signatories<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>conventions.<div style="display:inline-block;width:7px"> </div>For<div style="display:inline-block;width:7px"> </div>example,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>IMO<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>an </div><div id="a30738" style="position:absolute;font-family:'Arial';left:57px;top:481px;">International<div style="display:inline-block;width:6px"> </div>Convention<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Control<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Management<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Ships’<div style="display:inline-block;width:6px"> </div>Ballast<div style="display:inline-block;width:6px"> </div>Water<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Sediments, (the </div><div id="a30766" style="position:absolute;font-family:'Arial';left:57px;top:498px;">“BWM Convention”), in 2004. The BWM Convention entered into force on September 8, 2017.<div style="display:inline-block;width:8px"> </div>The BWM </div><div id="a30799" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Convention requires ships to manage their<div style="display:inline-block;width:6px"> </div>ballast water to remove, render harmless,<div style="display:inline-block;width:5px"> </div>or avoid the uptake </div><div id="a30831" style="position:absolute;font-family:'Arial';left:57px;top:531px;">or discharge of<div style="display:inline-block;width:2px"> </div>new or invasive<div style="display:inline-block;width:2px"> </div>aquatic organisms<div style="display:inline-block;width:3px"> </div>and pathogens within<div style="display:inline-block;width:2px"> </div>ballast water and<div style="display:inline-block;width:2px"> </div>sediments.<div style="display:inline-block;width:7px"> </div>The </div><div id="a30864" style="position:absolute;font-family:'Arial';left:57px;top:548px;">BWM<div style="display:inline-block;width:6px"> </div>Convention’s<div style="display:inline-block;width:6px"> </div>implementing<div style="display:inline-block;width:6px"> </div>regulations<div style="display:inline-block;width:6px"> </div>call<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>phased<div style="display:inline-block;width:6px"> </div>introduction<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>mandatory<div style="display:inline-block;width:6px"> </div>ballast<div style="display:inline-block;width:6px"> </div>water </div><div id="a30890" style="position:absolute;font-family:'Arial';left:57px;top:565px;">exchange requirements, to<div style="display:inline-block;width:6px"> </div>be replaced in<div style="display:inline-block;width:6px"> </div>time with mandatory<div style="display:inline-block;width:6px"> </div>concentration limits, and<div style="display:inline-block;width:5px"> </div>require all ships </div><div id="a30920" style="position:absolute;font-family:'Arial';left:57px;top:582px;">to carry a ballast water record book and an international ballast water<div style="display:inline-block;width:3px"> </div>management certificate. </div><div id="a30949" style="position:absolute;font-family:'Arial';left:57px;top:616px;">On December 4, 2013, the<div style="display:inline-block;width:5px"> </div>IMO Assembly passed a resolution<div style="display:inline-block;width:5px"> </div>revising the application dates of the<div style="display:inline-block;width:5px"> </div>BWM </div><div id="a30983" style="position:absolute;font-family:'Arial';left:57px;top:632px;">Convention so that<div style="display:inline-block;width:6px"> </div>the dates are<div style="display:inline-block;width:6px"> </div>triggered by the<div style="display:inline-block;width:6px"> </div>entry into force<div style="display:inline-block;width:6px"> </div>date and not<div style="display:inline-block;width:6px"> </div>the dates originally<div style="display:inline-block;width:6px"> </div>in the </div><div id="a31023" style="position:absolute;font-family:'Arial';left:57px;top:649px;">BWM<div style="display:inline-block;width:5px"> </div>Convention.<div style="display:inline-block;width:9px"> </div>This, in<div style="display:inline-block;width:7px"> </div>effect,<div style="display:inline-block;width:5px"> </div>makes<div style="display:inline-block;width:5px"> </div>all<div style="display:inline-block;width:5px"> </div>vessels delivered<div style="display:inline-block;width:6px"> </div>before the<div style="display:inline-block;width:7px"> </div>entry into<div style="display:inline-block;width:7px"> </div>force date<div style="display:inline-block;width:7px"> </div>“existing </div><div id="a31056" style="position:absolute;font-family:'Arial';left:57px;top:666px;">vessels” and allows<div style="display:inline-block;width:6px"> </div>for the installation<div style="display:inline-block;width:6px"> </div>of ballast water<div style="display:inline-block;width:6px"> </div>management systems on<div style="display:inline-block;width:5px"> </div>such vessels at<div style="display:inline-block;width:5px"> </div>the first </div><div id="a31090" style="position:absolute;font-family:'Arial';left:57px;top:683px;">International Oil Pollution Prevention (“IOPP”) renewal survey<div style="display:inline-block;width:3px"> </div>following entry into force of the convention. </div><div id="a31119" style="position:absolute;font-family:'Arial';left:57px;top:717px;">The<div style="display:inline-block;width:6px"> </div>MEPC<div style="display:inline-block;width:5px"> </div>maintains<div style="display:inline-block;width:5px"> </div>guidelines for<div style="display:inline-block;width:7px"> </div>approval<div style="display:inline-block;width:5px"> </div>of ballast<div style="display:inline-block;width:7px"> </div>water<div style="display:inline-block;width:5px"> </div>management systems<div style="display:inline-block;width:7px"> </div>(G8).<div style="display:inline-block;width:6px"> </div>At<div style="display:inline-block;width:5px"> </div>MEPC 72 </div><div id="a31149" style="position:absolute;font-family:'Arial';left:57px;top:734px;">amendments<div style="display:inline-block;width:8px"> </div>were<div style="display:inline-block;width:8px"> </div>adopted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>extend<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>date<div style="display:inline-block;width:8px"> </div>existing<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>subject<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>certain<div style="display:inline-block;width:8px"> </div>ballast<div style="display:inline-block;width:8px"> </div>water </div><div id="a31179" style="position:absolute;font-family:'Arial';left:57px;top:751px;">standards. Ships over<div style="display:inline-block;width:2px"> </div>400 gross tons<div style="display:inline-block;width:2px"> </div>generally must comply<div style="display:inline-block;width:2px"> </div>with a “D-1<div style="display:inline-block;width:2px"> </div>standard,” requiring<div style="display:inline-block;width:3px"> </div>the exchange </div><div id="a31213" style="position:absolute;font-family:'Arial';left:57px;top:767px;">of<div style="display:inline-block;width:7px"> </div>ballast<div style="display:inline-block;width:7px"> </div>water<div style="display:inline-block;width:7px"> </div>only<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>open<div style="display:inline-block;width:7px"> </div>seas<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>away<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>coastal<div style="display:inline-block;width:7px"> </div>waters.<div style="display:inline-block;width:11px"> </div>The<div style="display:inline-block;width:7px"> </div>“D-2<div style="display:inline-block;width:7px"> </div>standard”<div style="display:inline-block;width:7px"> </div>specifies<div style="display:inline-block;width:7px"> </div>the </div><div id="a31250" style="position:absolute;font-family:'Arial';left:57px;top:784px;">maximum amount of<div style="display:inline-block;width:3px"> </div>viable organisms allowed<div style="display:inline-block;width:2px"> </div>to be discharged,<div style="display:inline-block;width:3px"> </div>and compliance dates<div style="display:inline-block;width:2px"> </div>vary depending on </div><div id="a31280" style="position:absolute;font-family:'Arial';left:57px;top:801px;">the IOPP renewal dates. These standards have been in force since 2019, and for most ships, compliance </div><div id="a31314" style="position:absolute;font-family:'Arial';left:57px;top:818px;">with the D-2<div style="display:inline-block;width:5px"> </div>standard involved<div style="display:inline-block;width:5px"> </div>installing on-board systems<div style="display:inline-block;width:6px"> </div>to treat ballast<div style="display:inline-block;width:6px"> </div>water and<div style="display:inline-block;width:5px"> </div>eliminate unwanted </div><div id="a31349" style="position:absolute;font-family:'Arial';left:57px;top:835px;">organisms.<div style="display:inline-block;width:8px"> </div>Ballast<div style="display:inline-block;width:7px"> </div>water<div style="display:inline-block;width:8px"> </div>management<div style="display:inline-block;width:8px"> </div>systems,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:8px"> </div>include<div style="display:inline-block;width:8px"> </div>systems<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>make<div style="display:inline-block;width:8px"> </div>use<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>chemical, </div><div id="a31375" style="position:absolute;font-family:'Arial';left:57px;top:852px;">biocides, organisms<div style="display:inline-block;width:6px"> </div>or biological<div style="display:inline-block;width:6px"> </div>mechanisms, or<div style="display:inline-block;width:6px"> </div>which alter<div style="display:inline-block;width:6px"> </div>the chemical<div style="display:inline-block;width:6px"> </div>or physical<div style="display:inline-block;width:6px"> </div>characteristics of </div><div id="a31403" style="position:absolute;font-family:'Arial';left:57px;top:869px;">the ballast<div style="display:inline-block;width:2px"> </div>water, must be<div style="display:inline-block;width:2px"> </div>approved in<div style="display:inline-block;width:2px"> </div>accordance with<div style="display:inline-block;width:2px"> </div>IMO Guidelines<div style="display:inline-block;width:2px"> </div>(Regulation D-3).<div style="display:inline-block;width:2px"> </div>Since September </div><div id="a31435" style="position:absolute;font-family:'Arial';left:57px;top:885px;">8, 2024, all ships<div style="display:inline-block;width:3px"> </div>have been required<div style="display:inline-block;width:3px"> </div>to meet the D-2<div style="display:inline-block;width:3px"> </div>standard.<div style="display:inline-block;width:4px"> </div>Additionally, in November 2020, MEPC<div style="display:inline-block;width:3px"> </div>75 </div><div id="a31474" style="position:absolute;font-family:'Arial';left:57px;top:902px;">adopted<div style="display:inline-block;width:6px"> </div>amendments to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>BWM<div style="display:inline-block;width:6px"> </div>Convention which<div style="display:inline-block;width:7px"> </div>would require<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>commissioning test<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>ballast </div><div id="a31504" style="position:absolute;font-family:'Arial';left:57px;top:919px;">water management system for the initial survey or when performing an additional survey for retrofits. This </div><div id="a31536" style="position:absolute;font-family:'Arial';left:57px;top:936px;">analysis<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:7px"> </div>apply<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>already<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:7px"> </div>installed<div style="display:inline-block;width:6px"> </div>BWM<div style="display:inline-block;width:6px"> </div>system<div style="display:inline-block;width:7px"> </div>certified<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>BWM </div><div id="a31570" style="position:absolute;font-family:'Arial';left:57px;top:953px;">Convention. These amendments have<div style="display:inline-block;width:6px"> </div>entered into force<div style="display:inline-block;width:5px"> </div>on June 1,<div style="display:inline-block;width:6px"> </div>2022. In December 2022,<div style="display:inline-block;width:6px"> </div>MEPC 79 </div></div>
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<div id="a31604" style="position:absolute;font-family:'Arial';left:390px;top:992px;">59 </div><div id="a31606" style="position:absolute;font-family:'Arial';left:57px;top:76px;">agreed that it<div style="display:inline-block;width:6px"> </div>should be permitted to<div style="display:inline-block;width:6px"> </div>use ballast tanks for<div style="display:inline-block;width:6px"> </div>temporary storage of treated<div style="display:inline-block;width:6px"> </div>sewage and grey </div><div id="a31642" style="position:absolute;font-family:'Arial';left:57px;top:93px;">water.<div style="display:inline-block;width:6px"> </div>MEPC 79 also<div style="display:inline-block;width:6px"> </div>established that ships<div style="display:inline-block;width:6px"> </div>are expected to<div style="display:inline-block;width:6px"> </div>return to D-2<div style="display:inline-block;width:6px"> </div>compliance after experiencing </div><div id="a31676" style="position:absolute;font-family:'Arial';left:57px;top:110px;">challenging uptake water and bypassing a BWM system should only<div style="display:inline-block;width:3px"> </div>be used as a last resort.<div style="display:inline-block;width:3px"> </div></div><div id="a31710" style="position:absolute;font-family:'Arial';left:57px;top:143px;">In July 2023,<div style="display:inline-block;width:2px"> </div>MEPC 80 approved<div style="display:inline-block;width:2px"> </div>a plan<div style="display:inline-block;width:3px"> </div>for a comprehensive<div style="display:inline-block;width:2px"> </div>review of<div style="display:inline-block;width:3px"> </div>the BWM Convention.<div style="display:inline-block;width:2px"> </div>over the<div style="display:inline-block;width:2px"> </div>next </div><div id="a31711" style="position:absolute;font-family:'Arial';left:57px;top:160px;">three years and<div style="display:inline-block;width:6px"> </div>the corresponding development of<div style="display:inline-block;width:6px"> </div>a package of<div style="display:inline-block;width:6px"> </div>amendments to the<div style="display:inline-block;width:6px"> </div>Convention. MEPC </div><div id="a31713" style="position:absolute;font-family:'Arial';left:57px;top:177px;">80 also adopted further amendments relating to Appendix<div style="display:inline-block;width:6px"> </div>II of the BWM Convention concerning<div style="display:inline-block;width:5px"> </div>the form </div><div id="a31714" style="position:absolute;font-family:'Arial';left:57px;top:194px;">of the Ballast Water Record Book, which are<div style="display:inline-block;width:5px"> </div>expected to enter into force in February 2025. A protocol for </div><div id="a31715" style="position:absolute;font-family:'Arial';left:57px;top:211px;">ballast water compliance monitoring devices<div style="display:inline-block;width:3px"> </div>and unified interpretation of<div style="display:inline-block;width:3px"> </div>the form of the BWM Convention </div><div id="a31717" style="position:absolute;font-family:'Arial';left:57px;top:228px;">certificate were<div style="display:inline-block;width:7px"> </div>also adopted.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:5px"> </div>March 2024,<div style="display:inline-block;width:6px"> </div>MEPC 81<div style="display:inline-block;width:7px"> </div>adopted amendments<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>BWM Convention </div><div id="a31723" style="position:absolute;font-family:'Arial';left:57px;top:245px;">concerning the<div style="display:inline-block;width:2px"> </div>use of<div style="display:inline-block;width:2px"> </div>Ballast Water Record<div style="display:inline-block;width:2px"> </div>Books in<div style="display:inline-block;width:2px"> </div>electronic form,<div style="display:inline-block;width:2px"> </div>which are<div style="display:inline-block;width:2px"> </div>expected to<div style="display:inline-block;width:2px"> </div>enter into<div style="display:inline-block;width:2px"> </div>force </div><div id="a31726" style="position:absolute;font-family:'Arial';left:57px;top:261px;">in October 2025. Pursuant to the ongoing review, in Fall 2024, MEPC 82 approved the 2024 Guidance on </div><div id="a31729" style="position:absolute;font-family:'Arial';left:57px;top:278px;">ballast water<div style="display:inline-block;width:3px"> </div>record keeping<div style="display:inline-block;width:2px"> </div>and reporting<div style="display:inline-block;width:3px"> </div>and the<div style="display:inline-block;width:3px"> </div>2024 Guidance<div style="display:inline-block;width:3px"> </div>for Administrations<div style="display:inline-block;width:3px"> </div>on the<div style="display:inline-block;width:3px"> </div>type approval </div><div id="a31732" style="position:absolute;font-family:'Arial';left:57px;top:295px;">process for ballast water management systems to support harmonized<div style="display:inline-block;width:3px"> </div>evaluation by Administrations. </div><div id="a31737" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Once<div style="display:inline-block;width:7px"> </div>mid-ocean<div style="display:inline-block;width:7px"> </div>exchange<div style="display:inline-block;width:7px"> </div>ballast<div style="display:inline-block;width:7px"> </div>water<div style="display:inline-block;width:7px"> </div>treatment<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:7px"> </div>become<div style="display:inline-block;width:7px"> </div>mandatory<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>BWM </div><div id="a31763" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Convention, the<div style="display:inline-block;width:6px"> </div>cost of<div style="display:inline-block;width:6px"> </div>compliance could<div style="display:inline-block;width:6px"> </div>increase for<div style="display:inline-block;width:6px"> </div>ocean carriers<div style="display:inline-block;width:6px"> </div>and may have<div style="display:inline-block;width:6px"> </div>a material effect<div style="display:inline-block;width:6px"> </div>on </div><div id="a31797" style="position:absolute;font-family:'Arial';left:57px;top:363px;">our operations. Irrespective of the BWM<div style="display:inline-block;width:2px"> </div>convention, certain countries<div style="display:inline-block;width:3px"> </div>such as the U.S. have<div style="display:inline-block;width:3px"> </div>enforced and </div><div id="a31829" style="position:absolute;font-family:'Arial';left:57px;top:379px;">implemented regional requirement related to the system certification,<div style="display:inline-block;width:3px"> </div>operation and reporting. </div><div id="a31852" style="position:absolute;font-family:'Arial';left:57px;top:413px;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the </div><div id="a31884" style="position:absolute;font-family:'Arial';left:57px;top:430px;">“Bunker<div style="display:inline-block;width:6px"> </div>Convention”) to<div style="display:inline-block;width:7px"> </div>impose<div style="display:inline-block;width:6px"> </div>strict liability<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>ship<div style="display:inline-block;width:5px"> </div>owners<div style="display:inline-block;width:6px"> </div>(including the<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:5px"> </div>owner,<div style="display:inline-block;width:6px"> </div>bareboat </div><div id="a31912" style="position:absolute;font-family:'Arial';left:57px;top:447px;">charterer, manager<div style="display:inline-block;width:6px"> </div>or operator) for<div style="display:inline-block;width:6px"> </div>pollution damage in jurisdictional<div style="display:inline-block;width:6px"> </div>waters of ratifying states<div style="display:inline-block;width:6px"> </div>caused by </div><div id="a31942" style="position:absolute;font-family:'Arial';left:57px;top:464px;">discharges of<div style="display:inline-block;width:6px"> </div>bunker fuel.<div style="display:inline-block;width:5px"> </div>The Bunker<div style="display:inline-block;width:6px"> </div>Convention requires registered<div style="display:inline-block;width:6px"> </div>owners of<div style="display:inline-block;width:5px"> </div>ships over<div style="display:inline-block;width:6px"> </div>1,000 gross </div><div id="a31972" style="position:absolute;font-family:'Arial';left:57px;top:481px;">tons<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>maintain<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>pollution<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>equal<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>limits<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>liability<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the </div><div id="a32008" style="position:absolute;font-family:'Arial';left:57px;top:498px;">applicable<div style="display:inline-block;width:9px"> </div>national<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>international<div style="display:inline-block;width:9px"> </div>limitation<div style="display:inline-block;width:9px"> </div>regime<div style="display:inline-block;width:9px"> </div>(but<div style="display:inline-block;width:9px"> </div>not<div style="display:inline-block;width:9px"> </div>exceeding<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>amount<div style="display:inline-block;width:9px"> </div>calculated<div style="display:inline-block;width:9px"> </div>in </div><div id="a32034" style="position:absolute;font-family:'Arial';left:57px;top:514px;">accordance with the LLMC).<div style="display:inline-block;width:7px"> </div>With respect to non-ratifying<div style="display:inline-block;width:3px"> </div>states, liability for spills or<div style="display:inline-block;width:2px"> </div>releases of oil carried </div><div id="a32071" style="position:absolute;font-family:'Arial';left:57px;top:531px;">as fuel<div style="display:inline-block;width:6px"> </div>in ship’s<div style="display:inline-block;width:6px"> </div>bunkers typically<div style="display:inline-block;width:5px"> </div>is determined by<div style="display:inline-block;width:6px"> </div>the national<div style="display:inline-block;width:6px"> </div>or other<div style="display:inline-block;width:5px"> </div>domestic laws<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>jurisdiction </div><div id="a32107" style="position:absolute;font-family:'Arial';left:57px;top:548px;">where the events or damages occur. </div><div id="a32120" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Ships are<div style="display:inline-block;width:7px"> </div>required to<div style="display:inline-block;width:6px"> </div>maintain a<div style="display:inline-block;width:7px"> </div>certificate attesting<div style="display:inline-block;width:6px"> </div>that they<div style="display:inline-block;width:7px"> </div>maintain adequate<div style="display:inline-block;width:6px"> </div>insurance to<div style="display:inline-block;width:7px"> </div>cover an </div><div id="a32152" style="position:absolute;font-family:'Arial';left:57px;top:599px;">incident. In jurisdictions, such<div style="display:inline-block;width:6px"> </div>as the United<div style="display:inline-block;width:6px"> </div>States where the<div style="display:inline-block;width:6px"> </div>Bunker Convention has not<div style="display:inline-block;width:6px"> </div>been adopted, </div><div id="a32184" style="position:absolute;font-family:'Arial';left:57px;top:616px;">various legislative schemes or<div style="display:inline-block;width:6px"> </div>common law govern, and<div style="display:inline-block;width:5px"> </div>liability is imposed either<div style="display:inline-block;width:6px"> </div>on the basis of<div style="display:inline-block;width:6px"> </div>fault or </div><div id="a32220" style="position:absolute;font-family:'Arial';left:57px;top:632px;">on a strict-liability basis. </div><div id="a32231" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:666px;">Anti-Fouling Requirements </div><div id="a32238" style="position:absolute;font-family:'Arial';left:57px;top:700px;">In 2001, the IMO adopted the International Convention on the Control<div style="display:inline-block;width:5px"> </div>of Harmful Anti-fouling Systems on </div><div id="a32272" style="position:absolute;font-family:'Arial';left:57px;top:717px;">Ships,<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>“Anti-fouling<div style="display:inline-block;width:9px"> </div>Convention.”<div style="display:inline-block;width:9px"> </div>The<div style="display:inline-block;width:9px"> </div>Anti-fouling<div style="display:inline-block;width:9px"> </div>Convention,<div style="display:inline-block;width:9px"> </div>which<div style="display:inline-block;width:9px"> </div>entered<div style="display:inline-block;width:9px"> </div>into<div style="display:inline-block;width:9px"> </div>force<div style="display:inline-block;width:9px"> </div>on </div><div id="a32302" style="position:absolute;font-family:'Arial';left:57px;top:734px;">September 17,<div style="display:inline-block;width:7px"> </div>2008,<div style="display:inline-block;width:7px"> </div>prohibits<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>use<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>organotin<div style="display:inline-block;width:6px"> </div>compound<div style="display:inline-block;width:7px"> </div>coatings<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>prevent<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>attachment<div style="display:inline-block;width:7px"> </div>of </div><div id="a32332" style="position:absolute;font-family:'Arial';left:57px;top:751px;">mollusks and other sea life<div style="display:inline-block;width:3px"> </div>to the hulls of vessels.<div style="display:inline-block;width:3px"> </div>Vessels of over 400 gross tons engaged in<div style="display:inline-block;width:2px"> </div>international </div><div id="a32370" style="position:absolute;font-family:'Arial';left:57px;top:767px;">voyages will also be required to undergo an initial survey before<div style="display:inline-block;width:3px"> </div>the vessel is put into service or before an </div><div id="a32410" style="position:absolute;font-family:'Arial';left:57px;top:784px;">International Anti-fouling System Certificate is issued for<div style="display:inline-block;width:6px"> </div>the first time; and subsequent<div style="display:inline-block;width:5px"> </div>surveys when the </div><div id="a32442" style="position:absolute;font-family:'Arial';left:57px;top:801px;">anti-fouling systems<div style="display:inline-block;width:2px"> </div>are altered<div style="display:inline-block;width:2px"> </div>or replaced.<div style="display:inline-block;width:2px"> </div>Vessels of 24<div style="display:inline-block;width:2px"> </div>meters in<div style="display:inline-block;width:3px"> </div>length or<div style="display:inline-block;width:2px"> </div>more but<div style="display:inline-block;width:3px"> </div>less than<div style="display:inline-block;width:3px"> </div>400 gross </div><div id="a32457" style="position:absolute;font-family:'Arial';left:57px;top:818px;">tonnage engaged in international voyages will have to carry a Declaration on Anti-fouling Systems signed </div><div id="a32460" style="position:absolute;font-family:'Arial';left:57px;top:835px;">by the owner or authorized agent. </div><div id="a32463" style="position:absolute;font-family:'Arial';left:57px;top:869px;">In November 2020, MEPC<div style="display:inline-block;width:5px"> </div>75 approved draft amendments<div style="display:inline-block;width:6px"> </div>to the Anti-fouling Convention to<div style="display:inline-block;width:6px"> </div>prohibit anti-</div><div id="a32495" style="position:absolute;font-family:'Arial';left:57px;top:885px;">fouling<div style="display:inline-block;width:6px"> </div>systems<div style="display:inline-block;width:6px"> </div>containing<div style="display:inline-block;width:6px"> </div>cybutryne,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>apply<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>ships<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>1,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>or,<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:6px"> </div>ships </div><div id="a32527" style="position:absolute;font-family:'Arial';left:57px;top:902px;">already bearing such an<div style="display:inline-block;width:5px"> </div>anti-fouling system, at the<div style="display:inline-block;width:6px"> </div>next scheduled renewal of the<div style="display:inline-block;width:6px"> </div>system after that date, </div><div id="a32563" style="position:absolute;font-family:'Arial';left:57px;top:919px;">but no later<div style="display:inline-block;width:3px"> </div>than 60 months<div style="display:inline-block;width:2px"> </div>following the last<div style="display:inline-block;width:3px"> </div>application to the<div style="display:inline-block;width:2px"> </div>ship of such<div style="display:inline-block;width:2px"> </div>a system. In<div style="display:inline-block;width:3px"> </div>addition, the IAFS </div><div id="a32605" style="position:absolute;font-family:'Arial';left:57px;top:936px;">Certificate has been<div style="display:inline-block;width:3px"> </div>updated to address<div style="display:inline-block;width:2px"> </div>compliance options for<div style="display:inline-block;width:2px"> </div>anti-fouling systems to<div style="display:inline-block;width:2px"> </div>address cybutryne. </div><div id="a32635" style="position:absolute;font-family:'Arial';left:57px;top:953px;">Ships which are affected by this ban on cybutryne must<div style="display:inline-block;width:5px"> </div>receive an updated IAFS Certificate no later than </div></div>
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<div id="a32673" style="position:absolute;font-family:'Arial';left:390px;top:992px;">60 </div><div id="a32675" style="position:absolute;font-family:'Arial';left:57px;top:76px;">two years after<div style="display:inline-block;width:2px"> </div>the entry<div style="display:inline-block;width:3px"> </div>into force of<div style="display:inline-block;width:2px"> </div>these amendments.<div style="display:inline-block;width:3px"> </div>Ships which<div style="display:inline-block;width:3px"> </div>are not<div style="display:inline-block;width:3px"> </div>affected (i.e. with<div style="display:inline-block;width:2px"> </div>anti-fouling </div><div id="a32713" style="position:absolute;font-family:'Arial';left:57px;top:93px;">systems which do not contain cybutryne)<div style="display:inline-block;width:2px"> </div>must receive an updated IAFS Certificate<div style="display:inline-block;width:3px"> </div>at the next Anti-fouling </div><div id="a32747" style="position:absolute;font-family:'Arial';left:57px;top:110px;">application to<div style="display:inline-block;width:2px"> </div>the vessel.<div style="display:inline-block;width:2px"> </div>These amendments<div style="display:inline-block;width:2px"> </div>were formally<div style="display:inline-block;width:2px"> </div>adopted at<div style="display:inline-block;width:2px"> </div>MEPC 76<div style="display:inline-block;width:2px"> </div>in June<div style="display:inline-block;width:2px"> </div>2021 and<div style="display:inline-block;width:2px"> </div>entered </div><div id="a32781" style="position:absolute;font-family:'Arial';left:57px;top:126px;">into force on January 1, 2023. </div><div id="a32794" style="position:absolute;font-family:'Arial';left:57px;top:160px;">We have obtained Anti-fouling System Certificates for all of our vessels that are subject to the Anti-fouling </div><div id="a32832" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Convention. </div><div id="a32836" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:211px;">Requirements for the Safe and Environmentally Sound Recycling of Ships </div><div id="a32857" style="position:absolute;font-family:'Arial';left:57px;top:245px;">In<div style="display:inline-block;width:7px"> </div>2009<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Hong<div style="display:inline-block;width:7px"> </div>Kong<div style="display:inline-block;width:7px"> </div>International<div style="display:inline-block;width:7px"> </div>Convention<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>MEPC<div style="display:inline-block;width:7px"> </div>269(68)<div style="display:inline-block;width:7px"> </div>adopted<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>guidelines<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the </div><div id="a32887" style="position:absolute;font-family:'Arial';left:57px;top:261px;">preparation of<div style="display:inline-block;width:6px"> </div>the Inventory<div style="display:inline-block;width:6px"> </div>of Hazardous<div style="display:inline-block;width:6px"> </div>Materials. The<div style="display:inline-block;width:6px"> </div>Convention concerns<div style="display:inline-block;width:6px"> </div>all vessels<div style="display:inline-block;width:6px"> </div>over 500<div style="display:inline-block;width:6px"> </div>GT </div><div id="a32917" style="position:absolute;font-family:'Arial';left:57px;top:278px;">entitled<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>fly<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>flag<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Party<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>authority,<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>exceptions<div style="display:inline-block;width:6px"> </div>like<div style="display:inline-block;width:6px"> </div>warships. </div><div id="a32953" style="position:absolute;font-family:'Arial';left:57px;top:295px;">According to<div style="display:inline-block;width:6px"> </div>the Convention<div style="display:inline-block;width:5px"> </div>the shipowner<div style="display:inline-block;width:6px"> </div>should control<div style="display:inline-block;width:6px"> </div>Ship’s Hazardous<div style="display:inline-block;width:6px"> </div>Materials inherent<div style="display:inline-block;width:6px"> </div>in ship’s </div><div id="a32981" style="position:absolute;font-family:'Arial';left:57px;top:312px;">structure,<div style="display:inline-block;width:7px"> </div>machinery,<div style="display:inline-block;width:8px"> </div>equipment<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>paints,<div style="display:inline-block;width:7px"> </div>coatings<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>prohibit<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>new<div style="display:inline-block;width:6px"> </div>installations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Hazardous </div><div id="a33007" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Materials, by maintaining an Inventory of Hazardous Materials (IHM). It is the Company’s responsibility to </div><div id="a33037" style="position:absolute;font-family:'Arial';left:57px;top:346px;">maintain the IHM<div style="display:inline-block;width:6px"> </div>Part I up<div style="display:inline-block;width:6px"> </div>to date, during<div style="display:inline-block;width:6px"> </div>the life of<div style="display:inline-block;width:6px"> </div>the ship, according<div style="display:inline-block;width:6px"> </div>to MEPC Guidelines.<div style="display:inline-block;width:10px"> </div>The ships </div><div id="a33077" style="position:absolute;font-family:'Arial';left:57px;top:363px;">are<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>survey<div style="display:inline-block;width:7px"> </div>(initial,<div style="display:inline-block;width:7px"> </div>renewal,<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>final)<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>certification<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>should<div style="display:inline-block;width:7px"> </div>keep<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>valid </div><div id="a33109" style="position:absolute;font-family:'Arial';left:57px;top:379px;">International<div style="display:inline-block;width:7px"> </div>Certificate<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>Inventory<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Hazardous<div style="display:inline-block;width:7px"> </div>Materials<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>International<div style="display:inline-block;width:7px"> </div>Ready<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>Recycling </div><div id="a33135" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Certificate (in<div style="display:inline-block;width:6px"> </div>case of<div style="display:inline-block;width:6px"> </div>recycling), on<div style="display:inline-block;width:6px"> </div>board. For<div style="display:inline-block;width:6px"> </div>ships been<div style="display:inline-block;width:6px"> </div>resulted to<div style="display:inline-block;width:6px"> </div>contain hazardous<div style="display:inline-block;width:6px"> </div>materials (like </div><div id="a33167" style="position:absolute;font-family:'Arial';left:57px;top:413px;">asbestos),<div style="display:inline-block;width:7px"> </div>actions<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>removal<div style="display:inline-block;width:6px"> </div>should<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>taken<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>shipowner.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:6px"> </div>ships<div style="display:inline-block;width:6px"> </div>should<div style="display:inline-block;width:6px"> </div>only<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>recycled </div><div id="a33199" style="position:absolute;font-family:'Arial';left:57px;top:430px;">according to the regulations. If the ship is detected to be in violation of this Convention, the Party carrying </div><div id="a33237" style="position:absolute;font-family:'Arial';left:57px;top:447px;">out an inspection may take<div style="display:inline-block;width:6px"> </div>steps to warn, detain, dismiss,<div style="display:inline-block;width:5px"> </div>or exclude the ship from<div style="display:inline-block;width:6px"> </div>its ports, which might </div><div id="a33275" style="position:absolute;font-family:'Arial';left:57px;top:464px;">have an impact in our commercial image and<div style="display:inline-block;width:3px"> </div>cause high fines to the company. Our fleet already complies </div><div id="a33311" style="position:absolute;font-family:'Arial';left:57px;top:481px;">with<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>regulation<div style="display:inline-block;width:6px"> </div>but<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>preparation,<div style="display:inline-block;width:6px"> </div>maintenance<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>whenever<div style="display:inline-block;width:6px"> </div>needed<div style="display:inline-block;width:6px"> </div>removal<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>resulted<div style="display:inline-block;width:6px"> </div>in </div><div id="a33339" style="position:absolute;font-family:'Arial';left:57px;top:498px;">substantial costs. </div><div id="a33344" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:531px;">Compliance Enforcement </div><div id="a33349" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Noncompliance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>ISM<div style="display:inline-block;width:7px"> </div>Code<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>IMO<div style="display:inline-block;width:6px"> </div>regulations<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>ship<div style="display:inline-block;width:6px"> </div>owner<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>bareboat </div><div id="a33381" style="position:absolute;font-family:'Arial';left:57px;top:582px;">charterer to increased liability, may lead to decreases<div style="display:inline-block;width:3px"> </div>in available insurance coverage<div style="display:inline-block;width:2px"> </div>for affected vessels </div><div id="a33411" style="position:absolute;font-family:'Arial';left:57px;top:599px;">and may<div style="display:inline-block;width:6px"> </div>result in<div style="display:inline-block;width:6px"> </div>the denial<div style="display:inline-block;width:6px"> </div>of access<div style="display:inline-block;width:6px"> </div>to, or<div style="display:inline-block;width:6px"> </div>detention in,<div style="display:inline-block;width:6px"> </div>some ports.<div style="display:inline-block;width:6px"> </div>The USCG<div style="display:inline-block;width:6px"> </div>and European<div style="display:inline-block;width:6px"> </div>Union </div><div id="a33449" style="position:absolute;font-family:'Arial';left:57px;top:616px;">authorities have<div style="display:inline-block;width:6px"> </div>indicated that<div style="display:inline-block;width:5px"> </div>vessels not<div style="display:inline-block;width:6px"> </div>in compliance with<div style="display:inline-block;width:6px"> </div>the ISM<div style="display:inline-block;width:6px"> </div>Code by<div style="display:inline-block;width:6px"> </div>applicable deadlines will </div><div id="a33481" style="position:absolute;font-family:'Arial';left:57px;top:632px;">be prohibited<div style="display:inline-block;width:6px"> </div>from trading<div style="display:inline-block;width:6px"> </div>in U.S.<div style="display:inline-block;width:6px"> </div>and European<div style="display:inline-block;width:6px"> </div>Union ports,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:6px"> </div>As of<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>of this<div style="display:inline-block;width:6px"> </div>report, </div><div id="a33517" style="position:absolute;font-family:'Arial';left:57px;top:649px;">each of our vessels<div style="display:inline-block;width:6px"> </div>is ISM Code certified. The<div style="display:inline-block;width:6px"> </div>IMO continues to review and<div style="display:inline-block;width:5px"> </div>introduce new regulations. It </div><div id="a33553" style="position:absolute;font-family:'Arial';left:57px;top:666px;">is impossible to<div style="display:inline-block;width:6px"> </div>predict what additional regulations,<div style="display:inline-block;width:6px"> </div>if any,<div style="display:inline-block;width:6px"> </div>may be passed<div style="display:inline-block;width:6px"> </div>by the IMO<div style="display:inline-block;width:6px"> </div>and what effect,<div style="display:inline-block;width:6px"> </div>if </div><div id="a33591" style="position:absolute;font-family:'Arial';left:57px;top:683px;">any, such regulations might have on our operations. </div><div id="a33608" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:717px;">U.S. Regulations </div><div id="a33613" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:751px;">The U.S. Oil Pollution<div style="display:inline-block;width:6px"> </div>Act of 1990 and<div style="display:inline-block;width:6px"> </div>the Comprehensive Environmental Response, Compensation and </div><div id="a33641" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:767px;">Liability Act </div><div id="a33646" style="position:absolute;font-family:'Arial';left:57px;top:801px;">The U.S. Oil Pollution Act<div style="display:inline-block;width:5px"> </div>of 1990 (“OPA”)<div style="display:inline-block;width:6px"> </div>established an extensive regulatory and liability regime for<div style="display:inline-block;width:6px"> </div>the </div><div id="a33680" style="position:absolute;font-family:'Arial';left:57px;top:818px;">protection and<div style="display:inline-block;width:6px"> </div>cleanup of<div style="display:inline-block;width:6px"> </div>the environment<div style="display:inline-block;width:6px"> </div>from oil<div style="display:inline-block;width:6px"> </div>spills. OPA<div style="display:inline-block;width:7px"> </div>affects all<div style="display:inline-block;width:6px"> </div>“owners and<div style="display:inline-block;width:6px"> </div>operators” whose </div><div id="a33712" style="position:absolute;font-family:'Arial';left:57px;top:835px;">vessels trade or<div style="display:inline-block;width:6px"> </div>operate within the U.S., its territories<div style="display:inline-block;width:6px"> </div>and possessions or whose<div style="display:inline-block;width:6px"> </div>vessels operate in U.S. </div><div id="a33746" style="position:absolute;font-family:'Arial';left:57px;top:852px;">waters, which includes the U.S.’s territorial sea and its 200 nautical mile exclusive economic zone around </div><div id="a33778" style="position:absolute;font-family:'Arial';left:57px;top:869px;">the U.S.<div style="display:inline-block;width:10px"> </div>The U.S.<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>enacted<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Comprehensive<div style="display:inline-block;width:6px"> </div>Environmental<div style="display:inline-block;width:6px"> </div>Response,<div style="display:inline-block;width:6px"> </div>Compensation<div style="display:inline-block;width:6px"> </div>and </div><div id="a33805" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Liability Act (“CERCLA”), which applies<div style="display:inline-block;width:3px"> </div>to the discharge of hazardous substances other<div style="display:inline-block;width:3px"> </div>than oil, except in </div><div id="a33837" style="position:absolute;font-family:'Arial';left:57px;top:902px;">limited circumstances, whether on land or at sea.<div style="display:inline-block;width:8px"> </div>OPA and CERCLA both define “owner and operator” in </div><div id="a33872" style="position:absolute;font-family:'Arial';left:57px;top:919px;">the case of a vessel as any person owning, operating or chartering by demise, the<div style="display:inline-block;width:3px"> </div>vessel.<div style="display:inline-block;width:8px"> </div>Both OPA and </div><div id="a33911" style="position:absolute;font-family:'Arial';left:57px;top:936px;">CERCLA impact our operations. </div></div>
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<div id="a33922" style="position:absolute;font-family:'Arial';left:390px;top:992px;">61 </div><div id="a33924" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Under OPA,<div style="display:inline-block;width:7px"> </div>vessel owners<div style="display:inline-block;width:6px"> </div>and operators<div style="display:inline-block;width:6px"> </div>are “responsible<div style="display:inline-block;width:6px"> </div>parties” and<div style="display:inline-block;width:6px"> </div>are jointly,<div style="display:inline-block;width:7px"> </div>severally and<div style="display:inline-block;width:6px"> </div>strictly </div><div id="a33954" style="position:absolute;font-family:'Arial';left:57px;top:93px;">liable (unless the<div style="display:inline-block;width:3px"> </div>spill results solely<div style="display:inline-block;width:2px"> </div>from the act or<div style="display:inline-block;width:2px"> </div>omission of a<div style="display:inline-block;width:3px"> </div>third party, an act of God<div style="display:inline-block;width:2px"> </div>or an act<div style="display:inline-block;width:3px"> </div>of war) </div><div id="a34002" style="position:absolute;font-family:'Arial';left:57px;top:110px;">for<div style="display:inline-block;width:9px"> </div>all<div style="display:inline-block;width:8px"> </div>containment<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>clean-up<div style="display:inline-block;width:9px"> </div>costs<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>other<div style="display:inline-block;width:9px"> </div>damages<div style="display:inline-block;width:8px"> </div>arising<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>discharges<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:9px"> </div>threatened </div><div id="a34032" style="position:absolute;font-family:'Arial';left:57px;top:126px;">discharges of<div style="display:inline-block;width:5px"> </div>oil from their<div style="display:inline-block;width:6px"> </div>vessels, including bunkers<div style="display:inline-block;width:6px"> </div>(fuel).<div style="display:inline-block;width:9px"> </div>OPA<div style="display:inline-block;width:6px"> </div>defines these other<div style="display:inline-block;width:6px"> </div>damages broadly </div><div id="a34063" style="position:absolute;font-family:'Arial';left:57px;top:143px;">to include: </div><div id="a34068" style="position:absolute;font-family:'Arial';left:81px;top:177px;">(i)</div><div id="a34069" style="position:absolute;font-family:'Arial';left:94px;top:177px;"><div style="display:inline-block;width:11px"> </div>injury to, destruction or loss of, or loss of use of, natural resources and<div style="display:inline-block;width:3px"> </div>related assessment costs; </div><div id="a34105" style="position:absolute;font-family:'Arial';left:81px;top:211px;">(ii)</div><div id="a34106" style="position:absolute;font-family:'Arial';left:97px;top:211px;"><div style="display:inline-block;width:8px"> </div>injury to, or economic losses resulting from, the destruction of<div style="display:inline-block;width:3px"> </div>real and personal property; </div><div id="a34136" style="position:absolute;font-family:'Arial';left:81px;top:245px;">(iii)</div><div id="a34137" style="position:absolute;font-family:'Arial';left:100px;top:245px;"><div style="display:inline-block;width:4px"> </div>loss of subsistence use of natural resources that are injured, destroyed<div style="display:inline-block;width:3px"> </div>or lost; </div><div id="a34165" style="position:absolute;font-family:'Arial';left:81px;top:278px;">(iv)</div><div id="a34166" style="position:absolute;font-family:'Arial';left:101px;top:278px;"><div style="display:inline-block;width:4px"> </div>net<div style="display:inline-block;width:5px"> </div>loss of<div style="display:inline-block;width:6px"> </div>taxes, royalties,<div style="display:inline-block;width:6px"> </div>rents, fees<div style="display:inline-block;width:6px"> </div>or net<div style="display:inline-block;width:7px"> </div>profit revenues<div style="display:inline-block;width:6px"> </div>resulting from<div style="display:inline-block;width:7px"> </div>injury,<div style="display:inline-block;width:6px"> </div>destruction or </div><div id="a34199" style="position:absolute;font-family:'Arial';left:105px;top:295px;">loss of real or personal property, or natural resources; </div><div id="a34218" style="position:absolute;font-family:'Arial';left:81px;top:329px;">(v)</div><div id="a34219" style="position:absolute;font-family:'Arial';left:98px;top:329px;"><div style="display:inline-block;width:7px"> </div>lost profits<div style="display:inline-block;width:6px"> </div>or impairment<div style="display:inline-block;width:6px"> </div>of earning<div style="display:inline-block;width:6px"> </div>capacity due<div style="display:inline-block;width:6px"> </div>to injury,<div style="display:inline-block;width:7px"> </div>destruction or<div style="display:inline-block;width:6px"> </div>loss of<div style="display:inline-block;width:6px"> </div>real or<div style="display:inline-block;width:6px"> </div>personal </div><div id="a34254" style="position:absolute;font-family:'Arial';left:105px;top:346px;">property or natural resources; and </div><div id="a34265" style="position:absolute;font-family:'Arial';left:81px;top:379px;">(vi)</div><div id="a34266" style="position:absolute;font-family:'Arial';left:101px;top:379px;"><div style="display:inline-block;width:4px"> </div>net<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>increased or<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:5px"> </div>public services<div style="display:inline-block;width:7px"> </div>necessitated by<div style="display:inline-block;width:7px"> </div>removal<div style="display:inline-block;width:6px"> </div>activities<div style="display:inline-block;width:5px"> </div>following a </div><div id="a34295" style="position:absolute;font-family:'Arial';left:105px;top:396px;">discharge of oil, such as protection from fire,<div style="display:inline-block;width:3px"> </div>safety or health hazards, and loss of subsistence<div style="display:inline-block;width:3px"> </div>use </div><div id="a34329" style="position:absolute;font-family:'Arial';left:105px;top:413px;">of natural resources. </div><div id="a34336" style="position:absolute;font-family:'Arial';left:57px;top:447px;">OPA<div style="display:inline-block;width:10px"> </div>contains<div style="display:inline-block;width:8px"> </div>statutory<div style="display:inline-block;width:8px"> </div>caps<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:8px"> </div>liability<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>damages;<div style="display:inline-block;width:9px"> </div>such<div style="display:inline-block;width:8px"> </div>caps<div style="display:inline-block;width:8px"> </div>do<div style="display:inline-block;width:8px"> </div>not<div style="display:inline-block;width:8px"> </div>apply<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>direct<div style="display:inline-block;width:8px"> </div>cleanup </div><div id="a34368" style="position:absolute;font-family:'Arial';left:57px;top:464px;">costs.<div style="display:inline-block;width:9px"> </div>Effective November 12,<div style="display:inline-block;width:6px"> </div>2019, the<div style="display:inline-block;width:5px"> </div>USCG adjusted<div style="display:inline-block;width:5px"> </div>the limits<div style="display:inline-block;width:6px"> </div>of OPA<div style="display:inline-block;width:7px"> </div>liability for<div style="display:inline-block;width:6px"> </div>non-tank vessels, </div><div id="a34403" style="position:absolute;font-family:'Arial';left:57px;top:481px;">edible oil<div style="display:inline-block;width:2px"> </div>tank vessels,<div style="display:inline-block;width:2px"> </div>and any<div style="display:inline-block;width:2px"> </div>oil spill<div style="display:inline-block;width:2px"> </div>response vessels,<div style="display:inline-block;width:2px"> </div>to the<div style="display:inline-block;width:2px"> </div>greater of<div style="display:inline-block;width:2px"> </div>$1,200 per<div style="display:inline-block;width:2px"> </div>gross ton<div style="display:inline-block;width:2px"> </div>or $997,100 </div><div id="a34443" style="position:absolute;font-family:'Arial';left:57px;top:498px;">(subject to periodic<div style="display:inline-block;width:2px"> </div>adjustment for<div style="display:inline-block;width:3px"> </div>inflation). On December<div style="display:inline-block;width:2px"> </div>23, 2022,<div style="display:inline-block;width:3px"> </div>the USCG issued<div style="display:inline-block;width:2px"> </div>a final rule<div style="display:inline-block;width:2px"> </div>to adjust </div><div id="a34479" style="position:absolute;font-family:'Arial';left:57px;top:514px;">the limitation of<div style="display:inline-block;width:6px"> </div>liability under the OPA.<div style="display:inline-block;width:7px"> </div>Effective March 23,<div style="display:inline-block;width:6px"> </div>2022, the new adjusted<div style="display:inline-block;width:6px"> </div>limits of OPA<div style="display:inline-block;width:6px"> </div>liability </div><div id="a34515" style="position:absolute;font-family:'Arial';left:57px;top:531px;">for non-tank<div style="display:inline-block;width:6px"> </div>vessels, edible oil<div style="display:inline-block;width:6px"> </div>tank vessels,<div style="display:inline-block;width:6px"> </div>and any<div style="display:inline-block;width:6px"> </div>oil spill<div style="display:inline-block;width:6px"> </div>response vessels,<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>greater of<div style="display:inline-block;width:5px"> </div>$1,300 </div><div id="a34553" style="position:absolute;font-family:'Arial';left:57px;top:548px;">per gross<div style="display:inline-block;width:3px"> </div>ton or<div style="display:inline-block;width:3px"> </div>$1,076,000 (subject<div style="display:inline-block;width:2px"> </div>to periodic<div style="display:inline-block;width:2px"> </div>adjustment for<div style="display:inline-block;width:2px"> </div>inflation).These limits<div style="display:inline-block;width:2px"> </div>of liability<div style="display:inline-block;width:2px"> </div>do not<div style="display:inline-block;width:3px"> </div>apply </div><div id="a34587" style="position:absolute;font-family:'Arial';left:57px;top:565px;">if an incident was proximately caused by the violation of an applicable U.S. federal safety,<div style="display:inline-block;width:6px"> </div>construction or </div><div id="a34621" style="position:absolute;font-family:'Arial';left:57px;top:582px;">operating<div style="display:inline-block;width:7px"> </div>regulation<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>responsible<div style="display:inline-block;width:7px"> </div>party<div style="display:inline-block;width:7px"> </div>(or<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:7px"> </div>agent,<div style="display:inline-block;width:7px"> </div>employee<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>person<div style="display:inline-block;width:7px"> </div>acting<div style="display:inline-block;width:6px"> </div>pursuant<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>a </div><div id="a34655" style="position:absolute;font-family:'Arial';left:57px;top:599px;">contractual relationship), or a responsible party's gross negligence or willful misconduct. The limitation on </div><div id="a34683" style="position:absolute;font-family:'Arial';left:57px;top:616px;">liability similarly does not apply if the responsible party fails or<div style="display:inline-block;width:3px"> </div>refuses to (i) report the incident as required </div><div id="a34721" style="position:absolute;font-family:'Arial';left:57px;top:632px;">by law where the responsible party knows or<div style="display:inline-block;width:3px"> </div>has reason to know of the incident; (ii)<div style="display:inline-block;width:3px"> </div>reasonably cooperate </div><div id="a34757" style="position:absolute;font-family:'Arial';left:57px;top:649px;">and assist<div style="display:inline-block;width:6px"> </div>as requested<div style="display:inline-block;width:6px"> </div>in connection<div style="display:inline-block;width:6px"> </div>with oil<div style="display:inline-block;width:6px"> </div>removal activities;<div style="display:inline-block;width:6px"> </div>or (iii)<div style="display:inline-block;width:6px"> </div>without sufficient<div style="display:inline-block;width:7px"> </div>cause, comply </div><div id="a34789" style="position:absolute;font-family:'Arial';left:57px;top:666px;">with an order issued under the Federal<div style="display:inline-block;width:3px"> </div>Water Pollution Act (Section 311 (c), (e)) or the Intervention on the </div><div id="a34827" style="position:absolute;font-family:'Arial';left:57px;top:683px;">High Seas Act. </div><div id="a34834" style="position:absolute;font-family:'Arial';left:57px;top:717px;">CERCLA contains<div style="display:inline-block;width:3px"> </div>a similar<div style="display:inline-block;width:3px"> </div>liability regime<div style="display:inline-block;width:3px"> </div>whereby owners<div style="display:inline-block;width:2px"> </div>and operators<div style="display:inline-block;width:2px"> </div>of vessels<div style="display:inline-block;width:3px"> </div>are liable<div style="display:inline-block;width:3px"> </div>for cleanup, </div><div id="a34866" style="position:absolute;font-family:'Arial';left:57px;top:734px;">removal and remedial costs, as well as damages for<div style="display:inline-block;width:6px"> </div>injury to, or destruction or loss of, natural resources, </div><div id="a34902" style="position:absolute;font-family:'Arial';left:57px;top:751px;">including<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>reasonable<div style="display:inline-block;width:6px"> </div>costs<div style="display:inline-block;width:6px"> </div>associated<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>assessing the<div style="display:inline-block;width:6px"> </div>same,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>health<div style="display:inline-block;width:6px"> </div>assessments<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>health </div><div id="a34930" style="position:absolute;font-family:'Arial';left:57px;top:767px;">effects studies. There is no liability<div style="display:inline-block;width:3px"> </div>if the discharge of a hazardous<div style="display:inline-block;width:3px"> </div>substance results solely from the<div style="display:inline-block;width:3px"> </div>act or </div><div id="a34968" style="position:absolute;font-family:'Arial';left:57px;top:784px;">omission of a third party, an act of God<div style="display:inline-block;width:3px"> </div>or an act of war. Liability under CERCLA<div style="display:inline-block;width:2px"> </div>is limited to the greater<div style="display:inline-block;width:3px"> </div>of </div><div id="a35014" style="position:absolute;font-family:'Arial';left:57px;top:801px;">$300 per gross ton or $5.0 million for vessels carrying<div style="display:inline-block;width:3px"> </div>a hazardous substance as cargo and the greater of </div><div id="a35052" style="position:absolute;font-family:'Arial';left:57px;top:818px;">$300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible </div><div id="a35088" style="position:absolute;font-family:'Arial';left:57px;top:835px;">person liable for the total cost<div style="display:inline-block;width:3px"> </div>of response and damages) if<div style="display:inline-block;width:3px"> </div>the release or threat of release<div style="display:inline-block;width:3px"> </div>of a hazardous </div><div id="a35128" style="position:absolute;font-family:'Arial';left:57px;top:852px;">substance<div style="display:inline-block;width:7px"> </div>resulted<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>willful<div style="display:inline-block;width:6px"> </div>misconduct<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>negligence,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>primary<div style="display:inline-block;width:7px"> </div>cause<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>release<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:7px"> </div>a </div><div id="a35160" style="position:absolute;font-family:'Arial';left:57px;top:869px;">violation of applicable safety, construction or operating standards or regulations.<div style="display:inline-block;width:9px"> </div>The limitation on liability </div><div id="a35189" style="position:absolute;font-family:'Arial';left:57px;top:885px;">also does<div style="display:inline-block;width:7px"> </div>not apply<div style="display:inline-block;width:6px"> </div>if the<div style="display:inline-block;width:6px"> </div>responsible person<div style="display:inline-block;width:6px"> </div>fails or<div style="display:inline-block;width:6px"> </div>refused to<div style="display:inline-block;width:7px"> </div>provide all<div style="display:inline-block;width:6px"> </div>reasonable cooperation<div style="display:inline-block;width:6px"> </div>and </div><div id="a35223" style="position:absolute;font-family:'Arial';left:57px;top:902px;">assistance as requested in connection with response activities where<div style="display:inline-block;width:3px"> </div>the vessel is subject to OPA. </div><div id="a35254" style="position:absolute;font-family:'Arial';left:57px;top:936px;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort </div><div id="a35286" style="position:absolute;font-family:'Arial';left:57px;top:953px;">law.<div style="display:inline-block;width:9px"> </div>OPA<div style="display:inline-block;width:6px"> </div>and CERCLA both require<div style="display:inline-block;width:6px"> </div>owners and operators of<div style="display:inline-block;width:5px"> </div>vessels to establish and<div style="display:inline-block;width:6px"> </div>maintain with the </div></div>
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<div id="a35323" style="position:absolute;font-family:'Arial';left:390px;top:992px;">62 </div><div id="a35325" style="position:absolute;font-family:'Arial';left:57px;top:76px;">USCG evidence of<div style="display:inline-block;width:5px"> </div>financial responsibility sufficient to<div style="display:inline-block;width:6px"> </div>meet the maximum<div style="display:inline-block;width:6px"> </div>amount of liability to<div style="display:inline-block;width:6px"> </div>which the </div><div id="a35357" style="position:absolute;font-family:'Arial';left:57px;top:93px;">particular<div style="display:inline-block;width:6px"> </div>responsible<div style="display:inline-block;width:6px"> </div>person<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject.<div style="display:inline-block;width:6px"> </div>Vessel<div style="display:inline-block;width:7px"> </div>owners<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operators<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>satisfy<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>financial </div><div id="a35385" style="position:absolute;font-family:'Arial';left:57px;top:110px;">responsibility obligations by providing a proof of insurance, a<div style="display:inline-block;width:3px"> </div>surety bond, qualification as a self-insurer or </div><div id="a35419" style="position:absolute;font-family:'Arial';left:57px;top:126px;">a<div style="display:inline-block;width:8px"> </div>guarantee.<div style="display:inline-block;width:8px"> </div>We comply<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>plan<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>comply going<div style="display:inline-block;width:8px"> </div>forward<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>USCG’s<div style="display:inline-block;width:8px"> </div>financial<div style="display:inline-block;width:8px"> </div>responsibility </div><div id="a35449" style="position:absolute;font-family:'Arial';left:57px;top:143px;">regulations by providing applicable certificates of financial responsibility. </div><div id="a35466" style="position:absolute;font-family:'Arial';left:57px;top:177px;">The 2010 </div><div id="a35470" style="position:absolute;font-family:'Arial';font-style:italic;left:124px;top:177px;">Deepwater Horizon</div><div id="a35473" style="position:absolute;font-family:'Arial';left:251px;top:177px;"><div style="display:inline-block;width:4px"> </div>oil spill<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>Gulf of<div style="display:inline-block;width:6px"> </div>Mexico resulted<div style="display:inline-block;width:6px"> </div>in additional<div style="display:inline-block;width:6px"> </div>regulatory initiatives<div style="display:inline-block;width:6px"> </div>or </div><div id="a35500" style="position:absolute;font-family:'Arial';left:57px;top:194px;">statutes, including higher liability caps under OPA, new regulations regarding offshore oil<div style="display:inline-block;width:5px"> </div>and gas drilling, </div><div id="a35530" style="position:absolute;font-family:'Arial';left:57px;top:211px;">and<div style="display:inline-block;width:10px"> </div>a<div style="display:inline-block;width:10px"> </div>pilot<div style="display:inline-block;width:10px"> </div>inspection<div style="display:inline-block;width:10px"> </div>program<div style="display:inline-block;width:10px"> </div>for<div style="display:inline-block;width:10px"> </div>offshore<div style="display:inline-block;width:10px"> </div>facilities.<div style="display:inline-block;width:14px"> </div>However,<div style="display:inline-block;width:11px"> </div>several<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:10px"> </div>these<div style="display:inline-block;width:10px"> </div>initiatives<div style="display:inline-block;width:10px"> </div>and </div><div id="a35559" style="position:absolute;font-family:'Arial';left:57px;top:228px;">regulations have<div style="display:inline-block;width:13px"> </div>been<div style="display:inline-block;width:13px"> </div>or<div style="display:inline-block;width:13px"> </div>may<div style="display:inline-block;width:14px"> </div>be<div style="display:inline-block;width:13px"> </div>revised.<div style="display:inline-block;width:17px"> </div>For<div style="display:inline-block;width:13px"> </div>example,<div style="display:inline-block;width:13px"> </div>the<div style="display:inline-block;width:13px"> </div>U.S.<div style="display:inline-block;width:13px"> </div>Bureau<div style="display:inline-block;width:13px"> </div>of<div style="display:inline-block;width:13px"> </div>Safety<div style="display:inline-block;width:13px"> </div>and </div><div id="a35590" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Environmental Enforcement’s<div style="display:inline-block;width:9px"> </div>(“BSEE”)<div style="display:inline-block;width:8px"> </div>revised<div style="display:inline-block;width:9px"> </div>Production<div style="display:inline-block;width:9px"> </div>Safety<div style="display:inline-block;width:9px"> </div>Systems<div style="display:inline-block;width:9px"> </div>Rule<div style="display:inline-block;width:8px"> </div>(“PSSR”),<div style="display:inline-block;width:9px"> </div>effective </div><div id="a35610" style="position:absolute;font-family:'Arial';left:57px;top:261px;">December 27,<div style="display:inline-block;width:6px"> </div>2018, modified<div style="display:inline-block;width:6px"> </div>and relaxed<div style="display:inline-block;width:6px"> </div>certain environmental<div style="display:inline-block;width:6px"> </div>and safety<div style="display:inline-block;width:6px"> </div>protections under<div style="display:inline-block;width:6px"> </div>the 2016 </div><div id="a35638" style="position:absolute;font-family:'Arial';left:57px;top:278px;">PSSR.<div style="display:inline-block;width:7px"> </div>Additionally, in August<div style="display:inline-block;width:2px"> </div>2023, the<div style="display:inline-block;width:2px"> </div>BSEE released<div style="display:inline-block;width:2px"> </div>a final<div style="display:inline-block;width:2px"> </div>Well Control<div style="display:inline-block;width:2px"> </div>Rule which<div style="display:inline-block;width:2px"> </div>strengthens testing </div><div id="a35671" style="position:absolute;font-family:'Arial';left:57px;top:295px;">and performance requirements, and may affect offshore drilling operations.<div style="display:inline-block;width:3px"> </div></div><div id="a35692" style="position:absolute;font-family:'Arial';left:57px;top:329px;">In January 2021, the<div style="display:inline-block;width:6px"> </div>Biden Administration issued an executive<div style="display:inline-block;width:6px"> </div>order temporarily blocking new leases<div style="display:inline-block;width:6px"> </div>for </div><div id="a35722" style="position:absolute;font-family:'Arial';left:57px;top:346px;">oil<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>gas<div style="display:inline-block;width:6px"> </div>drilling in<div style="display:inline-block;width:7px"> </div>federal<div style="display:inline-block;width:6px"> </div>waters,<div style="display:inline-block;width:6px"> </div>but<div style="display:inline-block;width:5px"> </div>ultimately,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>order<div style="display:inline-block;width:5px"> </div>was rendered<div style="display:inline-block;width:7px"> </div>ineffective<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>permanent </div><div id="a35757" style="position:absolute;font-family:'Arial';left:57px;top:363px;">injunction issued<div style="display:inline-block;width:6px"> </div>by a<div style="display:inline-block;width:6px"> </div>Louisiana court.<div style="display:inline-block;width:6px"> </div>After being<div style="display:inline-block;width:6px"> </div>blocked by<div style="display:inline-block;width:6px"> </div>the courts,<div style="display:inline-block;width:6px"> </div>in September<div style="display:inline-block;width:6px"> </div>2023, the<div style="display:inline-block;width:6px"> </div>Biden </div><div id="a35770" style="position:absolute;font-family:'Arial';left:57px;top:379px;">administration announced a scaled back offshore oil drilling plan, including just three oil lease sales in the </div><div id="a35771" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Gulf of Mexico.<div style="display:inline-block;width:2px"> </div>In December 2024,<div style="display:inline-block;width:2px"> </div>the Biden Administration<div style="display:inline-block;width:2px"> </div>also gave approval<div style="display:inline-block;width:2px"> </div>for the sales<div style="display:inline-block;width:3px"> </div>of oil and<div style="display:inline-block;width:2px"> </div>gas </div><div id="a35805" style="position:absolute;font-family:'Arial';left:57px;top:413px;">leases in Alaska. On January 6, 2025, the Biden Administration announced a ban on<div style="display:inline-block;width:3px"> </div>new offshore oil and </div><div id="a35841" style="position:absolute;font-family:'Arial';left:57px;top:430px;">gas drilling in more than 625 million acres of U.S. waters on the Atlantic and Pacific coasts and in Alaska, </div><div id="a35881" style="position:absolute;font-family:'Arial';left:57px;top:447px;">but Louisiana-led states and<div style="display:inline-block;width:6px"> </div>fossil fuel groups are<div style="display:inline-block;width:6px"> </div>challenging the ban. On<div style="display:inline-block;width:6px"> </div>January 21, 2025, the<div style="display:inline-block;width:6px"> </div>Trump </div><div id="a35917" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Administration issued<div style="display:inline-block;width:2px"> </div>an executive<div style="display:inline-block;width:2px"> </div>order revoking<div style="display:inline-block;width:2px"> </div>this ban,<div style="display:inline-block;width:3px"> </div>although this<div style="display:inline-block;width:2px"> </div>order is<div style="display:inline-block;width:2px"> </div>being challenged<div style="display:inline-block;width:2px"> </div>in court.<div style="display:inline-block;width:7px"> </div></div><div id="a35949" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Additionally,<div style="display:inline-block;width:6px"> </div>the Trump<div style="display:inline-block;width:7px"> </div>Administration has<div style="display:inline-block;width:6px"> </div>proposed leasing<div style="display:inline-block;width:6px"> </div>new sections<div style="display:inline-block;width:6px"> </div>of U.S.<div style="display:inline-block;width:6px"> </div>waters to<div style="display:inline-block;width:6px"> </div>oil and<div style="display:inline-block;width:6px"> </div>gas </div><div id="a35981" style="position:absolute;font-family:'Arial';left:57px;top:498px;">companies for offshore drilling. </div><div id="a35991" style="position:absolute;font-family:'Arial';left:57px;top:531px;">With<div style="display:inline-block;width:8px"> </div>these<div style="display:inline-block;width:8px"> </div>rapid<div style="display:inline-block;width:8px"> </div>changes,<div style="display:inline-block;width:8px"> </div>compliance<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>any<div style="display:inline-block;width:8px"> </div>new<div style="display:inline-block;width:8px"> </div>requirements<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>OPA and<div style="display:inline-block;width:9px"> </div>future<div style="display:inline-block;width:8px"> </div>legislation<div style="display:inline-block;width:8px"> </div>or </div><div id="a36021" style="position:absolute;font-family:'Arial';left:57px;top:548px;">regulations applicable<div style="display:inline-block;width:2px"> </div>to the<div style="display:inline-block;width:3px"> </div>operation of<div style="display:inline-block;width:2px"> </div>our vessels could<div style="display:inline-block;width:2px"> </div>impact the<div style="display:inline-block;width:2px"> </div>cost of<div style="display:inline-block;width:3px"> </div>our operations<div style="display:inline-block;width:2px"> </div>and adversely </div><div id="a36055" style="position:absolute;font-family:'Arial';left:57px;top:565px;">affect our business. </div><div id="a36062" style="position:absolute;font-family:'Arial';left:57px;top:599px;">OPA<div style="display:inline-block;width:6px"> </div>specifically permits individual<div style="display:inline-block;width:6px"> </div>states to<div style="display:inline-block;width:5px"> </div>impose their own<div style="display:inline-block;width:6px"> </div>liability regimes with<div style="display:inline-block;width:6px"> </div>regard to oil<div style="display:inline-block;width:6px"> </div>pollution </div><div id="a36094" style="position:absolute;font-family:'Arial';left:57px;top:616px;">incidents<div style="display:inline-block;width:7px"> </div>occurring<div style="display:inline-block;width:6px"> </div>within<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>boundaries,<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:6px"> </div>they<div style="display:inline-block;width:7px"> </div>accept,<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>minimum,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>levels<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>liability </div><div id="a36124" style="position:absolute;font-family:'Arial';left:57px;top:632px;">established<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>OPA<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>states<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>enacted<div style="display:inline-block;width:6px"> </div>legislation<div style="display:inline-block;width:6px"> </div>providing<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>unlimited<div style="display:inline-block;width:6px"> </div>liability<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>oil </div><div id="a36154" style="position:absolute;font-family:'Arial';left:57px;top:649px;">spills.<div style="display:inline-block;width:8px"> </div>Many U.S. states that border a<div style="display:inline-block;width:3px"> </div>navigable waterway have enacted<div style="display:inline-block;width:3px"> </div>environmental pollution laws that </div><div id="a36185" style="position:absolute;font-family:'Arial';left:57px;top:666px;">impose<div style="display:inline-block;width:6px"> </div>strict liability<div style="display:inline-block;width:7px"> </div>on a<div style="display:inline-block;width:7px"> </div>person<div style="display:inline-block;width:5px"> </div>for removal<div style="display:inline-block;width:7px"> </div>costs<div style="display:inline-block;width:5px"> </div>and damages<div style="display:inline-block;width:7px"> </div>resulting from<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>discharge of<div style="display:inline-block;width:6px"> </div>oil<div style="display:inline-block;width:5px"> </div>or<div style="display:inline-block;width:6px"> </div>a </div><div id="a36223" style="position:absolute;font-family:'Arial';left:57px;top:683px;">release of a<div style="display:inline-block;width:6px"> </div>hazardous substance.<div style="display:inline-block;width:9px"> </div>These laws may be<div style="display:inline-block;width:6px"> </div>more stringent than U.S.<div style="display:inline-block;width:6px"> </div>federal law.<div style="display:inline-block;width:10px"> </div>Moreover, </div><div id="a36257" style="position:absolute;font-family:'Arial';left:57px;top:700px;">some states have enacted legislation providing for unlimited liability for discharge of pollutants within their </div><div id="a36287" style="position:absolute;font-family:'Arial';left:57px;top:717px;">waters,<div style="display:inline-block;width:6px"> </div>although in<div style="display:inline-block;width:7px"> </div>some<div style="display:inline-block;width:5px"> </div>cases, states<div style="display:inline-block;width:7px"> </div>which have<div style="display:inline-block;width:7px"> </div>enacted this<div style="display:inline-block;width:7px"> </div>type<div style="display:inline-block;width:5px"> </div>of legislation<div style="display:inline-block;width:7px"> </div>have not<div style="display:inline-block;width:7px"> </div>yet issued </div><div id="a36321" style="position:absolute;font-family:'Arial';left:57px;top:734px;">implementing regulations defining vessel owners’<div style="display:inline-block;width:2px"> </div>responsibilities under these laws.<div style="display:inline-block;width:3px"> </div>The Company intends </div><div id="a36345" style="position:absolute;font-family:'Arial';left:57px;top:751px;">to comply with all applicable state regulations in the ports where<div style="display:inline-block;width:3px"> </div>the Company’s vessels call. </div><div id="a36376" style="position:absolute;font-family:'Arial';left:57px;top:784px;">We currently maintain pollution<div style="display:inline-block;width:2px"> </div>liability coverage insurance<div style="display:inline-block;width:3px"> </div>in the amount<div style="display:inline-block;width:2px"> </div>of $1 billion per<div style="display:inline-block;width:3px"> </div>incident for each </div><div id="a36410" style="position:absolute;font-family:'Arial';left:57px;top:801px;">of our<div style="display:inline-block;width:6px"> </div>vessels. If<div style="display:inline-block;width:6px"> </div>the damages from<div style="display:inline-block;width:6px"> </div>a catastrophic spill<div style="display:inline-block;width:6px"> </div>were to<div style="display:inline-block;width:6px"> </div>exceed our<div style="display:inline-block;width:6px"> </div>insurance coverage, it<div style="display:inline-block;width:6px"> </div>could </div><div id="a36446" style="position:absolute;font-family:'Arial';left:57px;top:818px;">have an adverse effect on our business and results of operation. </div><div id="a36469" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:852px;">Other United States Environmental Initiatives </div><div id="a36480" style="position:absolute;font-family:'Arial';left:57px;top:885px;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (“CAA”) requires<div style="display:inline-block;width:3px"> </div>the EPA to </div><div id="a36518" style="position:absolute;font-family:'Arial';left:57px;top:902px;">promulgate<div style="display:inline-block;width:13px"> </div>standards<div style="display:inline-block;width:13px"> </div>applicable<div style="display:inline-block;width:13px"> </div>to<div style="display:inline-block;width:13px"> </div>emissions<div style="display:inline-block;width:13px"> </div>of<div style="display:inline-block;width:13px"> </div>volatile<div style="display:inline-block;width:13px"> </div>organic<div style="display:inline-block;width:13px"> </div>compounds<div style="display:inline-block;width:13px"> </div>and<div style="display:inline-block;width:13px"> </div>other<div style="display:inline-block;width:13px"> </div>air </div><div id="a36542" style="position:absolute;font-family:'Arial';left:57px;top:919px;">contaminants.<div style="display:inline-block;width:10px"> </div>The<div style="display:inline-block;width:6px"> </div>CAA<div style="display:inline-block;width:6px"> </div>requires<div style="display:inline-block;width:6px"> </div>states<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>adopt<div style="display:inline-block;width:6px"> </div>State<div style="display:inline-block;width:6px"> </div>Implementation<div style="display:inline-block;width:5px"> </div>Plans,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>SIPs,<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>which </div><div id="a36573" style="position:absolute;font-family:'Arial';left:57px;top:936px;">regulate emissions resulting from vessel loading and unloading operations<div style="display:inline-block;width:2px"> </div>which may affect our vessels. </div></div>
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<div id="Page63" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a36603" style="position:absolute;font-family:'Arial';left:390px;top:992px;">63 </div><div id="a36605" style="position:absolute;font-family:'Arial';left:57px;top:76px;">The U.S. Clean Water Act (“CWA”) prohibits the discharge of oil, hazardous substances and ballast water </div><div id="a36637" style="position:absolute;font-family:'Arial';left:57px;top:93px;">in U.S.<div style="display:inline-block;width:3px"> </div>navigable waters<div style="display:inline-block;width:2px"> </div>unless authorized<div style="display:inline-block;width:2px"> </div>by a<div style="display:inline-block;width:2px"> </div>duly-issued permit<div style="display:inline-block;width:2px"> </div>or exemption,<div style="display:inline-block;width:2px"> </div>and imposes<div style="display:inline-block;width:2px"> </div>strict liability </div><div id="a36671" style="position:absolute;font-family:'Arial';left:57px;top:110px;">in the<div style="display:inline-block;width:6px"> </div>form of<div style="display:inline-block;width:6px"> </div>penalties for<div style="display:inline-block;width:6px"> </div>any unauthorized<div style="display:inline-block;width:6px"> </div>discharges.<div style="display:inline-block;width:9px"> </div>The CWA<div style="display:inline-block;width:6px"> </div>also imposes<div style="display:inline-block;width:6px"> </div>substantial liability for </div><div id="a36704" style="position:absolute;font-family:'Arial';left:57px;top:126px;">the costs of removal, remediation and damages<div style="display:inline-block;width:2px"> </div>and complements the remedies available<div style="display:inline-block;width:3px"> </div>under OPA and </div><div id="a36734" style="position:absolute;font-family:'Arial';left:57px;top:143px;">CERCLA.<div style="display:inline-block;width:8px"> </div>In 2015, the EPA<div style="display:inline-block;width:6px"> </div>expanded the definition of “waters of the United States” (“WOTUS”),<div style="display:inline-block;width:5px"> </div>thereby </div><div id="a36766" style="position:absolute;font-family:'Arial';left:57px;top:160px;">expanding federal authority<div style="display:inline-block;width:3px"> </div>under the CWA.<div style="display:inline-block;width:7px"> </div>Following litigation on<div style="display:inline-block;width:3px"> </div>the revised WOTUS rule,<div style="display:inline-block;width:2px"> </div>in December </div><div id="a36767" style="position:absolute;font-family:'Arial';left:57px;top:177px;">2018, the EPA and Department of the Army proposed a revised,<div style="display:inline-block;width:3px"> </div>limited definition of WOTUS. In 2019<div style="display:inline-block;width:3px"> </div>and </div><div id="a36775" style="position:absolute;font-family:'Arial';left:57px;top:194px;">2020,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>agencies repealed<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>prior<div style="display:inline-block;width:5px"> </div>WOTUS Rule<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>promulgated the<div style="display:inline-block;width:7px"> </div>Navigable Waters<div style="display:inline-block;width:7px"> </div>Protection </div><div id="a36803" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Rule<div style="display:inline-block;width:5px"> </div>(“NWPR”)<div style="display:inline-block;width:5px"> </div>which significantly<div style="display:inline-block;width:7px"> </div>reduced the<div style="display:inline-block;width:7px"> </div>scope and<div style="display:inline-block;width:7px"> </div>oversight of<div style="display:inline-block;width:7px"> </div>EPA<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Department of<div style="display:inline-block;width:7px"> </div>the </div><div id="a36835" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Army<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>traditionally<div style="display:inline-block;width:6px"> </div>non<div style="display:inline-block;width:6px"> </div>navigable<div style="display:inline-block;width:6px"> </div>waterways.<div style="display:inline-block;width:6px"> </div>On<div style="display:inline-block;width:6px"> </div>August<div style="display:inline-block;width:6px"> </div>30,<div style="display:inline-block;width:6px"> </div>2021,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>district<div style="display:inline-block;width:6px"> </div>court<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>Arizona </div><div id="a36867" style="position:absolute;font-family:'Arial';left:57px;top:245px;">vacated the NWPR and directed the agencies to replace the rule with the pre-2015 definition.<div style="display:inline-block;width:3px"> </div>. In January </div><div id="a36900" style="position:absolute;font-family:'Arial';left:57px;top:261px;">2023, the revised WOTUS rule was codified in place of the vacated NWPR. On May<div style="display:inline-block;width:6px"> </div>25, 2023, the United </div><div id="a36901" style="position:absolute;font-family:'Arial';left:57px;top:278px;">States Supreme Court ruled in<div style="display:inline-block;width:3px"> </div>the case Sackett v. EPA that only wetlands and permanent bodies of water </div><div id="a36902" style="position:absolute;font-family:'Arial';left:57px;top:295px;">with a "continuous<div style="display:inline-block;width:2px"> </div>surface connection"<div style="display:inline-block;width:2px"> </div>to "traditional<div style="display:inline-block;width:3px"> </div>interstate navigable<div style="display:inline-block;width:2px"> </div>waters" are covered<div style="display:inline-block;width:2px"> </div>by the<div style="display:inline-block;width:3px"> </div>CWA, </div><div id="a36904" style="position:absolute;font-family:'Arial';left:57px;top:312px;">further narrowing the application<div style="display:inline-block;width:2px"> </div>of the WOTUS rule.<div style="display:inline-block;width:3px"> </div>On August 2023, the<div style="display:inline-block;width:3px"> </div>EPA and the Department of the </div><div id="a36905" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Army<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>final<div style="display:inline-block;width:6px"> </div>WOTUS<div style="display:inline-block;width:6px"> </div>rule,<div style="display:inline-block;width:6px"> </div>effective<div style="display:inline-block;width:7px"> </div>September<div style="display:inline-block;width:6px"> </div>8,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>largely<div style="display:inline-block;width:6px"> </div>reinstated<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>pre-2015 </div><div id="a36909" style="position:absolute;font-family:'Arial';left:57px;top:346px;">definition and applied the </div><div id="a36910" style="position:absolute;font-family:'Arial';font-style:italic;left:224px;top:346px;">Sackett </div><div id="a36911" style="position:absolute;font-family:'Arial';left:277px;top:346px;">ruling.<div style="display:inline-block;width:4px"> </div></div><div id="a36915" style="position:absolute;font-family:'Arial';left:57px;top:379px;">The EPA and the<div style="display:inline-block;width:2px"> </div>USCG have<div style="display:inline-block;width:2px"> </div>also enacted<div style="display:inline-block;width:2px"> </div>rules relating<div style="display:inline-block;width:3px"> </div>to ballast<div style="display:inline-block;width:3px"> </div>water discharge,<div style="display:inline-block;width:2px"> </div>compliance with<div style="display:inline-block;width:2px"> </div>which </div><div id="a36949" style="position:absolute;font-family:'Arial';left:57px;top:396px;">requires the<div style="display:inline-block;width:6px"> </div>installation of<div style="display:inline-block;width:6px"> </div>equipment on<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>to treat<div style="display:inline-block;width:6px"> </div>ballast water<div style="display:inline-block;width:6px"> </div>before it<div style="display:inline-block;width:6px"> </div>is discharged<div style="display:inline-block;width:6px"> </div>or the </div><div id="a36985" style="position:absolute;font-family:'Arial';left:57px;top:413px;">implementation of other port<div style="display:inline-block;width:6px"> </div>facility disposal arrangements or<div style="display:inline-block;width:5px"> </div>procedures at potentially substantial costs, </div><div id="a37011" style="position:absolute;font-family:'Arial';left:57px;top:430px;">and/or otherwise restrict our<div style="display:inline-block;width:3px"> </div>vessels from entering U.S.<div style="display:inline-block;width:3px"> </div>Waters.<div style="display:inline-block;width:8px"> </div>The EPA will regulate these ballast water </div><div id="a37044" style="position:absolute;font-family:'Arial';left:57px;top:447px;">discharges and other discharges incidental to the normal operation<div style="display:inline-block;width:3px"> </div>of certain vessels within United States </div><div id="a37074" style="position:absolute;font-family:'Arial';left:57px;top:464px;">waters pursuant to the Vessel Incidental Discharge Act (“VIDA”), which was signed into law on December </div><div id="a37106" style="position:absolute;font-family:'Arial';left:57px;top:481px;">4,<div style="display:inline-block;width:6px"> </div>2018<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>replaces<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>2013<div style="display:inline-block;width:6px"> </div>Vessel<div style="display:inline-block;width:7px"> </div>General<div style="display:inline-block;width:6px"> </div>Permit<div style="display:inline-block;width:6px"> </div>(“VGP”)<div style="display:inline-block;width:6px"> </div>program<div style="display:inline-block;width:6px"> </div>(which<div style="display:inline-block;width:6px"> </div>authorizes<div style="display:inline-block;width:6px"> </div>discharges </div><div id="a37134" style="position:absolute;font-family:'Arial';left:57px;top:498px;">incidental to operations<div style="display:inline-block;width:2px"> </div>of commercial<div style="display:inline-block;width:3px"> </div>vessels and<div style="display:inline-block;width:3px"> </div>contains numeric<div style="display:inline-block;width:3px"> </div>ballast water<div style="display:inline-block;width:3px"> </div>discharge limits<div style="display:inline-block;width:3px"> </div>for most </div><div id="a37164" style="position:absolute;font-family:'Arial';left:57px;top:514px;">vessels<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>reduce<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>risk<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>invasive<div style="display:inline-block;width:6px"> </div>species<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>waters,<div style="display:inline-block;width:6px"> </div>stringent<div style="display:inline-block;width:6px"> </div>requirements<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>exhaust<div style="display:inline-block;width:6px"> </div>gas </div><div id="a37196" style="position:absolute;font-family:'Arial';left:57px;top:531px;">scrubbers, and<div style="display:inline-block;width:2px"> </div>requirements for<div style="display:inline-block;width:2px"> </div>the use<div style="display:inline-block;width:2px"> </div>of environmentally<div style="display:inline-block;width:2px"> </div>acceptable lubricants)<div style="display:inline-block;width:2px"> </div>and current<div style="display:inline-block;width:2px"> </div>Coast Guard </div><div id="a37224" style="position:absolute;font-family:'Arial';left:57px;top:548px;">ballast<div style="display:inline-block;width:6px"> </div>water<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:5px"> </div>regulations<div style="display:inline-block;width:6px"> </div>adopted<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>National<div style="display:inline-block;width:6px"> </div>Invasive<div style="display:inline-block;width:6px"> </div>Species<div style="display:inline-block;width:6px"> </div>Act<div style="display:inline-block;width:6px"> </div>(“NISA”), </div><div id="a37250" style="position:absolute;font-family:'Arial';left:57px;top:565px;">such<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>mid-ocean<div style="display:inline-block;width:7px"> </div>ballast<div style="display:inline-block;width:7px"> </div>exchange<div style="display:inline-block;width:7px"> </div>programs<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>installation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>approved<div style="display:inline-block;width:6px"> </div>USCG<div style="display:inline-block;width:7px"> </div>technology<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>all </div><div id="a37280" style="position:absolute;font-family:'Arial';left:57px;top:582px;">vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters.<div style="display:inline-block;width:8px"> </div>VIDA establishes </div><div id="a37313" style="position:absolute;font-family:'Arial';left:57px;top:599px;">a new framework<div style="display:inline-block;width:2px"> </div>for the regulation<div style="display:inline-block;width:3px"> </div>of vessel incidental<div style="display:inline-block;width:2px"> </div>discharges under Clean<div style="display:inline-block;width:2px"> </div>Water Act (CWA), requires </div><div id="a37345" style="position:absolute;font-family:'Arial';left:57px;top:616px;">the<div style="display:inline-block;width:7px"> </div>EPA<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:7px"> </div>develop<div style="display:inline-block;width:7px"> </div>performance<div style="display:inline-block;width:6px"> </div>standards<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>those<div style="display:inline-block;width:7px"> </div>discharges<div style="display:inline-block;width:7px"> </div>within<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:7px"> </div>years<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>enactment,<div style="display:inline-block;width:6px"> </div>and </div><div id="a37375" style="position:absolute;font-family:'Arial';left:57px;top:632px;">requires the U.S.<div style="display:inline-block;width:2px"> </div>Coast Guard<div style="display:inline-block;width:3px"> </div>to develop implementation,<div style="display:inline-block;width:2px"> </div>compliance, and<div style="display:inline-block;width:3px"> </div>enforcement regulations<div style="display:inline-block;width:2px"> </div>within </div><div id="a37401" style="position:absolute;font-family:'Arial';left:57px;top:649px;">two years<div style="display:inline-block;width:2px"> </div>of EPA’s promulgation of standards.<div style="display:inline-block;width:2px"> </div>On September<div style="display:inline-block;width:2px"> </div>24, 2024,<div style="display:inline-block;width:2px"> </div>the EPA finalized<div style="display:inline-block;width:2px"> </div>its rule<div style="display:inline-block;width:2px"> </div>on Vessel </div><div id="a37437" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Incidental<div style="display:inline-block;width:9px"> </div>Discharge<div style="display:inline-block;width:9px"> </div>Standards<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>Performance,<div style="display:inline-block;width:9px"> </div>which<div style="display:inline-block;width:9px"> </div>means<div style="display:inline-block;width:9px"> </div>that<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>USCG<div style="display:inline-block;width:9px"> </div>must<div style="display:inline-block;width:9px"> </div>now<div style="display:inline-block;width:9px"> </div>develop </div><div id="a37463" style="position:absolute;font-family:'Arial';left:57px;top:683px;">corresponding regulations regarding ballast water within two years of<div style="display:inline-block;width:3px"> </div>that date.<div style="display:inline-block;width:8px"> </div></div><div id="a37488" style="position:absolute;font-family:'Arial';left:57px;top:717px;">Under<div style="display:inline-block;width:6px"> </div>VIDA,<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>provisions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>2013<div style="display:inline-block;width:6px"> </div>VGP<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>USCG<div style="display:inline-block;width:6px"> </div>regulations<div style="display:inline-block;width:6px"> </div>regarding<div style="display:inline-block;width:6px"> </div>ballast<div style="display:inline-block;width:6px"> </div>water<div style="display:inline-block;width:6px"> </div>treatment </div><div id="a37518" style="position:absolute;font-family:'Arial';left:57px;top:734px;">remain in force and<div style="display:inline-block;width:2px"> </div>effect until the EPA and U.S.<div style="display:inline-block;width:2px"> </div>Coast Guard regulations<div style="display:inline-block;width:2px"> </div>are finalized.<div style="display:inline-block;width:7px"> </div>Non-military, non-</div><div id="a37555" style="position:absolute;font-family:'Arial';left:57px;top:751px;">recreational vessels<div style="display:inline-block;width:6px"> </div>greater than<div style="display:inline-block;width:6px"> </div>79 feet<div style="display:inline-block;width:6px"> </div>in length<div style="display:inline-block;width:6px"> </div>must continue<div style="display:inline-block;width:6px"> </div>to comply<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>requirements of<div style="display:inline-block;width:6px"> </div>the </div><div id="a37589" style="position:absolute;font-family:'Arial';left:57px;top:767px;">VGP,<div style="display:inline-block;width:8px"> </div>including submission<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Notice<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>Intent (“NOI”)<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>retention<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>PARI<div style="display:inline-block;width:7px"> </div>form<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>submission of </div><div id="a37625" style="position:absolute;font-family:'Arial';left:57px;top:784px;">annual reports. We have submitted NOIs for our vessels where required.<div style="display:inline-block;width:9px"> </div>Compliance with the EPA,<div style="display:inline-block;width:6px"> </div>U.S. </div><div id="a37658" style="position:absolute;font-family:'Arial';left:57px;top:801px;">Coast Guard<div style="display:inline-block;width:6px"> </div>and state<div style="display:inline-block;width:6px"> </div>regulations could<div style="display:inline-block;width:6px"> </div>require the<div style="display:inline-block;width:6px"> </div>installation of ballast water<div style="display:inline-block;width:6px"> </div>treatment equipment<div style="display:inline-block;width:6px"> </div>on </div><div id="a37688" style="position:absolute;font-family:'Arial';left:57px;top:818px;">our vessels or<div style="display:inline-block;width:6px"> </div>the implementation of<div style="display:inline-block;width:6px"> </div>other port facility<div style="display:inline-block;width:6px"> </div>disposal procedures at<div style="display:inline-block;width:6px"> </div>potentially substantial cost </div><div id="a37718" style="position:absolute;font-family:'Arial';left:57px;top:835px;">or may otherwise restrict our vessels from entering U.S. waters. </div><div id="a37739" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:869px;">European Union Regulations </div><div id="a37746" style="position:absolute;font-family:'Arial';left:57px;top:902px;">In<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>2009,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>European<div style="display:inline-block;width:6px"> </div>Union<div style="display:inline-block;width:6px"> </div>amended<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>directive<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>impose<div style="display:inline-block;width:6px"> </div>criminal<div style="display:inline-block;width:6px"> </div>sanctions<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>illicit<div style="display:inline-block;width:6px"> </div>ship-</div><div id="a37778" style="position:absolute;font-family:'Arial';left:57px;top:919px;">source discharges of polluting substances, including minor discharges,<div style="display:inline-block;width:3px"> </div>if committed with intent, recklessly </div><div id="a37804" style="position:absolute;font-family:'Arial';left:57px;top:936px;">or with serious negligence and the discharges individually or in the aggregate result in deterioration of the </div><div id="a37838" style="position:absolute;font-family:'Arial';left:57px;top:953px;">quality<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>water.<div style="display:inline-block;width:7px"> </div>Aiding<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>abetting<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>discharge<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>polluting<div style="display:inline-block;width:6px"> </div>substance<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>lead<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>criminal </div></div>
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<div id="Page64" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a37874" style="position:absolute;font-family:'Arial';left:390px;top:992px;">64 </div><div id="a37876" style="position:absolute;font-family:'Arial';left:57px;top:76px;">penalties. The<div style="display:inline-block;width:3px"> </div>directive applies<div style="display:inline-block;width:2px"> </div>to all<div style="display:inline-block;width:3px"> </div>types of<div style="display:inline-block;width:3px"> </div>vessels, irrespective<div style="display:inline-block;width:2px"> </div>of their<div style="display:inline-block;width:2px"> </div>flag, but<div style="display:inline-block;width:3px"> </div>certain exceptions<div style="display:inline-block;width:2px"> </div>apply </div><div id="a37910" style="position:absolute;font-family:'Arial';left:57px;top:93px;">to warships or where human safety<div style="display:inline-block;width:3px"> </div>or that of the ship is<div style="display:inline-block;width:3px"> </div>in danger. Criminal liability for pollution may result </div><div id="a37950" style="position:absolute;font-family:'Arial';left:57px;top:110px;">in<div style="display:inline-block;width:7px"> </div>substantial<div style="display:inline-block;width:7px"> </div>penalties<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>fines<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>civil<div style="display:inline-block;width:7px"> </div>liability<div style="display:inline-block;width:7px"> </div>claims.<div style="display:inline-block;width:7px"> </div>Regulation<div style="display:inline-block;width:7px"> </div>(EU)<div style="display:inline-block;width:7px"> </div>2015/757<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the </div><div id="a37980" style="position:absolute;font-family:'Arial';left:57px;top:126px;">European Parliament<div style="display:inline-block;width:6px"> </div>and of<div style="display:inline-block;width:6px"> </div>the Council<div style="display:inline-block;width:6px"> </div>of 29<div style="display:inline-block;width:6px"> </div>April 2015<div style="display:inline-block;width:6px"> </div>(amending EU<div style="display:inline-block;width:6px"> </div>Directive 2009/16/EC)<div style="display:inline-block;width:6px"> </div>governs </div><div id="a38010" style="position:absolute;font-family:'Arial';left:57px;top:143px;">the monitoring, reporting<div style="display:inline-block;width:2px"> </div>and verification of<div style="display:inline-block;width:2px"> </div>carbon dioxide emissions<div style="display:inline-block;width:2px"> </div>from maritime transport,<div style="display:inline-block;width:2px"> </div>and, subject </div><div id="a38038" style="position:absolute;font-family:'Arial';left:57px;top:160px;">to some<div style="display:inline-block;width:2px"> </div>exclusions, requires<div style="display:inline-block;width:2px"> </div>companies with<div style="display:inline-block;width:2px"> </div>ships over<div style="display:inline-block;width:2px"> </div>5,000 gross<div style="display:inline-block;width:2px"> </div>tonnages to<div style="display:inline-block;width:2px"> </div>monitor and<div style="display:inline-block;width:2px"> </div>report carbon </div><div id="a38070" style="position:absolute;font-family:'Arial';left:57px;top:177px;">dioxide emissions annually, which may cause us to incur additional expenses. </div><div id="a38093" style="position:absolute;font-family:'Arial';left:57px;top:211px;">The European Union has adopted<div style="display:inline-block;width:6px"> </div>several regulations and directives requiring, among<div style="display:inline-block;width:6px"> </div>other things, more </div><div id="a38121" style="position:absolute;font-family:'Arial';left:57px;top:228px;">frequent inspections<div style="display:inline-block;width:3px"> </div>of high-risk ships,<div style="display:inline-block;width:2px"> </div>as determined<div style="display:inline-block;width:3px"> </div>by type, age,<div style="display:inline-block;width:2px"> </div>and flag as<div style="display:inline-block;width:2px"> </div>well as the<div style="display:inline-block;width:2px"> </div>number of<div style="display:inline-block;width:3px"> </div>times </div><div id="a38161" style="position:absolute;font-family:'Arial';left:57px;top:245px;">the ship has been detained. The European Union<div style="display:inline-block;width:2px"> </div>also adopted and extended a ban on substandard<div style="display:inline-block;width:2px"> </div>ships </div><div id="a38195" style="position:absolute;font-family:'Arial';left:57px;top:261px;">and enacted<div style="display:inline-block;width:2px"> </div>a minimum<div style="display:inline-block;width:2px"> </div>ban period<div style="display:inline-block;width:2px"> </div>and a<div style="display:inline-block;width:2px"> </div>definitive ban<div style="display:inline-block;width:2px"> </div>for repeated<div style="display:inline-block;width:2px"> </div>offenses. The<div style="display:inline-block;width:2px"> </div>regulation also<div style="display:inline-block;width:2px"> </div>provided </div><div id="a38229" style="position:absolute;font-family:'Arial';left:57px;top:278px;">the<div style="display:inline-block;width:7px"> </div>European<div style="display:inline-block;width:6px"> </div>Union<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>greater<div style="display:inline-block;width:6px"> </div>authority<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>control<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>classification<div style="display:inline-block;width:6px"> </div>societies,<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>imposing<div style="display:inline-block;width:6px"> </div>more </div><div id="a38257" style="position:absolute;font-family:'Arial';left:57px;top:295px;">requirements on classification societies and providing for fines or<div style="display:inline-block;width:5px"> </div>penalty payments for organizations that </div><div id="a38285" style="position:absolute;font-family:'Arial';left:57px;top:312px;">failed to comply. Furthermore,<div style="display:inline-block;width:3px"> </div>the EU has implemented<div style="display:inline-block;width:2px"> </div>regulations requiring<div style="display:inline-block;width:3px"> </div>vessels to use<div style="display:inline-block;width:2px"> </div>reduced sulfur </div><div id="a38315" style="position:absolute;font-family:'Arial';left:57px;top:329px;">content<div style="display:inline-block;width:7px"> </div>fuel<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>main<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>auxiliary<div style="display:inline-block;width:7px"> </div>engines.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>EU<div style="display:inline-block;width:7px"> </div>Directive<div style="display:inline-block;width:7px"> </div>2005/33/EC<div style="display:inline-block;width:7px"> </div>(amending<div style="display:inline-block;width:7px"> </div>Directive </div><div id="a38343" style="position:absolute;font-family:'Arial';left:57px;top:346px;">1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine </div><div id="a38375" style="position:absolute;font-family:'Arial';left:57px;top:363px;">fuels. In<div style="display:inline-block;width:6px"> </div>addition, the EU imposed<div style="display:inline-block;width:6px"> </div>a 0.1% maximum<div style="display:inline-block;width:6px"> </div>sulfur requirement for<div style="display:inline-block;width:6px"> </div>fuel used<div style="display:inline-block;width:6px"> </div>by ships at<div style="display:inline-block;width:6px"> </div>berth in </div><div id="a38413" style="position:absolute;font-family:'Arial';left:57px;top:379px;">the<div style="display:inline-block;width:6px"> </div>Baltic,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>North<div style="display:inline-block;width:6px"> </div>Sea<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>English<div style="display:inline-block;width:6px"> </div>Channel<div style="display:inline-block;width:6px"> </div>(the<div style="display:inline-block;width:6px"> </div>so<div style="display:inline-block;width:6px"> </div>called<div style="display:inline-block;width:6px"> </div>“SOx-Emission<div style="display:inline-block;width:6px"> </div>Control<div style="display:inline-block;width:6px"> </div>Area”).<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>of </div><div id="a38449" style="position:absolute;font-family:'Arial';left:57px;top:396px;">January 2020, EU member states must also ensure that ships in all<div style="display:inline-block;width:5px"> </div>EU waters, except the SOx-Emission </div><div id="a38485" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Control Area, use fuels with a 0.5% maximum sulfur content. </div><div id="a38506" style="position:absolute;font-family:'Arial';left:57px;top:447px;">On September<div style="display:inline-block;width:6px"> </div>15, 2020,<div style="display:inline-block;width:6px"> </div>the European<div style="display:inline-block;width:6px"> </div>Parliament voted<div style="display:inline-block;width:6px"> </div>to include<div style="display:inline-block;width:6px"> </div>greenhouse gas<div style="display:inline-block;width:6px"> </div>emissions from<div style="display:inline-block;width:6px"> </div>the </div><div id="a38536" style="position:absolute;font-family:'Arial';left:57px;top:464px;">maritime sector in the European Union’s carbon<div style="display:inline-block;width:3px"> </div>market, the EU Emissions Trading System (“EU ETS”)<div style="display:inline-block;width:3px"> </div>as </div><div id="a38567" style="position:absolute;font-family:'Arial';left:57px;top:481px;">part of its “Fit-for-55”<div style="display:inline-block;width:3px"> </div>legislation to reduce<div style="display:inline-block;width:3px"> </div>net greenhouse gas<div style="display:inline-block;width:3px"> </div>emissions by at<div style="display:inline-block;width:3px"> </div>least 55% by 2030.<div style="display:inline-block;width:2px"> </div>On July </div><div id="a38578" style="position:absolute;font-family:'Arial';left:57px;top:498px;">14, 2021, the European Parliament<div style="display:inline-block;width:3px"> </div>formally proposed its plan, which<div style="display:inline-block;width:2px"> </div>would involve gradually including<div style="display:inline-block;width:3px"> </div>the </div><div id="a38608" style="position:absolute;font-family:'Arial';left:57px;top:514px;">maritime sector from<div style="display:inline-block;width:6px"> </div>2023 and phasing the<div style="display:inline-block;width:6px"> </div>sector in over<div style="display:inline-block;width:5px"> </div>three-year period. This will<div style="display:inline-block;width:6px"> </div>require shipowners </div><div id="a38642" style="position:absolute;font-family:'Arial';left:57px;top:531px;">to<div style="display:inline-block;width:6px"> </div>buy permits<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>cover these<div style="display:inline-block;width:7px"> </div>emissions. The<div style="display:inline-block;width:6px"> </div>Environment Council<div style="display:inline-block;width:6px"> </div>adopted a<div style="display:inline-block;width:7px"> </div>general approach<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the </div><div id="a38674" style="position:absolute;font-family:'Arial';left:57px;top:548px;">proposal<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>June<div style="display:inline-block;width:6px"> </div>2022.<div style="display:inline-block;width:6px"> </div>On<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>18,<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Environmental<div style="display:inline-block;width:6px"> </div>Council<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>European<div style="display:inline-block;width:6px"> </div>Parliament </div><div id="a38702" style="position:absolute;font-family:'Arial';left:57px;top:565px;">agreed to include<div style="display:inline-block;width:6px"> </div>maritime shipping emissions within<div style="display:inline-block;width:6px"> </div>the scope of<div style="display:inline-block;width:6px"> </div>the EU ETS<div style="display:inline-block;width:6px"> </div>on a gradual<div style="display:inline-block;width:6px"> </div>introduction </div><div id="a38736" style="position:absolute;font-family:'Arial';left:57px;top:582px;">of<div style="display:inline-block;width:7px"> </div>obligations<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:6px"> </div>companies<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>surrender<div style="display:inline-block;width:6px"> </div>allowances<div style="display:inline-block;width:6px"> </div>equivalent<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>portion<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:6px"> </div>carbon </div><div id="a38753" style="position:absolute;font-family:'Arial';left:57px;top:599px;">emissions:<div style="display:inline-block;width:3px"> </div>40% for verified<div style="display:inline-block;width:2px"> </div>emissions from 2024,<div style="display:inline-block;width:2px"> </div>70% for 2025<div style="display:inline-block;width:2px"> </div>and 100% for<div style="display:inline-block;width:2px"> </div>2026. Most large<div style="display:inline-block;width:2px"> </div>vessels will </div><div id="a38790" style="position:absolute;font-family:'Arial';left:57px;top:616px;">be included<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>scope of<div style="display:inline-block;width:5px"> </div>the EU<div style="display:inline-block;width:6px"> </div>ETS from the<div style="display:inline-block;width:6px"> </div>start. Big<div style="display:inline-block;width:6px"> </div>offshore vessels<div style="display:inline-block;width:5px"> </div>of 5,000<div style="display:inline-block;width:6px"> </div>gross tonnage and </div><div id="a38830" style="position:absolute;font-family:'Arial';left:57px;top:632px;">above will<div style="display:inline-block;width:6px"> </div>be included<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>'MRV'<div style="display:inline-block;width:5px"> </div>on the<div style="display:inline-block;width:6px"> </div>monitoring, reporting<div style="display:inline-block;width:6px"> </div>and verification<div style="display:inline-block;width:6px"> </div>of CO2<div style="display:inline-block;width:6px"> </div>emissions from </div><div id="a38864" style="position:absolute;font-family:'Arial';left:57px;top:649px;">maritime transport<div style="display:inline-block;width:7px"> </div>regulation from<div style="display:inline-block;width:7px"> </div>2025<div style="display:inline-block;width:5px"> </div>and in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>EU<div style="display:inline-block;width:5px"> </div>ETS<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:5px"> </div>2027. General<div style="display:inline-block;width:7px"> </div>cargo vessels<div style="display:inline-block;width:7px"> </div>and off-</div><div id="a38890" style="position:absolute;font-family:'Arial';left:57px;top:666px;">shore vessels<div style="display:inline-block;width:7px"> </div>between 400-5,000<div style="display:inline-block;width:6px"> </div>gross tonnage<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:6px"> </div>included in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>MRV<div style="display:inline-block;width:6px"> </div>regulation from<div style="display:inline-block;width:6px"> </div>2025 and </div><div id="a38893" style="position:absolute;font-family:'Arial';left:57px;top:683px;">their inclusion in<div style="display:inline-block;width:6px"> </div>EU ETS will<div style="display:inline-block;width:6px"> </div>be reviewed<div style="display:inline-block;width:5px"> </div>in 2026. Furthermore,<div style="display:inline-block;width:6px"> </div>starting from January<div style="display:inline-block;width:6px"> </div>1, 2026, the<div style="display:inline-block;width:6px"> </div>ETS </div><div id="a38894" style="position:absolute;font-family:'Arial';left:57px;top:700px;">regulations<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>expand<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>include<div style="display:inline-block;width:7px"> </div>emissions<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>greenhouse<div style="display:inline-block;width:7px"> </div>gases:<div style="display:inline-block;width:8px"> </div>nitrous<div style="display:inline-block;width:7px"> </div>oxide<div style="display:inline-block;width:7px"> </div>and </div><div id="a38897" style="position:absolute;font-family:'Arial';left:57px;top:717px;">methane.<div style="display:inline-block;width:6px"> </div>Compliance<div style="display:inline-block;width:5px"> </div>with the<div style="display:inline-block;width:7px"> </div>Maritime<div style="display:inline-block;width:5px"> </div>EU<div style="display:inline-block;width:5px"> </div>ETS<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:5px"> </div>result<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>additional compliance<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>administration </div><div id="a38898" style="position:absolute;font-family:'Arial';left:57px;top:734px;">costs<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>properly<div style="display:inline-block;width:6px"> </div>incorporate<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>provisions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Directive<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:6px"> </div>routines.<div style="display:inline-block;width:6px"> </div>Additional<div style="display:inline-block;width:6px"> </div>EU </div><div id="a38901" style="position:absolute;font-family:'Arial';left:57px;top:751px;">regulations<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>part<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>EU’s<div style="display:inline-block;width:7px"> </div>"Fit-for-55,"<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:6px"> </div>position<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:7px"> </div>of </div><div id="a38906" style="position:absolute;font-family:'Arial';left:57px;top:767px;">compliance and administration costs when they take effect. </div><div id="a38909" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:801px;">EU Ship Recycling Regulation </div><div id="a38918" style="position:absolute;font-family:'Arial';left:57px;top:835px;">The Regulation<div style="display:inline-block;width:6px"> </div>is mostly<div style="display:inline-block;width:7px"> </div>aligned with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Hong Kong<div style="display:inline-block;width:6px"> </div>Convention on<div style="display:inline-block;width:7px"> </div>Ship Recycling,<div style="display:inline-block;width:6px"> </div>mentioned earlier </div><div id="a38948" style="position:absolute;font-family:'Arial';left:57px;top:852px;">and aims quick<div style="display:inline-block;width:3px"> </div>ratification of the<div style="display:inline-block;width:3px"> </div>Convention. However, it sets<div style="display:inline-block;width:2px"> </div>some additional requirements<div style="display:inline-block;width:2px"> </div>and has been </div><div id="a38980" style="position:absolute;font-family:'Arial';left:57px;top:869px;">into force since 2015 for new ships<div style="display:inline-block;width:3px"> </div>and 2020 for existing ships. It concerns<div style="display:inline-block;width:2px"> </div>vessels over 500 GT flying the </div><div id="a39020" style="position:absolute;font-family:'Arial';left:57px;top:885px;">flag of a<div style="display:inline-block;width:2px"> </div>member state or<div style="display:inline-block;width:2px"> </div>vessels flying<div style="display:inline-block;width:3px"> </div>the flag<div style="display:inline-block;width:3px"> </div>of a 3</div><div id="a39045" style="position:absolute;font-family:'Arial';font-size:9.28px;left:397px;top:885px;">rd</div><div id="a39046" style="position:absolute;font-family:'Arial';left:406px;top:885px;"><div style="display:inline-block;width:4px"> </div>party calling at<div style="display:inline-block;width:2px"> </div>port or anchorage<div style="display:inline-block;width:2px"> </div>of member<div style="display:inline-block;width:2px"> </div>states. </div><div id="a39065" style="position:absolute;font-family:'Arial';left:57px;top:902px;">Our<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>fully<div style="display:inline-block;width:6px"> </div>complies<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>regulation.<div style="display:inline-block;width:5px"> </div>Our<div style="display:inline-block;width:6px"> </div>fleet’s<div style="display:inline-block;width:6px"> </div>Inventories<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Hazardous Materials<div style="display:inline-block;width:7px"> </div>preparation, </div><div id="a39093" style="position:absolute;font-family:'Arial';left:57px;top:919px;">certification and continuous maintenance have resulted in a<div style="display:inline-block;width:3px"> </div>significant cost to the Company. </div></div>
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<div id="a39122" style="position:absolute;font-family:'Arial';left:390px;top:992px;">65 </div><div id="a39124" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">International Labour Organization </div><div id="a39131" style="position:absolute;font-family:'Arial';left:57px;top:110px;">The International Labour Organization (the “ILO”) is<div style="display:inline-block;width:5px"> </div>a specialized agency of the UN<div style="display:inline-block;width:6px"> </div>that has adopted the </div><div id="a39165" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Maritime Labor Convention<div style="display:inline-block;width:2px"> </div>2006 (“MLC 2006”). A<div style="display:inline-block;width:2px"> </div>Maritime Labor Certificate<div style="display:inline-block;width:2px"> </div>and a Declaration<div style="display:inline-block;width:2px"> </div>of Maritime </div><div id="a39195" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Labor<div style="display:inline-block;width:5px"> </div>Compliance is<div style="display:inline-block;width:6px"> </div>required to<div style="display:inline-block;width:6px"> </div>ensure compliance<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>MLC 2006<div style="display:inline-block;width:6px"> </div>for all<div style="display:inline-block;width:7px"> </div>ships that<div style="display:inline-block;width:6px"> </div>are 500<div style="display:inline-block;width:6px"> </div>gross </div><div id="a39231" style="position:absolute;font-family:'Arial';left:57px;top:160px;">tonnage<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>either<div style="display:inline-block;width:7px"> </div>engaged<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>international<div style="display:inline-block;width:6px"> </div>voyages<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:6px"> </div>flying<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>flag<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>Member<div style="display:inline-block;width:7px"> </div>and </div><div id="a39267" style="position:absolute;font-family:'Arial';left:57px;top:177px;">operating<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>port,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>between<div style="display:inline-block;width:6px"> </div>ports,<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>another<div style="display:inline-block;width:6px"> </div>country.<div style="display:inline-block;width:7px"> </div>All<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>certified<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the </div><div id="a39288" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Maritime Labor Convention 2006 (“MLC 2006”). </div><div id="a39294" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:228px;">Greenhouse Gas Regulation </div><div id="a39301" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Currently,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>emissions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>greenhouse<div style="display:inline-block;width:6px"> </div>gases<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>international<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Kyoto </div><div id="a39331" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Protocol to<div style="display:inline-block;width:2px"> </div>the United<div style="display:inline-block;width:2px"> </div>Nations Framework<div style="display:inline-block;width:2px"> </div>Convention on<div style="display:inline-block;width:2px"> </div>Climate Change,<div style="display:inline-block;width:2px"> </div>which entered<div style="display:inline-block;width:2px"> </div>into force<div style="display:inline-block;width:2px"> </div>in 2005 </div><div id="a39363" style="position:absolute;font-family:'Arial';left:57px;top:295px;">and pursuant<div style="display:inline-block;width:5px"> </div>to which<div style="display:inline-block;width:6px"> </div>adopting countries have<div style="display:inline-block;width:6px"> </div>been required to<div style="display:inline-block;width:6px"> </div>implement national programs<div style="display:inline-block;width:6px"> </div>to reduce </div><div id="a39393" style="position:absolute;font-family:'Arial';left:57px;top:312px;">greenhouse gas emissions<div style="display:inline-block;width:6px"> </div>with targets extended<div style="display:inline-block;width:6px"> </div>through 2020. International negotiations<div style="display:inline-block;width:6px"> </div>are continuing </div><div id="a39417" style="position:absolute;font-family:'Arial';left:57px;top:329px;">with respect to a successor to the Kyoto Protocol, and restrictions<div style="display:inline-block;width:3px"> </div>on shipping emissions may be included </div><div id="a39451" style="position:absolute;font-family:'Arial';left:57px;top:346px;">in<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>treaty.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:6px"> </div>December 2009,<div style="display:inline-block;width:7px"> </div>more<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>27<div style="display:inline-block;width:6px"> </div>nations,<div style="display:inline-block;width:6px"> </div>including the<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>China,<div style="display:inline-block;width:5px"> </div>signed<div style="display:inline-block;width:6px"> </div>the </div><div id="a39487" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Copenhagen Accord,<div style="display:inline-block;width:2px"> </div>which includes<div style="display:inline-block;width:2px"> </div>a non-binding<div style="display:inline-block;width:2px"> </div>commitment<div style="display:inline-block;width:3px"> </div>to reduce<div style="display:inline-block;width:2px"> </div>greenhouse gas<div style="display:inline-block;width:2px"> </div>emissions.<div style="display:inline-block;width:7px"> </div>The </div><div id="a39516" style="position:absolute;font-family:'Arial';left:57px;top:379px;">2015 United Nations Climate Change Conference in Paris resulted in<div style="display:inline-block;width:3px"> </div>the Paris Agreement, which entered </div><div id="a39546" style="position:absolute;font-family:'Arial';left:57px;top:396px;">into force on<div style="display:inline-block;width:3px"> </div>November 4, 2016<div style="display:inline-block;width:2px"> </div>and does not<div style="display:inline-block;width:2px"> </div>directly limit greenhouse<div style="display:inline-block;width:2px"> </div>gas emissions from<div style="display:inline-block;width:2px"> </div>ships. The U.S. </div><div id="a39582" style="position:absolute;font-family:'Arial';left:57px;top:413px;">initially<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>agreement,<div style="display:inline-block;width:6px"> </div>but<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>June<div style="display:inline-block;width:6px"> </div>1,<div style="display:inline-block;width:6px"> </div>2017,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>former<div style="display:inline-block;width:6px"> </div>U.S. President<div style="display:inline-block;width:6px"> </div>Trump<div style="display:inline-block;width:6px"> </div>announced </div><div id="a39614" style="position:absolute;font-family:'Arial';left:57px;top:430px;">that the United States intends<div style="display:inline-block;width:2px"> </div>to withdraw from the<div style="display:inline-block;width:3px"> </div>Paris Agreement, and the<div style="display:inline-block;width:3px"> </div>withdrawal became effective </div><div id="a39646" style="position:absolute;font-family:'Arial';left:57px;top:447px;">on November 4, 2020. On January 20, 2021, U.S. President Biden signed an executive<div style="display:inline-block;width:3px"> </div>order to rejoin the </div><div id="a39682" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Paris<div style="display:inline-block;width:6px"> </div>Agreement,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>officially<div style="display:inline-block;width:6px"> </div>rejoined<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>February<div style="display:inline-block;width:6px"> </div>19,<div style="display:inline-block;width:6px"> </div>2021.<div style="display:inline-block;width:6px"> </div>However,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>2025, </div><div id="a39688" style="position:absolute;font-family:'Arial';left:57px;top:481px;">President Trump<div style="display:inline-block;width:7px"> </div>signed an<div style="display:inline-block;width:6px"> </div>executive order<div style="display:inline-block;width:6px"> </div>to begin<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>withdrawal of<div style="display:inline-block;width:6px"> </div>the United<div style="display:inline-block;width:6px"> </div>States from<div style="display:inline-block;width:6px"> </div>the Paris </div><div id="a39691" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Agreement. </div><div id="a39694" style="position:absolute;font-family:'Arial';left:57px;top:531px;">At<div style="display:inline-block;width:8px"> </div>MEPC<div style="display:inline-block;width:8px"> </div>70<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>MEPC<div style="display:inline-block;width:8px"> </div>71,<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>draft<div style="display:inline-block;width:8px"> </div>outline<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>structure<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>initial<div style="display:inline-block;width:8px"> </div>strategy<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>developing<div style="display:inline-block;width:7px"> </div>a </div><div id="a39732" style="position:absolute;font-family:'Arial';left:57px;top:548px;">comprehensive<div style="display:inline-block;width:6px"> </div>IMO<div style="display:inline-block;width:6px"> </div>strategy<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>reduction<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>greenhouse<div style="display:inline-block;width:6px"> </div>gas<div style="display:inline-block;width:6px"> </div>emissions<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>ships<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>approved.<div style="display:inline-block;width:6px"> </div>In </div><div id="a39760" style="position:absolute;font-family:'Arial';left:57px;top:565px;">accordance with this roadmap, in April 2018, nations at<div style="display:inline-block;width:3px"> </div>the MEPC 72 adopted an initial strategy to reduce </div><div id="a39796" style="position:absolute;font-family:'Arial';left:57px;top:582px;">greenhouse<div style="display:inline-block;width:7px"> </div>gas<div style="display:inline-block;width:7px"> </div>emissions<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:8px"> </div>ships.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>initial<div style="display:inline-block;width:7px"> </div>strategy<div style="display:inline-block;width:8px"> </div>identifies<div style="display:inline-block;width:7px"> </div>“levels<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>ambition”<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>reducing </div><div id="a39824" style="position:absolute;font-family:'Arial';left:57px;top:599px;">greenhouse<div style="display:inline-block;width:12px"> </div>gas<div style="display:inline-block;width:12px"> </div>emissions,<div style="display:inline-block;width:12px"> </div>including<div style="display:inline-block;width:12px"> </div>(1)<div style="display:inline-block;width:12px"> </div>decreasing<div style="display:inline-block;width:12px"> </div>the<div style="display:inline-block;width:12px"> </div>carbon<div style="display:inline-block;width:12px"> </div>intensity<div style="display:inline-block;width:12px"> </div>from<div style="display:inline-block;width:12px"> </div>ships<div style="display:inline-block;width:12px"> </div>through </div><div id="a39848" style="position:absolute;font-family:'Arial';left:57px;top:616px;">implementation of<div style="display:inline-block;width:6px"> </div>further phases<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>EEDI for<div style="display:inline-block;width:6px"> </div>new ships;<div style="display:inline-block;width:7px"> </div>(2) reducing<div style="display:inline-block;width:6px"> </div>carbon dioxide<div style="display:inline-block;width:7px"> </div>emissions per </div><div id="a39880" style="position:absolute;font-family:'Arial';left:57px;top:632px;">transport<div style="display:inline-block;width:6px"> </div>work,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>average<div style="display:inline-block;width:6px"> </div>across<div style="display:inline-block;width:6px"> </div>international shipping,<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>least<div style="display:inline-block;width:6px"> </div>40%<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>2030,<div style="display:inline-block;width:6px"> </div>pursuing<div style="display:inline-block;width:5px"> </div>efforts </div><div id="a39912" style="position:absolute;font-family:'Arial';left:57px;top:649px;">towards 70%<div style="display:inline-block;width:5px"> </div>by 2050,<div style="display:inline-block;width:5px"> </div>compared to 2008<div style="display:inline-block;width:6px"> </div>emission levels; and<div style="display:inline-block;width:6px"> </div>(3) reducing the<div style="display:inline-block;width:6px"> </div>total annual<div style="display:inline-block;width:6px"> </div>greenhouse </div><div id="a39944" style="position:absolute;font-family:'Arial';left:57px;top:666px;">emissions by<div style="display:inline-block;width:7px"> </div>at least<div style="display:inline-block;width:6px"> </div>50% by<div style="display:inline-block;width:7px"> </div>2050 compared<div style="display:inline-block;width:6px"> </div>to 2008<div style="display:inline-block;width:7px"> </div>while pursuing<div style="display:inline-block;width:6px"> </div>efforts<div style="display:inline-block;width:5px"> </div>towards phasing<div style="display:inline-block;width:6px"> </div>them out </div><div id="a39978" style="position:absolute;font-family:'Arial';left:57px;top:683px;">entirely.<div style="display:inline-block;width:9px"> </div>The initial strategy<div style="display:inline-block;width:2px"> </div>notes that technological<div style="display:inline-block;width:2px"> </div>innovation, alternative<div style="display:inline-block;width:3px"> </div>fuels and/or energy<div style="display:inline-block;width:2px"> </div>sources for </div><div id="a40007" style="position:absolute;font-family:'Arial';left:57px;top:700px;">international shipping will be integral to achieve the overall ambition. These regulations could cause us to </div><div id="a40039" style="position:absolute;font-family:'Arial';left:57px;top:717px;">incur additional<div style="display:inline-block;width:6px"> </div>substantial expenses.<div style="display:inline-block;width:6px"> </div>At MEPC<div style="display:inline-block;width:6px"> </div>77, the<div style="display:inline-block;width:6px"> </div>Member States<div style="display:inline-block;width:6px"> </div>agreed to<div style="display:inline-block;width:6px"> </div>initiate the<div style="display:inline-block;width:6px"> </div>revision of </div><div id="a40048" style="position:absolute;font-family:'Arial';left:57px;top:734px;">the Initial<div style="display:inline-block;width:6px"> </div>IMO Strategy<div style="display:inline-block;width:6px"> </div>on Reduction<div style="display:inline-block;width:6px"> </div>of GHG<div style="display:inline-block;width:6px"> </div>emissions from<div style="display:inline-block;width:6px"> </div>ships, recognizing<div style="display:inline-block;width:6px"> </div>the need<div style="display:inline-block;width:6px"> </div>to strengthen </div><div id="a40049" style="position:absolute;font-family:'Arial';left:57px;top:751px;">the ambition<div style="display:inline-block;width:2px"> </div>during the<div style="display:inline-block;width:2px"> </div>revision process.<div style="display:inline-block;width:2px"> </div>In July<div style="display:inline-block;width:2px"> </div>2023, MEPC<div style="display:inline-block;width:2px"> </div>80 adopted<div style="display:inline-block;width:2px"> </div>a revised<div style="display:inline-block;width:2px"> </div>strategy, which includes </div><div id="a40051" style="position:absolute;font-family:'Arial';left:57px;top:767px;">an enhanced<div style="display:inline-block;width:5px"> </div>common ambition to<div style="display:inline-block;width:6px"> </div>reach net-zero<div style="display:inline-block;width:5px"> </div>greenhouse gas emissions<div style="display:inline-block;width:6px"> </div>from international shipping </div><div id="a40054" style="position:absolute;font-family:'Arial';left:57px;top:784px;">around or close to 2050, a<div style="display:inline-block;width:3px"> </div>commitment to ensure an uptake of<div style="display:inline-block;width:3px"> </div>alternative zero and near-zero greenhouse </div><div id="a40057" style="position:absolute;font-family:'Arial';left:57px;top:801px;">gas fuels<div style="display:inline-block;width:6px"> </div>by 2030,<div style="display:inline-block;width:6px"> </div>as well<div style="display:inline-block;width:6px"> </div>as i).<div style="display:inline-block;width:6px"> </div>reducing the<div style="display:inline-block;width:6px"> </div>total annual<div style="display:inline-block;width:6px"> </div>greenhouse gas<div style="display:inline-block;width:6px"> </div>emissions from<div style="display:inline-block;width:6px"> </div>international </div><div id="a40059" style="position:absolute;font-family:'Arial';left:57px;top:818px;">shipping by at<div style="display:inline-block;width:6px"> </div>least 20%, striving for<div style="display:inline-block;width:6px"> </div>30%, by 2030,<div style="display:inline-block;width:6px"> </div>compared to 2008;<div style="display:inline-block;width:6px"> </div>and ii). reducing<div style="display:inline-block;width:6px"> </div>the total annual </div><div id="a40060" style="position:absolute;font-family:'Arial';left:57px;top:835px;">greenhouse gas<div style="display:inline-block;width:2px"> </div>emissions from<div style="display:inline-block;width:2px"> </div>international shipping<div style="display:inline-block;width:2px"> </div>by at<div style="display:inline-block;width:2px"> </div>least 70%,<div style="display:inline-block;width:2px"> </div>striving for<div style="display:inline-block;width:2px"> </div>80%, by<div style="display:inline-block;width:2px"> </div>2040, compared </div><div id="a40063" style="position:absolute;font-family:'Arial';left:57px;top:852px;">to 2008.<div style="display:inline-block;width:6px"> </div>In March<div style="display:inline-block;width:6px"> </div>2024, MEPC 81<div style="display:inline-block;width:6px"> </div>further developed the<div style="display:inline-block;width:6px"> </div>goal based marine<div style="display:inline-block;width:6px"> </div>fuel standard regulating<div style="display:inline-block;width:6px"> </div>the </div><div id="a40070" style="position:absolute;font-family:'Arial';left:57px;top:869px;">phased reduction of marine fuel’s GHG intensity as part of its mid-term measures. In Fall 2024, MEPC 82 </div><div id="a40075" style="position:absolute;font-family:'Arial';left:57px;top:885px;">made further progress<div style="display:inline-block;width:6px"> </div>on the development<div style="display:inline-block;width:6px"> </div>of these mid-term<div style="display:inline-block;width:6px"> </div>measures, and the<div style="display:inline-block;width:6px"> </div>Committee is expected </div><div id="a40082" style="position:absolute;font-family:'Arial';left:57px;top:902px;">to approve amendments at MEPC 83 (Spring 2025) for adoption in<div style="display:inline-block;width:3px"> </div>October 2025. </div><div id="a40087" style="position:absolute;font-family:'Arial';left:57px;top:936px;">The EU made<div style="display:inline-block;width:2px"> </div>a unilateral<div style="display:inline-block;width:2px"> </div>commitment to<div style="display:inline-block;width:2px"> </div>reduce overall<div style="display:inline-block;width:2px"> </div>greenhouse gas<div style="display:inline-block;width:2px"> </div>emissions from<div style="display:inline-block;width:2px"> </div>its member<div style="display:inline-block;width:2px"> </div>states </div><div id="a40119" style="position:absolute;font-family:'Arial';left:57px;top:953px;">from 20% of 1990 levels<div style="display:inline-block;width:2px"> </div>by 2020. The EU also committed<div style="display:inline-block;width:2px"> </div>to reduce its emissions<div style="display:inline-block;width:3px"> </div>by 20% under the<div style="display:inline-block;width:3px"> </div>Kyoto </div></div>
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<div id="a40161" style="position:absolute;font-family:'Arial';left:390px;top:992px;">66 </div><div id="a40163" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Protocol’s<div style="display:inline-block;width:7px"> </div>second<div style="display:inline-block;width:7px"> </div>period<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>2013<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>2020.<div style="display:inline-block;width:7px"> </div>Starting<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>2018,<div style="display:inline-block;width:7px"> </div>large<div style="display:inline-block;width:7px"> </div>ships<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>5,000<div style="display:inline-block;width:7px"> </div>gross </div><div id="a40195" style="position:absolute;font-family:'Arial';left:57px;top:93px;">tonnage calling at EU ports<div style="display:inline-block;width:3px"> </div>are required to collect<div style="display:inline-block;width:2px"> </div>and publish data on<div style="display:inline-block;width:3px"> </div>carbon dioxide emissions and<div style="display:inline-block;width:2px"> </div>other </div><div id="a40231" style="position:absolute;font-family:'Arial';left:57px;top:110px;">information.<div style="display:inline-block;width:7px"> </div>Under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>European<div style="display:inline-block;width:7px"> </div>Climate<div style="display:inline-block;width:7px"> </div>Law,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:7px"> </div>EU<div style="display:inline-block;width:7px"> </div>committed<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>reduce<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>net<div style="display:inline-block;width:7px"> </div>greenhouse<div style="display:inline-block;width:7px"> </div>gas </div><div id="a40234" style="position:absolute;font-family:'Arial';left:57px;top:126px;">emissions by at least 55% by 2030 through its “Fit-for-55” legislation<div style="display:inline-block;width:3px"> </div>package. As part of this initiative, the </div><div id="a40239" style="position:absolute;font-family:'Arial';left:57px;top:143px;">European Union’s<div style="display:inline-block;width:2px"> </div>carbon market,<div style="display:inline-block;width:2px"> </div>EU ETS,<div style="display:inline-block;width:2px"> </div>has been<div style="display:inline-block;width:2px"> </div>extended to<div style="display:inline-block;width:2px"> </div>cover CO2<div style="display:inline-block;width:2px"> </div>emissions from<div style="display:inline-block;width:2px"> </div>all large<div style="display:inline-block;width:2px"> </div>ships </div><div id="a40243" style="position:absolute;font-family:'Arial';left:57px;top:160px;">entering EU ports starting January 2024. </div><div id="a40246" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Any passage<div style="display:inline-block;width:6px"> </div>of climate<div style="display:inline-block;width:6px"> </div>control legislation<div style="display:inline-block;width:6px"> </div>or other<div style="display:inline-block;width:6px"> </div>regulatory initiatives<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>IMO, the EU,<div style="display:inline-block;width:6px"> </div>the U.S.<div style="display:inline-block;width:6px"> </div>or </div><div id="a40282" style="position:absolute;font-family:'Arial';left:57px;top:211px;">other countries<div style="display:inline-block;width:6px"> </div>where we<div style="display:inline-block;width:6px"> </div>operate, or<div style="display:inline-block;width:6px"> </div>any treaty<div style="display:inline-block;width:6px"> </div>adopted at<div style="display:inline-block;width:6px"> </div>the international<div style="display:inline-block;width:6px"> </div>level to<div style="display:inline-block;width:6px"> </div>succeed the<div style="display:inline-block;width:6px"> </div>Kyoto </div><div id="a40316" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Protocol<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>Paris<div style="display:inline-block;width:7px"> </div>Agreement,<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:7px"> </div>restricts<div style="display:inline-block;width:7px"> </div>emissions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>greenhouse<div style="display:inline-block;width:6px"> </div>gases<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:7px"> </div>require<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>make </div><div id="a40346" style="position:absolute;font-family:'Arial';left:57px;top:245px;">significant financial expenditures which we<div style="display:inline-block;width:5px"> </div>cannot predict with certainty at<div style="display:inline-block;width:6px"> </div>this time. Even in the<div style="display:inline-block;width:6px"> </div>absence </div><div id="a40378" style="position:absolute;font-family:'Arial';left:57px;top:261px;">of climate control<div style="display:inline-block;width:3px"> </div>legislation, our business<div style="display:inline-block;width:2px"> </div>may be indirectly<div style="display:inline-block;width:3px"> </div>affected to the<div style="display:inline-block;width:3px"> </div>extent that climate<div style="display:inline-block;width:3px"> </div>change may </div><div id="a40412" style="position:absolute;font-family:'Arial';left:57px;top:278px;">result in sea level changes or certain weather events. </div><div id="a40431" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:312px;">Vessel Security Regulations </div><div id="a40438" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Since<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>terrorist<div style="display:inline-block;width:6px"> </div>attacks<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>September<div style="display:inline-block;width:6px"> </div>11,<div style="display:inline-block;width:8px"> </div>2001<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>United<div style="display:inline-block;width:7px"> </div>States,<div style="display:inline-block;width:6px"> </div>there<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>variety<div style="display:inline-block;width:7px"> </div>of </div><div id="a40474" style="position:absolute;font-family:'Arial';left:57px;top:363px;">initiatives intended<div style="display:inline-block;width:6px"> </div>to enhance<div style="display:inline-block;width:6px"> </div>vessel security<div style="display:inline-block;width:6px"> </div>such as<div style="display:inline-block;width:6px"> </div>the U.S.<div style="display:inline-block;width:6px"> </div>Maritime Transportation<div style="display:inline-block;width:7px"> </div>Security Act<div style="display:inline-block;width:6px"> </div>of </div><div id="a40504" style="position:absolute;font-family:'Arial';left:57px;top:379px;">2002 (“MTSA”). </div><div id="a40508" style="position:absolute;font-family:'Arial';left:163px;top:379px;">To </div><div id="a40510" style="position:absolute;font-family:'Arial';left:186px;top:379px;">implement certain<div style="display:inline-block;width:6px"> </div>portions of<div style="display:inline-block;width:6px"> </div>the MTSA,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>USCG issued<div style="display:inline-block;width:6px"> </div>regulations requiring<div style="display:inline-block;width:6px"> </div>the </div><div id="a40534" style="position:absolute;font-family:'Arial';left:57px;top:396px;">implementation<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>certain<div style="display:inline-block;width:8px"> </div>security<div style="display:inline-block;width:8px"> </div>requirements<div style="display:inline-block;width:8px"> </div>aboard<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>operating<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>waters<div style="display:inline-block;width:8px"> </div>subject<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:9px"> </div>the </div><div id="a40560" style="position:absolute;font-family:'Arial';left:57px;top:413px;">jurisdiction of the<div style="display:inline-block;width:3px"> </div>United States and<div style="display:inline-block;width:3px"> </div>at certain ports<div style="display:inline-block;width:3px"> </div>and facilities, some<div style="display:inline-block;width:3px"> </div>of which are<div style="display:inline-block;width:3px"> </div>regulated by the<div style="display:inline-block;width:3px"> </div>EPA. </div><div id="a40599" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Similarly, Chapter XI-2 of<div style="display:inline-block;width:2px"> </div>the SOLAS<div style="display:inline-block;width:3px"> </div>Convention imposes<div style="display:inline-block;width:2px"> </div>detailed security<div style="display:inline-block;width:2px"> </div>obligations on<div style="display:inline-block;width:3px"> </div>vessels and<div style="display:inline-block;width:2px"> </div>port </div><div id="a40631" style="position:absolute;font-family:'Arial';left:57px;top:464px;">authorities and<div style="display:inline-block;width:2px"> </div>mandates compliance<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:2px"> </div>International Ship<div style="display:inline-block;width:2px"> </div>and Port<div style="display:inline-block;width:2px"> </div>Facility Security<div style="display:inline-block;width:2px"> </div>Code (“the ISPS </div><div id="a40661" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Code”). The ISPS Code is designed to enhance<div style="display:inline-block;width:3px"> </div>the security of ports and ships against<div style="display:inline-block;width:3px"> </div>terrorism. </div><div id="a40693" style="position:absolute;font-family:'Arial';left:686px;top:481px;">To </div><div id="a40695" style="position:absolute;font-family:'Arial';left:707px;top:481px;">trade </div><div id="a40697" style="position:absolute;font-family:'Arial';left:57px;top:498px;">internationally,<div style="display:inline-block;width:6px"> </div>a vessel must<div style="display:inline-block;width:6px"> </div>attain an<div style="display:inline-block;width:5px"> </div>International Ship Security<div style="display:inline-block;width:6px"> </div>Certificate (“ISSC”) from<div style="display:inline-block;width:6px"> </div>a recognized </div><div id="a40725" style="position:absolute;font-family:'Arial';left:57px;top:514px;">security organization approved<div style="display:inline-block;width:2px"> </div>by the vessel’s flag<div style="display:inline-block;width:2px"> </div>state. Ships operating<div style="display:inline-block;width:2px"> </div>without a valid<div style="display:inline-block;width:3px"> </div>certificate may be </div><div id="a40757" style="position:absolute;font-family:'Arial';left:57px;top:531px;">detained, expelled<div style="display:inline-block;width:3px"> </div>from, or<div style="display:inline-block;width:3px"> </div>refused entry at<div style="display:inline-block;width:2px"> </div>port until<div style="display:inline-block;width:3px"> </div>they obtain an<div style="display:inline-block;width:2px"> </div>ISSC. The<div style="display:inline-block;width:3px"> </div>various requirements,<div style="display:inline-block;width:3px"> </div>some </div><div id="a40791" style="position:absolute;font-family:'Arial';left:57px;top:548px;">of<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>found<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>SOLAS<div style="display:inline-block;width:6px"> </div>Convention, include,<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>example,<div style="display:inline-block;width:6px"> </div>on-board<div style="display:inline-block;width:6px"> </div>installation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>automatic </div><div id="a40823" style="position:absolute;font-family:'Arial';left:57px;top:565px;">identification systems to provide<div style="display:inline-block;width:2px"> </div>a means for the<div style="display:inline-block;width:3px"> </div>automatic transmission of safety-related<div style="display:inline-block;width:2px"> </div>information from </div><div id="a40853" style="position:absolute;font-family:'Arial';left:57px;top:582px;">among<div style="display:inline-block;width:6px"> </div>similarly<div style="display:inline-block;width:6px"> </div>equipped<div style="display:inline-block;width:6px"> </div>ships<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>shore<div style="display:inline-block;width:6px"> </div>stations,<div style="display:inline-block;width:6px"> </div>including<div style="display:inline-block;width:6px"> </div>information<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>ship’s<div style="display:inline-block;width:6px"> </div>identity,<div style="display:inline-block;width:7px"> </div>position, </div><div id="a40881" style="position:absolute;font-family:'Arial';left:57px;top:599px;">course, speed<div style="display:inline-block;width:6px"> </div>and navigational<div style="display:inline-block;width:6px"> </div>status; on-board installation<div style="display:inline-block;width:6px"> </div>of ship<div style="display:inline-block;width:6px"> </div>security alert<div style="display:inline-block;width:6px"> </div>systems, which<div style="display:inline-block;width:6px"> </div>do not </div><div id="a40913" style="position:absolute;font-family:'Arial';left:57px;top:616px;">sound on the vessel but only alert the authorities on shore; the development of vessel<div style="display:inline-block;width:3px"> </div>security plans; ship </div><div id="a40949" style="position:absolute;font-family:'Arial';left:57px;top:632px;">identification<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>permanently<div style="display:inline-block;width:6px"> </div>marked<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel’s<div style="display:inline-block;width:6px"> </div>hull;<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>continuous<div style="display:inline-block;width:6px"> </div>synopsis<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>kept </div><div id="a40979" style="position:absolute;font-family:'Arial';left:57px;top:649px;">onboard showing a vessel's history including<div style="display:inline-block;width:2px"> </div>the name of the ship, the state<div style="display:inline-block;width:3px"> </div>whose flag the ship is entitled </div><div id="a41017" style="position:absolute;font-family:'Arial';left:57px;top:666px;">to fly, the date on which the ship was registered<div style="display:inline-block;width:3px"> </div>with that state, the ship's<div style="display:inline-block;width:3px"> </div>identification number, the port at </div><div id="a41057" style="position:absolute;font-family:'Arial';left:57px;top:683px;">which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>ship<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>name<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>registered<div style="display:inline-block;width:7px"> </div>owner(s)<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:7px"> </div>address; </div><div id="a41089" style="position:absolute;font-family:'Arial';left:57px;top:700px;">and compliance with flag state security certification requirements. </div><div id="a41106" style="position:absolute;font-family:'Arial';left:57px;top:734px;">The USCG regulations, intended to align with<div style="display:inline-block;width:6px"> </div>international maritime security standards, exempt non-U.S. </div><div id="a41134" style="position:absolute;font-family:'Arial';left:57px;top:751px;">vessels<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:5px"> </div>MTSA<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:5px"> </div>security<div style="display:inline-block;width:6px"> </div>measures,<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:5px"> </div>such<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>valid<div style="display:inline-block;width:6px"> </div>ISSC<div style="display:inline-block;width:5px"> </div>that </div><div id="a41166" style="position:absolute;font-family:'Arial';left:57px;top:767px;">attests to the vessel’s compliance with the SOLAS Convention security requirements and the ISPS Code. </div><div id="a41196" style="position:absolute;font-family:'Arial';left:57px;top:784px;">Future security<div style="display:inline-block;width:6px"> </div>measures could<div style="display:inline-block;width:6px"> </div>have a<div style="display:inline-block;width:6px"> </div>significant financial<div style="display:inline-block;width:6px"> </div>impact on<div style="display:inline-block;width:6px"> </div>us.<div style="display:inline-block;width:9px"> </div>We intend<div style="display:inline-block;width:6px"> </div>to comply<div style="display:inline-block;width:6px"> </div>with the </div><div id="a41231" style="position:absolute;font-family:'Arial';left:57px;top:801px;">various security measures addressed by MTSA,<div style="display:inline-block;width:5px"> </div>the SOLAS Convention and the<div style="display:inline-block;width:6px"> </div>ISPS Code. The cost of </div><div id="a41263" style="position:absolute;font-family:'Arial';left:57px;top:818px;">vessel security<div style="display:inline-block;width:2px"> </div>measures has<div style="display:inline-block;width:2px"> </div>also been<div style="display:inline-block;width:2px"> </div>affected by<div style="display:inline-block;width:2px"> </div>the escalation<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>frequency of<div style="display:inline-block;width:2px"> </div>acts of<div style="display:inline-block;width:2px"> </div>piracy against </div><div id="a41299" style="position:absolute;font-family:'Arial';left:57px;top:835px;">ships, notably off the coast of Somalia, including the Gulf of Aden and Arabian Sea area. Substantial loss </div><div id="a41335" style="position:absolute;font-family:'Arial';left:57px;top:852px;">of<div style="display:inline-block;width:6px"> </div>revenue<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>costs<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>result<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>detention<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>security </div><div id="a41373" style="position:absolute;font-family:'Arial';left:57px;top:869px;">measures, and<div style="display:inline-block;width:6px"> </div>the risk<div style="display:inline-block;width:6px"> </div>of uninsured<div style="display:inline-block;width:6px"> </div>losses could<div style="display:inline-block;width:6px"> </div>significantly affect<div style="display:inline-block;width:6px"> </div>our business.<div style="display:inline-block;width:6px"> </div>Costs are<div style="display:inline-block;width:6px"> </div>incurred in </div><div id="a41405" style="position:absolute;font-family:'Arial';left:57px;top:885px;">taking<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>security<div style="display:inline-block;width:7px"> </div>measures<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>accordance<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>Best<div style="display:inline-block;width:7px"> </div>Management<div style="display:inline-block;width:7px"> </div>Practices<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>Deter<div style="display:inline-block;width:7px"> </div>Piracy, </div><div id="a41431" style="position:absolute;font-family:'Arial';left:57px;top:902px;">notably those contained in the BMP5 industry standard. </div></div>
</div>
<div style="padding: 7px">
<div id="Page67" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a41450" style="position:absolute;font-family:'Arial';left:390px;top:992px;">67 </div><div id="a41452" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:76px;">Inspection by Flag administration and Classification Societies </div><div id="a41467" style="position:absolute;font-family:'Arial';left:57px;top:110px;">The flag represents the nationality of the ship, showing that it’s under the control of the registered country </div><div id="a41503" style="position:absolute;font-family:'Arial';left:57px;top:126px;">and must comply with international and maritime law of it. The flag is required to take measures<div style="display:inline-block;width:3px"> </div>to ensure </div><div id="a41541" style="position:absolute;font-family:'Arial';left:57px;top:143px;">safety at sea<div style="display:inline-block;width:6px"> </div>and should verify that<div style="display:inline-block;width:6px"> </div>ships under its<div style="display:inline-block;width:6px"> </div>authority,<div style="display:inline-block;width:6px"> </div>conform relevant international standards,<div style="display:inline-block;width:5px"> </div>in </div><div id="a41573" style="position:absolute;font-family:'Arial';left:57px;top:160px;">regard to construction, design, equipment and manning of ships,<div style="display:inline-block;width:3px"> </div>through on board physical inspections. </div><div id="a41602" style="position:absolute;font-family:'Arial';left:57px;top:194px;">The hull and machinery of every commercial vessel<div style="display:inline-block;width:3px"> </div>must be classed by a classification society<div style="display:inline-block;width:3px"> </div>authorized </div><div id="a41634" style="position:absolute;font-family:'Arial';left:57px;top:211px;">by<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:8px"> </div>country<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>registry.<div style="display:inline-block;width:9px"> </div>The<div style="display:inline-block;width:7px"> </div>classification<div style="display:inline-block;width:7px"> </div>society<div style="display:inline-block;width:7px"> </div>certifies<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:8px"> </div>safe<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>seaworthy<div style="display:inline-block;width:7px"> </div>in </div><div id="a41668" style="position:absolute;font-family:'Arial';left:57px;top:228px;">accordance with the<div style="display:inline-block;width:6px"> </div>applicable rules and<div style="display:inline-block;width:5px"> </div>regulations of the<div style="display:inline-block;width:5px"> </div>country of registry of<div style="display:inline-block;width:6px"> </div>the vessel and<div style="display:inline-block;width:6px"> </div>SOLAS. </div><div id="a41702" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Most<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>underwriters<div style="display:inline-block;width:6px"> </div>make<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>condition<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>coverage<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>lending<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>be </div><div id="a41734" style="position:absolute;font-family:'Arial';left:57px;top:261px;">certified<div style="display:inline-block;width:8px"> </div>“in<div style="display:inline-block;width:8px"> </div>class”<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>classification<div style="display:inline-block;width:7px"> </div>society<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>member<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>International<div style="display:inline-block;width:8px"> </div>Association<div style="display:inline-block;width:7px"> </div>of </div><div id="a41766" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Classification Societies, the IACS.<div style="display:inline-block;width:9px"> </div>The IACS has adopted harmonized Common Structural Rules, or “the </div><div id="a41795" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Rules”, which<div style="display:inline-block;width:3px"> </div>apply to<div style="display:inline-block;width:3px"> </div>oil tankers<div style="display:inline-block;width:3px"> </div>and bulk<div style="display:inline-block;width:3px"> </div>carriers contracted<div style="display:inline-block;width:2px"> </div>for construction<div style="display:inline-block;width:2px"> </div>on or after<div style="display:inline-block;width:2px"> </div>July 1,<div style="display:inline-block;width:3px"> </div>2015.<div style="display:inline-block;width:7px"> </div>The </div><div id="a41834" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Rules attempt to create a level of consistency between IACS Societies.<div style="display:inline-block;width:9px"> </div>All of our vessels are certified as </div><div id="a41871" style="position:absolute;font-family:'Arial';left:57px;top:329px;">being “in<div style="display:inline-block;width:6px"> </div>class” by<div style="display:inline-block;width:6px"> </div>all the<div style="display:inline-block;width:6px"> </div>applicable Classification Societies<div style="display:inline-block;width:6px"> </div>(e.g., American<div style="display:inline-block;width:6px"> </div>Bureau of<div style="display:inline-block;width:6px"> </div>Shipping, Lloyd's </div><div id="a41901" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Register of Shipping). </div><div id="a41908" style="position:absolute;font-family:'Arial';left:57px;top:379px;">A vessel must undergo annual surveys,<div style="display:inline-block;width:6px"> </div>intermediate surveys, drydockings and special surveys. In<div style="display:inline-block;width:6px"> </div>lieu of </div><div id="a41938" style="position:absolute;font-family:'Arial';left:57px;top:396px;">a special survey,<div style="display:inline-block;width:6px"> </div>a vessel’s machinery may be<div style="display:inline-block;width:6px"> </div>on a continuous survey cycle, under<div style="display:inline-block;width:6px"> </div>which the machinery </div><div id="a41972" style="position:absolute;font-family:'Arial';left:57px;top:413px;">would<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>surveyed<div style="display:inline-block;width:7px"> </div>periodically<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>five-year<div style="display:inline-block;width:7px"> </div>period.<div style="display:inline-block;width:7px"> </div>Every<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>should<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>minimum<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>two </div><div id="a42006" style="position:absolute;font-family:'Arial';left:57px;top:430px;">examinations of<div style="display:inline-block;width:6px"> </div>the outside<div style="display:inline-block;width:6px"> </div>of a<div style="display:inline-block;width:7px"> </div>vessel's bottom<div style="display:inline-block;width:6px"> </div>and related<div style="display:inline-block;width:6px"> </div>items during<div style="display:inline-block;width:6px"> </div>each five-year<div style="display:inline-block;width:6px"> </div>special survey </div><div id="a42040" style="position:absolute;font-family:'Arial';left:57px;top:447px;">period. One such examination is to<div style="display:inline-block;width:6px"> </div>be carried out in conjunction with the<div style="display:inline-block;width:6px"> </div>Special Periodical Survey.<div style="display:inline-block;width:6px"> </div>In all </div><div id="a42076" style="position:absolute;font-family:'Arial';left:57px;top:464px;">cases, the<div style="display:inline-block;width:2px"> </div>interval between<div style="display:inline-block;width:2px"> </div>any two<div style="display:inline-block;width:2px"> </div>such examinations<div style="display:inline-block;width:2px"> </div>is not<div style="display:inline-block;width:2px"> </div>to exceed<div style="display:inline-block;width:2px"> </div>36 months.<div style="display:inline-block;width:2px"> </div>In all<div style="display:inline-block;width:2px"> </div>cases, the<div style="display:inline-block;width:2px"> </div>interval </div><div id="a42114" style="position:absolute;font-family:'Arial';left:57px;top:481px;">between any two such examinations is not to exceed 36 months. If any vessel does not maintain its class </div><div id="a42152" style="position:absolute;font-family:'Arial';left:57px;top:498px;">and/or fails any<div style="display:inline-block;width:2px"> </div>annual survey, intermediate survey, drydocking<div style="display:inline-block;width:3px"> </div>or special survey, the<div style="display:inline-block;width:3px"> </div>vessel will be<div style="display:inline-block;width:2px"> </div>unable </div><div id="a42184" style="position:absolute;font-family:'Arial';left:57px;top:514px;">to<div style="display:inline-block;width:6px"> </div>carry cargo<div style="display:inline-block;width:7px"> </div>between ports<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:7px"> </div>unemployable and<div style="display:inline-block;width:7px"> </div>uninsurable which<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>cause<div style="display:inline-block;width:6px"> </div>us to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>in </div><div id="a42220" style="position:absolute;font-family:'Arial';left:57px;top:531px;">violation of certain covenants in our loan agreements.<div style="display:inline-block;width:3px"> </div>Any such inability to carry cargo or be employed,<div style="display:inline-block;width:2px"> </div>or </div><div id="a42256" style="position:absolute;font-family:'Arial';left:57px;top:548px;">any such<div style="display:inline-block;width:2px"> </div>violation of<div style="display:inline-block;width:2px"> </div>covenants, could<div style="display:inline-block;width:2px"> </div>have a<div style="display:inline-block;width:2px"> </div>material adverse<div style="display:inline-block;width:2px"> </div>impact on<div style="display:inline-block;width:2px"> </div>our financial<div style="display:inline-block;width:2px"> </div>condition and<div style="display:inline-block;width:2px"> </div>results </div><div id="a42290" style="position:absolute;font-family:'Arial';left:57px;top:565px;">of operations. </div><div id="a42295" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:599px;">Risk of Loss and Liability Insurance </div><div id="a42308" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:632px;">General </div><div id="a42311" style="position:absolute;font-family:'Arial';left:57px;top:666px;">The operation<div style="display:inline-block;width:6px"> </div>of any cargo<div style="display:inline-block;width:6px"> </div>vessel includes<div style="display:inline-block;width:5px"> </div>risks such<div style="display:inline-block;width:6px"> </div>as mechanical<div style="display:inline-block;width:5px"> </div>failure, physical damage,<div style="display:inline-block;width:6px"> </div>collision, </div><div id="a42341" style="position:absolute;font-family:'Arial';left:57px;top:683px;">property<div style="display:inline-block;width:6px"> </div>loss,<div style="display:inline-block;width:6px"> </div>cargo<div style="display:inline-block;width:6px"> </div>loss<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:5px"> </div>interruption<div style="display:inline-block;width:5px"> </div>due<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>political<div style="display:inline-block;width:5px"> </div>circumstances<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>foreign </div><div id="a42371" style="position:absolute;font-family:'Arial';left:57px;top:700px;">countries, piracy incidents, hostilities and<div style="display:inline-block;width:6px"> </div>labor strikes. In<div style="display:inline-block;width:6px"> </div>addition, there is<div style="display:inline-block;width:6px"> </div>always an inherent<div style="display:inline-block;width:6px"> </div>possibility </div><div id="a42401" style="position:absolute;font-family:'Arial';left:57px;top:717px;">of<div style="display:inline-block;width:6px"> </div>marine<div style="display:inline-block;width:6px"> </div>disaster,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:6px"> </div>oil<div style="display:inline-block;width:6px"> </div>spills<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>environmental<div style="display:inline-block;width:6px"> </div>mishaps,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>liabilities<div style="display:inline-block;width:6px"> </div>arising<div style="display:inline-block;width:6px"> </div>from </div><div id="a42431" style="position:absolute;font-family:'Arial';left:57px;top:734px;">owning<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>operating<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>international<div style="display:inline-block;width:7px"> </div>trade.<div style="display:inline-block;width:8px"> </div>OPA,<div style="display:inline-block;width:9px"> </div>which<div style="display:inline-block;width:8px"> </div>imposes<div style="display:inline-block;width:8px"> </div>virtually<div style="display:inline-block;width:8px"> </div>unlimited<div style="display:inline-block;width:8px"> </div>liability </div><div id="a42457" style="position:absolute;font-family:'Arial';left:57px;top:751px;">upon shipowners,<div style="display:inline-block;width:7px"> </div>operators<div style="display:inline-block;width:7px"> </div>and bareboat<div style="display:inline-block;width:7px"> </div>charterers<div style="display:inline-block;width:7px"> </div>of any<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>trading<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>exclusive<div style="display:inline-block;width:7px"> </div>economic </div><div id="a42485" style="position:absolute;font-family:'Arial';left:57px;top:767px;">zone of the<div style="display:inline-block;width:2px"> </div>United States<div style="display:inline-block;width:2px"> </div>for certain<div style="display:inline-block;width:2px"> </div>oil pollution<div style="display:inline-block;width:2px"> </div>accidents in<div style="display:inline-block;width:2px"> </div>the United<div style="display:inline-block;width:2px"> </div>States, has<div style="display:inline-block;width:2px"> </div>made liability<div style="display:inline-block;width:2px"> </div>insurance </div><div id="a42521" style="position:absolute;font-family:'Arial';left:57px;top:784px;">more<div style="display:inline-block;width:6px"> </div>expensive<div style="display:inline-block;width:6px"> </div>for shipowners<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operators<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the United<div style="display:inline-block;width:6px"> </div>States<div style="display:inline-block;width:6px"> </div>market. We<div style="display:inline-block;width:6px"> </div>carry<div style="display:inline-block;width:6px"> </div>insurance </div><div id="a42551" style="position:absolute;font-family:'Arial';left:57px;top:801px;">coverage as customary in<div style="display:inline-block;width:2px"> </div>the shipping industry. However, not all risks can be<div style="display:inline-block;width:3px"> </div>insured, specific claims<div style="display:inline-block;width:3px"> </div>may </div><div id="a42585" style="position:absolute;font-family:'Arial';left:57px;top:818px;">be rejected, and we might not be always<div style="display:inline-block;width:3px"> </div>able to obtain adequate insurance coverage<div style="display:inline-block;width:3px"> </div>at reasonable rates. </div><div id="a42620" style="position:absolute;font-family:'Arial';left:57px;top:852px;">While we maintain hull and machinery insurance, war risks<div style="display:inline-block;width:3px"> </div>insurance, protection and indemnity cover and </div><div id="a42650" style="position:absolute;font-family:'Arial';left:57px;top:869px;">freight, demurrage and<div style="display:inline-block;width:6px"> </div>defense cover for<div style="display:inline-block;width:6px"> </div>our operating fleet<div style="display:inline-block;width:6px"> </div>in amounts that<div style="display:inline-block;width:6px"> </div>we believe to<div style="display:inline-block;width:6px"> </div>be prudent to </div><div id="a42686" style="position:absolute;font-family:'Arial';left:57px;top:885px;">cover<div style="display:inline-block;width:6px"> </div>normal risks<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>operations,<div style="display:inline-block;width:5px"> </div>we may<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:5px"> </div>be<div style="display:inline-block;width:6px"> </div>able to<div style="display:inline-block;width:7px"> </div>achieve<div style="display:inline-block;width:5px"> </div>or maintain<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:6px"> </div>level of<div style="display:inline-block;width:7px"> </div>coverage </div><div id="a42724" style="position:absolute;font-family:'Arial';left:57px;top:902px;">throughout<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel's<div style="display:inline-block;width:6px"> </div>useful life.<div style="display:inline-block;width:7px"> </div>Furthermore, while<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>believe<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>present<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:5px"> </div>coverage is </div><div id="a42754" style="position:absolute;font-family:'Arial';left:57px;top:919px;">adequate, not all risks can be insured, and there can be no guarantee that any specific<div style="display:inline-block;width:5px"> </div>claim will be paid, </div><div id="a42794" style="position:absolute;font-family:'Arial';left:57px;top:936px;">or that we will always be able to obtain adequate insurance coverage<div style="display:inline-block;width:3px"> </div>at reasonable rates. </div></div>
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<div id="a42827" style="position:absolute;font-family:'Arial';left:390px;top:992px;">68 </div><div id="a42829" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:76px;">Hull & Machinery and War Risks Insurance </div><div id="a42844" style="position:absolute;font-family:'Arial';left:57px;top:110px;">We maintain marine hull and<div style="display:inline-block;width:5px"> </div>machinery and war risks insurance, which cover,<div style="display:inline-block;width:6px"> </div>among other marine risks, </div><div id="a42876" style="position:absolute;font-family:'Arial';left:57px;top:126px;">the risk<div style="display:inline-block;width:6px"> </div>of actual<div style="display:inline-block;width:6px"> </div>or constructive<div style="display:inline-block;width:6px"> </div>total loss,<div style="display:inline-block;width:6px"> </div>for all<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>vessels. Our<div style="display:inline-block;width:6px"> </div>vessels are<div style="display:inline-block;width:6px"> </div>each covered<div style="display:inline-block;width:6px"> </div>up to<div style="display:inline-block;width:6px"> </div>at </div><div id="a42918" style="position:absolute;font-family:'Arial';left:57px;top:143px;">least<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>deductibles<div style="display:inline-block;width:6px"> </div>ranging<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>maximum<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$100,000<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>incident<div style="display:inline-block;width:6px"> </div>for </div><div id="a42952" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Panamax, Kamsarmax and<div style="display:inline-block;width:2px"> </div>Post-Panamax vessels<div style="display:inline-block;width:3px"> </div>and $150,000 per<div style="display:inline-block;width:2px"> </div>vessel per incident<div style="display:inline-block;width:2px"> </div>for Capesize and </div><div id="a42982" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Newcastlemax vessels. </div><div id="a42987" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:211px;">Protection and Indemnity Insurance </div><div id="a42996" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Protection and indemnity<div style="display:inline-block;width:6px"> </div>insurance is provided<div style="display:inline-block;width:6px"> </div>by mutual protection<div style="display:inline-block;width:6px"> </div>and indemnity associations,<div style="display:inline-block;width:6px"> </div>or “P&I </div><div id="a43024" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Associations,” and covers our third-party liabilities in connection with our shipping activities. This includes </div><div id="a43054" style="position:absolute;font-family:'Arial';left:57px;top:278px;">third-party liability<div style="display:inline-block;width:2px"> </div>and other<div style="display:inline-block;width:2px"> </div>related expenses of<div style="display:inline-block;width:2px"> </div>injury or<div style="display:inline-block;width:2px"> </div>death of<div style="display:inline-block;width:2px"> </div>crew, passengers and<div style="display:inline-block;width:2px"> </div>other third<div style="display:inline-block;width:2px"> </div>parties, </div><div id="a43090" style="position:absolute;font-family:'Arial';left:57px;top:295px;">loss<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>cargo,<div style="display:inline-block;width:6px"> </div>claims<div style="display:inline-block;width:6px"> </div>arising<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>collisions<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>third-party </div><div id="a43124" style="position:absolute;font-family:'Arial';left:57px;top:312px;">property,<div style="display:inline-block;width:8px"> </div>pollution<div style="display:inline-block;width:7px"> </div>arising<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>oil<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>substances,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>salvage,<div style="display:inline-block;width:7px"> </div>towing<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>related<div style="display:inline-block;width:7px"> </div>costs, </div><div id="a43154" style="position:absolute;font-family:'Arial';left:57px;top:329px;">including<div style="display:inline-block;width:6px"> </div>wreck<div style="display:inline-block;width:6px"> </div>removal.<div style="display:inline-block;width:6px"> </div>Protection<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>indemnity<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>form<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>mutual<div style="display:inline-block;width:6px"> </div>indemnity<div style="display:inline-block;width:6px"> </div>insurance, </div><div id="a43182" style="position:absolute;font-family:'Arial';left:57px;top:346px;">extended by protection and indemnity mutual associations, or “clubs.” </div><div id="a43201" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. </div><div id="a43233" style="position:absolute;font-family:'Arial';left:57px;top:396px;">The 13<div style="display:inline-block;width:6px"> </div>P&I Associations<div style="display:inline-block;width:6px"> </div>that comprise<div style="display:inline-block;width:6px"> </div>the International<div style="display:inline-block;width:6px"> </div>Group insure<div style="display:inline-block;width:6px"> </div>approximately 90%<div style="display:inline-block;width:6px"> </div>of the world’s </div><div id="a43263" style="position:absolute;font-family:'Arial';left:57px;top:413px;">commercial<div style="display:inline-block;width:10px"> </div>tonnage<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>have<div style="display:inline-block;width:11px"> </div>entered<div style="display:inline-block;width:10px"> </div>into<div style="display:inline-block;width:10px"> </div>a<div style="display:inline-block;width:11px"> </div>pooling<div style="display:inline-block;width:10px"> </div>agreement<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>reinsure<div style="display:inline-block;width:10px"> </div>each association’s </div><div id="a43289" style="position:absolute;font-family:'Arial';left:57px;top:430px;">liabilities. The<div style="display:inline-block;width:6px"> </div>International<div style="display:inline-block;width:6px"> </div>Group’s<div style="display:inline-block;width:6px"> </div>website<div style="display:inline-block;width:6px"> </div>states<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Pool<div style="display:inline-block;width:6px"> </div>provides<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>mechanism<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>sharing<div style="display:inline-block;width:6px"> </div>all </div><div id="a43319" style="position:absolute;font-family:'Arial';left:57px;top:447px;">claims in<div style="display:inline-block;width:6px"> </div>excess of<div style="display:inline-block;width:6px"> </div>US$10 million up<div style="display:inline-block;width:6px"> </div>to, currently,<div style="display:inline-block;width:7px"> </div>approximately US$8.2<div style="display:inline-block;width:5px"> </div>billion.<div style="display:inline-block;width:9px"> </div>As a<div style="display:inline-block;width:6px"> </div>member of<div style="display:inline-block;width:6px"> </div>a P&I </div><div id="a43356" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Association,<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>member<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>International<div style="display:inline-block;width:7px"> </div>Group,<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>subject<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>calls<div style="display:inline-block;width:8px"> </div>payable<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>the </div><div id="a43390" style="position:absolute;font-family:'Arial';left:57px;top:481px;">associations based on our<div style="display:inline-block;width:3px"> </div>claim records as<div style="display:inline-block;width:3px"> </div>well as the claim<div style="display:inline-block;width:2px"> </div>records of all<div style="display:inline-block;width:3px"> </div>other members of the<div style="display:inline-block;width:2px"> </div>individual </div><div id="a43428" style="position:absolute;font-family:'Arial';left:57px;top:498px;">associations<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>members<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:10px"> </div>the shipping<div style="display:inline-block;width:10px"> </div>pool<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:10px"> </div>P&I<div style="display:inline-block;width:10px"> </div>Associations<div style="display:inline-block;width:10px"> </div>comprising<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>International </div><div id="a43454" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Group.<div style="display:inline-block;width:10px"> </div>Our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>supplemental<div style="display:inline-block;width:6px"> </div>calls<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>estimates<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>premium </div><div id="a43487" style="position:absolute;font-family:'Arial';left:57px;top:531px;">income and anticipated and paid claims. Such estimates<div style="display:inline-block;width:2px"> </div>are adjusted each year by the Board of<div style="display:inline-block;width:3px"> </div>Directors </div><div id="a43521" style="position:absolute;font-family:'Arial';left:57px;top:548px;">of the<div style="display:inline-block;width:3px"> </div>P&I Association<div style="display:inline-block;width:2px"> </div>until the<div style="display:inline-block;width:3px"> </div>closing of<div style="display:inline-block;width:2px"> </div>the relevant<div style="display:inline-block;width:2px"> </div>policy year, which<div style="display:inline-block;width:2px"> </div>generally occurs<div style="display:inline-block;width:2px"> </div>within three<div style="display:inline-block;width:2px"> </div>years </div><div id="a43557" style="position:absolute;font-family:'Arial';left:57px;top:565px;">from the<div style="display:inline-block;width:6px"> </div>end of the<div style="display:inline-block;width:6px"> </div>policy year.<div style="display:inline-block;width:6px"> </div>Supplemental calls, if<div style="display:inline-block;width:6px"> </div>any,<div style="display:inline-block;width:6px"> </div>are expensed when<div style="display:inline-block;width:6px"> </div>they are<div style="display:inline-block;width:6px"> </div>announced and </div><div id="a43593" style="position:absolute;font-family:'Arial';left:57px;top:582px;">according to the period they relate to.<div style="display:inline-block;width:3px"> </div></div><div id="a43609" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:616px;">C.<div style="display:inline-block;width:32px"> </div>Organizational structure </div><div id="a43614" style="position:absolute;font-family:'Arial';left:57px;top:651px;">Diana Shipping Inc. is the sole owner of all of the issued and outstanding shares of the subsidiaries listed </div><div id="a43615" style="position:absolute;font-family:'Arial';left:57px;top:668px;">in Exhibit 8.1 to this annual report. </div><div id="a43618" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:702px;">D.<div style="display:inline-block;width:32px"> </div>Property, plants and equipment </div><div id="a43623" style="position:absolute;font-family:'Arial';left:57px;top:737px;">Since October 8, 2010, DSS owns<div style="display:inline-block;width:3px"> </div>the land and the building where<div style="display:inline-block;width:3px"> </div>we have our principal corporate offices </div><div id="a43624" style="position:absolute;font-family:'Arial';left:57px;top:754px;">in Athens, Greece. In addition, DSS owns three<div style="display:inline-block;width:6px"> </div>additional plots, one partly acquired in 2021 and<div style="display:inline-block;width:5px"> </div>partly in </div><div id="a43628" style="position:absolute;font-family:'Arial';left:57px;top:770px;">2023 from two related parties and<div style="display:inline-block;width:3px"> </div>two acquired in 2024 from unrelated<div style="display:inline-block;width:3px"> </div>third parties. All plots of land are in </div><div id="a43633" style="position:absolute;font-family:'Arial';left:57px;top:787px;">the same area as our principal offices and were acquired for corporate use.<div style="display:inline-block;width:3px"> </div>Other than this interest in real </div><div id="a43637" style="position:absolute;font-family:'Arial';left:57px;top:804px;">property, our only material properties are the vessels in our fleet. </div><div id="a43641" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:838px;">Item 4A.<div style="display:inline-block;width:10px"> </div>Unresolved Staff Comments </div><div id="a43651" style="position:absolute;font-family:'Arial';left:57px;top:859px;"> </div><div id="a43652" style="position:absolute;font-family:'Arial';left:57px;top:876px;">None. </div></div>
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<div id="a43657" style="position:absolute;font-family:'Arial';left:390px;top:992px;">69 </div><div id="a43659" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:76px;">Item 5.<div style="display:inline-block;width:37px"> </div>Operating and Financial Review and Prospects </div><div id="a43663" style="position:absolute;font-family:'Arial';left:57px;top:97px;"> </div><div id="a43664" style="position:absolute;font-family:'Arial';left:57px;top:114px;">The<div style="display:inline-block;width:6px"> </div>following<div style="display:inline-block;width:6px"> </div>management's<div style="display:inline-block;width:6px"> </div>discussion<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>analysis<div style="display:inline-block;width:6px"> </div>should<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>read<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>conjunction<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>historical </div><div id="a43665" style="position:absolute;font-family:'Arial';left:57px;top:131px;">consolidated financial statements<div style="display:inline-block;width:2px"> </div>and their notes included<div style="display:inline-block;width:2px"> </div>elsewhere in this<div style="display:inline-block;width:3px"> </div>annual report. This<div style="display:inline-block;width:3px"> </div>discussion </div><div id="a43666" style="position:absolute;font-family:'Arial';left:57px;top:148px;">contains forward-looking<div style="display:inline-block;width:2px"> </div>statements that<div style="display:inline-block;width:2px"> </div>reflect our<div style="display:inline-block;width:2px"> </div>current views<div style="display:inline-block;width:2px"> </div>with respect<div style="display:inline-block;width:2px"> </div>to future<div style="display:inline-block;width:2px"> </div>events and<div style="display:inline-block;width:2px"> </div>financial </div><div id="a43670" style="position:absolute;font-family:'Arial';left:57px;top:165px;">performance.<div style="display:inline-block;width:7px"> </div>Our<div style="display:inline-block;width:7px"> </div>actual<div style="display:inline-block;width:7px"> </div>results<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>differ<div style="display:inline-block;width:7px"> </div>materially<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>those<div style="display:inline-block;width:7px"> </div>anticipated<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>these<div style="display:inline-block;width:7px"> </div>forward-looking </div><div id="a43673" style="position:absolute;font-family:'Arial';left:57px;top:182px;">statements as a result of certain<div style="display:inline-block;width:5px"> </div>factors, such as those set forth<div style="display:inline-block;width:5px"> </div>in the section entitled “Risk Factors”<div style="display:inline-block;width:6px"> </div>and </div><div id="a43676" style="position:absolute;font-family:'Arial';left:57px;top:198px;">elsewhere in this annual report. </div><div id="a43678" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:234px;">A. </div><div id="a43680" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;font-style:italic;left:152px;top:231px;">Operating results</div><div id="a43685" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:276px;">Factors Affecting Our Results of Operations</div><div id="a43689" style="position:absolute;font-family:'Arial';left:57px;top:313px;">We believe that our results of operations are affected by the following factors: </div><div id="a43716" style="position:absolute;font-family:'Arial';left:81px;top:347px;">(1)<div style="display:inline-block;width:30px"> </div>Average number of<div style="display:inline-block;width:6px"> </div>vessels is the<div style="display:inline-block;width:6px"> </div>number of vessels<div style="display:inline-block;width:6px"> </div>that constituted our fleet<div style="display:inline-block;width:6px"> </div>for the relevant </div><div id="a43750" style="position:absolute;font-family:'Arial';left:129px;top:364px;">period, as<div style="display:inline-block;width:2px"> </div>measured by<div style="display:inline-block;width:2px"> </div>the sum<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>number of<div style="display:inline-block;width:2px"> </div>days each<div style="display:inline-block;width:2px"> </div>vessel was<div style="display:inline-block;width:2px"> </div>a part<div style="display:inline-block;width:2px"> </div>of our<div style="display:inline-block;width:2px"> </div>fleet during </div><div id="a43790" style="position:absolute;font-family:'Arial';left:129px;top:381px;">the period divided by the number of calendar days in the period.<div style="display:inline-block;width:3px"> </div></div><div id="a43816" style="position:absolute;font-family:'Arial';left:81px;top:414px;">(2)<div style="display:inline-block;width:30px"> </div>Ownership days are the aggregate number of days in a period during which<div style="display:inline-block;width:3px"> </div>each vessel in our </div><div id="a43852" style="position:absolute;font-family:'Arial';left:129px;top:431px;">fleet<div style="display:inline-block;width:6px"> </div>has been<div style="display:inline-block;width:7px"> </div>owned<div style="display:inline-block;width:5px"> </div>by us.<div style="display:inline-block;width:7px"> </div>Ownership days<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:5px"> </div>an<div style="display:inline-block;width:6px"> </div>indicator of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>size of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>fleet<div style="display:inline-block;width:5px"> </div>over a </div><div id="a43890" style="position:absolute;font-family:'Arial';left:129px;top:448px;">period<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>both<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>revenues<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>expenses<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>record </div><div id="a43922" style="position:absolute;font-family:'Arial';left:129px;top:465px;">during a period.<div style="display:inline-block;width:4px"> </div></div><div id="a43930" style="position:absolute;font-family:'Arial';left:81px;top:499px;">(3)<div style="display:inline-block;width:30px"> </div>Available days are<div style="display:inline-block;width:6px"> </div>the number of our<div style="display:inline-block;width:6px"> </div>ownership days less the<div style="display:inline-block;width:5px"> </div>aggregate number of days<div style="display:inline-block;width:5px"> </div>that </div><div id="a43964" style="position:absolute;font-family:'Arial';left:129px;top:516px;">our vessels are off-hire<div style="display:inline-block;width:6px"> </div>due to scheduled repairs or<div style="display:inline-block;width:5px"> </div>repairs under guarantee, vessel upgrades </div><div id="a43994" style="position:absolute;font-family:'Arial';left:129px;top:532px;">or special surveys and the aggregate amount of time that we spend positioning our vessels for </div><div id="a44026" style="position:absolute;font-family:'Arial';left:129px;top:549px;">such events.<div style="display:inline-block;width:6px"> </div>The shipping<div style="display:inline-block;width:6px"> </div>industry uses<div style="display:inline-block;width:6px"> </div>available days<div style="display:inline-block;width:6px"> </div>to measure<div style="display:inline-block;width:6px"> </div>the number<div style="display:inline-block;width:7px"> </div>of days<div style="display:inline-block;width:6px"> </div>in a </div><div id="a44058" style="position:absolute;font-family:'Arial';left:129px;top:566px;">period during which vessels should be capable of generating<div style="display:inline-block;width:3px"> </div>revenues.<div style="display:inline-block;width:4px"> </div></div><div id="a44080" style="position:absolute;font-family:'Arial';left:81px;top:600px;">(4)<div style="display:inline-block;width:30px"> </div>Operating days are<div style="display:inline-block;width:2px"> </div>the number of<div style="display:inline-block;width:3px"> </div>available days in<div style="display:inline-block;width:2px"> </div>a period less<div style="display:inline-block;width:2px"> </div>the aggregate number<div style="display:inline-block;width:3px"> </div>of days </div><div id="a44116" style="position:absolute;font-family:'Arial';left:129px;top:617px;">that<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>off-hire<div style="display:inline-block;width:8px"> </div>due<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:7px"> </div>reason,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>unforeseen<div style="display:inline-block;width:7px"> </div>circumstances.<div style="display:inline-block;width:7px"> </div>The </div><div id="a44144" style="position:absolute;font-family:'Arial';left:129px;top:634px;">shipping industry<div style="display:inline-block;width:6px"> </div>uses operating<div style="display:inline-block;width:6px"> </div>days to<div style="display:inline-block;width:6px"> </div>measure the<div style="display:inline-block;width:6px"> </div>aggregate number<div style="display:inline-block;width:6px"> </div>of days<div style="display:inline-block;width:6px"> </div>in a<div style="display:inline-block;width:6px"> </div>period </div><div id="a44174" style="position:absolute;font-family:'Arial';left:129px;top:651px;">during which vessels actually generate revenues.<div style="display:inline-block;width:3px"> </div></div><div id="a44188" style="position:absolute;font-family:'Arial';left:81px;top:684px;">(5)<div style="display:inline-block;width:30px"> </div>We calculate<div style="display:inline-block;width:6px"> </div>fleet utilization<div style="display:inline-block;width:6px"> </div>by dividing<div style="display:inline-block;width:6px"> </div>the number<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>operating days<div style="display:inline-block;width:6px"> </div>during a<div style="display:inline-block;width:6px"> </div>period by </div><div id="a44222" style="position:absolute;font-family:'Arial';left:129px;top:701px;">the number of our available days<div style="display:inline-block;width:6px"> </div>during the period. The shipping industry uses<div style="display:inline-block;width:6px"> </div>fleet utilization </div><div id="a44252" style="position:absolute;font-family:'Arial';left:129px;top:718px;">to measure<div style="display:inline-block;width:3px"> </div>a company's<div style="display:inline-block;width:2px"> </div>efficiency in<div style="display:inline-block;width:3px"> </div>finding suitable<div style="display:inline-block;width:2px"> </div>employment for<div style="display:inline-block;width:2px"> </div>its vessels<div style="display:inline-block;width:3px"> </div>and minimizing </div><div id="a44280" style="position:absolute;font-family:'Arial';left:129px;top:735px;">the<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>days<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>off-hire<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>reasons<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>scheduled<div style="display:inline-block;width:6px"> </div>repairs<div style="display:inline-block;width:6px"> </div>or </div><div id="a44314" style="position:absolute;font-family:'Arial';left:129px;top:752px;">repairs<div style="display:inline-block;width:8px"> </div>under<div style="display:inline-block;width:7px"> </div>guarantee,<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>upgrades,<div style="display:inline-block;width:7px"> </div>special<div style="display:inline-block;width:7px"> </div>surveys<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>vessel<div style="display:inline-block;width:7px"> </div>positioning<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>such </div><div id="a44338" style="position:absolute;font-family:'Arial';left:129px;top:769px;">events.<div style="display:inline-block;width:4px"> </div></div><div id="a44342" style="position:absolute;font-family:'Arial';left:81px;top:802px;">(6)<div style="display:inline-block;width:30px"> </div>Time<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:6px"> </div>equivalent<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>TCE<div style="display:inline-block;width:6px"> </div>rates,<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>defined<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>revenues<div style="display:inline-block;width:6px"> </div>less </div><div id="a44374" style="position:absolute;font-family:'Arial';left:129px;top:819px;">voyage expenses<div style="display:inline-block;width:3px"> </div>during a<div style="display:inline-block;width:3px"> </div>period divided<div style="display:inline-block;width:3px"> </div>by the<div style="display:inline-block;width:3px"> </div>number of<div style="display:inline-block;width:3px"> </div>our available<div style="display:inline-block;width:2px"> </div>days during<div style="display:inline-block;width:3px"> </div>the period, </div><div id="a44406" style="position:absolute;font-family:'Arial';left:129px;top:836px;">which<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>consistent<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>industry<div style="display:inline-block;width:6px"> </div>standards.<div style="display:inline-block;width:6px"> </div>Voyage<div style="display:inline-block;width:7px"> </div>expenses<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>port<div style="display:inline-block;width:6px"> </div>charges,<div style="display:inline-block;width:6px"> </div>bunker </div><div id="a44430" style="position:absolute;font-family:'Arial';left:129px;top:853px;">(fuel)<div style="display:inline-block;width:7px"> </div>expenses,<div style="display:inline-block;width:6px"> </div>canal<div style="display:inline-block;width:7px"> </div>charges<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>commissions.<div style="display:inline-block;width:7px"> </div>TCE<div style="display:inline-block;width:7px"> </div>rate<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>non-GAAP<div style="display:inline-block;width:6px"> </div>measure,<div style="display:inline-block;width:7px"> </div>and </div><div id="a44458" style="position:absolute;font-family:'Arial';left:129px;top:870px;">management<div style="display:inline-block;width:8px"> </div>believes<div style="display:inline-block;width:7px"> </div>it<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>useful<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>investors<div style="display:inline-block;width:7px"> </div>because<div style="display:inline-block;width:8px"> </div>it<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>standard<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:8px"> </div>industry </div><div id="a44486" style="position:absolute;font-family:'Arial';left:129px;top:887px;">performance measure used primarily<div style="display:inline-block;width:5px"> </div>to compare daily earnings<div style="display:inline-block;width:6px"> </div>generated by vessels on<div style="display:inline-block;width:6px"> </div>time </div><div id="a44512" style="position:absolute;font-family:'Arial';left:129px;top:904px;">charters<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>daily<div style="display:inline-block;width:6px"> </div>earnings<div style="display:inline-block;width:5px"> </div>generated<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>voyage<div style="display:inline-block;width:6px"> </div>charters,<div style="display:inline-block;width:6px"> </div>because<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>hire </div><div id="a44538" style="position:absolute;font-family:'Arial';left:129px;top:920px;">rates<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>voyage<div style="display:inline-block;width:5px"> </div>charters<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>expressed<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>day<div style="display:inline-block;width:6px"> </div>amounts<div style="display:inline-block;width:6px"> </div>while </div><div id="a44568" style="position:absolute;font-family:'Arial';left:129px;top:937px;">charter hire rates for vessels on time charters are generally expressed<div style="display:inline-block;width:3px"> </div>in such amounts.<div style="display:inline-block;width:4px"> </div></div></div>
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<div style="position:absolute; width:354.9px; height:15.4px; left:56.8px; top:678.8px; background-color:#CCEEFF; "> </div>
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<div id="a44600" style="position:absolute;font-family:'Arial';left:390px;top:992px;">70 </div><div id="a44602" style="position:absolute;font-family:'Arial';left:81px;top:76px;">(7)<div style="display:inline-block;width:31px"> </div>Daily<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>expenses,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>crew<div style="display:inline-block;width:7px"> </div>wages<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>related<div style="display:inline-block;width:6px"> </div>costs,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of </div><div id="a44633" style="position:absolute;font-family:'Arial';left:129px;top:93px;">insurance, expenses relating to repairs and maintenance, the costs of<div style="display:inline-block;width:3px"> </div>spares and consumable </div><div id="a44660" style="position:absolute;font-family:'Arial';left:129px;top:110px;">stores,<div style="display:inline-block;width:6px"> </div>tonnage<div style="display:inline-block;width:6px"> </div>taxes<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>miscellaneous<div style="display:inline-block;width:6px"> </div>expenses,<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>calculated<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>dividing<div style="display:inline-block;width:6px"> </div>vessel </div><div id="a44684" style="position:absolute;font-family:'Arial';left:129px;top:126px;">operating expenses by ownership days for the relevant period. </div><div id="a44703" style="position:absolute;font-family:'Arial';left:57px;top:160px;">The following table reflects such factors for the periods indicated: </div><div id="a44726" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:521px;top:214px;">As of and for the </div><div id="a44729" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:492px;top:231px;">Year Ended December 31, </div><div id="a44733" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:457px;top:247px;">2024 </div><div id="a44736" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:565px;top:247px;">2023 </div><div id="a44739" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:673px;top:247px;">2022 </div><div id="a44743" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:57px;top:271px;">Fleet Data: </div><div id="a44751" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:288px;">Average number of vessels (1) </div><div id="a44754" style="position:absolute;font-family:'Arial';font-size:13.28px;left:490px;top:287px;">38.9 </div><div id="a44757" style="position:absolute;font-family:'Arial';font-size:13.28px;left:598px;top:287px;">41.1 </div><div id="a44760" style="position:absolute;font-family:'Arial';font-size:13.28px;left:706px;top:287px;">35.4 </div><div id="a44762" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:306px;">Number of vessels at year-end </div><div id="a44767" style="position:absolute;font-family:'Arial';font-size:13.28px;left:490px;top:304px;">38.0 </div><div id="a44770" style="position:absolute;font-family:'Arial';font-size:13.28px;left:598px;top:304px;">40.0 </div><div id="a44773" style="position:absolute;font-family:'Arial';font-size:13.28px;left:706px;top:304px;">42.0 </div><div id="a44775" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:324px;">Weighted average age of vessels at year-end (in<div style="display:inline-block;width:5px"> </div>years)<div style="display:inline-block;width:4px"> </div></div><div id="a44780" style="position:absolute;font-family:'Arial';font-size:13.28px;left:490px;top:321px;">11.3 </div><div id="a44783" style="position:absolute;font-family:'Arial';font-size:13.28px;left:598px;top:321px;">10.5 </div><div id="a44786" style="position:absolute;font-family:'Arial';font-size:13.28px;left:706px;top:321px;">10.2 </div><div id="a44788" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:342px;">Ownership days (2)<div style="display:inline-block;width:4px"> </div></div><div id="a44791" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:340px;">14,219 </div><div id="a44794" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:340px;">14,986 </div><div id="a44797" style="position:absolute;font-family:'Arial';font-size:13.28px;left:691px;top:340px;">12,924 </div><div id="a44799" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:359px;">Available days (3)<div style="display:inline-block;width:4px"> </div></div><div id="a44802" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:357px;">14,057 </div><div id="a44805" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:357px;">14,867 </div><div id="a44808" style="position:absolute;font-family:'Arial';font-size:13.28px;left:691px;top:357px;">12,449 </div><div id="a44810" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:376px;">Operating days (4)<div style="display:inline-block;width:4px"> </div></div><div id="a44813" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:374px;">14,009 </div><div id="a44816" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:374px;">14,824 </div><div id="a44819" style="position:absolute;font-family:'Arial';font-size:13.28px;left:691px;top:374px;">12,306 </div><div id="a44821" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:392px;">Fleet utilization (5)<div style="display:inline-block;width:4px"> </div></div><div id="a44824" style="position:absolute;font-family:'Arial';font-size:13.28px;left:482px;top:391px;">99.7% </div><div id="a44827" style="position:absolute;font-family:'Arial';font-size:13.28px;left:590px;top:391px;">99.7% </div><div id="a44830" style="position:absolute;font-family:'Arial';font-size:13.28px;left:698px;top:391px;">98.9% </div><div id="a44833" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:57px;top:426px;">Average Daily Results: </div><div id="a44841" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:443px;">Time charter equivalent (TCE) rate (6)<div style="display:inline-block;width:5px"> </div></div><div id="a44843" style="position:absolute;font-family:'Arial';font-size:13.28px;left:414px;top:443px;">$ </div><div id="a44845" style="position:absolute;font-family:'Arial';font-size:13.28px;left:473px;top:443px;">15,267 </div><div id="a44847" style="position:absolute;font-family:'Arial';font-size:13.28px;left:522px;top:443px;">$ </div><div id="a44849" style="position:absolute;font-family:'Arial';font-size:13.28px;left:581px;top:443px;">16,713 </div><div id="a44851" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:443px;">$ </div><div id="a44853" style="position:absolute;font-family:'Arial';font-size:13.28px;left:689px;top:443px;">22,735 </div><div id="a44855" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:460px;">Daily vessel operating expenses (7)<div style="display:inline-block;width:5px"> </div></div><div id="a44858" style="position:absolute;font-family:'Arial';font-size:13.28px;left:480px;top:460px;">5,808 </div><div id="a44861" style="position:absolute;font-family:'Arial';font-size:13.28px;left:588px;top:460px;">5,704 </div><div id="a44864" style="position:absolute;font-family:'Arial';font-size:13.28px;left:696px;top:460px;">5,574 </div><div id="a44867" style="position:absolute;font-family:'Arial';left:57px;top:493px;">The following table reflects the calculation of our TCE rates for<div style="display:inline-block;width:3px"> </div>the periods presented: </div><div id="a44872" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:498px;top:528px;">Year Ended December 31, </div><div id="a44877" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:457px;top:545px;">2024 </div><div id="a44880" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:565px;top:545px;">2023 </div><div id="a44883" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:673px;top:545px;">2022 </div><div id="a44887" style="position:absolute;font-family:'Arial';font-size:12px;left:427px;top:567px;">(in thousands of U.S. dollars, except for TCE rates, which </div><div id="a44888" style="position:absolute;font-family:'Arial';font-size:12px;left:448px;top:580px;">are expressed in U.S. dollars, and available days) </div><div id="a44890" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:599px;">Time charter revenues<div style="display:inline-block;width:5px"> </div></div><div id="a44892" style="position:absolute;font-family:'Arial';font-size:13.28px;left:412px;top:599px;">$ </div><div id="a44894" style="position:absolute;font-family:'Arial';font-size:13.28px;left:468px;top:599px;">228,209 </div><div id="a44896" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:599px;">$ </div><div id="a44898" style="position:absolute;font-family:'Arial';font-size:13.28px;left:576px;top:599px;">262,098 </div><div id="a44900" style="position:absolute;font-family:'Arial';font-size:13.28px;left:632px;top:599px;">$ </div><div id="a44902" style="position:absolute;font-family:'Arial';font-size:13.28px;left:684px;top:599px;">289,972 </div><div id="a44904" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:619px;">Less: voyage expenses<div style="display:inline-block;width:4px"> </div></div><div id="a44907" style="position:absolute;font-family:'Arial';font-size:13.28px;left:470px;top:619px;">(13,607) </div><div id="a44910" style="position:absolute;font-family:'Arial';font-size:13.28px;left:578px;top:619px;">(13,621) </div><div id="a44913" style="position:absolute;font-family:'Arial';font-size:13.28px;left:694px;top:619px;">(6,942) </div><div id="a44915" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:639px;">Time charter equivalent revenues<div style="display:inline-block;width:5px"> </div></div><div id="a44917" style="position:absolute;font-family:'Arial';font-size:13.28px;left:412px;top:639px;">$ </div><div id="a44919" style="position:absolute;font-family:'Arial';font-size:13.28px;left:468px;top:639px;">214,602 </div><div id="a44921" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:639px;">$ </div><div id="a44923" style="position:absolute;font-family:'Arial';font-size:13.28px;left:576px;top:639px;">248,477 </div><div id="a44925" style="position:absolute;font-family:'Arial';font-size:13.28px;left:632px;top:639px;">$ </div><div id="a44927" style="position:absolute;font-family:'Arial';font-size:13.28px;left:684px;top:639px;">283,030 </div><div id="a44936" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:679px;">Available days<div style="display:inline-block;width:4px"> </div></div><div id="a44939" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:679px;">14,057 </div><div id="a44942" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:679px;">14,867 </div><div id="a44945" style="position:absolute;font-family:'Arial';font-size:13.28px;left:691px;top:679px;">12,449 </div><div id="a44947" style="position:absolute;font-family:'Arial';font-size:13.28px;left:57px;top:699px;">Time charter equivalent (TCE) rate<div style="display:inline-block;width:5px"> </div></div><div id="a44949" style="position:absolute;font-family:'Arial';font-size:13.28px;left:412px;top:699px;">$ </div><div id="a44951" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:699px;">15,267 </div><div id="a44953" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:699px;">$ </div><div id="a44955" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:699px;">16,713 </div><div id="a44957" style="position:absolute;font-family:'Arial';font-size:13.28px;left:632px;top:699px;">$ </div><div id="a44959" style="position:absolute;font-family:'Arial';font-size:13.28px;left:691px;top:699px;">22,735 </div><div id="a44962" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:731px;">Time Charter Revenues </div><div id="a44965" style="position:absolute;font-family:'Arial';left:57px;top:765px;">Our revenues are driven primarily by<div style="display:inline-block;width:5px"> </div>the number of vessels in our<div style="display:inline-block;width:5px"> </div>fleet, the number of days during which </div><div id="a44966" style="position:absolute;font-family:'Arial';left:57px;top:782px;">our vessels operate and<div style="display:inline-block;width:3px"> </div>the amount of daily<div style="display:inline-block;width:3px"> </div>charter hire rates that<div style="display:inline-block;width:2px"> </div>our vessels earn under<div style="display:inline-block;width:3px"> </div>charters, which, </div><div id="a44968" style="position:absolute;font-family:'Arial';left:57px;top:799px;">in turn, are affected by a number of factors, including: </div><div id="a44971" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:839px;">●</div><div id="a44973" style="position:absolute;font-family:'Arial';left:128px;top:832px;">the duration of our charters; </div><div id="a44976" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:872px;">●</div><div id="a44978" style="position:absolute;font-family:'Arial';left:128px;top:866px;">our decisions relating to vessel acquisitions and disposals; </div><div id="a44981" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:906px;">●</div><div id="a44983" style="position:absolute;font-family:'Arial';left:128px;top:900px;">the amount of time that we spend positioning our vessels; </div><div id="a44986" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:940px;">●</div><div id="a44988" style="position:absolute;font-family:'Arial';left:128px;top:934px;">the amount of time that our vessels spend in drydock undergoing<div style="display:inline-block;width:3px"> </div>repairs; </div></div>
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<div id="a44993" style="position:absolute;font-family:'Arial';left:390px;top:992px;">71 </div><div id="a44995" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:82px;">●</div><div id="a44997" style="position:absolute;font-family:'Arial';left:128px;top:76px;">maintenance and upgrade work; </div><div id="a45000" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:116px;">●</div><div id="a45002" style="position:absolute;font-family:'Arial';left:128px;top:110px;">the age, condition and specifications of our vessels; </div><div id="a45005" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:149px;">●</div><div id="a45007" style="position:absolute;font-family:'Arial';left:128px;top:143px;">levels of supply and demand in the dry bulk shipping industry. </div><div id="a45010" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Vessels<div style="display:inline-block;width:6px"> </div>operating on time<div style="display:inline-block;width:6px"> </div>charters for a<div style="display:inline-block;width:6px"> </div>certain period of<div style="display:inline-block;width:6px"> </div>time provide more<div style="display:inline-block;width:6px"> </div>predictable cash flows<div style="display:inline-block;width:6px"> </div>over </div><div id="a45011" style="position:absolute;font-family:'Arial';left:57px;top:194px;">that<div style="display:inline-block;width:6px"> </div>period<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>time<div style="display:inline-block;width:6px"> </div>but<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:6px"> </div>yield<div style="display:inline-block;width:6px"> </div>lower<div style="display:inline-block;width:5px"> </div>profit<div style="display:inline-block;width:6px"> </div>margins than<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:5px"> </div>operating in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>spot<div style="display:inline-block;width:5px"> </div>charter market </div><div id="a45013" style="position:absolute;font-family:'Arial';left:57px;top:211px;">during periods characterized by favorable market conditions. Vessels operating in the spot charter market </div><div id="a45014" style="position:absolute;font-family:'Arial';left:57px;top:228px;">generate<div style="display:inline-block;width:7px"> </div>revenues<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>less<div style="display:inline-block;width:7px"> </div>predictable<div style="display:inline-block;width:7px"> </div>but<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>enable<div style="display:inline-block;width:7px"> </div>their<div style="display:inline-block;width:7px"> </div>owners<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>capture<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>profit </div><div id="a45017" style="position:absolute;font-family:'Arial';left:57px;top:245px;">margins during<div style="display:inline-block;width:6px"> </div>periods of<div style="display:inline-block;width:6px"> </div>improvements in<div style="display:inline-block;width:5px"> </div>charter rates<div style="display:inline-block;width:6px"> </div>although their owners<div style="display:inline-block;width:6px"> </div>would be<div style="display:inline-block;width:6px"> </div>exposed to the </div><div id="a45018" style="position:absolute;font-family:'Arial';left:57px;top:261px;">risk of<div style="display:inline-block;width:6px"> </div>declining charter rates,<div style="display:inline-block;width:6px"> </div>which may have<div style="display:inline-block;width:6px"> </div>a materially adverse<div style="display:inline-block;width:6px"> </div>impact on financial<div style="display:inline-block;width:5px"> </div>performance. As </div><div id="a45019" style="position:absolute;font-family:'Arial';left:57px;top:278px;">we employ vessels<div style="display:inline-block;width:6px"> </div>on period charters,<div style="display:inline-block;width:6px"> </div>future spot charter<div style="display:inline-block;width:6px"> </div>rates may be<div style="display:inline-block;width:5px"> </div>higher or lower<div style="display:inline-block;width:6px"> </div>than the rates<div style="display:inline-block;width:6px"> </div>at </div><div id="a45021" style="position:absolute;font-family:'Arial';left:57px;top:295px;">which<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>period<div style="display:inline-block;width:6px"> </div>charters.<div style="display:inline-block;width:6px"> </div>Our<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to </div><div id="a45022" style="position:absolute;font-family:'Arial';left:57px;top:312px;">counterparty risk.<div style="display:inline-block;width:6px"> </div>In depressed<div style="display:inline-block;width:6px"> </div>market conditions,<div style="display:inline-block;width:6px"> </div>charterers may<div style="display:inline-block;width:6px"> </div>seek to<div style="display:inline-block;width:6px"> </div>renegotiate the<div style="display:inline-block;width:6px"> </div>terms of<div style="display:inline-block;width:6px"> </div>their </div><div id="a45025" style="position:absolute;font-family:'Arial';left:57px;top:329px;">existing charter parties or<div style="display:inline-block;width:2px"> </div>avoid their obligations<div style="display:inline-block;width:3px"> </div>under those contracts.<div style="display:inline-block;width:3px"> </div>Should a counterparty<div style="display:inline-block;width:3px"> </div>fail to honor </div><div id="a45026" style="position:absolute;font-family:'Arial';left:57px;top:346px;">their obligations<div style="display:inline-block;width:3px"> </div>under agreements<div style="display:inline-block;width:3px"> </div>with us,<div style="display:inline-block;width:3px"> </div>we could<div style="display:inline-block;width:3px"> </div>sustain significant<div style="display:inline-block;width:3px"> </div>losses which<div style="display:inline-block;width:2px"> </div>could have<div style="display:inline-block;width:3px"> </div>a material </div><div id="a45027" style="position:absolute;font-family:'Arial';left:57px;top:363px;">adverse effect on<div style="display:inline-block;width:2px"> </div>our business,<div style="display:inline-block;width:3px"> </div>financial condition,<div style="display:inline-block;width:2px"> </div>results of<div style="display:inline-block;width:3px"> </div>operations and<div style="display:inline-block;width:2px"> </div>cash flows. Revenues<div style="display:inline-block;width:2px"> </div>derived </div><div id="a45031" style="position:absolute;font-family:'Arial';left:57px;top:379px;">from<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>decreased<div style="display:inline-block;width:6px"> </div>compared<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>previous<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>decrease<div style="display:inline-block;width:6px"> </div>in </div><div id="a45040" style="position:absolute;font-family:'Arial';left:57px;top:396px;">charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>during the<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>decrease in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>size<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>fleet<div style="display:inline-block;width:5px"> </div>following vessel<div style="display:inline-block;width:7px"> </div>sales<div style="display:inline-block;width:5px"> </div>described </div><div id="a45048" style="position:absolute;font-family:'Arial';left:57px;top:413px;">elsewhere in this annual report.<div style="display:inline-block;width:3px"> </div></div><div id="a45052" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:447px;">Voyage Expenses </div><div id="a45055" style="position:absolute;font-family:'Arial';left:57px;top:481px;">We incur<div style="display:inline-block;width:2px"> </div>voyage expenses<div style="display:inline-block;width:2px"> </div>that mainly<div style="display:inline-block;width:2px"> </div>include commissions<div style="display:inline-block;width:2px"> </div>because all<div style="display:inline-block;width:2px"> </div>of our<div style="display:inline-block;width:2px"> </div>vessels are<div style="display:inline-block;width:2px"> </div>employed<div style="display:inline-block;width:3px"> </div>under </div><div id="a45058" style="position:absolute;font-family:'Arial';left:57px;top:498px;">time charters that require the<div style="display:inline-block;width:3px"> </div>charterer to bear voyage expenses<div style="display:inline-block;width:2px"> </div>such as bunkers (fuel oil), port<div style="display:inline-block;width:3px"> </div>and canal </div><div id="a45059" style="position:absolute;font-family:'Arial';left:57px;top:514px;">charges. Although the charterer bears the cost<div style="display:inline-block;width:3px"> </div>of bunkers, we also have bunker gain or<div style="display:inline-block;width:3px"> </div>loss deriving from </div><div id="a45060" style="position:absolute;font-family:'Arial';left:57px;top:531px;">the price differences of bunkers. When a vessel is delivered to a charterer,<div style="display:inline-block;width:6px"> </div>bunkers are purchased by the </div><div id="a45062" style="position:absolute;font-family:'Arial';left:57px;top:548px;">charterer and sold back<div style="display:inline-block;width:6px"> </div>to us on the<div style="display:inline-block;width:6px"> </div>redelivery of the vessel.<div style="display:inline-block;width:6px"> </div>Bunker gain, or loss,<div style="display:inline-block;width:5px"> </div>results<div style="display:inline-block;width:4px"> </div>when a vessel </div><div id="a45066" style="position:absolute;font-family:'Arial';left:57px;top:565px;">is redelivered by her charterer and delivered to the next charterer<div style="display:inline-block;width:3px"> </div>at different bunker prices, or quantities. </div><div id="a45069" style="position:absolute;font-family:'Arial';left:57px;top:599px;">We usually<div style="display:inline-block;width:3px"> </div>pay commissions<div style="display:inline-block;width:2px"> </div>ranging from<div style="display:inline-block;width:2px"> </div>4.75% to<div style="display:inline-block;width:2px"> </div>5.00% of<div style="display:inline-block;width:2px"> </div>the total<div style="display:inline-block;width:2px"> </div>daily charter<div style="display:inline-block;width:2px"> </div>hire rate<div style="display:inline-block;width:2px"> </div>of each<div style="display:inline-block;width:2px"> </div>charter </div><div id="a45072" style="position:absolute;font-family:'Arial';left:57px;top:616px;">to unaffiliated ship brokers, in-house brokers<div style="display:inline-block;width:6px"> </div>associated with the charterers, depending on the number of </div><div id="a45075" style="position:absolute;font-family:'Arial';left:57px;top:632px;">brokers<div style="display:inline-block;width:5px"> </div>involved with<div style="display:inline-block;width:7px"> </div>arranging the<div style="display:inline-block;width:7px"> </div>charter.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>addition, we<div style="display:inline-block;width:7px"> </div>pay<div style="display:inline-block;width:6px"> </div>a commission<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>DWM<div style="display:inline-block;width:5px"> </div>and to<div style="display:inline-block;width:7px"> </div>DSS for </div><div id="a45077" style="position:absolute;font-family:'Arial';left:57px;top:649px;">those vessels<div style="display:inline-block;width:3px"> </div>for which<div style="display:inline-block;width:3px"> </div>they provide<div style="display:inline-block;width:3px"> </div>commercial management<div style="display:inline-block;width:2px"> </div>services. The<div style="display:inline-block;width:2px"> </div>commissions paid<div style="display:inline-block;width:3px"> </div>to DSS<div style="display:inline-block;width:2px"> </div>are </div><div id="a45078" style="position:absolute;font-family:'Arial';left:57px;top:666px;">eliminated from our consolidated financial statements as intercompany<div style="display:inline-block;width:3px"> </div>transactions.<div style="display:inline-block;width:4px"> </div></div><div id="a45081" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:700px;">Vessel Operating Expenses </div><div id="a45084" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Vessel operating expenses include<div style="display:inline-block;width:2px"> </div>crew wages and<div style="display:inline-block;width:2px"> </div>related costs,<div style="display:inline-block;width:3px"> </div>the cost of<div style="display:inline-block;width:2px"> </div>insurance, expenses<div style="display:inline-block;width:3px"> </div>relating </div><div id="a45085" style="position:absolute;font-family:'Arial';left:57px;top:751px;">to repairs and<div style="display:inline-block;width:2px"> </div>maintenance, the cost<div style="display:inline-block;width:2px"> </div>of spares and<div style="display:inline-block;width:2px"> </div>consumable stores, tonnage<div style="display:inline-block;width:2px"> </div>taxes, environmental<div style="display:inline-block;width:3px"> </div>plan </div><div id="a45086" style="position:absolute;font-family:'Arial';left:57px;top:767px;">costs and HSQ and vetting. Our vessel operating expenses generally<div style="display:inline-block;width:3px"> </div>represent fixed costs.<div style="display:inline-block;width:4px"> </div></div><div id="a45094" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:801px;">Vessel Depreciation<div style="display:inline-block;width:4px"> </div></div><div id="a45097" style="position:absolute;font-family:'Arial';left:57px;top:835px;">The cost of our<div style="display:inline-block;width:2px"> </div>vessels is depreciated<div style="display:inline-block;width:3px"> </div>on a straight-line<div style="display:inline-block;width:3px"> </div>basis over the estimated<div style="display:inline-block;width:2px"> </div>useful life of each<div style="display:inline-block;width:2px"> </div>vessel. </div><div id="a45101" style="position:absolute;font-family:'Arial';left:57px;top:852px;">Depreciation is based<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:5px"> </div>cost of the<div style="display:inline-block;width:6px"> </div>vessel less<div style="display:inline-block;width:5px"> </div>its estimated salvage<div style="display:inline-block;width:6px"> </div>value. We<div style="display:inline-block;width:6px"> </div>estimate the useful </div><div id="a45102" style="position:absolute;font-family:'Arial';left:57px;top:869px;">life of<div style="display:inline-block;width:2px"> </div>our dry<div style="display:inline-block;width:2px"> </div>bulk vessels<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:2px"> </div>25 years from<div style="display:inline-block;width:2px"> </div>the date<div style="display:inline-block;width:2px"> </div>of initial<div style="display:inline-block;width:2px"> </div>delivery from<div style="display:inline-block;width:2px"> </div>the shipyard,<div style="display:inline-block;width:2px"> </div>which we<div style="display:inline-block;width:2px"> </div>believe </div><div id="a45106" style="position:absolute;font-family:'Arial';left:57px;top:885px;">is common in the<div style="display:inline-block;width:6px"> </div>dry bulk shipping industry.<div style="display:inline-block;width:6px"> </div>Furthermore, we estimate the salvage<div style="display:inline-block;width:6px"> </div>values of our vessels </div><div id="a45107" style="position:absolute;font-family:'Arial';left:57px;top:902px;">based on historical average prices<div style="display:inline-block;width:6px"> </div>of the cost of<div style="display:inline-block;width:5px"> </div>the light-weight ton of<div style="display:inline-block;width:6px"> </div>vessels being scrapped. Effective </div><div id="a45112" style="position:absolute;font-family:'Arial';left:57px;top:919px;">July 1, 2023, the Company<div style="display:inline-block;width:3px"> </div>changed its estimated<div style="display:inline-block;width:3px"> </div>scrap rate of its<div style="display:inline-block;width:3px"> </div>vessels from $250 per<div style="display:inline-block;width:3px"> </div>lightweight ton to </div><div id="a45115" style="position:absolute;font-family:'Arial';left:57px;top:936px;">$400 per lightweight<div style="display:inline-block;width:2px"> </div>ton, calculated<div style="display:inline-block;width:3px"> </div>based on the<div style="display:inline-block;width:2px"> </div>average demolition<div style="display:inline-block;width:3px"> </div>prices in<div style="display:inline-block;width:3px"> </div>different markets, during<div style="display:inline-block;width:2px"> </div>the </div><div id="a45116" style="position:absolute;font-family:'Arial';left:57px;top:953px;">last 15 years.<div style="display:inline-block;width:4px"> </div></div></div>
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<div id="a45121" style="position:absolute;font-family:'Arial';left:390px;top:992px;">72 </div><div id="a45124" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:93px;">General and Administrative Expenses </div><div id="a45127" style="position:absolute;font-family:'Arial';left:57px;top:126px;">We incur general<div style="display:inline-block;width:2px"> </div>and administrative<div style="display:inline-block;width:2px"> </div>expenses which<div style="display:inline-block;width:2px"> </div>include our<div style="display:inline-block;width:3px"> </div>onshore related<div style="display:inline-block;width:2px"> </div>expenses such<div style="display:inline-block;width:2px"> </div>as payroll </div><div id="a45128" style="position:absolute;font-family:'Arial';left:57px;top:143px;">expenses<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>employees,<div style="display:inline-block;width:6px"> </div>executive<div style="display:inline-block;width:6px"> </div>officers,<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>consultants,<div style="display:inline-block;width:6px"> </div>compensation<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>restricted </div><div id="a45130" style="position:absolute;font-family:'Arial';left:57px;top:160px;">stock<div style="display:inline-block;width:8px"> </div>awarded<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>senior<div style="display:inline-block;width:8px"> </div>management<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>non-executive<div style="display:inline-block;width:7px"> </div>directors,<div style="display:inline-block;width:7px"> </div>traveling,<div style="display:inline-block;width:8px"> </div>promotional<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>other </div><div id="a45133" style="position:absolute;font-family:'Arial';left:57px;top:177px;">expenses of<div style="display:inline-block;width:6px"> </div>the public<div style="display:inline-block;width:6px"> </div>company,<div style="display:inline-block;width:6px"> </div>such as<div style="display:inline-block;width:6px"> </div>legal and<div style="display:inline-block;width:6px"> </div>professional expenses and<div style="display:inline-block;width:6px"> </div>other general expenses. </div><div id="a45135" style="position:absolute;font-family:'Arial';left:57px;top:194px;">General and administrative expenses are not affected<div style="display:inline-block;width:6px"> </div>by the size of the fleet.<div style="display:inline-block;width:6px"> </div>However, they are<div style="display:inline-block;width:6px"> </div>affected </div><div id="a45140" style="position:absolute;font-family:'Arial';left:57px;top:211px;">by the exchange rate of Euro to US Dollars,<div style="display:inline-block;width:3px"> </div>as about half of our administrative expenses are in Euro.<div style="display:inline-block;width:3px"> </div></div><div id="a45149" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:245px;">Interest and Finance Costs </div><div id="a45152" style="position:absolute;font-family:'Arial';left:57px;top:278px;">We incur<div style="display:inline-block;width:6px"> </div>interest expense and<div style="display:inline-block;width:6px"> </div>financing costs<div style="display:inline-block;width:6px"> </div>in connection with<div style="display:inline-block;width:6px"> </div>vessel-specific debt,<div style="display:inline-block;width:5px"> </div>senior unsecured </div><div id="a45157" style="position:absolute;font-family:'Arial';left:57px;top:295px;">bond and finance liabilities. As of December 31, 2024 our aggregate debt amounted<div style="display:inline-block;width:3px"> </div>to $522.6 million and </div><div id="a45164" style="position:absolute;font-family:'Arial';left:57px;top:312px;">our finance<div style="display:inline-block;width:6px"> </div>liabilities amounted<div style="display:inline-block;width:6px"> </div>to $123.9<div style="display:inline-block;width:6px"> </div>million. During<div style="display:inline-block;width:6px"> </div>2023, we<div style="display:inline-block;width:6px"> </div>replaced LIBOR,<div style="display:inline-block;width:6px"> </div>being the<div style="display:inline-block;width:6px"> </div>reference </div><div id="a45173" style="position:absolute;font-family:'Arial';left:57px;top:329px;">rate to<div style="display:inline-block;width:3px"> </div>calculate interest<div style="display:inline-block;width:2px"> </div>expense in<div style="display:inline-block;width:3px"> </div>our loan<div style="display:inline-block;width:2px"> </div>facilities having<div style="display:inline-block;width:2px"> </div>a floating<div style="display:inline-block;width:2px"> </div>rate, with<div style="display:inline-block;width:3px"> </div>term SOFR.<div style="display:inline-block;width:3px"> </div>Interest rates, </div><div id="a45182" style="position:absolute;font-family:'Arial';left:57px;top:346px;">which have<div style="display:inline-block;width:2px"> </div>been increasing<div style="display:inline-block;width:2px"> </div>since the<div style="display:inline-block;width:3px"> </div>beginning of<div style="display:inline-block;width:2px"> </div>2022, started<div style="display:inline-block;width:2px"> </div>to decrease<div style="display:inline-block;width:2px"> </div>from the<div style="display:inline-block;width:3px"> </div>third quarter<div style="display:inline-block;width:2px"> </div>of 2024.<div style="display:inline-block;width:3px"> </div></div><div id="a45223" style="position:absolute;font-family:'Arial';left:57px;top:379px;">We manage our exposure to interest<div style="display:inline-block;width:2px"> </div>rates by maintaining a mix<div style="display:inline-block;width:3px"> </div>of floating and fixed<div style="display:inline-block;width:3px"> </div>interest rate financing </div><div id="a45234" style="position:absolute;font-family:'Arial';left:57px;top:396px;">agreements. Floating<div style="display:inline-block;width:6px"> </div>rate agreements<div style="display:inline-block;width:6px"> </div>include secured<div style="display:inline-block;width:6px"> </div>loan facilities<div style="display:inline-block;width:6px"> </div>and fixed<div style="display:inline-block;width:6px"> </div>rate agreements<div style="display:inline-block;width:6px"> </div>include </div><div id="a45237" style="position:absolute;font-family:'Arial';left:57px;top:413px;">leases and our senior unsecured<div style="display:inline-block;width:2px"> </div>bond. Also, in 2023, we<div style="display:inline-block;width:3px"> </div>entered into an interest<div style="display:inline-block;width:3px"> </div>rate swap for 30% of<div style="display:inline-block;width:3px"> </div>our </div><div id="a45241" style="position:absolute;font-family:'Arial';left:57px;top:430px;">$100 million<div style="display:inline-block;width:6px"> </div>loan facility<div style="display:inline-block;width:6px"> </div>with DNB,<div style="display:inline-block;width:6px"> </div>dated June<div style="display:inline-block;width:6px"> </div>26, 2023,<div style="display:inline-block;width:6px"> </div>under which<div style="display:inline-block;width:6px"> </div>we pay<div style="display:inline-block;width:6px"> </div>fixed interest<div style="display:inline-block;width:6px"> </div>and receive </div><div id="a45242" style="position:absolute;font-family:'Arial';left:57px;top:447px;">floating.<div style="display:inline-block;width:4px"> </div></div><div id="a45246" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:481px;">Lack of Historical Operating Data for Vessels before Their Acquisition </div><div id="a45249" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Although vessels are generally acquired free of charter, we have acquired (and may in the future acquire) </div><div id="a45250" style="position:absolute;font-family:'Arial';left:57px;top:531px;">some vessels with time charters. It is rare in<div style="display:inline-block;width:3px"> </div>the shipping industry for the last charterer of<div style="display:inline-block;width:3px"> </div>the vessel in the </div><div id="a45253" style="position:absolute;font-family:'Arial';left:57px;top:548px;">hands of the seller to continue as the first charterer<div style="display:inline-block;width:3px"> </div>of the vessel in the hands of the buyer. In most cases, </div><div id="a45254" style="position:absolute;font-family:'Arial';left:57px;top:565px;">when a<div style="display:inline-block;width:6px"> </div>vessel is<div style="display:inline-block;width:6px"> </div>under time<div style="display:inline-block;width:6px"> </div>charter and<div style="display:inline-block;width:6px"> </div>the buyer<div style="display:inline-block;width:6px"> </div>wishes to<div style="display:inline-block;width:6px"> </div>assume that<div style="display:inline-block;width:6px"> </div>charter,<div style="display:inline-block;width:6px"> </div>the vessel<div style="display:inline-block;width:6px"> </div>cannot be </div><div id="a45256" style="position:absolute;font-family:'Arial';left:57px;top:582px;">acquired without the charterer’s<div style="display:inline-block;width:3px"> </div>consent and the buyer entering into<div style="display:inline-block;width:3px"> </div>a separate direct agreement (called<div style="display:inline-block;width:3px"> </div>a </div><div id="a45257" style="position:absolute;font-family:'Arial';left:57px;top:599px;">“novation agreement”) with the<div style="display:inline-block;width:6px"> </div>charterer to assume the<div style="display:inline-block;width:6px"> </div>charter. The<div style="display:inline-block;width:6px"> </div>purchase of a<div style="display:inline-block;width:6px"> </div>vessel itself does not </div><div id="a45258" style="position:absolute;font-family:'Arial';left:57px;top:616px;">transfer<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>because<div style="display:inline-block;width:7px"> </div>it<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>separate<div style="display:inline-block;width:7px"> </div>service<div style="display:inline-block;width:7px"> </div>agreement<div style="display:inline-block;width:7px"> </div>between<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>owner<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the </div><div id="a45260" style="position:absolute;font-family:'Arial';left:57px;top:632px;">charterer. </div><div id="a45263" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Where we identify any intangible assets or liabilities associated with the acquisition<div style="display:inline-block;width:2px"> </div>of a vessel, we record </div><div id="a45265" style="position:absolute;font-family:'Arial';left:57px;top:683px;">all<div style="display:inline-block;width:5px"> </div>identified assets<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>liabilities at<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:5px"> </div>value.<div style="display:inline-block;width:6px"> </div>Fair value<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>determined by<div style="display:inline-block;width:7px"> </div>reference to<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:6px"> </div>data. We </div><div id="a45266" style="position:absolute;font-family:'Arial';left:57px;top:700px;">value any<div style="display:inline-block;width:6px"> </div>asset or<div style="display:inline-block;width:6px"> </div>liability arising<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:6px"> </div>market value<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>time charters<div style="display:inline-block;width:6px"> </div>assumed when<div style="display:inline-block;width:6px"> </div>a vessel<div style="display:inline-block;width:6px"> </div>is </div><div id="a45269" style="position:absolute;font-family:'Arial';left:57px;top:717px;">acquired. The amount to be recorded as an asset or liability at the<div style="display:inline-block;width:6px"> </div>date of vessel delivery is based on the </div><div id="a45270" style="position:absolute;font-family:'Arial';left:57px;top:734px;">difference<div style="display:inline-block;width:8px"> </div>between<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>current<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>charter<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>net<div style="display:inline-block;width:7px"> </div>present<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>future </div><div id="a45271" style="position:absolute;font-family:'Arial';left:57px;top:751px;">contractual cash<div style="display:inline-block;width:5px"> </div>flows.<div style="display:inline-block;width:10px"> </div>When the<div style="display:inline-block;width:6px"> </div>present value<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>time charter<div style="display:inline-block;width:5px"> </div>assumed is<div style="display:inline-block;width:6px"> </div>greater than the<div style="display:inline-block;width:6px"> </div>current </div><div id="a45273" style="position:absolute;font-family:'Arial';left:57px;top:767px;">fair market<div style="display:inline-block;width:2px"> </div>value of<div style="display:inline-block;width:2px"> </div>such charter, the<div style="display:inline-block;width:2px"> </div>difference is<div style="display:inline-block;width:3px"> </div>recorded as<div style="display:inline-block;width:2px"> </div>prepaid charter<div style="display:inline-block;width:2px"> </div>revenue.<div style="display:inline-block;width:6px"> </div>When the<div style="display:inline-block;width:2px"> </div>opposite </div><div id="a45274" style="position:absolute;font-family:'Arial';left:57px;top:784px;">situation occurs,<div style="display:inline-block;width:5px"> </div>any difference,<div style="display:inline-block;width:6px"> </div>capped to<div style="display:inline-block;width:6px"> </div>the vessel’s<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>on a<div style="display:inline-block;width:6px"> </div>charter-free basis, is<div style="display:inline-block;width:6px"> </div>recorded as </div><div id="a45278" style="position:absolute;font-family:'Arial';left:57px;top:801px;">deferred revenue.<div style="display:inline-block;width:7px"> </div>Such assets and<div style="display:inline-block;width:3px"> </div>liabilities, respectively, are amortized<div style="display:inline-block;width:3px"> </div>as a reduction of,<div style="display:inline-block;width:3px"> </div>or an increase </div><div id="a45279" style="position:absolute;font-family:'Arial';left:57px;top:818px;">in, revenue over the period of the time charter assumed. </div><div id="a45282" style="position:absolute;font-family:'Arial';left:57px;top:852px;">When we<div style="display:inline-block;width:6px"> </div>purchase a<div style="display:inline-block;width:6px"> </div>vessel and<div style="display:inline-block;width:6px"> </div>assume or<div style="display:inline-block;width:6px"> </div>renegotiate a<div style="display:inline-block;width:6px"> </div>related time<div style="display:inline-block;width:6px"> </div>charter,<div style="display:inline-block;width:6px"> </div>among others,<div style="display:inline-block;width:6px"> </div>we must </div><div id="a45283" style="position:absolute;font-family:'Arial';left:57px;top:869px;">take the following steps before the vessel will be ready to commence<div style="display:inline-block;width:3px"> </div>operations: </div><div id="a45286" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:908px;">●</div><div id="a45288" style="position:absolute;font-family:'Arial';left:128px;top:902px;">obtain the charterer’s consent to us as the new owner; </div><div id="a45291" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:942px;">●</div><div id="a45293" style="position:absolute;font-family:'Arial';left:128px;top:936px;">obtain the charterer’s consent to a new technical<div style="display:inline-block;width:3px"> </div>manager; </div></div>
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<div id="Page73" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a45299" style="position:absolute;font-family:'Arial';left:390px;top:992px;">73 </div><div id="a45301" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:82px;">●</div><div id="a45303" style="position:absolute;font-family:'Arial';left:128px;top:76px;">in some cases, obtain the charterer’s consent to<div style="display:inline-block;width:3px"> </div>a new flag for the vessel; </div><div id="a45306" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:116px;">●</div><div id="a45308" style="position:absolute;font-family:'Arial';left:128px;top:110px;">arrange for a<div style="display:inline-block;width:5px"> </div>new crew for the<div style="display:inline-block;width:6px"> </div>vessel, and where the<div style="display:inline-block;width:5px"> </div>vessel is on charter,<div style="display:inline-block;width:6px"> </div>in some cases, the </div><div id="a45309" style="position:absolute;font-family:'Arial';left:128px;top:126px;">crew must be approved by the charterer; </div><div id="a45312" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:166px;">●</div><div id="a45314" style="position:absolute;font-family:'Arial';left:128px;top:160px;">replace all hired equipment on board, such as gas cylinders<div style="display:inline-block;width:3px"> </div>and communication equipment; </div><div id="a45317" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:200px;">●</div><div id="a45319" style="position:absolute;font-family:'Arial';left:128px;top:194px;">negotiate<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>enter<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>new<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>contracts<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>own<div style="display:inline-block;width:6px"> </div>insurance </div><div id="a45320" style="position:absolute;font-family:'Arial';left:128px;top:211px;">brokers; </div><div id="a45323" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:251px;">●</div><div id="a45325" style="position:absolute;font-family:'Arial';left:128px;top:245px;">register the vessel under a<div style="display:inline-block;width:3px"> </div>flag state and perform<div style="display:inline-block;width:3px"> </div>the related inspections in order<div style="display:inline-block;width:2px"> </div>to obtain new </div><div id="a45326" style="position:absolute;font-family:'Arial';left:128px;top:261px;">trading certificates from the flag state; </div><div id="a45329" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:301px;">●</div><div id="a45331" style="position:absolute;font-family:'Arial';left:128px;top:295px;">implement a new planned maintenance program for the vessel; and </div><div id="a45334" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:335px;">●</div><div id="a45336" style="position:absolute;font-family:'Arial';left:128px;top:329px;">ensure that the new<div style="display:inline-block;width:5px"> </div>technical manager obtains new certificates for<div style="display:inline-block;width:6px"> </div>compliance with the safety </div><div id="a45337" style="position:absolute;font-family:'Arial';left:128px;top:346px;">and vessel security regulations of the flag state. </div><div id="a45340" style="position:absolute;font-family:'Arial';left:57px;top:379px;">When we charter<div style="display:inline-block;width:2px"> </div>a vessel<div style="display:inline-block;width:2px"> </div>pursuant to a<div style="display:inline-block;width:2px"> </div>long-term time<div style="display:inline-block;width:3px"> </div>charter agreement<div style="display:inline-block;width:2px"> </div>with varying rates,<div style="display:inline-block;width:2px"> </div>we recognize </div><div id="a45343" style="position:absolute;font-family:'Arial';left:57px;top:396px;">revenue on a straight-line basis, equal to the average revenue during<div style="display:inline-block;width:3px"> </div>the term of the charter.<div style="display:inline-block;width:4px"> </div></div><div id="a45348" style="position:absolute;font-family:'Arial';left:57px;top:430px;">The following<div style="display:inline-block;width:2px"> </div>discussion is<div style="display:inline-block;width:2px"> </div>intended to<div style="display:inline-block;width:2px"> </div>help you<div style="display:inline-block;width:2px"> </div>understand how<div style="display:inline-block;width:2px"> </div>acquisitions of<div style="display:inline-block;width:2px"> </div>vessels affect<div style="display:inline-block;width:2px"> </div>our business </div><div id="a45349" style="position:absolute;font-family:'Arial';left:57px;top:447px;">and results of operations. </div><div id="a45352" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Our business is mainly comprised of the following elements: </div><div id="a45355" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:521px;">●</div><div id="a45357" style="position:absolute;font-family:'Arial';left:128px;top:514px;">employment and operation of our vessels; and </div><div id="a45360" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:554px;">●</div><div id="a45362" style="position:absolute;font-family:'Arial';left:128px;top:548px;">management of<div style="display:inline-block;width:6px"> </div>the financial,<div style="display:inline-block;width:6px"> </div>general and<div style="display:inline-block;width:6px"> </div>administrative elements<div style="display:inline-block;width:6px"> </div>involved in<div style="display:inline-block;width:6px"> </div>the conduct<div style="display:inline-block;width:6px"> </div>of </div><div id="a45363" style="position:absolute;font-family:'Arial';left:128px;top:565px;">our business and ownership of our vessels. </div><div id="a45366" style="position:absolute;font-family:'Arial';left:57px;top:599px;">The employment and operation of our vessels mainly require the<div style="display:inline-block;width:3px"> </div>following components: </div><div id="a45370" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:639px;">●</div><div id="a45372" style="position:absolute;font-family:'Arial';left:129px;top:632px;">vessel maintenance and repair; </div><div id="a45375" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:672px;">●</div><div id="a45377" style="position:absolute;font-family:'Arial';left:129px;top:666px;">crew selection and training; </div><div id="a45380" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:706px;">●</div><div id="a45382" style="position:absolute;font-family:'Arial';left:129px;top:700px;">vessel spares and stores supply; </div><div id="a45385" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:740px;">●</div><div id="a45387" style="position:absolute;font-family:'Arial';left:129px;top:734px;">contingency response planning; </div><div id="a45390" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:774px;">●</div><div id="a45392" style="position:absolute;font-family:'Arial';left:129px;top:767px;">onboard safety procedures auditing; </div><div id="a45395" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:807px;">●</div><div id="a45397" style="position:absolute;font-family:'Arial';left:129px;top:801px;">accounting; </div><div id="a45400" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:841px;">●</div><div id="a45402" style="position:absolute;font-family:'Arial';left:129px;top:835px;">vessel insurance arrangement; </div><div id="a45405" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:875px;">●</div><div id="a45407" style="position:absolute;font-family:'Arial';left:129px;top:869px;">vessel chartering; </div><div id="a45410" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:908px;">●</div><div id="a45412" style="position:absolute;font-family:'Arial';left:129px;top:902px;">vessel security training and security response plans (ISPS); </div><div id="a45416" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:942px;">●</div><div id="a45418" style="position:absolute;font-family:'Arial';left:129px;top:936px;">obtaining of<div style="display:inline-block;width:6px"> </div>ISM certification<div style="display:inline-block;width:6px"> </div>and audit<div style="display:inline-block;width:6px"> </div>for each<div style="display:inline-block;width:6px"> </div>vessel within<div style="display:inline-block;width:6px"> </div>the six<div style="display:inline-block;width:6px"> </div>months of<div style="display:inline-block;width:6px"> </div>taking over<div style="display:inline-block;width:6px"> </div>a </div><div id="a45419" style="position:absolute;font-family:'Arial';left:129px;top:953px;">vessel; </div></div>
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<div id="a45423" style="position:absolute;font-family:'Arial';left:390px;top:992px;">74 </div><div id="a45426" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:99px;">●</div><div id="a45428" style="position:absolute;font-family:'Arial';left:128px;top:93px;">vessel hiring management; </div><div id="a45431" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:133px;">●</div><div id="a45433" style="position:absolute;font-family:'Arial';left:128px;top:126px;">vessel surveying; and </div><div id="a45436" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:166px;">●</div><div id="a45438" style="position:absolute;font-family:'Arial';left:128px;top:160px;">vessel performance monitoring. </div><div id="a45441" style="position:absolute;font-family:'Arial';left:57px;top:194px;">The management of<div style="display:inline-block;width:2px"> </div>financial, general and<div style="display:inline-block;width:2px"> </div>administrative elements<div style="display:inline-block;width:3px"> </div>involved in the<div style="display:inline-block;width:2px"> </div>conduct of our<div style="display:inline-block;width:2px"> </div>business </div><div id="a45442" style="position:absolute;font-family:'Arial';left:57px;top:211px;">and ownership of our vessels mainly requires the following components: </div><div id="a45446" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:251px;">●</div><div id="a45448" style="position:absolute;font-family:'Arial';left:128px;top:245px;">management of our<div style="display:inline-block;width:6px"> </div>financial resources, including<div style="display:inline-block;width:6px"> </div>banking relationships, i.e.,<div style="display:inline-block;width:6px"> </div>administration of </div><div id="a45449" style="position:absolute;font-family:'Arial';left:128px;top:261px;">bank loans and bank accounts; </div><div id="a45452" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:301px;">●</div><div id="a45454" style="position:absolute;font-family:'Arial';left:128px;top:295px;">management of our accounting system and records and financial<div style="display:inline-block;width:3px"> </div>reporting; </div><div id="a45457" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:335px;">●</div><div id="a45459" style="position:absolute;font-family:'Arial';left:128px;top:329px;">administration of the legal and regulatory requirements affecting our business<div style="display:inline-block;width:3px"> </div>and assets; and </div><div id="a45463" style="position:absolute;font-family:'Arial';font-size:8px;left:104px;top:369px;">●</div><div id="a45465" style="position:absolute;font-family:'Arial';left:128px;top:363px;">management of the relationships with our service providers and customers. </div><div id="a45468" style="position:absolute;font-family:'Arial';left:57px;top:396px;">The principal factors<div style="display:inline-block;width:2px"> </div>that affect our profitability, cash<div style="display:inline-block;width:3px"> </div>flows and shareholders’<div style="display:inline-block;width:2px"> </div>return on investment<div style="display:inline-block;width:2px"> </div>include: </div><div id="a45471" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:436px;">●</div><div id="a45473" style="position:absolute;font-family:'Arial';left:129px;top:430px;">rates and periods of charter hire; </div><div id="a45477" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:470px;">●</div><div id="a45479" style="position:absolute;font-family:'Arial';left:129px;top:464px;">levels of vessel operating expenses; </div><div id="a45482" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:504px;">●</div><div id="a45484" style="position:absolute;font-family:'Arial';left:129px;top:498px;">depreciation expenses; </div><div id="a45487" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:537px;">●</div><div id="a45489" style="position:absolute;font-family:'Arial';left:129px;top:531px;">financing costs; </div><div id="a45491" style="position:absolute;font-family:'Arial';left:57px;top:548px;"><div style="display:inline-block;width:4px"> </div></div><div id="a45493" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:571px;">●</div><div id="a45495" style="position:absolute;font-family:'Arial';left:129px;top:565px;">the war in the Ukraine;<div style="display:inline-block;width:4px"> </div></div><div id="a45499" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:605px;">●</div><div id="a45501" style="position:absolute;font-family:'Arial';left:129px;top:599px;">inflation, and<div style="display:inline-block;width:4px"> </div></div><div id="a45505" style="position:absolute;font-family:'Arial';font-size:8px;left:105px;top:639px;">●</div><div id="a45507" style="position:absolute;font-family:'Arial';left:129px;top:632px;">fluctuations in foreign exchange rates. </div><div id="a45510" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:666px;">Results of Operations</div><div id="a45513" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:701px;">Year ended December 31, 2024 compared to the year ended December 31, 2023 </div><div id="a45520" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:735px;">Time<div style="display:inline-block;width:5px"> </div>charter revenues.</div><div id="a45524" style="position:absolute;font-family:'Arial';left:210px;top:735px;"><div style="display:inline-block;width:4px"> </div>Time<div style="display:inline-block;width:6px"> </div>charter revenues<div style="display:inline-block;width:6px"> </div>decreased by<div style="display:inline-block;width:6px"> </div>$33.9 million,<div style="display:inline-block;width:6px"> </div>or 13%,<div style="display:inline-block;width:7px"> </div>to $228.2<div style="display:inline-block;width:6px"> </div>million in </div><div id="a45529" style="position:absolute;font-family:'Arial';left:57px;top:752px;">2024, compared to $262.1 million<div style="display:inline-block;width:6px"> </div>in 2023. The<div style="display:inline-block;width:6px"> </div>decrease in time charter<div style="display:inline-block;width:5px"> </div>revenues was due to<div style="display:inline-block;width:6px"> </div>decreased </div><div id="a45536" style="position:absolute;font-family:'Arial';left:57px;top:769px;">average time<div style="display:inline-block;width:2px"> </div>charter rates<div style="display:inline-block;width:2px"> </div>achieved during<div style="display:inline-block;width:2px"> </div>the year, reflected<div style="display:inline-block;width:2px"> </div>in our<div style="display:inline-block;width:2px"> </div>TCE rate<div style="display:inline-block;width:2px"> </div>of $15,267<div style="display:inline-block;width:2px"> </div>in 2024<div style="display:inline-block;width:2px"> </div>compared </div><div id="a45545" style="position:absolute;font-family:'Arial';left:57px;top:786px;">to $16,713 in 2023,<div style="display:inline-block;width:5px"> </div>representing a 9% decrease.<div style="display:inline-block;width:5px"> </div>A further decrease was due<div style="display:inline-block;width:6px"> </div>to the decrease in the<div style="display:inline-block;width:6px"> </div>size </div><div id="a45554" style="position:absolute;font-family:'Arial';left:57px;top:803px;">of our fleet resulting from the disposal<div style="display:inline-block;width:3px"> </div>of two vessels during 2024, which<div style="display:inline-block;width:3px"> </div>decreased operating days during </div><div id="a45562" style="position:absolute;font-family:'Arial';left:57px;top:820px;">2024, as compared to last year. Operating days in 2024 were 14,009 compared to 14,824 in 2023. </div><div id="a45571" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:853px;">Voyage<div style="display:inline-block;width:9px"> </div>expenses.</div><div id="a45573" style="position:absolute;font-family:'Arial';left:181px;top:853px;"><div style="display:inline-block;width:8px"> </div>Voyage<div style="display:inline-block;width:9px"> </div>expenses<div style="display:inline-block;width:8px"> </div>amounted<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>$13.6<div style="display:inline-block;width:8px"> </div>million<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>2024<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>remained<div style="display:inline-block;width:8px"> </div>unchanged </div><div id="a45583" style="position:absolute;font-family:'Arial';left:57px;top:870px;">compared<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>2023.<div style="display:inline-block;width:6px"> </div>Although<div style="display:inline-block;width:6px"> </div>commissions,<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>voyage<div style="display:inline-block;width:6px"> </div>expenses,<div style="display:inline-block;width:6px"> </div>decreased<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$11.6 </div><div id="a45590" style="position:absolute;font-family:'Arial';left:57px;top:887px;">million compared to $13.3<div style="display:inline-block;width:2px"> </div>million in 2023, this<div style="display:inline-block;width:3px"> </div>decrease was offset by<div style="display:inline-block;width:3px"> </div>increased port expenses<div style="display:inline-block;width:2px"> </div>and loss in </div><div id="a45593" style="position:absolute;font-family:'Arial';left:57px;top:904px;">bunkers amounting<div style="display:inline-block;width:6px"> </div>to $0.7<div style="display:inline-block;width:6px"> </div>million in<div style="display:inline-block;width:6px"> </div>2024 compared<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>gain of<div style="display:inline-block;width:6px"> </div>$0.5 million<div style="display:inline-block;width:6px"> </div>in 2023.<div style="display:inline-block;width:6px"> </div>The gain/loss<div style="display:inline-block;width:6px"> </div>on </div><div id="a45609" style="position:absolute;font-family:'Arial';left:57px;top:921px;">bunkers was mainly due<div style="display:inline-block;width:2px"> </div>to the difference in the<div style="display:inline-block;width:3px"> </div>price of bunkers paid<div style="display:inline-block;width:3px"> </div>by the Company<div style="display:inline-block;width:3px"> </div>to the charterers on </div><div id="a45610" style="position:absolute;font-family:'Arial';left:57px;top:938px;">the redelivery of the vessels from the charterers<div style="display:inline-block;width:3px"> </div>under the previous charter party agreement<div style="display:inline-block;width:3px"> </div>and the price </div></div>
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<div id="a45613" style="position:absolute;font-family:'Arial';left:390px;top:992px;">75 </div><div id="a45615" style="position:absolute;font-family:'Arial';left:57px;top:76px;">of bunkers paid<div style="display:inline-block;width:3px"> </div>by charterers to<div style="display:inline-block;width:2px"> </div>the Company on<div style="display:inline-block;width:3px"> </div>the delivery of<div style="display:inline-block;width:2px"> </div>the same vessels<div style="display:inline-block;width:2px"> </div>to their charterers<div style="display:inline-block;width:2px"> </div>under </div><div id="a45616" style="position:absolute;font-family:'Arial';left:57px;top:93px;">new charter party agreements. </div><div id="a45619" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:126px;">Vessel operating expenses. </div><div id="a45622" style="position:absolute;font-family:'Arial';left:241px;top:126px;">Vessel operating expenses decreased by $2.9 million, or 3%, to $82.6 million </div><div id="a45624" style="position:absolute;font-family:'Arial';left:57px;top:143px;">in 2024<div style="display:inline-block;width:5px"> </div>compared to $85.5<div style="display:inline-block;width:6px"> </div>million in<div style="display:inline-block;width:5px"> </div>2023. The decrease<div style="display:inline-block;width:6px"> </div>in operating expenses<div style="display:inline-block;width:6px"> </div>is mainly attributable<div style="display:inline-block;width:6px"> </div>to </div><div id="a45630" style="position:absolute;font-family:'Arial';left:57px;top:160px;">the decrease<div style="display:inline-block;width:2px"> </div>in ownership<div style="display:inline-block;width:2px"> </div>days in<div style="display:inline-block;width:2px"> </div>2024, due<div style="display:inline-block;width:2px"> </div>to the<div style="display:inline-block;width:2px"> </div>sale of<div style="display:inline-block;width:2px"> </div>vessels discussed<div style="display:inline-block;width:2px"> </div>above. Daily<div style="display:inline-block;width:2px"> </div>vessel operating </div><div id="a45644" style="position:absolute;font-family:'Arial';left:57px;top:177px;">expenses were $5,808<div style="display:inline-block;width:2px"> </div>in 2024 and<div style="display:inline-block;width:2px"> </div>increased by 2%<div style="display:inline-block;width:2px"> </div>compared to $5,704<div style="display:inline-block;width:2px"> </div>in 2023. Therefore,<div style="display:inline-block;width:2px"> </div>the decrease </div><div id="a45652" style="position:absolute;font-family:'Arial';left:57px;top:194px;">in operating expenses due to the decreased number of vessels during the year was offset by increases in </div><div id="a45653" style="position:absolute;font-family:'Arial';left:57px;top:211px;">vessel supplies and taxes.<div style="display:inline-block;width:4px"> </div></div><div id="a45656" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:245px;">Depreciation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>amortization<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>deferred<div style="display:inline-block;width:6px"> </div>charges. </div><div id="a45662" style="position:absolute;font-family:'Arial';left:403px;top:245px;">Depreciation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>amortization<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>deferred<div style="display:inline-block;width:6px"> </div>charges </div><div id="a45663" style="position:absolute;font-family:'Arial';left:57px;top:261px;">decreased<div style="display:inline-block;width:2px"> </div>by $5.1<div style="display:inline-block;width:2px"> </div>million,<div style="display:inline-block;width:2px"> </div>or 10%,<div style="display:inline-block;width:1px"> </div>to $44.7<div style="display:inline-block;width:2px"> </div>million<div style="display:inline-block;width:2px"> </div>in 2024,<div style="display:inline-block;width:1px"> </div>compared<div style="display:inline-block;width:2px"> </div>to $49.8<div style="display:inline-block;width:1px"> </div>million<div style="display:inline-block;width:2px"> </div>in 2023.<div style="display:inline-block;width:1px"> </div>This decrease </div><div id="a45672" style="position:absolute;font-family:'Arial';left:57px;top:278px;">was<div style="display:inline-block;width:7px"> </div>due<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>sale<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:8px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>noted<div style="display:inline-block;width:7px"> </div>above.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>decrease<div style="display:inline-block;width:7px"> </div>was<div style="display:inline-block;width:7px"> </div>partly<div style="display:inline-block;width:7px"> </div>offset<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:7px"> </div>increased </div><div id="a45712" style="position:absolute;font-family:'Arial';left:57px;top:295px;">amortization of deferred cost as a result of the drydock cost incurred<div style="display:inline-block;width:3px"> </div>in 2024 as compared to 2023. </div><div id="a45750" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:329px;">General and<div style="display:inline-block;width:6px"> </div>administrative expenses</div><div id="a45755" style="position:absolute;font-family:'Arial';left:302px;top:329px;">. General and admini</div><div id="a45760" style="position:absolute;font-family:'Arial';font-style:italic;left:438px;top:329px;">strati</div><div id="a45761" style="position:absolute;font-family:'Arial';left:470px;top:329px;letter-spacing:-0.17px;">ve expenses<div style="display:inline-block;width:6px"> </div>increased by<div style="display:inline-block;width:6px"> </div>$0.4 million,<div style="display:inline-block;width:6px"> </div>or </div><div id="a45764" style="position:absolute;font-family:'Arial';left:57px;top:346px;letter-spacing:-0.18px;">1%, to $33.4<div style="display:inline-block;width:6px"> </div>million in 2024<div style="display:inline-block;width:6px"> </div>compared to $33.0<div style="display:inline-block;width:6px"> </div>million in 2023.<div style="display:inline-block;width:6px"> </div>The increase was<div style="display:inline-block;width:6px"> </div>mainly due to<div style="display:inline-block;width:6px"> </div>increased </div><div id="a45773" style="position:absolute;font-family:'Arial';left:57px;top:363px;letter-spacing:-0.17px;">payroll and taxes and was partly offset by decreased transfer agent expenses and legal fees.<div style="display:inline-block;width:3px"> </div></div><div id="a45788" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:396px;">Management fees to<div style="display:inline-block;width:6px"> </div>a related party.</div><div id="a45795" style="position:absolute;font-family:'Arial';left:296px;top:396px;letter-spacing:-0.17px;"><div style="display:inline-block;width:4px"> </div>Management fees to<div style="display:inline-block;width:6px"> </div>a related party<div style="display:inline-block;width:5px"> </div>amounted to $1.3<div style="display:inline-block;width:6px"> </div>million both in </div><div id="a45805" style="position:absolute;font-family:'Arial';left:57px;top:413px;letter-spacing:-0.17px;">2024 and<div style="display:inline-block;width:6px"> </div>2023 due<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>fact that<div style="display:inline-block;width:6px"> </div>the number<div style="display:inline-block;width:6px"> </div>of vessels<div style="display:inline-block;width:6px"> </div>managed by<div style="display:inline-block;width:6px"> </div>DWM in<div style="display:inline-block;width:6px"> </div>2024 remained<div style="display:inline-block;width:6px"> </div>the same </div><div id="a45818" style="position:absolute;font-family:'Arial';left:57px;top:430px;">with 2023.<div style="display:inline-block;width:3px"> </div></div><div id="a45825" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:464px;letter-spacing:-0.17px;">Gain<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels.</div><div id="a45828" style="position:absolute;font-family:'Arial';left:217px;top:464px;letter-spacing:-0.16px;"><div style="display:inline-block;width:6px"> </div>Gain<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>$0.5<div style="display:inline-block;width:6px"> </div>million,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>9%,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$5.8<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>which </div><div id="a45845" style="position:absolute;font-family:'Arial';left:57px;top:481px;letter-spacing:-0.17px;">resulted<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels </div><div id="a45849" style="position:absolute;font-family:'Arial';font-style:italic;left:279px;top:481px;letter-spacing:-0.16px;">Artemis<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Houston </div><div id="a45855" style="position:absolute;font-family:'Arial';left:424px;top:481px;letter-spacing:-0.17px;">in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>compared<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$5.3<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>which </div><div id="a45866" style="position:absolute;font-family:'Arial';left:57px;top:498px;letter-spacing:-0.16px;">resulted from the sale of vessels </div><div id="a45872" style="position:absolute;font-family:'Arial';font-style:italic;left:267px;top:498px;letter-spacing:-0.16px;">Aliki, Melia and Boston </div><div id="a45874" style="position:absolute;font-family:'Arial';left:416px;top:498px;letter-spacing:-0.18px;">in 2023. </div><div id="a45879" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:531px;">Interest expense and<div style="display:inline-block;width:6px"> </div>finance costs.</div><div id="a45880" style="position:absolute;font-family:'Arial';left:291px;top:531px;"><div style="display:inline-block;width:4px"> </div>Interest expense and<div style="display:inline-block;width:6px"> </div>finance costs decreased<div style="display:inline-block;width:6px"> </div>by $1.8 million<div style="display:inline-block;width:6px"> </div>or 4% </div><div id="a45891" style="position:absolute;font-family:'Arial';left:57px;top:548px;">to $47.5<div style="display:inline-block;width:2px"> </div>million<div style="display:inline-block;width:2px"> </div>in 2024<div style="display:inline-block;width:2px"> </div>compared<div style="display:inline-block;width:2px"> </div>to $49.3<div style="display:inline-block;width:2px"> </div>million<div style="display:inline-block;width:2px"> </div>in 2023.<div style="display:inline-block;width:2px"> </div>The decrease<div style="display:inline-block;width:3px"> </div>derived from<div style="display:inline-block;width:3px"> </div>a decreased<div style="display:inline-block;width:3px"> </div>average </div><div id="a45903" style="position:absolute;font-family:'Arial';left:57px;top:565px;">outstanding<div style="display:inline-block;width:6px"> </div>balance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>liabilities<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>partly<div style="display:inline-block;width:6px"> </div>offset<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:6px"> </div>average </div><div id="a45909" style="position:absolute;font-family:'Arial';left:57px;top:582px;">interest rates compared to 2023.<div style="display:inline-block;width:3px"> </div></div><div id="a45915" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:616px;">Interest and<div style="display:inline-block;width:6px"> </div>other income</div><div id="a45916" style="position:absolute;font-family:'Arial';left:226px;top:616px;">. Interest<div style="display:inline-block;width:6px"> </div>and other<div style="display:inline-block;width:6px"> </div>income increased<div style="display:inline-block;width:6px"> </div>by $0.2<div style="display:inline-block;width:6px"> </div>million, or<div style="display:inline-block;width:6px"> </div>2%, to<div style="display:inline-block;width:6px"> </div>$8.4 million in </div><div id="a45919" style="position:absolute;font-family:'Arial';left:57px;top:632px;">2024 compared to $8.2 million in 2023. The increase<div style="display:inline-block;width:2px"> </div>is mainly attributable to an increased amount<div style="display:inline-block;width:2px"> </div>of time </div><div id="a45924" style="position:absolute;font-family:'Arial';left:57px;top:649px;">deposits booked during<div style="display:inline-block;width:2px"> </div>2024 and was<div style="display:inline-block;width:2px"> </div>partly offset by<div style="display:inline-block;width:2px"> </div>decreased deposit<div style="display:inline-block;width:3px"> </div>rates achieved<div style="display:inline-block;width:3px"> </div>in 2024 compared </div><div id="a45943" style="position:absolute;font-family:'Arial';left:57px;top:666px;">to 2023.<div style="display:inline-block;width:4px"> </div></div><div id="a45947" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:700px;">Loss on<div style="display:inline-block;width:3px"> </div>extinguishment of<div style="display:inline-block;width:3px"> </div>debt. </div><div id="a45950" style="position:absolute;font-family:'Arial';left:265px;top:700px;">In 2024,<div style="display:inline-block;width:3px"> </div>loss on<div style="display:inline-block;width:2px"> </div>extinguishment of<div style="display:inline-block;width:3px"> </div>debt increased<div style="display:inline-block;width:2px"> </div>by $2.8<div style="display:inline-block;width:3px"> </div>million, or<div style="display:inline-block;width:3px"> </div>400% </div><div id="a45956" style="position:absolute;font-family:'Arial';left:57px;top:717px;">to $3.5 million and consisted of the prepayment of the 8.375% Senior Unsecured bond at a price equal to </div><div id="a45964" style="position:absolute;font-family:'Arial';left:57px;top:734px;">103.35% of nominal value, with the proceeds from the new bond.<div style="display:inline-block;width:4px"> </div>In 2023, loss on extinguishment of debt </div><div id="a45968" style="position:absolute;font-family:'Arial';left:57px;top:751px;">amounted to<div style="display:inline-block;width:3px"> </div>$0.7 million<div style="display:inline-block;width:2px"> </div>and consisted<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>prepayment in<div style="display:inline-block;width:2px"> </div>full of<div style="display:inline-block;width:3px"> </div>six loan<div style="display:inline-block;width:2px"> </div>agreements refinanced<div style="display:inline-block;width:2px"> </div>by other </div><div id="a45978" style="position:absolute;font-family:'Arial';left:57px;top:767px;">banks.<div style="display:inline-block;width:4px"> </div></div><div id="a45983" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:801px;">Gain/(loss) on derivatives</div><div id="a45988" style="position:absolute;font-family:'Arial';left:223px;top:801px;">. In 2024,<div style="display:inline-block;width:6px"> </div>gain on derivates amounted<div style="display:inline-block;width:6px"> </div>to $0.3 million, as<div style="display:inline-block;width:6px"> </div>compared to a loss<div style="display:inline-block;width:6px"> </div>of </div><div id="a46000" style="position:absolute;font-family:'Arial';left:57px;top:818px;">$0.4 million<div style="display:inline-block;width:3px"> </div>in 2023.<div style="display:inline-block;width:6px"> </div>Gain/(loss) on<div style="display:inline-block;width:2px"> </div>derivative instruments<div style="display:inline-block;width:2px"> </div>represents the<div style="display:inline-block;width:3px"> </div>fair value<div style="display:inline-block;width:3px"> </div>of an<div style="display:inline-block;width:3px"> </div>interest rate<div style="display:inline-block;width:2px"> </div>swap </div><div id="a46005" style="position:absolute;font-family:'Arial';left:57px;top:835px;">dated July<div style="display:inline-block;width:6px"> </div>6, 2023<div style="display:inline-block;width:6px"> </div>we entered into<div style="display:inline-block;width:6px"> </div>with DNB for<div style="display:inline-block;width:6px"> </div>a notional<div style="display:inline-block;width:5px"> </div>amount of<div style="display:inline-block;width:6px"> </div>$30 million under<div style="display:inline-block;width:6px"> </div>which we pay<div style="display:inline-block;width:6px"> </div>a </div><div id="a46022" style="position:absolute;font-family:'Arial';left:57px;top:852px;">fixed rate of 4.268% and receive floating under term SOFR. </div><div id="a46025" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:885px;">Gain/(loss) on<div style="display:inline-block;width:6px"> </div>related party<div style="display:inline-block;width:6px"> </div>Investments. </div><div id="a46030" style="position:absolute;font-family:'Arial';left:331px;top:885px;">Loss on<div style="display:inline-block;width:6px"> </div>related party<div style="display:inline-block;width:6px"> </div>investments amounted<div style="display:inline-block;width:6px"> </div>to $3.9<div style="display:inline-block;width:6px"> </div>million in </div><div id="a46041" style="position:absolute;font-family:'Arial';left:57px;top:902px;">2024 and<div style="display:inline-block;width:6px"> </div>resulted from<div style="display:inline-block;width:6px"> </div>the measurement<div style="display:inline-block;width:6px"> </div>of OceanPal’s<div style="display:inline-block;width:6px"> </div>common shares<div style="display:inline-block;width:6px"> </div>at fair<div style="display:inline-block;width:6px"> </div>value on<div style="display:inline-block;width:6px"> </div>December 31, </div><div id="a46044" style="position:absolute;font-family:'Arial';left:57px;top:919px;">2024, based<div style="display:inline-block;width:3px"> </div>on the<div style="display:inline-block;width:3px"> </div>closing price<div style="display:inline-block;width:3px"> </div>of the<div style="display:inline-block;width:3px"> </div>shares on<div style="display:inline-block;width:3px"> </div>that date. This<div style="display:inline-block;width:2px"> </div>compares to<div style="display:inline-block;width:3px"> </div>a gain<div style="display:inline-block;width:3px"> </div>of $1.5<div style="display:inline-block;width:3px"> </div>million in<div style="display:inline-block;width:3px"> </div>2023, </div><div id="a46053" style="position:absolute;font-family:'Arial';left:57px;top:936px;">which<div style="display:inline-block;width:6px"> </div>consists<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>gain<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>$1.7<div style="display:inline-block;width:5px"> </div>million<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>conversion<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>9,793<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>10,000<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:5px"> </div>C<div style="display:inline-block;width:6px"> </div>Preferred </div><div id="a46059" style="position:absolute;font-family:'Arial';left:57px;top:953px;">shares of OceanPal to 3,649,474 common<div style="display:inline-block;width:6px"> </div>shares of OceanPal, having a fair<div style="display:inline-block;width:6px"> </div>value of $9.2 million, based </div></div>
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<div id="a46065" style="position:absolute;font-family:'Arial';left:390px;top:992px;">76 </div><div id="a46067" style="position:absolute;font-family:'Arial';left:57px;top:76px;">on the<div style="display:inline-block;width:2px"> </div>closing price<div style="display:inline-block;width:2px"> </div>of OceanPal’s<div style="display:inline-block;width:2px"> </div>common shares<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:2px"> </div>date of<div style="display:inline-block;width:2px"> </div>conversion; a<div style="display:inline-block;width:2px"> </div>gain of<div style="display:inline-block;width:2px"> </div>$0.8 million<div style="display:inline-block;width:2px"> </div>resulting </div><div id="a46068" style="position:absolute;font-family:'Arial';left:57px;top:93px;">from the distribution of 13,157 Series D Preferred Shares of OceanPal to our shareholders as a non cash </div><div id="a46069" style="position:absolute;font-family:'Arial';left:57px;top:110px;">dividend; and an<div style="display:inline-block;width:6px"> </div>unrealized loss of<div style="display:inline-block;width:5px"> </div>$1.0 million, resulting from<div style="display:inline-block;width:6px"> </div>the measurement of OceanPal’s<div style="display:inline-block;width:6px"> </div>common </div><div id="a46073" style="position:absolute;font-family:'Arial';left:57px;top:126px;">shares at fair value on December 31, 2023, based on the closing price<div style="display:inline-block;width:3px"> </div>of the shares on that date. </div><div id="a46076" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:160px;">Gain on deconsolidation of<div style="display:inline-block;width:6px"> </div>subsidiary. </div><div id="a46078" style="position:absolute;font-family:'Arial';left:312px;top:160px;">Gain on deconsolidation of<div style="display:inline-block;width:6px"> </div>subsidiary amounted to<div style="display:inline-block;width:5px"> </div>$0.8 million in </div><div id="a46083" style="position:absolute;font-family:'Arial';left:57px;top:177px;">2023 and<div style="display:inline-block;width:6px"> </div>represented the gain<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:6px"> </div>Company’s 25%<div style="display:inline-block;width:5px"> </div>interest in Bergen<div style="display:inline-block;width:6px"> </div>Ultra measured at<div style="display:inline-block;width:6px"> </div>fair value </div><div id="a46092" style="position:absolute;font-family:'Arial';left:57px;top:194px;">on the date of its deconsolidation from the Company’s financial statements. No<div style="display:inline-block;width:3px"> </div>such gain exists in 2024. </div><div id="a46101" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:228px;">Gain/(loss) on equity securities. </div><div id="a46103" style="position:absolute;font-family:'Arial';left:267px;top:228px;">Loss on equity securities amounted to $0.4<div style="display:inline-block;width:5px"> </div>million in 2024, as compared </div><div id="a46116" style="position:absolute;font-family:'Arial';left:57px;top:245px;">to a<div style="display:inline-block;width:6px"> </div>gain of<div style="display:inline-block;width:6px"> </div>$2.8 million<div style="display:inline-block;width:6px"> </div>in 2023<div style="display:inline-block;width:6px"> </div>and resulted<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:6px"> </div>measurement of<div style="display:inline-block;width:6px"> </div>equity securities,<div style="display:inline-block;width:6px"> </div>having a<div style="display:inline-block;width:6px"> </div>book </div><div id="a46124" style="position:absolute;font-family:'Arial';left:57px;top:261px;">value of $17.9 million, at fair value of $20.7 million on December 31, 2023, determined through Level 1 of </div><div id="a46127" style="position:absolute;font-family:'Arial';left:57px;top:278px;">the fair<div style="display:inline-block;width:6px"> </div>value hierarchy.<div style="display:inline-block;width:7px"> </div>The Company<div style="display:inline-block;width:6px"> </div>sold all<div style="display:inline-block;width:6px"> </div>securities during<div style="display:inline-block;width:5px"> </div>the first<div style="display:inline-block;width:6px"> </div>quarter of<div style="display:inline-block;width:6px"> </div>2024 and<div style="display:inline-block;width:6px"> </div>recorded a </div><div id="a46134" style="position:absolute;font-family:'Arial';left:57px;top:295px;">realized loss of $0.4 million. </div><div id="a46138" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:329px;">Gain on warrants. </div><div id="a46140" style="position:absolute;font-family:'Arial';left:179px;top:329px;">Gain on warrants<div style="display:inline-block;width:6px"> </div>amounted to $0.7<div style="display:inline-block;width:6px"> </div>million in 2024,<div style="display:inline-block;width:6px"> </div>compared to $1.6<div style="display:inline-block;width:6px"> </div>million in 2023, </div><div id="a46161" style="position:absolute;font-family:'Arial';left:57px;top:346px;">which resulted<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>adjustment of<div style="display:inline-block;width:6px"> </div>the outstanding<div style="display:inline-block;width:6px"> </div>warrants as<div style="display:inline-block;width:6px"> </div>of December<div style="display:inline-block;width:5px"> </div>31, 2024<div style="display:inline-block;width:6px"> </div>and </div><div id="a46171" style="position:absolute;font-family:'Arial';left:57px;top:363px;">2023, respectively. </div><div id="a46176" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:396px;">Loss from equity method investments. </div><div id="a46178" style="position:absolute;font-family:'Arial';left:310px;top:396px;">Loss from equity method investments,<div style="display:inline-block;width:6px"> </div>amounted to $0.1 million in </div><div id="a46191" style="position:absolute;font-family:'Arial';left:57px;top:413px;">2024, compared to $0.3 million<div style="display:inline-block;width:2px"> </div>in 2023. In 2024, the loss was<div style="display:inline-block;width:2px"> </div>attributable to a loss of<div style="display:inline-block;width:3px"> </div>$0.5 million from our </div><div id="a46198" style="position:absolute;font-family:'Arial';left:57px;top:430px;">45.87%<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:5px"> </div>in Windward<div style="display:inline-block;width:7px"> </div>which was<div style="display:inline-block;width:7px"> </div>partly<div style="display:inline-block;width:5px"> </div>offset<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>gain<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>$0.3 million<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>25% interest<div style="display:inline-block;width:7px"> </div>in </div><div id="a46203" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Bergen and a gain of $0.1 million<div style="display:inline-block;width:3px"> </div>from our 50% interest in DWM. In 2023,<div style="display:inline-block;width:3px"> </div>the loss is attributed to a loss of </div><div id="a46209" style="position:absolute;font-family:'Arial';left:57px;top:464px;">$0.7 million from<div style="display:inline-block;width:6px"> </div>our 45.45% interest<div style="display:inline-block;width:6px"> </div>in Windward, which<div style="display:inline-block;width:6px"> </div>was partly offset<div style="display:inline-block;width:6px"> </div>by a<div style="display:inline-block;width:5px"> </div>gain of $0.2<div style="display:inline-block;width:6px"> </div>million from </div><div id="a46215" style="position:absolute;font-family:'Arial';left:57px;top:481px;">our 50% interest in DWM,<div style="display:inline-block;width:4px"> </div>and a gain of $0.2 million from our 25% interest in Bergen.<div style="display:inline-block;width:3px"> </div></div><div id="a46223" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:514px;">Year ended December 31, 2023 compared to the year ended December 31, 2022 </div><div id="a46250" style="position:absolute;font-family:'Arial';left:57px;top:548px;">For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022, </div><div id="a46259" style="position:absolute;font-family:'Arial';left:57px;top:565px;">please refer to “Item 5. Operating and Financial<div style="display:inline-block;width:3px"> </div>Review and Prospects” in our Annual Report<div style="display:inline-block;width:2px"> </div>on Form 20-</div><div id="a46261" style="position:absolute;font-family:'Arial';left:57px;top:582px;">F,<div style="display:inline-block;width:6px"> </div>for the year ended December 31, 2023 filed with the SEC on April<div style="display:inline-block;width:3px"> </div>5, 2024. </div><div id="a46274" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:616px;">B.<div style="display:inline-block;width:32px"> </div>Liquidity and Capital Resources </div><div id="a46279" style="position:absolute;font-family:'Arial';left:57px;top:651px;">Historically, we finance our short-term and long-term<div style="display:inline-block;width:3px"> </div>capital requirements with cash<div style="display:inline-block;width:2px"> </div>from operations, cash </div><div id="a46288" style="position:absolute;font-family:'Arial';left:57px;top:668px;">at<div style="display:inline-block;width:8px"> </div>banks,<div style="display:inline-block;width:8px"> </div>equity<div style="display:inline-block;width:8px"> </div>contributions<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>shareholders,<div style="display:inline-block;width:7px"> </div>long-term<div style="display:inline-block;width:8px"> </div>bank<div style="display:inline-block;width:8px"> </div>debt,<div style="display:inline-block;width:8px"> </div>finance<div style="display:inline-block;width:8px"> </div>liabilities<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>senior </div><div id="a46292" style="position:absolute;font-family:'Arial';left:57px;top:685px;">unsecured<div style="display:inline-block;width:8px"> </div>bonds.<div style="display:inline-block;width:8px"> </div>Our<div style="display:inline-block;width:8px"> </div>main<div style="display:inline-block;width:8px"> </div>uses<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>funds<div style="display:inline-block;width:8px"> </div>have<div style="display:inline-block;width:8px"> </div>been<div style="display:inline-block;width:8px"> </div>capital<div style="display:inline-block;width:8px"> </div>expenditures<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>acquisition<div style="display:inline-block;width:8px"> </div>and </div><div id="a46293" style="position:absolute;font-family:'Arial';left:57px;top:701px;">construction of<div style="display:inline-block;width:7px"> </div>new vessels,<div style="display:inline-block;width:6px"> </div>expenditures incurred<div style="display:inline-block;width:6px"> </div>in connection<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:5px"> </div>ensuring that<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>comply </div><div id="a46296" style="position:absolute;font-family:'Arial';left:57px;top:718px;">with international and<div style="display:inline-block;width:6px"> </div>regulatory standards, repayments<div style="display:inline-block;width:6px"> </div>of bank<div style="display:inline-block;width:5px"> </div>loans, repurchase of<div style="display:inline-block;width:6px"> </div>our common stock </div><div id="a46297" style="position:absolute;font-family:'Arial';left:57px;top:735px;">and payment of dividends.<div style="display:inline-block;width:4px"> </div></div><div id="a46300" style="position:absolute;font-family:'Arial';left:57px;top:769px;">Our<div style="display:inline-block;width:6px"> </div>short-term<div style="display:inline-block;width:6px"> </div>liquidity<div style="display:inline-block;width:6px"> </div>requirements<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>expenditures<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>connection<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>investment<div style="display:inline-block;width:6px"> </div>in </div><div id="a46307" style="position:absolute;font-family:'Arial';left:57px;top:786px;">Windward,<div style="display:inline-block;width:7px"> </div>expenditures<div style="display:inline-block;width:7px"> </div>relating<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>drydocking<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>comply<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>international<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>regulatory </div><div id="a46313" style="position:absolute;font-family:'Arial';left:57px;top:803px;">standards, repayments<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>bank<div style="display:inline-block;width:6px"> </div>loans, repurchase<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:5px"> </div>common stock,<div style="display:inline-block;width:7px"> </div>payment<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>dividends and<div style="display:inline-block;width:7px"> </div>our </div><div id="a46318" style="position:absolute;font-family:'Arial';left:57px;top:820px;">bareboat<div style="display:inline-block;width:7px"> </div>charters.<div style="display:inline-block;width:7px"> </div>Our<div style="display:inline-block;width:7px"> </div>primary<div style="display:inline-block;width:7px"> </div>sources<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>short-term<div style="display:inline-block;width:7px"> </div>liquidity<div style="display:inline-block;width:7px"> </div>include<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>generated<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>operating </div><div id="a46325" style="position:absolute;font-family:'Arial';left:57px;top:836px;">activities and the sale of a vessel, available cash balances and proceeds from the<div style="display:inline-block;width:6px"> </div>exercise of warrants, if </div><div id="a46330" style="position:absolute;font-family:'Arial';left:57px;top:853px;">any. </div><div id="a46333" style="position:absolute;font-family:'Arial';left:57px;top:870px;"><div style="display:inline-block;width:4px"> </div></div><div id="a46335" style="position:absolute;font-family:'Arial';left:57px;top:887px;">Our<div style="display:inline-block;width:7px"> </div>long-term<div style="display:inline-block;width:7px"> </div>liquidity<div style="display:inline-block;width:6px"> </div>requirements<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>funding<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:7px"> </div>newbuilding<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:7px"> </div>installments,<div style="display:inline-block;width:7px"> </div>interest<div style="display:inline-block;width:7px"> </div>and </div><div id="a46344" style="position:absolute;font-family:'Arial';left:57px;top:904px;">principal payments<div style="display:inline-block;width:3px"> </div>on outstanding<div style="display:inline-block;width:2px"> </div>debt,<div style="display:inline-block;width:3px"> </div>payment of<div style="display:inline-block;width:3px"> </div>dividends,<div style="display:inline-block;width:3px"> </div>expenditures for<div style="display:inline-block;width:2px"> </div>vessel efficiency<div style="display:inline-block;width:3px"> </div>upgrades </div><div id="a46353" style="position:absolute;font-family:'Arial';left:57px;top:921px;">and<div style="display:inline-block;width:6px"> </div>drydock<div style="display:inline-block;width:6px"> </div>costs.<div style="display:inline-block;width:6px"> </div>Sources<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>funding<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>long-term<div style="display:inline-block;width:6px"> </div>liquidity<div style="display:inline-block;width:5px"> </div>requirements<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>flows<div style="display:inline-block;width:6px"> </div>from </div><div id="a46357" style="position:absolute;font-family:'Arial';left:57px;top:938px;">operations, bank borrowings, issuance of debt and equity securities, and<div style="display:inline-block;width:3px"> </div>vessel sales. </div></div>
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<div id="a46363" style="position:absolute;font-family:'Arial';left:390px;top:992px;">77 </div><div id="a46365" style="position:absolute;font-family:'Arial';left:57px;top:76px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>working<div style="display:inline-block;width:6px"> </div>capital,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>minus<div style="display:inline-block;width:6px"> </div>current<div style="display:inline-block;width:6px"> </div>liabilities, </div><div id="a46366" style="position:absolute;font-family:'Arial';left:57px;top:93px;">including the current<div style="display:inline-block;width:3px"> </div>portion of long-term<div style="display:inline-block;width:3px"> </div>debt and finance<div style="display:inline-block;width:3px"> </div>liabilities, amounted to<div style="display:inline-block;width:3px"> </div>$126.4 million and<div style="display:inline-block;width:2px"> </div>$97.1 </div><div id="a46369" style="position:absolute;font-family:'Arial';left:57px;top:110px;">million,<div style="display:inline-block;width:8px"> </div>respectively.<div style="display:inline-block;width:9px"> </div>The<div style="display:inline-block;width:8px"> </div>increase<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>working<div style="display:inline-block;width:8px"> </div>capital<div style="display:inline-block;width:8px"> </div>was<div style="display:inline-block;width:8px"> </div>mainly<div style="display:inline-block;width:8px"> </div>due<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>increased<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>cash </div><div id="a46379" style="position:absolute;font-family:'Arial';left:57px;top:126px;">equivalents and time deposits, as a result of the liquidation of our investment in equity securities acquired </div><div id="a46385" style="position:absolute;font-family:'Arial';left:57px;top:143px;">in 2023 amounting<div style="display:inline-block;width:2px"> </div>to $20.7 million;<div style="display:inline-block;width:2px"> </div>proceeds from<div style="display:inline-block;width:2px"> </div>our $175 million<div style="display:inline-block;width:2px"> </div>bond issued<div style="display:inline-block;width:3px"> </div>in July 2024<div style="display:inline-block;width:2px"> </div>which prepaid </div><div id="a46391" style="position:absolute;font-family:'Arial';left:57px;top:160px;">the then outstanding $119 million bond and proceeds of $24.2<div style="display:inline-block;width:3px"> </div>million from the exercise of warrants<div style="display:inline-block;width:2px"> </div>during </div><div id="a46394" style="position:absolute;font-family:'Arial';left:57px;top:177px;">2024. This increase<div style="display:inline-block;width:5px"> </div>was partly offset<div style="display:inline-block;width:6px"> </div>by increased drydock<div style="display:inline-block;width:5px"> </div>costs incurred during 2024,<div style="display:inline-block;width:6px"> </div>increased capital </div><div id="a46404" style="position:absolute;font-family:'Arial';left:57px;top:194px;">expenditures for the acquisition of investments and decreased revenues as a result of the significant drop </div><div id="a46407" style="position:absolute;font-family:'Arial';left:57px;top:211px;">of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>compared<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>2023.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>increase<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>working<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>also </div><div id="a46410" style="position:absolute;font-family:'Arial';left:57px;top:228px;">affected<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>decreased<div style="display:inline-block;width:7px"> </div>current<div style="display:inline-block;width:8px"> </div>portion<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>long-term<div style="display:inline-block;width:7px"> </div>debt<div style="display:inline-block;width:8px"> </div>compared<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>last<div style="display:inline-block;width:8px"> </div>year,<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>result<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>loan </div><div id="a46418" style="position:absolute;font-family:'Arial';left:57px;top:245px;">refinancings<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>extended<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>relevant<div style="display:inline-block;width:6px"> </div>repayment<div style="display:inline-block;width:6px"> </div>schedules<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>decreased </div><div id="a46420" style="position:absolute;font-family:'Arial';left:57px;top:261px;">annual amortization. We believe that<div style="display:inline-block;width:3px"> </div>our working capital is sufficient<div style="display:inline-block;width:3px"> </div>to cover our short-term<div style="display:inline-block;width:3px"> </div>requirements. </div><div id="a46432" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Cash and<div style="display:inline-block;width:6px"> </div>cash equivalents, including<div style="display:inline-block;width:6px"> </div>restricted cash,<div style="display:inline-block;width:6px"> </div>are primarily held<div style="display:inline-block;width:6px"> </div>in U.S.<div style="display:inline-block;width:5px"> </div>dollars and<div style="display:inline-block;width:5px"> </div>amounted to </div><div id="a46439" style="position:absolute;font-family:'Arial';left:57px;top:312px;">$143.7 million<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:7px"> </div>2024<div style="display:inline-block;width:5px"> </div>and $121.6<div style="display:inline-block;width:6px"> </div>million as<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:7px"> </div>2023. Restricted<div style="display:inline-block;width:7px"> </div>cash </div><div id="a46443" style="position:absolute;font-family:'Arial';left:57px;top:329px;">represents minimum<div style="display:inline-block;width:2px"> </div>liquidity requirements<div style="display:inline-block;width:2px"> </div>under our<div style="display:inline-block;width:2px"> </div>loan facilities<div style="display:inline-block;width:2px"> </div>and as<div style="display:inline-block;width:2px"> </div>of December<div style="display:inline-block;width:2px"> </div>31, 2024<div style="display:inline-block;width:2px"> </div>and 2023, </div><div id="a46449" style="position:absolute;font-family:'Arial';left:57px;top:346px;">amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$19<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$20<div style="display:inline-block;width:6px"> </div>million,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:6px"> </div>Also,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>time </div><div id="a46465" style="position:absolute;font-family:'Arial';left:57px;top:363px;">deposits with maturities<div style="display:inline-block;width:2px"> </div>above three<div style="display:inline-block;width:3px"> </div>months amounted<div style="display:inline-block;width:3px"> </div>to $63.5 million<div style="display:inline-block;width:2px"> </div>and $40.0<div style="display:inline-block;width:3px"> </div>million, respectively. Our </div><div id="a46478" style="position:absolute;font-family:'Arial';left:57px;top:379px;">cash and cash equivalents, restricted cash and time deposits represent our unused sources of<div style="display:inline-block;width:6px"> </div>liquidity to </div><div id="a46479" style="position:absolute;font-family:'Arial';left:57px;top:396px;">meet our short-<div style="display:inline-block;width:4px"> </div>and long-term obligations. </div><div id="a46487" style="position:absolute;font-family:'Arial';left:57px;top:430px;">During 2024 and 2023, our sources and uses of cash were as<div style="display:inline-block;width:3px"> </div>follows: </div><div id="a46490" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:464px;">Net Cash Provided by Operating Activities </div><div id="a46493" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Net cash<div style="display:inline-block;width:5px"> </div>provided by operating<div style="display:inline-block;width:6px"> </div>activities increased by<div style="display:inline-block;width:6px"> </div>$13.1 million,<div style="display:inline-block;width:5px"> </div>or 19%.<div style="display:inline-block;width:5px"> </div>In 2024, net<div style="display:inline-block;width:6px"> </div>cash provided </div><div id="a46501" style="position:absolute;font-family:'Arial';left:57px;top:514px;">by<div style="display:inline-block;width:9px"> </div>operating<div style="display:inline-block;width:9px"> </div>activities<div style="display:inline-block;width:8px"> </div>was<div style="display:inline-block;width:9px"> </div>$83.5 million<div style="display:inline-block;width:8px"> </div>compared<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>net<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:9px"> </div>provided<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:9px"> </div>operating<div style="display:inline-block;width:9px"> </div>activities<div style="display:inline-block;width:8px"> </div>of </div><div id="a46504" style="position:absolute;font-family:'Arial';left:57px;top:531px;">$70.4 million in 2023. This increase was mainly<div style="display:inline-block;width:3px"> </div>attributable to the proceeds from sale of<div style="display:inline-block;width:3px"> </div>our investment in </div><div id="a46508" style="position:absolute;font-family:'Arial';left:57px;top:548px;">equity securities<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we acquired<div style="display:inline-block;width:7px"> </div>in 2023,<div style="display:inline-block;width:7px"> </div>and was<div style="display:inline-block;width:7px"> </div>partly offset<div style="display:inline-block;width:7px"> </div>by decreased<div style="display:inline-block;width:6px"> </div>revenues, as<div style="display:inline-block;width:7px"> </div>a result<div style="display:inline-block;width:7px"> </div>of </div><div id="a46522" style="position:absolute;font-family:'Arial';left:57px;top:565px;">decreased<div style="display:inline-block;width:7px"> </div>average<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:7px"> </div>rates<div style="display:inline-block;width:6px"> </div>compared<div style="display:inline-block;width:6px"> </div>to 2023<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:6px"> </div>dry-docking<div style="display:inline-block;width:6px"> </div>costs<div style="display:inline-block;width:7px"> </div>incurred<div style="display:inline-block;width:6px"> </div>in </div><div id="a46529" style="position:absolute;font-family:'Arial';left:57px;top:582px;">2024.<div style="display:inline-block;width:4px"> </div></div><div id="a46534" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:616px;">Net Cash Used in Investing Activities </div><div id="a46537" style="position:absolute;font-family:'Arial';left:57px;top:649px;">Net cash<div style="display:inline-block;width:6px"> </div>used in<div style="display:inline-block;width:6px"> </div>investing activities<div style="display:inline-block;width:6px"> </div>was $39.8<div style="display:inline-block;width:6px"> </div>million for<div style="display:inline-block;width:6px"> </div>2024, which<div style="display:inline-block;width:6px"> </div>consists of<div style="display:inline-block;width:6px"> </div>$20.5 million<div style="display:inline-block;width:6px"> </div>paid for </div><div id="a46540" style="position:absolute;font-family:'Arial';left:57px;top:666px;">vessels under<div style="display:inline-block;width:6px"> </div>construction and<div style="display:inline-block;width:6px"> </div>improvements; $35.2 million<div style="display:inline-block;width:6px"> </div>of proceeds<div style="display:inline-block;width:5px"> </div>from the<div style="display:inline-block;width:6px"> </div>sale of<div style="display:inline-block;width:6px"> </div>two vessels<div style="display:inline-block;width:6px"> </div>in </div><div id="a46552" style="position:absolute;font-family:'Arial';left:57px;top:683px;">2024; $27.2 million<div style="display:inline-block;width:2px"> </div>paid to acquire<div style="display:inline-block;width:3px"> </div>investments in<div style="display:inline-block;width:3px"> </div>Windward; increased investment<div style="display:inline-block;width:2px"> </div>by $23.5 million<div style="display:inline-block;width:2px"> </div>in time </div><div id="a46561" style="position:absolute;font-family:'Arial';left:57px;top:700px;">deposits<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>maturity<div style="display:inline-block;width:6px"> </div>above<div style="display:inline-block;width:6px"> </div>three<div style="display:inline-block;width:6px"> </div>months;<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$3.7<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>acquisition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>property<div style="display:inline-block;width:6px"> </div>and </div><div id="a46567" style="position:absolute;font-family:'Arial';left:57px;top:717px;">equipment. </div><div id="a46570" style="position:absolute;font-family:'Arial';left:57px;top:751px;">Net cash<div style="display:inline-block;width:6px"> </div>provided by investing<div style="display:inline-block;width:6px"> </div>activities was $24.9<div style="display:inline-block;width:6px"> </div>million for<div style="display:inline-block;width:5px"> </div>2023, which consists<div style="display:inline-block;width:6px"> </div>of $29.7 million<div style="display:inline-block;width:6px"> </div>paid </div><div id="a46571" style="position:absolute;font-family:'Arial';left:57px;top:767px;">for vessel acquisitions<div style="display:inline-block;width:2px"> </div>and improvements;<div style="display:inline-block;width:3px"> </div>$36.6 million<div style="display:inline-block;width:3px"> </div>of proceeds from<div style="display:inline-block;width:2px"> </div>the sale of<div style="display:inline-block;width:2px"> </div>three vessels in<div style="display:inline-block;width:2px"> </div>2023; </div><div id="a46572" style="position:absolute;font-family:'Arial';left:57px;top:784px;">$10.5<div style="display:inline-block;width:7px"> </div>million<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>acquire<div style="display:inline-block;width:7px"> </div>investments<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Windward<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>Cohen;<div style="display:inline-block;width:7px"> </div>$1.0<div style="display:inline-block;width:8px"> </div>million<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>divested<div style="display:inline-block;width:7px"> </div>from </div><div id="a46575" style="position:absolute;font-family:'Arial';left:57px;top:801px;">deconsolidation of Bergen<div style="display:inline-block;width:2px"> </div>Ultra; decreased<div style="display:inline-block;width:3px"> </div>investment by $6.5<div style="display:inline-block;width:2px"> </div>million in time<div style="display:inline-block;width:2px"> </div>deposits with<div style="display:inline-block;width:3px"> </div>maturity above </div><div id="a46576" style="position:absolute;font-family:'Arial';left:57px;top:818px;">three<div style="display:inline-block;width:6px"> </div>months;$25.2 million<div style="display:inline-block;width:7px"> </div>proceeds<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>convertible<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>limited<div style="display:inline-block;width:6px"> </div>partnership;<div style="display:inline-block;width:5px"> </div>$0.2<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>to </div><div id="a46578" style="position:absolute;font-family:'Arial';left:57px;top:835px;">acquire other assets; and $2.0 million relating to the acquisition<div style="display:inline-block;width:3px"> </div>of equipment. </div><div id="a46581" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:869px;">Net Cash Provided by Financing Activities </div><div id="a46585" style="position:absolute;font-family:'Arial';left:57px;top:902px;">Net cash used in financing activities was $21.7<div style="display:inline-block;width:2px"> </div>million for 2024, which consists of $117.2 million proceeds </div><div id="a46586" style="position:absolute;font-family:'Arial';left:57px;top:919px;">from issuance of<div style="display:inline-block;width:2px"> </div>long term<div style="display:inline-block;width:3px"> </div>debt; $123.0<div style="display:inline-block;width:3px"> </div>million of indebtedness<div style="display:inline-block;width:2px"> </div>and finance<div style="display:inline-block;width:3px"> </div>liabilities that we<div style="display:inline-block;width:2px"> </div>repaid; $24.2 </div><div id="a46591" style="position:absolute;font-family:'Arial';left:57px;top:936px;">million proceeds from issuance of common stock; $5.8 million and $29.0 million<div style="display:inline-block;width:3px"> </div>of cash dividends paid on </div></div>
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<div id="a46598" style="position:absolute;font-family:'Arial';left:390px;top:992px;">78 </div><div id="a46600" style="position:absolute;font-family:'Arial';left:57px;top:76px;">our preferred and<div style="display:inline-block;width:2px"> </div>common stock,<div style="display:inline-block;width:3px"> </div>respectively; and<div style="display:inline-block;width:3px"> </div>$5.3 million<div style="display:inline-block;width:3px"> </div>of finance<div style="display:inline-block;width:3px"> </div>costs paid in<div style="display:inline-block;width:2px"> </div>relation to new<div style="display:inline-block;width:2px"> </div>loan </div><div id="a46601" style="position:absolute;font-family:'Arial';left:57px;top:93px;">agreements. </div><div id="a46604" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Net cash used in<div style="display:inline-block;width:6px"> </div>financing activities was $71.1 million for<div style="display:inline-block;width:6px"> </div>2023, which consists of $57.7<div style="display:inline-block;width:5px"> </div>million proceeds </div><div id="a46611" style="position:absolute;font-family:'Arial';left:57px;top:143px;">from issuance of long term debt and finance liabilities; $79.8 million of indebtedness and finance liabilities </div><div id="a46612" style="position:absolute;font-family:'Arial';left:57px;top:160px;">that we repaid; $5.8 million and $41.4 million of<div style="display:inline-block;width:6px"> </div>cash dividends paid on our preferred and common stock, </div><div id="a46618" style="position:absolute;font-family:'Arial';left:57px;top:177px;">respectively; and $1.8 million of finance costs paid in relation<div style="display:inline-block;width:3px"> </div>to new loan agreements. </div><div id="a46621" style="position:absolute;font-family:'Arial';left:57px;top:211px;">For a detailed<div style="display:inline-block;width:2px"> </div>discussion of<div style="display:inline-block;width:3px"> </div>cash flows<div style="display:inline-block;width:2px"> </div>for the<div style="display:inline-block;width:3px"> </div>year ended<div style="display:inline-block;width:3px"> </div>December 31,<div style="display:inline-block;width:3px"> </div>2023<div style="display:inline-block;width:3px"> </div>compared to<div style="display:inline-block;width:3px"> </div>the year<div style="display:inline-block;width:2px"> </div>ended </div><div id="a46625" style="position:absolute;font-family:'Arial';left:57px;top:228px;">December 31, 2022<div style="display:inline-block;width:4px"> </div>please see “Item 5. Operating and Financial Review and Prospects - B. Liquidity and </div><div id="a46632" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Capital Resources” included in our 2023 Annual Report filed on Form 20-F<div style="display:inline-block;width:3px"> </div>with the SEC on April 5, 2024. </div><div id="a46646" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:278px;">Commitments for Capital Expenditures </div><div id="a46650" style="position:absolute;font-family:'Arial';left:57px;top:312px;">In January 2025, we paid $22.9 million for the purchase of 11,442,645 shares of common stock, pursuant </div><div id="a46655" style="position:absolute;font-family:'Arial';left:57px;top:329px;">to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>tender<div style="display:inline-block;width:6px"> </div>offer<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>commenced<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>2,<div style="display:inline-block;width:6px"> </div>2024.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>annual<div style="display:inline-block;width:6px"> </div>report,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>have </div><div id="a46661" style="position:absolute;font-family:'Arial';left:57px;top:346px;">commitments<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>$73.6<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>construction<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:7px"> </div>81,200<div style="display:inline-block;width:6px"> </div>dwt<div style="display:inline-block;width:6px"> </div>methanol<div style="display:inline-block;width:6px"> </div>dual<div style="display:inline-block;width:7px"> </div>fuel<div style="display:inline-block;width:7px"> </div>new-building </div><div id="a46665" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Kamsarmax dry bulk vessels,<div style="display:inline-block;width:5px"> </div>expected to be delivered in the third quarter of<div style="display:inline-block;width:6px"> </div>2027 and the first quarter of </div><div id="a46671" style="position:absolute;font-family:'Arial';left:57px;top:379px;">2028. In February<div style="display:inline-block;width:3px"> </div>and March 2025,<div style="display:inline-block;width:2px"> </div>we paid €7.6<div style="display:inline-block;width:2px"> </div>million, or $8.0<div style="display:inline-block;width:3px"> </div>million, under our<div style="display:inline-block;width:2px"> </div>€50 million commitment </div><div id="a46677" style="position:absolute;font-family:'Arial';left:57px;top:396px;">to Windward<div style="display:inline-block;width:2px"> </div>for the<div style="display:inline-block;width:2px"> </div>construction of<div style="display:inline-block;width:2px"> </div>four CSOVs<div style="display:inline-block;width:2px"> </div>with deliveries<div style="display:inline-block;width:2px"> </div>scheduled to<div style="display:inline-block;width:2px"> </div>occur between<div style="display:inline-block;width:2px"> </div>the third<div style="display:inline-block;width:2px"> </div>quarter </div><div id="a46679" style="position:absolute;font-family:'Arial';left:57px;top:413px;">of<div style="display:inline-block;width:6px"> </div>2025<div style="display:inline-block;width:5px"> </div>and the<div style="display:inline-block;width:7px"> </div>fourth<div style="display:inline-block;width:6px"> </div>quarter of<div style="display:inline-block;width:7px"> </div>2026,<div style="display:inline-block;width:5px"> </div>thus<div style="display:inline-block;width:5px"> </div>reducing our<div style="display:inline-block;width:7px"> </div>remaining commitment<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:7px"> </div>date of<div style="display:inline-block;width:7px"> </div>this </div><div id="a46683" style="position:absolute;font-family:'Arial';left:57px;top:430px;">report<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>€7.6<div style="display:inline-block;width:7px"> </div>million,<div style="display:inline-block;width:7px"> </div>expected<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>following<div style="display:inline-block;width:7px"> </div>months.<div style="display:inline-block;width:7px"> </div>We<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>expect<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>incur<div style="display:inline-block;width:7px"> </div>capital </div><div id="a46698" style="position:absolute;font-family:'Arial';left:57px;top:447px;">expenditures for vessel efficiency upgrades amounting to $3.0 million,<div style="display:inline-block;width:4px"> </div>scheduled to take place until 2027. </div><div id="a46722" style="position:absolute;font-family:'Arial';left:57px;top:464px;">We also incur capital expenditures when our vessels undergo surveys. This<div style="display:inline-block;width:3px"> </div>process of recertification may </div><div id="a46752" style="position:absolute;font-family:'Arial';left:57px;top:481px;">require us to<div style="display:inline-block;width:6px"> </div>reposition these vessels<div style="display:inline-block;width:6px"> </div>from a discharging<div style="display:inline-block;width:6px"> </div>port to<div style="display:inline-block;width:5px"> </div>shipyard facilities, which<div style="display:inline-block;width:6px"> </div>will reduce our </div><div id="a46786" style="position:absolute;font-family:'Arial';left:57px;top:498px;">operating days during<div style="display:inline-block;width:2px"> </div>the period. We may<div style="display:inline-block;width:2px"> </div>also incur capital<div style="display:inline-block;width:2px"> </div>expenditures for vessel<div style="display:inline-block;width:2px"> </div>improvements to<div style="display:inline-block;width:3px"> </div>meet </div><div id="a46818" style="position:absolute;font-family:'Arial';left:57px;top:514px;">new regulations.<div style="display:inline-block;width:3px"> </div>In the<div style="display:inline-block;width:3px"> </div>next twelve<div style="display:inline-block;width:3px"> </div>months, we<div style="display:inline-block;width:2px"> </div>will require<div style="display:inline-block;width:3px"> </div>capital to<div style="display:inline-block;width:3px"> </div>fund ongoing<div style="display:inline-block;width:2px"> </div>operations, debt<div style="display:inline-block;width:3px"> </div>service, </div><div id="a46853" style="position:absolute;font-family:'Arial';left:57px;top:531px;">the payment of our preferred dividends and the payment of our bareboat<div style="display:inline-block;width:3px"> </div>charters.<div style="display:inline-block;width:4px"> </div></div><div id="a46883" style="position:absolute;font-family:'Arial';left:57px;top:565px;">We expect<div style="display:inline-block;width:6px"> </div>to finance<div style="display:inline-block;width:6px"> </div>part of<div style="display:inline-block;width:5px"> </div>the construction<div style="display:inline-block;width:6px"> </div>cost of<div style="display:inline-block;width:6px"> </div>our methanol<div style="display:inline-block;width:5px"> </div>vessels on<div style="display:inline-block;width:5px"> </div>order with<div style="display:inline-block;width:6px"> </div>new bank<div style="display:inline-block;width:5px"> </div>debt </div><div id="a46921" style="position:absolute;font-family:'Arial';left:57px;top:582px;">and our remaining<div style="display:inline-block;width:2px"> </div>capital expenditures<div style="display:inline-block;width:3px"> </div>from cash from<div style="display:inline-block;width:2px"> </div>operations and cash<div style="display:inline-block;width:2px"> </div>at banks. As<div style="display:inline-block;width:3px"> </div>of the date<div style="display:inline-block;width:2px"> </div>of this </div><div id="a46961" style="position:absolute;font-family:'Arial';left:57px;top:599px;">annual report, we have contracted revenues covering around 70% of our ownership days in<div style="display:inline-block;width:5px"> </div>2025, in time </div><div id="a46999" style="position:absolute;font-family:'Arial';left:57px;top:616px;">charter agreements having<div style="display:inline-block;width:3px"> </div>an average time<div style="display:inline-block;width:3px"> </div>charter rate on<div style="display:inline-block;width:3px"> </div>or around our<div style="display:inline-block;width:3px"> </div>break-even rate as<div style="display:inline-block;width:3px"> </div>of December </div><div id="a47035" style="position:absolute;font-family:'Arial';left:57px;top:632px;">31, 2024,<div style="display:inline-block;width:6px"> </div>and we<div style="display:inline-block;width:6px"> </div>have fixed<div style="display:inline-block;width:6px"> </div>around 10%<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>ownerships days<div style="display:inline-block;width:6px"> </div>in 2026.<div style="display:inline-block;width:6px"> </div>Our revenues<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>unfixed </div><div id="a47079" style="position:absolute;font-family:'Arial';left:57px;top:649px;">days in 2025 and 2026 will be affected by the developments in the dry bulk market and we cannot assure </div><div id="a47119" style="position:absolute;font-family:'Arial';left:57px;top:666px;">you that we will be able to successfully renew existing charters at rates sufficient to allow us to meet all of </div><div id="a47161" style="position:absolute;font-family:'Arial';left:57px;top:683px;">our obligations.<div style="display:inline-block;width:5px"> </div>However, as<div style="display:inline-block;width:6px"> </div>of the date<div style="display:inline-block;width:6px"> </div>of this annual<div style="display:inline-block;width:6px"> </div>report, we believe<div style="display:inline-block;width:5px"> </div>that contracted and<div style="display:inline-block;width:6px"> </div>anticipated </div><div id="a47197" style="position:absolute;font-family:'Arial';left:57px;top:700px;">revenues<div style="display:inline-block;width:8px"> </div>will<div style="display:inline-block;width:8px"> </div>result<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>internally<div style="display:inline-block;width:8px"> </div>generated<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:8px"> </div>flows<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>together<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>available<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>cash </div><div id="a47227" style="position:absolute;font-family:'Arial';left:57px;top:717px;">equivalents<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>deposits<div style="display:inline-block;width:6px"> </div>maturing<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2025,<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>sufficient<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>fund<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>short<div style="display:inline-block;width:6px"> </div>term<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>long-term </div><div id="a47265" style="position:absolute;font-family:'Arial';left:57px;top:734px;">capital requirements. </div><div id="a47271" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:767px;">Debt instruments and guarantees </div><div id="a47277" style="position:absolute;font-family:'Arial';left:57px;top:803px;">As of December<div style="display:inline-block;width:2px"> </div>31, 2024,<div style="display:inline-block;width:3px"> </div>we had $522.6<div style="display:inline-block;width:2px"> </div>million of<div style="display:inline-block;width:3px"> </div>long-term debt<div style="display:inline-block;width:3px"> </div>under the<div style="display:inline-block;width:2px"> </div>agreements described<div style="display:inline-block;width:2px"> </div>below. </div><div id="a47287" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:836px;">Secured Term Loans </div><div id="a47290" style="position:absolute;font-family:'Arial';left:57px;top:870px;">On January 4,<div style="display:inline-block;width:2px"> </div>2017, we<div style="display:inline-block;width:3px"> </div>drew down $57.24<div style="display:inline-block;width:2px"> </div>million, under a<div style="display:inline-block;width:2px"> </div>secured loan<div style="display:inline-block;width:3px"> </div>agreement with<div style="display:inline-block;width:3px"> </div>the Export-Import </div><div id="a47327" style="position:absolute;font-family:'Arial';left:57px;top:887px;">Bank<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>China,<div style="display:inline-block;width:6px"> </div>dated<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>7,<div style="display:inline-block;width:6px"> </div>2016,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>part<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>construction<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of </div><div id="a47358" style="position:absolute;font-family:'Arial';font-style:italic;left:614px;top:887px;">San<div style="display:inline-block;width:6px"> </div>Francisco</div><div id="a47361" style="position:absolute;font-family:'Arial';left:710px;top:887px;"><div style="display:inline-block;width:6px"> </div>and </div><div id="a47364" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:904px;">Newport News</div><div id="a47367" style="position:absolute;font-family:'Arial';left:153px;top:904px;">, both<div style="display:inline-block;width:6px"> </div>delivered on January<div style="display:inline-block;width:6px"> </div>4, 2017. The<div style="display:inline-block;width:6px"> </div>loan is payable<div style="display:inline-block;width:6px"> </div>in equal quarterly<div style="display:inline-block;width:6px"> </div>instalments of </div><div id="a47399" style="position:absolute;font-family:'Arial';left:57px;top:921px;">about $1.0 million each, the last of which is payable by January<div style="display:inline-block;width:3px"> </div>4, 2032. </div></div>
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<div id="a47432" style="position:absolute;font-family:'Arial';left:390px;top:992px;">79 </div><div id="a47434" style="position:absolute;font-family:'Arial';left:57px;top:76px;">On September 30, 2022, we entered into a $200 million loan agreement to finance<div style="display:inline-block;width:3px"> </div>the acquisition price of </div><div id="a47470" style="position:absolute;font-family:'Arial';left:57px;top:93px;">9 Ultramax vessels. The Company drew-down $197.2 million in tranches,<div style="display:inline-block;width:3px"> </div>with each tranche drawn on the </div><div id="a47505" style="position:absolute;font-family:'Arial';left:57px;top:110px;">delivery<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>us.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>prepaid<div style="display:inline-block;width:6px"> </div>$21.9<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>and </div><div id="a47545" style="position:absolute;font-family:'Arial';left:57px;top:126px;">leaseback transaction. On June 20, 2023, we<div style="display:inline-block;width:6px"> </div>entered into a $22.5 million loan agreement with<div style="display:inline-block;width:5px"> </div>Nordea to </div><div id="a47552" style="position:absolute;font-family:'Arial';left:57px;top:143px;">refinance $20.9 million outstanding<div style="display:inline-block;width:6px"> </div>balance of an<div style="display:inline-block;width:6px"> </div>existing loan. On<div style="display:inline-block;width:5px"> </div>July 25, 2024,<div style="display:inline-block;width:6px"> </div>we refinanced the<div style="display:inline-block;width:5px"> </div>two </div><div id="a47569" style="position:absolute;font-family:'Arial';left:57px;top:160px;">agreements with<div style="display:inline-block;width:2px"> </div>Nordea with<div style="display:inline-block;width:2px"> </div>a new<div style="display:inline-block;width:3px"> </div>$167.3 loan<div style="display:inline-block;width:2px"> </div>agreement, drawn<div style="display:inline-block;width:2px"> </div>on July<div style="display:inline-block;width:2px"> </div>25, 2024.<div style="display:inline-block;width:3px"> </div>The loan<div style="display:inline-block;width:2px"> </div>is repayable </div><div id="a47606" style="position:absolute;font-family:'Arial';left:57px;top:177px;">in equal quarterly instalments of $4.5 million and a balloon instalment of $64.8 million payable on July 25, </div><div id="a47642" style="position:absolute;font-family:'Arial';left:57px;top:194px;">2030.<div style="display:inline-block;width:4px"> </div></div><div id="a47646" style="position:absolute;font-family:'Arial';left:57px;top:228px;">On<div style="display:inline-block;width:7px"> </div>April<div style="display:inline-block;width:6px"> </div>12,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>$100<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>term<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>facility<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>Danish<div style="display:inline-block;width:6px"> </div>Ship<div style="display:inline-block;width:6px"> </div>Finance<div style="display:inline-block;width:6px"> </div>A/S<div style="display:inline-block;width:7px"> </div>to </div><div id="a47684" style="position:absolute;font-family:'Arial';left:57px;top:245px;">refinance an<div style="display:inline-block;width:6px"> </div>aggregate of<div style="display:inline-block;width:6px"> </div>$75.2 million<div style="display:inline-block;width:6px"> </div>outstanding balance<div style="display:inline-block;width:6px"> </div>under existing<div style="display:inline-block;width:6px"> </div>loans with<div style="display:inline-block;width:6px"> </div>BNP Paribas<div style="display:inline-block;width:6px"> </div>and </div><div id="a47714" style="position:absolute;font-family:'Arial';left:57px;top:261px;">working capital. On October 18, 2024, we refinanced the outstanding<div style="display:inline-block;width:5px"> </div>balance of the loan with a new loan </div><div id="a47750" style="position:absolute;font-family:'Arial';left:57px;top:278px;">which is<div style="display:inline-block;width:2px"> </div>repayable in<div style="display:inline-block;width:2px"> </div>equal quarterly<div style="display:inline-block;width:3px"> </div>instalments of<div style="display:inline-block;width:2px"> </div>$2.5 million<div style="display:inline-block;width:2px"> </div>each and<div style="display:inline-block;width:2px"> </div>a balloon<div style="display:inline-block;width:2px"> </div>of $14.3<div style="display:inline-block;width:3px"> </div>million payable </div><div id="a47786" style="position:absolute;font-family:'Arial';left:57px;top:295px;">together with the last instalment on April 18, 2031.<div style="display:inline-block;width:3px"> </div></div><div id="a47806" style="position:absolute;font-family:'Arial';left:57px;top:329px;">On June<div style="display:inline-block;width:2px"> </div>26, 2023,<div style="display:inline-block;width:2px"> </div>we entered<div style="display:inline-block;width:2px"> </div>into a<div style="display:inline-block;width:2px"> </div>$100 million<div style="display:inline-block;width:2px"> </div>loan agreement<div style="display:inline-block;width:2px"> </div>with DNB<div style="display:inline-block;width:2px"> </div>Bank ASA,<div style="display:inline-block;width:2px"> </div>or DNB,<div style="display:inline-block;width:2px"> </div>to refinance </div><div id="a47811" style="position:absolute;font-family:'Arial';left:57px;top:346px;">an aggregate<div style="display:inline-block;width:6px"> </div>of $68.7<div style="display:inline-block;width:6px"> </div>million outstanding<div style="display:inline-block;width:6px"> </div>balance under<div style="display:inline-block;width:6px"> </div>existing loans<div style="display:inline-block;width:6px"> </div>with ABN<div style="display:inline-block;width:6px"> </div>AMRO Bank<div style="display:inline-block;width:6px"> </div>N.V,<div style="display:inline-block;width:6px"> </div>and </div><div id="a47818" style="position:absolute;font-family:'Arial';left:57px;top:363px;">for<div style="display:inline-block;width:6px"> </div>working<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>purposes.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>repayable<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equal<div style="display:inline-block;width:6px"> </div>quarterly<div style="display:inline-block;width:6px"> </div>instalments<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$3.8<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>until </div><div id="a47819" style="position:absolute;font-family:'Arial';left:57px;top:379px;">December 27, 2029. Additionally,<div style="display:inline-block;width:6px"> </div>the loan is<div style="display:inline-block;width:6px"> </div>subject to a margin<div style="display:inline-block;width:6px"> </div>reset, according to<div style="display:inline-block;width:5px"> </div>which the borrowers </div><div id="a47820" style="position:absolute;font-family:'Arial';left:57px;top:396px;">and the lenders<div style="display:inline-block;width:6px"> </div>will enter into<div style="display:inline-block;width:6px"> </div>discussions to agree<div style="display:inline-block;width:6px"> </div>on a new<div style="display:inline-block;width:6px"> </div>margin. Unless the<div style="display:inline-block;width:6px"> </div>parties agree on<div style="display:inline-block;width:5px"> </div>a new </div><div id="a47822" style="position:absolute;font-family:'Arial';left:57px;top:413px;">margin, the loan will<div style="display:inline-block;width:3px"> </div>be mandatorily repayable on<div style="display:inline-block;width:3px"> </div>June 27, 2027. As part<div style="display:inline-block;width:2px"> </div>of the loan agreement, on<div style="display:inline-block;width:2px"> </div>July 6, </div><div id="a47823" style="position:absolute;font-family:'Arial';left:57px;top:430px;">2023, we<div style="display:inline-block;width:6px"> </div>entered into<div style="display:inline-block;width:5px"> </div>an interest<div style="display:inline-block;width:6px"> </div>rate swap<div style="display:inline-block;width:5px"> </div>with DNB<div style="display:inline-block;width:6px"> </div>for a<div style="display:inline-block;width:6px"> </div>notional amount<div style="display:inline-block;width:5px"> </div>of $30<div style="display:inline-block;width:5px"> </div>million and<div style="display:inline-block;width:5px"> </div>quarterly </div><div id="a47827" style="position:absolute;font-family:'Arial';left:57px;top:447px;">amortization of<div style="display:inline-block;width:2px"> </div>$1.2 million.<div style="display:inline-block;width:2px"> </div>Under the<div style="display:inline-block;width:2px"> </div>interest rate<div style="display:inline-block;width:2px"> </div>swap, we<div style="display:inline-block;width:2px"> </div>pay a<div style="display:inline-block;width:2px"> </div>fixed rate<div style="display:inline-block;width:2px"> </div>of 4.268%<div style="display:inline-block;width:2px"> </div>and receive<div style="display:inline-block;width:2px"> </div>floating </div><div id="a47831" style="position:absolute;font-family:'Arial';left:57px;top:464px;">under term<div style="display:inline-block;width:6px"> </div>SOFR. The swap<div style="display:inline-block;width:6px"> </div>has a<div style="display:inline-block;width:6px"> </div>termination date<div style="display:inline-block;width:5px"> </div>on December 27,<div style="display:inline-block;width:6px"> </div>2029, and<div style="display:inline-block;width:6px"> </div>a mandatory break<div style="display:inline-block;width:6px"> </div>on </div><div id="a47832" style="position:absolute;font-family:'Arial';left:57px;top:481px;">June 27, 2027, which is the margin reset date of<div style="display:inline-block;width:5px"> </div>the loan, according to which the swap will be terminated </div><div id="a47833" style="position:absolute;font-family:'Arial';left:57px;top:498px;">if the loan is prepaid. As of December 31, 2024, the<div style="display:inline-block;width:3px"> </div>interest rate swap was a liability having a fair value<div style="display:inline-block;width:3px"> </div>of </div><div id="a47836" style="position:absolute;font-family:'Arial';left:57px;top:514px;">$0.2 million. </div><div id="a47843" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>secured<div style="display:inline-block;width:7px"> </div>term<div style="display:inline-block;width:7px"> </div>loans<div style="display:inline-block;width:7px"> </div>outstanding<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:8px"> </div>2024,<div style="display:inline-block;width:7px"> </div>27<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:7px"> </div>fleet<div style="display:inline-block;width:7px"> </div>were </div><div id="a47847" style="position:absolute;font-family:'Arial';left:57px;top:565px;">mortgaged with<div style="display:inline-block;width:2px"> </div>first preferred<div style="display:inline-block;width:2px"> </div>or priority<div style="display:inline-block;width:2px"> </div>ship mortgages.<div style="display:inline-block;width:2px"> </div>Additional securities<div style="display:inline-block;width:2px"> </div>required by<div style="display:inline-block;width:2px"> </div>the banks<div style="display:inline-block;width:2px"> </div>include </div><div id="a47848" style="position:absolute;font-family:'Arial';left:57px;top:582px;">first priority assignment of all earnings, insurances,<div style="display:inline-block;width:3px"> </div>first assignment of time charter contracts with<div style="display:inline-block;width:3px"> </div>duration </div><div id="a47849" style="position:absolute;font-family:'Arial';left:57px;top:599px;">that<div style="display:inline-block;width:7px"> </div>exceeds<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>period,<div style="display:inline-block;width:7px"> </div>pledge<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>borrowers,<div style="display:inline-block;width:7px"> </div>manager’s<div style="display:inline-block;width:7px"> </div>undertaking<div style="display:inline-block;width:7px"> </div>and </div><div id="a47851" style="position:absolute;font-family:'Arial';left:57px;top:616px;">subordination and requisition compensation and either a corporate guarantee by Diana Shipping Inc. (the </div><div id="a47852" style="position:absolute;font-family:'Arial';left:57px;top:632px;">“Guarantor”) or a<div style="display:inline-block;width:2px"> </div>guarantee by<div style="display:inline-block;width:3px"> </div>the ship owning<div style="display:inline-block;width:2px"> </div>companies (where applicable),<div style="display:inline-block;width:2px"> </div>financial covenants,<div style="display:inline-block;width:3px"> </div>as well </div><div id="a47854" style="position:absolute;font-family:'Arial';left:57px;top:649px;">as operating<div style="display:inline-block;width:7px"> </div>account assignments.<div style="display:inline-block;width:6px"> </div>The lenders<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:5px"> </div>also require<div style="display:inline-block;width:6px"> </div>additional security<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:7px"> </div>future in<div style="display:inline-block;width:6px"> </div>the </div><div id="a47855" style="position:absolute;font-family:'Arial';left:57px;top:666px;">event<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:7px"> </div>borrowers<div style="display:inline-block;width:7px"> </div>breach<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>covenants<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>loan<div style="display:inline-block;width:7px"> </div>agreements.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>secured<div style="display:inline-block;width:7px"> </div>term<div style="display:inline-block;width:8px"> </div>loans </div><div id="a47856" style="position:absolute;font-family:'Arial';left:57px;top:683px;">generally<div style="display:inline-block;width:7px"> </div>include<div style="display:inline-block;width:6px"> </div>restrictions<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>ownership<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>additional </div><div id="a47858" style="position:absolute;font-family:'Arial';left:57px;top:700px;">indebtedness, as<div style="display:inline-block;width:2px"> </div>well as<div style="display:inline-block;width:2px"> </div>minimum requirements<div style="display:inline-block;width:2px"> </div>regarding hull<div style="display:inline-block;width:2px"> </div>cover ratio<div style="display:inline-block;width:2px"> </div>and minimum<div style="display:inline-block;width:2px"> </div>liquidity per<div style="display:inline-block;width:2px"> </div>vessel </div><div id="a47859" style="position:absolute;font-family:'Arial';left:57px;top:717px;">owned<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>borrowers,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Guarantor,<div style="display:inline-block;width:7px"> </div>maintained<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>bank<div style="display:inline-block;width:6px"> </div>accounts<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>borrowers,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the </div><div id="a47862" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Guarantor.<div style="display:inline-block;width:5px"> </div>Furthermore, the secured<div style="display:inline-block;width:5px"> </div>term loans contain<div style="display:inline-block;width:6px"> </div>cross default provisions and<div style="display:inline-block;width:6px"> </div>additionally we are </div><div id="a47865" style="position:absolute;font-family:'Arial';left:57px;top:751px;">not permitted to pay any dividends following the occurrence of an event of default. All of our secured term </div><div id="a47870" style="position:absolute;font-family:'Arial';left:57px;top:767px;">loans bear interest in Term SOFR plus a margin. </div><div id="a47877" style="position:absolute;font-family:'Arial';left:57px;top:801px;">As of December 31, 2023 and<div style="display:inline-block;width:6px"> </div>2024, and the date of this<div style="display:inline-block;width:6px"> </div>annual report, we were in compliance with<div style="display:inline-block;width:5px"> </div>all of </div><div id="a47882" style="position:absolute;font-family:'Arial';left:57px;top:818px;">our loan covenants. </div><div id="a47885" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:852px;">Senior Unsecured Bond: </div><div id="a47891" style="position:absolute;font-family:'Arial';left:57px;top:885px;">On June 22, 2021,<div style="display:inline-block;width:6px"> </div>we issued a $125<div style="display:inline-block;width:5px"> </div>million senior unsecured bond maturing<div style="display:inline-block;width:6px"> </div>in June 2026. On<div style="display:inline-block;width:6px"> </div>June 29, </div><div id="a47899" style="position:absolute;font-family:'Arial';left:57px;top:902px;">2023, we repurchased $5.9 million nominal<div style="display:inline-block;width:3px"> </div>value of the bond and recognized<div style="display:inline-block;width:3px"> </div>a loss of $0.2 million and on </div><div id="a47919" style="position:absolute;font-family:'Arial';left:57px;top:919px;">July 2,<div style="display:inline-block;width:6px"> </div>2024 we<div style="display:inline-block;width:6px"> </div>prepaid the<div style="display:inline-block;width:6px"> </div>outstanding balance at<div style="display:inline-block;width:6px"> </div>a price<div style="display:inline-block;width:6px"> </div>equal to<div style="display:inline-block;width:6px"> </div>103.35% of<div style="display:inline-block;width:6px"> </div>nominal value,<div style="display:inline-block;width:6px"> </div>with the </div><div id="a47925" style="position:absolute;font-family:'Arial';left:57px;top:936px;">proceeds from a new<div style="display:inline-block;width:2px"> </div>bond and recognized<div style="display:inline-block;width:3px"> </div>a loss of $3.5<div style="display:inline-block;width:2px"> </div>million. On July 2,<div style="display:inline-block;width:2px"> </div>2024, we issued<div style="display:inline-block;width:2px"> </div>the new bond </div><div id="a47933" style="position:absolute;font-family:'Arial';left:57px;top:953px;">amounting to<div style="display:inline-block;width:6px"> </div>$150 million<div style="display:inline-block;width:6px"> </div>nominal value,<div style="display:inline-block;width:6px"> </div>issued at<div style="display:inline-block;width:6px"> </div>par value,<div style="display:inline-block;width:6px"> </div>and on<div style="display:inline-block;width:6px"> </div>November 8,<div style="display:inline-block;width:6px"> </div>2024, we<div style="display:inline-block;width:6px"> </div>issued an </div></div>
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<div id="a47946" style="position:absolute;font-family:'Arial';left:390px;top:992px;">80 </div><div id="a47948" style="position:absolute;font-family:'Arial';left:57px;top:76px;">additional amount of<div style="display:inline-block;width:6px"> </div>$25 million nominal<div style="display:inline-block;width:6px"> </div>value, at 102.00%<div style="display:inline-block;width:6px"> </div>of par value.<div style="display:inline-block;width:6px"> </div>The new bond<div style="display:inline-block;width:6px"> </div>has a US<div style="display:inline-block;width:6px"> </div>Dollar </div><div id="a47962" style="position:absolute;font-family:'Arial';left:57px;top:93px;">fixed-rate coupon of 8.75% payable<div style="display:inline-block;width:6px"> </div>semi-annually in arrears in January<div style="display:inline-block;width:6px"> </div>and July of each<div style="display:inline-block;width:5px"> </div>year. The<div style="display:inline-block;width:6px"> </div>bond </div><div id="a47967" style="position:absolute;font-family:'Arial';left:57px;top:110px;">is callable in whole<div style="display:inline-block;width:3px"> </div>or in part in July<div style="display:inline-block;width:3px"> </div>2027 at a price equal<div style="display:inline-block;width:2px"> </div>to 103.50% of nominal<div style="display:inline-block;width:3px"> </div>value; in January 2028<div style="display:inline-block;width:2px"> </div>at </div><div id="a47968" style="position:absolute;font-family:'Arial';left:57px;top:126px;">a price<div style="display:inline-block;width:6px"> </div>equal to 102.625%<div style="display:inline-block;width:6px"> </div>of nominal<div style="display:inline-block;width:5px"> </div>value; in<div style="display:inline-block;width:5px"> </div>July 2028<div style="display:inline-block;width:5px"> </div>at a<div style="display:inline-block;width:6px"> </div>price equal to<div style="display:inline-block;width:6px"> </div>101.75% and after<div style="display:inline-block;width:6px"> </div>January </div><div id="a47970" style="position:absolute;font-family:'Arial';left:57px;top:143px;">2029 at<div style="display:inline-block;width:7px"> </div>a price<div style="display:inline-block;width:7px"> </div>equal to<div style="display:inline-block;width:6px"> </div>100.00% of<div style="display:inline-block;width:6px"> </div>nominal value.<div style="display:inline-block;width:6px"> </div>The bond<div style="display:inline-block;width:6px"> </div>ranks ahead<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>subordinated capital<div style="display:inline-block;width:6px"> </div>and </div><div id="a47971" style="position:absolute;font-family:'Arial';left:57px;top:160px;">ranks the<div style="display:inline-block;width:6px"> </div>same with<div style="display:inline-block;width:6px"> </div>all other<div style="display:inline-block;width:6px"> </div>senior unsecured obligations<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company other<div style="display:inline-block;width:5px"> </div>than obligations<div style="display:inline-block;width:5px"> </div>which </div><div id="a47973" style="position:absolute;font-family:'Arial';left:57px;top:177px;">are mandatorily<div style="display:inline-block;width:6px"> </div>preferred by<div style="display:inline-block;width:5px"> </div>law.<div style="display:inline-block;width:6px"> </div>The bond<div style="display:inline-block;width:5px"> </div>includes financial and<div style="display:inline-block;width:6px"> </div>other covenants<div style="display:inline-block;width:5px"> </div>and is<div style="display:inline-block;width:6px"> </div>trading on<div style="display:inline-block;width:6px"> </div>the </div><div id="a47976" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Oslo Stock Exchange under the ticker symbol “DIASH03”.</div><div id="a47979" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:228px;">Finance Liabilities </div><div id="a47982" style="position:absolute;font-family:'Arial';left:57px;top:261px;">On March 29, 2022, we entered into a $50 million sale and leaseback agreement with an unaffiliated third </div><div id="a47988" style="position:absolute;font-family:'Arial';left:57px;top:278px;">party,<div style="display:inline-block;width:6px"> </div>for a<div style="display:inline-block;width:6px"> </div>period of ten<div style="display:inline-block;width:6px"> </div>years, under which<div style="display:inline-block;width:6px"> </div>we pay<div style="display:inline-block;width:6px"> </div>hire, monthly in<div style="display:inline-block;width:6px"> </div>advance and we<div style="display:inline-block;width:6px"> </div>have the option<div style="display:inline-block;width:6px"> </div>to </div><div id="a47994" style="position:absolute;font-family:'Arial';left:57px;top:295px;">repurchase the vessel after the<div style="display:inline-block;width:3px"> </div>end of the third year of<div style="display:inline-block;width:2px"> </div>the charter period, or each<div style="display:inline-block;width:3px"> </div>year thereafter, until the </div><div id="a47995" style="position:absolute;font-family:'Arial';left:57px;top:312px;">termination<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:7px"> </div>lease, at<div style="display:inline-block;width:6px"> </div>specific prices,<div style="display:inline-block;width:7px"> </div>subject to<div style="display:inline-block;width:7px"> </div>irrevocable and<div style="display:inline-block;width:6px"> </div>written notice<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>owner.<div style="display:inline-block;width:6px"> </div>If not </div><div id="a47997" style="position:absolute;font-family:'Arial';left:57px;top:329px;">repurchased earlier, we have the obligation to repurchase the vessel<div style="display:inline-block;width:3px"> </div>for $16.4 million, on the expiration of </div><div id="a48003" style="position:absolute;font-family:'Arial';left:57px;top:346px;">the lease on the tenth year.<div style="display:inline-block;width:4px"> </div></div><div id="a48006" style="position:absolute;font-family:'Arial';left:57px;top:379px;">On August 17, 2022,<div style="display:inline-block;width:6px"> </div>we entered into two<div style="display:inline-block;width:5px"> </div>sale and leaseback agreements with two<div style="display:inline-block;width:6px"> </div>unaffiliated Japanese </div><div id="a48007" style="position:absolute;font-family:'Arial';left:57px;top:396px;">third parties, for<div style="display:inline-block;width:6px"> </div>an aggregate amount<div style="display:inline-block;width:5px"> </div>of $66.4 million,<div style="display:inline-block;width:5px"> </div>for a period<div style="display:inline-block;width:6px"> </div>of eight years,<div style="display:inline-block;width:6px"> </div>each,<div style="display:inline-block;width:4px"> </div>under which we </div><div id="a48018" style="position:absolute;font-family:'Arial';left:57px;top:413px;">pay hire, monthly in advance,<div style="display:inline-block;width:5px"> </div>and we have the option to purchase the vessels at the end of the third year </div><div id="a48022" style="position:absolute;font-family:'Arial';left:57px;top:430px;">of<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>vessel's<div style="display:inline-block;width:6px"> </div>bareboat<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>period,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>thereafter,<div style="display:inline-block;width:7px"> </div>until<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>termination<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>lease,<div style="display:inline-block;width:6px"> </div>at </div><div id="a48023" style="position:absolute;font-family:'Arial';left:57px;top:447px;">specific prices, subject to irrevocable<div style="display:inline-block;width:6px"> </div>and written notice to the<div style="display:inline-block;width:6px"> </div>owner. If<div style="display:inline-block;width:6px"> </div>not repurchased earlier,<div style="display:inline-block;width:6px"> </div>we have </div><div id="a48025" style="position:absolute;font-family:'Arial';left:57px;top:464px;">the<div style="display:inline-block;width:6px"> </div>obligation to<div style="display:inline-block;width:7px"> </div>repurchase the<div style="display:inline-block;width:7px"> </div>vessels for<div style="display:inline-block;width:7px"> </div>$13.0<div style="display:inline-block;width:5px"> </div>million, each,<div style="display:inline-block;width:7px"> </div>on the<div style="display:inline-block;width:7px"> </div>expiration of<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:6px"> </div>lease on<div style="display:inline-block;width:7px"> </div>the </div><div id="a48028" style="position:absolute;font-family:'Arial';left:57px;top:481px;">eighth year. </div><div id="a48031" style="position:absolute;font-family:'Arial';left:57px;top:514px;">On<div style="display:inline-block;width:8px"> </div>December<div style="display:inline-block;width:7px"> </div>6,<div style="display:inline-block;width:8px"> </div>2022,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:8px"> </div>entered<div style="display:inline-block;width:8px"> </div>into<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:8px"> </div>sale<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>leaseback<div style="display:inline-block;width:7px"> </div>agreement<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>$29.9<div style="display:inline-block;width:7px"> </div>million<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:8px"> </div>an </div><div id="a48038" style="position:absolute;font-family:'Arial';left:57px;top:531px;">unaffiliated third party, for<div style="display:inline-block;width:2px"> </div>a period of<div style="display:inline-block;width:2px"> </div>ten years,<div style="display:inline-block;width:3px"> </div>under which<div style="display:inline-block;width:3px"> </div>we pay<div style="display:inline-block;width:3px"> </div>hire, monthly<div style="display:inline-block;width:3px"> </div>in advance,<div style="display:inline-block;width:3px"> </div>and we<div style="display:inline-block;width:3px"> </div>have </div><div id="a48049" style="position:absolute;font-family:'Arial';left:57px;top:548px;">the<div style="display:inline-block;width:6px"> </div>option<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>repurchase<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>after<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>end<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>third<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>period,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>year </div><div id="a48050" style="position:absolute;font-family:'Arial';left:57px;top:565px;">thereafter, until the<div style="display:inline-block;width:6px"> </div>termination of the lease, at specific<div style="display:inline-block;width:6px"> </div>prices, subject to irrevocable and written<div style="display:inline-block;width:6px"> </div>notice to </div><div id="a48051" style="position:absolute;font-family:'Arial';left:57px;top:582px;">the owner.<div style="display:inline-block;width:6px"> </div>If not repurchased earlier,<div style="display:inline-block;width:6px"> </div>we have the obligation to repurchase the<div style="display:inline-block;width:6px"> </div>vessel for $8.1 million, on </div><div id="a48058" style="position:absolute;font-family:'Arial';left:57px;top:599px;">the expiration of the lease on the tenth year. </div><div id="a48061" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:632px;">Guarantees </div><div id="a48064" style="position:absolute;font-family:'Arial';left:57px;top:666px;">On March 30,<div style="display:inline-block;width:6px"> </div>2023, we entered<div style="display:inline-block;width:6px"> </div>into a corporate<div style="display:inline-block;width:6px"> </div>guarantee with Nordea<div style="display:inline-block;width:6px"> </div>under which we<div style="display:inline-block;width:6px"> </div>guaranteed the </div><div id="a48067" style="position:absolute;font-family:'Arial';left:57px;top:683px;">performance by<div style="display:inline-block;width:7px"> </div>Bergen Ultra,<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:6px"> </div>equity method<div style="display:inline-block;width:7px"> </div>investee<div style="display:inline-block;width:6px"> </div>owning one<div style="display:inline-block;width:7px"> </div>dry<div style="display:inline-block;width:5px"> </div>bulk<div style="display:inline-block;width:5px"> </div>carrier,<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>its<div style="display:inline-block;width:6px"> </div>obligations </div><div id="a48071" style="position:absolute;font-family:'Arial';left:57px;top:700px;">under a loan agreement with<div style="display:inline-block;width:6px"> </div>the bank maturing on March<div style="display:inline-block;width:6px"> </div>30, 2028. We consider the<div style="display:inline-block;width:6px"> </div>likelihood of having </div><div id="a48076" style="position:absolute;font-family:'Arial';left:57px;top:717px;">to make any<div style="display:inline-block;width:2px"> </div>payments under<div style="display:inline-block;width:2px"> </div>the guarantee<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:3px"> </div>remote, as<div style="display:inline-block;width:3px"> </div>the loan is<div style="display:inline-block;width:2px"> </div>also secured<div style="display:inline-block;width:3px"> </div>by an<div style="display:inline-block;width:3px"> </div>account pledge </div><div id="a48077" style="position:absolute;font-family:'Arial';left:57px;top:734px;">by<div style="display:inline-block;width:7px"> </div>Bergen,<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>mortgage<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:6px"> </div>priority<div style="display:inline-block;width:6px"> </div>general<div style="display:inline-block;width:6px"> </div>assignment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>earnings, </div><div id="a48079" style="position:absolute;font-family:'Arial';left:57px;top:751px;">insurances and requisition<div style="display:inline-block;width:3px"> </div>compensation of the vessel,<div style="display:inline-block;width:2px"> </div>a charter party assignment,<div style="display:inline-block;width:2px"> </div>a partnership interests </div><div id="a48080" style="position:absolute;font-family:'Arial';left:57px;top:767px;">security<div style="display:inline-block;width:6px"> </div>deed,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>manager’s<div style="display:inline-block;width:6px"> </div>undertaking.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>had<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>outstanding </div><div id="a48085" style="position:absolute;font-family:'Arial';left:57px;top:784px;">balance of $13.5 million.<div style="display:inline-block;width:3px"> </div></div><div id="a48091" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:818px;">C.<div style="display:inline-block;width:32px"> </div>Research and development, patents and licenses </div><div id="a48096" style="position:absolute;font-family:'Arial';left:57px;top:853px;">We<div style="display:inline-block;width:6px"> </div>incur from<div style="display:inline-block;width:6px"> </div>time to<div style="display:inline-block;width:6px"> </div>time expenditures<div style="display:inline-block;width:6px"> </div>relating to<div style="display:inline-block;width:6px"> </div>inspections for<div style="display:inline-block;width:6px"> </div>acquiring new<div style="display:inline-block;width:6px"> </div>vessels that<div style="display:inline-block;width:6px"> </div>meet our </div><div id="a48097" style="position:absolute;font-family:'Arial';left:57px;top:870px;">standards. Such expenditures are insignificant and they are expensed<div style="display:inline-block;width:3px"> </div>as they incur. </div><div id="a48100" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:904px;">D.<div style="display:inline-block;width:32px"> </div>Trend information </div><div id="a48105" style="position:absolute;font-family:'Arial';left:57px;top:939px;">Demand for dry<div style="display:inline-block;width:5px"> </div>bulk vessel services is<div style="display:inline-block;width:5px"> </div>influenced by global financial conditions.<div style="display:inline-block;width:5px"> </div>Global financial markets </div><div id="a48106" style="position:absolute;font-family:'Arial';left:57px;top:956px;">and economic<div style="display:inline-block;width:2px"> </div>conditions have<div style="display:inline-block;width:2px"> </div>been, and<div style="display:inline-block;width:2px"> </div>continue<div style="display:inline-block;width:3px"> </div>to be,<div style="display:inline-block;width:2px"> </div>volatile. Our<div style="display:inline-block;width:2px"> </div>results of<div style="display:inline-block;width:2px"> </div>operations depend<div style="display:inline-block;width:2px"> </div>primarily </div></div>
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<div id="a48109" style="position:absolute;font-family:'Arial';left:390px;top:992px;">81 </div><div id="a48111" style="position:absolute;font-family:'Arial';left:57px;top:76px;">on charter<div style="display:inline-block;width:6px"> </div>hire rates available<div style="display:inline-block;width:6px"> </div>to fix<div style="display:inline-block;width:6px"> </div>our vessels and<div style="display:inline-block;width:6px"> </div>the demand for<div style="display:inline-block;width:6px"> </div>dry bulk vessel<div style="display:inline-block;width:6px"> </div>services. The Baltic </div><div id="a48112" style="position:absolute;font-family:'Arial';left:57px;top:93px;">Dry Index, or the BDI, has long been viewed as the main benchmark to monitor the movements of the dry </div><div id="a48113" style="position:absolute;font-family:'Arial';left:57px;top:110px;">bulk vessel<div style="display:inline-block;width:6px"> </div>charter market<div style="display:inline-block;width:5px"> </div>and the<div style="display:inline-block;width:6px"> </div>performance of the<div style="display:inline-block;width:6px"> </div>entire dry<div style="display:inline-block;width:6px"> </div>bulk shipping market.<div style="display:inline-block;width:6px"> </div>In 2024,<div style="display:inline-block;width:6px"> </div>the BDI </div><div id="a48115" style="position:absolute;font-family:'Arial';left:57px;top:126px;">ranged from a low<div style="display:inline-block;width:3px"> </div>of 976 to a<div style="display:inline-block;width:3px"> </div>high of 2,419 and<div style="display:inline-block;width:2px"> </div>closed at 1,635 on<div style="display:inline-block;width:3px"> </div>March 20, 2025. Although<div style="display:inline-block;width:2px"> </div>there can be </div><div id="a48116" style="position:absolute;font-family:'Arial';left:57px;top:143px;">no assurance that the dry<div style="display:inline-block;width:6px"> </div>bulk charter market will not<div style="display:inline-block;width:6px"> </div>decline further, as<div style="display:inline-block;width:6px"> </div>of the date of<div style="display:inline-block;width:5px"> </div>this annual report, </div><div id="a48119" style="position:absolute;font-family:'Arial';left:57px;top:160px;">we have<div style="display:inline-block;width:2px"> </div>fixed about<div style="display:inline-block;width:2px"> </div>70% of<div style="display:inline-block;width:2px"> </div>our fleet<div style="display:inline-block;width:2px"> </div>ownership days<div style="display:inline-block;width:2px"> </div>in 2025<div style="display:inline-block;width:2px"> </div>in time<div style="display:inline-block;width:2px"> </div>charter agreements<div style="display:inline-block;width:2px"> </div>having an<div style="display:inline-block;width:2px"> </div>average </div><div id="a48123" style="position:absolute;font-family:'Arial';left:57px;top:177px;">time charter rate on or<div style="display:inline-block;width:5px"> </div>around our break-even rate. Nevertheless, our revenues and<div style="display:inline-block;width:6px"> </div>results of operations </div><div id="a48128" style="position:absolute;font-family:'Arial';left:57px;top:194px;">in 2025<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>demand for<div style="display:inline-block;width:6px"> </div>our services,<div style="display:inline-block;width:6px"> </div>the level<div style="display:inline-block;width:6px"> </div>of inflation,<div style="display:inline-block;width:6px"> </div>market disruptions<div style="display:inline-block;width:6px"> </div>and interest </div><div id="a48129" style="position:absolute;font-family:'Arial';left:57px;top:211px;">rates.<div style="display:inline-block;width:6px"> </div>Demand<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:5px"> </div>oceangoing vessels<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>dependent upon<div style="display:inline-block;width:7px"> </div>economic<div style="display:inline-block;width:6px"> </div>growth in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>world’s </div><div id="a48131" style="position:absolute;font-family:'Arial';left:57px;top:228px;">economies, seasonal and regional changes in demand and changes to the capacity of the global dry bulk </div><div id="a48132" style="position:absolute;font-family:'Arial';left:57px;top:245px;">fleet<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>sources<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>supply<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>cargo<div style="display:inline-block;width:6px"> </div>transported<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>sea.<div style="display:inline-block;width:6px"> </div>Continued<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>economic, </div><div id="a48133" style="position:absolute;font-family:'Arial';left:57px;top:261px;">political<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>social<div style="display:inline-block;width:7px"> </div>conditions<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>developments<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:7px"> </div>negatively<div style="display:inline-block;width:7px"> </div>impact<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>rates<div style="display:inline-block;width:7px"> </div>and </div><div id="a48135" style="position:absolute;font-family:'Arial';left:57px;top:278px;">therefore have a material adverse effect on our business and results of operations. </div><div id="a48138" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:312px;">E.<div style="display:inline-block;width:33px"> </div>Critical Accounting Estimates </div><div id="a48143" style="position:absolute;font-family:'Arial';left:57px;top:347px;">The<div style="display:inline-block;width:7px"> </div>discussion<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>analysis<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>condition<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>results<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>operations<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>based<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:7px"> </div>our </div><div id="a48144" style="position:absolute;font-family:'Arial';left:57px;top:364px;">consolidated<div style="display:inline-block;width:8px"> </div>financial<div style="display:inline-block;width:8px"> </div>statements,<div style="display:inline-block;width:8px"> </div>which<div style="display:inline-block;width:8px"> </div>have<div style="display:inline-block;width:8px"> </div>been<div style="display:inline-block;width:8px"> </div>prepared<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>accordance<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>GAAP.<div style="display:inline-block;width:10px"> </div>The </div><div id="a48145" style="position:absolute;font-family:'Arial';left:57px;top:381px;">preparation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>requires<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>make<div style="display:inline-block;width:6px"> </div>estimates<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>judgments<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>the </div><div id="a48147" style="position:absolute;font-family:'Arial';left:57px;top:398px;">reported<div style="display:inline-block;width:5px"> </div>amounts of<div style="display:inline-block;width:7px"> </div>assets<div style="display:inline-block;width:5px"> </div>and liabilities,<div style="display:inline-block;width:7px"> </div>revenues and<div style="display:inline-block;width:6px"> </div>expenses and<div style="display:inline-block;width:7px"> </div>related disclosure<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>contingent </div><div id="a48148" style="position:absolute;font-family:'Arial';left:57px;top:415px;">assets and liabilities at the date of our financial statements. Actual<div style="display:inline-block;width:3px"> </div>results may differ from these estimates </div><div id="a48149" style="position:absolute;font-family:'Arial';left:57px;top:432px;">under different assumptions and conditions. </div><div id="a48153" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:465px;">Impairment of Vessels </div><div id="a48157" style="position:absolute;font-family:'Arial';left:57px;top:499px;">Long-lived assets<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:5px"> </div>reviewed for<div style="display:inline-block;width:7px"> </div>impairment whenever<div style="display:inline-block;width:7px"> </div>events<div style="display:inline-block;width:5px"> </div>or<div style="display:inline-block;width:5px"> </div>changes in<div style="display:inline-block;width:7px"> </div>circumstances (such<div style="display:inline-block;width:7px"> </div>as </div><div id="a48187" style="position:absolute;font-family:'Arial';left:57px;top:516px;">market conditions,<div style="display:inline-block;width:6px"> </div>obsolesce or<div style="display:inline-block;width:6px"> </div>damage to the<div style="display:inline-block;width:6px"> </div>asset, potential sales<div style="display:inline-block;width:6px"> </div>and other<div style="display:inline-block;width:5px"> </div>business plans)<div style="display:inline-block;width:6px"> </div>indicate </div><div id="a48217" style="position:absolute;font-family:'Arial';left:57px;top:533px;">that the<div style="display:inline-block;width:6px"> </div>carrying amount<div style="display:inline-block;width:6px"> </div>of an<div style="display:inline-block;width:6px"> </div>asset may<div style="display:inline-block;width:6px"> </div>not be<div style="display:inline-block;width:6px"> </div>recoverable. When<div style="display:inline-block;width:6px"> </div>impairment indicators<div style="display:inline-block;width:6px"> </div>are identified </div><div id="a48249" style="position:absolute;font-family:'Arial';left:57px;top:550px;">and the estimate<div style="display:inline-block;width:3px"> </div>of undiscounted projected<div style="display:inline-block;width:2px"> </div>net operating cash<div style="display:inline-block;width:2px"> </div>flows, excluding interest<div style="display:inline-block;width:2px"> </div>charges, expected </div><div id="a48277" style="position:absolute;font-family:'Arial';left:57px;top:567px;">to be generated<div style="display:inline-block;width:2px"> </div>by the use<div style="display:inline-block;width:2px"> </div>of an asset<div style="display:inline-block;width:2px"> </div>over its remaining<div style="display:inline-block;width:2px"> </div>useful life and<div style="display:inline-block;width:2px"> </div>its eventual disposition<div style="display:inline-block;width:2px"> </div>is less than </div><div id="a48319" style="position:absolute;font-family:'Arial';left:57px;top:583px;">its carrying<div style="display:inline-block;width:3px"> </div>amount, the<div style="display:inline-block;width:2px"> </div>Company evaluates<div style="display:inline-block;width:2px"> </div>the asset<div style="display:inline-block;width:3px"> </div>for impairment<div style="display:inline-block;width:3px"> </div>loss. Measurement<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>impairment </div><div id="a48349" style="position:absolute;font-family:'Arial';left:57px;top:600px;">loss is based on the fair value of the asset, determined mainly by<div style="display:inline-block;width:3px"> </div>third party valuations.<div style="display:inline-block;width:4px"> </div></div><div id="a48383" style="position:absolute;font-family:'Arial';left:57px;top:634px;">For<div style="display:inline-block;width:5px"> </div>vessels, we<div style="display:inline-block;width:6px"> </div>calculate undiscounted<div style="display:inline-block;width:6px"> </div>projected net<div style="display:inline-block;width:6px"> </div>operating cash<div style="display:inline-block;width:6px"> </div>flows by<div style="display:inline-block;width:7px"> </div>considering the<div style="display:inline-block;width:6px"> </div>historical </div><div id="a48411" style="position:absolute;font-family:'Arial';left:57px;top:651px;">and<div style="display:inline-block;width:6px"> </div>estimated<div style="display:inline-block;width:6px"> </div>vessels’ performance<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>utilization<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>significant<div style="display:inline-block;width:6px"> </div>assumption<div style="display:inline-block;width:6px"> </div>being<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>charter </div><div id="a48437" style="position:absolute;font-family:'Arial';left:57px;top:668px;">rates for<div style="display:inline-block;width:6px"> </div>the unfixed<div style="display:inline-block;width:6px"> </div>days, using<div style="display:inline-block;width:6px"> </div>the most<div style="display:inline-block;width:6px"> </div>recent 10-year<div style="display:inline-block;width:6px"> </div>average of<div style="display:inline-block;width:6px"> </div>historical 1<div style="display:inline-block;width:6px"> </div>year time<div style="display:inline-block;width:6px"> </div>charter rates </div><div id="a48475" style="position:absolute;font-family:'Arial';left:57px;top:685px;">available for<div style="display:inline-block;width:7px"> </div>each type<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>vessel over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>remaining estimated<div style="display:inline-block;width:7px"> </div>life<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>each vessel,<div style="display:inline-block;width:7px"> </div>net<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>commissions. </div><div id="a48509" style="position:absolute;font-family:'Arial';left:57px;top:701px;">Historical<div style="display:inline-block;width:6px"> </div>ten-year<div style="display:inline-block;width:6px"> </div>blended<div style="display:inline-block;width:6px"> </div>average<div style="display:inline-block;width:6px"> </div>one-year<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>line<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>overall </div><div id="a48543" style="position:absolute;font-family:'Arial';left:57px;top:718px;">chartering strategy,<div style="display:inline-block;width:6px"> </div>they reflect the<div style="display:inline-block;width:6px"> </div>full operating history<div style="display:inline-block;width:6px"> </div>of vessels of<div style="display:inline-block;width:6px"> </div>the same type<div style="display:inline-block;width:6px"> </div>and particulars with </div><div id="a48577" style="position:absolute;font-family:'Arial';left:57px;top:735px;">the Company’s<div style="display:inline-block;width:6px"> </div>operating fleet<div style="display:inline-block;width:6px"> </div>and they<div style="display:inline-block;width:5px"> </div>cover at<div style="display:inline-block;width:6px"> </div>least a<div style="display:inline-block;width:6px"> </div>full business<div style="display:inline-block;width:6px"> </div>cycle, where<div style="display:inline-block;width:6px"> </div>applicable. When the </div><div id="a48611" style="position:absolute;font-family:'Arial';left:57px;top:752px;">10-year average of historical 1 year time charter rates is<div style="display:inline-block;width:6px"> </div>not available for a type of vessels, the Company </div><div id="a48651" style="position:absolute;font-family:'Arial';left:57px;top:769px;">uses<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>average<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>historical<div style="display:inline-block;width:6px"> </div>1<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>available<div style="display:inline-block;width:6px"> </div>period.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>historical<div style="display:inline-block;width:6px"> </div>ten-year </div><div id="a48687" style="position:absolute;font-family:'Arial';left:57px;top:786px;">average rate<div style="display:inline-block;width:6px"> </div>used in<div style="display:inline-block;width:6px"> </div>2024 to<div style="display:inline-block;width:6px"> </div>calculate undiscounted<div style="display:inline-block;width:6px"> </div>projected net<div style="display:inline-block;width:6px"> </div>operating cash<div style="display:inline-block;width:6px"> </div>flow was<div style="display:inline-block;width:6px"> </div>$13,053 for </div><div id="a48722" style="position:absolute;font-family:'Arial';left:57px;top:803px;">Panamax,<div style="display:inline-block;width:6px"> </div>Kamsarmax<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Post-Panamax<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>$16,626<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>Ultramax<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$16,315<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our </div><div id="a48757" style="position:absolute;font-family:'Arial';left:57px;top:820px;">Capesize<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Newcastlmax<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>compared<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>$12,775,<div style="display:inline-block;width:6px"> </div>16,608<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$16,115,<div style="display:inline-block;width:7px"> </div>respectively<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>2023. </div><div id="a48791" style="position:absolute;font-family:'Arial';left:57px;top:836px;">Other assumptions<div style="display:inline-block;width:6px"> </div>used in<div style="display:inline-block;width:6px"> </div>developing estimates<div style="display:inline-block;width:6px"> </div>of future<div style="display:inline-block;width:6px"> </div>undiscounted cash<div style="display:inline-block;width:6px"> </div>flow are<div style="display:inline-block;width:6px"> </div>the charter<div style="display:inline-block;width:6px"> </div>rates </div><div id="a48821" style="position:absolute;font-family:'Arial';left:57px;top:853px;">calculated for<div style="display:inline-block;width:6px"> </div>the fixed<div style="display:inline-block;width:6px"> </div>days using<div style="display:inline-block;width:6px"> </div>the fixed<div style="display:inline-block;width:7px"> </div>charter rate<div style="display:inline-block;width:6px"> </div>of each<div style="display:inline-block;width:6px"> </div>vessel from<div style="display:inline-block;width:6px"> </div>existing time<div style="display:inline-block;width:6px"> </div>charters, the </div><div id="a48857" style="position:absolute;font-family:'Arial';left:57px;top:870px;">expected outflows<div style="display:inline-block;width:6px"> </div>for scheduled<div style="display:inline-block;width:6px"> </div>vessels’ maintenance;<div style="display:inline-block;width:6px"> </div>vessel operating<div style="display:inline-block;width:6px"> </div>expenses; fleet<div style="display:inline-block;width:6px"> </div>utilization, and </div><div id="a48881" style="position:absolute;font-family:'Arial';left:57px;top:887px;">the vessels’ residual<div style="display:inline-block;width:2px"> </div>value if sold<div style="display:inline-block;width:2px"> </div>for scrap. Assumptions<div style="display:inline-block;width:2px"> </div>are in line<div style="display:inline-block;width:2px"> </div>with our<div style="display:inline-block;width:3px"> </div>historical performance<div style="display:inline-block;width:3px"> </div>and our </div><div id="a48917" style="position:absolute;font-family:'Arial';left:57px;top:904px;">expectations for future<div style="display:inline-block;width:3px"> </div>fleet utilization under<div style="display:inline-block;width:3px"> </div>our current fleet<div style="display:inline-block;width:3px"> </div>deployment strategy. The difference between </div><div id="a48945" style="position:absolute;font-family:'Arial';left:57px;top:921px;">the carrying amount of a vessel plus unamortized deferred costs and its fair value would be recognized in </div><div id="a48981" style="position:absolute;font-family:'Arial';left:57px;top:938px;">our accounts as impairment loss,<div style="display:inline-block;width:3px"> </div>if the undiscounted cash<div style="display:inline-block;width:3px"> </div>flows were lower compared to carrying<div style="display:inline-block;width:2px"> </div>value of </div><div id="a49016" style="position:absolute;font-family:'Arial';left:57px;top:954px;">that vessel.<div style="display:inline-block;width:4px"> </div>Although no impairment loss<div style="display:inline-block;width:2px"> </div>was identified or recorded<div style="display:inline-block;width:3px"> </div>in 2024, according to<div style="display:inline-block;width:3px"> </div>our assessment, </div></div>
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<div id="a49051" style="position:absolute;font-family:'Arial';left:390px;top:992px;">82 </div><div id="a49053" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the carrying value plus unamortized deferred cost of vessels for which impairment indicators<div style="display:inline-block;width:3px"> </div>existed as of </div><div id="a49085" style="position:absolute;font-family:'Arial';left:57px;top:93px;">December 31, 2024, was $361.4 million. </div><div id="a49099" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Historically,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>values<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>experienced<div style="display:inline-block;width:6px"> </div>volatility,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be </div><div id="a49100" style="position:absolute;font-family:'Arial';left:57px;top:143px;">substantial.<div style="display:inline-block;width:9px"> </div>As a result, the<div style="display:inline-block;width:6px"> </div>charter-free market value of certain<div style="display:inline-block;width:5px"> </div>of our vessels may<div style="display:inline-block;width:5px"> </div>have declined below </div><div id="a49104" style="position:absolute;font-family:'Arial';left:57px;top:160px;">those<div style="display:inline-block;width:8px"> </div>vessels’<div style="display:inline-block;width:8px"> </div>carrying<div style="display:inline-block;width:8px"> </div>value<div style="display:inline-block;width:8px"> </div>plus<div style="display:inline-block;width:8px"> </div>unamortized<div style="display:inline-block;width:8px"> </div>deferred<div style="display:inline-block;width:8px"> </div>cost.<div style="display:inline-block;width:8px"> </div>These<div style="display:inline-block;width:8px"> </div>vessels<div style="display:inline-block;width:8px"> </div>would<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:8px"> </div>impaired<div style="display:inline-block;width:8px"> </div>in </div><div id="a49115" style="position:absolute;font-family:'Arial';left:57px;top:177px;">accordance with the<div style="display:inline-block;width:2px"> </div>related US GAAP<div style="display:inline-block;width:2px"> </div>guidance for impairment<div style="display:inline-block;width:2px"> </div>recognition, if the<div style="display:inline-block;width:2px"> </div>undiscounted cash<div style="display:inline-block;width:3px"> </div>flows </div><div id="a49116" style="position:absolute;font-family:'Arial';left:57px;top:194px;">were lower<div style="display:inline-block;width:6px"> </div>compared to<div style="display:inline-block;width:6px"> </div>their carrying<div style="display:inline-block;width:6px"> </div>value. Based<div style="display:inline-block;width:6px"> </div>on: (i)<div style="display:inline-block;width:6px"> </div>the carrying<div style="display:inline-block;width:6px"> </div>value plus<div style="display:inline-block;width:6px"> </div>unamortized deferred </div><div id="a49124" style="position:absolute;font-family:'Arial';left:57px;top:211px;">cost of<div style="display:inline-block;width:6px"> </div>each of<div style="display:inline-block;width:5px"> </div>our vessels as<div style="display:inline-block;width:6px"> </div>of December 31,<div style="display:inline-block;width:6px"> </div>2024 and<div style="display:inline-block;width:5px"> </div>2023 and (ii)<div style="display:inline-block;width:6px"> </div>what we<div style="display:inline-block;width:6px"> </div>believe the charter-free </div><div id="a49129" style="position:absolute;font-family:'Arial';left:57px;top:228px;">market value of each<div style="display:inline-block;width:3px"> </div>of our vessels was<div style="display:inline-block;width:2px"> </div>as of December 31,<div style="display:inline-block;width:3px"> </div>2024 and 2023, the<div style="display:inline-block;width:2px"> </div>aggregate carrying value </div><div id="a49131" style="position:absolute;font-family:'Arial';left:57px;top:245px;">of 12 and<div style="display:inline-block;width:6px"> </div>12 of the<div style="display:inline-block;width:6px"> </div>vessels in our<div style="display:inline-block;width:6px"> </div>fleet as of<div style="display:inline-block;width:6px"> </div>December 31, 2024<div style="display:inline-block;width:5px"> </div>and 2023, respectively,<div style="display:inline-block;width:7px"> </div>exceeded their </div><div id="a49134" style="position:absolute;font-family:'Arial';left:57px;top:261px;">aggregate charter-free market value<div style="display:inline-block;width:6px"> </div>by approximately $22 million<div style="display:inline-block;width:6px"> </div>and $49 million,<div style="display:inline-block;width:6px"> </div>respectively,<div style="display:inline-block;width:6px"> </div>as noted </div><div id="a49137" style="position:absolute;font-family:'Arial';left:57px;top:278px;">in the table below. This represents the approximate amount<div style="display:inline-block;width:3px"> </div>by which we believe we<div style="display:inline-block;width:3px"> </div>would have to reduce </div><div id="a49142" style="position:absolute;font-family:'Arial';left:57px;top:295px;">our net income if we sold all<div style="display:inline-block;width:3px"> </div>of such vessels at December 31, 2024 and<div style="display:inline-block;width:2px"> </div>2023, on industry standard terms, </div><div id="a49147" style="position:absolute;font-family:'Arial';left:57px;top:312px;">in cash<div style="display:inline-block;width:6px"> </div>transactions, and to<div style="display:inline-block;width:6px"> </div>a willing buyer<div style="display:inline-block;width:6px"> </div>where we were<div style="display:inline-block;width:6px"> </div>not under<div style="display:inline-block;width:5px"> </div>any compulsion to<div style="display:inline-block;width:6px"> </div>sell, and<div style="display:inline-block;width:5px"> </div>where </div><div id="a49148" style="position:absolute;font-family:'Arial';left:57px;top:329px;">the buyer was<div style="display:inline-block;width:6px"> </div>not under any<div style="display:inline-block;width:6px"> </div>compulsion to buy.<div style="display:inline-block;width:6px"> </div>For purposes of<div style="display:inline-block;width:6px"> </div>this calculation, we<div style="display:inline-block;width:6px"> </div>have assumed that </div><div id="a49151" style="position:absolute;font-family:'Arial';left:57px;top:346px;">these<div style="display:inline-block;width:5px"> </div>12 and<div style="display:inline-block;width:7px"> </div>12 vessels<div style="display:inline-block;width:6px"> </div>would be<div style="display:inline-block;width:7px"> </div>sold at<div style="display:inline-block;width:7px"> </div>a price<div style="display:inline-block;width:7px"> </div>that reflects<div style="display:inline-block;width:7px"> </div>our estimate<div style="display:inline-block;width:7px"> </div>of their<div style="display:inline-block;width:7px"> </div>charter-free market </div><div id="a49157" style="position:absolute;font-family:'Arial';left:57px;top:363px;">values as of December 31, 2024 and 2023, respectively. </div></div>
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<div style="position:absolute; width:232px; height:1px; left:508.9px; top:801.7px; background-color:#000000; "> </div>
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<div id="a49164" style="position:absolute;font-family:'Arial';left:390px;top:992px;">83 </div><div id="a49166" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:156px;top:130px;">Vessel </div><div id="a49168" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:335px;top:130px;">Dwt </div><div id="a49170" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:425px;top:130px;">Year Built </div><div id="a49172" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:530px;top:83px;">Carrying Value plus unamortized </div><div id="a49173" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:586px;top:97px;">deferred cost<div style="display:inline-block;width:3px"> </div></div><div id="a49175" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:551px;top:111px;">(in millions of US dollars) </div><div id="a49177" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:552px;top:130px;">2024 </div><div id="a49179" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:669px;top:130px;">2023 </div><div id="a49181" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:146px;">1 </div><div id="a49183" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:146px;">Alcmene </div><div id="a49185" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:146px;">93,193 </div><div id="a49187" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:146px;">2010 </div><div id="a49189" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:146px;"><div style="display:inline-block;width:3px"> </div>10.1 </div><div id="a49193" style="position:absolute;font-family:'Arial';font-size:12px;left:672px;top:146px;"><div style="display:inline-block;width:3px"> </div>9.6 </div><div id="a49197" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:162px;">2 </div><div id="a49199" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:162px;">Amphitrite </div><div id="a49201" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:162px;">98,697 </div><div id="a49203" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:162px;">2012 </div><div id="a49205" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:162px;"><div style="display:inline-block;width:3px"> </div>13.2 </div><div id="a49209" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:162px;"><div style="display:inline-block;width:3px"> </div>14.0 </div><div id="a49213" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:178px;">3 </div><div id="a49215" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:178px;">Artemis </div><div id="a49217" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:178px;">76,942 </div><div id="a49219" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:178px;">2006 </div><div id="a49221" style="position:absolute;font-family:'Arial';font-size:12px;left:562px;top:178px;"><div style="display:inline-block;width:3px"> </div>- </div><div id="a49226" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:178px;"><div style="display:inline-block;width:3px"> </div>11.0 </div><div id="a49230" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:194px;">4 </div><div id="a49232" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:194px;">Astarte </div><div id="a49234" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:194px;">81,513 </div><div id="a49236" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:194px;">2013 </div><div id="a49238" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:194px;"><div style="display:inline-block;width:3px"> </div>17.0 </div><div id="a49242" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:194px;"><div style="display:inline-block;width:3px"> </div>18.0 </div><div id="a49246" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:210px;">5 </div><div id="a49248" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:210px;">Atalandi </div><div id="a49250" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:210px;">77,529 </div><div id="a49252" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:210px;">2014 </div><div id="a49254" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:210px;"><div style="display:inline-block;width:3px"> </div>16.0 </div><div id="a49258" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:210px;"><div style="display:inline-block;width:3px"> </div>15.7 </div><div id="a49262" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:226px;">6 </div><div id="a49264" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:226px;">Crystalia </div><div id="a49266" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:226px;">77,525 </div><div id="a49268" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:226px;">2014 </div><div id="a49270" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:226px;"><div style="display:inline-block;width:3px"> </div>15.7 </div><div id="a49274" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:226px;"><div style="display:inline-block;width:3px"> </div>15.4 </div><div id="a49278" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:242px;">7 </div><div id="a49280" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:242px;">Electra </div><div id="a49282" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:242px;">87,150 </div><div id="a49284" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:242px;">2013 </div><div id="a49286" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:242px;"><div style="display:inline-block;width:3px"> </div>13.4 </div><div id="a49290" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:242px;"><div style="display:inline-block;width:3px"> </div>14.1 </div><div id="a49294" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:258px;">8 </div><div id="a49296" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:258px;">G.P.<div style="display:inline-block;width:5px"> </div>Zafirakis </div><div id="a49298" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:258px;">179,492 </div><div id="a49300" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:258px;">2014 </div><div id="a49302" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:258px;"><div style="display:inline-block;width:3px"> </div>23.8 </div><div id="a49306" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:258px;"><div style="display:inline-block;width:3px"> </div>22.1 </div><div id="a49310" style="position:absolute;font-family:'Arial';font-size:12px;left:93px;top:274px;">9 </div><div id="a49312" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:274px;">Houston </div><div id="a49314" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:274px;">177,729 </div><div id="a49316" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:274px;">2009 </div><div id="a49318" style="position:absolute;font-family:'Arial';font-size:12px;left:562px;top:274px;"><div style="display:inline-block;width:3px"> </div>- </div><div id="a49323" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:274px;"><div style="display:inline-block;width:3px"> </div>18.4 </div><div id="a49327" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:290px;">10 </div><div id="a49329" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:290px;">Ismene </div><div id="a49331" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:290px;">77,901 </div><div id="a49333" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:290px;">2013 </div><div id="a49335" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:290px;"><div style="display:inline-block;width:3px"> </div>11.1 </div><div id="a49339" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:290px;"><div style="display:inline-block;width:3px"> </div>11.7 </div><div id="a49343" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:306px;">11 </div><div id="a49345" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:306px;">Leto </div><div id="a49347" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:306px;">81,297 </div><div id="a49349" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:306px;">2010 </div><div id="a49351" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:306px;"><div style="display:inline-block;width:3px"> </div>12.1 </div><div id="a49355" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:306px;"><div style="display:inline-block;width:3px"> </div>12.9 </div><div id="a49359" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:322px;">12 </div><div id="a49361" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:322px;">Los Angeles </div><div id="a49363" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:322px;">206,104 </div><div id="a49365" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:322px;">2012 </div><div id="a49367" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:322px;"><div style="display:inline-block;width:3px"> </div>22.4 </div><div id="a49371" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:322px;"><div style="display:inline-block;width:3px"> </div>23.5 </div><div id="a49375" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:338px;">13 </div><div id="a49377" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:338px;">Maera </div><div id="a49379" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:338px;">75,403 </div><div id="a49381" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:338px;">2013 </div><div id="a49383" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:338px;"><div style="display:inline-block;width:3px"> </div>11.0 </div><div id="a49387" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:338px;"><div style="display:inline-block;width:3px"> </div>11.7 </div><div id="a49391" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:354px;">14 </div><div id="a49393" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:354px;">Maia </div><div id="a49395" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:354px;">82,193 </div><div id="a49397" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:354px;">2009 </div><div id="a49399" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:354px;"><div style="display:inline-block;width:3px"> </div>12.4 </div><div id="a49403" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:354px;"><div style="display:inline-block;width:3px"> </div>12.4 </div><div id="a49407" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:370px;">15 </div><div id="a49409" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:370px;">Medusa </div><div id="a49411" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:370px;">82,194 </div><div id="a49413" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:370px;">2010 </div><div id="a49415" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:370px;"><div style="display:inline-block;width:3px"> </div>11.8 </div><div id="a49419" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:370px;"><div style="display:inline-block;width:3px"> </div>12.4 </div><div id="a49423" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:386px;">16 </div><div id="a49425" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:386px;">Myrsini </div><div id="a49427" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:386px;">82,117 </div><div id="a49429" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:386px;">2010 </div><div id="a49431" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:386px;"><div style="display:inline-block;width:3px"> </div>13.4 </div><div id="a49435" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:386px;"><div style="display:inline-block;width:3px"> </div>14.2 </div><div id="a49439" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:402px;">17 </div><div id="a49441" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:402px;">Myrto </div><div id="a49443" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:402px;">82,131 </div><div id="a49445" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:402px;">2013 </div><div id="a49447" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:402px;"><div style="display:inline-block;width:3px"> </div>16.8 </div><div id="a49451" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:402px;"><div style="display:inline-block;width:3px"> </div>17.8 </div><div id="a49455" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:418px;">18 </div><div id="a49457" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:418px;">New Orleans </div><div id="a49459" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:418px;">180,960 </div><div id="a49461" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:418px;">2015 </div><div id="a49463" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:418px;"><div style="display:inline-block;width:3px"> </div>30.4 </div><div id="a49467" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:418px;"><div style="display:inline-block;width:3px"> </div>31.6 </div><div id="a49471" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:434px;">19 </div><div id="a49473" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:434px;">New York </div><div id="a49475" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:434px;">177,773 </div><div id="a49477" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:434px;">2010 </div><div id="a49479" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:434px;"><div style="display:inline-block;width:3px"> </div>13.7 </div><div id="a49483" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:434px;"><div style="display:inline-block;width:3px"> </div>14.0 </div><div id="a49487" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:450px;">20 </div><div id="a49489" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:450px;">Newport News </div><div id="a49491" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:450px;">208,021 </div><div id="a49493" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:450px;">2017 </div><div id="a49495" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:450px;"><div style="display:inline-block;width:3px"> </div>38.8 </div><div id="a49499" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:450px;"><div style="display:inline-block;width:3px"> </div>40.5 </div><div id="a49503" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:466px;">21 </div><div id="a49505" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:466px;">P.S.<div style="display:inline-block;width:5px"> </div>Palios </div><div id="a49507" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:466px;">179,134 </div><div id="a49509" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:466px;">2013 </div><div id="a49511" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:466px;"><div style="display:inline-block;width:3px"> </div>33.3 </div><div id="a49513" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:466px;">*</div><div id="a49515" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:466px;"><div style="display:inline-block;width:3px"> </div>35.3 </div><div id="a49517" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:466px;">*</div><div id="a49519" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:482px;">22 </div><div id="a49521" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:482px;">Phaidra </div><div id="a49523" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:482px;">87,146 </div><div id="a49525" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:482px;">2013 </div><div id="a49527" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:482px;"><div style="display:inline-block;width:3px"> </div>12.9 </div><div id="a49531" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:482px;"><div style="display:inline-block;width:3px"> </div>13.5 </div><div id="a49535" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:498px;">23 </div><div id="a49537" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:498px;">Philadelphia </div><div id="a49539" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:498px;">206,040 </div><div id="a49541" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:498px;">2012 </div><div id="a49543" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:498px;"><div style="display:inline-block;width:3px"> </div>23.1 </div><div id="a49547" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:498px;"><div style="display:inline-block;width:3px"> </div>24.2 </div><div id="a49551" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:514px;">24 </div><div id="a49553" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:514px;">Polymnia </div><div id="a49555" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:514px;">98,704 </div><div id="a49557" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:514px;">2012 </div><div id="a49559" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:514px;"><div style="display:inline-block;width:3px"> </div>13.5 </div><div id="a49563" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:514px;"><div style="display:inline-block;width:3px"> </div>14.2 </div><div id="a49567" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:530px;">25 </div><div id="a49569" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:530px;">San Francisco </div><div id="a49571" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:530px;">208,006 </div><div id="a49573" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:530px;">2017 </div><div id="a49575" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:530px;"><div style="display:inline-block;width:3px"> </div>38.9 </div><div id="a49579" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:530px;"><div style="display:inline-block;width:3px"> </div>40.6 </div><div id="a49583" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:546px;">26 </div><div id="a49585" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:546px;">Santa Barbara </div><div id="a49587" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:546px;">179,426 </div><div id="a49589" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:546px;">2015 </div><div id="a49591" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:546px;"><div style="display:inline-block;width:3px"> </div>35.7 </div><div id="a49593" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:546px;">*</div><div id="a49595" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:546px;"><div style="display:inline-block;width:3px"> </div>34.8 </div><div id="a49597" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:546px;">*</div><div id="a49599" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:562px;">27 </div><div id="a49601" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:562px;">Seattle </div><div id="a49603" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:562px;">179,362 </div><div id="a49605" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:562px;">2011 </div><div id="a49607" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:562px;"><div style="display:inline-block;width:3px"> </div>20.2 </div><div id="a49611" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:562px;"><div style="display:inline-block;width:3px"> </div>21.3 </div><div id="a49615" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:578px;">28 </div><div id="a49617" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:578px;">Selina </div><div id="a49619" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:578px;">75,700 </div><div id="a49621" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:578px;">2010 </div><div id="a49623" style="position:absolute;font-family:'Arial';font-size:12px;left:555px;top:578px;"><div style="display:inline-block;width:3px"> </div>8.6 </div><div id="a49627" style="position:absolute;font-family:'Arial';font-size:12px;left:672px;top:578px;"><div style="display:inline-block;width:3px"> </div>9.1 </div><div id="a49631" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:594px;">29 </div><div id="a49633" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:594px;">Semirio </div><div id="a49635" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:594px;">174,261 </div><div id="a49637" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:594px;">2007 </div><div id="a49639" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:594px;"><div style="display:inline-block;width:3px"> </div>14.7 </div><div id="a49643" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:594px;"><div style="display:inline-block;width:3px"> </div>16.1 </div><div id="a49647" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:610px;">30 </div><div id="a49649" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:610px;">LEONIDAS P.C. </div><div id="a49651" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:610px;">82,165 </div><div id="a49653" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:610px;">2011 </div><div id="a49655" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:610px;"><div style="display:inline-block;width:3px"> </div>19.5 </div><div id="a49657" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:610px;">*</div><div id="a49659" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:610px;"><div style="display:inline-block;width:3px"> </div>20.8 </div><div id="a49661" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:610px;">*</div><div id="a49663" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:626px;">31 </div><div id="a49665" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:626px;">Florida </div><div id="a49667" style="position:absolute;font-family:'Arial';font-size:12px;left:325px;top:626px;">182,063 </div><div id="a49669" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:626px;">2022 </div><div id="a49671" style="position:absolute;font-family:'Arial';font-size:12px;left:552px;top:626px;"><div style="display:inline-block;width:3px"> </div>55.0 </div><div id="a49675" style="position:absolute;font-family:'Arial';font-size:12px;left:669px;top:626px;"><div style="display:inline-block;width:3px"> </div>57.0 </div><div id="a49679" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:642px;">32 </div><div id="a49681" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:642px;">DSI Pyxis </div><div id="a49683" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:642px;">60,362 </div><div id="a49685" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:642px;">2018 </div><div id="a49687" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:642px;"><div style="display:inline-block;width:3px"> </div>33.8 </div><div id="a49689" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:642px;">*</div><div id="a49691" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:642px;"><div style="display:inline-block;width:3px"> </div>35.6 </div><div id="a49693" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:642px;">*</div><div id="a49695" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:658px;">33 </div><div id="a49697" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:658px;">DSI Pollux </div><div id="a49699" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:658px;">60,446 </div><div id="a49701" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:658px;">2015 </div><div id="a49703" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:658px;"><div style="display:inline-block;width:3px"> </div>28.4 </div><div id="a49705" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:658px;">*</div><div id="a49707" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:658px;"><div style="display:inline-block;width:3px"> </div>29.9 </div><div id="a49709" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:658px;">*</div><div id="a49711" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:674px;">34 </div><div id="a49713" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:674px;">DSI Phoenix </div><div id="a49716" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:674px;">60,456 </div><div id="a49718" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:674px;">2017 </div><div id="a49720" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:674px;"><div style="display:inline-block;width:3px"> </div>31.1 </div><div id="a49722" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:674px;">*</div><div id="a49724" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:674px;"><div style="display:inline-block;width:3px"> </div>32.7 </div><div id="a49726" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:674px;">*</div><div id="a49728" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:690px;">35 </div><div id="a49730" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:690px;">DSI Polaris </div><div id="a49732" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:690px;">60,404 </div><div id="a49734" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:690px;">2018 </div><div id="a49736" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:690px;"><div style="display:inline-block;width:3px"> </div>34.4 </div><div id="a49738" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:690px;">*</div><div id="a49740" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:690px;"><div style="display:inline-block;width:3px"> </div>36.2 </div><div id="a49742" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:690px;">*</div><div id="a49744" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:706px;">36 </div><div id="a49746" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:706px;">DSI Andromeda </div><div id="a49748" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:706px;">60,309 </div><div id="a49750" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:706px;">2016 </div><div id="a49752" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:706px;"><div style="display:inline-block;width:3px"> </div>30.2 </div><div id="a49754" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:706px;">*</div><div id="a49756" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:706px;"><div style="display:inline-block;width:3px"> </div>31.8 </div><div id="a49758" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:706px;">*</div><div id="a49760" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:722px;">37 </div><div id="a49762" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:722px;">DSI Aquila </div><div id="a49764" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:722px;">60,309 </div><div id="a49766" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:722px;">2015 </div><div id="a49768" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:722px;"><div style="display:inline-block;width:3px"> </div>28.5 </div><div id="a49770" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:722px;">*</div><div id="a49772" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:722px;"><div style="display:inline-block;width:3px"> </div>29.9 </div><div id="a49774" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:722px;">*</div><div id="a49776" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:738px;">38 </div><div id="a49778" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:738px;">DSI Pegasus </div><div id="a49780" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:738px;">60,508 </div><div id="a49782" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:738px;">2015 </div><div id="a49784" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:738px;"><div style="display:inline-block;width:3px"> </div>27.3 </div><div id="a49786" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:738px;">*</div><div id="a49788" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:738px;"><div style="display:inline-block;width:3px"> </div>28.8 </div><div id="a49790" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:738px;">*</div><div id="a49792" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:754px;">39 </div><div id="a49794" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:754px;">DSI Altair </div><div id="a49796" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:754px;">60,309 </div><div id="a49798" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:754px;">2016 </div><div id="a49800" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:754px;"><div style="display:inline-block;width:3px"> </div>29.7 </div><div id="a49802" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:754px;">*</div><div id="a49804" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:754px;"><div style="display:inline-block;width:3px"> </div>31.3 </div><div id="a49806" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:754px;">*</div><div id="a49808" style="position:absolute;font-family:'Arial';font-size:12px;left:87px;top:770px;">40 </div><div id="a49810" style="position:absolute;font-family:'Arial';font-size:12px;left:105px;top:770px;">DSI Aquarius </div><div id="a49812" style="position:absolute;font-family:'Arial';font-size:12px;left:328px;top:770px;">60,309 </div><div id="a49814" style="position:absolute;font-family:'Arial';font-size:12px;left:440px;top:770px;">2016 </div><div id="a49816" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:770px;"><div style="display:inline-block;width:3px"> </div>29.5 </div><div id="a49818" style="position:absolute;font-family:'Arial';font-size:8px;left:579px;top:770px;">*</div><div id="a49820" style="position:absolute;font-family:'Arial';font-size:12px;left:666px;top:770px;"><div style="display:inline-block;width:3px"> </div>31.0 </div><div id="a49822" style="position:absolute;font-family:'Arial';font-size:8px;left:696px;top:770px;">*</div><div id="a49825" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:105px;top:786px;">Total<div style="display:inline-block;width:4px"> </div></div><div id="a49827" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:319px;top:786px;">4,481,283 </div><div id="a49830" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:554px;top:786px;"><div style="display:inline-block;width:3px"> </div>851<div style="display:inline-block;width:3px"> </div></div><div id="a49833" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:671px;top:786px;"><div style="display:inline-block;width:3px"> </div>915<div style="display:inline-block;width:3px"> </div></div><div id="a49837" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:57px;top:820px;">_______________________________ </div><div id="a49839" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:57px;top:835px;">*</div><div id="a49840" style="position:absolute;font-family:'Arial';font-size:13.28px;left:62px;top:835px;">Indicates dry bulk<div style="display:inline-block;width:5px"> </div>vessels for which<div style="display:inline-block;width:5px"> </div>we believe, as<div style="display:inline-block;width:5px"> </div>of December 31,<div style="display:inline-block;width:5px"> </div>2024 and 2023,<div style="display:inline-block;width:5px"> </div>the charter-free<div style="display:inline-block;width:5px"> </div>market value </div><div id="a49843" style="position:absolute;font-family:'Arial';font-size:13.28px;left:66px;top:850px;">was lower than the vessel’s<div style="display:inline-block;width:5px"> </div>carrying value plus unamortized deferred<div style="display:inline-block;width:5px"> </div>cost. We believe that the<div style="display:inline-block;width:5px"> </div>aggregate carrying </div><div id="a49844" style="position:absolute;font-family:'Arial';font-size:13.28px;left:66px;top:866px;">value<div style="display:inline-block;width:6px"> </div>plus<div style="display:inline-block;width:6px"> </div>unamortized<div style="display:inline-block;width:6px"> </div>deferred<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>these<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>exceeded<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>charter-free<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>by </div><div id="a49848" style="position:absolute;font-family:'Arial';font-size:13.28px;left:66px;top:881px;">approximately $22 million and $49 million, respectively.<div style="display:inline-block;width:6px"> </div></div></div>
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<div id="a49853" style="position:absolute;font-family:'Arial';left:390px;top:992px;">84 </div><div id="a49855" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Our<div style="display:inline-block;width:7px"> </div>estimates<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>charter-free<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>assume<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>good<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>seaworthy </div><div id="a49858" style="position:absolute;font-family:'Arial';left:57px;top:93px;">condition without need for repair and if inspected would be certified in class without notations of any kind. </div><div id="a49859" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Our estimates are based on information available from various industry<div style="display:inline-block;width:3px"> </div>sources, including:<div style="display:inline-block;width:4px"> </div></div><div id="a49864" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:149px;">●</div><div id="a49866" style="position:absolute;font-family:'Arial';left:104px;top:143px;">reports<div style="display:inline-block;width:6px"> </div>by industry<div style="display:inline-block;width:7px"> </div>analysts and<div style="display:inline-block;width:6px"> </div>data<div style="display:inline-block;width:5px"> </div>providers that<div style="display:inline-block;width:7px"> </div>focus<div style="display:inline-block;width:5px"> </div>on our<div style="display:inline-block;width:7px"> </div>industry and<div style="display:inline-block;width:7px"> </div>related dynamics </div><div id="a49867" style="position:absolute;font-family:'Arial';left:104px;top:160px;">affecting vessel values;<div style="display:inline-block;width:4px"> </div></div><div id="a49870" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:200px;">●</div><div id="a49872" style="position:absolute;font-family:'Arial';left:104px;top:194px;">news and industry reports of similar vessel sales;<div style="display:inline-block;width:3px"> </div></div><div id="a49875" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:234px;">●</div><div id="a49877" style="position:absolute;font-family:'Arial';left:104px;top:228px;">offers that we may have received from potential purchasers of our vessels; and<div style="display:inline-block;width:3px"> </div></div><div id="a49880" style="position:absolute;font-family:'Arial';font-size:8px;left:81px;top:268px;">●</div><div id="a49882" style="position:absolute;font-family:'Arial';left:104px;top:261px;">vessel<div style="display:inline-block;width:10px"> </div>sale<div style="display:inline-block;width:10px"> </div>prices<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>values<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:10px"> </div>which<div style="display:inline-block;width:10px"> </div>we<div style="display:inline-block;width:10px"> </div>are<div style="display:inline-block;width:10px"> </div>aware<div style="display:inline-block;width:10px"> </div>through<div style="display:inline-block;width:10px"> </div>both<div style="display:inline-block;width:9px"> </div>formal<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>informal </div><div id="a49883" style="position:absolute;font-family:'Arial';left:104px;top:278px;">communications<div style="display:inline-block;width:9px"> </div>with<div style="display:inline-block;width:9px"> </div>shipowners,<div style="display:inline-block;width:9px"> </div>shipbrokers,<div style="display:inline-block;width:9px"> </div>industry<div style="display:inline-block;width:9px"> </div>analysts<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>various<div style="display:inline-block;width:9px"> </div>other<div style="display:inline-block;width:9px"> </div>shipping </div><div id="a49884" style="position:absolute;font-family:'Arial';left:104px;top:295px;">industry participants and observers. </div><div id="a49888" style="position:absolute;font-family:'Arial';left:57px;top:329px;">As<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>obtain information<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:5px"> </div>various industry<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:5px"> </div>sources, our<div style="display:inline-block;width:7px"> </div>estimates<div style="display:inline-block;width:5px"> </div>of charter-free<div style="display:inline-block;width:7px"> </div>market </div><div id="a49891" style="position:absolute;font-family:'Arial';left:57px;top:346px;">value are<div style="display:inline-block;width:6px"> </div>inherently uncertain.<div style="display:inline-block;width:6px"> </div>In addition,<div style="display:inline-block;width:6px"> </div>vessel values<div style="display:inline-block;width:6px"> </div>are highly<div style="display:inline-block;width:6px"> </div>volatile; as<div style="display:inline-block;width:6px"> </div>such, our<div style="display:inline-block;width:6px"> </div>estimates may </div><div id="a49893" style="position:absolute;font-family:'Arial';left:57px;top:363px;">not be<div style="display:inline-block;width:6px"> </div>indicative of the<div style="display:inline-block;width:6px"> </div>current or<div style="display:inline-block;width:5px"> </div>future charter-free market<div style="display:inline-block;width:6px"> </div>value of<div style="display:inline-block;width:6px"> </div>our vessels or<div style="display:inline-block;width:6px"> </div>prices that<div style="display:inline-block;width:6px"> </div>we could </div><div id="a49896" style="position:absolute;font-family:'Arial';left:57px;top:379px;">achieve if we<div style="display:inline-block;width:5px"> </div>were to sell them.<div style="display:inline-block;width:10px"> </div>We also refer<div style="display:inline-block;width:6px"> </div>you to the<div style="display:inline-block;width:5px"> </div>risk factor in “Item<div style="display:inline-block;width:6px"> </div>3. Key Information—D. Risk </div><div id="a49903" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Factors” entitled<div style="display:inline-block;width:6px"> </div>“</div><div id="a49904" style="position:absolute;font-family:'Arial';font-style:italic;left:173px;top:396px;">The market<div style="display:inline-block;width:6px"> </div>values of<div style="display:inline-block;width:6px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>could decline,<div style="display:inline-block;width:6px"> </div>which could<div style="display:inline-block;width:6px"> </div>limit the<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>funds </div><div id="a49905" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:413px;">that we<div style="display:inline-block;width:3px"> </div>can borrow<div style="display:inline-block;width:2px"> </div>and could<div style="display:inline-block;width:2px"> </div>trigger breaches<div style="display:inline-block;width:2px"> </div>of certain<div style="display:inline-block;width:2px"> </div>financial covenants<div style="display:inline-block;width:2px"> </div>contained in<div style="display:inline-block;width:2px"> </div>our loan<div style="display:inline-block;width:2px"> </div>facilities, </div><div id="a49907" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:430px;">which could adversely<div style="display:inline-block;width:5px"> </div>affect our operating results,<div style="display:inline-block;width:6px"> </div>and we may<div style="display:inline-block;width:5px"> </div>incur a loss<div style="display:inline-block;width:6px"> </div>if we sell<div style="display:inline-block;width:5px"> </div>vessels following a </div><div id="a49908" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:447px;">decline<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>their<div style="display:inline-block;width:8px"> </div>market<div style="display:inline-block;width:8px"> </div>values</div><div id="a49909" style="position:absolute;font-family:'Arial';left:264px;top:447px;">”<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>discussion<div style="display:inline-block;width:8px"> </div>under<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>heading<div style="display:inline-block;width:8px"> </div>"Item<div style="display:inline-block;width:8px"> </div>4.<div style="display:inline-block;width:8px"> </div>Information<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>the </div><div id="a49910" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Company—B. Business Overview–Vessel Prices.” </div><div id="a49917" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Our impairment test<div style="display:inline-block;width:3px"> </div>exercise is sensitive<div style="display:inline-block;width:3px"> </div>to variances in<div style="display:inline-block;width:3px"> </div>the time charter<div style="display:inline-block;width:3px"> </div>rates. Our current<div style="display:inline-block;width:3px"> </div>analysis, which </div><div id="a49918" style="position:absolute;font-family:'Arial';left:57px;top:514px;">also<div style="display:inline-block;width:8px"> </div>involved<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>sensitivity<div style="display:inline-block;width:8px"> </div>analysis<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>assigning<div style="display:inline-block;width:7px"> </div>possible<div style="display:inline-block;width:8px"> </div>alternative<div style="display:inline-block;width:7px"> </div>values<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>this<div style="display:inline-block;width:8px"> </div>significant<div style="display:inline-block;width:8px"> </div>input, </div><div id="a49919" style="position:absolute;font-family:'Arial';left:57px;top:531px;">indicated that<div style="display:inline-block;width:7px"> </div>time charter<div style="display:inline-block;width:6px"> </div>rates would<div style="display:inline-block;width:6px"> </div>need to<div style="display:inline-block;width:6px"> </div>be reduced<div style="display:inline-block;width:7px"> </div>by 14%<div style="display:inline-block;width:6px"> </div>to result<div style="display:inline-block;width:7px"> </div>in impairment<div style="display:inline-block;width:7px"> </div>of individual </div><div id="a49923" style="position:absolute;font-family:'Arial';left:57px;top:548px;">long-lived assets<div style="display:inline-block;width:3px"> </div>with indication<div style="display:inline-block;width:2px"> </div>of impairment.<div style="display:inline-block;width:2px"> </div>However, there can<div style="display:inline-block;width:2px"> </div>be no<div style="display:inline-block;width:3px"> </div>assurance as<div style="display:inline-block;width:2px"> </div>to how<div style="display:inline-block;width:3px"> </div>long charter </div><div id="a49931" style="position:absolute;font-family:'Arial';left:57px;top:565px;">rates and vessel values will remain at their current levels.<div style="display:inline-block;width:3px"> </div>If charter rates decrease and remain depressed </div><div id="a49935" style="position:absolute;font-family:'Arial';left:57px;top:582px;">for<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>time,<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>adversely<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>revenue<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>profitability<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>assessments<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>vessel </div><div id="a49940" style="position:absolute;font-family:'Arial';left:57px;top:599px;">impairment. </div><div id="a49943" style="position:absolute;font-family:'Arial';left:57px;top:632px;">A comparison of the average estimated daily time charter equivalent rate used in our impairment analysis </div><div id="a49944" style="position:absolute;font-family:'Arial';left:57px;top:649px;">with the average “break-even rate” for each major class of vessels is presented<div style="display:inline-block;width:3px"> </div>below:<div style="display:inline-block;width:4px"> </div></div><div id="a49950" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:364px;top:683px;">Average estimated daily time </div><div id="a49951" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:367px;top:698px;">charter equivalent rate used </div><div id="a49953" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:590px;top:683px;">Average break-even<div style="display:inline-block;width:5px"> </div></div><div id="a49957" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:641px;top:698px;">rate </div><div id="a49959" style="position:absolute;font-family:'Arial';left:64px;top:716px;">Ultramax </div><div id="a49961" style="position:absolute;font-family:'Arial';left:430px;top:717px;">$16,626 </div><div id="a49966" style="position:absolute;font-family:'Arial';left:627px;top:717px;">$12,513 </div><div id="a49970" style="position:absolute;font-family:'Arial';left:64px;top:734px;">Panamax/Kamsarmax/Post-Panamax </div><div id="a49974" style="position:absolute;font-family:'Arial';left:430px;top:735px;">$13,053 </div><div id="a49979" style="position:absolute;font-family:'Arial';left:572px;top:735px;"><div style="display:inline-block;width:57px"> </div>$9,399 </div><div id="a49983" style="position:absolute;font-family:'Arial';left:64px;top:752px;">Capesize/Newcastlemax </div><div id="a49985" style="position:absolute;font-family:'Arial';left:430px;top:752px;">$16,315 </div><div id="a49990" style="position:absolute;font-family:'Arial';left:627px;top:752px;">$12,018 </div></div>
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<div id="a49998" style="position:absolute;font-family:'Arial';left:390px;top:992px;">85 </div><div id="a50000" style="position:absolute;font-family:'Arial';left:57px;top:76px;">It should be<div style="display:inline-block;width:6px"> </div>noted that as<div style="display:inline-block;width:6px"> </div>of December 31,<div style="display:inline-block;width:6px"> </div>2024, twelve of<div style="display:inline-block;width:6px"> </div>our vessels, having<div style="display:inline-block;width:6px"> </div>indication of impairment, </div><div id="a50006" style="position:absolute;font-family:'Arial';left:57px;top:93px;">would be affected by a<div style="display:inline-block;width:3px"> </div>reduction in time charter<div style="display:inline-block;width:3px"> </div>rates below the average break-even<div style="display:inline-block;width:2px"> </div>rate. Additionally, the </div><div id="a50016" style="position:absolute;font-family:'Arial';left:57px;top:110px;">use of the 1-year,<div style="display:inline-block;width:6px"> </div>3-year and 5-year average blended rates<div style="display:inline-block;width:6px"> </div>would not have any effect<div style="display:inline-block;width:6px"> </div>on the Company’s </div><div id="a50027" style="position:absolute;font-family:'Arial';left:57px;top:126px;">impairment analysis and as such on the Company’s results of operations: </div><div id="a50030" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:119px;top:206px;">Vessel type </div><div id="a50032" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:270px;top:191px;">1-year </div><div id="a50036" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:265px;top:206px;">(period) </div><div id="a50038" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:334px;top:160px;">Impairment </div><div id="a50039" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:348px;top:175px;">charge </div><div id="a50041" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:346px;top:191px;">(in USD </div><div id="a50042" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:346px;top:206px;">million) </div><div id="a50044" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:429px;top:191px;">3-year </div><div id="a50048" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:424px;top:206px;">(period) </div><div id="a50050" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:491px;top:160px;">Impairment </div><div id="a50051" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:505px;top:175px;">charge </div><div id="a50053" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:503px;top:191px;">(in USD </div><div id="a50054" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:503px;top:206px;">million) </div><div id="a50056" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:596px;top:191px;">5-year </div><div id="a50060" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:591px;top:206px;">(period) </div><div id="a50062" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:668px;top:160px;">Impairment </div><div id="a50063" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:682px;top:175px;">charge </div><div id="a50065" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:680px;top:191px;">(in USD </div><div id="a50066" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:680px;top:206px;">million) </div><div id="a50068" style="position:absolute;font-family:'Arial';left:64px;top:233px;">Ultramax</div><div id="a50070" style="position:absolute;font-family:'Arial';left:263px;top:233px;">$16,737 </div><div id="a50075" style="position:absolute;font-family:'Arial';left:368px;top:233px;">- </div><div id="a50077" style="position:absolute;font-family:'Arial';left:422px;top:233px;">$18,297</div><div id="a50082" style="position:absolute;font-family:'Arial';left:524px;top:233px;">-</div><div id="a50084" style="position:absolute;font-family:'Arial';left:590px;top:233px;">$18,081</div><div id="a50089" style="position:absolute;font-family:'Arial';left:702px;top:233px;">-</div><div id="a50091" style="position:absolute;font-family:'Arial';left:64px;top:250px;">Panamax/Kamsarmax/Post-</div><div id="a50093" style="position:absolute;font-family:'Arial';left:64px;top:267px;">Panamax </div><div id="a50095" style="position:absolute;font-family:'Arial';left:263px;top:267px;">$14,813 </div><div id="a50100" style="position:absolute;font-family:'Arial';left:368px;top:267px;">- </div><div id="a50102" style="position:absolute;font-family:'Arial';left:422px;top:267px;">$16,245 </div><div id="a50107" style="position:absolute;font-family:'Arial';left:524px;top:267px;">- </div><div id="a50109" style="position:absolute;font-family:'Arial';left:590px;top:267px;">$16,239 </div><div id="a50114" style="position:absolute;font-family:'Arial';left:702px;top:267px;">- </div><div id="a50116" style="position:absolute;font-family:'Arial';left:64px;top:285px;">Capesize/Newcastlemax </div><div id="a50118" style="position:absolute;font-family:'Arial';left:263px;top:285px;">$23,750 </div><div id="a50123" style="position:absolute;font-family:'Arial';left:368px;top:285px;">- </div><div id="a50125" style="position:absolute;font-family:'Arial';left:422px;top:285px;">$19,637 </div><div id="a50130" style="position:absolute;font-family:'Arial';left:524px;top:285px;">- </div><div id="a50132" style="position:absolute;font-family:'Arial';left:590px;top:285px;">$19,451 </div><div id="a50137" style="position:absolute;font-family:'Arial';left:702px;top:285px;">- </div><div id="a50140" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:318px;">Item 6.<div style="display:inline-block;width:37px"> </div>Directors, Senior Management and Employees </div><div id="a50144" style="position:absolute;font-family:'Arial';left:57px;top:340px;"> </div><div id="a50145" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:105px;top:357px;">A.<div style="display:inline-block;width:32px"> </div>Directors and Senior Management </div><div id="a50156" style="position:absolute;font-family:'Arial';left:57px;top:392px;">Set forth<div style="display:inline-block;width:6px"> </div>below are<div style="display:inline-block;width:6px"> </div>the names,<div style="display:inline-block;width:6px"> </div>ages and<div style="display:inline-block;width:6px"> </div>positions of<div style="display:inline-block;width:6px"> </div>our directors<div style="display:inline-block;width:6px"> </div>and executive<div style="display:inline-block;width:6px"> </div>officers. Our<div style="display:inline-block;width:6px"> </div>Board of </div><div id="a50192" style="position:absolute;font-family:'Arial';left:57px;top:409px;">Directors<div style="display:inline-block;width:6px"> </div>consists<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>eleven<div style="display:inline-block;width:5px"> </div>members<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>elected<div style="display:inline-block;width:5px"> </div>annually<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>staggered basis,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>director </div><div id="a50224" style="position:absolute;font-family:'Arial';left:57px;top:426px;">elected holds office for<div style="display:inline-block;width:2px"> </div>a three-year term<div style="display:inline-block;width:3px"> </div>and until his<div style="display:inline-block;width:3px"> </div>or her successor<div style="display:inline-block;width:3px"> </div>is elected and<div style="display:inline-block;width:3px"> </div>has qualified, except </div><div id="a50264" style="position:absolute;font-family:'Arial';left:57px;top:443px;">in the<div style="display:inline-block;width:6px"> </div>event of<div style="display:inline-block;width:6px"> </div>such director’s<div style="display:inline-block;width:6px"> </div>death, resignation,<div style="display:inline-block;width:5px"> </div>removal or<div style="display:inline-block;width:6px"> </div>the earlier<div style="display:inline-block;width:6px"> </div>termination of<div style="display:inline-block;width:6px"> </div>his or<div style="display:inline-block;width:6px"> </div>her term<div style="display:inline-block;width:6px"> </div>of </div><div id="a50302" style="position:absolute;font-family:'Arial';left:57px;top:459px;">office. Officers are<div style="display:inline-block;width:6px"> </div>appointed from time to time by<div style="display:inline-block;width:6px"> </div>our board of directors and<div style="display:inline-block;width:6px"> </div>hold office until a<div style="display:inline-block;width:6px"> </div>successor </div><div id="a50340" style="position:absolute;font-family:'Arial';left:57px;top:476px;">is appointed or their employment is terminated. </div><div id="a50355" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:510px;">Name </div><div id="a50357" style="position:absolute;font-family:'Arial';font-weight:bold;left:322px;top:510px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50359" style="position:absolute;font-family:'Arial';font-weight:bold;left:339px;top:510px;">Age </div><div id="a50361" style="position:absolute;font-family:'Arial';font-weight:bold;left:380px;top:510px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50363" style="position:absolute;font-family:'Arial';font-weight:bold;left:536px;top:510px;">Position </div><div id="a50365" style="position:absolute;font-family:'Arial';left:57px;top:530px;">Semiramis Paliou </div><div id="a50367" style="position:absolute;font-family:'Arial';left:314px;top:530px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50369" style="position:absolute;font-family:'Arial';left:345px;top:530px;">50 </div><div id="a50371" style="position:absolute;font-family:'Arial';left:371px;top:530px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50373" style="position:absolute;font-family:'Arial';left:393px;top:530px;">Class III Director and Chief Executive Officer<div style="display:inline-block;width:3px"> </div></div><div id="a50379" style="position:absolute;font-family:'Arial';left:57px;top:549px;">Simeon Palios </div><div id="a50381" style="position:absolute;font-family:'Arial';left:314px;top:549px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50383" style="position:absolute;font-family:'Arial';left:345px;top:549px;">83 </div><div id="a50386" style="position:absolute;font-family:'Arial';left:371px;top:549px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50388" style="position:absolute;font-family:'Arial';left:393px;top:549px;">Class I Director and Chairman </div><div id="a50390" style="position:absolute;font-family:'Arial';left:57px;top:568px;">Anastasios Margaronis </div><div id="a50392" style="position:absolute;font-family:'Arial';left:314px;top:568px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50394" style="position:absolute;font-family:'Arial';left:345px;top:568px;">69 </div><div id="a50397" style="position:absolute;font-family:'Arial';left:371px;top:568px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50399" style="position:absolute;font-family:'Arial';left:393px;top:568px;">Class I Director and President </div><div id="a50401" style="position:absolute;font-family:'Arial';left:57px;top:588px;">Ioannis Zafirakis </div><div id="a50403" style="position:absolute;font-family:'Arial';left:314px;top:588px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50405" style="position:absolute;font-family:'Arial';left:345px;top:588px;">53 </div><div id="a50408" style="position:absolute;font-family:'Arial';left:371px;top:588px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50410" style="position:absolute;font-family:'Arial';left:393px;top:588px;">Class I Director, Co-Chief Financial Officer, Chief </div><div id="a50414" style="position:absolute;font-family:'Arial';left:393px;top:607px;">Strategy Officer, Treasurer and Secretary </div><div id="a50416" style="position:absolute;font-family:'Arial';left:57px;top:627px;">Konstantinos Psaltis </div><div id="a50418" style="position:absolute;font-family:'Arial';left:314px;top:627px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50420" style="position:absolute;font-family:'Arial';left:345px;top:627px;">86 </div><div id="a50423" style="position:absolute;font-family:'Arial';left:371px;top:627px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50425" style="position:absolute;font-family:'Arial';left:393px;top:627px;">Class II Director </div><div id="a50427" style="position:absolute;font-family:'Arial';left:57px;top:646px;">Kyriacos Riris </div><div id="a50429" style="position:absolute;font-family:'Arial';left:314px;top:646px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50431" style="position:absolute;font-family:'Arial';left:345px;top:646px;">75 </div><div id="a50434" style="position:absolute;font-family:'Arial';left:371px;top:646px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50436" style="position:absolute;font-family:'Arial';left:393px;top:646px;">Class II Director </div><div id="a50438" style="position:absolute;font-family:'Arial';left:57px;top:665px;">Apostolos Kontoyannis </div><div id="a50440" style="position:absolute;font-family:'Arial';left:314px;top:665px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50442" style="position:absolute;font-family:'Arial';left:345px;top:665px;">76 </div><div id="a50445" style="position:absolute;font-family:'Arial';left:371px;top:665px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50447" style="position:absolute;font-family:'Arial';left:393px;top:665px;">Class III Director </div><div id="a50449" style="position:absolute;font-family:'Arial';left:57px;top:685px;">Konstantinos Fotiadis<div style="display:inline-block;width:3px"> </div></div><div id="a50452" style="position:absolute;font-family:'Arial';left:314px;top:685px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50454" style="position:absolute;font-family:'Arial';left:345px;top:685px;">74 </div><div id="a50457" style="position:absolute;font-family:'Arial';left:371px;top:685px;"><div style="display:inline-block;width:4px"> </div></div><div id="a50459" style="position:absolute;font-family:'Arial';left:393px;top:685px;">Class III Director </div><div id="a50461" style="position:absolute;font-family:'Arial';left:57px;top:704px;">Eleftherios Papatrifon<div style="display:inline-block;width:4px"> </div></div><div id="a50464" style="position:absolute;font-family:'Arial';left:345px;top:704px;">54 </div><div id="a50468" style="position:absolute;font-family:'Arial';left:393px;top:704px;">Class II Director </div><div id="a50470" style="position:absolute;font-family:'Arial';left:57px;top:723px;">Simon Frank Peter Morecroft </div><div id="a50473" style="position:absolute;font-family:'Arial';left:345px;top:723px;">65 </div><div id="a50477" style="position:absolute;font-family:'Arial';left:393px;top:723px;">Class II Director </div><div id="a50480" style="position:absolute;font-family:'Arial';left:57px;top:743px;">Jane Sih Ho Chao </div><div id="a50483" style="position:absolute;font-family:'Arial';left:345px;top:743px;">48 </div><div id="a50487" style="position:absolute;font-family:'Arial';left:393px;top:743px;">Class I Director </div><div id="a50489" style="position:absolute;font-family:'Arial';left:57px;top:762px;">Maria Dede </div><div id="a50492" style="position:absolute;font-family:'Arial';left:345px;top:762px;">52 </div><div id="a50496" style="position:absolute;font-family:'Arial';left:393px;top:762px;">Co-Chief Financial Officer </div><div id="a50502" style="position:absolute;font-family:'Arial';left:57px;top:782px;">Margarita Veniou </div><div id="a50505" style="position:absolute;font-family:'Arial';left:345px;top:782px;">46 </div><div id="a50508" style="position:absolute;font-family:'Arial';left:393px;top:782px;">Chief Corporate Development, Governance & </div><div id="a50509" style="position:absolute;font-family:'Arial';left:393px;top:801px;">Communications Officer </div><div id="a50511" style="position:absolute;font-family:'Arial';left:57px;top:820px;">Maria Christina Tsemani </div><div id="a50514" style="position:absolute;font-family:'Arial';left:345px;top:820px;">46 </div><div id="a50518" style="position:absolute;font-family:'Arial';left:393px;top:820px;">Chief People Officer </div><div id="a50521" style="position:absolute;font-family:'Arial';left:57px;top:857px;">The term of our<div style="display:inline-block;width:3px"> </div>Class I directors expires<div style="display:inline-block;width:2px"> </div>in 2027, the<div style="display:inline-block;width:3px"> </div>term of our Class<div style="display:inline-block;width:2px"> </div>II directors expires in<div style="display:inline-block;width:2px"> </div>2025, and the </div><div id="a50565" style="position:absolute;font-family:'Arial';left:57px;top:874px;">term of our Class III directors expires in 2026.<div style="display:inline-block;width:3px"> </div></div><div id="a50585" style="position:absolute;font-family:'Arial';left:57px;top:907px;">The business address of<div style="display:inline-block;width:6px"> </div>each officer and<div style="display:inline-block;width:6px"> </div>director is the address<div style="display:inline-block;width:6px"> </div>of our principal executive<div style="display:inline-block;width:6px"> </div>offices, which </div><div id="a50619" style="position:absolute;font-family:'Arial';left:57px;top:924px;">are located at Pendelis 16, 175 64 Palaio Faliro, Athens, Greece. </div></div>
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<div id="a50644" style="position:absolute;font-family:'Arial';left:390px;top:992px;">86 </div><div id="a50646" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Biographical information with respect to each of our directors and executive<div style="display:inline-block;width:3px"> </div>officers is set forth below. </div><div id="a50679" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:110px;">Semiramis<div style="display:inline-block;width:7px"> </div>Paliou</div><div id="a50682" style="position:absolute;font-family:'Arial';left:183px;top:110px;"><div style="display:inline-block;width:8px"> </div>has<div style="display:inline-block;width:7px"> </div>served<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>Director<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Inc.<div style="display:inline-block;width:7px"> </div>since<div style="display:inline-block;width:7px"> </div>March<div style="display:inline-block;width:7px"> </div>2015,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>the </div><div id="a50713" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Company’s<div style="display:inline-block;width:9px"> </div>Chief<div style="display:inline-block;width:9px"> </div>Executive<div style="display:inline-block;width:9px"> </div>Officer,<div style="display:inline-block;width:10px"> </div>Chairperson<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>Executive<div style="display:inline-block;width:9px"> </div>Committee<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>member<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the </div><div id="a50739" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Sustainability<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>since<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>2021.<div style="display:inline-block;width:6px"> </div>Ms.<div style="display:inline-block;width:6px"> </div>Paliou<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Diana </div><div id="a50769" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Shipping Services S.A.<div style="display:inline-block;width:2px"> </div>since March 2021.<div style="display:inline-block;width:3px"> </div>She also serves<div style="display:inline-block;width:2px"> </div>as a Director<div style="display:inline-block;width:3px"> </div>of OceanPal Inc.<div style="display:inline-block;width:6px"> </div>(NASDAQ: OP) </div><div id="a50803" style="position:absolute;font-family:'Arial';left:57px;top:177px;">since<div style="display:inline-block;width:6px"> </div>April<div style="display:inline-block;width:6px"> </div>2021<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Chairperson<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Directors<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>of </div><div id="a50839" style="position:absolute;font-family:'Arial';left:57px;top:194px;">OceanPal Inc.<div style="display:inline-block;width:6px"> </div>since November<div style="display:inline-block;width:6px"> </div>2021. Ms.<div style="display:inline-block;width:6px"> </div>Paliou is<div style="display:inline-block;width:6px"> </div>the Chairperson<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Hellenic Marine<div style="display:inline-block;width:6px"> </div>Environment </div><div id="a50869" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Protection Association (HELMEPA), a position she has<div style="display:inline-block;width:3px"> </div>held since June 2020,<div style="display:inline-block;width:3px"> </div>while she joined its<div style="display:inline-block;width:3px"> </div>board of </div><div id="a50903" style="position:absolute;font-family:'Arial';left:57px;top:228px;">directors in<div style="display:inline-block;width:2px"> </div>March 2018.<div style="display:inline-block;width:2px"> </div>As of<div style="display:inline-block;width:2px"> </div>July 2023,<div style="display:inline-block;width:2px"> </div>she serves<div style="display:inline-block;width:2px"> </div>as Chairperson<div style="display:inline-block;width:2px"> </div>of INTERMEPA. She<div style="display:inline-block;width:2px"> </div>is also<div style="display:inline-block;width:2px"> </div>a member </div><div id="a50941" style="position:absolute;font-family:'Arial';left:57px;top:245px;">of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>board<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>directors<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>UK<div style="display:inline-block;width:7px"> </div>P&I<div style="display:inline-block;width:7px"> </div>Club<div style="display:inline-block;width:7px"> </div>since<div style="display:inline-block;width:7px"> </div>November<div style="display:inline-block;width:7px"> </div>2020,<div style="display:inline-block;width:7px"> </div>member<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Union<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Greek </div><div id="a50979" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Shipowners since February<div style="display:inline-block;width:2px"> </div>2022 and member<div style="display:inline-block;width:3px"> </div>of the Global<div style="display:inline-block;width:3px"> </div>Maritime Forum since<div style="display:inline-block;width:3px"> </div>April 2022. She<div style="display:inline-block;width:3px"> </div>is Vice-</div><div id="a51013" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Chairperson of the Greek committee of<div style="display:inline-block;width:6px"> </div>Det Norske Veritas,<div style="display:inline-block;width:6px"> </div>a member of the Greek<div style="display:inline-block;width:6px"> </div>committee of Nippon </div><div id="a51047" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Kaiji Kyokai, Bureau Veritas, American Bureau of Shipping and Hellenic War Risks </div><div id="a51072" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Ms. Paliou<div style="display:inline-block;width:6px"> </div>has over<div style="display:inline-block;width:6px"> </div>20 years<div style="display:inline-block;width:6px"> </div>of experience<div style="display:inline-block;width:6px"> </div>in shipping<div style="display:inline-block;width:5px"> </div>operations, technical<div style="display:inline-block;width:5px"> </div>management and<div style="display:inline-block;width:6px"> </div>crewing. </div><div id="a51102" style="position:absolute;font-family:'Arial';left:57px;top:346px;">She began her<div style="display:inline-block;width:6px"> </div>career at Lloyd’s<div style="display:inline-block;width:6px"> </div>Register of Shipping<div style="display:inline-block;width:6px"> </div>where she worked<div style="display:inline-block;width:6px"> </div>as a trainee<div style="display:inline-block;width:6px"> </div>ship surveyor from </div><div id="a51138" style="position:absolute;font-family:'Arial';left:57px;top:363px;">1996<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>1998.<div style="display:inline-block;width:6px"> </div>She<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>then<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:5px"> </div>Agencies<div style="display:inline-block;width:6px"> </div>S.A.<div style="display:inline-block;width:6px"> </div>From<div style="display:inline-block;width:6px"> </div>2007<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>2010<div style="display:inline-block;width:5px"> </div>she<div style="display:inline-block;width:6px"> </div>was </div><div id="a51174" style="position:absolute;font-family:'Arial';left:57px;top:379px;">employed as a<div style="display:inline-block;width:6px"> </div>Director and President of<div style="display:inline-block;width:6px"> </div>Alpha Sigma Shipping Corp.<div style="display:inline-block;width:5px"> </div>From February 2010 to<div style="display:inline-block;width:6px"> </div>November </div><div id="a51206" style="position:absolute;font-family:'Arial';left:57px;top:396px;">2015, she<div style="display:inline-block;width:6px"> </div>was the<div style="display:inline-block;width:6px"> </div>Head of the<div style="display:inline-block;width:6px"> </div>Operations, Technical<div style="display:inline-block;width:7px"> </div>and Crew<div style="display:inline-block;width:6px"> </div>department of<div style="display:inline-block;width:5px"> </div>Diana Shipping Services </div><div id="a51238" style="position:absolute;font-family:'Arial';left:57px;top:413px;">S.A. From<div style="display:inline-block;width:6px"> </div>November 2015<div style="display:inline-block;width:5px"> </div>to October<div style="display:inline-block;width:6px"> </div>2016, she<div style="display:inline-block;width:6px"> </div>served as<div style="display:inline-block;width:6px"> </div>Vice-President of<div style="display:inline-block;width:6px"> </div>the same<div style="display:inline-block;width:6px"> </div>company.<div style="display:inline-block;width:6px"> </div>From </div><div id="a51272" style="position:absolute;font-family:'Arial';left:57px;top:430px;">November 2016<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>end of<div style="display:inline-block;width:7px"> </div>July 2018,<div style="display:inline-block;width:7px"> </div>she served<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:5px"> </div>Managing Director<div style="display:inline-block;width:7px"> </div>and Head<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>Technical, </div><div id="a51308" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Operations, Crew and<div style="display:inline-block;width:6px"> </div>Supply department of Unitized<div style="display:inline-block;width:6px"> </div>Ocean Transport<div style="display:inline-block;width:5px"> </div>Limited. From November 2018<div style="display:inline-block;width:6px"> </div>to </div><div id="a51336" style="position:absolute;font-family:'Arial';left:57px;top:464px;">February<div style="display:inline-block;width:9px"> </div>2020,<div style="display:inline-block;width:9px"> </div>she<div style="display:inline-block;width:9px"> </div>worked<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:9px"> </div>Chief<div style="display:inline-block;width:9px"> </div>Operating<div style="display:inline-block;width:9px"> </div>Officer<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:9px"> </div>Performance<div style="display:inline-block;width:9px"> </div>Shipping<div style="display:inline-block;width:9px"> </div>Inc.<div style="display:inline-block;width:9px"> </div>(ex.<div style="display:inline-block;width:9px"> </div>Diana </div><div id="a51364" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Containerships Inc.)<div style="display:inline-block;width:11px"> </div>(NASDAQ: PSHG).<div style="display:inline-block;width:6px"> </div>From October<div style="display:inline-block;width:6px"> </div>2019 until<div style="display:inline-block;width:6px"> </div>February 2021,<div style="display:inline-block;width:5px"> </div>Ms. Paliou<div style="display:inline-block;width:6px"> </div>served as </div><div id="a51392" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Deputy<div style="display:inline-block;width:7px"> </div>Chief<div style="display:inline-block;width:7px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Inc.<div style="display:inline-block;width:7px"> </div>She<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>served<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>member<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Executive </div><div id="a51424" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Committee and the Chief Operating Officer of the Company from August 2018<div style="display:inline-block;width:3px"> </div>until February 2021.<div style="display:inline-block;width:4px"> </div></div><div id="a51456" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Ms.<div style="display:inline-block;width:5px"> </div>Paliou obtained<div style="display:inline-block;width:6px"> </div>her BSc<div style="display:inline-block;width:6px"> </div>in Mechanical<div style="display:inline-block;width:7px"> </div>Engineering from<div style="display:inline-block;width:6px"> </div>Imperial College,<div style="display:inline-block;width:6px"> </div>London and<div style="display:inline-block;width:6px"> </div>her MSc<div style="display:inline-block;width:6px"> </div>in </div><div id="a51488" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Naval<div style="display:inline-block;width:8px"> </div>Architecture<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>University<div style="display:inline-block;width:8px"> </div>College,<div style="display:inline-block;width:8px"> </div>London.<div style="display:inline-block;width:8px"> </div>She<div style="display:inline-block;width:8px"> </div>completed<div style="display:inline-block;width:8px"> </div>courses<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>“Finance<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>Senior </div><div id="a51514" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Executives”,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>“Authentic<div style="display:inline-block;width:7px"> </div>Leader<div style="display:inline-block;width:7px"> </div>Development”<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:8px"> </div>certificate<div style="display:inline-block;width:7px"> </div>program<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>“Sustainable<div style="display:inline-block;width:7px"> </div>Business </div><div id="a51538" style="position:absolute;font-family:'Arial';left:57px;top:599px;">Strategy” all at<div style="display:inline-block;width:2px"> </div>Harvard Business<div style="display:inline-block;width:3px"> </div>School. Ms. Paliou<div style="display:inline-block;width:2px"> </div>is also the<div style="display:inline-block;width:2px"> </div>daughter of Simeon<div style="display:inline-block;width:2px"> </div>Palios, the Company’s </div><div id="a51572" style="position:absolute;font-family:'Arial';left:57px;top:616px;">Chairman. </div><div id="a51575" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:649px;">Simeon </div><div id="a51577" style="position:absolute;font-family:'Arial';font-weight:bold;left:116px;top:649px;">P. </div><div id="a51579" style="position:absolute;font-family:'Arial';font-weight:bold;left:135px;top:649px;">Palios</div><div id="a51580" style="position:absolute;font-family:'Arial';left:178px;top:649px;"><div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>served<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Chairman<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Directors<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:5px"> </div>Inc.<div style="display:inline-block;width:6px"> </div>since </div><div id="a51611" style="position:absolute;font-family:'Arial';left:57px;top:666px;">February<div style="display:inline-block;width:6px"> </div>2005<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Director<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>since<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>1999.<div style="display:inline-block;width:6px"> </div>He<div style="display:inline-block;width:6px"> </div>served<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Chief </div><div id="a51645" style="position:absolute;font-family:'Arial';left:57px;top:683px;">Executive Officer<div style="display:inline-block;width:3px"> </div>from February<div style="display:inline-block;width:2px"> </div>2005 until<div style="display:inline-block;width:3px"> </div>February 2021.<div style="display:inline-block;width:2px"> </div>Mr. Palios also<div style="display:inline-block;width:3px"> </div>serves as<div style="display:inline-block;width:2px"> </div>the President<div style="display:inline-block;width:3px"> </div>of Diana </div><div id="a51679" style="position:absolute;font-family:'Arial';left:57px;top:700px;">Shipping Services<div style="display:inline-block;width:2px"> </div>S.A. which<div style="display:inline-block;width:2px"> </div>was formed<div style="display:inline-block;width:3px"> </div>in 1986.<div style="display:inline-block;width:6px"> </div>Mr. Palios has<div style="display:inline-block;width:2px"> </div>experience in<div style="display:inline-block;width:2px"> </div>the shipping<div style="display:inline-block;width:2px"> </div>industry since </div><div id="a51713" style="position:absolute;font-family:'Arial';left:57px;top:717px;">1969 and expertise in technical and<div style="display:inline-block;width:3px"> </div>operational issues. He has served as<div style="display:inline-block;width:3px"> </div>an ensign in the Greek Navy for </div><div id="a51751" style="position:absolute;font-family:'Arial';left:57px;top:734px;">the<div style="display:inline-block;width:6px"> </div>inspection of<div style="display:inline-block;width:7px"> </div>passenger boats<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>behalf of<div style="display:inline-block;width:7px"> </div>Ministry<div style="display:inline-block;width:6px"> </div>of Merchant<div style="display:inline-block;width:7px"> </div>Marine and<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>qualified as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>naval </div><div id="a51787" style="position:absolute;font-family:'Arial';left:57px;top:751px;">architect<div style="display:inline-block;width:6px"> </div>and marine<div style="display:inline-block;width:7px"> </div>engineer.<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:6px"> </div>Palios<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>founder<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping Agencies<div style="display:inline-block;width:7px"> </div>S.A.,<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>he </div><div id="a51819" style="position:absolute;font-family:'Arial';left:57px;top:767px;">served as Managing Director until November 2004, having the overall responsibility for its activities. From </div><div id="a51849" style="position:absolute;font-family:'Arial';left:57px;top:784px;">January 13,<div style="display:inline-block;width:3px"> </div>2010 until<div style="display:inline-block;width:3px"> </div>February 28,<div style="display:inline-block;width:3px"> </div>2022, Mr. Palios<div style="display:inline-block;width:3px"> </div>also served<div style="display:inline-block;width:3px"> </div>as the<div style="display:inline-block;width:3px"> </div>Chairman of<div style="display:inline-block;width:3px"> </div>the Board<div style="display:inline-block;width:3px"> </div>of Directors </div><div id="a51887" style="position:absolute;font-family:'Arial';left:57px;top:801px;">of Performance Shipping<div style="display:inline-block;width:6px"> </div>Inc. (ex.<div style="display:inline-block;width:5px"> </div>Diana Containerships Inc.)<div style="display:inline-block;width:5px"> </div>(NASDAQ: PSHG) and<div style="display:inline-block;width:6px"> </div>as Chief Executive </div><div id="a51915" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Officer until October 2020. </div><div id="a51925" style="position:absolute;font-family:'Arial';left:57px;top:869px;">Mr.<div style="display:inline-block;width:6px"> </div>Palios is<div style="display:inline-block;width:6px"> </div>a member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>various leading<div style="display:inline-block;width:6px"> </div>classification societies<div style="display:inline-block;width:6px"> </div>worldwide and<div style="display:inline-block;width:6px"> </div>he<div style="display:inline-block;width:5px"> </div>is a<div style="display:inline-block;width:7px"> </div>member of<div style="display:inline-block;width:7px"> </div>the </div><div id="a51961" style="position:absolute;font-family:'Arial';left:57px;top:885px;">board<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>Kingdom<div style="display:inline-block;width:6px"> </div>Freight<div style="display:inline-block;width:6px"> </div>Demurrage<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Defense<div style="display:inline-block;width:6px"> </div>Association<div style="display:inline-block;width:6px"> </div>Limited.<div style="display:inline-block;width:6px"> </div>Since </div><div id="a51989" style="position:absolute;font-family:'Arial';left:57px;top:902px;">October 7, 2015, Mr.<div style="display:inline-block;width:6px"> </div>Palios has served as<div style="display:inline-block;width:5px"> </div>President of the Association “Friends of<div style="display:inline-block;width:6px"> </div>Biomedical Research </div><div id="a52021" style="position:absolute;font-family:'Arial';left:57px;top:919px;">Foundation,<div style="display:inline-block;width:7px"> </div>Academy<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Athens”.<div style="display:inline-block;width:7px"> </div>He<div style="display:inline-block;width:7px"> </div>holds<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>bachelor's<div style="display:inline-block;width:7px"> </div>degree<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Marine<div style="display:inline-block;width:7px"> </div>Engineering<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>Durham </div><div id="a52049" style="position:absolute;font-family:'Arial';left:57px;top:936px;">University. </div></div>
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<div id="a52054" style="position:absolute;font-family:'Arial';left:390px;top:992px;">87 </div><div id="a52056" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:76px;">Anastasios C. Margaronis</div><div id="a52061" style="position:absolute;font-family:'Arial';left:237px;top:76px;"><div style="display:inline-block;width:4px"> </div>has served as President and<div style="display:inline-block;width:2px"> </div>a Director of Diana Shipping<div style="display:inline-block;width:2px"> </div>Inc. since February </div><div id="a52088" style="position:absolute;font-family:'Arial';left:57px;top:93px;">2005.<div style="display:inline-block;width:6px"> </div>He<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company.<div style="display:inline-block;width:7px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Margaronis<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Deputy </div><div id="a52122" style="position:absolute;font-family:'Arial';left:57px;top:110px;">President<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Services<div style="display:inline-block;width:7px"> </div>S.A.,<div style="display:inline-block;width:7px"> </div>where<div style="display:inline-block;width:7px"> </div>he<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>serves<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>Director<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Secretary.<div style="display:inline-block;width:8px"> </div>Mr. </div><div id="a52154" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Margaronis has experience<div style="display:inline-block;width:6px"> </div>in the shipping<div style="display:inline-block;width:6px"> </div>industry,<div style="display:inline-block;width:6px"> </div>including in ship<div style="display:inline-block;width:6px"> </div>finance and insurance,<div style="display:inline-block;width:6px"> </div>since 1980. </div><div id="a52184" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Prior to February 21,<div style="display:inline-block;width:6px"> </div>2005, Mr.<div style="display:inline-block;width:6px"> </div>Margaronis was employed by Diana<div style="display:inline-block;width:6px"> </div>Shipping Agencies S.A. in<div style="display:inline-block;width:6px"> </div>1979 and </div><div id="a52218" style="position:absolute;font-family:'Arial';left:57px;top:160px;">performed on our behalf<div style="display:inline-block;width:6px"> </div>the services he<div style="display:inline-block;width:6px"> </div>now performs as President.<div style="display:inline-block;width:5px"> </div>He joined Diana Shipping<div style="display:inline-block;width:5px"> </div>Agencies </div><div id="a52250" style="position:absolute;font-family:'Arial';left:57px;top:177px;">S.A. in<div style="display:inline-block;width:6px"> </div>1979 and has<div style="display:inline-block;width:6px"> </div>been responsible for<div style="display:inline-block;width:6px"> </div>overseeing our vessels’<div style="display:inline-block;width:6px"> </div>insurance matters, including<div style="display:inline-block;width:6px"> </div>hull and </div><div id="a52282" style="position:absolute;font-family:'Arial';left:57px;top:194px;">machinery,<div style="display:inline-block;width:6px"> </div>protection and indemnity and war<div style="display:inline-block;width:6px"> </div>risks insurances. From January<div style="display:inline-block;width:5px"> </div>2010 to February 2020,<div style="display:inline-block;width:6px"> </div>he </div><div id="a52312" style="position:absolute;font-family:'Arial';left:57px;top:211px;">served as Director and<div style="display:inline-block;width:3px"> </div>President of Performance<div style="display:inline-block;width:3px"> </div>Shipping Inc. (ex. Diana<div style="display:inline-block;width:2px"> </div>Containerships Inc.) (NASDAQ: </div><div id="a52340" style="position:absolute;font-family:'Arial';left:57px;top:228px;">PSHG). </div><div id="a52343" style="position:absolute;font-family:'Arial';left:57px;top:261px;">In<div style="display:inline-block;width:6px"> </div>addition,<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Margaronis<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Greek<div style="display:inline-block;width:6px"> </div>National<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>American<div style="display:inline-block;width:6px"> </div>Bureau<div style="display:inline-block;width:6px"> </div>of </div><div id="a52377" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Shipping. He<div style="display:inline-block;width:2px"> </div>has also<div style="display:inline-block;width:2px"> </div>been on<div style="display:inline-block;width:2px"> </div>the Members’<div style="display:inline-block;width:2px"> </div>Committee of<div style="display:inline-block;width:2px"> </div>the Britannia<div style="display:inline-block;width:2px"> </div>Steam Ship<div style="display:inline-block;width:2px"> </div>Insurance Association </div><div id="a52409" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Limited<div style="display:inline-block;width:6px"> </div>since<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>2022.<div style="display:inline-block;width:6px"> </div>From<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>2005<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>2019,<div style="display:inline-block;width:6px"> </div>he<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of </div><div id="a52445" style="position:absolute;font-family:'Arial';left:57px;top:312px;">directors of the United Kingdom Mutual Steam Ship Assurance Association<div style="display:inline-block;width:3px"> </div>(Europe) Limited.<div style="display:inline-block;width:4px"> </div></div><div id="a52471" style="position:absolute;font-family:'Arial';left:57px;top:346px;">He<div style="display:inline-block;width:6px"> </div>holds<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>bachelor's<div style="display:inline-block;width:6px"> </div>degree<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>Economics<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>University<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Warwick<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>master's<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>science </div><div id="a52505" style="position:absolute;font-family:'Arial';left:57px;top:363px;">degree in Maritime Law from the Wales Institute of Science and Technology. </div><div id="a52530" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:396px;">Ioannis Zafirakis</div><div id="a52533" style="position:absolute;font-family:'Arial';left:173px;top:396px;"><div style="display:inline-block;width:4px"> </div>has served</div><div id="a52538" style="position:absolute;font-family:'Arial';left:252px;top:396px;">as a Director and Secretary<div style="display:inline-block;width:3px"> </div>of Diana Shipping Inc.<div style="display:inline-block;width:3px"> </div>since February 2005. He </div><div id="a52564" style="position:absolute;font-family:'Arial';left:57px;top:413px;">has<div style="display:inline-block;width:8px"> </div>also<div style="display:inline-block;width:8px"> </div>been<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Co-Chief<div style="display:inline-block;width:8px"> </div>Financial<div style="display:inline-block;width:7px"> </div>Officer<div style="display:inline-block;width:8px"> </div>since<div style="display:inline-block;width:8px"> </div>January<div style="display:inline-block;width:8px"> </div>2025,<div style="display:inline-block;width:7px"> </div>having<div style="display:inline-block;width:8px"> </div>previously<div style="display:inline-block;width:8px"> </div>served<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:8px"> </div>the </div><div id="a52596" style="position:absolute;font-family:'Arial';left:57px;top:430px;">Company’s Chief<div style="display:inline-block;width:2px"> </div>Financial<div style="display:inline-block;width:3px"> </div>Officer from<div style="display:inline-block;width:2px"> </div>February 2020<div style="display:inline-block;width:2px"> </div>(Interim Chief<div style="display:inline-block;width:2px"> </div>Financial<div style="display:inline-block;width:3px"> </div>Officer until<div style="display:inline-block;width:2px"> </div>February 2021). </div><div id="a52624" style="position:absolute;font-family:'Arial';left:57px;top:447px;">In addition,<div style="display:inline-block;width:2px"> </div>he has<div style="display:inline-block;width:2px"> </div>held the<div style="display:inline-block;width:2px"> </div>role of<div style="display:inline-block;width:2px"> </div>Treasurer since<div style="display:inline-block;width:2px"> </div>February 2020<div style="display:inline-block;width:2px"> </div>and is<div style="display:inline-block;width:2px"> </div>also the<div style="display:inline-block;width:2px"> </div>Company’s Chief<div style="display:inline-block;width:2px"> </div>Strategy </div><div id="a52662" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Officer.<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:5px"> </div>Zafirakis is also member<div style="display:inline-block;width:6px"> </div>of the Executive Committee<div style="display:inline-block;width:6px"> </div>of the Company.<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:5px"> </div>Zafirakis has held </div><div id="a52696" style="position:absolute;font-family:'Arial';left:57px;top:481px;">various executive positions<div style="display:inline-block;width:3px"> </div>such as Chief<div style="display:inline-block;width:3px"> </div>Operating Officer, Executive Vice-President and Vice-President. </div><div id="a52724" style="position:absolute;font-family:'Arial';left:57px;top:498px;">In addition, Mr. Zafirakis has<div style="display:inline-block;width:6px"> </div>served as the Chief Strategy Officer and Co-Chief Financial Officer<div style="display:inline-block;width:6px"> </div>of Diana </div><div id="a52760" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Shipping Services<div style="display:inline-block;width:6px"> </div>S.A. since<div style="display:inline-block;width:6px"> </div>January 2025.<div style="display:inline-block;width:6px"> </div>Prior to<div style="display:inline-block;width:6px"> </div>this,<div style="display:inline-block;width:6px"> </div>he was<div style="display:inline-block;width:6px"> </div>the company’s<div style="display:inline-block;width:7px"> </div>Chief Financial<div style="display:inline-block;width:6px"> </div>Officer </div><div id="a52792" style="position:absolute;font-family:'Arial';left:57px;top:531px;">from<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>2020<div style="display:inline-block;width:6px"> </div>(Interim<div style="display:inline-block;width:6px"> </div>Financial<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:6px"> </div>until<div style="display:inline-block;width:6px"> </div>February<div style="display:inline-block;width:6px"> </div>2021)<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>continues<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>hold<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>positions<div style="display:inline-block;width:6px"> </div>of </div><div id="a52824" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Director<div style="display:inline-block;width:5px"> </div>and Treasurer.<div style="display:inline-block;width:8px"> </div>Also,<div style="display:inline-block;width:6px"> </div>he has<div style="display:inline-block;width:7px"> </div>served as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>Director of<div style="display:inline-block;width:7px"> </div>OceanPal Inc.<div style="display:inline-block;width:7px"> </div>(NASDAQ: OP)<div style="display:inline-block;width:7px"> </div>since April </div><div id="a52858" style="position:absolute;font-family:'Arial';left:57px;top:565px;">2021. He has also served as the<div style="display:inline-block;width:3px"> </div>President, Secretary and Interim Chief<div style="display:inline-block;width:3px"> </div>Financial Officer of OceanPal Inc. </div><div id="a52892" style="position:absolute;font-family:'Arial';left:57px;top:582px;">from November 2021 to April 2023. He is also member of the Executive<div style="display:inline-block;width:3px"> </div>Committee of OceanPal Inc.<div style="display:inline-block;width:3px"> </div></div><div id="a52928" style="position:absolute;font-family:'Arial';left:57px;top:616px;">From June 1997 to<div style="display:inline-block;width:6px"> </div>February 2005, Mr.<div style="display:inline-block;width:6px"> </div>Zafirakis was employed by<div style="display:inline-block;width:5px"> </div>Diana Shipping Agencies S.A., where </div><div id="a52960" style="position:absolute;font-family:'Arial';left:57px;top:632px;">he held<div style="display:inline-block;width:6px"> </div>a number<div style="display:inline-block;width:6px"> </div>of positions in<div style="display:inline-block;width:6px"> </div>finance and<div style="display:inline-block;width:6px"> </div>accounting. From January<div style="display:inline-block;width:6px"> </div>2010 to<div style="display:inline-block;width:6px"> </div>February 2020,<div style="display:inline-block;width:5px"> </div>he also </div><div id="a52996" style="position:absolute;font-family:'Arial';left:57px;top:649px;">served as Director and<div style="display:inline-block;width:2px"> </div>Secretary of Performance<div style="display:inline-block;width:3px"> </div>Shipping Inc. (ex. Diana<div style="display:inline-block;width:2px"> </div>Containerships Inc.) (NASDAQ: </div><div id="a53024" style="position:absolute;font-family:'Arial';left:57px;top:666px;">PSHG),<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>he<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:5px"> </div>various<div style="display:inline-block;width:6px"> </div>executive<div style="display:inline-block;width:6px"> </div>positions<div style="display:inline-block;width:5px"> </div>such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:5px"> </div>Operating<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Strategy </div><div id="a53054" style="position:absolute;font-family:'Arial';left:57px;top:683px;">Officer.<div style="display:inline-block;width:10px"> </div>Mr.<div style="display:inline-block;width:9px"> </div>Zafirakis,<div style="display:inline-block;width:8px"> </div>currently<div style="display:inline-block;width:8px"> </div>also<div style="display:inline-block;width:8px"> </div>acts<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:8px"> </div>Director,<div style="display:inline-block;width:9px"> </div>President,<div style="display:inline-block;width:8px"> </div>Secretary<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>Treasurer,<div style="display:inline-block;width:10px"> </div>for<div style="display:inline-block;width:9px"> </div>Sea </div><div id="a53082" style="position:absolute;font-family:'Arial';left:57px;top:700px;">Transportation Inc. </div><div id="a53087" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Mr. Zafirakis is<div style="display:inline-block;width:2px"> </div>a member<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>Business Advisory<div style="display:inline-block;width:2px"> </div>Committee of<div style="display:inline-block;width:2px"> </div>the Shipping<div style="display:inline-block;width:2px"> </div>Programs of<div style="display:inline-block;width:2px"> </div>ALBA Graduate </div><div id="a53121" style="position:absolute;font-family:'Arial';left:57px;top:751px;">Business School at<div style="display:inline-block;width:6px"> </div>The American College<div style="display:inline-block;width:5px"> </div>of Greece. In<div style="display:inline-block;width:6px"> </div>2024, Mr.<div style="display:inline-block;width:6px"> </div>Zafirakis attended and<div style="display:inline-block;width:5px"> </div>completed the </div><div id="a53153" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Advanced<div style="display:inline-block;width:6px"> </div>Management<div style="display:inline-block;width:6px"> </div>Programme<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>INSEAD<div style="display:inline-block;width:6px"> </div>Business<div style="display:inline-block;width:6px"> </div>School<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>Singapore.<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Zafirakis<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>also </div><div id="a53179" style="position:absolute;font-family:'Arial';left:57px;top:784px;">obtained<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>certificate<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>“Blockchain<div style="display:inline-block;width:7px"> </div>Economics:<div style="display:inline-block;width:7px"> </div>An<div style="display:inline-block;width:7px"> </div>Introduction<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>Cryptocurrencies”<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:8px"> </div>Panteion </div><div id="a53203" style="position:absolute;font-family:'Arial';left:57px;top:801px;">University of<div style="display:inline-block;width:6px"> </div>Social and<div style="display:inline-block;width:6px"> </div>Political Sciences<div style="display:inline-block;width:6px"> </div>in Greece.<div style="display:inline-block;width:6px"> </div>He holds<div style="display:inline-block;width:6px"> </div>a bachelor's<div style="display:inline-block;width:6px"> </div>degree in<div style="display:inline-block;width:6px"> </div>Business Studies </div><div id="a53235" style="position:absolute;font-family:'Arial';left:57px;top:818px;">from City University Business School in London and a master's degree in International Transport from the </div><div id="a53267" style="position:absolute;font-family:'Arial';left:57px;top:835px;">University of Wales in Cardiff. </div><div id="a53278" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:869px;">Eleftherios (Lefteris) A. Papatrifon</div><div id="a53285" style="position:absolute;font-family:'Arial';left:295px;top:869px;"><div style="display:inline-block;width:4px"> </div>has served as a Director and a member of the Executive Committee </div><div id="a53310" style="position:absolute;font-family:'Arial';left:57px;top:885px;">of Diana<div style="display:inline-block;width:3px"> </div>Shipping Inc.<div style="display:inline-block;width:2px"> </div>since February<div style="display:inline-block;width:3px"> </div>2023. Prior<div style="display:inline-block;width:2px"> </div>to this<div style="display:inline-block;width:3px"> </div>appointment, he<div style="display:inline-block;width:2px"> </div>served as<div style="display:inline-block;width:3px"> </div>Chief Operating<div style="display:inline-block;width:2px"> </div>Officer </div><div id="a53344" style="position:absolute;font-family:'Arial';left:57px;top:902px;">of the Company from March 2021 to February<div style="display:inline-block;width:3px"> </div>2023. Mr. Papatrifon also serves as a Director of OceanPal </div><div id="a53380" style="position:absolute;font-family:'Arial';left:57px;top:919px;">Inc.<div style="display:inline-block;width:6px"> </div>(NASDAQ: OP)<div style="display:inline-block;width:7px"> </div>and a<div style="display:inline-block;width:7px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>its<div style="display:inline-block;width:6px"> </div>Executive Committee,<div style="display:inline-block;width:7px"> </div>positions he<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:5px"> </div>since<div style="display:inline-block;width:5px"> </div>November </div><div id="a53412" style="position:absolute;font-family:'Arial';left:57px;top:936px;">2021. From November 2021 to January 2023, he served as Chief<div style="display:inline-block;width:3px"> </div>Executive Officer of OceanPal Inc.<div style="display:inline-block;width:3px"> </div></div></div>
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<div id="Page88" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a53448" style="position:absolute;font-family:'Arial';left:390px;top:992px;">88 </div><div id="a53450" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Prior to joining Diana Shipping Inc., he was Chief Executive Officer, Co-Founder and Director of Quintana </div><div id="a53484" style="position:absolute;font-family:'Arial';left:57px;top:93px;">Shipping Ltd,<div style="display:inline-block;width:6px"> </div>a provider<div style="display:inline-block;width:6px"> </div>of dry<div style="display:inline-block;width:6px"> </div>bulk shipping<div style="display:inline-block;width:6px"> </div>services, from<div style="display:inline-block;width:6px"> </div>2010 until<div style="display:inline-block;width:6px"> </div>the company’s<div style="display:inline-block;width:6px"> </div>successful sale<div style="display:inline-block;width:6px"> </div>of </div><div id="a53518" style="position:absolute;font-family:'Arial';left:57px;top:110px;">assets and consequent liquidation in<div style="display:inline-block;width:6px"> </div>2017. Previously,<div style="display:inline-block;width:5px"> </div>for a period of<div style="display:inline-block;width:6px"> </div>approximately six years, he served </div><div id="a53550" style="position:absolute;font-family:'Arial';left:57px;top:126px;">as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Financial<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Director<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Excel<div style="display:inline-block;width:6px"> </div>Maritime<div style="display:inline-block;width:6px"> </div>Carriers<div style="display:inline-block;width:6px"> </div>Ltd.<div style="display:inline-block;width:6px"> </div>Prior<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>that,<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Papatrifon </div><div id="a53584" style="position:absolute;font-family:'Arial';left:57px;top:143px;">served for approximately<div style="display:inline-block;width:2px"> </div>15 years in<div style="display:inline-block;width:2px"> </div>a number of<div style="display:inline-block;width:2px"> </div>corporate finance<div style="display:inline-block;width:3px"> </div>and asset<div style="display:inline-block;width:3px"> </div>management positions,<div style="display:inline-block;width:2px"> </div>both </div><div id="a53616" style="position:absolute;font-family:'Arial';left:57px;top:160px;">in the USA and in Greece.<div style="display:inline-block;width:4px"> </div></div><div id="a53630" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Mr. Papatrifon holds undergraduate (BBA) and<div style="display:inline-block;width:2px"> </div>graduate (MBA) degrees<div style="display:inline-block;width:3px"> </div>from Baruch College (CUNY).<div style="display:inline-block;width:2px"> </div>He </div><div id="a53658" style="position:absolute;font-family:'Arial';left:57px;top:211px;">is also a member of the CFA Institute and a CFA charterholder. </div><div id="a53683" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:245px;">Konstantinos Psaltis</div><div id="a53686" style="position:absolute;font-family:'Arial';left:202px;top:245px;"><div style="display:inline-block;width:4px"> </div>has served as a<div style="display:inline-block;width:3px"> </div>Director of Diana Shipping<div style="display:inline-block;width:2px"> </div>Inc. since March 2005,<div style="display:inline-block;width:3px"> </div>the Chairman of </div><div id="a53717" style="position:absolute;font-family:'Arial';left:57px;top:261px;">its Nominating Committee<div style="display:inline-block;width:2px"> </div>since May<div style="display:inline-block;width:3px"> </div>2015 and<div style="display:inline-block;width:3px"> </div>a member<div style="display:inline-block;width:3px"> </div>of its<div style="display:inline-block;width:3px"> </div>Compensation Committee<div style="display:inline-block;width:2px"> </div>since May<div style="display:inline-block;width:3px"> </div>2017. </div><div id="a53749" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Mr.<div style="display:inline-block;width:7px"> </div>Psaltis<div style="display:inline-block;width:6px"> </div>serves<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>President<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Ormos<div style="display:inline-block;width:6px"> </div>Compania<div style="display:inline-block;width:6px"> </div>Naviera<div style="display:inline-block;width:6px"> </div>S.A.,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>company<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>specializes<div style="display:inline-block;width:6px"> </div>in </div><div id="a53781" style="position:absolute;font-family:'Arial';left:57px;top:295px;">operating and managing multipurpose<div style="display:inline-block;width:3px"> </div>container vessels, where from<div style="display:inline-block;width:3px"> </div>1981 to 2006, he held<div style="display:inline-block;width:3px"> </div>the position of </div><div id="a53813" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Managing Director. Prior to joining Ormos Compania Naviera S.A., Mr. Psaltis simultaneously served as<div style="display:inline-block;width:3px"> </div>a </div><div id="a53843" style="position:absolute;font-family:'Arial';left:57px;top:329px;">technical<div style="display:inline-block;width:7px"> </div>manager<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>textile<div style="display:inline-block;width:7px"> </div>manufacturing<div style="display:inline-block;width:7px"> </div>industry<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>shareholder<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>companies </div><div id="a53871" style="position:absolute;font-family:'Arial';left:57px;top:346px;">managed by M.J. Lemos. From 1961 to 1964, he served as ensign in<div style="display:inline-block;width:3px"> </div>the Royal Hellenic Navy.<div style="display:inline-block;width:4px"> </div></div><div id="a53907" style="position:absolute;font-family:'Arial';left:57px;top:379px;">He holds a<div style="display:inline-block;width:5px"> </div>degree in Mechanical Engineering<div style="display:inline-block;width:5px"> </div>from Technische<div style="display:inline-block;width:7px"> </div>Hochschule Reutlingen & Wuppertal<div style="display:inline-block;width:5px"> </div>and </div><div id="a53935" style="position:absolute;font-family:'Arial';left:57px;top:396px;">a bachelor's degree in Business Administration from Tubingen University in Germany. </div><div id="a53958" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:430px;">Kyriacos Riris</div><div id="a53961" style="position:absolute;font-family:'Arial';left:157px;top:430px;"><div style="display:inline-block;width:5px"> </div>has served<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:6px"> </div>Director of<div style="display:inline-block;width:6px"> </div>Diana Shipping<div style="display:inline-block;width:6px"> </div>Inc. since<div style="display:inline-block;width:6px"> </div>March 2015<div style="display:inline-block;width:6px"> </div>and a<div style="display:inline-block;width:6px"> </div>member of<div style="display:inline-block;width:6px"> </div>its </div><div id="a53996" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Nominating Committee since May 2015. From May 2022, he is also the Chairman of the Audit Committee </div><div id="a54030" style="position:absolute;font-family:'Arial';left:57px;top:464px;">of the Company.<div style="display:inline-block;width:5px"> </div></div><div id="a54038" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Commencing in 1998, Mr. Riris served<div style="display:inline-block;width:2px"> </div>in a series<div style="display:inline-block;width:3px"> </div>of positions in PricewaterhouseCoopers<div style="display:inline-block;width:2px"> </div>(PwC), Greece, </div><div id="a54068" style="position:absolute;font-family:'Arial';left:57px;top:514px;">including Senior<div style="display:inline-block;width:2px"> </div>Partner, Managing<div style="display:inline-block;width:3px"> </div>Partner of<div style="display:inline-block;width:2px"> </div>the Audit<div style="display:inline-block;width:2px"> </div>and the<div style="display:inline-block;width:2px"> </div>Advisory/Consulting<div style="display:inline-block;width:3px"> </div>Lines of<div style="display:inline-block;width:2px"> </div>Service. From </div><div id="a54098" style="position:absolute;font-family:'Arial';left:57px;top:531px;">2009 to 2014, Mr.<div style="display:inline-block;width:5px"> </div>Riris served as Chairman of the Board of Directors of PricewaterhouseCoopers (PwC), </div><div id="a54130" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Greece. Prior to its<div style="display:inline-block;width:6px"> </div>merger with PwC, Mr.<div style="display:inline-block;width:7px"> </div>Riris was employed at<div style="display:inline-block;width:5px"> </div>Grant Thornton, Greece, where<div style="display:inline-block;width:6px"> </div>in 1984 </div><div id="a54166" style="position:absolute;font-family:'Arial';left:57px;top:565px;">he<div style="display:inline-block;width:7px"> </div>became<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>Partner.<div style="display:inline-block;width:7px"> </div>From<div style="display:inline-block;width:7px"> </div>1976<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>1982,<div style="display:inline-block;width:7px"> </div>Mr.<div style="display:inline-block;width:8px"> </div>Riris<div style="display:inline-block;width:7px"> </div>was<div style="display:inline-block;width:7px"> </div>employed<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>Arthur<div style="display:inline-block;width:7px"> </div>Young,<div style="display:inline-block;width:8px"> </div>Greece.<div style="display:inline-block;width:7px"> </div>Since </div><div id="a54200" style="position:absolute;font-family:'Arial';left:57px;top:582px;">November<div style="display:inline-block;width:8px"> </div>2018,<div style="display:inline-block;width:8px"> </div>Mr.<div style="display:inline-block;width:9px"> </div>Riris<div style="display:inline-block;width:8px"> </div>has<div style="display:inline-block;width:8px"> </div>served<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>Chairman<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Titan<div style="display:inline-block;width:9px"> </div>Cement<div style="display:inline-block;width:8px"> </div>International<div style="display:inline-block;width:8px"> </div>S.A.,<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>Belgian </div><div id="a54230" style="position:absolute;font-family:'Arial';left:57px;top:599px;">corporation, while he<div style="display:inline-block;width:6px"> </div>is currently the<div style="display:inline-block;width:6px"> </div>Vice Chairman of<div style="display:inline-block;width:6px"> </div>the Board and<div style="display:inline-block;width:6px"> </div>the Chairman of<div style="display:inline-block;width:6px"> </div>the Audit and<div style="display:inline-block;width:6px"> </div>the </div><div id="a54268" style="position:absolute;font-family:'Arial';left:57px;top:616px;">Risk Committee of the Group. </div><div id="a54279" style="position:absolute;font-family:'Arial';left:57px;top:649px;">Mr.<div style="display:inline-block;width:9px"> </div>Riris<div style="display:inline-block;width:8px"> </div>holds<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>degree<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>Birmingham<div style="display:inline-block;width:8px"> </div>Polytechnic<div style="display:inline-block;width:8px"> </div>(presently<div style="display:inline-block;width:8px"> </div>Birmingham<div style="display:inline-block;width:8px"> </div>City<div style="display:inline-block;width:8px"> </div>University)<div style="display:inline-block;width:8px"> </div>and </div><div id="a54305" style="position:absolute;font-family:'Arial';left:57px;top:666px;">completed his professional qualifications with the Association of<div style="display:inline-block;width:5px"> </div>Certified Chartered Accountants (ACCA) </div><div id="a54329" style="position:absolute;font-family:'Arial';left:57px;top:683px;">in the UK in 1975, becoming a Fellow of the Association of Certified<div style="display:inline-block;width:3px"> </div>Accountants in 1985. </div><div id="a54362" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:717px;">Apostolos Kontoyannis</div><div id="a54365" style="position:absolute;font-family:'Arial';left:221px;top:717px;"><div style="display:inline-block;width:4px"> </div>is a Director, the Chairperson<div style="display:inline-block;width:2px"> </div>of the Compensation<div style="display:inline-block;width:3px"> </div>Committee and a<div style="display:inline-block;width:3px"> </div>member of </div><div id="a54392" style="position:absolute;font-family:'Arial';left:57px;top:734px;">the Audit Committee of Diana<div style="display:inline-block;width:6px"> </div>Shipping Inc., positions he has<div style="display:inline-block;width:6px"> </div>held since March 2005.<div style="display:inline-block;width:5px"> </div>Since March 2021, </div><div id="a54426" style="position:absolute;font-family:'Arial';left:57px;top:751px;">Mr. Kontoyannis also serves as the Chairperson of the Sustainability Committee of the Company.<div style="display:inline-block;width:4px"> </div></div><div id="a54456" style="position:absolute;font-family:'Arial';left:57px;top:784px;">Mr.<div style="display:inline-block;width:7px"> </div>Kontoyannis has<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:6px"> </div>40<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>experience<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>currently<div style="display:inline-block;width:6px"> </div>serves<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>financial </div><div id="a54488" style="position:absolute;font-family:'Arial';left:57px;top:801px;">consultant to various shipping companies. He was employed by Chase Manhattan Bank N.A. in Frankfurt </div><div id="a54518" style="position:absolute;font-family:'Arial';left:57px;top:818px;">(Corporate<div style="display:inline-block;width:6px"> </div>Bank),<div style="display:inline-block;width:6px"> </div>London<div style="display:inline-block;width:6px"> </div>(Head<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Finance<div style="display:inline-block;width:6px"> </div>South<div style="display:inline-block;width:6px"> </div>Western<div style="display:inline-block;width:7px"> </div>European<div style="display:inline-block;width:7px"> </div>Region)<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Piraeus </div><div id="a54544" style="position:absolute;font-family:'Arial';left:57px;top:835px;">(Manager, Ship Finance Group) from 1975 to 1987.<div style="display:inline-block;width:4px"> </div></div><div id="a54562" style="position:absolute;font-family:'Arial';left:57px;top:869px;">Mr.<div style="display:inline-block;width:6px"> </div>Kontoyannis holds a bachelor's<div style="display:inline-block;width:6px"> </div>degree in Finance and<div style="display:inline-block;width:6px"> </div>Marketing and a<div style="display:inline-block;width:6px"> </div>master's degree in<div style="display:inline-block;width:5px"> </div>Business </div><div id="a54594" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Administration and Finance from Boston University. </div><div id="a54607" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:919px;">Konstantinos Fotiadis</div><div id="a54610" style="position:absolute;font-family:'Arial';left:211px;top:919px;"><div style="display:inline-block;width:4px"> </div>has served as a<div style="display:inline-block;width:6px"> </div>Director of Diana Shipping Inc.<div style="display:inline-block;width:6px"> </div>since 2017.<div style="display:inline-block;width:9px"> </div>Mr. Fotiadis served </div><div id="a54639" style="position:absolute;font-family:'Arial';left:57px;top:936px;">as an independent<div style="display:inline-block;width:2px"> </div>Director and<div style="display:inline-block;width:3px"> </div>as the Chairman<div style="display:inline-block;width:2px"> </div>of the Audit<div style="display:inline-block;width:2px"> </div>Committee of<div style="display:inline-block;width:3px"> </div>Performance Shipping<div style="display:inline-block;width:3px"> </div>Inc. (ex. </div><div id="a54673" style="position:absolute;font-family:'Arial';left:57px;top:953px;">Diana Containerships<div style="display:inline-block;width:2px"> </div>Inc.) (NASDAQ:<div style="display:inline-block;width:2px"> </div>PSHG) from<div style="display:inline-block;width:2px"> </div>the completion<div style="display:inline-block;width:2px"> </div>of Performance<div style="display:inline-block;width:2px"> </div>Shipping Inc.<div style="display:inline-block;width:2px"> </div>(ex. Diana </div></div>
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<div id="a54703" style="position:absolute;font-family:'Arial';left:390px;top:992px;">89 </div><div id="a54705" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Containerships Inc.)’s<div style="display:inline-block;width:6px"> </div>private offering<div style="display:inline-block;width:6px"> </div>until February 2011.<div style="display:inline-block;width:7px"> </div>From 1990<div style="display:inline-block;width:6px"> </div>until 1994,<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:6px"> </div>Fotiadis served<div style="display:inline-block;width:5px"> </div>as </div><div id="a54735" style="position:absolute;font-family:'Arial';left:57px;top:93px;">the President and<div style="display:inline-block;width:3px"> </div>Managing Director of Reckitt<div style="display:inline-block;width:2px"> </div>& Colman (Greece),<div style="display:inline-block;width:3px"> </div>part of the<div style="display:inline-block;width:3px"> </div>British multinational Reckitt </div><div id="a54767" style="position:absolute;font-family:'Arial';left:57px;top:110px;">&<div style="display:inline-block;width:7px"> </div>Colman<div style="display:inline-block;width:7px"> </div>plc,<div style="display:inline-block;width:7px"> </div>manufacturers<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>household,<div style="display:inline-block;width:7px"> </div>cosmetics<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>health<div style="display:inline-block;width:7px"> </div>care<div style="display:inline-block;width:7px"> </div>products.<div style="display:inline-block;width:7px"> </div>From<div style="display:inline-block;width:7px"> </div>1981<div style="display:inline-block;width:7px"> </div>until<div style="display:inline-block;width:7px"> </div>its </div><div id="a54797" style="position:absolute;font-family:'Arial';left:57px;top:126px;">acquisition in 1989<div style="display:inline-block;width:6px"> </div>by Reckitt &<div style="display:inline-block;width:6px"> </div>Colman plc, Mr.<div style="display:inline-block;width:6px"> </div>Fotiadis was a<div style="display:inline-block;width:6px"> </div>General Manager at<div style="display:inline-block;width:6px"> </div>Dr. Michalis<div style="display:inline-block;width:6px"> </div>S.A., a </div><div id="a54835" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Greek company manufacturing and marketing cosmetics and health care products. From 1978 until<div style="display:inline-block;width:3px"> </div>1981, </div><div id="a54863" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Mr.<div style="display:inline-block;width:7px"> </div>Fotiadis held<div style="display:inline-block;width:7px"> </div>positions<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>Esso<div style="display:inline-block;width:6px"> </div>Chemicals Ltd.<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>Avrassoglou<div style="display:inline-block;width:6px"> </div>S.A.<div style="display:inline-block;width:5px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Fotiadis<div style="display:inline-block;width:5px"> </div>has<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>been </div><div id="a54895" style="position:absolute;font-family:'Arial';left:57px;top:177px;">active as a business consultant and real estate developer. </div><div id="a54914" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Mr.<div style="display:inline-block;width:10px"> </div>Fotiadis<div style="display:inline-block;width:9px"> </div>holds<div style="display:inline-block;width:9px"> </div>a<div style="display:inline-block;width:10px"> </div>degree<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:10px"> </div>Economics<div style="display:inline-block;width:9px"> </div>from<div style="display:inline-block;width:10px"> </div>Technische<div style="display:inline-block;width:11px"> </div>Universitaet<div style="display:inline-block;width:9px"> </div>Berlin<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>Business </div><div id="a54942" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Administration from Freie Universitaet Berlin. </div><div id="a54953" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:261px;">Simon Morecroft</div><div id="a54956" style="position:absolute;font-family:'Arial';left:174px;top:261px;"><div style="display:inline-block;width:5px"> </div>has served as<div style="display:inline-block;width:6px"> </div>a Director of<div style="display:inline-block;width:6px"> </div>Diana Shipping Inc.<div style="display:inline-block;width:6px"> </div>since May 2022.<div style="display:inline-block;width:6px"> </div>He also serves<div style="display:inline-block;width:6px"> </div>as a </div><div id="a54991" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Director of Enarxis Ltd,<div style="display:inline-block;width:3px"> </div>a shipping consultancy<div style="display:inline-block;width:3px"> </div>company. Mr. Morecroft spent his career in the<div style="display:inline-block;width:3px"> </div>shipbroking </div><div id="a55023" style="position:absolute;font-family:'Arial';left:57px;top:295px;">industry<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>Sale<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>Purchase<div style="display:inline-block;width:8px"> </div>broker.<div style="display:inline-block;width:9px"> </div>He<div style="display:inline-block;width:8px"> </div>joined<div style="display:inline-block;width:8px"> </div>Braemar<div style="display:inline-block;width:8px"> </div>Shipbrokers<div style="display:inline-block;width:8px"> </div>Ltd<div style="display:inline-block;width:8px"> </div>(now<div style="display:inline-block;width:8px"> </div>Braemar<div style="display:inline-block;width:8px"> </div>ACM </div><div id="a55053" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Shipbroking) in 1983 becoming<div style="display:inline-block;width:2px"> </div>a director in 1986<div style="display:inline-block;width:2px"> </div>and remained on the<div style="display:inline-block;width:3px"> </div>board until his retirement<div style="display:inline-block;width:2px"> </div>in August </div><div id="a55089" style="position:absolute;font-family:'Arial';left:57px;top:329px;">2021.<div style="display:inline-block;width:7px"> </div>During<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>Braemar<div style="display:inline-block;width:6px"> </div>grew<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>boutique<div style="display:inline-block;width:6px"> </div>broking<div style="display:inline-block;width:6px"> </div>operation<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:7px"> </div>one<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>world’s<div style="display:inline-block;width:6px"> </div>most </div><div id="a55123" style="position:absolute;font-family:'Arial';left:57px;top:346px;">successful fully integrated shipbroking companies with a listing on<div style="display:inline-block;width:3px"> </div>the London Stock Exchange. </div><div id="a55150" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Mr. Morecroft graduated from Oxford University in 1980 with a Masters in PPE.<div style="display:inline-block;width:3px"> </div></div><div id="a55178" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:413px;">Jane Chao</div><div id="a55181" style="position:absolute;font-family:'Arial';left:132px;top:413px;"><div style="display:inline-block;width:5px"> </div>has served<div style="display:inline-block;width:5px"> </div>as a<div style="display:inline-block;width:6px"> </div>Director of<div style="display:inline-block;width:6px"> </div>Diana Shipping<div style="display:inline-block;width:5px"> </div>Inc. since<div style="display:inline-block;width:6px"> </div>February 2023.<div style="display:inline-block;width:6px"> </div>She also<div style="display:inline-block;width:6px"> </div>serves as<div style="display:inline-block;width:6px"> </div>a </div><div id="a55216" style="position:absolute;font-family:'Arial';left:57px;top:430px;">director of<div style="display:inline-block;width:6px"> </div>Wah<div style="display:inline-block;width:6px"> </div>Kwong Shipping<div style="display:inline-block;width:6px"> </div>Holdings Limited,<div style="display:inline-block;width:6px"> </div>a position<div style="display:inline-block;width:6px"> </div>she has<div style="display:inline-block;width:6px"> </div>held since<div style="display:inline-block;width:6px"> </div>2008. Ms.<div style="display:inline-block;width:6px"> </div>Chao is<div style="display:inline-block;width:6px"> </div>the </div><div id="a55252" style="position:absolute;font-family:'Arial';left:57px;top:447px;">managing<div style="display:inline-block;width:8px"> </div>director<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Wah<div style="display:inline-block;width:8px"> </div>Kwong<div style="display:inline-block;width:7px"> </div>China<div style="display:inline-block;width:7px"> </div>Investment<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>comprises<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>residential<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>commercial </div><div id="a55278" style="position:absolute;font-family:'Arial';left:57px;top:464px;">properties in Shanghai.<div style="display:inline-block;width:3px"> </div>Ms. Chao has founded<div style="display:inline-block;width:3px"> </div>her own art consultancy<div style="display:inline-block;width:2px"> </div>company Galerie Huit and<div style="display:inline-block;width:2px"> </div>lifestyle </div><div id="a55310" style="position:absolute;font-family:'Arial';left:57px;top:481px;">gallery Maison Huit in 2009 and recently, the non-profit Chao-Lee Art Foundation in 2022.<div style="display:inline-block;width:3px"> </div></div><div id="a55344" style="position:absolute;font-family:'Arial';left:57px;top:514px;">Ms.<div style="display:inline-block;width:9px"> </div>Chao<div style="display:inline-block;width:9px"> </div>has<div style="display:inline-block;width:9px"> </div>also<div style="display:inline-block;width:9px"> </div>served<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:9px"> </div>a<div style="display:inline-block;width:9px"> </div>Council<div style="display:inline-block;width:9px"> </div>Member<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>Changing<div style="display:inline-block;width:9px"> </div>Young<div style="display:inline-block;width:10px"> </div>Lives<div style="display:inline-block;width:9px"> </div>Foundation<div style="display:inline-block;width:9px"> </div>helping </div><div id="a55374" style="position:absolute;font-family:'Arial';left:57px;top:531px;">underprivileged children in Hong Kong and China from 2014 to 2020. </div><div id="a55397" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:565px;">Maria Dede</div><div id="a55400" style="position:absolute;font-family:'Arial';left:135px;top:565px;"><div style="display:inline-block;width:4px"> </div>is the Co-Chief Financial Officer of Diana Shipping Inc. since January 2025. Prior to this role, </div><div id="a55435" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Ms. Dede served as the Company’s Chief Accounting Officer starting in September 2005. In addition, Ms. </div><div id="a55467" style="position:absolute;font-family:'Arial';left:57px;top:599px;">Dede has served<div style="display:inline-block;width:6px"> </div>as the Co-Chief<div style="display:inline-block;width:6px"> </div>Financial Officer of<div style="display:inline-block;width:6px"> </div>Diana Shipping Services S.A.<div style="display:inline-block;width:6px"> </div>since January 2025, </div><div id="a55501" style="position:absolute;font-family:'Arial';left:57px;top:616px;">having previously served as the<div style="display:inline-block;width:6px"> </div>company’s Finance Manager and Chief<div style="display:inline-block;width:6px"> </div>Accounting Officer.<div style="display:inline-block;width:6px"> </div>In 2000, Ms. </div><div id="a55531" style="position:absolute;font-family:'Arial';left:57px;top:632px;">Dede joined the Athens branch of Arthur Andersen, which merged with Ernst and Young (Hellas) in 2002, </div><div id="a55565" style="position:absolute;font-family:'Arial';left:57px;top:649px;">where she served as an external<div style="display:inline-block;width:6px"> </div>auditor of shipping companies until 2005. From<div style="display:inline-block;width:6px"> </div>1996 to 2000 Ms. Dede </div><div id="a55601" style="position:absolute;font-family:'Arial';left:57px;top:666px;">was<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>Venus<div style="display:inline-block;width:6px"> </div>Enterprises<div style="display:inline-block;width:6px"> </div>S.A.,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>ship-management company,<div style="display:inline-block;width:8px"> </div>where<div style="display:inline-block;width:6px"> </div>she<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of </div><div id="a55633" style="position:absolute;font-family:'Arial';left:57px;top:683px;">positions primarily in accounting and supplies. </div><div id="a55646" style="position:absolute;font-family:'Arial';left:57px;top:717px;">Ms. Dede holds a Bachelor’s<div style="display:inline-block;width:2px"> </div>degree in Maritime Studies<div style="display:inline-block;width:2px"> </div>from the University of<div style="display:inline-block;width:3px"> </div>Piraeus, a Master’s<div style="display:inline-block;width:3px"> </div>degree </div><div id="a55680" style="position:absolute;font-family:'Arial';left:57px;top:734px;">in Business<div style="display:inline-block;width:6px"> </div>Administration from the<div style="display:inline-block;width:6px"> </div>ALBA Graduate Business<div style="display:inline-block;width:6px"> </div>School and a<div style="display:inline-block;width:6px"> </div>Master’s degree in<div style="display:inline-block;width:6px"> </div>Auditing </div><div id="a55710" style="position:absolute;font-family:'Arial';left:57px;top:751px;">and Accounting from the Greek Institute of Chartered Accountants. </div><div id="a55729" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:784px;">Margarita<div style="display:inline-block;width:7px"> </div>Veniou</div><div id="a55732" style="position:absolute;font-family:'Arial';left:179px;top:784px;"><div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>served<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Chief<div style="display:inline-block;width:7px"> </div>Corporate<div style="display:inline-block;width:7px"> </div>Development,<div style="display:inline-block;width:6px"> </div>Governance<div style="display:inline-block;width:7px"> </div>&<div style="display:inline-block;width:7px"> </div>Communications </div><div id="a55753" style="position:absolute;font-family:'Arial';left:57px;top:801px;">Officer of Diana<div style="display:inline-block;width:6px"> </div>Shipping Inc. since<div style="display:inline-block;width:5px"> </div>July 2022. From<div style="display:inline-block;width:6px"> </div>September 2004 until June<div style="display:inline-block;width:6px"> </div>2022, she served in<div style="display:inline-block;width:6px"> </div>the </div><div id="a55789" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Corporate<div style="display:inline-block;width:8px"> </div>Planning<div style="display:inline-block;width:7px"> </div>&<div style="display:inline-block;width:8px"> </div>Governance<div style="display:inline-block;width:8px"> </div>Department<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Inc.,<div style="display:inline-block;width:8px"> </div>holding<div style="display:inline-block;width:7px"> </div>various<div style="display:inline-block;width:7px"> </div>positions<div style="display:inline-block;width:7px"> </div>as </div><div id="a55815" style="position:absolute;font-family:'Arial';left:57px;top:835px;">Associate,<div style="display:inline-block;width:9px"> </div>Officer<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>Manager.<div style="display:inline-block;width:18px"> </div>Ms.<div style="display:inline-block;width:9px"> </div>Veniou<div style="display:inline-block;width:9px"> </div>is<div style="display:inline-block;width:9px"> </div>also<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>Corporate<div style="display:inline-block;width:8px"> </div>Development,<div style="display:inline-block;width:8px"> </div>Governance<div style="display:inline-block;width:9px"> </div>& </div><div id="a55841" style="position:absolute;font-family:'Arial';left:57px;top:852px;">Communications Manager of Diana Shipping Services S.A., a position she has held since 2022, and from </div><div id="a55873" style="position:absolute;font-family:'Arial';left:57px;top:869px;">2004 to 2022<div style="display:inline-block;width:2px"> </div>she held<div style="display:inline-block;width:3px"> </div>various other<div style="display:inline-block;width:3px"> </div>positions at<div style="display:inline-block;width:2px"> </div>Diana Shipping<div style="display:inline-block;width:2px"> </div>Services S.A.<div style="display:inline-block;width:3px"> </div>In addition,<div style="display:inline-block;width:3px"> </div>since November </div><div id="a55907" style="position:absolute;font-family:'Arial';left:57px;top:885px;">2021, Ms. Veniou has served<div style="display:inline-block;width:2px"> </div>as the Chief<div style="display:inline-block;width:3px"> </div>Corporate Development &<div style="display:inline-block;width:2px"> </div>Governance Officer of<div style="display:inline-block;width:3px"> </div>OceanPal Inc. </div><div id="a55939" style="position:absolute;font-family:'Arial';left:57px;top:902px;">(NASDAQ: OP) and<div style="display:inline-block;width:5px"> </div>she has also served<div style="display:inline-block;width:6px"> </div>as the company’s<div style="display:inline-block;width:6px"> </div>Board Secretary since April<div style="display:inline-block;width:6px"> </div>2023. She is the </div><div id="a55975" style="position:absolute;font-family:'Arial';left:57px;top:919px;">General Manager of Steamship Shipbroking Enterprises Inc., a position<div style="display:inline-block;width:3px"> </div>she has held since April 2014.<div style="display:inline-block;width:3px"> </div></div><div id="a56007" style="position:absolute;font-family:'Arial';left:57px;top:953px;">From<div style="display:inline-block;width:8px"> </div>January<div style="display:inline-block;width:8px"> </div>2010<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>February<div style="display:inline-block;width:8px"> </div>2020,<div style="display:inline-block;width:8px"> </div>Ms.<div style="display:inline-block;width:8px"> </div>Veniou<div style="display:inline-block;width:8px"> </div>also<div style="display:inline-block;width:8px"> </div>held<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>position<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Corporate<div style="display:inline-block;width:8px"> </div>Planning<div style="display:inline-block;width:8px"> </div>& </div></div>
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<div id="a56041" style="position:absolute;font-family:'Arial';left:390px;top:992px;">90 </div><div id="a56043" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Governance Officer of Performance Shipping Inc. (ex. Diana Containerships<div style="display:inline-block;width:3px"> </div>Inc.) (NASDAQ: PSHG). </div><div id="a56068" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Ms. Veniou<div style="display:inline-block;width:6px"> </div>holds a bachelor's<div style="display:inline-block;width:6px"> </div>degree in Maritime<div style="display:inline-block;width:5px"> </div>Studies and a<div style="display:inline-block;width:6px"> </div>master's degree in Maritime<div style="display:inline-block;width:6px"> </div>Economics </div><div id="a56100" style="position:absolute;font-family:'Arial';left:57px;top:126px;">& Policy from the University of<div style="display:inline-block;width:6px"> </div>Piraeus, Greece. In 2024, she completed the<div style="display:inline-block;width:6px"> </div>"Leadership Communication </div><div id="a56130" style="position:absolute;font-family:'Arial';left:57px;top:143px;">with<div style="display:inline-block;width:6px"> </div>Impact"<div style="display:inline-block;width:6px"> </div>program<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>INSEAD<div style="display:inline-block;width:6px"> </div>Business<div style="display:inline-block;width:6px"> </div>School.<div style="display:inline-block;width:6px"> </div>Additionally,<div style="display:inline-block;width:7px"> </div>she<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>completed<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>“Sustainability </div><div id="a56156" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Leadership<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Corporate<div style="display:inline-block;width:7px"> </div>Responsibility”<div style="display:inline-block;width:6px"> </div>program<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>London<div style="display:inline-block;width:7px"> </div>Business<div style="display:inline-block;width:7px"> </div>School<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>obtained<div style="display:inline-block;width:7px"> </div>the </div><div id="a56182" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Certification in<div style="display:inline-block;width:2px"> </div>Shipping Derivatives<div style="display:inline-block;width:2px"> </div>from Athens<div style="display:inline-block;width:2px"> </div>University of<div style="display:inline-block;width:3px"> </div>Economics and<div style="display:inline-block;width:2px"> </div>Business. Ms.<div style="display:inline-block;width:2px"> </div>Veniou is also </div><div id="a56212" style="position:absolute;font-family:'Arial';left:57px;top:194px;">a member of WISTA Hellas and ISO 14001 certified by Lloyd’s Register. </div><div id="a56237" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:228px;">Maria-Christina<div style="display:inline-block;width:7px"> </div>Tsemani</div><div id="a56242" style="position:absolute;font-family:'Arial';left:231px;top:228px;"><div style="display:inline-block;width:8px"> </div>has<div style="display:inline-block;width:7px"> </div>served<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:8px"> </div>Chief<div style="display:inline-block;width:7px"> </div>People<div style="display:inline-block;width:7px"> </div>Officer<div style="display:inline-block;width:8px"> </div>since<div style="display:inline-block;width:7px"> </div>July<div style="display:inline-block;width:7px"> </div>2022.<div style="display:inline-block;width:7px"> </div>Ms. </div><div id="a56267" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Tsemani<div style="display:inline-block;width:8px"> </div>also<div style="display:inline-block;width:6px"> </div>serves<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>HR<div style="display:inline-block;width:6px"> </div>Manager<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Services<div style="display:inline-block;width:6px"> </div>S.A.,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>position<div style="display:inline-block;width:6px"> </div>she<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>since </div><div id="a56301" style="position:absolute;font-family:'Arial';left:57px;top:261px;">October 2020.<div style="display:inline-block;width:4px"> </div></div><div id="a56307" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Ms.<div style="display:inline-block;width:5px"> </div>Tsemani<div style="display:inline-block;width:7px"> </div>has over<div style="display:inline-block;width:6px"> </div>20 years<div style="display:inline-block;width:6px"> </div>of experience<div style="display:inline-block;width:6px"> </div>in human<div style="display:inline-block;width:6px"> </div>resources across<div style="display:inline-block;width:6px"> </div>multinational companies<div style="display:inline-block;width:6px"> </div>and </div><div id="a56337" style="position:absolute;font-family:'Arial';left:57px;top:312px;">institutional<div style="display:inline-block;width:8px"> </div>organizations.<div style="display:inline-block;width:8px"> </div>Before<div style="display:inline-block;width:8px"> </div>joining<div style="display:inline-block;width:8px"> </div>Diana<div style="display:inline-block;width:8px"> </div>Shipping,<div style="display:inline-block;width:8px"> </div>Ms.<div style="display:inline-block;width:8px"> </div>Tsemani<div style="display:inline-block;width:9px"> </div>was<div style="display:inline-block;width:8px"> </div>People<div style="display:inline-block;width:8px"> </div>Acquisition<div style="display:inline-block;width:8px"> </div>and </div><div id="a56361" style="position:absolute;font-family:'Arial';left:57px;top:329px;">Development Manager of<div style="display:inline-block;width:5px"> </div>Vodafone Greece.<div style="display:inline-block;width:6px"> </div>During her career in<div style="display:inline-block;width:6px"> </div>Vodafone from<div style="display:inline-block;width:6px"> </div>2008 to 2020,<div style="display:inline-block;width:6px"> </div>she held </div><div id="a56393" style="position:absolute;font-family:'Arial';left:57px;top:346px;">various<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>positions,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>Senior<div style="display:inline-block;width:7px"> </div>HR<div style="display:inline-block;width:7px"> </div>Business<div style="display:inline-block;width:7px"> </div>Partner<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Organizational<div style="display:inline-block;width:7px"> </div>Effectiveness<div style="display:inline-block;width:7px"> </div>and </div><div id="a56417" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Reward<div style="display:inline-block;width:11px"> </div>Manager.<div style="display:inline-block;width:12px"> </div>From<div style="display:inline-block;width:11px"> </div>2004<div style="display:inline-block;width:11px"> </div>to<div style="display:inline-block;width:11px"> </div>2008,<div style="display:inline-block;width:11px"> </div>Ms.<div style="display:inline-block;width:11px"> </div>Tsemani<div style="display:inline-block;width:13px"> </div>worked<div style="display:inline-block;width:11px"> </div>as<div style="display:inline-block;width:11px"> </div>a<div style="display:inline-block;width:11px"> </div>Senior<div style="display:inline-block;width:11px"> </div>HR<div style="display:inline-block;width:11px"> </div>Consultant<div style="display:inline-block;width:11px"> </div>in </div><div id="a56447" style="position:absolute;font-family:'Arial';left:57px;top:379px;">PricewaterhouseCoopers (PwC). From<div style="display:inline-block;width:6px"> </div>2001 to<div style="display:inline-block;width:5px"> </div>2004, she<div style="display:inline-block;width:5px"> </div>served as<div style="display:inline-block;width:5px"> </div>a Project Manager<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>European </div><div id="a56477" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Commission, based in Luxembourg.<div style="display:inline-block;width:3px"> </div></div><div id="a56487" style="position:absolute;font-family:'Arial';left:57px;top:430px;">Ms. Tsemani<div style="display:inline-block;width:8px"> </div>holds a<div style="display:inline-block;width:6px"> </div>bachelor’s degree<div style="display:inline-block;width:6px"> </div>in Mathematical<div style="display:inline-block;width:6px"> </div>Sciences and<div style="display:inline-block;width:6px"> </div>a Master’s<div style="display:inline-block;width:6px"> </div>of Science<div style="display:inline-block;width:6px"> </div>in Applied </div><div id="a56519" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Statistics from the University of Oxford, UK. </div><div id="a56534" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:481px;">B.<div style="display:inline-block;width:32px"> </div>Compensation </div><div id="a56539" style="position:absolute;font-family:'Arial';left:57px;top:516px;">Aggregate executive<div style="display:inline-block;width:2px"> </div>compensation (including<div style="display:inline-block;width:2px"> </div>amounts paid<div style="display:inline-block;width:2px"> </div>to Steamship)<div style="display:inline-block;width:2px"> </div>for 2024<div style="display:inline-block;width:2px"> </div>was $6.2<div style="display:inline-block;width:2px"> </div>million. Since </div><div id="a56543" style="position:absolute;font-family:'Arial';left:57px;top:533px;">June 1, 2010, Steamship, a related party,<div style="display:inline-block;width:7px"> </div>as described in "Item 7. Major Shareholders and<div style="display:inline-block;width:5px"> </div>Related Party </div><div id="a56544" style="position:absolute;font-family:'Arial';left:57px;top:550px;">Transactions—B. Related<div style="display:inline-block;width:2px"> </div>Party Transactions"<div style="display:inline-block;width:2px"> </div>has provided<div style="display:inline-block;width:2px"> </div>to us<div style="display:inline-block;width:2px"> </div>brokerage services.<div style="display:inline-block;width:2px"> </div>Under the<div style="display:inline-block;width:2px"> </div>Brokerage </div><div id="a56547" style="position:absolute;font-family:'Arial';left:57px;top:567px;">Services<div style="display:inline-block;width:6px"> </div>Agreements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:7px"> </div>during<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>fees<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$4.1<div style="display:inline-block;width:6px"> </div>million<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>also<div style="display:inline-block;width:6px"> </div>paid </div><div id="a56549" style="position:absolute;font-family:'Arial';left:57px;top:583px;">commissions<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:5px"> </div>sales<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>purchases<div style="display:inline-block;width:6px"> </div>amounting to<div style="display:inline-block;width:7px"> </div>$0.5<div style="display:inline-block;width:6px"> </div>million.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>consider<div style="display:inline-block;width:5px"> </div>fees<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>these </div><div id="a56550" style="position:absolute;font-family:'Arial';left:57px;top:600px;">agreements to be part of our executive compensation due to<div style="display:inline-block;width:3px"> </div>the affiliation with Steamship.<div style="display:inline-block;width:4px"> </div></div><div id="a56553" style="position:absolute;font-family:'Arial';left:57px;top:634px;">Non-employee directors<div style="display:inline-block;width:6px"> </div>receive<div style="display:inline-block;width:6px"> </div>annual compensation<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>amount<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>$52,000 plus<div style="display:inline-block;width:7px"> </div>reimbursement of </div><div id="a56556" style="position:absolute;font-family:'Arial';left:57px;top:651px;">out-of-pocket expenses. In addition, each director serving as chairman of a committee receives additional </div><div id="a56561" style="position:absolute;font-family:'Arial';left:57px;top:668px;">annual compensation of<div style="display:inline-block;width:2px"> </div>$26,000, plus reimbursement<div style="display:inline-block;width:2px"> </div>for out-of-pocket<div style="display:inline-block;width:3px"> </div>expenses with the<div style="display:inline-block;width:2px"> </div>exception of<div style="display:inline-block;width:3px"> </div>the </div><div id="a56579" style="position:absolute;font-family:'Arial';left:57px;top:685px;">chairman of<div style="display:inline-block;width:5px"> </div>the audit<div style="display:inline-block;width:5px"> </div>and compensation committee<div style="display:inline-block;width:6px"> </div>who receive<div style="display:inline-block;width:5px"> </div>annual compensation of<div style="display:inline-block;width:6px"> </div>$40,000. Each </div><div id="a56582" style="position:absolute;font-family:'Arial';left:57px;top:701px;">director<div style="display:inline-block;width:6px"> </div>serving<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>committee<div style="display:inline-block;width:6px"> </div>receives<div style="display:inline-block;width:6px"> </div>additional<div style="display:inline-block;width:6px"> </div>annual<div style="display:inline-block;width:6px"> </div>compensation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$13,000,<div style="display:inline-block;width:6px"> </div>plus </div><div id="a56610" style="position:absolute;font-family:'Arial';left:57px;top:718px;">reimbursement for out-of-pocket expenses<div style="display:inline-block;width:6px"> </div>with the exception<div style="display:inline-block;width:6px"> </div>of the member<div style="display:inline-block;width:6px"> </div>of the audit<div style="display:inline-block;width:6px"> </div>committee who </div><div id="a56630" style="position:absolute;font-family:'Arial';left:57px;top:735px;">receives annual compensation of $26,000, plus reimbursement for<div style="display:inline-block;width:6px"> </div>out-of-pocket expenses. In 2024, fees </div><div id="a56637" style="position:absolute;font-family:'Arial';left:57px;top:752px;">and expenses of our non-executive directors amounted to $0.6<div style="display:inline-block;width:3px"> </div>million. </div><div id="a56646" style="position:absolute;font-family:'Arial';left:57px;top:786px;">We do not have a retirement plan for our officers or directors.<div style="display:inline-block;width:3px"> </div></div><div id="a56649" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:57px;top:820px;">Equity Incentive Plan </div><div id="a56652" style="position:absolute;font-family:'Arial';left:57px;top:855px;">In November 2014, our board of directors approved, and the Company adopted the 2014<div style="display:inline-block;width:3px"> </div>Equity Incentive </div><div id="a56653" style="position:absolute;font-family:'Arial';left:57px;top:872px;">Plan for 5,000,000<div style="display:inline-block;width:3px"> </div>shares of common<div style="display:inline-block;width:2px"> </div>stock, amended on<div style="display:inline-block;width:2px"> </div>May 31, 2018<div style="display:inline-block;width:3px"> </div>to increase the<div style="display:inline-block;width:3px"> </div>shares of common </div><div id="a56657" style="position:absolute;font-family:'Arial';left:57px;top:888px;">stock to<div style="display:inline-block;width:6px"> </div>13,000,000 and<div style="display:inline-block;width:6px"> </div>further amended<div style="display:inline-block;width:6px"> </div>on January<div style="display:inline-block;width:6px"> </div>8, 2021,<div style="display:inline-block;width:6px"> </div>referred to<div style="display:inline-block;width:6px"> </div>as “the<div style="display:inline-block;width:6px"> </div>Plan”, to<div style="display:inline-block;width:6px"> </div>increase the </div><div id="a56660" style="position:absolute;font-family:'Arial';left:57px;top:905px;">number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>stock<div style="display:inline-block;width:6px"> </div>available for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>issuance<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>equity awards<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:6px"> </div>20,000,000<div style="display:inline-block;width:6px"> </div>shares. </div><div id="a56667" style="position:absolute;font-family:'Arial';left:57px;top:922px;">Currently, 9,144,759 shares remain reserved for issuance under the Plan.<div style="display:inline-block;width:3px"> </div></div></div>
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<div id="a56672" style="position:absolute;font-family:'Arial';left:390px;top:992px;">91 </div><div id="a56674" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Under the Plan, the Company’s<div style="display:inline-block;width:3px"> </div>employees, officers and directors<div style="display:inline-block;width:3px"> </div>are entitled to receive<div style="display:inline-block;width:3px"> </div>options to acquire </div><div id="a56675" style="position:absolute;font-family:'Arial';left:57px;top:93px;">the<div style="display:inline-block;width:8px"> </div>Company’s<div style="display:inline-block;width:8px"> </div>common<div style="display:inline-block;width:8px"> </div>stock.<div style="display:inline-block;width:16px"> </div>The<div style="display:inline-block;width:8px"> </div>Plan<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>administered<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Compensation<div style="display:inline-block;width:8px"> </div>Committee<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the </div><div id="a56676" style="position:absolute;font-family:'Arial';left:57px;top:110px;">Company’s Board of Directors, or such other committee of the Board as<div style="display:inline-block;width:2px"> </div>may be designated by the Board. </div><div id="a56678" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>Plan,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Directors<div style="display:inline-block;width:5px"> </div>is<div style="display:inline-block;width:6px"> </div>able<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>grant<div style="display:inline-block;width:6px"> </div>(a)<div style="display:inline-block;width:6px"> </div>non-qualified stock </div><div id="a56683" style="position:absolute;font-family:'Arial';left:57px;top:143px;">options, (b) stock appreciation rights,<div style="display:inline-block;width:6px"> </div>(c) restricted stock, (d)<div style="display:inline-block;width:6px"> </div>restricted stock units, (e)<div style="display:inline-block;width:6px"> </div>unrestricted stock, </div><div id="a56685" style="position:absolute;font-family:'Arial';left:57px;top:160px;">(f) other equity-based or equity-related awards, (g)<div style="display:inline-block;width:5px"> </div>dividend equivalents and (h) cash awards. No options </div><div id="a56691" style="position:absolute;font-family:'Arial';left:57px;top:177px;">or stock appreciation<div style="display:inline-block;width:5px"> </div>rights can be<div style="display:inline-block;width:5px"> </div>exercisable subsequent to the<div style="display:inline-block;width:6px"> </div>tenth anniversary of<div style="display:inline-block;width:5px"> </div>the date on<div style="display:inline-block;width:6px"> </div>which </div><div id="a56692" style="position:absolute;font-family:'Arial';left:57px;top:194px;">such<div style="display:inline-block;width:7px"> </div>Award<div style="display:inline-block;width:7px"> </div>was<div style="display:inline-block;width:7px"> </div>granted.<div style="display:inline-block;width:7px"> </div>Under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Plan,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Administrator<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>waive<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>modify<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>application<div style="display:inline-block;width:7px"> </div>of </div><div id="a56693" style="position:absolute;font-family:'Arial';left:57px;top:211px;">forfeiture of awards<div style="display:inline-block;width:2px"> </div>of restricted stock<div style="display:inline-block;width:2px"> </div>and performance<div style="display:inline-block;width:3px"> </div>shares in connection<div style="display:inline-block;width:2px"> </div>with cessation of<div style="display:inline-block;width:2px"> </div>service with </div><div id="a56695" style="position:absolute;font-family:'Arial';left:57px;top:228px;">the Company.<div style="display:inline-block;width:7px"> </div>No Awards<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>granted under<div style="display:inline-block;width:5px"> </div>the Plan<div style="display:inline-block;width:6px"> </div>following the<div style="display:inline-block;width:6px"> </div>tenth anniversary<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>date on </div><div id="a56696" style="position:absolute;font-family:'Arial';left:57px;top:245px;">which the Plan was adopted by the Board (i.e.,<div style="display:inline-block;width:3px"> </div>January 8, 2031). </div><div id="a56701" style="position:absolute;font-family:'Arial';left:57px;top:278px;">During<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>annual<div style="display:inline-block;width:6px"> </div>report,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>awarded<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>of </div><div id="a56704" style="position:absolute;font-family:'Arial';left:57px;top:295px;">2,300,000 shares and<div style="display:inline-block;width:6px"> </div>2,000,000 shares, respectively,<div style="display:inline-block;width:7px"> </div>of restricted common<div style="display:inline-block;width:6px"> </div>stock, awarded to<div style="display:inline-block;width:6px"> </div>executive </div><div id="a56709" style="position:absolute;font-family:'Arial';left:57px;top:312px;">and non-executive directors.<div style="display:inline-block;width:3px"> </div>All restricted shares<div style="display:inline-block;width:2px"> </div>vest ratably over<div style="display:inline-block;width:3px"> </div>three years and are<div style="display:inline-block;width:2px"> </div>subject to forfeiture </div><div id="a56719" style="position:absolute;font-family:'Arial';left:57px;top:329px;">until they vest. Unless they forfeit, grantees have the right to<div style="display:inline-block;width:6px"> </div>vote, to receive and retain all dividends paid </div><div id="a56720" style="position:absolute;font-family:'Arial';left:57px;top:346px;">and to exercise all other rights, powers and privileges of a holder of<div style="display:inline-block;width:3px"> </div>shares.<div style="display:inline-block;width:4px"> </div></div><div id="a56723" style="position:absolute;font-family:'Arial';left:57px;top:379px;">In<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>compensation costs<div style="display:inline-block;width:7px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>restricted<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>awards<div style="display:inline-block;width:6px"> </div>amounted to </div><div id="a56725" style="position:absolute;font-family:'Arial';left:57px;top:396px;">$10.0 million. </div><div id="a56728" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:430px;">C.<div style="display:inline-block;width:32px"> </div>Board Practices </div><div id="a56733" style="position:absolute;font-family:'Arial';left:57px;top:465px;">We<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>established<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Audit<div style="display:inline-block;width:6px"> </div>Committee,<div style="display:inline-block;width:6px"> </div>comprised<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>two<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>members,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>responsible<div style="display:inline-block;width:6px"> </div>for </div><div id="a56736" style="position:absolute;font-family:'Arial';left:57px;top:482px;">reviewing<div style="display:inline-block;width:8px"> </div>our<div style="display:inline-block;width:8px"> </div>accounting<div style="display:inline-block;width:8px"> </div>controls,<div style="display:inline-block;width:8px"> </div>recommending<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>board<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>directors<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>engagement<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>our </div><div id="a56737" style="position:absolute;font-family:'Arial';left:57px;top:499px;">independent auditors,<div style="display:inline-block;width:2px"> </div>and pre-approving<div style="display:inline-block;width:2px"> </div>audit and<div style="display:inline-block;width:2px"> </div>audit-related<div style="display:inline-block;width:3px"> </div>services and<div style="display:inline-block;width:2px"> </div>fees. Each<div style="display:inline-block;width:2px"> </div>member has<div style="display:inline-block;width:2px"> </div>been </div><div id="a56742" style="position:absolute;font-family:'Arial';left:57px;top:516px;">determined by our<div style="display:inline-block;width:6px"> </div>board of directors<div style="display:inline-block;width:6px"> </div>to be “independent”<div style="display:inline-block;width:6px"> </div>under the rules<div style="display:inline-block;width:6px"> </div>of the NYSE<div style="display:inline-block;width:6px"> </div>and the rules<div style="display:inline-block;width:6px"> </div>and </div><div id="a56745" style="position:absolute;font-family:'Arial';left:57px;top:533px;">regulations of<div style="display:inline-block;width:2px"> </div>the SEC.<div style="display:inline-block;width:3px"> </div>As directed<div style="display:inline-block;width:2px"> </div>by its<div style="display:inline-block;width:2px"> </div>written charter, the<div style="display:inline-block;width:2px"> </div>Audit Committee<div style="display:inline-block;width:2px"> </div>is responsible<div style="display:inline-block;width:2px"> </div>for appointing, </div><div id="a56746" style="position:absolute;font-family:'Arial';left:57px;top:550px;">and overseeing the<div style="display:inline-block;width:3px"> </div>work of the<div style="display:inline-block;width:3px"> </div>independent auditors,<div style="display:inline-block;width:3px"> </div>including reviewing<div style="display:inline-block;width:3px"> </div>and approving their<div style="display:inline-block;width:3px"> </div>engagement </div><div id="a56748" style="position:absolute;font-family:'Arial';left:57px;top:567px;">letter<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>fees<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>auditors,<div style="display:inline-block;width:7px"> </div>reviewing<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>adequacy<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>effectiveness<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company's </div><div id="a56749" style="position:absolute;font-family:'Arial';left:57px;top:583px;">accounting<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>internal<div style="display:inline-block;width:8px"> </div>control<div style="display:inline-block;width:8px"> </div>procedures<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>reading<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>discussing<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>management<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>the </div><div id="a56750" style="position:absolute;font-family:'Arial';left:57px;top:600px;">independent auditors the<div style="display:inline-block;width:6px"> </div>annual audited<div style="display:inline-block;width:6px"> </div>financial statements. The<div style="display:inline-block;width:6px"> </div>members of<div style="display:inline-block;width:5px"> </div>the Audit<div style="display:inline-block;width:6px"> </div>Committee are </div><div id="a56752" style="position:absolute;font-family:'Arial';left:57px;top:617px;">Mr. Kyriacos<div style="display:inline-block;width:5px"> </div>Riris (chairman and financial<div style="display:inline-block;width:6px"> </div>expert) and Mr.<div style="display:inline-block;width:6px"> </div>Apostolos Kontoyannis (member and<div style="display:inline-block;width:6px"> </div>financial </div><div id="a56757" style="position:absolute;font-family:'Arial';left:57px;top:634px;">expert). </div><div id="a56760" style="position:absolute;font-family:'Arial';left:57px;top:668px;">We<div style="display:inline-block;width:6px"> </div>have established<div style="display:inline-block;width:6px"> </div>a Compensation<div style="display:inline-block;width:6px"> </div>Committee comprised<div style="display:inline-block;width:6px"> </div>of two<div style="display:inline-block;width:6px"> </div>members, which,<div style="display:inline-block;width:6px"> </div>as directed<div style="display:inline-block;width:6px"> </div>by its </div><div id="a56761" style="position:absolute;font-family:'Arial';left:57px;top:685px;">written charter, is responsible<div style="display:inline-block;width:2px"> </div>for setting the<div style="display:inline-block;width:2px"> </div>compensation of<div style="display:inline-block;width:3px"> </div>executive officers of<div style="display:inline-block;width:2px"> </div>the Company, reviewing </div><div id="a56762" style="position:absolute;font-family:'Arial';left:57px;top:701px;">the Company’s incentive<div style="display:inline-block;width:2px"> </div>and equity-based<div style="display:inline-block;width:3px"> </div>compensation plans,<div style="display:inline-block;width:2px"> </div>and reviewing<div style="display:inline-block;width:2px"> </div>and approving<div style="display:inline-block;width:3px"> </div>employment </div><div id="a56766" style="position:absolute;font-family:'Arial';left:57px;top:718px;">and severance<div style="display:inline-block;width:2px"> </div>agreements. The<div style="display:inline-block;width:2px"> </div>members of<div style="display:inline-block;width:2px"> </div>the Compensation<div style="display:inline-block;width:2px"> </div>Committee are<div style="display:inline-block;width:2px"> </div>Mr. Apostolos Kontoyannis </div><div id="a56769" style="position:absolute;font-family:'Arial';left:57px;top:735px;">(chairman) and Mr. Konstantinos Psaltis (member). </div><div id="a56772" style="position:absolute;font-family:'Arial';left:57px;top:769px;">We have established<div style="display:inline-block;width:2px"> </div>a Nominating<div style="display:inline-block;width:3px"> </div>Committee comprised<div style="display:inline-block;width:2px"> </div>of two<div style="display:inline-block;width:2px"> </div>members, which,<div style="display:inline-block;width:3px"> </div>as directed<div style="display:inline-block;width:3px"> </div>by its<div style="display:inline-block;width:3px"> </div>written </div><div id="a56773" style="position:absolute;font-family:'Arial';left:57px;top:786px;">charter,<div style="display:inline-block;width:6px"> </div>is responsible<div style="display:inline-block;width:6px"> </div>for identifying,<div style="display:inline-block;width:6px"> </div>evaluating and<div style="display:inline-block;width:6px"> </div>making recommendations<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>board of<div style="display:inline-block;width:6px"> </div>directors </div><div id="a56774" style="position:absolute;font-family:'Arial';left:57px;top:803px;">concerning individuals for selections as<div style="display:inline-block;width:6px"> </div>director nominees for the<div style="display:inline-block;width:6px"> </div>next annual meeting of<div style="display:inline-block;width:6px"> </div>stockholders or </div><div id="a56776" style="position:absolute;font-family:'Arial';left:57px;top:820px;">to<div style="display:inline-block;width:11px"> </div>otherwise<div style="display:inline-block;width:10px"> </div>fill<div style="display:inline-block;width:11px"> </div>board<div style="display:inline-block;width:11px"> </div>of<div style="display:inline-block;width:11px"> </div>director<div style="display:inline-block;width:11px"> </div>vacancies.<div style="display:inline-block;width:11px"> </div>The<div style="display:inline-block;width:11px"> </div>members<div style="display:inline-block;width:11px"> </div>of<div style="display:inline-block;width:11px"> </div>the<div style="display:inline-block;width:11px"> </div>Nominating<div style="display:inline-block;width:11px"> </div>Committee<div style="display:inline-block;width:11px"> </div>are </div><div id="a56777" style="position:absolute;font-family:'Arial';left:57px;top:836px;">Mr. Konstantinos Psaltis (chairman) and Mr. Kyriacos Riris (member). </div><div id="a56784" style="position:absolute;font-family:'Arial';left:57px;top:870px;">We have established a Sustainability<div style="display:inline-block;width:2px"> </div>Committee comprised of Mr. Apostolos Kontoyannis<div style="display:inline-block;width:3px"> </div>(Chairman) and </div><div id="a56788" style="position:absolute;font-family:'Arial';left:57px;top:887px;">Ms.<div style="display:inline-block;width:7px"> </div>Semiramis<div style="display:inline-block;width:7px"> </div>Paliou<div style="display:inline-block;width:7px"> </div>(member).<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>Sustainability<div style="display:inline-block;width:7px"> </div>Committee,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>directed<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>written<div style="display:inline-block;width:7px"> </div>charter,<div style="display:inline-block;width:8px"> </div>is </div><div id="a56791" style="position:absolute;font-family:'Arial';left:57px;top:904px;">responsible for<div style="display:inline-block;width:2px"> </div>Identifying, evaluating<div style="display:inline-block;width:2px"> </div>and making<div style="display:inline-block;width:2px"> </div>recommendations to<div style="display:inline-block;width:2px"> </div>the Board<div style="display:inline-block;width:2px"> </div>with respect<div style="display:inline-block;width:2px"> </div>to significant </div><div id="a56792" style="position:absolute;font-family:'Arial';left:57px;top:921px;">policies<div style="display:inline-block;width:10px"> </div>and<div style="display:inline-block;width:10px"> </div>performance<div style="display:inline-block;width:10px"> </div>on<div style="display:inline-block;width:10px"> </div>matters<div style="display:inline-block;width:10px"> </div>relating<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>sustainability,<div style="display:inline-block;width:11px"> </div>including<div style="display:inline-block;width:10px"> </div>environmental<div style="display:inline-block;width:10px"> </div>risks<div style="display:inline-block;width:10px"> </div>and </div><div id="a56794" style="position:absolute;font-family:'Arial';left:57px;top:938px;">opportunities, social responsibility and impact and the health and<div style="display:inline-block;width:3px"> </div>safety of all of our stakeholders. </div></div>
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<div id="a56799" style="position:absolute;font-family:'Arial';left:390px;top:992px;">92 </div><div id="a56801" style="position:absolute;font-family:'Arial';left:57px;top:76px;">We<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>established<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>comprised<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Ms.<div style="display:inline-block;width:7px"> </div>Semiramis<div style="display:inline-block;width:6px"> </div>Paliou<div style="display:inline-block;width:6px"> </div>(Chairperson),<div style="display:inline-block;width:6px"> </div>Mr. </div><div id="a56804" style="position:absolute;font-family:'Arial';left:57px;top:93px;">Anastasios<div style="display:inline-block;width:10px"> </div>Margaronis<div style="display:inline-block;width:10px"> </div>(member),<div style="display:inline-block;width:9px"> </div>Mr.<div style="display:inline-block;width:11px"> </div>Ioannis<div style="display:inline-block;width:10px"> </div>Zafirakis<div style="display:inline-block;width:10px"> </div>(member),<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:10px"> </div>Mr.<div style="display:inline-block;width:11px"> </div>Eleftherios<div style="display:inline-block;width:9px"> </div>Papatrifon </div><div id="a56805" style="position:absolute;font-family:'Arial';left:57px;top:110px;">(member).<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>has,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>extent<div style="display:inline-block;width:6px"> </div>permitted<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>law,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>powers<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Board<div style="display:inline-block;width:6px"> </div>of </div><div id="a56806" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Directors in the management of the business and affairs of the Company. </div><div id="a56810" style="position:absolute;font-family:'Arial';left:57px;top:160px;">We<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:6px"> </div>maintain<div style="display:inline-block;width:6px"> </div>directors’<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>officers’<div style="display:inline-block;width:6px"> </div>insurance,<div style="display:inline-block;width:6px"> </div>pursuant<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>provide<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>coverage </div><div id="a56812" style="position:absolute;font-family:'Arial';left:57px;top:177px;">against certain<div style="display:inline-block;width:3px"> </div>liabilities to<div style="display:inline-block;width:3px"> </div>which our<div style="display:inline-block;width:3px"> </div>directors and<div style="display:inline-block;width:2px"> </div>officers may<div style="display:inline-block;width:3px"> </div>be subject,<div style="display:inline-block;width:3px"> </div>including liability<div style="display:inline-block;width:2px"> </div>incurred under </div><div id="a56813" style="position:absolute;font-family:'Arial';left:57px;top:194px;">U.S.<div style="display:inline-block;width:6px"> </div>securities law.<div style="display:inline-block;width:7px"> </div>Our executive<div style="display:inline-block;width:7px"> </div>directors have<div style="display:inline-block;width:7px"> </div>employment<div style="display:inline-block;width:5px"> </div>agreements, which,<div style="display:inline-block;width:7px"> </div>if terminated<div style="display:inline-block;width:7px"> </div>without </div><div id="a56814" style="position:absolute;font-family:'Arial';left:57px;top:211px;">cause, entitle them to continue<div style="display:inline-block;width:3px"> </div>receiving their basic salary through the date of the agreement’s expiration. </div><div id="a56818" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:245px;">Clawback Policy </div><div id="a56821" style="position:absolute;font-family:'Arial';left:57px;top:278px;">In December 2023,<div style="display:inline-block;width:2px"> </div>our Board<div style="display:inline-block;width:3px"> </div>of Directors<div style="display:inline-block;width:3px"> </div>adopted a policy<div style="display:inline-block;width:2px"> </div>regarding the<div style="display:inline-block;width:3px"> </div>recovery of erroneously<div style="display:inline-block;width:2px"> </div>awarded </div><div id="a56823" style="position:absolute;font-family:'Arial';left:57px;top:295px;">compensation (“Clawback Policy”) in accordance with the applicable rules of<div style="display:inline-block;width:6px"> </div>NYSE and Section 10D and </div><div id="a56824" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Rule 10D-1 of the Securities Exchange Act of 1934, as amended. In the event we are required to prepare </div><div id="a56828" style="position:absolute;font-family:'Arial';left:57px;top:329px;">an accounting restatement due to<div style="display:inline-block;width:3px"> </div>material noncompliance with any<div style="display:inline-block;width:2px"> </div>financial reporting requirements under </div><div id="a56829" style="position:absolute;font-family:'Arial';left:57px;top:346px;">U.S. securities<div style="display:inline-block;width:2px"> </div>laws or<div style="display:inline-block;width:2px"> </div>otherwise erroneous<div style="display:inline-block;width:2px"> </div>data or<div style="display:inline-block;width:2px"> </div>if we<div style="display:inline-block;width:2px"> </div>determine there<div style="display:inline-block;width:2px"> </div>has been<div style="display:inline-block;width:2px"> </div>a significant<div style="display:inline-block;width:2px"> </div>misconduct </div><div id="a56831" style="position:absolute;font-family:'Arial';left:57px;top:363px;">that causes material financial, operational<div style="display:inline-block;width:3px"> </div>or reputational harm, we shall<div style="display:inline-block;width:3px"> </div>be entitled to recover a portion<div style="display:inline-block;width:3px"> </div>or </div><div id="a56832" style="position:absolute;font-family:'Arial';left:57px;top:379px;">all of<div style="display:inline-block;width:6px"> </div>any incentive-based<div style="display:inline-block;width:6px"> </div>compensation, if<div style="display:inline-block;width:6px"> </div>any,<div style="display:inline-block;width:6px"> </div>provided to<div style="display:inline-block;width:6px"> </div>certain executives<div style="display:inline-block;width:6px"> </div>who, during<div style="display:inline-block;width:6px"> </div>a three-year </div><div id="a56837" style="position:absolute;font-family:'Arial';left:57px;top:396px;">period<div style="display:inline-block;width:11px"> </div>preceding<div style="display:inline-block;width:11px"> </div>the<div style="display:inline-block;width:11px"> </div>date<div style="display:inline-block;width:11px"> </div>on<div style="display:inline-block;width:11px"> </div>which<div style="display:inline-block;width:11px"> </div>an<div style="display:inline-block;width:11px"> </div>accounting<div style="display:inline-block;width:10px"> </div>restatement<div style="display:inline-block;width:11px"> </div>is<div style="display:inline-block;width:11px"> </div>required,<div style="display:inline-block;width:11px"> </div>received<div style="display:inline-block;width:11px"> </div>incentive </div><div id="a56839" style="position:absolute;font-family:'Arial';left:57px;top:413px;">compensation<div style="display:inline-block;width:9px"> </div>based<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>erroneous<div style="display:inline-block;width:8px"> </div>financial<div style="display:inline-block;width:9px"> </div>data<div style="display:inline-block;width:9px"> </div>that<div style="display:inline-block;width:9px"> </div>exceeds<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:9px"> </div>amount<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>incentive-based </div><div id="a56842" style="position:absolute;font-family:'Arial';left:57px;top:430px;">compensation the executive would have received based on<div style="display:inline-block;width:3px"> </div>the restatement. </div><div id="a56845" style="position:absolute;font-family:'Arial';left:57px;top:464px;">Our<div style="display:inline-block;width:6px"> </div>Clawback<div style="display:inline-block;width:6px"> </div>Policy<div style="display:inline-block;width:6px"> </div>shall<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>administered<div style="display:inline-block;width:5px"> </div>by<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Compensation Committee<div style="display:inline-block;width:7px"> </div>who<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>authority,<div style="display:inline-block;width:7px"> </div>in </div><div id="a56846" style="position:absolute;font-family:'Arial';left:57px;top:481px;">accordance with<div style="display:inline-block;width:2px"> </div>the applicable<div style="display:inline-block;width:2px"> </div>laws, rules<div style="display:inline-block;width:2px"> </div>and regulations,<div style="display:inline-block;width:2px"> </div>to interpret<div style="display:inline-block;width:2px"> </div>and make<div style="display:inline-block;width:2px"> </div>determinations<div style="display:inline-block;width:3px"> </div>necessary </div><div id="a56847" style="position:absolute;font-family:'Arial';left:57px;top:498px;">for the administration of the<div style="display:inline-block;width:5px"> </div>Clawback Policy,<div style="display:inline-block;width:6px"> </div>and may forego recovery in<div style="display:inline-block;width:6px"> </div>certain instances, including if it </div><div id="a56849" style="position:absolute;font-family:'Arial';left:57px;top:514px;">determines that recovery would be impracticable.<div style="display:inline-block;width:3px"> </div></div><div id="a56852" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:548px;">D.<div style="display:inline-block;width:32px"> </div>Employees </div><div id="a56857" style="position:absolute;font-family:'Arial';left:57px;top:583px;">We crew our vessels<div style="display:inline-block;width:5px"> </div>primarily with Greek officers and Filipino officers<div style="display:inline-block;width:6px"> </div>and seamen and may also employ </div><div id="a56858" style="position:absolute;font-family:'Arial';left:57px;top:600px;">seamen from Poland,<div style="display:inline-block;width:2px"> </div>Romania and<div style="display:inline-block;width:3px"> </div>Ukraine. DSS<div style="display:inline-block;width:3px"> </div>and DWM are<div style="display:inline-block;width:2px"> </div>responsible for identifying<div style="display:inline-block;width:2px"> </div>the appropriate </div><div id="a56860" style="position:absolute;font-family:'Arial';left:57px;top:617px;">officers<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>seamen<div style="display:inline-block;width:7px"> </div>mainly<div style="display:inline-block;width:7px"> </div>through<div style="display:inline-block;width:7px"> </div>crewing<div style="display:inline-block;width:7px"> </div>agencies.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>crewing<div style="display:inline-block;width:7px"> </div>agencies<div style="display:inline-block;width:7px"> </div>handle<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>seaman's </div><div id="a56861" style="position:absolute;font-family:'Arial';left:57px;top:634px;">training, travel<div style="display:inline-block;width:3px"> </div>and payroll.<div style="display:inline-block;width:2px"> </div>The management<div style="display:inline-block;width:2px"> </div>companies ensure<div style="display:inline-block;width:2px"> </div>that all<div style="display:inline-block;width:3px"> </div>our seamen<div style="display:inline-block;width:3px"> </div>have the<div style="display:inline-block;width:3px"> </div>qualifications </div><div id="a56862" style="position:absolute;font-family:'Arial';left:57px;top:651px;">and licenses required to comply<div style="display:inline-block;width:6px"> </div>with international regulations and shipping conventions. Additionally,<div style="display:inline-block;width:7px"> </div>our </div><div id="a56864" style="position:absolute;font-family:'Arial';left:57px;top:668px;">seafaring<div style="display:inline-block;width:6px"> </div>employees<div style="display:inline-block;width:6px"> </div>perform<div style="display:inline-block;width:6px"> </div>most<div style="display:inline-block;width:6px"> </div>commissioning<div style="display:inline-block;width:6px"> </div>work<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>supervise<div style="display:inline-block;width:6px"> </div>work<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>shipyards<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>drydock </div><div id="a56865" style="position:absolute;font-family:'Arial';left:57px;top:685px;">facilities. We<div style="display:inline-block;width:6px"> </div>typically man<div style="display:inline-block;width:5px"> </div>our vessels<div style="display:inline-block;width:6px"> </div>with more crew<div style="display:inline-block;width:6px"> </div>members than<div style="display:inline-block;width:6px"> </div>are required by<div style="display:inline-block;width:6px"> </div>the country of<div style="display:inline-block;width:6px"> </div>the </div><div id="a56867" style="position:absolute;font-family:'Arial';left:57px;top:701px;">vessel's flag in order to allow for the performance of routine maintenance<div style="display:inline-block;width:3px"> </div>duties. </div><div id="a56870" style="position:absolute;font-family:'Arial';left:57px;top:735px;">The<div style="display:inline-block;width:6px"> </div>following<div style="display:inline-block;width:6px"> </div>table<div style="display:inline-block;width:6px"> </div>presents<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>shoreside<div style="display:inline-block;width:5px"> </div>personnel<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>DSS<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of </div><div id="a56871" style="position:absolute;font-family:'Arial';left:57px;top:752px;">seafaring<div style="display:inline-block;width:6px"> </div>personnel<div style="display:inline-block;width:6px"> </div>employed<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>vessel-owning<div style="display:inline-block;width:6px"> </div>subsidiaries<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and </div><div id="a56874" style="position:absolute;font-family:'Arial';left:57px;top:769px;">2022.<div style="display:inline-block;width:4px"> </div></div><div id="a56879" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:354px;top:803px;"><div style="display:inline-block;width:4px"> </div></div><div id="a56881" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:471px;top:803px;">Year Ended December 31, </div><div id="a56887" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:354px;top:821px;"><div style="display:inline-block;width:4px"> </div></div><div id="a56889" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:403px;top:819px;">2024 </div><div id="a56892" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:532px;top:819px;">2023 </div><div id="a56895" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:664px;top:819px;">2022 </div><div id="a56897" style="position:absolute;font-family:'Arial';left:56px;top:836px;">Shoreside </div><div id="a56899" style="position:absolute;font-family:'Arial';left:347px;top:836px;"><div style="display:inline-block;width:4px"> </div></div><div id="a56901" style="position:absolute;font-family:'Arial';left:441px;top:836px;letter-spacing:0.53px;">11</div><div id="a56902" style="position:absolute;font-family:'Arial';left:458px;top:836px;">7 </div><div id="a56905" style="position:absolute;font-family:'Arial';left:574px;top:836px;letter-spacing:0.53px;">11</div><div id="a56906" style="position:absolute;font-family:'Arial';left:590px;top:836px;">2 </div><div id="a56909" style="position:absolute;font-family:'Arial';left:711px;top:836px;">113 </div><div id="a56911" style="position:absolute;font-family:'Arial';left:56px;top:853px;">Seafaring </div><div id="a56913" style="position:absolute;font-family:'Arial';left:347px;top:853px;"><div style="display:inline-block;width:4px"> </div></div><div id="a56915" style="position:absolute;font-family:'Arial';left:441px;top:853px;">864 </div><div id="a56918" style="position:absolute;font-family:'Arial';left:574px;top:853px;">906 </div><div id="a56922" style="position:absolute;font-family:'Arial';left:711px;top:853px;">907 </div><div id="a56924" style="position:absolute;font-family:'Arial';left:56px;top:870px;">Total </div><div id="a56926" style="position:absolute;font-family:'Arial';left:347px;top:870px;"><div style="display:inline-block;width:4px"> </div></div><div id="a56928" style="position:absolute;font-family:'Arial';left:441px;top:870px;">981 </div><div id="a56931" style="position:absolute;font-family:'Arial';left:562px;top:870px;">1,018 </div><div id="a56935" style="position:absolute;font-family:'Arial';left:699px;top:870px;">1,020 </div></div>
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<div id="a56940" style="position:absolute;font-family:'Arial';left:390px;top:992px;">93 </div><div id="a56942" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:76px;">E.<div style="display:inline-block;width:33px"> </div>Share Ownership </div><div id="a56947" style="position:absolute;font-family:'Arial';left:57px;top:111px;">With respect to<div style="display:inline-block;width:2px"> </div>the total amount<div style="display:inline-block;width:2px"> </div>of common shares,<div style="display:inline-block;width:2px"> </div>Series B Preferred<div style="display:inline-block;width:2px"> </div>Shares, Series C<div style="display:inline-block;width:2px"> </div>Preferred Shares </div><div id="a56948" style="position:absolute;font-family:'Arial';left:57px;top:128px;">and Series D Preferred Shares owned by our officers and directors, individually<div style="display:inline-block;width:2px"> </div>and as a group, see “Item </div><div id="a56951" style="position:absolute;font-family:'Arial';left:57px;top:145px;">7. Major Shareholders and Related Party Transactions—A. Major Shareholders.” </div><div id="a56956" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:179px;">F. </div><div id="a56958" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:153px;top:179px;">Disclosure of Registrant's Action to Recover Erroneously Awarded </div><div id="a56959" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:197px;">Compensation </div><div id="a56962" style="position:absolute;font-family:'Arial';left:57px;top:232px;">Not applicable. </div><div id="a56965" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:266px;">Item 7.<div style="display:inline-block;width:37px"> </div>Major Shareholders and Related Party Transactions<div style="display:inline-block;width:5px"> </div></div><div id="a56969" style="position:absolute;font-family:'Arial';left:57px;top:287px;"> </div><div id="a56970" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:304px;">A.<div style="display:inline-block;width:32px"> </div>Major Shareholders </div><div id="a56977" style="position:absolute;font-family:'Arial';left:57px;top:340px;">The following table<div style="display:inline-block;width:2px"> </div>sets forth information<div style="display:inline-block;width:2px"> </div>regarding ownership<div style="display:inline-block;width:3px"> </div>of our common<div style="display:inline-block;width:2px"> </div>stock of which<div style="display:inline-block;width:3px"> </div>we are aware </div><div id="a56979" style="position:absolute;font-family:'Arial';left:57px;top:356px;">as of the<div style="display:inline-block;width:6px"> </div>date of this<div style="display:inline-block;width:5px"> </div>annual report, for (i) beneficial<div style="display:inline-block;width:5px"> </div>owners of five<div style="display:inline-block;width:6px"> </div>percent or more of<div style="display:inline-block;width:6px"> </div>our common stock </div><div id="a56982" style="position:absolute;font-family:'Arial';left:57px;top:373px;">and<div style="display:inline-block;width:7px"> </div>(ii) our<div style="display:inline-block;width:7px"> </div>officers<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>directors,<div style="display:inline-block;width:7px"> </div>individually<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>group.<div style="display:inline-block;width:7px"> </div>All<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>shareholders,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>the </div><div id="a56986" style="position:absolute;font-family:'Arial';left:57px;top:390px;">shareholders listed in this table, are entitled to one vote for each share<div style="display:inline-block;width:3px"> </div>of common stock held. </div><div id="a56989" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:64px;top:438px;">Title of Class </div><div id="a56992" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:258px;top:438px;">Identity of Person or Group </div><div id="a56994" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:478px;top:424px;"><div style="display:inline-block;width:3px"> </div></div><div id="a56996" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:524px;top:424px;">Number of </div><div id="a56998" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:512px;top:438px;">Shares Owned </div><div id="a57000" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:629px;top:424px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57002" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:662px;top:424px;">Percent of </div><div id="a57003" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:675px;top:438px;">Class </div><div id="a57005" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:752px;top:424px;">*</div><div id="a57006" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:752px;top:438px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57008" style="position:absolute;font-family:'Arial';font-size:12px;left:64px;top:453px;">Common Stock,<div style="display:inline-block;width:3px"> </div></div><div id="a57010" style="position:absolute;font-family:'Arial';font-size:12px;left:194px;top:453px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57012" style="position:absolute;font-family:'Arial';font-size:12px;left:210px;top:453px;">Semiramis Paliou (1) </div><div id="a57018" style="position:absolute;font-family:'Arial';font-size:12px;left:478px;top:453px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57020" style="position:absolute;font-family:'Arial';font-size:12px;left:533px;top:453px;">24,719,462 </div><div id="a57022" style="position:absolute;font-family:'Arial';font-size:12px;left:629px;top:453px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57024" style="position:absolute;font-family:'Arial';font-size:12px;left:696px;top:453px;">20.3% </div><div id="a57027" style="position:absolute;font-family:'Arial';font-size:12px;left:64px;top:467px;">par value $0.01 </div><div id="a57030" style="position:absolute;font-family:'Arial';font-size:12px;left:210px;top:467px;">Anastasios Margaronis (2) </div><div id="a57033" style="position:absolute;font-family:'Arial';font-size:12px;left:533px;top:467px;">10,505,922 </div><div id="a57036" style="position:absolute;font-family:'Arial';font-size:12px;left:703px;top:467px;">8.8% </div><div id="a57041" style="position:absolute;font-family:'Arial';font-size:12px;left:210px;top:481px;">Sea Trade Holdings Inc. (3) </div><div id="a57044" style="position:absolute;font-family:'Arial';font-size:12px;left:533px;top:481px;">14,682,781 </div><div id="a57047" style="position:absolute;font-family:'Arial';font-size:12px;left:696px;top:481px;">12.7% </div><div id="a57052" style="position:absolute;font-family:'Arial';font-size:12px;left:210px;top:495px;">F.<div style="display:inline-block;width:5px"> </div>Laeisz GmbH (4) </div><div id="a57057" style="position:absolute;font-family:'Arial';font-size:12px;left:540px;top:495px;">6.305.426 </div><div id="a57060" style="position:absolute;font-family:'Arial';font-size:12px;left:703px;top:495px;">5.4% </div><div id="a57063" style="position:absolute;font-family:'Arial';font-size:12px;left:64px;top:513px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57065" style="position:absolute;font-family:'Arial';font-size:12px;left:194px;top:513px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57067" style="position:absolute;font-family:'Arial';font-size:12px;left:210px;top:513px;">All other officers and directors as a group (5) </div><div id="a57073" style="position:absolute;font-family:'Arial';font-size:12px;left:478px;top:513px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57075" style="position:absolute;font-family:'Arial';font-size:12px;left:533px;top:513px;">12,573,796 </div><div id="a57077" style="position:absolute;font-family:'Arial';font-size:12px;left:629px;top:513px;"><div style="display:inline-block;width:3px"> </div></div><div id="a57079" style="position:absolute;font-family:'Arial';font-size:12px;left:696px;top:513px;">10.8% </div><div id="a57083" style="position:absolute;font-family:'Arial';left:57px;top:544px;">* Based on 115,767,861 common shares outstanding as of March 20, 2025.<div style="display:inline-block;width:3px"> </div></div><div id="a57087" style="position:absolute;font-family:'Arial';left:81px;top:595px;">(1)<div style="display:inline-block;width:30px"> </div>Mrs. Semiramis Paliou indirectly may be deemed to beneficially own 20.3% beneficially owned </div><div id="a57100" style="position:absolute;font-family:'Arial';left:129px;top:612px;">through Tuscany Shipping Corp., or Tuscany,<div style="display:inline-block;width:6px"> </div>and through 4 Sweet Dreams S.A., as the result </div><div id="a57105" style="position:absolute;font-family:'Arial';left:129px;top:629px;">of her ability to<div style="display:inline-block;width:6px"> </div>control the vote and<div style="display:inline-block;width:5px"> </div>disposition of such entities.<div style="display:inline-block;width:5px"> </div>The shares include 5,802,034 </div><div id="a57113" style="position:absolute;font-family:'Arial';left:129px;top:646px;">shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>issuable<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>Semiramis Paliou<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:6px"> </div>exercise<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>3,527,501<div style="display:inline-block;width:6px"> </div>warrants </div><div id="a57119" style="position:absolute;font-family:'Arial';left:129px;top:663px;">distributed on December 14, 2023. As of December 31, 2022, 2023 and 2024, Mrs. Semiramis </div><div id="a57125" style="position:absolute;font-family:'Arial';left:129px;top:680px;">Paliou<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>indirectly<div style="display:inline-block;width:6px"> </div>16.0%,<div style="display:inline-block;width:6px"> </div>20.3%<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>18.4%,<div style="display:inline-block;width:6px"> </div>respectively,<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>common </div><div id="a57136" style="position:absolute;font-family:'Arial';left:129px;top:696px;">stock. Additionally,<div style="display:inline-block;width:7px"> </div>Mrs. Paliou<div style="display:inline-block;width:6px"> </div>owns, through<div style="display:inline-block;width:6px"> </div>Tuscany,<div style="display:inline-block;width:7px"> </div>10,675 shares<div style="display:inline-block;width:6px"> </div>of Series<div style="display:inline-block;width:6px"> </div>C Preferred </div><div id="a57138" style="position:absolute;font-family:'Arial';left:129px;top:713px;">Stock, par value $0.01 per share, and 400<div style="display:inline-block;width:3px"> </div>shares of Series D Preferred Stock,<div style="display:inline-block;width:3px"> </div>par value $0.01 </div><div id="a57139" style="position:absolute;font-family:'Arial';left:129px;top:730px;">per share. The<div style="display:inline-block;width:6px"> </div>Series C Preferred Stock<div style="display:inline-block;width:6px"> </div>vote with our common<div style="display:inline-block;width:6px"> </div>shares and each share<div style="display:inline-block;width:6px"> </div>of the </div><div id="a57141" style="position:absolute;font-family:'Arial';left:129px;top:747px;">Series C Preferred Stock entitle the holder thereof to 1,000 votes on all matters submitted to a </div><div id="a57142" style="position:absolute;font-family:'Arial';left:129px;top:764px;">vote of<div style="display:inline-block;width:3px"> </div>the common<div style="display:inline-block;width:3px"> </div>stockholders of<div style="display:inline-block;width:2px"> </div>the Company. Each<div style="display:inline-block;width:3px"> </div>share of<div style="display:inline-block;width:2px"> </div>Series D<div style="display:inline-block;width:2px"> </div>Preferred Stock<div style="display:inline-block;width:3px"> </div>shall </div><div id="a57145" style="position:absolute;font-family:'Arial';left:129px;top:781px;">entitle the holder thereof to<div style="display:inline-block;width:6px"> </div>two hundred thousand (200,000) votes<div style="display:inline-block;width:6px"> </div>on all matters submitted to </div><div id="a57146" style="position:absolute;font-family:'Arial';left:129px;top:798px;">a vote of<div style="display:inline-block;width:5px"> </div>the stockholders of the<div style="display:inline-block;width:5px"> </div>Company, provided however,<div style="display:inline-block;width:6px"> </div>that, notwithstanding any other </div><div id="a57151" style="position:absolute;font-family:'Arial';left:129px;top:815px;">provision of the<div style="display:inline-block;width:6px"> </div>Series D Preferred Stock<div style="display:inline-block;width:6px"> </div>statement of designation, to<div style="display:inline-block;width:6px"> </div>the extent that<div style="display:inline-block;width:5px"> </div>the total </div><div id="a57154" style="position:absolute;font-family:'Arial';left:129px;top:832px;">number of votes one<div style="display:inline-block;width:6px"> </div>or more holders of<div style="display:inline-block;width:6px"> </div>Series D Preferred Stock is<div style="display:inline-block;width:6px"> </div>entitled to vote (including </div><div id="a57155" style="position:absolute;font-family:'Arial';left:129px;top:848px;">any voting<div style="display:inline-block;width:6px"> </div>power of<div style="display:inline-block;width:6px"> </div>such holders<div style="display:inline-block;width:6px"> </div>derived from<div style="display:inline-block;width:6px"> </div>Series D<div style="display:inline-block;width:6px"> </div>Preferred Stock,<div style="display:inline-block;width:5px"> </div>shares of<div style="display:inline-block;width:6px"> </div>Common </div><div id="a57157" style="position:absolute;font-family:'Arial';left:129px;top:865px;">Stock or any other<div style="display:inline-block;width:2px"> </div>voting security of<div style="display:inline-block;width:2px"> </div>the Company issued<div style="display:inline-block;width:2px"> </div>and outstanding<div style="display:inline-block;width:3px"> </div>as of the date<div style="display:inline-block;width:2px"> </div>hereof </div><div id="a57158" style="position:absolute;font-family:'Arial';left:129px;top:882px;">or that<div style="display:inline-block;width:6px"> </div>may be<div style="display:inline-block;width:6px"> </div>issued in<div style="display:inline-block;width:6px"> </div>the future)<div style="display:inline-block;width:6px"> </div>on any<div style="display:inline-block;width:6px"> </div>matter submitted<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>vote of<div style="display:inline-block;width:6px"> </div>stockholders of<div style="display:inline-block;width:6px"> </div>the </div><div id="a57159" style="position:absolute;font-family:'Arial';left:129px;top:899px;">Company would exceed 36.0% of the total<div style="display:inline-block;width:6px"> </div>number of votes eligible to be cast<div style="display:inline-block;width:6px"> </div>on such matter, </div><div id="a57161" style="position:absolute;font-family:'Arial';left:129px;top:916px;">the total<div style="display:inline-block;width:6px"> </div>number of votes<div style="display:inline-block;width:6px"> </div>that holders<div style="display:inline-block;width:5px"> </div>of Series D<div style="display:inline-block;width:6px"> </div>Preferred Stock may<div style="display:inline-block;width:6px"> </div>exercise derived from </div><div id="a57162" style="position:absolute;font-family:'Arial';left:129px;top:933px;">the Series D Preferred Stock together with Common Shares and any<div style="display:inline-block;width:6px"> </div>other voting securities of </div></div>
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<div id="a57165" style="position:absolute;font-family:'Arial';left:390px;top:992px;">94 </div><div id="a57167" style="position:absolute;font-family:'Arial';left:129px;top:76px;">the Company beneficially<div style="display:inline-block;width:5px"> </div>owned by such<div style="display:inline-block;width:6px"> </div>holder, shall<div style="display:inline-block;width:6px"> </div>be reduced to<div style="display:inline-block;width:6px"> </div>36% of the<div style="display:inline-block;width:6px"> </div>total number </div><div id="a57168" style="position:absolute;font-family:'Arial';left:129px;top:93px;">of votes that may be cast on such matter submitted to a vote of<div style="display:inline-block;width:3px"> </div>stockholders. </div><div id="a57171" style="position:absolute;font-family:'Arial';left:81px;top:126px;">(2)<div style="display:inline-block;width:30px"> </div>Mr. Anastasios<div style="display:inline-block;width:7px"> </div>Margaronis,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>President<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>member<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:7px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>directors<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>be </div><div id="a57176" style="position:absolute;font-family:'Arial';left:129px;top:143px;">deemed to beneficially<div style="display:inline-block;width:3px"> </div>own Anamar Investments<div style="display:inline-block;width:3px"> </div>Inc. and ESX Investments<div style="display:inline-block;width:2px"> </div>Inc. as the result<div style="display:inline-block;width:2px"> </div>of </div><div id="a57180" style="position:absolute;font-family:'Arial';left:129px;top:160px;">his ability to<div style="display:inline-block;width:6px"> </div>control the vote<div style="display:inline-block;width:6px"> </div>and disposition of<div style="display:inline-block;width:6px"> </div>such entities. These<div style="display:inline-block;width:6px"> </div>shares include 2,948,820 </div><div id="a57190" style="position:absolute;font-family:'Arial';left:129px;top:177px;">shares<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>common<div style="display:inline-block;width:8px"> </div>stock<div style="display:inline-block;width:8px"> </div>issuable<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>Anastasios<div style="display:inline-block;width:8px"> </div>Margaronis<div style="display:inline-block;width:8px"> </div>upon<div style="display:inline-block;width:8px"> </div>exercise<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>1,792,814 </div><div id="a57194" style="position:absolute;font-family:'Arial';left:129px;top:194px;">warrants distributed on December 14, 2023. </div><div id="a57198" style="position:absolute;font-family:'Arial';left:129px;top:211px;"><div style="display:inline-block;width:209px"> </div></div><div id="a57200" style="position:absolute;font-family:'Arial';left:81px;top:228px;">(3)<div style="display:inline-block;width:30px"> </div>This<div style="display:inline-block;width:5px"> </div>information<div style="display:inline-block;width:5px"> </div>is<div style="display:inline-block;width:6px"> </div>derived from<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>Schedule 13G/A<div style="display:inline-block;width:7px"> </div>filed<div style="display:inline-block;width:5px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>SEC on<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:6px"> </div>29,<div style="display:inline-block;width:5px"> </div>2025, </div><div id="a57209" style="position:absolute;font-family:'Arial';left:129px;top:245px;">adjusting the percentage figure based<div style="display:inline-block;width:3px"> </div>on the common shares issued<div style="display:inline-block;width:3px"> </div>and outstanding as of the </div><div id="a57210" style="position:absolute;font-family:'Arial';left:129px;top:261px;">date of this report.<div style="display:inline-block;width:4px"> </div></div><div id="a57214" style="position:absolute;font-family:'Arial';left:81px;top:295px;">(4)<div style="display:inline-block;width:30px"> </div>This<div style="display:inline-block;width:6px"> </div>information<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>derived<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>Schedule<div style="display:inline-block;width:6px"> </div>13G<div style="display:inline-block;width:6px"> </div>filed<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>SEC<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>October<div style="display:inline-block;width:6px"> </div>18,<div style="display:inline-block;width:6px"> </div>2024, </div><div id="a57228" style="position:absolute;font-family:'Arial';left:129px;top:312px;">adjusting the percentage figure based<div style="display:inline-block;width:3px"> </div>on the common shares issued<div style="display:inline-block;width:3px"> </div>and outstanding as of the </div><div id="a57229" style="position:absolute;font-family:'Arial';left:129px;top:329px;">date of this report.<div style="display:inline-block;width:4px"> </div></div><div id="a57233" style="position:absolute;font-family:'Arial';left:81px;top:363px;">(5)<div style="display:inline-block;width:30px"> </div>Ms. Semiramis<div style="display:inline-block;width:6px"> </div>Paliou<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Mr. Anastasios<div style="display:inline-block;width:7px"> </div>Margaronis<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>only<div style="display:inline-block;width:6px"> </div>directors<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>officers<div style="display:inline-block;width:6px"> </div>that </div><div id="a57243" style="position:absolute;font-family:'Arial';left:129px;top:379px;">beneficially<div style="display:inline-block;width:6px"> </div>own<div style="display:inline-block;width:6px"> </div>5%<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock.<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Simeon<div style="display:inline-block;width:6px"> </div>Palios<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be </div><div id="a57247" style="position:absolute;font-family:'Arial';left:129px;top:396px;">deemed<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>beneficially<div style="display:inline-block;width:7px"> </div>own<div style="display:inline-block;width:7px"> </div>5,533,206<div style="display:inline-block;width:7px"> </div>shares,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>4.7%<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>outstanding<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:7px"> </div>stock, </div><div id="a57254" style="position:absolute;font-family:'Arial';left:129px;top:413px;">beneficially owned<div style="display:inline-block;width:6px"> </div>through Taracan<div style="display:inline-block;width:8px"> </div>Investments S.A.<div style="display:inline-block;width:6px"> </div>and Limon<div style="display:inline-block;width:6px"> </div>Compania Financiera<div style="display:inline-block;width:6px"> </div>S.A.; </div><div id="a57261" style="position:absolute;font-family:'Arial';left:129px;top:430px;">Mr.<div style="display:inline-block;width:7px"> </div>Ioannis<div style="display:inline-block;width:6px"> </div>Zafirakis<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>deemed<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>beneficially<div style="display:inline-block;width:6px"> </div>own<div style="display:inline-block;width:6px"> </div>2,437,232<div style="display:inline-block;width:6px"> </div>shares,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>2.1%<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our </div><div id="a57268" style="position:absolute;font-family:'Arial';left:129px;top:447px;">outstanding common<div style="display:inline-block;width:3px"> </div>stock, beneficially<div style="display:inline-block;width:3px"> </div>owned through<div style="display:inline-block;width:3px"> </div>Abra Marinvest<div style="display:inline-block;width:2px"> </div>Inc.; and Mr. Eleftherios </div><div id="a57274" style="position:absolute;font-family:'Arial';left:129px;top:464px;">Papatrifon may<div style="display:inline-block;width:6px"> </div>be deemed<div style="display:inline-block;width:6px"> </div>to beneficially<div style="display:inline-block;width:6px"> </div>own 1,292,717<div style="display:inline-block;width:6px"> </div>shares, or<div style="display:inline-block;width:6px"> </div>1.1% of<div style="display:inline-block;width:6px"> </div>our outstanding </div><div id="a57283" style="position:absolute;font-family:'Arial';left:129px;top:481px;">common<div style="display:inline-block;width:7px"> </div>stock.<div style="display:inline-block;width:7px"> </div>All<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>officers<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>directors<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>own<div style="display:inline-block;width:7px"> </div>less<div style="display:inline-block;width:7px"> </div>than<div style="display:inline-block;width:7px"> </div>1%<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>outstanding </div><div id="a57286" style="position:absolute;font-family:'Arial';left:129px;top:498px;">common stock.<div style="display:inline-block;width:4px"> </div></div><div id="a57289" style="position:absolute;font-family:'Arial';left:57px;top:531px;">As of<div style="display:inline-block;width:6px"> </div>March 20,<div style="display:inline-block;width:6px"> </div>2025, we<div style="display:inline-block;width:6px"> </div>had 78<div style="display:inline-block;width:6px"> </div>shareholders of record,<div style="display:inline-block;width:6px"> </div>64 of<div style="display:inline-block;width:6px"> </div>which were located<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>United States </div><div id="a57299" style="position:absolute;font-family:'Arial';left:57px;top:548px;">and<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>102,793,930<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>shares,<div style="display:inline-block;width:6px"> </div>representing<div style="display:inline-block;width:6px"> </div>82.1%<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>outstanding </div><div id="a57306" style="position:absolute;font-family:'Arial';left:57px;top:565px;">common<div style="display:inline-block;width:6px"> </div>shares.<div style="display:inline-block;width:6px"> </div>However,<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>shareholders<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>CEDE<div style="display:inline-block;width:6px"> </div>&<div style="display:inline-block;width:6px"> </div>CO.,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>nominee<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>The </div><div id="a57307" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Depository Trust<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:6px"> </div>which held 101,729,866<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>common shares as<div style="display:inline-block;width:6px"> </div>of that<div style="display:inline-block;width:6px"> </div>date. Accordingly, </div><div id="a57312" style="position:absolute;font-family:'Arial';left:57px;top:599px;">we believe<div style="display:inline-block;width:2px"> </div>that the<div style="display:inline-block;width:2px"> </div>shares held<div style="display:inline-block;width:2px"> </div>by CEDE<div style="display:inline-block;width:2px"> </div>& CO.<div style="display:inline-block;width:2px"> </div>include common<div style="display:inline-block;width:2px"> </div>shares beneficially<div style="display:inline-block;width:2px"> </div>owned by<div style="display:inline-block;width:2px"> </div>both holders </div><div id="a57313" style="position:absolute;font-family:'Arial';left:57px;top:616px;">in the United<div style="display:inline-block;width:2px"> </div>States and<div style="display:inline-block;width:3px"> </div>non-U.S. beneficial<div style="display:inline-block;width:3px"> </div>owners. We are<div style="display:inline-block;width:2px"> </div>not aware of<div style="display:inline-block;width:2px"> </div>any arrangements,<div style="display:inline-block;width:3px"> </div>the operation </div><div id="a57317" style="position:absolute;font-family:'Arial';left:57px;top:632px;">of which may at a subsequent date result in our change of control. </div><div id="a57320" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Holders<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Series<div style="display:inline-block;width:8px"> </div>B<div style="display:inline-block;width:8px"> </div>Preferred<div style="display:inline-block;width:8px"> </div>Shares<div style="display:inline-block;width:8px"> </div>generally<div style="display:inline-block;width:8px"> </div>have<div style="display:inline-block;width:8px"> </div>no<div style="display:inline-block;width:8px"> </div>voting<div style="display:inline-block;width:8px"> </div>rights<div style="display:inline-block;width:8px"> </div>except<div style="display:inline-block;width:8px"> </div>(1)<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>respect<div style="display:inline-block;width:8px"> </div>of </div><div id="a57321" style="position:absolute;font-family:'Arial';left:57px;top:683px;">amendments to the Articles of<div style="display:inline-block;width:3px"> </div>Incorporation which would adversely alter<div style="display:inline-block;width:2px"> </div>the preferences, powers or rights </div><div id="a57322" style="position:absolute;font-family:'Arial';left:57px;top:700px;">of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>(2)<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>event<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>propose<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>issue<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>parity<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>the </div><div id="a57325" style="position:absolute;font-family:'Arial';left:57px;top:717px;">cumulative dividends payable<div style="display:inline-block;width:2px"> </div>on outstanding Preferred<div style="display:inline-block;width:2px"> </div>Stock are in<div style="display:inline-block;width:2px"> </div>arrears or any<div style="display:inline-block;width:2px"> </div>senior stock.<div style="display:inline-block;width:6px"> </div>However, </div><div id="a57326" style="position:absolute;font-family:'Arial';left:57px;top:734px;">if and whenever<div style="display:inline-block;width:2px"> </div>dividends payable<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:3px"> </div>Series B<div style="display:inline-block;width:2px"> </div>Preferred Shares<div style="display:inline-block;width:2px"> </div>are in<div style="display:inline-block;width:3px"> </div>arrears for<div style="display:inline-block;width:3px"> </div>six or<div style="display:inline-block;width:3px"> </div>more quarterly </div><div id="a57328" style="position:absolute;font-family:'Arial';left:57px;top:751px;">periods, whether or not consecutive, holders<div style="display:inline-block;width:3px"> </div>of Series B Preferred Shares (voting together<div style="display:inline-block;width:3px"> </div>as a class with </div><div id="a57329" style="position:absolute;font-family:'Arial';left:57px;top:767px;">all<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>classes<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>series<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>parity<div style="display:inline-block;width:7px"> </div>stock<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:7px"> </div>like<div style="display:inline-block;width:7px"> </div>voting<div style="display:inline-block;width:7px"> </div>rights<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>conferred<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>are </div><div id="a57330" style="position:absolute;font-family:'Arial';left:57px;top:784px;">exercisable) will<div style="display:inline-block;width:3px"> </div>be entitled to<div style="display:inline-block;width:2px"> </div>elect one additional<div style="display:inline-block;width:2px"> </div>director to serve<div style="display:inline-block;width:2px"> </div>on our<div style="display:inline-block;width:3px"> </div>board of directors<div style="display:inline-block;width:2px"> </div>until such time </div><div id="a57332" style="position:absolute;font-family:'Arial';left:57px;top:801px;">as all accumulated and unpaid dividends on the Series B Preferred<div style="display:inline-block;width:3px"> </div>Shares have been paid in full. </div><div id="a57335" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:835px;">B.<div style="display:inline-block;width:32px"> </div>Related Party Transactions </div><div id="a57340" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:870px;">OceanPal Inc.,<div style="display:inline-block;width:4px"> </div>or OceanPal </div><div id="a57344" style="position:absolute;font-family:'Arial';left:57px;top:904px;">We own 500,000<div style="display:inline-block;width:2px"> </div>of OceanPal’s<div style="display:inline-block;width:2px"> </div>Series B<div style="display:inline-block;width:2px"> </div>Preferred Shares,<div style="display:inline-block;width:2px"> </div>207 shares<div style="display:inline-block;width:2px"> </div>of OceanPal’s<div style="display:inline-block;width:2px"> </div>Series C<div style="display:inline-block;width:2px"> </div>Convertible </div><div id="a57373" style="position:absolute;font-family:'Arial';left:57px;top:921px;">Preferred Shares and 3,649,474 common shares, being 49% of<div style="display:inline-block;width:3px"> </div>OceanPal’s common stock.<div style="display:inline-block;width:4px"> </div></div></div>
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<div id="a57384" style="position:absolute;font-family:'Arial';left:390px;top:992px;">95 </div><div id="a57386" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Series<div style="display:inline-block;width:7px"> </div>B<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:7px"> </div>Shares<div style="display:inline-block;width:7px"> </div>entitle<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>holder<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>2,000<div style="display:inline-block;width:7px"> </div>votes<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>matters<div style="display:inline-block;width:7px"> </div>submitted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>vote<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the </div><div id="a57387" style="position:absolute;font-family:'Arial';left:57px;top:93px;">stockholders of the<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:6px"> </div>provided however,<div style="display:inline-block;width:6px"> </div>that the total<div style="display:inline-block;width:6px"> </div>number of votes<div style="display:inline-block;width:6px"> </div>shall not exceed<div style="display:inline-block;width:6px"> </div>34% of </div><div id="a57388" style="position:absolute;font-family:'Arial';left:57px;top:110px;">the total<div style="display:inline-block;width:3px"> </div>number of<div style="display:inline-block;width:2px"> </div>votes, provided<div style="display:inline-block;width:2px"> </div>further, that the<div style="display:inline-block;width:2px"> </div>total number<div style="display:inline-block;width:2px"> </div>of votes<div style="display:inline-block;width:2px"> </div>entitled to<div style="display:inline-block;width:2px"> </div>vote, including<div style="display:inline-block;width:2px"> </div>common </div><div id="a57390" style="position:absolute;font-family:'Arial';left:57px;top:126px;">stock or any other voting security, would not exceed 49% of the total number of votes.<div style="display:inline-block;width:3px"> </div></div><div id="a57393" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Series C Preferred Shares do<div style="display:inline-block;width:3px"> </div>not have voting rights unless<div style="display:inline-block;width:3px"> </div>they are related to amendments<div style="display:inline-block;width:3px"> </div>of the Articles </div><div id="a57397" style="position:absolute;font-family:'Arial';left:57px;top:177px;">of Incorporation that adversely<div style="display:inline-block;width:6px"> </div>alter the preference, powers<div style="display:inline-block;width:6px"> </div>or rights of the<div style="display:inline-block;width:6px"> </div>Series C Preferred<div style="display:inline-block;width:5px"> </div>Shares or </div><div id="a57398" style="position:absolute;font-family:'Arial';left:57px;top:194px;">to<div style="display:inline-block;width:7px"> </div>issue<div style="display:inline-block;width:6px"> </div>Parity<div style="display:inline-block;width:6px"> </div>Stock<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>create<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>issue<div style="display:inline-block;width:6px"> </div>Senior<div style="display:inline-block;width:6px"> </div>Stock.<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>convertible<div style="display:inline-block;width:6px"> </div>into </div><div id="a57401" style="position:absolute;font-family:'Arial';left:57px;top:211px;">common stock<div style="display:inline-block;width:3px"> </div>at the<div style="display:inline-block;width:3px"> </div>Company’s option,<div style="display:inline-block;width:3px"> </div>at a<div style="display:inline-block;width:2px"> </div>conversion price<div style="display:inline-block;width:2px"> </div>equal to<div style="display:inline-block;width:2px"> </div>the lesser<div style="display:inline-block;width:2px"> </div>of $6.5<div style="display:inline-block;width:3px"> </div>and the<div style="display:inline-block;width:3px"> </div>10-trading </div><div id="a57404" style="position:absolute;font-family:'Arial';left:57px;top:228px;">day trailing VWAP of<div style="display:inline-block;width:3px"> </div>OceanPal’s common shares,<div style="display:inline-block;width:2px"> </div>subject to adjustments.<div style="display:inline-block;width:2px"> </div>Additionally, Series C Preferred </div><div id="a57405" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Shares have a cumulative preferred dividend accruing<div style="display:inline-block;width:3px"> </div>at the rate of 8% per annum, payable in cash or, at </div><div id="a57407" style="position:absolute;font-family:'Arial';left:57px;top:261px;">OceanPal’s election,<div style="display:inline-block;width:3px"> </div>in kind<div style="display:inline-block;width:2px"> </div>and has<div style="display:inline-block;width:2px"> </div>a liquidation<div style="display:inline-block;width:2px"> </div>preference equal<div style="display:inline-block;width:2px"> </div>to the<div style="display:inline-block;width:3px"> </div>stated value<div style="display:inline-block;width:2px"> </div>of $10,000.<div style="display:inline-block;width:2px"> </div>Dividend </div><div id="a57410" style="position:absolute;font-family:'Arial';left:57px;top:278px;">income from the OceanPal preferred shares during 2024 amounted to $16,560. </div><div id="a57418" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:312px;">OceanPal Inc. Non-Competition Agreement </div><div id="a57423" style="position:absolute;font-family:'Arial';left:57px;top:346px;">We have entered into a non-competition agreement with OceanPal Inc. ("OceanPal"), dated November 2, </div><div id="a57427" style="position:absolute;font-family:'Arial';left:57px;top:363px;">2021, pursuant to which we<div style="display:inline-block;width:3px"> </div>granted to OceanPal (i) a<div style="display:inline-block;width:3px"> </div>right of first refusal over any<div style="display:inline-block;width:3px"> </div>opportunity available to </div><div id="a57428" style="position:absolute;font-family:'Arial';left:57px;top:379px;">us<div style="display:inline-block;width:7px"> </div>(or<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries)<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>acquire<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>charter-in<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>dry<div style="display:inline-block;width:6px"> </div>bulk<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>larger<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>70,000 </div><div id="a57433" style="position:absolute;font-family:'Arial';left:57px;top:396px;">deadweight<div style="display:inline-block;width:6px"> </div>tons<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>built<div style="display:inline-block;width:6px"> </div>prior<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>2006<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(ii)<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>right<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:7px"> </div>refusal<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>employment </div><div id="a57434" style="position:absolute;font-family:'Arial';left:57px;top:413px;">opportunity for<div style="display:inline-block;width:3px"> </div>a dry bulk<div style="display:inline-block;width:2px"> </div>vessel pursuant<div style="display:inline-block;width:3px"> </div>to a spot<div style="display:inline-block;width:2px"> </div>market charter<div style="display:inline-block;width:3px"> </div>presented or<div style="display:inline-block;width:3px"> </div>available to<div style="display:inline-block;width:3px"> </div>us with respect </div><div id="a57435" style="position:absolute;font-family:'Arial';left:57px;top:430px;">to<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>chartered<div style="display:inline-block;width:6px"> </div>in,<div style="display:inline-block;width:6px"> </div>directly<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>indirectly,<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:6px"> </div>us.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>non-competition<div style="display:inline-block;width:6px"> </div>agreement<div style="display:inline-block;width:6px"> </div>also </div><div id="a57439" style="position:absolute;font-family:'Arial';left:57px;top:447px;">prohibits<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>OceanPal<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>soliciting<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>other's<div style="display:inline-block;width:7px"> </div>employees.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:7px"> </div>terms<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>non-competition </div><div id="a57442" style="position:absolute;font-family:'Arial';left:57px;top:464px;">agreement provide that it<div style="display:inline-block;width:5px"> </div>will terminate on the<div style="display:inline-block;width:6px"> </div>date that (i) our<div style="display:inline-block;width:6px"> </div>ownership of OceanPal’s equity<div style="display:inline-block;width:5px"> </div>securities </div><div id="a57444" style="position:absolute;font-family:'Arial';left:57px;top:481px;">represents less than<div style="display:inline-block;width:6px"> </div>10% of total<div style="display:inline-block;width:6px"> </div>outstanding voting power<div style="display:inline-block;width:6px"> </div>and (ii)<div style="display:inline-block;width:6px"> </div>we and<div style="display:inline-block;width:5px"> </div>OceanPal share no<div style="display:inline-block;width:6px"> </div>common </div><div id="a57445" style="position:absolute;font-family:'Arial';left:57px;top:498px;">executive officers. </div><div id="a57448" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:531px;">OceanPal Inc. Right of First Refusal </div><div id="a57451" style="position:absolute;font-family:'Arial';left:57px;top:565px;">On November<div style="display:inline-block;width:6px"> </div>2, 2021<div style="display:inline-block;width:6px"> </div>we entered<div style="display:inline-block;width:6px"> </div>into a<div style="display:inline-block;width:6px"> </div>right of<div style="display:inline-block;width:6px"> </div>first refusal<div style="display:inline-block;width:6px"> </div>agreement with<div style="display:inline-block;width:6px"> </div>OceanPal Inc.<div style="display:inline-block;width:6px"> </div>pursuant to </div><div id="a57452" style="position:absolute;font-family:'Arial';left:57px;top:582px;">which we granted OceanPal<div style="display:inline-block;width:2px"> </div>Inc. a right of<div style="display:inline-block;width:3px"> </div>first refusal over six<div style="display:inline-block;width:2px"> </div>drybulk carriers owned<div style="display:inline-block;width:3px"> </div>by us, as of<div style="display:inline-block;width:3px"> </div>the date </div><div id="a57455" style="position:absolute;font-family:'Arial';left:57px;top:599px;">of the agreement, and identified in the agreement. Pursuant to this right of first refusal,<div style="display:inline-block;width:3px"> </div>OceanPal Inc. has </div><div id="a57458" style="position:absolute;font-family:'Arial';left:57px;top:616px;">the right, but not the obligation, to purchase one or all of the six identified vessels from us<div style="display:inline-block;width:5px"> </div>when and if we </div><div id="a57459" style="position:absolute;font-family:'Arial';left:57px;top:632px;">make a determination<div style="display:inline-block;width:6px"> </div>to sell one<div style="display:inline-block;width:6px"> </div>or more of<div style="display:inline-block;width:6px"> </div>the vessels at<div style="display:inline-block;width:6px"> </div>a price equal<div style="display:inline-block;width:6px"> </div>to the fair<div style="display:inline-block;width:6px"> </div>market value of<div style="display:inline-block;width:6px"> </div>each </div><div id="a57461" style="position:absolute;font-family:'Arial';left:57px;top:649px;">vessel at<div style="display:inline-block;width:6px"> </div>the time<div style="display:inline-block;width:6px"> </div>of sale,<div style="display:inline-block;width:6px"> </div>as determined<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>average of<div style="display:inline-block;width:6px"> </div>two independent<div style="display:inline-block;width:6px"> </div>shipbroker valuations<div style="display:inline-block;width:6px"> </div>from </div><div id="a57462" style="position:absolute;font-family:'Arial';left:57px;top:666px;">brokers mutually<div style="display:inline-block;width:2px"> </div>agreeable to<div style="display:inline-block;width:2px"> </div>us and<div style="display:inline-block;width:2px"> </div>OceanPal Inc.<div style="display:inline-block;width:2px"> </div>If OceanPal<div style="display:inline-block;width:2px"> </div>Inc. does<div style="display:inline-block;width:2px"> </div>not exercise<div style="display:inline-block;width:2px"> </div>its right<div style="display:inline-block;width:2px"> </div>to purchase </div><div id="a57464" style="position:absolute;font-family:'Arial';left:57px;top:683px;">a vessel, we have the<div style="display:inline-block;width:6px"> </div>right to sell the vessel<div style="display:inline-block;width:6px"> </div>to any third party for<div style="display:inline-block;width:6px"> </div>a period of three months<div style="display:inline-block;width:6px"> </div>from the date </div><div id="a57465" style="position:absolute;font-family:'Arial';left:57px;top:700px;">notified OceanPal Inc.<div style="display:inline-block;width:5px"> </div>of our intent to<div style="display:inline-block;width:6px"> </div>sell the vessel.<div style="display:inline-block;width:6px"> </div>As of the<div style="display:inline-block;width:5px"> </div>date of the<div style="display:inline-block;width:6px"> </div>annual report, only one<div style="display:inline-block;width:6px"> </div>of the </div><div id="a57467" style="position:absolute;font-family:'Arial';left:57px;top:717px;">six vessels identified in the agreement remains unsold. </div><div id="a57470" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:751px;">Series D Preferred Stock </div><div id="a57473" style="position:absolute;font-family:'Arial';left:57px;top:784px;">In June 2021, we<div style="display:inline-block;width:3px"> </div>issued 400 shares of<div style="display:inline-block;width:2px"> </div>its newly-designated Series<div style="display:inline-block;width:3px"> </div>D Preferred Stock,<div style="display:inline-block;width:3px"> </div>par value $0.01<div style="display:inline-block;width:3px"> </div>per </div><div id="a57476" style="position:absolute;font-family:'Arial';left:57px;top:801px;">share,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>Tuscany<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Corp.,<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>controlled<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:6px"> </div>Officer,<div style="display:inline-block;width:7px"> </div>Mrs.<div style="display:inline-block;width:6px"> </div>Semiramis </div><div id="a57477" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Paliou, for<div style="display:inline-block;width:7px"> </div>an aggregate<div style="display:inline-block;width:6px"> </div>purchase price<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>$360,000. The<div style="display:inline-block;width:6px"> </div>Series D<div style="display:inline-block;width:7px"> </div>Preferred Stock<div style="display:inline-block;width:6px"> </div>has no<div style="display:inline-block;width:7px"> </div>dividend or </div><div id="a57479" style="position:absolute;font-family:'Arial';left:57px;top:835px;">liquidation rights.<div style="display:inline-block;width:9px"> </div>Each share of<div style="display:inline-block;width:6px"> </div>Series D Preferred<div style="display:inline-block;width:6px"> </div>Stock shall entitle<div style="display:inline-block;width:6px"> </div>the holder thereof<div style="display:inline-block;width:6px"> </div>to two hundred </div><div id="a57482" style="position:absolute;font-family:'Arial';left:57px;top:852px;">thousand (200,000) votes on all<div style="display:inline-block;width:3px"> </div>matters submitted to a vote of<div style="display:inline-block;width:3px"> </div>the stockholders of the Company, provided </div><div id="a57485" style="position:absolute;font-family:'Arial';left:57px;top:869px;">however, that, notwithstanding<div style="display:inline-block;width:6px"> </div>any other provision of<div style="display:inline-block;width:6px"> </div>Series D Preferred Stock<div style="display:inline-block;width:6px"> </div>statement of designation, </div><div id="a57490" style="position:absolute;font-family:'Arial';left:57px;top:885px;">to the extent that<div style="display:inline-block;width:6px"> </div>the total number of votes<div style="display:inline-block;width:6px"> </div>one or more holders<div style="display:inline-block;width:6px"> </div>of Series D Preferred Stock<div style="display:inline-block;width:5px"> </div>is entitled to </div><div id="a57491" style="position:absolute;font-family:'Arial';left:57px;top:902px;">vote (including<div style="display:inline-block;width:2px"> </div>any voting<div style="display:inline-block;width:2px"> </div>power of<div style="display:inline-block;width:2px"> </div>such holders<div style="display:inline-block;width:2px"> </div>derived from<div style="display:inline-block;width:2px"> </div>Series D<div style="display:inline-block;width:2px"> </div>Preferred Stock,<div style="display:inline-block;width:2px"> </div>shares of<div style="display:inline-block;width:2px"> </div>Common </div><div id="a57492" style="position:absolute;font-family:'Arial';left:57px;top:919px;">Stock or<div style="display:inline-block;width:6px"> </div>any other<div style="display:inline-block;width:6px"> </div>voting security<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company issued<div style="display:inline-block;width:6px"> </div>and outstanding<div style="display:inline-block;width:6px"> </div>as of<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>hereof or<div style="display:inline-block;width:6px"> </div>that </div><div id="a57495" style="position:absolute;font-family:'Arial';left:57px;top:936px;">may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>future)<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>any matter<div style="display:inline-block;width:7px"> </div>submitted to<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>vote<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>stockholders of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>would </div><div id="a57496" style="position:absolute;font-family:'Arial';left:57px;top:953px;">exceed 36.0% of<div style="display:inline-block;width:3px"> </div>the total number<div style="display:inline-block;width:3px"> </div>of votes eligible<div style="display:inline-block;width:3px"> </div>to be cast<div style="display:inline-block;width:3px"> </div>on such matter, the total<div style="display:inline-block;width:2px"> </div>number of votes<div style="display:inline-block;width:3px"> </div>that </div></div>
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<div id="a57501" style="position:absolute;font-family:'Arial';left:390px;top:992px;">96 </div><div id="a57503" style="position:absolute;font-family:'Arial';left:57px;top:76px;">holders of Series D Preferred Stock<div style="display:inline-block;width:3px"> </div>may exercise derived from the Series<div style="display:inline-block;width:2px"> </div>D Preferred Stock together with </div><div id="a57504" style="position:absolute;font-family:'Arial';left:57px;top:93px;">Common Shares and any other voting securities of the Company beneficially owned by such holder, shall </div><div id="a57505" style="position:absolute;font-family:'Arial';left:57px;top:110px;">be reduced<div style="display:inline-block;width:6px"> </div>to 36%<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>total number<div style="display:inline-block;width:6px"> </div>of votes<div style="display:inline-block;width:6px"> </div>that may<div style="display:inline-block;width:6px"> </div>be cast<div style="display:inline-block;width:6px"> </div>on such<div style="display:inline-block;width:6px"> </div>matter submitted<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>vote of </div><div id="a57507" style="position:absolute;font-family:'Arial';left:57px;top:126px;">stockholders. The Series D Preferred Stock is<div style="display:inline-block;width:3px"> </div>transferable only to the holder’s immediate<div style="display:inline-block;width:3px"> </div>family members </div><div id="a57510" style="position:absolute;font-family:'Arial';left:57px;top:143px;">and to affiliated<div style="display:inline-block;width:6px"> </div>persons. The issuance of<div style="display:inline-block;width:6px"> </div>shares of Series<div style="display:inline-block;width:5px"> </div>D Preferred Stock to<div style="display:inline-block;width:6px"> </div>Tuscany Shipping Corp. </div><div id="a57511" style="position:absolute;font-family:'Arial';left:57px;top:160px;">was approved by an<div style="display:inline-block;width:6px"> </div>independent committee of the Board<div style="display:inline-block;width:6px"> </div>of Directors of the<div style="display:inline-block;width:6px"> </div>Company, which<div style="display:inline-block;width:6px"> </div>received a </div><div id="a57513" style="position:absolute;font-family:'Arial';left:57px;top:177px;">fairness opinion from an independent third party that the transaction was fair<div style="display:inline-block;width:3px"> </div>from a financial point of view </div><div id="a57514" style="position:absolute;font-family:'Arial';left:57px;top:194px;">to the Company. </div><div id="a57517" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:228px;">Series C Preferred Stock </div><div id="a57520" style="position:absolute;font-family:'Arial';left:57px;top:261px;">In January 2019, we issued 10,675<div style="display:inline-block;width:3px"> </div>shares of newly-designated Series C<div style="display:inline-block;width:3px"> </div>Preferred Stock, par value $0.01 </div><div id="a57525" style="position:absolute;font-family:'Arial';left:57px;top:278px;">per share, to an<div style="display:inline-block;width:6px"> </div>affiliate of our Chairman, Mr.<div style="display:inline-block;width:6px"> </div>Simeon Palios.<div style="display:inline-block;width:5px"> </div>In September 2020, the Series<div style="display:inline-block;width:5px"> </div>C Preferred </div><div id="a57528" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Shares<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:6px"> </div>transferred<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:6px"> </div>affiliate<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Simeon<div style="display:inline-block;width:6px"> </div>Palios<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:6px"> </div>affiliate<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Chief </div><div id="a57529" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Executive Officer,<div style="display:inline-block;width:6px"> </div>Mrs. Semiramis Paliou. The<div style="display:inline-block;width:6px"> </div>Series C Preferred Stock<div style="display:inline-block;width:6px"> </div>vote with the common<div style="display:inline-block;width:5px"> </div>shares of </div><div id="a57532" style="position:absolute;font-family:'Arial';left:57px;top:329px;">the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote </div><div id="a57533" style="position:absolute;font-family:'Arial';left:57px;top:346px;">of the stockholders<div style="display:inline-block;width:2px"> </div>of the Company. The<div style="display:inline-block;width:3px"> </div>Series C<div style="display:inline-block;width:3px"> </div>Preferred Stock<div style="display:inline-block;width:3px"> </div>has no dividend<div style="display:inline-block;width:2px"> </div>or liquidation<div style="display:inline-block;width:3px"> </div>rights and </div><div id="a57535" style="position:absolute;font-family:'Arial';left:57px;top:363px;">cannot be transferred without the consent of the<div style="display:inline-block;width:6px"> </div>Company except to the holder’s affiliates and immediate </div><div id="a57536" style="position:absolute;font-family:'Arial';left:57px;top:379px;">family members.<div style="display:inline-block;width:6px"> </div>The issuance<div style="display:inline-block;width:6px"> </div>of shares<div style="display:inline-block;width:6px"> </div>of Series<div style="display:inline-block;width:6px"> </div>C Preferred<div style="display:inline-block;width:6px"> </div>Stock was<div style="display:inline-block;width:6px"> </div>approved by<div style="display:inline-block;width:6px"> </div>an independent </div><div id="a57539" style="position:absolute;font-family:'Arial';left:57px;top:396px;">committee of the<div style="display:inline-block;width:2px"> </div>Board of Directors,<div style="display:inline-block;width:2px"> </div>which received<div style="display:inline-block;width:3px"> </div>a fairness opinion<div style="display:inline-block;width:2px"> </div>from an independent<div style="display:inline-block;width:2px"> </div>third party that </div><div id="a57540" style="position:absolute;font-family:'Arial';left:57px;top:413px;">the transaction was fair from a financial point of view to the Issuer.<div style="display:inline-block;width:4px"> </div></div><div id="a57544" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:447px;">Steamship Shipbroking Enterprises Inc. </div><div id="a57547" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Steamship,<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>affiliated<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>controlled<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>CEO<div style="display:inline-block;width:6px"> </div>Ms.<div style="display:inline-block;width:6px"> </div>Semiramis<div style="display:inline-block;width:6px"> </div>Paliou,<div style="display:inline-block;width:6px"> </div>provides<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>brokerage </div><div id="a57552" style="position:absolute;font-family:'Arial';left:57px;top:498px;">services for<div style="display:inline-block;width:2px"> </div>an annual<div style="display:inline-block;width:2px"> </div>fee pursuant<div style="display:inline-block;width:2px"> </div>to a<div style="display:inline-block;width:2px"> </div>Brokerage Services<div style="display:inline-block;width:2px"> </div>Agreement.<div style="display:inline-block;width:3px"> </div>In 2024,<div style="display:inline-block;width:2px"> </div>brokerage fees<div style="display:inline-block;width:2px"> </div>amounted </div><div id="a57553" style="position:absolute;font-family:'Arial';left:57px;top:514px;">to $4.1 million<div style="display:inline-block;width:2px"> </div>and we paid<div style="display:inline-block;width:2px"> </div>an additional<div style="display:inline-block;width:3px"> </div>amount of<div style="display:inline-block;width:3px"> </div>$0.5 million<div style="display:inline-block;width:3px"> </div>for commissions<div style="display:inline-block;width:3px"> </div>on the<div style="display:inline-block;width:3px"> </div>sale and<div style="display:inline-block;width:3px"> </div>purchases </div><div id="a57559" style="position:absolute;font-family:'Arial';left:57px;top:531px;">of vessels. The<div style="display:inline-block;width:2px"> </div>terms of<div style="display:inline-block;width:3px"> </div>this relationship<div style="display:inline-block;width:3px"> </div>are currently<div style="display:inline-block;width:3px"> </div>governed by<div style="display:inline-block;width:3px"> </div>a Brokerage<div style="display:inline-block;width:3px"> </div>Services Agreement<div style="display:inline-block;width:2px"> </div>dated </div><div id="a57560" style="position:absolute;font-family:'Arial';left:57px;top:548px;">February 25, 2025 due to expire on December 31, 2025. </div><div id="a57576" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:582px;">Altair Travel Agency S.A. </div><div id="a57579" style="position:absolute;font-family:'Arial';left:57px;top:616px;">Altair Travel Agency S.A., or Altair,<div style="display:inline-block;width:5px"> </div>an affiliated entity that is controlled by our CEO Ms. Semiramis Paliou </div><div id="a57582" style="position:absolute;font-family:'Arial';left:57px;top:632px;">provides us with travel related services. Travel related expenses in 2024, amounted<div style="display:inline-block;width:3px"> </div>to $2.6 million.<div style="display:inline-block;width:8px"> </div></div><div id="a57585" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:666px;">Diana Wilhelmsen Management Limited </div><div id="a57588" style="position:absolute;font-family:'Arial';left:57px;top:700px;">Diana Wilhelmsen<div style="display:inline-block;width:6px"> </div>Management Limited,<div style="display:inline-block;width:6px"> </div>or DWM,<div style="display:inline-block;width:6px"> </div>is a<div style="display:inline-block;width:7px"> </div>50/50 joint<div style="display:inline-block;width:6px"> </div>venture which<div style="display:inline-block;width:6px"> </div>provides management </div><div id="a57591" style="position:absolute;font-family:'Arial';left:57px;top:717px;">services<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>certain<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>fleet<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>fixed<div style="display:inline-block;width:6px"> </div>monthly<div style="display:inline-block;width:6px"> </div>fee<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>commercial<div style="display:inline-block;width:6px"> </div>services<div style="display:inline-block;width:6px"> </div>charged<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>a </div><div id="a57592" style="position:absolute;font-family:'Arial';left:57px;top:734px;">percentage<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>vessels’<div style="display:inline-block;width:9px"> </div>gross<div style="display:inline-block;width:9px"> </div>revenues.<div style="display:inline-block;width:9px"> </div>Management<div style="display:inline-block;width:9px"> </div>fees<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:9px"> </div>2024<div style="display:inline-block;width:9px"> </div>amounted<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>$1.3<div style="display:inline-block;width:9px"> </div>million, </div><div id="a57593" style="position:absolute;font-family:'Arial';left:57px;top:751px;">commissions on revenues amounted to $0.4 million. </div><div id="a57597" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:784px;">Bond acquisition </div><div id="a57599" style="position:absolute;font-family:'Arial';left:57px;top:801px;"><div style="display:inline-block;width:4px"> </div></div><div id="a57601" style="position:absolute;font-family:'Arial';left:57px;top:818px;">Officers and directors of<div style="display:inline-block;width:2px"> </div>the Company and/or<div style="display:inline-block;width:3px"> </div>entities affiliated with them<div style="display:inline-block;width:2px"> </div>purchased an aggregate<div style="display:inline-block;width:2px"> </div>of $47.3 </div><div id="a57605" style="position:absolute;font-family:'Arial';left:57px;top:835px;">million principal amount of<div style="display:inline-block;width:6px"> </div>the $150.0 million<div style="display:inline-block;width:5px"> </div>senior unsecured bond<div style="display:inline-block;width:6px"> </div>issued on July<div style="display:inline-block;width:6px"> </div>2, 2024, on<div style="display:inline-block;width:6px"> </div>the date </div><div id="a57613" style="position:absolute;font-family:'Arial';left:57px;top:852px;">of issuance.<div style="display:inline-block;width:4px"> </div></div><div id="a57617" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:885px;">Bergen Ultra </div><div id="a57620" style="position:absolute;font-family:'Arial';left:57px;top:919px;">Bergen Ultra,<div style="display:inline-block;width:6px"> </div>or Bergen,<div style="display:inline-block;width:6px"> </div>is a<div style="display:inline-block;width:6px"> </div>limited partnership<div style="display:inline-block;width:6px"> </div>which owns<div style="display:inline-block;width:6px"> </div>a dry<div style="display:inline-block;width:6px"> </div>bulk carrier.<div style="display:inline-block;width:7px"> </div>One of<div style="display:inline-block;width:6px"> </div>our subsidiaries, </div><div id="a57621" style="position:absolute;font-family:'Arial';left:57px;top:936px;">Diana<div style="display:inline-block;width:6px"> </div>General<div style="display:inline-block;width:6px"> </div>Partner<div style="display:inline-block;width:6px"> </div>Inc.,<div style="display:inline-block;width:6px"> </div>owns<div style="display:inline-block;width:6px"> </div>3%<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>partnership<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>acts<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>General<div style="display:inline-block;width:6px"> </div>Partner<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>another </div><div id="a57622" style="position:absolute;font-family:'Arial';left:57px;top:953px;">subsidiary, Komi Shipping<div style="display:inline-block;width:2px"> </div>Company Inc.,<div style="display:inline-block;width:2px"> </div>owns 22%<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>partnership.<div style="display:inline-block;width:3px"> </div>The remaining<div style="display:inline-block;width:2px"> </div>partnership interests </div></div>
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<div id="a57627" style="position:absolute;font-family:'Arial';left:390px;top:992px;">97 </div><div id="a57629" style="position:absolute;font-family:'Arial';left:57px;top:76px;">are owned by unaffiliated parties. On March 30, 2023, we entered into a<div style="display:inline-block;width:3px"> </div>corporate guarantee with Nordea </div><div id="a57631" style="position:absolute;font-family:'Arial';left:57px;top:93px;">to secure Bergen’s<div style="display:inline-block;width:2px"> </div>obligations under<div style="display:inline-block;width:2px"> </div>a $15.4<div style="display:inline-block;width:3px"> </div>million loan<div style="display:inline-block;width:3px"> </div>facility and<div style="display:inline-block;width:3px"> </div>a commission<div style="display:inline-block;width:2px"> </div>agreement under<div style="display:inline-block;width:2px"> </div>which </div><div id="a57632" style="position:absolute;font-family:'Arial';left:57px;top:110px;">the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>commission<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>0.8%<div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:7px"> </div>annum,<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>outstanding<div style="display:inline-block;width:7px"> </div>balance<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>loan,<div style="display:inline-block;width:7px"> </div>as </div><div id="a57635" style="position:absolute;font-family:'Arial';left:57px;top:126px;">compensation for the<div style="display:inline-block;width:2px"> </div>guarantee it<div style="display:inline-block;width:3px"> </div>provided to Nordea.<div style="display:inline-block;width:2px"> </div>We have also<div style="display:inline-block;width:3px"> </div>entered into<div style="display:inline-block;width:3px"> </div>an administrative<div style="display:inline-block;width:2px"> </div>service </div><div id="a57636" style="position:absolute;font-family:'Arial';left:57px;top:143px;">agreement<div style="display:inline-block;width:10px"> </div>under<div style="display:inline-block;width:10px"> </div>which<div style="display:inline-block;width:10px"> </div>DSS<div style="display:inline-block;width:10px"> </div>provides<div style="display:inline-block;width:10px"> </div>administrative<div style="display:inline-block;width:10px"> </div>services<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>Bergen.<div style="display:inline-block;width:10px"> </div>In<div style="display:inline-block;width:10px"> </div>2024,<div style="display:inline-block;width:10px"> </div>income<div style="display:inline-block;width:10px"> </div>from </div><div id="a57639" style="position:absolute;font-family:'Arial';left:57px;top:160px;">administrative<div style="display:inline-block;width:7px"> </div>fees<div style="display:inline-block;width:8px"> </div>amounted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>$15,000<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:8px"> </div>received<div style="display:inline-block;width:8px"> </div>$116,395<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:8px"> </div>payment<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>guarantee </div><div id="a57645" style="position:absolute;font-family:'Arial';left:57px;top:177px;">commission. </div><div id="a57648" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:211px;">Windward Offshore GmbH </div><div id="a57651" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Windward<div style="display:inline-block;width:5px"> </div>Offshore<div style="display:inline-block;width:6px"> </div>GmbH<div style="display:inline-block;width:5px"> </div>&<div style="display:inline-block;width:6px"> </div>Co.<div style="display:inline-block;width:6px"> </div>KG,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:5px"> </div>Windward,<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>limited<div style="display:inline-block;width:5px"> </div>partnership operating<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:6px"> </div>offshore<div style="display:inline-block;width:6px"> </div>wind </div><div id="a57652" style="position:absolute;font-family:'Arial';left:57px;top:261px;">vessel<div style="display:inline-block;width:6px"> </div>company<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>Germany.<div style="display:inline-block;width:7px"> </div>One<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries,<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Energize<div style="display:inline-block;width:6px"> </div>Inc.,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Energize, </div><div id="a57653" style="position:absolute;font-family:'Arial';left:57px;top:278px;">entered<div style="display:inline-block;width:8px"> </div>into<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>novated<div style="display:inline-block;width:7px"> </div>agreement<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>contribute<div style="display:inline-block;width:7px"> </div>capital<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>Windward’s<div style="display:inline-block;width:8px"> </div>construction<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>four<div style="display:inline-block;width:7px"> </div>CSOVs, </div><div id="a57655" style="position:absolute;font-family:'Arial';left:57px;top:295px;">ultimately<div style="display:inline-block;width:8px"> </div>contributing<div style="display:inline-block;width:8px"> </div>45.87%<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>Windward’s<div style="display:inline-block;width:8px"> </div>capital.<div style="display:inline-block;width:8px"> </div>As<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>December<div style="display:inline-block;width:8px"> </div>31,<div style="display:inline-block;width:8px"> </div>2024,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>investment<div style="display:inline-block;width:8px"> </div>in </div><div id="a57659" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Windward amounted<div style="display:inline-block;width:2px"> </div>to $36.6<div style="display:inline-block;width:2px"> </div>million consisting<div style="display:inline-block;width:2px"> </div>of advances<div style="display:inline-block;width:2px"> </div>to fund<div style="display:inline-block;width:2px"> </div>the construction<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>vessels,<div style="display:inline-block;width:3px"> </div>working </div><div id="a57668" style="position:absolute;font-family:'Arial';left:57px;top:329px;">capital and our portion in Windward’s results. </div><div id="a57673" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:363px;">Diana Mariners Inc.<div style="display:inline-block;width:4px"> </div></div><div id="a57676" style="position:absolute;font-family:'Arial';left:57px;top:396px;">In<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>acquired<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>subsidiaries,<div style="display:inline-block;width:6px"> </div>Cebu<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>Inc.,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>Cebu,<div style="display:inline-block;width:6px"> </div>24%<div style="display:inline-block;width:6px"> </div>of </div><div id="a57679" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Cohen<div style="display:inline-block;width:6px"> </div>Global<div style="display:inline-block;width:6px"> </div>Maritime<div style="display:inline-block;width:6px"> </div>Inc.,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>Cohen,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>company organized<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Republic of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Philippines for<div style="display:inline-block;width:7px"> </div>the </div><div id="a57684" style="position:absolute;font-family:'Arial';left:57px;top:430px;">purpose of providing manning services to our vessels.<div style="display:inline-block;width:3px"> </div>Cohen was renamed Diana Mariners Inc., or Diana </div><div id="a57693" style="position:absolute;font-family:'Arial';left:57px;top:447px;">Mariners, in August 2024. As of December 31,<div style="display:inline-block;width:6px"> </div>2024, our investment in Diana Mariners amounted to $0.4 </div><div id="a57700" style="position:absolute;font-family:'Arial';left:57px;top:464px;">million and there<div style="display:inline-block;width:2px"> </div>was an amount<div style="display:inline-block;width:2px"> </div>of $0.1 million<div style="display:inline-block;width:2px"> </div>due from Diana<div style="display:inline-block;width:2px"> </div>Mariners. As of<div style="display:inline-block;width:2px"> </div>December 31, 2024,<div style="display:inline-block;width:2px"> </div>Diana </div><div id="a57706" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Mariners did not have any operations. </div><div id="a57710" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:514px;">C.<div style="display:inline-block;width:32px"> </div>Interests of Experts and Counsel<div style="display:inline-block;width:4px"> </div></div><div id="a57715" style="position:absolute;font-family:'Arial';left:57px;top:550px;">Not Applicable. </div></div>
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<div id="a57719" style="position:absolute;font-family:'Arial';left:390px;top:992px;">98 </div><div id="a57721" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:76px;">Item 8.<div style="display:inline-block;width:37px"> </div>Financial information </div><div id="a57725" style="position:absolute;font-family:'Arial';left:57px;top:97px;"> </div><div id="a57726" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:114px;">A.<div style="display:inline-block;width:32px"> </div>Consolidated statements and other financial information </div><div id="a57741" style="position:absolute;font-family:'Arial';left:57px;top:149px;">See “Item 18. Financial Statements.” </div><div id="a57744" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:183px;">Legal Proceedings </div><div id="a57747" style="position:absolute;font-family:'Arial';left:57px;top:217px;">We have not been involved in any legal proceedings which may have, or have<div style="display:inline-block;width:5px"> </div>had, a significant effect on </div><div id="a57750" style="position:absolute;font-family:'Arial';left:57px;top:234px;">our business, financial position,<div style="display:inline-block;width:2px"> </div>results of operations<div style="display:inline-block;width:3px"> </div>or liquidity, nor are we aware of<div style="display:inline-block;width:2px"> </div>any proceedings that </div><div id="a57751" style="position:absolute;font-family:'Arial';left:57px;top:251px;">are pending or<div style="display:inline-block;width:6px"> </div>threatened which may<div style="display:inline-block;width:5px"> </div>have a significant<div style="display:inline-block;width:6px"> </div>effect on our<div style="display:inline-block;width:6px"> </div>business, financial position, results </div><div id="a57753" style="position:absolute;font-family:'Arial';left:57px;top:267px;">of<div style="display:inline-block;width:6px"> </div>operations<div style="display:inline-block;width:5px"> </div>or<div style="display:inline-block;width:5px"> </div>liquidity.<div style="display:inline-block;width:6px"> </div>From time<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:5px"> </div>time,<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:7px"> </div>legal proceedings<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>claims in<div style="display:inline-block;width:7px"> </div>the </div><div id="a57754" style="position:absolute;font-family:'Arial';left:57px;top:284px;">ordinary course of business,<div style="display:inline-block;width:2px"> </div>principally personal injury<div style="display:inline-block;width:2px"> </div>and property casualty<div style="display:inline-block;width:3px"> </div>claims. We expect that<div style="display:inline-block;width:3px"> </div>these </div><div id="a57756" style="position:absolute;font-family:'Arial';left:57px;top:301px;">claims<div style="display:inline-block;width:5px"> </div>would be<div style="display:inline-block;width:7px"> </div>covered by<div style="display:inline-block;width:7px"> </div>insurance, subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>customary deductibles.<div style="display:inline-block;width:6px"> </div>Those claims,<div style="display:inline-block;width:6px"> </div>even if<div style="display:inline-block;width:7px"> </div>lacking </div><div id="a57757" style="position:absolute;font-family:'Arial';left:57px;top:318px;">merit, could result in the expenditure of significant financial and<div style="display:inline-block;width:3px"> </div>managerial resources.<div style="display:inline-block;width:4px"> </div></div><div id="a57760" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:352px;">Dividend Policy </div><div id="a57763" style="position:absolute;font-family:'Arial';left:57px;top:386px;">Our board<div style="display:inline-block;width:6px"> </div>of directors reviews<div style="display:inline-block;width:6px"> </div>and amends our<div style="display:inline-block;width:6px"> </div>dividend policy from<div style="display:inline-block;width:6px"> </div>time to<div style="display:inline-block;width:5px"> </div>time in<div style="display:inline-block;width:6px"> </div>light of<div style="display:inline-block;width:5px"> </div>our business </div><div id="a57764" style="position:absolute;font-family:'Arial';left:57px;top:403px;">plans<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>factors. In<div style="display:inline-block;width:7px"> </div>order<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>position<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>take<div style="display:inline-block;width:7px"> </div>advantage<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>market<div style="display:inline-block;width:7px"> </div>opportunities<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>then-</div><div id="a57795" style="position:absolute;font-family:'Arial';left:57px;top:419px;">deteriorating<div style="display:inline-block;width:6px"> </div>market,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>directors,<div style="display:inline-block;width:6px"> </div>beginning<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>fourth<div style="display:inline-block;width:6px"> </div>quarter<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>2008,<div style="display:inline-block;width:6px"> </div>suspended<div style="display:inline-block;width:6px"> </div>our </div><div id="a57825" style="position:absolute;font-family:'Arial';left:57px;top:436px;">common stock dividend. As a result of improving<div style="display:inline-block;width:3px"> </div>market conditions in 2021, our board of directors<div style="display:inline-block;width:2px"> </div>elected </div><div id="a57859" style="position:absolute;font-family:'Arial';left:57px;top:453px;">to declare quarterly dividends<div style="display:inline-block;width:2px"> </div>with respect to the<div style="display:inline-block;width:3px"> </div>third quarter of 2021<div style="display:inline-block;width:3px"> </div>and for each quarter<div style="display:inline-block;width:2px"> </div>thereafter, until </div><div id="a57895" style="position:absolute;font-family:'Arial';left:57px;top:470px;">the<div style="display:inline-block;width:7px"> </div>fourth<div style="display:inline-block;width:7px"> </div>quarter<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>2024<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>two<div style="display:inline-block;width:7px"> </div>special<div style="display:inline-block;width:7px"> </div>noncash<div style="display:inline-block;width:7px"> </div>dividends,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>described<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Item<div style="display:inline-block;width:7px"> </div>4A.<div style="display:inline-block;width:7px"> </div>History<div style="display:inline-block;width:7px"> </div>and </div><div id="a57930" style="position:absolute;font-family:'Arial';left:57px;top:487px;">development of the Company.<div style="display:inline-block;width:5px"> </div></div><div id="a57940" style="position:absolute;font-family:'Arial';left:57px;top:520px;">The declaration and payment<div style="display:inline-block;width:3px"> </div>of dividends will<div style="display:inline-block;width:3px"> </div>always be subject to the<div style="display:inline-block;width:2px"> </div>discretion of our board<div style="display:inline-block;width:3px"> </div>of directors. </div><div id="a57976" style="position:absolute;font-family:'Arial';left:57px;top:537px;">The<div style="display:inline-block;width:7px"> </div>timing<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:7px"> </div>dividends<div style="display:inline-block;width:6px"> </div>declared<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>depend<div style="display:inline-block;width:7px"> </div>on,<div style="display:inline-block;width:6px"> </div>among<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:6px"> </div>things,<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>earnings, </div><div id="a58008" style="position:absolute;font-family:'Arial';left:57px;top:554px;">financial condition and<div style="display:inline-block;width:3px"> </div>cash requirements and<div style="display:inline-block;width:3px"> </div>availability, our ability to obtain<div style="display:inline-block;width:3px"> </div>debt and equity<div style="display:inline-block;width:3px"> </div>financing on </div><div id="a58040" style="position:absolute;font-family:'Arial';left:57px;top:571px;">acceptable terms as contemplated by our growth strategy and provisions of Marshall Islands<div style="display:inline-block;width:3px"> </div>law affecting </div><div id="a58070" style="position:absolute;font-family:'Arial';left:57px;top:588px;">the payment of dividends. In addition, other external factors,<div style="display:inline-block;width:6px"> </div>such as our lenders imposing restrictions on </div><div id="a58102" style="position:absolute;font-family:'Arial';left:57px;top:605px;">our<div style="display:inline-block;width:10px"> </div>ability<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>pay<div style="display:inline-block;width:10px"> </div>dividends<div style="display:inline-block;width:10px"> </div>under<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>terms<div style="display:inline-block;width:10px"> </div>of<div style="display:inline-block;width:10px"> </div>our<div style="display:inline-block;width:10px"> </div>loan<div style="display:inline-block;width:10px"> </div>facilities,<div style="display:inline-block;width:9px"> </div>may<div style="display:inline-block;width:10px"> </div>limit<div style="display:inline-block;width:10px"> </div>our<div style="display:inline-block;width:10px"> </div>ability<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>pay </div><div id="a58138" style="position:absolute;font-family:'Arial';left:57px;top:622px;">dividends.<div style="display:inline-block;width:8px"> </div>Further,<div style="display:inline-block;width:6px"> </div>under the<div style="display:inline-block;width:6px"> </div>terms of<div style="display:inline-block;width:6px"> </div>our loan<div style="display:inline-block;width:6px"> </div>agreements, we<div style="display:inline-block;width:6px"> </div>may not<div style="display:inline-block;width:6px"> </div>be permitted<div style="display:inline-block;width:6px"> </div>to pay<div style="display:inline-block;width:6px"> </div>dividends </div><div id="a58172" style="position:absolute;font-family:'Arial';left:57px;top:639px;">that would result in an event of default or if an event of default occurs<div style="display:inline-block;width:3px"> </div>and is continuing. </div><div id="a58210" style="position:absolute;font-family:'Arial';left:57px;top:672px;">Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:6px"> </div>law<div style="display:inline-block;width:7px"> </div>generally<div style="display:inline-block;width:6px"> </div>prohibits<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>payment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>dividends<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>surplus<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>when<div style="display:inline-block;width:7px"> </div>a </div><div id="a58211" style="position:absolute;font-family:'Arial';left:57px;top:689px;">company is insolvent or if the payment<div style="display:inline-block;width:3px"> </div>of the dividend would render<div style="display:inline-block;width:3px"> </div>the company insolvent. Also, our loan </div><div id="a58212" style="position:absolute;font-family:'Arial';left:57px;top:706px;">facilities and bond prohibit the payment of dividends should an event<div style="display:inline-block;width:3px"> </div>of default arise.<div style="display:inline-block;width:4px"> </div></div><div id="a58217" style="position:absolute;font-family:'Arial';left:57px;top:740px;">We believe<div style="display:inline-block;width:2px"> </div>that, under<div style="display:inline-block;width:2px"> </div>current law,<div style="display:inline-block;width:3px"> </div>any dividends<div style="display:inline-block;width:2px"> </div>that we<div style="display:inline-block;width:2px"> </div>have paid<div style="display:inline-block;width:2px"> </div>and may<div style="display:inline-block;width:2px"> </div>pay in<div style="display:inline-block;width:2px"> </div>the future<div style="display:inline-block;width:2px"> </div>from earnings </div><div id="a58218" style="position:absolute;font-family:'Arial';left:57px;top:757px;">and profits constitute<div style="display:inline-block;width:2px"> </div>“qualified dividend<div style="display:inline-block;width:3px"> </div>income” and as<div style="display:inline-block;width:3px"> </div>such are generally<div style="display:inline-block;width:2px"> </div>subject to a<div style="display:inline-block;width:3px"> </div>20% United States </div><div id="a58219" style="position:absolute;font-family:'Arial';left:57px;top:774px;">federal income tax rate with<div style="display:inline-block;width:6px"> </div>respect to non-corporate United States shareholders. Distributions<div style="display:inline-block;width:6px"> </div>in excess </div><div id="a58223" style="position:absolute;font-family:'Arial';left:57px;top:790px;">of our earnings<div style="display:inline-block;width:6px"> </div>and profits will<div style="display:inline-block;width:6px"> </div>be treated first<div style="display:inline-block;width:6px"> </div>as a non-taxable<div style="display:inline-block;width:6px"> </div>return of capital<div style="display:inline-block;width:6px"> </div>to the extent<div style="display:inline-block;width:6px"> </div>of a United </div><div id="a58226" style="position:absolute;font-family:'Arial';left:57px;top:807px;">States<div style="display:inline-block;width:5px"> </div>shareholder’s tax<div style="display:inline-block;width:6px"> </div>basis in<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:5px"> </div>common stock<div style="display:inline-block;width:6px"> </div>on a<div style="display:inline-block;width:7px"> </div>dollar-for-dollar basis<div style="display:inline-block;width:6px"> </div>and thereafter<div style="display:inline-block;width:7px"> </div>as capital </div><div id="a58233" style="position:absolute;font-family:'Arial';left:57px;top:824px;">gain.<div style="display:inline-block;width:7px"> </div>Please<div style="display:inline-block;width:7px"> </div>see<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>section<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>report<div style="display:inline-block;width:7px"> </div>entitled<div style="display:inline-block;width:7px"> </div>“Taxation”<div style="display:inline-block;width:8px"> </div>under<div style="display:inline-block;width:7px"> </div>Item<div style="display:inline-block;width:7px"> </div>10.E<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>additional </div><div id="a58234" style="position:absolute;font-family:'Arial';left:57px;top:841px;">information relating to the tax treatment of our dividend payments. </div><div id="a58237" style="position:absolute;font-family:'Arial';left:57px;top:875px;">Cumulative dividends on our Series<div style="display:inline-block;width:3px"> </div>B Preferred Shares are payable<div style="display:inline-block;width:3px"> </div>on each January 15, April<div style="display:inline-block;width:3px"> </div>15, July 15 </div><div id="a58238" style="position:absolute;font-family:'Arial';left:57px;top:892px;">and October<div style="display:inline-block;width:6px"> </div>15, when, as<div style="display:inline-block;width:6px"> </div>and if<div style="display:inline-block;width:6px"> </div>declared by our<div style="display:inline-block;width:6px"> </div>board of<div style="display:inline-block;width:6px"> </div>directors or any<div style="display:inline-block;width:6px"> </div>authorized committee thereof </div><div id="a58239" style="position:absolute;font-family:'Arial';left:57px;top:908px;">out<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>legally<div style="display:inline-block;width:5px"> </div>available funds<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>purpose.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:5px"> </div>rate<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>is </div><div id="a58241" style="position:absolute;font-family:'Arial';left:57px;top:925px;">8.875% per<div style="display:inline-block;width:2px"> </div>annum per<div style="display:inline-block;width:2px"> </div>$25.00 of<div style="display:inline-block;width:2px"> </div>liquidation preference<div style="display:inline-block;width:2px"> </div>per share<div style="display:inline-block;width:2px"> </div>(equal to<div style="display:inline-block;width:2px"> </div>$2.21875 per<div style="display:inline-block;width:2px"> </div>annum per<div style="display:inline-block;width:2px"> </div>share) </div><div id="a58242" style="position:absolute;font-family:'Arial';left:57px;top:942px;">and is not subject to adjustment. Since February 14, 2019, we may redeem, in whole or from<div style="display:inline-block;width:5px"> </div>time to time </div></div>
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<div id="a58246" style="position:absolute;font-family:'Arial';left:390px;top:992px;">99 </div><div id="a58248" style="position:absolute;font-family:'Arial';left:57px;top:76px;">in part, the Series B Preferred Shares at<div style="display:inline-block;width:6px"> </div>a redemption price of $25.00 per share plus an<div style="display:inline-block;width:5px"> </div>amount equal to </div><div id="a58249" style="position:absolute;font-family:'Arial';left:57px;top:93px;">all accumulated and unpaid dividends thereon to the date of redemption,<div style="display:inline-block;width:2px"> </div>whether or not declared. </div><div id="a58252" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Marshall Islands<div style="display:inline-block;width:5px"> </div>law provides that<div style="display:inline-block;width:6px"> </div>we may<div style="display:inline-block;width:5px"> </div>pay dividends on<div style="display:inline-block;width:6px"> </div>and redeem the<div style="display:inline-block;width:6px"> </div>Series B<div style="display:inline-block;width:5px"> </div>Preferred Shares </div><div id="a58253" style="position:absolute;font-family:'Arial';left:57px;top:143px;">only to the<div style="display:inline-block;width:2px"> </div>extent that assets<div style="display:inline-block;width:2px"> </div>are legally available<div style="display:inline-block;width:2px"> </div>for such purposes.<div style="display:inline-block;width:2px"> </div>Legally available<div style="display:inline-block;width:3px"> </div>assets generally<div style="display:inline-block;width:3px"> </div>are </div><div id="a58254" style="position:absolute;font-family:'Arial';left:57px;top:160px;">limited to our surplus, which essentially represents our retained earnings<div style="display:inline-block;width:5px"> </div>and the excess of consideration </div><div id="a58256" style="position:absolute;font-family:'Arial';left:57px;top:177px;">received by us for<div style="display:inline-block;width:3px"> </div>the sale of shares<div style="display:inline-block;width:3px"> </div>above the par value<div style="display:inline-block;width:2px"> </div>of the shares. In<div style="display:inline-block;width:2px"> </div>addition, under Marshall<div style="display:inline-block;width:3px"> </div>Islands </div><div id="a58257" style="position:absolute;font-family:'Arial';left:57px;top:194px;">law we<div style="display:inline-block;width:6px"> </div>may not<div style="display:inline-block;width:6px"> </div>pay dividends<div style="display:inline-block;width:6px"> </div>on or<div style="display:inline-block;width:6px"> </div>redeem Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Shares if<div style="display:inline-block;width:6px"> </div>we are<div style="display:inline-block;width:6px"> </div>insolvent or<div style="display:inline-block;width:6px"> </div>would be </div><div id="a58259" style="position:absolute;font-family:'Arial';left:57px;top:211px;">rendered insolvent by the payment of such a dividend or the making<div style="display:inline-block;width:3px"> </div>of such redemption. </div><div id="a58262" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:245px;">B.<div style="display:inline-block;width:32px"> </div>Significant Changes </div><div id="a58267" style="position:absolute;font-family:'Arial';left:57px;top:280px;">There have<div style="display:inline-block;width:7px"> </div>been no<div style="display:inline-block;width:7px"> </div>significant changes<div style="display:inline-block;width:6px"> </div>since the<div style="display:inline-block;width:7px"> </div>date of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>annual consolidated<div style="display:inline-block;width:6px"> </div>financial statements </div><div id="a58269" style="position:absolute;font-family:'Arial';left:57px;top:297px;">included in<div style="display:inline-block;width:6px"> </div>this annual<div style="display:inline-block;width:6px"> </div>report, other<div style="display:inline-block;width:6px"> </div>than those<div style="display:inline-block;width:6px"> </div>described in<div style="display:inline-block;width:6px"> </div>Note 17<div style="display:inline-block;width:6px"> </div>“Subsequent events”<div style="display:inline-block;width:5px"> </div>of our<div style="display:inline-block;width:6px"> </div>annual </div><div id="a58270" style="position:absolute;font-family:'Arial';left:57px;top:314px;">consolidated financial statements. </div><div id="a58273" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:347px;">Item 9.<div style="display:inline-block;width:37px"> </div>The Offer and Listing </div><div id="a58277" style="position:absolute;font-family:'Arial';left:57px;top:369px;"> </div><div id="a58278" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:386px;">A.<div style="display:inline-block;width:32px"> </div>Offer and Listing Details </div><div id="a58283" style="position:absolute;font-family:'Arial';left:57px;top:421px;">The<div style="display:inline-block;width:6px"> </div>trading market<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>shares of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>common stock<div style="display:inline-block;width:7px"> </div>is the<div style="display:inline-block;width:7px"> </div>NYSE, on<div style="display:inline-block;width:7px"> </div>which our<div style="display:inline-block;width:7px"> </div>shares trade<div style="display:inline-block;width:7px"> </div>under the </div><div id="a58285" style="position:absolute;font-family:'Arial';left:57px;top:438px;">symbol “DSX” since March 23, 2005.<div style="display:inline-block;width:3px"> </div></div><div id="a58291" style="position:absolute;font-family:'Arial';left:57px;top:471px;">Our Series<div style="display:inline-block;width:6px"> </div>B Preferred<div style="display:inline-block;width:6px"> </div>Stock has<div style="display:inline-block;width:6px"> </div>traded on<div style="display:inline-block;width:6px"> </div>the NYSE<div style="display:inline-block;width:6px"> </div>under the<div style="display:inline-block;width:6px"> </div>symbol “DSXPRB”<div style="display:inline-block;width:6px"> </div>since February<div style="display:inline-block;width:6px"> </div>21, </div><div id="a58292" style="position:absolute;font-family:'Arial';left:57px;top:488px;">2014.<div style="display:inline-block;width:4px"> </div></div><div id="a58295" style="position:absolute;font-family:'Arial';left:57px;top:522px;">Our Warrants to Purchase Common Stock, expiring on or about December 14, 2026, have<div style="display:inline-block;width:3px"> </div>traded on the </div><div id="a58297" style="position:absolute;font-family:'Arial';left:57px;top:539px;">NYSE under the symbol “DSX WS” since December 14, 2023. </div><div id="a58300" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:573px;">B.<div style="display:inline-block;width:32px"> </div>Plan of distribution </div><div id="a58309" style="position:absolute;font-family:'Arial';left:57px;top:608px;">Not Applicable. </div><div id="a58312" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:642px;">C.<div style="display:inline-block;width:32px"> </div>Markets </div><div id="a58317" style="position:absolute;font-family:'Arial';left:57px;top:677px;">Our common shares have traded on the NYSE since March 23, 2005 under the<div style="display:inline-block;width:3px"> </div>symbol “DSX,” our Series </div><div id="a58320" style="position:absolute;font-family:'Arial';left:57px;top:694px;">B Preferred Stock has traded on the NYSE<div style="display:inline-block;width:2px"> </div>under the symbol "DSXPRB" since<div style="display:inline-block;width:3px"> </div>February 21, 2014 and our </div><div id="a58323" style="position:absolute;font-family:'Arial';left:57px;top:711px;">Warrants have traded on the NYSE under the symbol “DSX WS” since December 14, 2023. Since July 2, </div><div id="a58332" style="position:absolute;font-family:'Arial';left:57px;top:727px;">2024,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>8.75%<div style="display:inline-block;width:6px"> </div>Senior<div style="display:inline-block;width:6px"> </div>Unsecured<div style="display:inline-block;width:6px"> </div>Bond<div style="display:inline-block;width:6px"> </div>due<div style="display:inline-block;width:6px"> </div>2029<div style="display:inline-block;width:6px"> </div>commenced<div style="display:inline-block;width:6px"> </div>trading<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Oslo<div style="display:inline-block;width:6px"> </div>Stock<div style="display:inline-block;width:6px"> </div>Exchange, </div><div id="a58365" style="position:absolute;font-family:'Arial';left:57px;top:744px;">under the symbol "DIASH03." </div><div id="a58376" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:778px;">D.<div style="display:inline-block;width:32px"> </div>Selling Shareholders </div><div id="a58383" style="position:absolute;font-family:'Arial';left:57px;top:813px;">Not Applicable. </div><div id="a58387" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:847px;">E.<div style="display:inline-block;width:33px"> </div>Dilution </div><div id="a58392" style="position:absolute;font-family:'Arial';left:57px;top:882px;">Not Applicable. </div><div id="a58395" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:916px;">F. </div><div id="a58397" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:153px;top:916px;">Expenses of the Issue </div><div id="a58406" style="position:absolute;font-family:'Arial';left:57px;top:951px;">Not Applicable. </div></div>
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<div id="a58410" style="position:absolute;font-family:'Arial';left:386px;top:992px;">100 </div><div id="a58413" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:93px;">Item 10.<div style="display:inline-block;width:26px"> </div>Additional Information </div><div id="a58417" style="position:absolute;font-family:'Arial';left:57px;top:114px;"> </div><div id="a58418" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:131px;">A.<div style="display:inline-block;width:32px"> </div>Share Capital </div><div id="a58426" style="position:absolute;font-family:'Arial';left:57px;top:166px;">Not Applicable. </div><div id="a58430" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:200px;">B.<div style="display:inline-block;width:32px"> </div>Memorandum and Articles of Association </div><div id="a58445" style="position:absolute;font-family:'Arial';left:57px;top:235px;">Our current amended and restated articles of incorporation are filed as exhibit 1.1 hereto, and our current </div><div id="a58446" style="position:absolute;font-family:'Arial';left:57px;top:252px;">amended and restated<div style="display:inline-block;width:5px"> </div>bylaws are filed<div style="display:inline-block;width:5px"> </div>as exhibit 1.2<div style="display:inline-block;width:6px"> </div>hereto. The information contained<div style="display:inline-block;width:5px"> </div>in these exhibits </div><div id="a58447" style="position:absolute;font-family:'Arial';left:57px;top:269px;">is incorporated by reference herein. </div><div id="a58450" style="position:absolute;font-family:'Arial';left:57px;top:303px;">Information<div style="display:inline-block;width:6px"> </div>regarding<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>rights,<div style="display:inline-block;width:6px"> </div>preferences<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>restrictions<div style="display:inline-block;width:6px"> </div>attaching<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>class<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>is </div><div id="a58451" style="position:absolute;font-family:'Arial';left:57px;top:320px;">described<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Exhibit 2.8<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>annual<div style="display:inline-block;width:7px"> </div>report<div style="display:inline-block;width:7px"> </div>titled<div style="display:inline-block;width:7px"> </div>“Description<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Securities<div style="display:inline-block;width:7px"> </div>Registered<div style="display:inline-block;width:7px"> </div>Pursuant<div style="display:inline-block;width:7px"> </div>to </div><div id="a58454" style="position:absolute;font-family:'Arial';left:57px;top:337px;">Section 12 of the Securities Exchange Act of 1934.”<div style="display:inline-block;width:3px"> </div></div><div id="a58460" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:370px;">Stockholders Rights Agreement </div><div id="a58463" style="position:absolute;font-family:'Arial';left:57px;top:404px;">On<div style="display:inline-block;width:6px"> </div>February 2,<div style="display:inline-block;width:7px"> </div>2024, we<div style="display:inline-block;width:7px"> </div>entered<div style="display:inline-block;width:5px"> </div>into<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Amended and<div style="display:inline-block;width:7px"> </div>Restated Stockholders<div style="display:inline-block;width:6px"> </div>Rights<div style="display:inline-block;width:5px"> </div>Agreement with </div><div id="a58464" style="position:absolute;font-family:'Arial';left:57px;top:421px;">Computershare<div style="display:inline-block;width:6px"> </div>Trust<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:7px"> </div>N.A.,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>Rights<div style="display:inline-block;width:6px"> </div>Agent,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>amend<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>restate<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Stockholders<div style="display:inline-block;width:5px"> </div>Rights </div><div id="a58465" style="position:absolute;font-family:'Arial';left:57px;top:438px;">Agreement, dated January 15, 2016. </div><div id="a58469" style="position:absolute;font-family:'Arial';left:57px;top:471px;">Under the Amended<div style="display:inline-block;width:2px"> </div>and Restated<div style="display:inline-block;width:3px"> </div>Stockholders Rights<div style="display:inline-block;width:3px"> </div>Agreement, we<div style="display:inline-block;width:3px"> </div>declared a<div style="display:inline-block;width:3px"> </div>dividend payable<div style="display:inline-block;width:2px"> </div>of one </div><div id="a58474" style="position:absolute;font-family:'Arial';left:57px;top:488px;">preferred<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>purchase<div style="display:inline-block;width:6px"> </div>right,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>Right,<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>close<div style="display:inline-block;width:6px"> </div>of </div><div id="a58475" style="position:absolute;font-family:'Arial';left:57px;top:505px;">business<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>January 26,<div style="display:inline-block;width:7px"> </div>2016.<div style="display:inline-block;width:6px"> </div>Each Right<div style="display:inline-block;width:7px"> </div>entitles the<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:5px"> </div>holder to<div style="display:inline-block;width:7px"> </div>purchase from<div style="display:inline-block;width:7px"> </div>us<div style="display:inline-block;width:6px"> </div>one one-</div><div id="a58478" style="position:absolute;font-family:'Arial';left:57px;top:522px;">thousandth of a share of Series<div style="display:inline-block;width:6px"> </div>A participating preferred stock, par value $0.01<div style="display:inline-block;width:6px"> </div>per share, at an exercise </div><div id="a58479" style="position:absolute;font-family:'Arial';left:57px;top:539px;">price of $25.00 per share. The<div style="display:inline-block;width:6px"> </div>Rights will separate from the common stock and<div style="display:inline-block;width:6px"> </div>become exercisable only </div><div id="a58482" style="position:absolute;font-family:'Arial';left:57px;top:556px;">if a person or<div style="display:inline-block;width:3px"> </div>group acquires beneficial<div style="display:inline-block;width:3px"> </div>ownership of 15% or<div style="display:inline-block;width:2px"> </div>more of our common<div style="display:inline-block;width:2px"> </div>stock (including through </div><div id="a58485" style="position:absolute;font-family:'Arial';left:57px;top:573px;">entry<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>certain<div style="display:inline-block;width:6px"> </div>derivative<div style="display:inline-block;width:6px"> </div>positions)<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>transaction<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>approved<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Directors.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>that </div><div id="a58486" style="position:absolute;font-family:'Arial';left:57px;top:590px;">situation, each holder of a Right (other than the<div style="display:inline-block;width:6px"> </div>acquiring person, whose Rights will become void and will </div><div id="a58489" style="position:absolute;font-family:'Arial';left:57px;top:606px;">not be exercisable)<div style="display:inline-block;width:2px"> </div>will have the<div style="display:inline-block;width:2px"> </div>right to purchase,<div style="display:inline-block;width:2px"> </div>upon payment<div style="display:inline-block;width:3px"> </div>of the exercise<div style="display:inline-block;width:2px"> </div>price, a number<div style="display:inline-block;width:2px"> </div>of shares </div><div id="a58490" style="position:absolute;font-family:'Arial';left:57px;top:623px;">of our<div style="display:inline-block;width:6px"> </div>common stock having<div style="display:inline-block;width:6px"> </div>a then-current market<div style="display:inline-block;width:6px"> </div>value equal to<div style="display:inline-block;width:6px"> </div>twice the<div style="display:inline-block;width:5px"> </div>exercise price. In<div style="display:inline-block;width:6px"> </div>addition, if </div><div id="a58493" style="position:absolute;font-family:'Arial';left:57px;top:640px;">the Company<div style="display:inline-block;width:6px"> </div>is acquired<div style="display:inline-block;width:6px"> </div>in a<div style="display:inline-block;width:6px"> </div>merger or<div style="display:inline-block;width:6px"> </div>other business<div style="display:inline-block;width:6px"> </div>combination after<div style="display:inline-block;width:6px"> </div>an acquiring<div style="display:inline-block;width:6px"> </div>person acquires </div><div id="a58495" style="position:absolute;font-family:'Arial';left:57px;top:657px;">15% or more<div style="display:inline-block;width:2px"> </div>of our common<div style="display:inline-block;width:2px"> </div>stock, each holder<div style="display:inline-block;width:2px"> </div>of the Right<div style="display:inline-block;width:2px"> </div>will thereafter<div style="display:inline-block;width:3px"> </div>have the right<div style="display:inline-block;width:2px"> </div>to purchase, upon </div><div id="a58498" style="position:absolute;font-family:'Arial';left:57px;top:674px;">payment of the<div style="display:inline-block;width:3px"> </div>exercise price, a<div style="display:inline-block;width:2px"> </div>number of shares<div style="display:inline-block;width:2px"> </div>of common stock<div style="display:inline-block;width:3px"> </div>of the acquiring<div style="display:inline-block;width:2px"> </div>person having a<div style="display:inline-block;width:2px"> </div>then-</div><div id="a58500" style="position:absolute;font-family:'Arial';left:57px;top:691px;">current market value equal<div style="display:inline-block;width:2px"> </div>to twice the exercise price.<div style="display:inline-block;width:2px"> </div>The acquiring person<div style="display:inline-block;width:3px"> </div>will not be entitled<div style="display:inline-block;width:3px"> </div>to exercise </div><div id="a58502" style="position:absolute;font-family:'Arial';left:57px;top:707px;">these Rights.<div style="display:inline-block;width:8px"> </div>Under the Amended and Restated Stockholders Rights Agreement's terms, it will expire on </div><div id="a58507" style="position:absolute;font-family:'Arial';left:57px;top:724px;">February 1, 2034. A copy of the<div style="display:inline-block;width:6px"> </div>Amended and Restated Stockholders Rights Agreement and a summary </div><div id="a58513" style="position:absolute;font-family:'Arial';left:57px;top:741px;">of its<div style="display:inline-block;width:6px"> </div>terms are<div style="display:inline-block;width:6px"> </div>contained in<div style="display:inline-block;width:6px"> </div>the Form<div style="display:inline-block;width:6px"> </div>8-A12B filed<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>SEC on<div style="display:inline-block;width:6px"> </div>January 15,<div style="display:inline-block;width:6px"> </div>2016, with<div style="display:inline-block;width:6px"> </div>file number </div><div id="a58516" style="position:absolute;font-family:'Arial';left:57px;top:758px;">001-32458, as amended on February 2, 2024. </div><div id="a58524" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:792px;">C.<div style="display:inline-block;width:32px"> </div>Material Contracts </div><div id="a58532" style="position:absolute;font-family:'Arial';left:57px;top:827px;">Attached as exhibits<div style="display:inline-block;width:2px"> </div>to this annual<div style="display:inline-block;width:2px"> </div>report are the<div style="display:inline-block;width:2px"> </div>contracts we consider<div style="display:inline-block;width:2px"> </div>to be both<div style="display:inline-block;width:2px"> </div>material and not<div style="display:inline-block;width:2px"> </div>entered </div><div id="a58533" style="position:absolute;font-family:'Arial';left:57px;top:844px;">into in the ordinary<div style="display:inline-block;width:2px"> </div>course of business,<div style="display:inline-block;width:3px"> </div>which (i) are<div style="display:inline-block;width:3px"> </div>to be performed<div style="display:inline-block;width:3px"> </div>in whole or<div style="display:inline-block;width:3px"> </div>in part on<div style="display:inline-block;width:3px"> </div>or after the<div style="display:inline-block;width:3px"> </div>filing </div><div id="a58535" style="position:absolute;font-family:'Arial';left:57px;top:861px;">date<div style="display:inline-block;width:5px"> </div>of this<div style="display:inline-block;width:6px"> </div>annual report<div style="display:inline-block;width:6px"> </div>or (ii)<div style="display:inline-block;width:6px"> </div>were entered<div style="display:inline-block;width:6px"> </div>into not<div style="display:inline-block;width:6px"> </div>more than<div style="display:inline-block;width:6px"> </div>two years<div style="display:inline-block;width:6px"> </div>before the<div style="display:inline-block;width:6px"> </div>filing date<div style="display:inline-block;width:6px"> </div>of this </div><div id="a58537" style="position:absolute;font-family:'Arial';left:57px;top:878px;">annual report.<div style="display:inline-block;width:8px"> </div>Other than these agreements, we have no material<div style="display:inline-block;width:3px"> </div>contracts, other than contracts entered </div><div id="a58538" style="position:absolute;font-family:'Arial';left:57px;top:895px;">into in<div style="display:inline-block;width:6px"> </div>the ordinary<div style="display:inline-block;width:6px"> </div>course of<div style="display:inline-block;width:6px"> </div>business, to<div style="display:inline-block;width:5px"> </div>which the<div style="display:inline-block;width:5px"> </div>Company or<div style="display:inline-block;width:6px"> </div>any member<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>group is<div style="display:inline-block;width:6px"> </div>a party.<div style="display:inline-block;width:7px"> </div>A </div><div id="a58540" style="position:absolute;font-family:'Arial';left:57px;top:912px;">description of these is<div style="display:inline-block;width:3px"> </div>included in our description<div style="display:inline-block;width:2px"> </div>of our agreements generally:<div style="display:inline-block;width:2px"> </div>we refer you to Item<div style="display:inline-block;width:3px"> </div>5.B for </div><div id="a58541" style="position:absolute;font-family:'Arial';left:57px;top:928px;">a discussion of our loan facilities. </div></div>
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<div id="a58546" style="position:absolute;font-family:'Arial';left:386px;top:992px;">101 </div><div id="a58548" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:76px;">D.<div style="display:inline-block;width:32px"> </div>Exchange Controls </div><div id="a58553" style="position:absolute;font-family:'Arial';left:57px;top:111px;">Under<div style="display:inline-block;width:6px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands,<div style="display:inline-block;width:5px"> </div>Panamanian,<div style="display:inline-block;width:6px"> </div>Cypriot<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Greek<div style="display:inline-block;width:6px"> </div>law,<div style="display:inline-block;width:6px"> </div>there<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>currently<div style="display:inline-block;width:6px"> </div>no<div style="display:inline-block;width:6px"> </div>restrictions on<div style="display:inline-block;width:7px"> </div>the </div><div id="a58555" style="position:absolute;font-family:'Arial';left:57px;top:128px;">export or import of<div style="display:inline-block;width:6px"> </div>capital, including foreign exchange controls or restrictions<div style="display:inline-block;width:5px"> </div>that affect the remittance<div style="display:inline-block;width:6px"> </div>of </div><div id="a58556" style="position:absolute;font-family:'Arial';left:57px;top:145px;">dividends, interest or other payments to non-resident holders of our securities. </div><div id="a58562" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:179px;">E.<div style="display:inline-block;width:33px"> </div>Taxation </div><div id="a58567" style="position:absolute;font-family:'Arial';left:57px;top:214px;">In the<div style="display:inline-block;width:6px"> </div>opinion of<div style="display:inline-block;width:5px"> </div>Seward & Kissel<div style="display:inline-block;width:6px"> </div>LLP,<div style="display:inline-block;width:6px"> </div>the following is<div style="display:inline-block;width:6px"> </div>a discussion of<div style="display:inline-block;width:6px"> </div>the material Marshall<div style="display:inline-block;width:6px"> </div>Islands and </div><div id="a58586" style="position:absolute;font-family:'Arial';left:57px;top:231px;">U.S. federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>considerations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>ownership<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>disposition<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>U.S. Holder<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>Non-</div><div id="a58592" style="position:absolute;font-family:'Arial';left:57px;top:248px;">U.S. Holder,<div style="display:inline-block;width:6px"> </div>each as defined<div style="display:inline-block;width:6px"> </div>below,<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>common stock. This<div style="display:inline-block;width:6px"> </div>discussion does not<div style="display:inline-block;width:6px"> </div>purport to deal<div style="display:inline-block;width:6px"> </div>with </div><div id="a58596" style="position:absolute;font-family:'Arial';left:57px;top:264px;">the<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>consequences<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>owning<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>categories<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>investors,<div style="display:inline-block;width:6px"> </div>some<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>which,<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>as </div><div id="a58597" style="position:absolute;font-family:'Arial';left:57px;top:281px;">dealers in<div style="display:inline-block;width:2px"> </div>securities or<div style="display:inline-block;width:2px"> </div>commodities, financial<div style="display:inline-block;width:2px"> </div>institutions, insurance<div style="display:inline-block;width:2px"> </div>companies, tax-exempt<div style="display:inline-block;width:2px"> </div>organizations, </div><div id="a58600" style="position:absolute;font-family:'Arial';left:57px;top:298px;">U.S. expatriates, persons liable for the alternative minimum<div style="display:inline-block;width:6px"> </div>tax, persons who hold common stock<div style="display:inline-block;width:6px"> </div>as part </div><div id="a58604" style="position:absolute;font-family:'Arial';left:57px;top:315px;">of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>straddle,<div style="display:inline-block;width:7px"> </div>hedge,<div style="display:inline-block;width:7px"> </div>conversion<div style="display:inline-block;width:7px"> </div>transaction<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>integrated<div style="display:inline-block;width:7px"> </div>investment,<div style="display:inline-block;width:7px"> </div>U.S. Holders<div style="display:inline-block;width:7px"> </div>whose<div style="display:inline-block;width:7px"> </div>functional </div><div id="a58607" style="position:absolute;font-family:'Arial';left:57px;top:332px;">currency is not the United States dollar, persons required to recognize income for U.S. federal income tax </div><div id="a58609" style="position:absolute;font-family:'Arial';left:57px;top:349px;">purposes<div style="display:inline-block;width:6px"> </div>no<div style="display:inline-block;width:6px"> </div>later<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>reported<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>“applicable<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statement,”<div style="display:inline-block;width:6px"> </div>investors </div><div id="a58610" style="position:absolute;font-family:'Arial';left:57px;top:366px;">subject to the “base erosion and<div style="display:inline-block;width:6px"> </div>anti-avoidance” tax<div style="display:inline-block;width:9px"> </div>and investors that own, actually or<div style="display:inline-block;width:5px"> </div>under applicable </div><div id="a58616" style="position:absolute;font-family:'Arial';left:57px;top:383px;">constructive ownership<div style="display:inline-block;width:6px"> </div>rules, 10%<div style="display:inline-block;width:6px"> </div>or more<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company’s common<div style="display:inline-block;width:6px"> </div>stock, may<div style="display:inline-block;width:6px"> </div>be subject<div style="display:inline-block;width:6px"> </div>to special </div><div id="a58618" style="position:absolute;font-family:'Arial';left:57px;top:399px;">rules.<div style="display:inline-block;width:6px"> </div>This<div style="display:inline-block;width:6px"> </div>discussion<div style="display:inline-block;width:6px"> </div>deals<div style="display:inline-block;width:5px"> </div>only<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>holders<div style="display:inline-block;width:6px"> </div>who<div style="display:inline-block;width:6px"> </div>hold<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>stock<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>asset.<div style="display:inline-block;width:6px"> </div>You<div style="display:inline-block;width:7px"> </div>are </div><div id="a58619" style="position:absolute;font-family:'Arial';left:57px;top:416px;">encouraged to consult your own<div style="display:inline-block;width:3px"> </div>tax advisors concerning the<div style="display:inline-block;width:3px"> </div>overall tax consequences arising<div style="display:inline-block;width:3px"> </div>in your own </div><div id="a58621" style="position:absolute;font-family:'Arial';left:57px;top:433px;">particular situation under U.S. federal, state, local or foreign law of the<div style="display:inline-block;width:3px"> </div>ownership of common stock. </div><div id="a58626" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:467px;">Marshall Islands Tax Considerations </div><div id="a58628" style="position:absolute;font-family:'Arial';left:57px;top:484px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58630" style="position:absolute;font-family:'Arial';left:57px;top:501px;">The Company is incorporated in the Marshall Islands. Under current Marshall<div style="display:inline-block;width:3px"> </div>Islands law, the company is </div><div id="a58631" style="position:absolute;font-family:'Arial';left:57px;top:517px;">not subject to<div style="display:inline-block;width:3px"> </div>tax on income<div style="display:inline-block;width:3px"> </div>or capital gains,<div style="display:inline-block;width:3px"> </div>and no Marshall<div style="display:inline-block;width:2px"> </div>Islands withholding tax<div style="display:inline-block;width:2px"> </div>will be imposed<div style="display:inline-block;width:3px"> </div>upon </div><div id="a58632" style="position:absolute;font-family:'Arial';left:57px;top:534px;">payments of dividends by us to our shareholders.<div style="display:inline-block;width:3px"> </div></div><div id="a58637" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:568px;">United States Federal Income Taxation </div><div id="a58639" style="position:absolute;font-family:'Arial';left:57px;top:585px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58641" style="position:absolute;font-family:'Arial';left:57px;top:602px;">The<div style="display:inline-block;width:6px"> </div>following<div style="display:inline-block;width:6px"> </div>discussion<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>provisions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>Internal<div style="display:inline-block;width:6px"> </div>Revenue<div style="display:inline-block;width:6px"> </div>Code<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>1986,<div style="display:inline-block;width:6px"> </div>as </div><div id="a58642" style="position:absolute;font-family:'Arial';left:57px;top:619px;">amended<div style="display:inline-block;width:7px"> </div>(the<div style="display:inline-block;width:7px"> </div>“Code”),<div style="display:inline-block;width:7px"> </div>existing<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>proposed<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>Treasury<div style="display:inline-block;width:8px"> </div>Department<div style="display:inline-block;width:7px"> </div>regulations,<div style="display:inline-block;width:7px"> </div>(the<div style="display:inline-block;width:7px"> </div>“Treasury </div><div id="a58643" style="position:absolute;font-family:'Arial';left:57px;top:635px;">Regulations”),<div style="display:inline-block;width:6px"> </div>administrative<div style="display:inline-block;width:6px"> </div>rulings,<div style="display:inline-block;width:6px"> </div>pronouncements<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>judicial<div style="display:inline-block;width:6px"> </div>decisions,<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>this </div><div id="a58645" style="position:absolute;font-family:'Arial';left:57px;top:652px;">Annual Report.<div style="display:inline-block;width:8px"> </div>This discussion assumes that we do not have an office or other fixed place of business<div style="display:inline-block;width:3px"> </div>in </div><div id="a58648" style="position:absolute;font-family:'Arial';left:57px;top:669px;">the United States. Unless the context otherwise<div style="display:inline-block;width:3px"> </div>requires, the reference to Company below<div style="display:inline-block;width:3px"> </div>shall be meant </div><div id="a58649" style="position:absolute;font-family:'Arial';left:57px;top:686px;">to refer to both the Company and its vessel-owning and operating<div style="display:inline-block;width:3px"> </div>subsidiaries. </div><div id="a58653" style="position:absolute;font-family:'Arial';left:57px;top:703px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58655" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:720px;">Taxation of the Company’s Shipping Income </div><div id="a58658" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:754px;">In General </div><div id="a58660" style="position:absolute;font-family:'Arial';left:57px;top:770px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58662" style="position:absolute;font-family:'Arial';left:57px;top:787px;">The Company anticipates that it will derive substantially<div style="display:inline-block;width:3px"> </div>all of its gross income from the use and operation </div><div id="a58663" style="position:absolute;font-family:'Arial';left:57px;top:804px;">of<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>international<div style="display:inline-block;width:6px"> </div>commerce<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>principally<div style="display:inline-block;width:7px"> </div>consist<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>freights<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>the </div><div id="a58664" style="position:absolute;font-family:'Arial';left:57px;top:821px;">transportation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>cargoes,<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>lease<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>voyage<div style="display:inline-block;width:6px"> </div>charters<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>performance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>services </div><div id="a58666" style="position:absolute;font-family:'Arial';left:57px;top:838px;">directly related thereto, which the Company refers to as “Shipping<div style="display:inline-block;width:3px"> </div>Income.”<div style="display:inline-block;width:4px"> </div></div><div id="a58670" style="position:absolute;font-family:'Arial';left:57px;top:872px;">Shipping Income that is attributable<div style="display:inline-block;width:2px"> </div>to transportation that begins or<div style="display:inline-block;width:3px"> </div>ends, but that does not<div style="display:inline-block;width:3px"> </div>both begin and </div><div id="a58671" style="position:absolute;font-family:'Arial';left:57px;top:888px;">end,<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>50%<div style="display:inline-block;width:6px"> </div>derived<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>sources<div style="display:inline-block;width:6px"> </div>within<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States. </div><div id="a58672" style="position:absolute;font-family:'Arial';left:57px;top:905px;">Shipping<div style="display:inline-block;width:6px"> </div>Income<div style="display:inline-block;width:7px"> </div>attributable<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>transportation<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:7px"> </div>both<div style="display:inline-block;width:6px"> </div>begins<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>ends<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>United<div style="display:inline-block;width:7px"> </div>States<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be </div><div id="a58674" style="position:absolute;font-family:'Arial';left:57px;top:922px;">considered to be<div style="display:inline-block;width:6px"> </div>100% derived from<div style="display:inline-block;width:6px"> </div>sources within the<div style="display:inline-block;width:6px"> </div>United States. The<div style="display:inline-block;width:5px"> </div>Company is not<div style="display:inline-block;width:6px"> </div>permitted by </div><div id="a58675" style="position:absolute;font-family:'Arial';left:57px;top:939px;">law<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5px"> </div>engage in<div style="display:inline-block;width:7px"> </div>transportation that<div style="display:inline-block;width:6px"> </div>gives rise<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>100% U.S. source<div style="display:inline-block;width:6px"> </div>Shipping Income.<div style="display:inline-block;width:6px"> </div>Shipping Income </div><div id="a58679" style="position:absolute;font-family:'Arial';left:57px;top:956px;">attributable to<div style="display:inline-block;width:7px"> </div>transportation exclusively<div style="display:inline-block;width:6px"> </div>between non-U.S. ports<div style="display:inline-block;width:6px"> </div>will be<div style="display:inline-block;width:7px"> </div>considered to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>100% derived </div></div>
</div>
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<div id="a58686" style="position:absolute;font-family:'Arial';left:386px;top:992px;">102 </div><div id="a58688" style="position:absolute;font-family:'Arial';left:57px;top:76px;">from sources outside the United States. Shipping Income<div style="display:inline-block;width:5px"> </div>derived from sources outside the United States </div><div id="a58689" style="position:absolute;font-family:'Arial';left:57px;top:93px;">will not be subject to U.S. federal income tax. </div><div id="a58693" style="position:absolute;font-family:'Arial';left:57px;top:110px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58695" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Based upon the<div style="display:inline-block;width:2px"> </div>Company’s anticipated<div style="display:inline-block;width:3px"> </div>shipping operations,<div style="display:inline-block;width:2px"> </div>the Company’s vessels<div style="display:inline-block;width:2px"> </div>will operate<div style="display:inline-block;width:3px"> </div>in various </div><div id="a58696" style="position:absolute;font-family:'Arial';left:57px;top:143px;">parts of the world, including to or from U.S. ports. Unless exempt from U.S. federal income taxation<div style="display:inline-block;width:3px"> </div>under </div><div id="a58701" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Section 883<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Code,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>U.S. federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>taxation,<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>manner </div><div id="a58707" style="position:absolute;font-family:'Arial';left:57px;top:177px;">discussed below,<div style="display:inline-block;width:6px"> </div>to the extent<div style="display:inline-block;width:6px"> </div>its Shipping Income<div style="display:inline-block;width:6px"> </div>is considered derived<div style="display:inline-block;width:6px"> </div>from sources within<div style="display:inline-block;width:6px"> </div>the United </div><div id="a58708" style="position:absolute;font-family:'Arial';left:57px;top:194px;">States. </div><div id="a58710" style="position:absolute;font-family:'Arial';left:57px;top:211px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58712" style="position:absolute;font-family:'Arial';left:57px;top:228px;">In<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:7px"> </div>ended<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:7px"> </div>approximately<div style="display:inline-block;width:7px"> </div>6.1%<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>shipping<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:7px"> </div>was </div><div id="a58715" style="position:absolute;font-family:'Arial';left:57px;top:245px;">attributable to the transportation of cargoes either to or from a U.S. port. Accordingly, approximately 3.1% </div><div id="a58716" style="position:absolute;font-family:'Arial';left:57px;top:261px;">of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>shipping<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>treated<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>derived<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>U.S. sources<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>ended </div><div id="a58719" style="position:absolute;font-family:'Arial';left:57px;top:278px;">December 31, 2024. In<div style="display:inline-block;width:6px"> </div>the absence of<div style="display:inline-block;width:6px"> </div>exemption from U.S. federal income<div style="display:inline-block;width:6px"> </div>tax under Section 883 of<div style="display:inline-block;width:6px"> </div>the </div><div id="a58723" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Code, the Company<div style="display:inline-block;width:3px"> </div>would have been<div style="display:inline-block;width:2px"> </div>subject to a<div style="display:inline-block;width:2px"> </div>4% tax on its<div style="display:inline-block;width:2px"> </div>gross U.S. source<div style="display:inline-block;width:2px"> </div>Shipping Income, equal </div><div id="a58724" style="position:absolute;font-family:'Arial';left:57px;top:312px;">to $0.3 million for the year ended December 31, 2024. </div><div id="a58730" style="position:absolute;font-family:'Arial';left:57px;top:329px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58732" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:346px;">Application of Exemption under Section 883 of the Code </div><div id="a58734" style="position:absolute;font-family:'Arial';left:57px;top:363px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58736" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Under the relevant provisions of Section 883 of the Code and the final Treasury Regulations promulgated </div><div id="a58739" style="position:absolute;font-family:'Arial';left:57px;top:396px;">thereunder,<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>foreign<div style="display:inline-block;width:6px"> </div>corporation<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:7px"> </div>exempt<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:7px"> </div>U.S. federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>taxation<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:7px"> </div>U.S. source </div><div id="a58744" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Shipping Income if: </div><div id="a58747" style="position:absolute;font-family:'Arial';left:81px;top:447px;">(1)<div style="display:inline-block;width:30px"> </div>It is organized in a qualified foreign country which, as defined, is one<div style="display:inline-block;width:5px"> </div>that grants an equivalent </div><div id="a58750" style="position:absolute;font-family:'Arial';left:129px;top:464px;">exemption from<div style="display:inline-block;width:6px"> </div>tax to<div style="display:inline-block;width:6px"> </div>corporations organized<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>United States<div style="display:inline-block;width:6px"> </div>in respect<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Shipping </div><div id="a58751" style="position:absolute;font-family:'Arial';left:129px;top:481px;">Income for which exemption<div style="display:inline-block;width:2px"> </div>is being claimed under<div style="display:inline-block;width:2px"> </div>Section 883 of<div style="display:inline-block;width:3px"> </div>the Code, or the<div style="display:inline-block;width:2px"> </div>“Country of </div><div id="a58753" style="position:absolute;font-family:'Arial';left:129px;top:498px;">Organization Requirement”; and </div><div id="a58756" style="position:absolute;font-family:'Arial';left:81px;top:531px;">(2)<div style="display:inline-block;width:30px"> </div>It can satisfy any one of the following two stock ownership requirements: </div><div id="a58761" style="position:absolute;font-family:'Arial';left:129px;top:565px;">•<div style="display:inline-block;width:43px"> </div>more<div style="display:inline-block;width:8px"> </div>than<div style="display:inline-block;width:8px"> </div>50%<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:8px"> </div>stock,<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>terms<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>value,<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>beneficially<div style="display:inline-block;width:7px"> </div>owned<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>qualified </div><div id="a58764" style="position:absolute;font-family:'Arial';left:177px;top:582px;">shareholders<div style="display:inline-block;width:6px"> </div>which,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>defined,<div style="display:inline-block;width:6px"> </div>includes<div style="display:inline-block;width:6px"> </div>individuals<div style="display:inline-block;width:6px"> </div>who<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>residents<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>qualified </div><div id="a58766" style="position:absolute;font-family:'Arial';left:177px;top:599px;">foreign country, or the “50% Ownership Test”;<div style="display:inline-block;width:6px"> </div>or </div><div id="a58768" style="position:absolute;font-family:'Arial';left:129px;top:616px;">•<div style="display:inline-block;width:43px"> </div>its stock is<div style="display:inline-block;width:6px"> </div>“primarily and regularly” traded<div style="display:inline-block;width:6px"> </div>on an established securities<div style="display:inline-block;width:6px"> </div>market located </div><div id="a58771" style="position:absolute;font-family:'Arial';left:177px;top:632px;">in the United States or a qualified foreign country, or the “Publicly Traded Test”. </div><div id="a58774" style="position:absolute;font-family:'Arial';left:57px;top:666px;">The U.S. Treasury Department has recognized the Marshall Islands,<div style="display:inline-block;width:3px"> </div>Panama and Cyprus the countries<div style="display:inline-block;width:3px"> </div>of </div><div id="a58777" style="position:absolute;font-family:'Arial';left:57px;top:683px;">incorporation of<div style="display:inline-block;width:2px"> </div>each of<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>and its<div style="display:inline-block;width:2px"> </div>subsidiaries<div style="display:inline-block;width:3px"> </div>that earns<div style="display:inline-block;width:2px"> </div>Shipping Income,<div style="display:inline-block;width:2px"> </div>as a<div style="display:inline-block;width:2px"> </div>qualified foreign </div><div id="a58778" style="position:absolute;font-family:'Arial';left:57px;top:700px;">country.<div style="display:inline-block;width:8px"> </div>Accordingly,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>subsidiaries<div style="display:inline-block;width:7px"> </div>satisfy<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Country<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Organization </div><div id="a58780" style="position:absolute;font-family:'Arial';left:57px;top:717px;">Requirement.<div style="display:inline-block;width:8px"> </div></div><div id="a58783" style="position:absolute;font-family:'Arial';left:57px;top:734px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58785" style="position:absolute;font-family:'Arial';left:57px;top:751px;">For<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:6px"> </div>year,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>believes<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>unlikely<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>50%<div style="display:inline-block;width:6px"> </div>Ownership<div style="display:inline-block;width:6px"> </div>Test<div style="display:inline-block;width:8px"> </div>was </div><div id="a58789" style="position:absolute;font-family:'Arial';left:57px;top:767px;">satisfied.<div style="display:inline-block;width:6px"> </div>Therefore,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>eligibility<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>subsidiary<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>qualify<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>exemption<div style="display:inline-block;width:6px"> </div>under </div><div id="a58790" style="position:absolute;font-family:'Arial';left:57px;top:784px;">Section 883<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:7px"> </div>Code is<div style="display:inline-block;width:7px"> </div>wholly dependent<div style="display:inline-block;width:7px"> </div>upon the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>ability<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5px"> </div>satisfy the<div style="display:inline-block;width:7px"> </div>Publicly Traded </div><div id="a58794" style="position:absolute;font-family:'Arial';left:57px;top:801px;">Test.<div style="display:inline-block;width:10px"> </div></div><div id="a58797" style="position:absolute;font-family:'Arial';left:57px;top:818px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58799" style="position:absolute;font-family:'Arial';left:57px;top:835px;">Under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Treasury<div style="display:inline-block;width:7px"> </div>Regulations,<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>foreign<div style="display:inline-block;width:6px"> </div>corporation<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:6px"> </div>“primarily<div style="display:inline-block;width:6px"> </div>traded”<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>an </div><div id="a58800" style="position:absolute;font-family:'Arial';left:57px;top:852px;">established<div style="display:inline-block;width:6px"> </div>securities market<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>country<div style="display:inline-block;width:5px"> </div>if<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>shares of<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:6px"> </div>class<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>stock<div style="display:inline-block;width:5px"> </div>that<div style="display:inline-block;width:6px"> </div>is traded </div><div id="a58801" style="position:absolute;font-family:'Arial';left:57px;top:869px;">during the taxable year on<div style="display:inline-block;width:3px"> </div>all established securities markets in<div style="display:inline-block;width:2px"> </div>that country exceeds the number<div style="display:inline-block;width:3px"> </div>of shares </div><div id="a58803" style="position:absolute;font-family:'Arial';left:57px;top:885px;">in<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>class that<div style="display:inline-block;width:7px"> </div>is traded<div style="display:inline-block;width:7px"> </div>during that<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>established securities<div style="display:inline-block;width:6px"> </div>markets in<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:6px"> </div>other single </div><div id="a58804" style="position:absolute;font-family:'Arial';left:57px;top:902px;">country.<div style="display:inline-block;width:9px"> </div>The Company’s<div style="display:inline-block;width:3px"> </div>common stock<div style="display:inline-block;width:7px"> </div>was “primarily<div style="display:inline-block;width:2px"> </div>traded” on<div style="display:inline-block;width:2px"> </div>the NYSE<div style="display:inline-block;width:3px"> </div>during the<div style="display:inline-block;width:3px"> </div>2024 taxable<div style="display:inline-block;width:2px"> </div>year. </div><div id="a58814" style="position:absolute;font-family:'Arial';left:57px;top:919px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58816" style="position:absolute;font-family:'Arial';left:57px;top:936px;">Under the Treasury Regulations, the Company’s common<div style="display:inline-block;width:3px"> </div>stock will be considered to<div style="display:inline-block;width:3px"> </div>be “regularly traded” </div><div id="a58817" style="position:absolute;font-family:'Arial';left:57px;top:953px;">on the NYSE<div style="display:inline-block;width:6px"> </div>if: (1) more than<div style="display:inline-block;width:6px"> </div>50% of its<div style="display:inline-block;width:6px"> </div>common stock, by voting<div style="display:inline-block;width:6px"> </div>power and total<div style="display:inline-block;width:5px"> </div>value, is listed<div style="display:inline-block;width:5px"> </div>on the </div></div>
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<div id="a58820" style="position:absolute;font-family:'Arial';left:386px;top:992px;">103 </div><div id="a58822" style="position:absolute;font-family:'Arial';left:57px;top:76px;">NYSE, referred<div style="display:inline-block;width:6px"> </div>to as<div style="display:inline-block;width:6px"> </div>the “Listing<div style="display:inline-block;width:6px"> </div>Threshold”, (2) its<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>is traded<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>NYSE, other<div style="display:inline-block;width:6px"> </div>than in </div><div id="a58823" style="position:absolute;font-family:'Arial';left:57px;top:93px;">minimal<div style="display:inline-block;width:6px"> </div>quantities, on<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:6px"> </div>least<div style="display:inline-block;width:6px"> </div>60 days<div style="display:inline-block;width:5px"> </div>during<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:5px"> </div>year<div style="display:inline-block;width:5px"> </div>(or<div style="display:inline-block;width:6px"> </div>one-sixth of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>days<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>short </div><div id="a58828" style="position:absolute;font-family:'Arial';left:57px;top:110px;">taxable year),<div style="display:inline-block;width:2px"> </div>which is<div style="display:inline-block;width:2px"> </div>referred to<div style="display:inline-block;width:2px"> </div>as the<div style="display:inline-block;width:2px"> </div>“Trading Frequency<div style="display:inline-block;width:3px"> </div>Test”; and (3) the<div style="display:inline-block;width:2px"> </div>aggregate number<div style="display:inline-block;width:2px"> </div>of shares </div><div id="a58830" style="position:absolute;font-family:'Arial';left:57px;top:126px;">of its common stock traded on the NYSE during<div style="display:inline-block;width:3px"> </div>the taxable year is at least 10% of<div style="display:inline-block;width:3px"> </div>the average number of </div><div id="a58831" style="position:absolute;font-family:'Arial';left:57px;top:143px;">shares of its common stock outstanding<div style="display:inline-block;width:3px"> </div>during such taxable year (as appropriately<div style="display:inline-block;width:2px"> </div>adjusted in the case of </div><div id="a58833" style="position:absolute;font-family:'Arial';left:57px;top:160px;">a short taxable year), which is referred to as the “Trading Volume<div style="display:inline-block;width:6px"> </div>Test”.<div style="display:inline-block;width:6px"> </div>The Trading Frequency Test<div style="display:inline-block;width:6px"> </div>and </div><div id="a58836" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Trading Volume Test are deemed<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:2px"> </div>satisfied under<div style="display:inline-block;width:2px"> </div>the Treasury<div style="display:inline-block;width:3px"> </div>Regulations if<div style="display:inline-block;width:2px"> </div>the Company’s<div style="display:inline-block;width:2px"> </div>common </div><div id="a58837" style="position:absolute;font-family:'Arial';left:57px;top:194px;">stock is regularly quoted by dealers making a market in the common<div style="display:inline-block;width:3px"> </div>stock. </div><div id="a58841" style="position:absolute;font-family:'Arial';left:57px;top:228px;">The Company believes<div style="display:inline-block;width:6px"> </div>that its<div style="display:inline-block;width:5px"> </div>common stock has<div style="display:inline-block;width:6px"> </div>satisfied the Listing<div style="display:inline-block;width:6px"> </div>Threshold, as well<div style="display:inline-block;width:6px"> </div>as the Trading </div><div id="a58842" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Frequency Test<div style="display:inline-block;width:5px"> </div>and Trading Volume Tests,<div style="display:inline-block;width:6px"> </div>during the 2024 taxable year. </div><div id="a58846" style="position:absolute;font-family:'Arial';left:57px;top:261px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58848" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Notwithstanding the foregoing, the Treasury<div style="display:inline-block;width:6px"> </div>Regulations provide, in pertinent part,<div style="display:inline-block;width:6px"> </div>that stock of a<div style="display:inline-block;width:6px"> </div>foreign </div><div id="a58849" style="position:absolute;font-family:'Arial';left:57px;top:295px;">corporation<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>“regularly<div style="display:inline-block;width:6px"> </div>traded”<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>established<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>any </div><div id="a58850" style="position:absolute;font-family:'Arial';left:57px;top:312px;">taxable year during which 50%<div style="display:inline-block;width:5px"> </div>or more of such stock<div style="display:inline-block;width:6px"> </div>is owned, actually or constructively under specified </div><div id="a58852" style="position:absolute;font-family:'Arial';left:57px;top:329px;">stock<div style="display:inline-block;width:9px"> </div>attribution<div style="display:inline-block;width:9px"> </div>rules,<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>more<div style="display:inline-block;width:9px"> </div>than<div style="display:inline-block;width:9px"> </div>half<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>days<div style="display:inline-block;width:9px"> </div>during<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>taxable<div style="display:inline-block;width:9px"> </div>year<div style="display:inline-block;width:9px"> </div>by<div style="display:inline-block;width:9px"> </div>persons,<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:9px"> </div>“5% </div><div id="a58853" style="position:absolute;font-family:'Arial';left:57px;top:346px;">Shareholders”,<div style="display:inline-block;width:6px"> </div>who<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>own<div style="display:inline-block;width:6px"> </div>5%<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>stock,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>“5%<div style="display:inline-block;width:6px"> </div>Override<div style="display:inline-block;width:6px"> </div>Rule.”<div style="display:inline-block;width:10px"> </div>For </div><div id="a58857" style="position:absolute;font-family:'Arial';left:57px;top:363px;">purposes<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>determining<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>persons<div style="display:inline-block;width:7px"> </div>who<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>5%<div style="display:inline-block;width:8px"> </div>Shareholders,<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>foreign<div style="display:inline-block;width:7px"> </div>corporation<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>rely<div style="display:inline-block;width:7px"> </div>on </div><div id="a58859" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Schedules 13D and 13G filings with the SEC. </div><div id="a58862" style="position:absolute;font-family:'Arial';left:57px;top:413px;">Based on Schedules 13D and 13G filings, during the 2024 taxable year,<div style="display:inline-block;width:6px"> </div>less than 50% of the Company’s </div><div id="a58867" style="position:absolute;font-family:'Arial';left:57px;top:430px;">common stock was owned by 5% Shareholders. Therefore, the<div style="display:inline-block;width:6px"> </div>Company believes that it is not subject to </div><div id="a58870" style="position:absolute;font-family:'Arial';left:57px;top:447px;">the 5% Override Rule<div style="display:inline-block;width:2px"> </div>and thus has satisfied<div style="display:inline-block;width:2px"> </div>the Publicly Traded Test for the 2024 taxable<div style="display:inline-block;width:3px"> </div>year.<div style="display:inline-block;width:9px"> </div>However, </div><div id="a58877" style="position:absolute;font-family:'Arial';left:57px;top:464px;">there<div style="display:inline-block;width:5px"> </div>can<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>no assurance<div style="display:inline-block;width:7px"> </div>that the<div style="display:inline-block;width:7px"> </div>Company will<div style="display:inline-block;width:6px"> </div>continue<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>satisfy the<div style="display:inline-block;width:7px"> </div>Publicly Traded<div style="display:inline-block;width:7px"> </div>Test<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>future </div><div id="a58878" style="position:absolute;font-family:'Arial';left:57px;top:481px;">taxable<div style="display:inline-block;width:7px"> </div>years. For<div style="display:inline-block;width:7px"> </div>example,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>subject<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>5%<div style="display:inline-block;width:7px"> </div>Override<div style="display:inline-block;width:7px"> </div>Rule<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>another<div style="display:inline-block;width:7px"> </div>5% </div><div id="a58881" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Shareholder in<div style="display:inline-block;width:6px"> </div>combination with<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>existing 5%<div style="display:inline-block;width:6px"> </div>Shareholders were<div style="display:inline-block;width:6px"> </div>to own<div style="display:inline-block;width:6px"> </div>50% or<div style="display:inline-block;width:6px"> </div>more of </div><div id="a58883" style="position:absolute;font-family:'Arial';left:57px;top:514px;">the Company’s<div style="display:inline-block;width:5px"> </div>common stock.<div style="display:inline-block;width:9px"> </div>In such a<div style="display:inline-block;width:6px"> </div>case, the Company<div style="display:inline-block;width:6px"> </div>would be subject<div style="display:inline-block;width:6px"> </div>to the 5%<div style="display:inline-block;width:6px"> </div>Override Rule </div><div id="a58886" style="position:absolute;font-family:'Arial';left:57px;top:531px;">unless<div style="display:inline-block;width:5px"> </div>it<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:5px"> </div>establish that,<div style="display:inline-block;width:7px"> </div>among the<div style="display:inline-block;width:7px"> </div>shares of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>common<div style="display:inline-block;width:5px"> </div>stock owned<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>5%<div style="display:inline-block;width:5px"> </div>Shareholders, </div><div id="a58888" style="position:absolute;font-family:'Arial';left:57px;top:548px;">sufficient shares are<div style="display:inline-block;width:2px"> </div>owned by<div style="display:inline-block;width:3px"> </div>qualified shareholders,<div style="display:inline-block;width:2px"> </div>for purposes<div style="display:inline-block;width:2px"> </div>of Section<div style="display:inline-block;width:3px"> </div>883 of<div style="display:inline-block;width:3px"> </div>the Code,<div style="display:inline-block;width:3px"> </div>to preclude </div><div id="a58889" style="position:absolute;font-family:'Arial';left:57px;top:565px;">non-qualified shareholders from owning 50% or more of the Company’s common stock for more than half </div><div id="a58892" style="position:absolute;font-family:'Arial';left:57px;top:582px;">the<div style="display:inline-block;width:5px"> </div>number of<div style="display:inline-block;width:7px"> </div>days during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>taxable year.<div style="display:inline-block;width:10px"> </div>The requirements<div style="display:inline-block;width:6px"> </div>of establishing<div style="display:inline-block;width:6px"> </div>this exception<div style="display:inline-block;width:7px"> </div>to the<div style="display:inline-block;width:7px"> </div>5% </div><div id="a58895" style="position:absolute;font-family:'Arial';left:57px;top:599px;">Override Rule are onerous and there is no assurance the<div style="display:inline-block;width:3px"> </div>Company will be able to satisfy them. </div><div id="a58898" style="position:absolute;font-family:'Arial';left:57px;top:632px;">Based<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>foregoing,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>believes<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>satisfied<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Publicly<div style="display:inline-block;width:6px"> </div>Traded<div style="display:inline-block;width:6px"> </div>Test<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>therefore </div><div id="a58899" style="position:absolute;font-family:'Arial';left:57px;top:649px;">believes that it was exempt from U.S. federal income tax<div style="display:inline-block;width:5px"> </div>under Section 883 of the Code, during the 2024 </div><div id="a58901" style="position:absolute;font-family:'Arial';left:57px;top:666px;">taxable year and intends to take this position on its 2024 U.S. federal<div style="display:inline-block;width:3px"> </div>income tax returns. </div><div id="a58905" style="position:absolute;font-family:'Arial';left:57px;top:683px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58907" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:700px;">Taxation in Absence of Exemption Under Section 883 of the Code </div><div id="a58909" style="position:absolute;font-family:'Arial';left:57px;top:717px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58911" style="position:absolute;font-family:'Arial';left:57px;top:734px;">To<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>extent the<div style="display:inline-block;width:7px"> </div>benefits of<div style="display:inline-block;width:7px"> </div>Section<div style="display:inline-block;width:5px"> </div>883<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>Code<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>unavailable with<div style="display:inline-block;width:7px"> </div>respect<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>item<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>U.S. </div><div id="a58912" style="position:absolute;font-family:'Arial';left:57px;top:751px;">source Shipping Income, the Company and each of its subsidiaries<div style="display:inline-block;width:2px"> </div>would be subject to a 4% tax imposed </div><div id="a58913" style="position:absolute;font-family:'Arial';left:57px;top:767px;">on such income<div style="display:inline-block;width:6px"> </div>by Section 887 of<div style="display:inline-block;width:6px"> </div>the Code on<div style="display:inline-block;width:6px"> </div>a gross basis, without<div style="display:inline-block;width:6px"> </div>the benefit of<div style="display:inline-block;width:5px"> </div>deductions, which is </div><div id="a58915" style="position:absolute;font-family:'Arial';left:57px;top:784px;">referred to as<div style="display:inline-block;width:2px"> </div>the “4%<div style="display:inline-block;width:3px"> </div>Gross Basis Tax Regime”. Since<div style="display:inline-block;width:2px"> </div>under the sourcing<div style="display:inline-block;width:2px"> </div>rules described<div style="display:inline-block;width:3px"> </div>above, no<div style="display:inline-block;width:3px"> </div>more </div><div id="a58916" style="position:absolute;font-family:'Arial';left:57px;top:801px;">than 50%<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company’s Shipping<div style="display:inline-block;width:6px"> </div>Income would<div style="display:inline-block;width:6px"> </div>be treated<div style="display:inline-block;width:6px"> </div>as being<div style="display:inline-block;width:6px"> </div>derived from<div style="display:inline-block;width:6px"> </div>U.S. sources,<div style="display:inline-block;width:6px"> </div>the </div><div id="a58917" style="position:absolute;font-family:'Arial';left:57px;top:818px;">maximum effective<div style="display:inline-block;width:3px"> </div>rate of<div style="display:inline-block;width:2px"> </div>U.S. federal<div style="display:inline-block;width:2px"> </div>income tax<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:3px"> </div>Company’s Shipping<div style="display:inline-block;width:2px"> </div>Income would<div style="display:inline-block;width:2px"> </div>never exceed </div><div id="a58918" style="position:absolute;font-family:'Arial';left:57px;top:835px;">2% under the 4% Gross Basis Tax Regime. </div><div id="a58921" style="position:absolute;font-family:'Arial';left:57px;top:869px;">Based<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>source Shipping<div style="display:inline-block;width:7px"> </div>Income<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:5px"> </div>year<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>absence<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>exemption </div><div id="a58924" style="position:absolute;font-family:'Arial';left:57px;top:885px;">under Section 883<div style="display:inline-block;width:6px"> </div>of the Code,<div style="display:inline-block;width:6px"> </div>the Company would<div style="display:inline-block;width:6px"> </div>be subject to<div style="display:inline-block;width:6px"> </div>$0.3 of U.S.<div style="display:inline-block;width:6px"> </div>federal income tax<div style="display:inline-block;width:6px"> </div>under </div><div id="a58925" style="position:absolute;font-family:'Arial';left:57px;top:902px;">the 4% Gross Basis Tax Regime. </div><div id="a58928" style="position:absolute;font-family:'Arial';left:57px;top:936px;">The 4%<div style="display:inline-block;width:3px"> </div>Gross Basis<div style="display:inline-block;width:3px"> </div>Tax Regime would not apply<div style="display:inline-block;width:2px"> </div>to U.S. source<div style="display:inline-block;width:2px"> </div>Shipping Income<div style="display:inline-block;width:2px"> </div>to the extent<div style="display:inline-block;width:2px"> </div>considered </div><div id="a58929" style="position:absolute;font-family:'Arial';left:57px;top:953px;">to be<div style="display:inline-block;width:6px"> </div>“effectively connected”<div style="display:inline-block;width:6px"> </div>with the<div style="display:inline-block;width:6px"> </div>conduct of<div style="display:inline-block;width:6px"> </div>a U.S.<div style="display:inline-block;width:6px"> </div>trade or<div style="display:inline-block;width:6px"> </div>business.<div style="display:inline-block;width:9px"> </div>In the<div style="display:inline-block;width:6px"> </div>absence of<div style="display:inline-block;width:6px"> </div>exemption </div></div>
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<div id="a58935" style="position:absolute;font-family:'Arial';left:386px;top:992px;">104 </div><div id="a58937" style="position:absolute;font-family:'Arial';left:57px;top:76px;">under Section<div style="display:inline-block;width:2px"> </div>883 of<div style="display:inline-block;width:2px"> </div>the Code,<div style="display:inline-block;width:2px"> </div>such “effectively<div style="display:inline-block;width:2px"> </div>connected” U.S.<div style="display:inline-block;width:2px"> </div>source Shipping<div style="display:inline-block;width:2px"> </div>Income, net<div style="display:inline-block;width:2px"> </div>of applicable </div><div id="a58938" style="position:absolute;font-family:'Arial';left:57px;top:93px;">deductions, would be<div style="display:inline-block;width:6px"> </div>subject to U.S.<div style="display:inline-block;width:6px"> </div>federal income tax<div style="display:inline-block;width:6px"> </div>currently imposed at<div style="display:inline-block;width:6px"> </div>a rate of<div style="display:inline-block;width:6px"> </div>21%.<div style="display:inline-block;width:9px"> </div>In addition, </div><div id="a58942" style="position:absolute;font-family:'Arial';left:57px;top:110px;">earnings<div style="display:inline-block;width:6px"> </div>“effectively<div style="display:inline-block;width:6px"> </div>connected”<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>conduct<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>trade<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>business,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>determined<div style="display:inline-block;width:6px"> </div>after </div><div id="a58944" style="position:absolute;font-family:'Arial';left:57px;top:126px;">allowance for certain adjustments, and certain<div style="display:inline-block;width:6px"> </div>interest paid or deemed paid attributable to<div style="display:inline-block;width:6px"> </div>the conduct of </div><div id="a58945" style="position:absolute;font-family:'Arial';left:57px;top:143px;">the U.S. trade or<div style="display:inline-block;width:2px"> </div>business may be<div style="display:inline-block;width:3px"> </div>subject to U.S.<div style="display:inline-block;width:3px"> </div>federal branch profits<div style="display:inline-block;width:3px"> </div>tax imposed at<div style="display:inline-block;width:3px"> </div>a rate of 30%.<div style="display:inline-block;width:7px"> </div>The </div><div id="a58950" style="position:absolute;font-family:'Arial';left:57px;top:160px;">Company’s U.S. source Shipping Income would be considered “effectively connected” with the conduct of </div><div id="a58951" style="position:absolute;font-family:'Arial';left:57px;top:177px;">a U.S. trade or business only if: (1) the<div style="display:inline-block;width:6px"> </div>Company has, or is considered to have, a fixed place<div style="display:inline-block;width:6px"> </div>or business </div><div id="a58952" style="position:absolute;font-family:'Arial';left:57px;top:194px;">in the United States involved in the earning<div style="display:inline-block;width:3px"> </div>of Shipping Income; and (2) substantially<div style="display:inline-block;width:3px"> </div>all of the Company’s </div><div id="a58955" style="position:absolute;font-family:'Arial';left:57px;top:211px;">U.S. source Shipping Income<div style="display:inline-block;width:2px"> </div>is attributable to regularly<div style="display:inline-block;width:2px"> </div>scheduled transportation, such<div style="display:inline-block;width:3px"> </div>as the operation<div style="display:inline-block;width:3px"> </div>of </div><div id="a58956" style="position:absolute;font-family:'Arial';left:57px;top:228px;">a vessel that followed<div style="display:inline-block;width:6px"> </div>a published schedule with<div style="display:inline-block;width:6px"> </div>repeated sailings at regular<div style="display:inline-block;width:6px"> </div>intervals between the same </div><div id="a58959" style="position:absolute;font-family:'Arial';left:57px;top:245px;">points for voyages that begin or<div style="display:inline-block;width:6px"> </div>end in the United States, or,<div style="display:inline-block;width:6px"> </div>in the case of income from<div style="display:inline-block;width:6px"> </div>the chartering of </div><div id="a58960" style="position:absolute;font-family:'Arial';left:57px;top:261px;">a vessel,<div style="display:inline-block;width:7px"> </div>is attributable<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>fixed place<div style="display:inline-block;width:6px"> </div>of business<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>United States.<div style="display:inline-block;width:10px"> </div>We<div style="display:inline-block;width:6px"> </div>do not<div style="display:inline-block;width:6px"> </div>intend to<div style="display:inline-block;width:6px"> </div>have, or </div><div id="a58964" style="position:absolute;font-family:'Arial';left:57px;top:278px;">permit<div style="display:inline-block;width:6px"> </div>circumstances that<div style="display:inline-block;width:7px"> </div>would result<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>having a<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:5px"> </div>operating to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>United<div style="display:inline-block;width:5px"> </div>States on<div style="display:inline-block;width:7px"> </div>a regularly </div><div id="a58966" style="position:absolute;font-family:'Arial';left:57px;top:295px;">scheduled basis.<div style="display:inline-block;width:8px"> </div>Based on the foregoing and on<div style="display:inline-block;width:3px"> </div>the expected mode of our shipping<div style="display:inline-block;width:2px"> </div>operations and other </div><div id="a58970" style="position:absolute;font-family:'Arial';left:57px;top:312px;">activities, we believe that<div style="display:inline-block;width:6px"> </div>none of our<div style="display:inline-block;width:6px"> </div>U.S. source Shipping Income<div style="display:inline-block;width:6px"> </div>will be effectively<div style="display:inline-block;width:6px"> </div>connected with the </div><div id="a58972" style="position:absolute;font-family:'Arial';left:57px;top:329px;">conduct of a U.S. trade or business. </div><div id="a58975" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:363px;">Gain on Sale of Vessels </div><div id="a58977" style="position:absolute;font-family:'Arial';left:57px;top:379px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58979" style="position:absolute;font-family:'Arial';left:57px;top:396px;">Regardless of whether we<div style="display:inline-block;width:5px"> </div>qualify for exemption under<div style="display:inline-block;width:6px"> </div>Section 883 of the Code,<div style="display:inline-block;width:6px"> </div>we will not be<div style="display:inline-block;width:6px"> </div>subject to </div><div id="a58983" style="position:absolute;font-family:'Arial';left:57px;top:413px;">U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>taxation<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>gain<div style="display:inline-block;width:6px"> </div>realized<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vessel,<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>sale<div style="display:inline-block;width:6px"> </div>is </div><div id="a58984" style="position:absolute;font-family:'Arial';left:57px;top:430px;">considered to<div style="display:inline-block;width:6px"> </div>occur outside<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>United States under<div style="display:inline-block;width:6px"> </div>U.S. federal<div style="display:inline-block;width:5px"> </div>income tax<div style="display:inline-block;width:6px"> </div>principles.<div style="display:inline-block;width:8px"> </div>In general,<div style="display:inline-block;width:5px"> </div>a </div><div id="a58988" style="position:absolute;font-family:'Arial';left:57px;top:447px;">sale of a<div style="display:inline-block;width:2px"> </div>vessel will<div style="display:inline-block;width:2px"> </div>be considered<div style="display:inline-block;width:3px"> </div>to occur<div style="display:inline-block;width:3px"> </div>outside of<div style="display:inline-block;width:3px"> </div>the United States<div style="display:inline-block;width:2px"> </div>for this<div style="display:inline-block;width:3px"> </div>purpose if<div style="display:inline-block;width:3px"> </div>title to the<div style="display:inline-block;width:2px"> </div>vessel, </div><div id="a58989" style="position:absolute;font-family:'Arial';left:57px;top:464px;">and risk of<div style="display:inline-block;width:6px"> </div>loss with respect<div style="display:inline-block;width:6px"> </div>to the vessel,<div style="display:inline-block;width:6px"> </div>pass to the<div style="display:inline-block;width:6px"> </div>buyer outside of<div style="display:inline-block;width:6px"> </div>the United States.<div style="display:inline-block;width:9px"> </div>It is expected </div><div id="a58992" style="position:absolute;font-family:'Arial';left:57px;top:481px;">that any sale of a vessel by us will be considered to occur outside of<div style="display:inline-block;width:3px"> </div>the United States. </div><div id="a58996" style="position:absolute;font-family:'Arial';left:57px;top:498px;"><div style="display:inline-block;width:4px"> </div></div><div id="a58998" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:514px;">United States Taxation of U.S. Holders </div><div id="a59000" style="position:absolute;font-family:'Arial';left:57px;top:531px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59002" style="position:absolute;font-family:'Arial';left:57px;top:548px;">The<div style="display:inline-block;width:8px"> </div>following<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>discussion<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>material<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>federal<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:7px"> </div>tax<div style="display:inline-block;width:8px"> </div>considerations<div style="display:inline-block;width:7px"> </div>relevant<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>an </div><div id="a59003" style="position:absolute;font-family:'Arial';left:57px;top:565px;">investment decision<div style="display:inline-block;width:2px"> </div>by a<div style="display:inline-block;width:3px"> </div>U.S. Holder, as<div style="display:inline-block;width:3px"> </div>defined below, with<div style="display:inline-block;width:2px"> </div>respect to<div style="display:inline-block;width:3px"> </div>our common<div style="display:inline-block;width:3px"> </div>stock. This discussion </div><div id="a59006" style="position:absolute;font-family:'Arial';left:57px;top:582px;">does<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>purport<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>deal<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>consequences<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>owning<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>categories<div style="display:inline-block;width:6px"> </div>of </div><div id="a59009" style="position:absolute;font-family:'Arial';left:57px;top:599px;">investors,<div style="display:inline-block;width:5px"> </div>some<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>which may<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:7px"> </div>special rules. You<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:6px"> </div>encouraged to<div style="display:inline-block;width:7px"> </div>consult your<div style="display:inline-block;width:7px"> </div>own tax </div><div id="a59012" style="position:absolute;font-family:'Arial';left:57px;top:616px;">advisors<div style="display:inline-block;width:7px"> </div>concerning<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>overall<div style="display:inline-block;width:7px"> </div>tax<div style="display:inline-block;width:7px"> </div>consequences<div style="display:inline-block;width:6px"> </div>arising<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>your<div style="display:inline-block;width:7px"> </div>own<div style="display:inline-block;width:7px"> </div>particular<div style="display:inline-block;width:7px"> </div>situation<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>U.S. </div><div id="a59013" style="position:absolute;font-family:'Arial';left:57px;top:632px;">federal, state, local or foreign law of the ownership of our common stock. </div><div id="a59016" style="position:absolute;font-family:'Arial';left:57px;top:649px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59018" style="position:absolute;font-family:'Arial';left:57px;top:666px;">As used<div style="display:inline-block;width:6px"> </div>herein, the<div style="display:inline-block;width:6px"> </div>term “U.S.<div style="display:inline-block;width:6px"> </div>Holder” means<div style="display:inline-block;width:6px"> </div>a beneficial<div style="display:inline-block;width:6px"> </div>owner of our<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>that (i)<div style="display:inline-block;width:6px"> </div>is a<div style="display:inline-block;width:6px"> </div>U.S. </div><div id="a59021" style="position:absolute;font-family:'Arial';left:57px;top:683px;">citizen or resident, a<div style="display:inline-block;width:5px"> </div>U.S. corporation or other U.S.<div style="display:inline-block;width:5px"> </div>entity taxable as a corporation,<div style="display:inline-block;width:5px"> </div>an estate, the income </div><div id="a59023" style="position:absolute;font-family:'Arial';left:57px;top:700px;">of which<div style="display:inline-block;width:6px"> </div>is subject to<div style="display:inline-block;width:6px"> </div>U.S. federal income<div style="display:inline-block;width:6px"> </div>taxation regardless of<div style="display:inline-block;width:6px"> </div>its source, or<div style="display:inline-block;width:6px"> </div>a trust if<div style="display:inline-block;width:6px"> </div>(a) a<div style="display:inline-block;width:6px"> </div>court within </div><div id="a59024" style="position:absolute;font-family:'Arial';left:57px;top:717px;">the<div style="display:inline-block;width:5px"> </div>United<div style="display:inline-block;width:5px"> </div>States is<div style="display:inline-block;width:7px"> </div>able to<div style="display:inline-block;width:7px"> </div>exercise primary<div style="display:inline-block;width:6px"> </div>jurisdiction over<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>administration of<div style="display:inline-block;width:6px"> </div>the trust<div style="display:inline-block;width:7px"> </div>and one<div style="display:inline-block;width:7px"> </div>or </div><div id="a59026" style="position:absolute;font-family:'Arial';left:57px;top:734px;">more U.S. persons<div style="display:inline-block;width:2px"> </div>have the authority<div style="display:inline-block;width:2px"> </div>to control all<div style="display:inline-block;width:2px"> </div>substantial decisions<div style="display:inline-block;width:3px"> </div>of the trust<div style="display:inline-block;width:3px"> </div>or (b) it<div style="display:inline-block;width:3px"> </div>has an election </div><div id="a59027" style="position:absolute;font-family:'Arial';left:57px;top:751px;">in<div style="display:inline-block;width:6px"> </div>place<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>treated<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>United<div style="display:inline-block;width:6px"> </div>States<div style="display:inline-block;width:6px"> </div>person;<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(ii)<div style="display:inline-block;width:6px"> </div>owns<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>asset, </div><div id="a59030" style="position:absolute;font-family:'Arial';left:57px;top:767px;">generally, for investment purposes. </div><div id="a59032" style="position:absolute;font-family:'Arial';left:57px;top:784px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59034" style="position:absolute;font-family:'Arial';left:57px;top:801px;">If<div style="display:inline-block;width:6px"> </div>a partnership<div style="display:inline-block;width:7px"> </div>holds our<div style="display:inline-block;width:6px"> </div>common stock,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>tax treatment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>a partner<div style="display:inline-block;width:6px"> </div>will generally<div style="display:inline-block;width:7px"> </div>depend upon<div style="display:inline-block;width:6px"> </div>the </div><div id="a59036" style="position:absolute;font-family:'Arial';left:57px;top:818px;">status of the partner and<div style="display:inline-block;width:3px"> </div>upon the activities of the<div style="display:inline-block;width:3px"> </div>partnership. If you are a partner<div style="display:inline-block;width:3px"> </div>in a partnership holding </div><div id="a59039" style="position:absolute;font-family:'Arial';left:57px;top:835px;">our common stock, you are encouraged to consult your own<div style="display:inline-block;width:3px"> </div>tax advisor on this issue. </div><div id="a59042" style="position:absolute;font-family:'Arial';left:57px;top:852px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59044" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:869px;">Distributions </div><div id="a59046" style="position:absolute;font-family:'Arial';left:57px;top:885px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59048" style="position:absolute;font-family:'Arial';left:57px;top:902px;">Subject to<div style="display:inline-block;width:6px"> </div>the discussion of<div style="display:inline-block;width:6px"> </div>passive foreign investment<div style="display:inline-block;width:6px"> </div>companies below,<div style="display:inline-block;width:6px"> </div>any distributions made<div style="display:inline-block;width:6px"> </div>by the </div><div id="a59049" style="position:absolute;font-family:'Arial';left:57px;top:919px;">Company with respect to its common<div style="display:inline-block;width:3px"> </div>stock to a U.S. Holder will<div style="display:inline-block;width:3px"> </div>generally constitute dividends, which<div style="display:inline-block;width:3px"> </div>may </div><div id="a59050" style="position:absolute;font-family:'Arial';left:57px;top:936px;">be<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>ordinary<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:5px"> </div>“qualified<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:6px"> </div>income”<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>described<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>detail<div style="display:inline-block;width:5px"> </div>below,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the </div><div id="a59052" style="position:absolute;font-family:'Arial';left:57px;top:953px;">extent of<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>current or<div style="display:inline-block;width:6px"> </div>accumulated earnings<div style="display:inline-block;width:6px"> </div>and profits,<div style="display:inline-block;width:6px"> </div>as determined<div style="display:inline-block;width:6px"> </div>under U.S.<div style="display:inline-block;width:6px"> </div>federal </div></div>
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<div id="a59055" style="position:absolute;font-family:'Arial';left:386px;top:992px;">105 </div><div id="a59057" style="position:absolute;font-family:'Arial';left:57px;top:76px;">income tax principles. Distributions in excess of the Company’s earnings<div style="display:inline-block;width:2px"> </div>and profits will be treated first as </div><div id="a59060" style="position:absolute;font-family:'Arial';left:57px;top:93px;">a non-taxable return of capital<div style="display:inline-block;width:3px"> </div>to the extent of the U.S. Holder’s<div style="display:inline-block;width:2px"> </div>tax basis in his common stock<div style="display:inline-block;width:3px"> </div>on a dollar-</div><div id="a59064" style="position:absolute;font-family:'Arial';left:57px;top:110px;">for-dollar basis<div style="display:inline-block;width:2px"> </div>and thereafter<div style="display:inline-block;width:2px"> </div>as capital<div style="display:inline-block;width:2px"> </div>gain. Because<div style="display:inline-block;width:3px"> </div>the Company<div style="display:inline-block;width:2px"> </div>is not<div style="display:inline-block;width:2px"> </div>a U.S.<div style="display:inline-block;width:2px"> </div>corporation,<div style="display:inline-block;width:3px"> </div>U.S. Holders </div><div id="a59070" style="position:absolute;font-family:'Arial';left:57px;top:126px;">that are corporations will generally not<div style="display:inline-block;width:6px"> </div>be entitled to claim a dividends-received deduction with respect<div style="display:inline-block;width:6px"> </div>to </div><div id="a59073" style="position:absolute;font-family:'Arial';left:57px;top:143px;">any distributions they receive from the Company. </div><div id="a59076" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Dividends paid to a<div style="display:inline-block;width:6px"> </div>U.S. Holder which is<div style="display:inline-block;width:6px"> </div>an individual, trust, or<div style="display:inline-block;width:6px"> </div>estate, referred to herein<div style="display:inline-block;width:6px"> </div>as a “U.S. Non-</div><div id="a59078" style="position:absolute;font-family:'Arial';left:57px;top:194px;">Corporate<div style="display:inline-block;width:6px"> </div>Holder,”<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:5px"> </div>generally<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>treated<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>“qualified dividend<div style="display:inline-block;width:7px"> </div>income”<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>Holders<div style="display:inline-block;width:6px"> </div>at </div><div id="a59079" style="position:absolute;font-family:'Arial';left:57px;top:211px;">preferential U.S.<div style="display:inline-block;width:6px"> </div>federal income<div style="display:inline-block;width:6px"> </div>tax rates,<div style="display:inline-block;width:7px"> </div>provided that<div style="display:inline-block;width:6px"> </div>(1) the common<div style="display:inline-block;width:6px"> </div>stock is<div style="display:inline-block;width:7px"> </div>readily tradable<div style="display:inline-block;width:6px"> </div>on an </div><div id="a59083" style="position:absolute;font-family:'Arial';left:57px;top:228px;">established securities<div style="display:inline-block;width:2px"> </div>market in<div style="display:inline-block;width:2px"> </div>the United<div style="display:inline-block;width:2px"> </div>States (such<div style="display:inline-block;width:2px"> </div>as the<div style="display:inline-block;width:3px"> </div>NYSE on<div style="display:inline-block;width:2px"> </div>which the<div style="display:inline-block;width:2px"> </div>common stock<div style="display:inline-block;width:2px"> </div>is listed); </div><div id="a59084" style="position:absolute;font-family:'Arial';left:57px;top:245px;">(2) the Company<div style="display:inline-block;width:6px"> </div>is not<div style="display:inline-block;width:6px"> </div>a PFIC<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>taxable year<div style="display:inline-block;width:6px"> </div>during which the<div style="display:inline-block;width:6px"> </div>dividend is<div style="display:inline-block;width:6px"> </div>paid or<div style="display:inline-block;width:6px"> </div>the immediately </div><div id="a59090" style="position:absolute;font-family:'Arial';left:57px;top:261px;">preceding taxable year (which the Company does<div style="display:inline-block;width:5px"> </div>not believe it is, has<div style="display:inline-block;width:5px"> </div>been or will be); (3) the<div style="display:inline-block;width:5px"> </div>U.S. Non-</div><div id="a59094" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Corporate Holder<div style="display:inline-block;width:6px"> </div>has owned<div style="display:inline-block;width:6px"> </div>the common<div style="display:inline-block;width:6px"> </div>stock for<div style="display:inline-block;width:6px"> </div>more than<div style="display:inline-block;width:6px"> </div>60 days in<div style="display:inline-block;width:6px"> </div>the 121-day<div style="display:inline-block;width:6px"> </div>period beginning </div><div id="a59099" style="position:absolute;font-family:'Arial';left:57px;top:295px;">60 days before<div style="display:inline-block;width:2px"> </div>the date<div style="display:inline-block;width:3px"> </div>on which<div style="display:inline-block;width:2px"> </div>the common<div style="display:inline-block;width:3px"> </div>stock becomes<div style="display:inline-block;width:2px"> </div>ex-dividend; and<div style="display:inline-block;width:2px"> </div>(4) the<div style="display:inline-block;width:3px"> </div>U.S. Non-Corporate </div><div id="a59106" style="position:absolute;font-family:'Arial';left:57px;top:312px;">Holder is not<div style="display:inline-block;width:6px"> </div>under an obligation<div style="display:inline-block;width:5px"> </div>(whether pursuant to<div style="display:inline-block;width:6px"> </div>a short sale<div style="display:inline-block;width:6px"> </div>or otherwise) to<div style="display:inline-block;width:5px"> </div>make payments with </div><div id="a59107" style="position:absolute;font-family:'Arial';left:57px;top:329px;">respect to positions in<div style="display:inline-block;width:6px"> </div>substantially similar or related property.<div style="display:inline-block;width:11px"> </div>There is no assurance that<div style="display:inline-block;width:6px"> </div>any dividends </div><div id="a59112" style="position:absolute;font-family:'Arial';left:57px;top:346px;">paid on our common stock<div style="display:inline-block;width:2px"> </div>will be eligible for<div style="display:inline-block;width:3px"> </div>these preferential rates in<div style="display:inline-block;width:3px"> </div>the hands of a U.S.<div style="display:inline-block;width:2px"> </div>Non-Corporate </div><div id="a59115" style="position:absolute;font-family:'Arial';left:57px;top:363px;">Holder. Any dividends paid by the Company which<div style="display:inline-block;width:2px"> </div>are not eligible for these<div style="display:inline-block;width:3px"> </div>preferential rates will be taxed </div><div id="a59117" style="position:absolute;font-family:'Arial';left:57px;top:379px;">as<div style="display:inline-block;width:8px"> </div>ordinary<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:8px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>Non-Corporate<div style="display:inline-block;width:7px"> </div>Holder.<div style="display:inline-block;width:8px"> </div>Special<div style="display:inline-block;width:7px"> </div>rules<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>apply<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>any<div style="display:inline-block;width:7px"> </div>“extraordinary </div><div id="a59120" style="position:absolute;font-family:'Arial';left:57px;top:396px;">dividend,” generally, a dividend paid<div style="display:inline-block;width:5px"> </div>by us in an amount which is equal to or in<div style="display:inline-block;width:6px"> </div>excess of ten percent of a </div><div id="a59121" style="position:absolute;font-family:'Arial';left:57px;top:413px;">U.S. Holder’s adjusted tax basis, or fair market<div style="display:inline-block;width:6px"> </div>value in certain circumstances, in a<div style="display:inline-block;width:6px"> </div>share of our common </div><div id="a59125" style="position:absolute;font-family:'Arial';left:57px;top:430px;">stock.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>pay<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>“extraordinary dividend”<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>treated<div style="display:inline-block;width:6px"> </div>as “qualified<div style="display:inline-block;width:7px"> </div>dividend </div><div id="a59126" style="position:absolute;font-family:'Arial';left:57px;top:447px;">income,” then<div style="display:inline-block;width:7px"> </div>any loss<div style="display:inline-block;width:6px"> </div>derived by<div style="display:inline-block;width:7px"> </div>a U.S. Individual<div style="display:inline-block;width:6px"> </div>Holder from<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>sale or<div style="display:inline-block;width:7px"> </div>exchange of<div style="display:inline-block;width:7px"> </div>such common </div><div id="a59130" style="position:absolute;font-family:'Arial';left:57px;top:464px;">stock will be treated as long-term capital loss to the extent of such dividend. </div><div id="a59135" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:498px;">Sale, Exchange or other Disposition of Common Stock </div><div id="a59137" style="position:absolute;font-family:'Arial';left:57px;top:514px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59139" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Subject to the<div style="display:inline-block;width:6px"> </div>discussion of the<div style="display:inline-block;width:6px"> </div>PFIC rules below,<div style="display:inline-block;width:7px"> </div>a U.S. Holder<div style="display:inline-block;width:6px"> </div>generally will recognize<div style="display:inline-block;width:6px"> </div>taxable gain or </div><div id="a59140" style="position:absolute;font-family:'Arial';left:57px;top:548px;">loss upon<div style="display:inline-block;width:6px"> </div>a sale,<div style="display:inline-block;width:6px"> </div>exchange or<div style="display:inline-block;width:6px"> </div>other disposition<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company’s common<div style="display:inline-block;width:6px"> </div>stock in<div style="display:inline-block;width:6px"> </div>an amount<div style="display:inline-block;width:6px"> </div>equal to </div><div id="a59141" style="position:absolute;font-family:'Arial';left:57px;top:565px;">the<div style="display:inline-block;width:8px"> </div>difference<div style="display:inline-block;width:8px"> </div>between<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>amount<div style="display:inline-block;width:7px"> </div>realized<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>Holder<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:8px"> </div>sale,<div style="display:inline-block;width:7px"> </div>exchange<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:8px"> </div>other </div><div id="a59143" style="position:absolute;font-family:'Arial';left:57px;top:582px;">disposition and<div style="display:inline-block;width:6px"> </div>the U.S.<div style="display:inline-block;width:6px"> </div>Holder’s tax<div style="display:inline-block;width:6px"> </div>basis in<div style="display:inline-block;width:6px"> </div>such stock. Such<div style="display:inline-block;width:6px"> </div>gain or<div style="display:inline-block;width:6px"> </div>loss will<div style="display:inline-block;width:6px"> </div>be treated<div style="display:inline-block;width:6px"> </div>as long-term </div><div id="a59148" style="position:absolute;font-family:'Arial';left:57px;top:599px;">capital gain or loss if the U.S. Holder’s holding period in the common stock is greater than one year<div style="display:inline-block;width:3px"> </div>at the </div><div id="a59151" style="position:absolute;font-family:'Arial';left:57px;top:616px;">time of the sale,<div style="display:inline-block;width:6px"> </div>exchange or other disposition. Long-term capital<div style="display:inline-block;width:6px"> </div>gain of a U.S.<div style="display:inline-block;width:6px"> </div>Non-Corporate Holder is </div><div id="a59158" style="position:absolute;font-family:'Arial';left:57px;top:632px;">taxable<div style="display:inline-block;width:5px"> </div>at<div style="display:inline-block;width:5px"> </div>preferential U.S.<div style="display:inline-block;width:7px"> </div>Federal income<div style="display:inline-block;width:7px"> </div>tax<div style="display:inline-block;width:5px"> </div>rates.<div style="display:inline-block;width:5px"> </div>A<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>Holder’s ability<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>deduct capital<div style="display:inline-block;width:7px"> </div>losses<div style="display:inline-block;width:5px"> </div>is </div><div id="a59159" style="position:absolute;font-family:'Arial';left:57px;top:649px;">subject to certain limitations. </div><div id="a59162" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:683px;">PFIC Status and Significant Tax Consequences </div><div id="a59165" style="position:absolute;font-family:'Arial';left:57px;top:717px;">Special<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>rules<div style="display:inline-block;width:6px"> </div>apply<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>Holder<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>holds<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>foreign<div style="display:inline-block;width:6px"> </div>corporation </div><div id="a59167" style="position:absolute;font-family:'Arial';left:57px;top:734px;">classified as a passive foreign investment company,<div style="display:inline-block;width:6px"> </div>or a “PFIC”, for U.S. federal income tax purposes. In </div><div id="a59170" style="position:absolute;font-family:'Arial';left:57px;top:751px;">general, the<div style="display:inline-block;width:6px"> </div>Company will<div style="display:inline-block;width:6px"> </div>be treated<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:6px"> </div>PFIC with<div style="display:inline-block;width:6px"> </div>respect to<div style="display:inline-block;width:6px"> </div>a U.S.<div style="display:inline-block;width:6px"> </div>Holder if,<div style="display:inline-block;width:6px"> </div>for any<div style="display:inline-block;width:6px"> </div>taxable year<div style="display:inline-block;width:6px"> </div>in </div><div id="a59171" style="position:absolute;font-family:'Arial';left:57px;top:767px;">which such Holder held the Company’s common stock, either: </div><div id="a59175" style="position:absolute;font-family:'Arial';left:129px;top:801px;">•<div style="display:inline-block;width:43px"> </div>at least 75% of the Company’s gross income for such taxable year consists of passive </div><div id="a59178" style="position:absolute;font-family:'Arial';left:177px;top:818px;">income (e.g., dividends, interest, capital gains and rents derived other<div style="display:inline-block;width:3px"> </div>than in the </div><div id="a59180" style="position:absolute;font-family:'Arial';left:177px;top:835px;">active conduct of a rental business), or </div><div id="a59183" style="position:absolute;font-family:'Arial';left:129px;top:869px;">•<div style="display:inline-block;width:43px"> </div>at least 50% of the average value of the assets held by the corporation<div style="display:inline-block;width:3px"> </div>during such </div><div id="a59186" style="position:absolute;font-family:'Arial';left:177px;top:885px;">taxable year produce, or are held for the production of, such passive<div style="display:inline-block;width:3px"> </div>income. </div><div id="a59188" style="position:absolute;font-family:'Arial';left:57px;top:902px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59190" style="position:absolute;font-family:'Arial';left:57px;top:919px;">For purposes of determining whether<div style="display:inline-block;width:3px"> </div>the Company is a PFIC, the<div style="display:inline-block;width:3px"> </div>Company will be treated as earning<div style="display:inline-block;width:2px"> </div>and </div><div id="a59192" style="position:absolute;font-family:'Arial';left:57px;top:936px;">owning its proportionate<div style="display:inline-block;width:3px"> </div>share of the income and<div style="display:inline-block;width:2px"> </div>assets, respectively, of any of its subsidiary<div style="display:inline-block;width:3px"> </div>corporations </div><div id="a59193" style="position:absolute;font-family:'Arial';left:57px;top:953px;">in which it owns at least 25% of the<div style="display:inline-block;width:3px"> </div>value of the subsidiary’s stock. Income earned, or deemed<div style="display:inline-block;width:3px"> </div>earned, by </div></div>
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<div id="a59200" style="position:absolute;font-family:'Arial';left:386px;top:992px;">106 </div><div id="a59202" style="position:absolute;font-family:'Arial';left:57px;top:76px;">the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>connection<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>performance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>services<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>constitute<div style="display:inline-block;width:6px"> </div>passive<div style="display:inline-block;width:6px"> </div>income. By </div><div id="a59205" style="position:absolute;font-family:'Arial';left:57px;top:93px;">contrast, rental<div style="display:inline-block;width:6px"> </div>income would<div style="display:inline-block;width:6px"> </div>generally constitute<div style="display:inline-block;width:6px"> </div>passive income<div style="display:inline-block;width:6px"> </div>unless the<div style="display:inline-block;width:6px"> </div>Company is<div style="display:inline-block;width:6px"> </div>treated under </div><div id="a59206" style="position:absolute;font-family:'Arial';left:57px;top:110px;">specific rules as deriving its rental income in the active conduct of<div style="display:inline-block;width:3px"> </div>a trade or business. </div><div id="a59209" style="position:absolute;font-family:'Arial';left:57px;top:126px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59211" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Based on the Company’s<div style="display:inline-block;width:6px"> </div>current operations and future projections, the<div style="display:inline-block;width:5px"> </div>Company does not believe that it </div><div id="a59212" style="position:absolute;font-family:'Arial';left:57px;top:160px;">is,<div style="display:inline-block;width:6px"> </div>nor<div style="display:inline-block;width:6px"> </div>does<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>expect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>become,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>PFIC<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>taxable<div style="display:inline-block;width:6px"> </div>year. Although<div style="display:inline-block;width:7px"> </div>there<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>no<div style="display:inline-block;width:6px"> </div>legal </div><div id="a59215" style="position:absolute;font-family:'Arial';left:57px;top:177px;">authority directly<div style="display:inline-block;width:5px"> </div>on point,<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>belief is<div style="display:inline-block;width:6px"> </div>based principally on<div style="display:inline-block;width:6px"> </div>the position<div style="display:inline-block;width:6px"> </div>that, for<div style="display:inline-block;width:6px"> </div>purposes of </div><div id="a59217" style="position:absolute;font-family:'Arial';left:57px;top:194px;">determining<div style="display:inline-block;width:6px"> </div>whether<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>PFIC,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>gross<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>derives<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>deemed<div style="display:inline-block;width:6px"> </div>to </div><div id="a59218" style="position:absolute;font-family:'Arial';left:57px;top:211px;">derive from<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>time<div style="display:inline-block;width:5px"> </div>chartering and<div style="display:inline-block;width:7px"> </div>voyage chartering<div style="display:inline-block;width:7px"> </div>activities of<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:5px"> </div>wholly-owned subsidiaries<div style="display:inline-block;width:6px"> </div>should </div><div id="a59222" style="position:absolute;font-family:'Arial';left:57px;top:228px;">constitute services income,<div style="display:inline-block;width:6px"> </div>rather than rental<div style="display:inline-block;width:6px"> </div>income. Correspondingly, the<div style="display:inline-block;width:6px"> </div>Company believes that<div style="display:inline-block;width:6px"> </div>such </div><div id="a59225" style="position:absolute;font-family:'Arial';left:57px;top:245px;">income<div style="display:inline-block;width:8px"> </div>does<div style="display:inline-block;width:8px"> </div>not<div style="display:inline-block;width:8px"> </div>constitute<div style="display:inline-block;width:8px"> </div>passive<div style="display:inline-block;width:8px"> </div>income,<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>assets<div style="display:inline-block;width:8px"> </div>that<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:8px"> </div>wholly-owned </div><div id="a59228" style="position:absolute;font-family:'Arial';left:57px;top:261px;">subsidiaries own and operate in connection with the production of such income, in particular,<div style="display:inline-block;width:6px"> </div>the vessels, </div><div id="a59230" style="position:absolute;font-family:'Arial';left:57px;top:278px;">do<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>constitute<div style="display:inline-block;width:5px"> </div>assets<div style="display:inline-block;width:5px"> </div>that<div style="display:inline-block;width:6px"> </div>produce<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>production<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>passive<div style="display:inline-block;width:5px"> </div>income<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>purposes of </div><div id="a59231" style="position:absolute;font-family:'Arial';left:57px;top:295px;">determining whether the<div style="display:inline-block;width:6px"> </div>Company is<div style="display:inline-block;width:6px"> </div>a PFIC.<div style="display:inline-block;width:9px"> </div>The Company<div style="display:inline-block;width:5px"> </div>believes there<div style="display:inline-block;width:5px"> </div>is substantial<div style="display:inline-block;width:5px"> </div>legal authority </div><div id="a59235" style="position:absolute;font-family:'Arial';left:57px;top:312px;">supporting its position consisting<div style="display:inline-block;width:2px"> </div>of case law and<div style="display:inline-block;width:3px"> </div>Internal Revenue Service, or<div style="display:inline-block;width:2px"> </div>the “IRS”, pronouncements </div><div id="a59236" style="position:absolute;font-family:'Arial';left:57px;top:329px;">concerning<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>characterization<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>derived<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charters<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>voyage<div style="display:inline-block;width:6px"> </div>charters<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>services </div><div id="a59237" style="position:absolute;font-family:'Arial';left:57px;top:346px;">income for<div style="display:inline-block;width:6px"> </div>other tax<div style="display:inline-block;width:5px"> </div>purposes. However, there<div style="display:inline-block;width:6px"> </div>is also<div style="display:inline-block;width:5px"> </div>authority which characterizes<div style="display:inline-block;width:6px"> </div>time charter<div style="display:inline-block;width:5px"> </div>income </div><div id="a59240" style="position:absolute;font-family:'Arial';left:57px;top:363px;">as rental<div style="display:inline-block;width:3px"> </div>income rather<div style="display:inline-block;width:2px"> </div>than services<div style="display:inline-block;width:2px"> </div>income for<div style="display:inline-block;width:2px"> </div>other tax<div style="display:inline-block;width:3px"> </div>purposes.<div style="display:inline-block;width:8px"> </div>It should<div style="display:inline-block;width:2px"> </div>be noted<div style="display:inline-block;width:3px"> </div>that in<div style="display:inline-block;width:2px"> </div>the absence </div><div id="a59243" style="position:absolute;font-family:'Arial';left:57px;top:379px;">of any<div style="display:inline-block;width:6px"> </div>legal authority specifically<div style="display:inline-block;width:6px"> </div>relating to<div style="display:inline-block;width:6px"> </div>the statutory<div style="display:inline-block;width:6px"> </div>provisions governing PFICs,<div style="display:inline-block;width:6px"> </div>the IRS<div style="display:inline-block;width:6px"> </div>or a<div style="display:inline-block;width:6px"> </div>court </div><div id="a59244" style="position:absolute;font-family:'Arial';left:57px;top:396px;">could<div style="display:inline-block;width:6px"> </div>disagree<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>this<div style="display:inline-block;width:6px"> </div>position. In<div style="display:inline-block;width:6px"> </div>addition,<div style="display:inline-block;width:6px"> </div>although<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>intends<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>conduct<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>affairs<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a </div><div id="a59247" style="position:absolute;font-family:'Arial';left:57px;top:413px;">manner to<div style="display:inline-block;width:5px"> </div>avoid being classified<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:5px"> </div>PFIC with respect<div style="display:inline-block;width:6px"> </div>to any taxable<div style="display:inline-block;width:6px"> </div>year, there<div style="display:inline-block;width:6px"> </div>can be no<div style="display:inline-block;width:6px"> </div>assurance </div><div id="a59249" style="position:absolute;font-family:'Arial';left:57px;top:430px;">that the nature of its operations will not change in the future. </div><div id="a59251" style="position:absolute;font-family:'Arial';left:57px;top:447px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59253" style="position:absolute;font-family:'Arial';left:57px;top:464px;">As discussed more fully below,<div style="display:inline-block;width:6px"> </div>if the Company were to<div style="display:inline-block;width:5px"> </div>be treated as a PFIC for<div style="display:inline-block;width:6px"> </div>any taxable year,<div style="display:inline-block;width:6px"> </div>a U.S. </div><div id="a59254" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Holder<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>different<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>federal<div style="display:inline-block;width:6px"> </div>income taxation<div style="display:inline-block;width:7px"> </div>rules<div style="display:inline-block;width:6px"> </div>depending on<div style="display:inline-block;width:7px"> </div>whether the<div style="display:inline-block;width:7px"> </div>U.S. </div><div id="a59255" style="position:absolute;font-family:'Arial';left:57px;top:498px;">Holder makes an<div style="display:inline-block;width:6px"> </div>election to treat<div style="display:inline-block;width:5px"> </div>the Company as<div style="display:inline-block;width:6px"> </div>a “Qualified Electing Fund,”<div style="display:inline-block;width:6px"> </div>which election is referred </div><div id="a59258" style="position:absolute;font-family:'Arial';left:57px;top:514px;">to as<div style="display:inline-block;width:6px"> </div>a “QEF<div style="display:inline-block;width:6px"> </div>Election.” As<div style="display:inline-block;width:6px"> </div>discussed below,<div style="display:inline-block;width:7px"> </div>as an<div style="display:inline-block;width:6px"> </div>alternative to<div style="display:inline-block;width:6px"> </div>making a<div style="display:inline-block;width:6px"> </div>QEF Election,<div style="display:inline-block;width:6px"> </div>a U.S.<div style="display:inline-block;width:6px"> </div>Holder </div><div id="a59259" style="position:absolute;font-family:'Arial';left:57px;top:531px;">should be<div style="display:inline-block;width:6px"> </div>able to<div style="display:inline-block;width:6px"> </div>make a<div style="display:inline-block;width:6px"> </div>“mark-to-market” election with<div style="display:inline-block;width:6px"> </div>respect to<div style="display:inline-block;width:6px"> </div>the common<div style="display:inline-block;width:6px"> </div>stock, which<div style="display:inline-block;width:6px"> </div>election is </div><div id="a59266" style="position:absolute;font-family:'Arial';left:57px;top:548px;">referred to<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:6px"> </div>“Mark-to-Market Election”.<div style="display:inline-block;width:6px"> </div>If the<div style="display:inline-block;width:6px"> </div>Company were<div style="display:inline-block;width:6px"> </div>to be<div style="display:inline-block;width:6px"> </div>treated as<div style="display:inline-block;width:6px"> </div>a PFIC,<div style="display:inline-block;width:6px"> </div>a U.S.<div style="display:inline-block;width:6px"> </div>Holder </div><div id="a59271" style="position:absolute;font-family:'Arial';left:57px;top:565px;">would be<div style="display:inline-block;width:6px"> </div>required to<div style="display:inline-block;width:6px"> </div>file with<div style="display:inline-block;width:6px"> </div>respect to<div style="display:inline-block;width:6px"> </div>taxable years<div style="display:inline-block;width:6px"> </div>ending on<div style="display:inline-block;width:6px"> </div>or after<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:6px"> </div>2013 IRS<div style="display:inline-block;width:6px"> </div>Form </div><div id="a59272" style="position:absolute;font-family:'Arial';left:57px;top:582px;">8621 to report certain information regarding the Company. </div><div id="a59275" style="position:absolute;font-family:'Arial';left:57px;top:599px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59277" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:616px;">Taxation of U.S. Holders Making a Timely QEF Election </div><div id="a59279" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:632px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59281" style="position:absolute;font-family:'Arial';left:57px;top:649px;">If a U.S. Holder makes a<div style="display:inline-block;width:3px"> </div>timely QEF Election, which U.S. Holder<div style="display:inline-block;width:3px"> </div>is referred to as an “Electing<div style="display:inline-block;width:3px"> </div>Holder”, the </div><div id="a59282" style="position:absolute;font-family:'Arial';left:57px;top:666px;">Electing<div style="display:inline-block;width:6px"> </div>Holder<div style="display:inline-block;width:6px"> </div>must<div style="display:inline-block;width:6px"> </div>report<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>purposes<div style="display:inline-block;width:6px"> </div>his<div style="display:inline-block;width:6px"> </div>pro<div style="display:inline-block;width:6px"> </div>rata<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the </div><div id="a59283" style="position:absolute;font-family:'Arial';left:57px;top:683px;">Company’s ordinary earnings and<div style="display:inline-block;width:3px"> </div>net capital gain, if any, for the Company’s<div style="display:inline-block;width:2px"> </div>taxable year that ends<div style="display:inline-block;width:3px"> </div>with or </div><div id="a59285" style="position:absolute;font-family:'Arial';left:57px;top:700px;">within the taxable year of the<div style="display:inline-block;width:6px"> </div>Electing Holder, regardless of<div style="display:inline-block;width:5px"> </div>whether or not distributions were received by </div><div id="a59286" style="position:absolute;font-family:'Arial';left:57px;top:717px;">the Electing Holder from the Company.<div style="display:inline-block;width:5px"> </div>The Electing Holder’s adjusted tax basis in the common stock will </div><div id="a59290" style="position:absolute;font-family:'Arial';left:57px;top:734px;">be<div style="display:inline-block;width:6px"> </div>increased<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>reflect<div style="display:inline-block;width:6px"> </div>amounts<div style="display:inline-block;width:5px"> </div>included<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Electing<div style="display:inline-block;width:6px"> </div>Holder’s income.<div style="display:inline-block;width:11px"> </div>Distributions received<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:6px"> </div>an </div><div id="a59294" style="position:absolute;font-family:'Arial';left:57px;top:751px;">Electing Holder that had been previously taxed will result in a corresponding reduction in<div style="display:inline-block;width:5px"> </div>the adjusted tax </div><div id="a59295" style="position:absolute;font-family:'Arial';left:57px;top:767px;">basis in<div style="display:inline-block;width:3px"> </div>the common<div style="display:inline-block;width:3px"> </div>stock and<div style="display:inline-block;width:3px"> </div>will not<div style="display:inline-block;width:3px"> </div>be taxed<div style="display:inline-block;width:3px"> </div>again once<div style="display:inline-block;width:3px"> </div>distributed. An Electing<div style="display:inline-block;width:2px"> </div>Holder would<div style="display:inline-block;width:3px"> </div>generally </div><div id="a59299" style="position:absolute;font-family:'Arial';left:57px;top:784px;">recognize capital gain or loss on the sale, exchange or other disposition<div style="display:inline-block;width:3px"> </div>of the common stock. </div><div id="a59302" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:818px;">Taxation of U.S. Holders Making a Mark-to-Market Election </div><div id="a59308" style="position:absolute;font-family:'Arial';left:57px;top:835px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59310" style="position:absolute;font-family:'Arial';left:57px;top:852px;">Alternatively,<div style="display:inline-block;width:6px"> </div>if the<div style="display:inline-block;width:6px"> </div>Company were<div style="display:inline-block;width:6px"> </div>to be<div style="display:inline-block;width:6px"> </div>treated as<div style="display:inline-block;width:6px"> </div>a PFIC<div style="display:inline-block;width:6px"> </div>for any<div style="display:inline-block;width:6px"> </div>taxable year<div style="display:inline-block;width:6px"> </div>and, as<div style="display:inline-block;width:6px"> </div>anticipated, the </div><div id="a59311" style="position:absolute;font-family:'Arial';left:57px;top:869px;">common stock is treated<div style="display:inline-block;width:2px"> </div>as “marketable stock,” a<div style="display:inline-block;width:2px"> </div>U.S. Holder would be<div style="display:inline-block;width:3px"> </div>allowed to make a<div style="display:inline-block;width:2px"> </div>Mark-to-Market </div><div id="a59316" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Election with respect to the Company’s<div style="display:inline-block;width:6px"> </div>common stock. If that election is made, the<div style="display:inline-block;width:6px"> </div>U.S. Holder generally </div><div id="a59320" style="position:absolute;font-family:'Arial';left:57px;top:902px;">would include as<div style="display:inline-block;width:6px"> </div>ordinary income<div style="display:inline-block;width:6px"> </div>in each<div style="display:inline-block;width:5px"> </div>taxable year the<div style="display:inline-block;width:6px"> </div>excess, if<div style="display:inline-block;width:6px"> </div>any,<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>fair market<div style="display:inline-block;width:6px"> </div>value of<div style="display:inline-block;width:6px"> </div>the </div><div id="a59321" style="position:absolute;font-family:'Arial';left:57px;top:919px;">common<div style="display:inline-block;width:7px"> </div>stock<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>end<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>taxable<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>such<div style="display:inline-block;width:7px"> </div>Holder’s<div style="display:inline-block;width:6px"> </div>adjusted<div style="display:inline-block;width:7px"> </div>tax<div style="display:inline-block;width:7px"> </div>basis<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>common </div><div id="a59323" style="position:absolute;font-family:'Arial';left:57px;top:936px;">stock. The U.S. Holder<div style="display:inline-block;width:2px"> </div>would also be<div style="display:inline-block;width:2px"> </div>permitted an<div style="display:inline-block;width:3px"> </div>ordinary loss in<div style="display:inline-block;width:2px"> </div>respect of<div style="display:inline-block;width:3px"> </div>the excess, if<div style="display:inline-block;width:2px"> </div>any, of the U.S. </div><div id="a59326" style="position:absolute;font-family:'Arial';left:57px;top:953px;">Holder’s adjusted tax basis in the<div style="display:inline-block;width:6px"> </div>common stock over its fair<div style="display:inline-block;width:6px"> </div>market value at the end<div style="display:inline-block;width:6px"> </div>of the taxable year, </div></div>
</div>
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<div id="Page107" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a59329" style="position:absolute;font-family:'Arial';left:386px;top:992px;">107 </div><div id="a59331" style="position:absolute;font-family:'Arial';left:57px;top:76px;">but only<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>extent of<div style="display:inline-block;width:6px"> </div>the net<div style="display:inline-block;width:6px"> </div>amount previously<div style="display:inline-block;width:6px"> </div>included in<div style="display:inline-block;width:6px"> </div>income as<div style="display:inline-block;width:6px"> </div>a result<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Mark-to-Market </div><div id="a59336" style="position:absolute;font-family:'Arial';left:57px;top:93px;">Election. A U.S. Holder’s tax<div style="display:inline-block;width:6px"> </div>basis in his<div style="display:inline-block;width:6px"> </div>common stock would<div style="display:inline-block;width:5px"> </div>be adjusted to<div style="display:inline-block;width:6px"> </div>reflect any such<div style="display:inline-block;width:6px"> </div>income or </div><div id="a59339" style="position:absolute;font-family:'Arial';left:57px;top:110px;">loss<div style="display:inline-block;width:6px"> </div>amount. Gain<div style="display:inline-block;width:6px"> </div>realized<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>sale,<div style="display:inline-block;width:6px"> </div>exchange<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>disposition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>be </div><div id="a59343" style="position:absolute;font-family:'Arial';left:57px;top:126px;">treated as<div style="display:inline-block;width:3px"> </div>ordinary income,<div style="display:inline-block;width:2px"> </div>and any<div style="display:inline-block;width:2px"> </div>loss realized<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:2px"> </div>sale, exchange<div style="display:inline-block;width:2px"> </div>or other<div style="display:inline-block;width:2px"> </div>disposition of<div style="display:inline-block;width:2px"> </div>the common </div><div id="a59344" style="position:absolute;font-family:'Arial';left:57px;top:143px;">stock would<div style="display:inline-block;width:3px"> </div>be treated<div style="display:inline-block;width:2px"> </div>as ordinary<div style="display:inline-block;width:2px"> </div>loss to<div style="display:inline-block;width:3px"> </div>the extent<div style="display:inline-block;width:2px"> </div>that such<div style="display:inline-block;width:3px"> </div>loss does<div style="display:inline-block;width:2px"> </div>not exceed<div style="display:inline-block;width:2px"> </div>the net<div style="display:inline-block;width:3px"> </div>mark-to-market </div><div id="a59349" style="position:absolute;font-family:'Arial';left:57px;top:160px;">gains previously included by the U.S. Holder. </div><div id="a59351" style="position:absolute;font-family:'Arial';left:57px;top:177px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59353" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:194px;">Taxation of U.S. Holders Not Making a Timely QEF Election or Mark-to-Market Election </div><div id="a59359" style="position:absolute;font-family:'Arial';left:57px;top:211px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59361" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Finally,<div style="display:inline-block;width:6px"> </div>if the<div style="display:inline-block;width:6px"> </div>Company were<div style="display:inline-block;width:6px"> </div>to be<div style="display:inline-block;width:6px"> </div>treated as<div style="display:inline-block;width:6px"> </div>a PFIC<div style="display:inline-block;width:6px"> </div>for any<div style="display:inline-block;width:6px"> </div>taxable year,<div style="display:inline-block;width:7px"> </div>a U.S.<div style="display:inline-block;width:6px"> </div>Holder who<div style="display:inline-block;width:6px"> </div>does not </div><div id="a59362" style="position:absolute;font-family:'Arial';left:57px;top:245px;">make<div style="display:inline-block;width:6px"> </div>either a<div style="display:inline-block;width:7px"> </div>QEF<div style="display:inline-block;width:6px"> </div>Election or<div style="display:inline-block;width:7px"> </div>a Mark-to-Market<div style="display:inline-block;width:7px"> </div>Election for<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>year,<div style="display:inline-block;width:6px"> </div>whom<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>referred to<div style="display:inline-block;width:7px"> </div>as a<div style="display:inline-block;width:7px"> </div>“Non-</div><div id="a59368" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Electing Holder”, would be subject to special U.S.<div style="display:inline-block;width:6px"> </div>federal income tax rules with respect to<div style="display:inline-block;width:6px"> </div>(1) any excess </div><div id="a59372" style="position:absolute;font-family:'Arial';left:57px;top:278px;">distribution (i.e., the portion of any<div style="display:inline-block;width:3px"> </div>distributions received by the Non-Electing<div style="display:inline-block;width:3px"> </div>Holder on the common stock </div><div id="a59375" style="position:absolute;font-family:'Arial';left:57px;top:295px;">in a<div style="display:inline-block;width:2px"> </div>taxable year<div style="display:inline-block;width:2px"> </div>in excess<div style="display:inline-block;width:2px"> </div>of 125%<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>average annual<div style="display:inline-block;width:2px"> </div>distributions received<div style="display:inline-block;width:2px"> </div>by the<div style="display:inline-block;width:2px"> </div>Non-Electing Holder </div><div id="a59379" style="position:absolute;font-family:'Arial';left:57px;top:312px;">in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>three<div style="display:inline-block;width:6px"> </div>(3)<div style="display:inline-block;width:6px"> </div>preceding<div style="display:inline-block;width:5px"> </div>taxable<div style="display:inline-block;width:6px"> </div>years,<div style="display:inline-block;width:6px"> </div>or,<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:6px"> </div>shorter,<div style="display:inline-block;width:6px"> </div>the Non-Electing Holder’s<div style="display:inline-block;width:7px"> </div>holding<div style="display:inline-block;width:6px"> </div>period<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the </div><div id="a59384" style="position:absolute;font-family:'Arial';left:57px;top:329px;">common<div style="display:inline-block;width:7px"> </div>stock),<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(2) any<div style="display:inline-block;width:7px"> </div>gain<div style="display:inline-block;width:6px"> </div>realized<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>sale,<div style="display:inline-block;width:7px"> </div>exchange<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:6px"> </div>disposition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>common </div><div id="a59387" style="position:absolute;font-family:'Arial';left:57px;top:346px;">stock. Under these special rules: </div><div id="a59392" style="position:absolute;font-family:'Arial';left:129px;top:379px;">•<div style="display:inline-block;width:43px"> </div>the excess distribution<div style="display:inline-block;width:2px"> </div>or gain<div style="display:inline-block;width:3px"> </div>would be<div style="display:inline-block;width:3px"> </div>allocated ratably<div style="display:inline-block;width:3px"> </div>over the Non-Electing<div style="display:inline-block;width:2px"> </div>Holder’s </div><div id="a59397" style="position:absolute;font-family:'Arial';left:177px;top:396px;">aggregate holding period for the common stock; </div><div id="a59399" style="position:absolute;font-family:'Arial';left:129px;top:413px;">•<div style="display:inline-block;width:43px"> </div>the<div style="display:inline-block;width:7px"> </div>amount<div style="display:inline-block;width:7px"> </div>allocated<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>current<div style="display:inline-block;width:7px"> </div>taxable<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:7px"> </div>taxable<div style="display:inline-block;width:7px"> </div>years<div style="display:inline-block;width:7px"> </div>before<div style="display:inline-block;width:7px"> </div>the </div><div id="a59402" style="position:absolute;font-family:'Arial';left:177px;top:430px;">Company became a PFIC would be taxed as ordinary income;<div style="display:inline-block;width:3px"> </div>and </div><div id="a59404" style="position:absolute;font-family:'Arial';left:129px;top:447px;">•<div style="display:inline-block;width:43px"> </div>the amount allocated<div style="display:inline-block;width:6px"> </div>to each<div style="display:inline-block;width:5px"> </div>of the other<div style="display:inline-block;width:6px"> </div>taxable years would<div style="display:inline-block;width:6px"> </div>be subject to<div style="display:inline-block;width:6px"> </div>tax at<div style="display:inline-block;width:5px"> </div>the </div><div id="a59407" style="position:absolute;font-family:'Arial';left:177px;top:464px;">highest<div style="display:inline-block;width:6px"> </div>rate<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>effect<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>applicable class<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>taxpayer<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>year,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>an </div><div id="a59408" style="position:absolute;font-family:'Arial';left:177px;top:481px;">interest charge<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>deemed tax<div style="display:inline-block;width:11px"> </div>deferral benefit<div style="display:inline-block;width:6px"> </div>would be<div style="display:inline-block;width:6px"> </div>imposed with<div style="display:inline-block;width:6px"> </div>respect to </div><div id="a59410" style="position:absolute;font-family:'Arial';left:177px;top:498px;">the resulting tax attributable to each such other taxable year. </div><div id="a59412" style="position:absolute;font-family:'Arial';left:57px;top:514px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59414" style="position:absolute;font-family:'Arial';left:57px;top:531px;">These penalties would not<div style="display:inline-block;width:6px"> </div>apply to a pension<div style="display:inline-block;width:6px"> </div>or profit sharing trust<div style="display:inline-block;width:5px"> </div>or other tax-exempt organization that </div><div id="a59417" style="position:absolute;font-family:'Arial';left:57px;top:548px;">did not borrow<div style="display:inline-block;width:2px"> </div>funds or otherwise<div style="display:inline-block;width:2px"> </div>utilize leverage in<div style="display:inline-block;width:2px"> </div>connection with its<div style="display:inline-block;width:2px"> </div>acquisition of<div style="display:inline-block;width:3px"> </div>the common stock.<div style="display:inline-block;width:7px"> </div>If </div><div id="a59420" style="position:absolute;font-family:'Arial';left:57px;top:565px;">a Non-Electing Holder who is an individual dies while<div style="display:inline-block;width:3px"> </div>owning the common stock, such Holder’s successor </div><div id="a59424" style="position:absolute;font-family:'Arial';left:57px;top:582px;">generally would not receive a step-up in tax basis with respect<div style="display:inline-block;width:3px"> </div>to such stock. </div><div id="a59428" style="position:absolute;font-family:'Arial';left:57px;top:599px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59430" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:616px;">U.S. Federal Income Taxation of “Non-U.S. Holders” </div><div id="a59434" style="position:absolute;font-family:'Arial';left:57px;top:632px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59436" style="position:absolute;font-family:'Arial';left:57px;top:649px;">A beneficial owner of<div style="display:inline-block;width:5px"> </div>our common stock that is<div style="display:inline-block;width:6px"> </div>not a U.S. Holder (other<div style="display:inline-block;width:6px"> </div>than a partnership) is referred<div style="display:inline-block;width:6px"> </div>to </div><div id="a59437" style="position:absolute;font-family:'Arial';left:57px;top:666px;">herein as a “Non-U.S. Holder.” </div><div id="a59441" style="position:absolute;font-family:'Arial';left:57px;top:683px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59443" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:700px;">Dividends on Common Stock </div><div id="a59445" style="position:absolute;font-family:'Arial';left:57px;top:717px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59447" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Non-U.S.<div style="display:inline-block;width:6px"> </div>Holders<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>withholding<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>dividends </div><div id="a59450" style="position:absolute;font-family:'Arial';left:57px;top:751px;">received from us<div style="display:inline-block;width:6px"> </div>with respect to<div style="display:inline-block;width:6px"> </div>our common stock,<div style="display:inline-block;width:6px"> </div>unless that income<div style="display:inline-block;width:6px"> </div>is effectively<div style="display:inline-block;width:6px"> </div>connected with the </div><div id="a59451" style="position:absolute;font-family:'Arial';left:57px;top:767px;">Non-U.S. Holder’s conduct of a trade<div style="display:inline-block;width:3px"> </div>or business in the United States.<div style="display:inline-block;width:3px"> </div>If the Non-U.S. Holder is entitled<div style="display:inline-block;width:3px"> </div>to </div><div id="a59457" style="position:absolute;font-family:'Arial';left:57px;top:784px;">the benefits of<div style="display:inline-block;width:2px"> </div>a U.S. income<div style="display:inline-block;width:2px"> </div>tax treaty with<div style="display:inline-block;width:2px"> </div>respect to those<div style="display:inline-block;width:2px"> </div>dividends, that income<div style="display:inline-block;width:2px"> </div>is taxable in<div style="display:inline-block;width:2px"> </div>the United </div><div id="a59458" style="position:absolute;font-family:'Arial';left:57px;top:801px;">States only if<div style="display:inline-block;width:5px"> </div>attributable to a permanent<div style="display:inline-block;width:6px"> </div>establishment maintained by the Non-U.S.<div style="display:inline-block;width:6px"> </div>Holder in the United </div><div id="a59462" style="position:absolute;font-family:'Arial';left:57px;top:818px;">States. </div><div id="a59464" style="position:absolute;font-family:'Arial';left:57px;top:835px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59466" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:852px;">Sale, Exchange or Other Disposition of Common Stock </div><div id="a59468" style="position:absolute;font-family:'Arial';left:57px;top:869px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59470" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Non-U.S.<div style="display:inline-block;width:6px"> </div>Holders<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>withholding<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:6px"> </div>gain </div><div id="a59473" style="position:absolute;font-family:'Arial';left:57px;top:902px;">realized upon the sale, exchange or other disposition of our common<div style="display:inline-block;width:3px"> </div>stock, unless: </div><div id="a59476" style="position:absolute;font-family:'Arial';left:129px;top:936px;">•<div style="display:inline-block;width:43px"> </div>the<div style="display:inline-block;width:7px"> </div>gain<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>effectively<div style="display:inline-block;width:7px"> </div>connected<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Non-U.S.<div style="display:inline-block;width:7px"> </div>Holder’s<div style="display:inline-block;width:7px"> </div>conduct<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:7px"> </div>or </div><div id="a59481" style="position:absolute;font-family:'Arial';left:177px;top:953px;">business in the United States. If<div style="display:inline-block;width:3px"> </div>the Non-U.S. Holder is entitled to<div style="display:inline-block;width:3px"> </div>the benefits of a U.S. </div></div>
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<div id="a59486" style="position:absolute;font-family:'Arial';left:386px;top:992px;">108 </div><div id="a59488" style="position:absolute;font-family:'Arial';left:177px;top:76px;">income tax treaty with respect to that gain, the gain is taxable in<div style="display:inline-block;width:5px"> </div>the United States only </div><div id="a59489" style="position:absolute;font-family:'Arial';left:177px;top:93px;">if attributable<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>permanent establishment maintained<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>Non-U.S. Holder<div style="display:inline-block;width:6px"> </div>in the </div><div id="a59492" style="position:absolute;font-family:'Arial';left:177px;top:110px;">United States; or </div><div id="a59495" style="position:absolute;font-family:'Arial';left:129px;top:143px;">•<div style="display:inline-block;width:43px"> </div>the Non-U.S. Holder is an individual who is present<div style="display:inline-block;width:2px"> </div>in the United States for 183 days or </div><div id="a59500" style="position:absolute;font-family:'Arial';left:177px;top:160px;">more during the taxable year of disposition and other conditions<div style="display:inline-block;width:3px"> </div>are met. </div><div id="a59503" style="position:absolute;font-family:'Arial';left:57px;top:194px;">If the<div style="display:inline-block;width:6px"> </div>Non-U.S. Holder<div style="display:inline-block;width:6px"> </div>is engaged<div style="display:inline-block;width:6px"> </div>in a<div style="display:inline-block;width:6px"> </div>U.S. trade<div style="display:inline-block;width:6px"> </div>or business<div style="display:inline-block;width:6px"> </div>for U.S.<div style="display:inline-block;width:6px"> </div>federal income<div style="display:inline-block;width:6px"> </div>tax purposes,<div style="display:inline-block;width:6px"> </div>the </div><div id="a59506" style="position:absolute;font-family:'Arial';left:57px;top:211px;">income<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:7px"> </div>stock,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>dividends<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>gain<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>sale,<div style="display:inline-block;width:7px"> </div>exchange<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other </div><div id="a59507" style="position:absolute;font-family:'Arial';left:57px;top:228px;">disposition<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:7px"> </div>stock,<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>effectively<div style="display:inline-block;width:7px"> </div>connected<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>conduct<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:7px"> </div>or </div><div id="a59509" style="position:absolute;font-family:'Arial';left:57px;top:245px;">business<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:6px"> </div>income<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>same<div style="display:inline-block;width:6px"> </div>manner<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>discussed<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the </div><div id="a59510" style="position:absolute;font-family:'Arial';left:57px;top:261px;">previous section relating<div style="display:inline-block;width:6px"> </div>to the taxation<div style="display:inline-block;width:6px"> </div>of U.S. Holders.<div style="display:inline-block;width:6px"> </div>In addition, in<div style="display:inline-block;width:6px"> </div>the case of<div style="display:inline-block;width:6px"> </div>a corporate Non-U.S. </div><div id="a59513" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Holder, such Holder’s<div style="display:inline-block;width:3px"> </div>earnings and<div style="display:inline-block;width:3px"> </div>profits that<div style="display:inline-block;width:3px"> </div>are attributable<div style="display:inline-block;width:3px"> </div>to the effectively<div style="display:inline-block;width:2px"> </div>connected income,<div style="display:inline-block;width:3px"> </div>subject </div><div id="a59515" style="position:absolute;font-family:'Arial';left:57px;top:295px;">to certain adjustments, may be subject to an additional U.S. federal branch profits tax at a rate of 30%, or </div><div id="a59516" style="position:absolute;font-family:'Arial';left:57px;top:312px;">at a lower rate as may be specified by an applicable U.S. income<div style="display:inline-block;width:3px"> </div>tax treaty. </div><div id="a59521" style="position:absolute;font-family:'Arial';font-style:italic;left:57px;top:346px;">Backup Withholding and Information Reporting </div><div id="a59524" style="position:absolute;font-family:'Arial';left:57px;top:379px;">In general, dividend<div style="display:inline-block;width:3px"> </div>payments, or other<div style="display:inline-block;width:3px"> </div>taxable distributions, made<div style="display:inline-block;width:3px"> </div>within the United States<div style="display:inline-block;width:2px"> </div>to a holder will </div><div id="a59526" style="position:absolute;font-family:'Arial';left:57px;top:396px;">be subject to U.S.<div style="display:inline-block;width:6px"> </div>federal information reporting requirements. Such payments will<div style="display:inline-block;width:5px"> </div>also be subject to<div style="display:inline-block;width:5px"> </div>U.S. </div><div id="a59529" style="position:absolute;font-family:'Arial';left:57px;top:413px;">federal “backup withholding” if paid to a non-corporate U.S. holder who: </div><div id="a59534" style="position:absolute;font-family:'Arial';left:129px;top:447px;">•<div style="display:inline-block;width:43px"> </div>fails to provide an accurate taxpayer identification number; </div><div id="a59538" style="position:absolute;font-family:'Arial';left:129px;top:464px;">•<div style="display:inline-block;width:43px"> </div>is notified by the IRS that he has failed to report all interest or dividends<div style="display:inline-block;width:3px"> </div>required to be </div><div id="a59542" style="position:absolute;font-family:'Arial';left:177px;top:481px;">shown on his U.S. federal income tax returns; or </div><div id="a59544" style="position:absolute;font-family:'Arial';left:129px;top:498px;">•<div style="display:inline-block;width:43px"> </div>in certain circumstances, fails to comply with applicable certification<div style="display:inline-block;width:3px"> </div>requirements. </div><div id="a59548" style="position:absolute;font-family:'Arial';left:57px;top:514px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59550" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Non-U.S.<div style="display:inline-block;width:6px"> </div>Holders<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>required<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>establish<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>exemption<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>information<div style="display:inline-block;width:6px"> </div>reporting<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>backup </div><div id="a59553" style="position:absolute;font-family:'Arial';left:57px;top:548px;">withholding by certifying their status on an applicable IRS Form<div style="display:inline-block;width:3px"> </div>W-8. </div><div id="a59558" style="position:absolute;font-family:'Arial';left:57px;top:582px;">If a holder sells<div style="display:inline-block;width:6px"> </div>his common stock to<div style="display:inline-block;width:6px"> </div>or through a U.S.<div style="display:inline-block;width:6px"> </div>office of a broker,<div style="display:inline-block;width:7px"> </div>the payment of the<div style="display:inline-block;width:5px"> </div>proceeds is </div><div id="a59559" style="position:absolute;font-family:'Arial';left:57px;top:599px;">subject to<div style="display:inline-block;width:3px"> </div>both backup<div style="display:inline-block;width:2px"> </div>withholding and<div style="display:inline-block;width:2px"> </div>information reporting<div style="display:inline-block;width:2px"> </div>unless the<div style="display:inline-block;width:2px"> </div>holder establishes<div style="display:inline-block;width:2px"> </div>an exemption. If </div><div id="a59562" style="position:absolute;font-family:'Arial';left:57px;top:616px;">a holder sells<div style="display:inline-block;width:3px"> </div>his common<div style="display:inline-block;width:3px"> </div>stock through a<div style="display:inline-block;width:2px"> </div>non-U.S. office of<div style="display:inline-block;width:3px"> </div>a non-U.S. broker<div style="display:inline-block;width:2px"> </div>and the sales<div style="display:inline-block;width:2px"> </div>proceeds are </div><div id="a59569" style="position:absolute;font-family:'Arial';left:57px;top:632px;">paid to the holder<div style="display:inline-block;width:6px"> </div>outside the United States, then information<div style="display:inline-block;width:5px"> </div>reporting and backup withholding generally </div><div id="a59570" style="position:absolute;font-family:'Arial';left:57px;top:649px;">will not<div style="display:inline-block;width:6px"> </div>apply to<div style="display:inline-block;width:6px"> </div>that payment. However,<div style="display:inline-block;width:6px"> </div>information reporting requirements,<div style="display:inline-block;width:6px"> </div>but not<div style="display:inline-block;width:6px"> </div>backup withholding, </div><div id="a59574" style="position:absolute;font-family:'Arial';left:57px;top:666px;">will apply to<div style="display:inline-block;width:2px"> </div>a payment of<div style="display:inline-block;width:2px"> </div>sales proceeds, including<div style="display:inline-block;width:2px"> </div>a payment made<div style="display:inline-block;width:2px"> </div>to a holder<div style="display:inline-block;width:2px"> </div>outside the United<div style="display:inline-block;width:2px"> </div>States, </div><div id="a59575" style="position:absolute;font-family:'Arial';left:57px;top:683px;">if the holder<div style="display:inline-block;width:2px"> </div>sells his common<div style="display:inline-block;width:2px"> </div>stock through a<div style="display:inline-block;width:2px"> </div>non-U.S. office of<div style="display:inline-block;width:2px"> </div>a broker that<div style="display:inline-block;width:2px"> </div>is a U.S.<div style="display:inline-block;width:2px"> </div>person or has<div style="display:inline-block;width:2px"> </div>some </div><div id="a59578" style="position:absolute;font-family:'Arial';left:57px;top:700px;">other contacts with the United States. </div><div id="a59581" style="position:absolute;font-family:'Arial';left:57px;top:717px;"><div style="display:inline-block;width:4px"> </div></div><div id="a59583" style="position:absolute;font-family:'Arial';left:57px;top:734px;">Backup<div style="display:inline-block;width:6px"> </div>withholding<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:6px"> </div>tax. Rather,<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>taxpayer<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:7px"> </div>obtain<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>refund<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>any </div><div id="a59586" style="position:absolute;font-family:'Arial';left:57px;top:751px;">amounts<div style="display:inline-block;width:6px"> </div>withheld<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>backup<div style="display:inline-block;width:6px"> </div>withholding<div style="display:inline-block;width:6px"> </div>rules<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>exceed<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>taxpayer’s<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>federal<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:6px"> </div>tax </div><div id="a59587" style="position:absolute;font-family:'Arial';left:57px;top:767px;">liability by filing a refund claim with the IRS. </div><div id="a59590" style="position:absolute;font-family:'Arial';left:57px;top:801px;">U.S. Holders who<div style="display:inline-block;width:6px"> </div>are individuals (and<div style="display:inline-block;width:6px"> </div>to the extent<div style="display:inline-block;width:6px"> </div>specified in applicable<div style="display:inline-block;width:6px"> </div>Treasury Regulations, certain </div><div id="a59591" style="position:absolute;font-family:'Arial';left:57px;top:818px;">U.S. entities) who<div style="display:inline-block;width:6px"> </div>hold “specified foreign financial<div style="display:inline-block;width:6px"> </div>assets” (as defined<div style="display:inline-block;width:6px"> </div>in Section 6038D of<div style="display:inline-block;width:6px"> </div>the Code) are </div><div id="a59592" style="position:absolute;font-family:'Arial';left:57px;top:835px;">required to<div style="display:inline-block;width:7px"> </div>file<div style="display:inline-block;width:6px"> </div>IRS Form<div style="display:inline-block;width:7px"> </div>8938 with<div style="display:inline-block;width:7px"> </div>information relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>asset for<div style="display:inline-block;width:7px"> </div>each taxable<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>which the </div><div id="a59594" style="position:absolute;font-family:'Arial';left:57px;top:852px;">aggregate value of all such assets<div style="display:inline-block;width:3px"> </div>exceeds $75,000 at any time during<div style="display:inline-block;width:3px"> </div>the taxable year or $50,000<div style="display:inline-block;width:3px"> </div>on the </div><div id="a59595" style="position:absolute;font-family:'Arial';left:57px;top:869px;">last<div style="display:inline-block;width:9px"> </div>day<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>taxable<div style="display:inline-block;width:9px"> </div>year<div style="display:inline-block;width:9px"> </div>(or<div style="display:inline-block;width:9px"> </div>such<div style="display:inline-block;width:9px"> </div>higher<div style="display:inline-block;width:9px"> </div>dollar<div style="display:inline-block;width:9px"> </div>amount<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:9px"> </div>prescribed<div style="display:inline-block;width:9px"> </div>by<div style="display:inline-block;width:9px"> </div>applicable<div style="display:inline-block;width:8px"> </div>Treasury </div><div id="a59597" style="position:absolute;font-family:'Arial';left:57px;top:885px;">Regulations).<div style="display:inline-block;width:9px"> </div>Specified foreign<div style="display:inline-block;width:6px"> </div>financial assets<div style="display:inline-block;width:6px"> </div>would include,<div style="display:inline-block;width:6px"> </div>among other<div style="display:inline-block;width:6px"> </div>assets, our<div style="display:inline-block;width:6px"> </div>common stock, </div><div id="a59601" style="position:absolute;font-family:'Arial';left:57px;top:902px;">unless the<div style="display:inline-block;width:2px"> </div>common stock<div style="display:inline-block;width:2px"> </div>is held<div style="display:inline-block;width:2px"> </div>through an<div style="display:inline-block;width:2px"> </div>account maintained<div style="display:inline-block;width:2px"> </div>with a<div style="display:inline-block;width:2px"> </div>U.S. financial<div style="display:inline-block;width:2px"> </div>institution. Substantial </div><div id="a59602" style="position:absolute;font-family:'Arial';left:57px;top:919px;">penalties<div style="display:inline-block;width:7px"> </div>apply<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:7px"> </div>failure<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>timely<div style="display:inline-block;width:7px"> </div>file<div style="display:inline-block;width:7px"> </div>IRS<div style="display:inline-block;width:7px"> </div>Form<div style="display:inline-block;width:7px"> </div>8938,<div style="display:inline-block;width:7px"> </div>unless<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>failure<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>shown<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>due<div style="display:inline-block;width:7px"> </div>to </div><div id="a59604" style="position:absolute;font-family:'Arial';left:57px;top:936px;">reasonable cause<div style="display:inline-block;width:3px"> </div>and not<div style="display:inline-block;width:3px"> </div>due to<div style="display:inline-block;width:3px"> </div>willful neglect.<div style="display:inline-block;width:2px"> </div>Additionally, in the<div style="display:inline-block;width:3px"> </div>event a<div style="display:inline-block;width:2px"> </div>U.S. Holder<div style="display:inline-block;width:3px"> </div>who is<div style="display:inline-block;width:3px"> </div>an individual </div><div id="a59605" style="position:absolute;font-family:'Arial';left:57px;top:953px;">(and to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>extent specified<div style="display:inline-block;width:6px"> </div>in applicable<div style="display:inline-block;width:6px"> </div>Treasury<div style="display:inline-block;width:6px"> </div>regulations, a<div style="display:inline-block;width:7px"> </div>U.S. entity)<div style="display:inline-block;width:6px"> </div>that is<div style="display:inline-block;width:7px"> </div>required to<div style="display:inline-block;width:6px"> </div>file IRS </div></div>
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<div id="a59609" style="position:absolute;font-family:'Arial';left:386px;top:992px;">109 </div><div id="a59611" style="position:absolute;font-family:'Arial';left:57px;top:76px;">Form<div style="display:inline-block;width:6px"> </div>8938<div style="display:inline-block;width:6px"> </div>does<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>file<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>form,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>statute<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>limitations<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>assessment<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>collection of<div style="display:inline-block;width:7px"> </div>U.S. </div><div id="a59612" style="position:absolute;font-family:'Arial';left:57px;top:93px;">federal income<div style="display:inline-block;width:6px"> </div>taxes of<div style="display:inline-block;width:6px"> </div>such holder<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>related tax<div style="display:inline-block;width:6px"> </div>year may<div style="display:inline-block;width:6px"> </div>not close<div style="display:inline-block;width:6px"> </div>until three<div style="display:inline-block;width:6px"> </div>(3) years<div style="display:inline-block;width:6px"> </div>after the </div><div id="a59613" style="position:absolute;font-family:'Arial';left:57px;top:110px;">date that the required information is filed. </div><div id="a59616" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:57px;top:143px;">Changes in Global Tax Laws<div style="display:inline-block;width:4px"> </div></div><div id="a59619" style="position:absolute;font-family:'Arial';left:57px;top:177px;">Long-standing<div style="display:inline-block;width:6px"> </div>international<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>initiatives<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>determine<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>country’s<div style="display:inline-block;width:6px"> </div>jurisdiction<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>tax<div style="display:inline-block;width:6px"> </div>cross-border </div><div id="a59625" style="position:absolute;font-family:'Arial';left:57px;top:194px;">international trade and profits are evolving<div style="display:inline-block;width:6px"> </div>as a result of, among<div style="display:inline-block;width:6px"> </div>other things, initiatives such as the<div style="display:inline-block;width:6px"> </div>Anti-</div><div id="a59627" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Tax<div style="display:inline-block;width:10px"> </div>Avoidance<div style="display:inline-block;width:8px"> </div>Directives,<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>well<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Base<div style="display:inline-block;width:8px"> </div>Erosion<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>Profit<div style="display:inline-block;width:8px"> </div>Shifting<div style="display:inline-block;width:8px"> </div>reporting<div style="display:inline-block;width:8px"> </div>requirements, </div><div id="a59629" style="position:absolute;font-family:'Arial';left:57px;top:228px;">mandated<div style="display:inline-block;width:6px"> </div>and/or<div style="display:inline-block;width:6px"> </div>recommended<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>EU,<div style="display:inline-block;width:6px"> </div>G8,<div style="display:inline-block;width:6px"> </div>G20<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Organization<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>Economic<div style="display:inline-block;width:6px"> </div>Cooperation<div style="display:inline-block;width:6px"> </div>and </div><div id="a59630" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Development, including the imposition of a minimum global<div style="display:inline-block;width:6px"> </div>effective tax rate for multinational businesses </div><div id="a59631" style="position:absolute;font-family:'Arial';left:57px;top:261px;">regardless of the jurisdiction of operation<div style="display:inline-block;width:3px"> </div>and where profits are generated (Pillar<div style="display:inline-block;width:2px"> </div>Two). As these and other </div><div id="a59634" style="position:absolute;font-family:'Arial';left:57px;top:278px;">tax laws and<div style="display:inline-block;width:6px"> </div>related regulations change (including<div style="display:inline-block;width:6px"> </div>changes in the<div style="display:inline-block;width:6px"> </div>interpretation, approach and guidance </div><div id="a59635" style="position:absolute;font-family:'Arial';left:57px;top:295px;">of tax<div style="display:inline-block;width:7px"> </div>authorities), our<div style="display:inline-block;width:6px"> </div>financial results<div style="display:inline-block;width:6px"> </div>could be<div style="display:inline-block;width:6px"> </div>materially impacted.<div style="display:inline-block;width:6px"> </div>Given the<div style="display:inline-block;width:6px"> </div>unpredictability of<div style="display:inline-block;width:6px"> </div>these </div><div id="a59637" style="position:absolute;font-family:'Arial';left:57px;top:312px;">possible changes and their potential<div style="display:inline-block;width:6px"> </div>interdependency, it<div style="display:inline-block;width:6px"> </div>is difficult to<div style="display:inline-block;width:5px"> </div>assess whether the overall effect<div style="display:inline-block;width:6px"> </div>of </div><div id="a59638" style="position:absolute;font-family:'Arial';left:57px;top:329px;">such potential tax changes would be cumulatively positive or negative for our earnings and cash flow,<div style="display:inline-block;width:6px"> </div>but </div><div id="a59639" style="position:absolute;font-family:'Arial';left:57px;top:346px;">such changes could adversely affect our financial results. </div><div id="a59643" style="position:absolute;font-family:'Arial';left:57px;top:379px;">On December 12, 2022, the European Union member states agreed to implement the OECD’s<div style="display:inline-block;width:6px"> </div>Pillar Two </div><div id="a59644" style="position:absolute;font-family:'Arial';left:57px;top:396px;">global corporate<div style="display:inline-block;width:5px"> </div>minimum tax<div style="display:inline-block;width:6px"> </div>rate of<div style="display:inline-block;width:6px"> </div>15% on<div style="display:inline-block;width:6px"> </div>companies with<div style="display:inline-block;width:5px"> </div>revenues of<div style="display:inline-block;width:5px"> </div>at least<div style="display:inline-block;width:6px"> </div>€750 million effective </div><div id="a59645" style="position:absolute;font-family:'Arial';left:57px;top:413px;">from 2024. Various countries have either<div style="display:inline-block;width:2px"> </div>adopted implementing legislation<div style="display:inline-block;width:2px"> </div>or are in the<div style="display:inline-block;width:3px"> </div>process of drafting </div><div id="a59647" style="position:absolute;font-family:'Arial';left:57px;top:430px;">such<div style="display:inline-block;width:6px"> </div>legislation. Any<div style="display:inline-block;width:7px"> </div>new<div style="display:inline-block;width:5px"> </div>tax<div style="display:inline-block;width:6px"> </div>law<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>jurisdiction<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>conduct<div style="display:inline-block;width:6px"> </div>business<div style="display:inline-block;width:5px"> </div>or<div style="display:inline-block;width:6px"> </div>pay tax<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:5px"> </div>have<div style="display:inline-block;width:6px"> </div>a </div><div id="a59648" style="position:absolute;font-family:'Arial';left:57px;top:447px;">negative effect on our company. </div><div id="a59651" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:481px;">F. </div><div id="a59653" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:153px;top:481px;">Dividends and paying agents </div><div id="a59656" style="position:absolute;font-family:'Arial';left:57px;top:516px;">Not Applicable. </div><div id="a59659" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:550px;">G.<div style="display:inline-block;width:32px"> </div>Statement by experts </div><div id="a59664" style="position:absolute;font-family:'Arial';left:57px;top:585px;">Not Applicable. </div><div id="a59667" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:619px;">H.<div style="display:inline-block;width:32px"> </div>Documents on display </div><div id="a59672" style="position:absolute;font-family:'Arial';left:57px;top:654px;">We file reports<div style="display:inline-block;width:6px"> </div>and other information with<div style="display:inline-block;width:6px"> </div>the SEC. These materials,<div style="display:inline-block;width:6px"> </div>including this annual report<div style="display:inline-block;width:6px"> </div>and the </div><div id="a59706" style="position:absolute;font-family:'Arial';left:57px;top:671px;">accompanying exhibits are available from the SEC’s website http://www.sec.gov.<div style="display:inline-block;width:4px"> </div></div><div id="a59726" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:705px;">I.<div style="display:inline-block;width:40px"> </div>Subsidiary information </div><div id="a59731" style="position:absolute;font-family:'Arial';left:57px;top:740px;">Not Applicable. </div><div id="a59734" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:104px;top:774px;">J.<div style="display:inline-block;width:35px"> </div>Annual Report to Security Holders </div><div id="a59739" style="position:absolute;font-family:'Arial';left:57px;top:809px;">We intend to submit any annual report provided to security holders in electronic<div style="display:inline-block;width:3px"> </div>format as an exhibit to a </div><div id="a59740" style="position:absolute;font-family:'Arial';left:57px;top:826px;">current report on Form 6-K.<div style="display:inline-block;width:4px"> </div></div><div id="a59745" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:859px;">Item 11.<div style="display:inline-block;width:27px"> </div>Quantitative and Qualitative Disclosures about Market Risk </div><div id="a59749" style="position:absolute;font-family:'Arial';left:57px;top:881px;"> </div><div id="a59750" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:898px;">Interest Rates </div><div id="a59753" style="position:absolute;font-family:'Arial';left:57px;top:932px;">We<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>exposed to<div style="display:inline-block;width:7px"> </div>market risks<div style="display:inline-block;width:7px"> </div>associated with<div style="display:inline-block;width:7px"> </div>changes<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>interest rates<div style="display:inline-block;width:7px"> </div>relating to<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:5px"> </div>loan facilities, </div><div id="a59754" style="position:absolute;font-family:'Arial';left:57px;top:948px;">according to which we were paying interest at term SOFR plus a margin.<div style="display:inline-block;width:4px"> </div>Increases in interest rates could </div></div>
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<div id="a59765" style="position:absolute;font-family:'Arial';left:386px;top:992px;">110 </div><div id="a59767" style="position:absolute;font-family:'Arial';left:57px;top:76px;">affect<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>operations.<div style="display:inline-block;width:6px"> </div>An<div style="display:inline-block;width:6px"> </div>increase<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>1%<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>facilities<div style="display:inline-block;width:6px"> </div>bearing<div style="display:inline-block;width:6px"> </div>a </div><div id="a59768" style="position:absolute;font-family:'Arial';left:57px;top:93px;">variable interest rate during 2024, could have increased our interest<div style="display:inline-block;width:3px"> </div>cost by $3.8 million.<div style="display:inline-block;width:4px"> </div></div><div id="a59777" style="position:absolute;font-family:'Arial';left:57px;top:126px;">We<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:6px"> </div>continue<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:6px"> </div>outstanding,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>impact<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>operations<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>financial </div><div id="a59778" style="position:absolute;font-family:'Arial';left:57px;top:143px;">condition. We manage our exposure in interest rates, by maintaining<div style="display:inline-block;width:3px"> </div>a mix of financing under agreements </div><div id="a59780" style="position:absolute;font-family:'Arial';left:57px;top:160px;">with floating and<div style="display:inline-block;width:3px"> </div>fixed interest rates.<div style="display:inline-block;width:3px"> </div>More specifically, during 2022, we refinanced<div style="display:inline-block;width:2px"> </div>part of our loans<div style="display:inline-block;width:2px"> </div>having </div><div id="a59782" style="position:absolute;font-family:'Arial';left:57px;top:177px;">a floating interest<div style="display:inline-block;width:2px"> </div>rate, with sale<div style="display:inline-block;width:2px"> </div>and leaseback<div style="display:inline-block;width:3px"> </div>transactions with fixed<div style="display:inline-block;width:2px"> </div>rates. Also, in<div style="display:inline-block;width:3px"> </div>2023, we entered<div style="display:inline-block;width:2px"> </div>into </div><div id="a59783" style="position:absolute;font-family:'Arial';left:57px;top:194px;">an interest rate swap for<div style="display:inline-block;width:3px"> </div>$30 million under which we<div style="display:inline-block;width:3px"> </div>pay fixed interest and receive<div style="display:inline-block;width:3px"> </div>floating. Through these </div><div id="a59785" style="position:absolute;font-family:'Arial';left:57px;top:211px;">agreements and<div style="display:inline-block;width:2px"> </div>our bond,<div style="display:inline-block;width:2px"> </div>also bearing<div style="display:inline-block;width:2px"> </div>fixed interest<div style="display:inline-block;width:2px"> </div>rate, we<div style="display:inline-block;width:2px"> </div>manage part<div style="display:inline-block;width:2px"> </div>of our<div style="display:inline-block;width:3px"> </div>exposure in<div style="display:inline-block;width:2px"> </div>interest rates </div><div id="a59786" style="position:absolute;font-family:'Arial';left:57px;top:228px;">caused by the remaining agreements which bear floating interest rates. </div><div id="a59790" style="position:absolute;font-family:'Arial';left:57px;top:261px;">As of December<div style="display:inline-block;width:6px"> </div>31, 2024, 2023<div style="display:inline-block;width:6px"> </div>and 2022, and<div style="display:inline-block;width:6px"> </div>as of the<div style="display:inline-block;width:6px"> </div>date of this<div style="display:inline-block;width:6px"> </div>annual report, we<div style="display:inline-block;width:5px"> </div>did not and<div style="display:inline-block;width:6px"> </div>have </div><div id="a59793" style="position:absolute;font-family:'Arial';left:57px;top:278px;">not designated any financial instruments as accounting hedging<div style="display:inline-block;width:3px"> </div>instruments.<div style="display:inline-block;width:4px"> </div></div><div id="a59795" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:295px;"><div style="display:inline-block;width:372px"> </div></div><div id="a59797" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:312px;">Currency and Exchange Rates </div><div id="a59801" style="position:absolute;font-family:'Arial';left:57px;top:346px;">We generate all of our<div style="display:inline-block;width:2px"> </div>revenues in U.S. dollars<div style="display:inline-block;width:2px"> </div>but currently incur less<div style="display:inline-block;width:2px"> </div>than half of our<div style="display:inline-block;width:3px"> </div>operating expenses </div><div id="a59802" style="position:absolute;font-family:'Arial';left:57px;top:363px;">(around 29% in 2024 and<div style="display:inline-block;width:3px"> </div>around 29% in 2023) and about<div style="display:inline-block;width:2px"> </div>half of our general and administrative<div style="display:inline-block;width:2px"> </div>expenses </div><div id="a59805" style="position:absolute;font-family:'Arial';left:57px;top:379px;">(around 46% in 2024 and around<div style="display:inline-block;width:3px"> </div>44% in 2023) in currencies other<div style="display:inline-block;width:2px"> </div>than the U.S. dollar, primarily the Euro. </div><div id="a59808" style="position:absolute;font-family:'Arial';left:57px;top:396px;">For<div style="display:inline-block;width:9px"> </div>accounting<div style="display:inline-block;width:8px"> </div>purposes,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:8px"> </div>throughout<div style="display:inline-block;width:8px"> </div>this<div style="display:inline-block;width:8px"> </div>annual<div style="display:inline-block;width:8px"> </div>report,<div style="display:inline-block;width:8px"> </div>expenses<div style="display:inline-block;width:8px"> </div>incurred<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>Euros<div style="display:inline-block;width:8px"> </div>are </div><div id="a59809" style="position:absolute;font-family:'Arial';left:57px;top:413px;">converted<div style="display:inline-block;width:5px"> </div>into<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:5px"> </div>dollars<div style="display:inline-block;width:5px"> </div>at<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>exchange rate<div style="display:inline-block;width:7px"> </div>prevailing on<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>each transaction.<div style="display:inline-block;width:7px"> </div>Because a </div><div id="a59811" style="position:absolute;font-family:'Arial';left:57px;top:430px;">significant portion of our<div style="display:inline-block;width:3px"> </div>expenses are incurred in currencies<div style="display:inline-block;width:2px"> </div>other than the U.S.<div style="display:inline-block;width:3px"> </div>dollar, our expenses may </div><div id="a59812" style="position:absolute;font-family:'Arial';left:57px;top:447px;">from time to<div style="display:inline-block;width:2px"> </div>time increase relative<div style="display:inline-block;width:2px"> </div>to our revenues<div style="display:inline-block;width:2px"> </div>as a result<div style="display:inline-block;width:3px"> </div>of fluctuations in<div style="display:inline-block;width:2px"> </div>exchange rates, particularly </div><div id="a59813" style="position:absolute;font-family:'Arial';left:57px;top:464px;">between<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>U.S.<div style="display:inline-block;width:7px"> </div>dollar<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Euro,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>affect<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>results<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>operations<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>future<div style="display:inline-block;width:7px"> </div>periods. </div><div id="a59815" style="position:absolute;font-family:'Arial';left:57px;top:481px;">Currently,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>consider<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>risk<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>exchange<div style="display:inline-block;width:6px"> </div>rate<div style="display:inline-block;width:6px"> </div>fluctuations<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>material<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>of </div><div id="a59816" style="position:absolute;font-family:'Arial';left:57px;top:498px;">operations,<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>during<div style="display:inline-block;width:9px"> </div>2024<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:9px"> </div>2023,<div style="display:inline-block;width:8px"> </div>these<div style="display:inline-block;width:8px"> </div>non-US<div style="display:inline-block;width:9px"> </div>dollar<div style="display:inline-block;width:8px"> </div>expenses<div style="display:inline-block;width:8px"> </div>represented<div style="display:inline-block;width:8px"> </div>17%<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>15%, </div><div id="a59822" style="position:absolute;font-family:'Arial';left:57px;top:514px;">respectively<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>revenues<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>therefore,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:6px"> </div>engaged<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>derivative<div style="display:inline-block;width:6px"> </div>instruments<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>hedge<div style="display:inline-block;width:6px"> </div>a </div><div id="a59823" style="position:absolute;font-family:'Arial';left:57px;top:531px;">considerable part of those expenses.<div style="display:inline-block;width:3px"> </div></div><div id="a59825" style="position:absolute;font-family:'Arial';left:57px;top:548px;"><div style="display:inline-block;width:48px"> </div></div><div id="a59827" style="position:absolute;font-family:'Arial';left:57px;top:565px;">While we<div style="display:inline-block;width:3px"> </div>historically have<div style="display:inline-block;width:2px"> </div>not mitigated<div style="display:inline-block;width:3px"> </div>the risk<div style="display:inline-block;width:3px"> </div>associated with<div style="display:inline-block;width:2px"> </div>exchange rate<div style="display:inline-block;width:3px"> </div>fluctuations through<div style="display:inline-block;width:2px"> </div>the use </div><div id="a59828" style="position:absolute;font-family:'Arial';left:57px;top:582px;">of financial<div style="display:inline-block;width:6px"> </div>derivatives, we<div style="display:inline-block;width:6px"> </div>may determine<div style="display:inline-block;width:6px"> </div>to employ<div style="display:inline-block;width:6px"> </div>such instruments<div style="display:inline-block;width:6px"> </div>from time<div style="display:inline-block;width:6px"> </div>to time<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>future in </div><div id="a59830" style="position:absolute;font-family:'Arial';left:57px;top:599px;">order to<div style="display:inline-block;width:6px"> </div>minimize this<div style="display:inline-block;width:6px"> </div>risk. Our<div style="display:inline-block;width:6px"> </div>use of<div style="display:inline-block;width:6px"> </div>financial derivatives<div style="display:inline-block;width:6px"> </div>would involve<div style="display:inline-block;width:6px"> </div>certain risks,<div style="display:inline-block;width:6px"> </div>including the<div style="display:inline-block;width:6px"> </div>risk </div><div id="a59831" style="position:absolute;font-family:'Arial';left:57px;top:616px;">that losses on a hedged position could exceed<div style="display:inline-block;width:3px"> </div>the nominal amount invested in the instrument<div style="display:inline-block;width:3px"> </div>and the risk </div><div id="a59834" style="position:absolute;font-family:'Arial';left:57px;top:632px;">that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>counterparty<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>derivative<div style="display:inline-block;width:6px"> </div>transaction<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>unable<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>unwilling<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>satisfy<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>contractual </div><div id="a59835" style="position:absolute;font-family:'Arial';left:57px;top:649px;">obligations, which could have an adverse effect on our results.<div style="display:inline-block;width:3px"> </div></div><div id="a59838" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:683px;">Item 12.<div style="display:inline-block;width:26px"> </div>Description of Securities Other than Equity Securities </div><div id="a59842" style="position:absolute;font-family:'Arial';left:57px;top:704px;"> </div><div id="a59843" style="position:absolute;font-family:'Arial';left:57px;top:721px;">Not Applicable. </div></div>
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<div id="a59847" style="position:absolute;font-family:'Arial';left:386px;top:992px;">111 </div><div id="a59849" style="position:absolute;font-family:'Arial';font-size:21.28px;font-weight:bold;left:362px;top:76px;">PART II</div><div id="a59852" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:133px;">Item 13.<div style="display:inline-block;width:26px"> </div>Defaults, Dividend Arrearages and Delinquencies </div><div id="a59856" style="position:absolute;font-family:'Arial';left:57px;top:155px;"> </div><div id="a59857" style="position:absolute;font-family:'Arial';left:57px;top:172px;">None. </div><div id="a59860" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:205px;">Item 14.<div style="display:inline-block;width:26px"> </div>Material Modifications to the Rights of Security Holders and<div style="display:inline-block;width:4px"> </div>Use </div><div id="a59863" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:227px;">of Proceeds </div><div id="a59866" style="position:absolute;font-family:'Arial';left:57px;top:265px;">None. </div><div id="a59869" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:299px;">Item 15.<div style="display:inline-block;width:26px"> </div>Controls and Procedures </div><div id="a59873" style="position:absolute;font-family:'Arial';left:57px;top:320px;"> </div><div id="a59874" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:337px;">a) Disclosure Controls and Procedures<div style="display:inline-block;width:3px"> </div></div><div id="a59877" style="position:absolute;font-family:'Arial';left:57px;top:371px;">Management,<div style="display:inline-block;width:8px"> </div>including<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:8px"> </div>Chief<div style="display:inline-block;width:8px"> </div>Executive<div style="display:inline-block;width:8px"> </div>Officer<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>Chief<div style="display:inline-block;width:8px"> </div>Financial<div style="display:inline-block;width:7px"> </div>Officers,<div style="display:inline-block;width:8px"> </div>has<div style="display:inline-block;width:8px"> </div>conducted<div style="display:inline-block;width:8px"> </div>an </div><div id="a59880" style="position:absolute;font-family:'Arial';left:57px;top:388px;">evaluation of<div style="display:inline-block;width:5px"> </div>the effectiveness<div style="display:inline-block;width:6px"> </div>of our<div style="display:inline-block;width:6px"> </div>disclosure controls and<div style="display:inline-block;width:6px"> </div>procedures (as<div style="display:inline-block;width:5px"> </div>defined in<div style="display:inline-block;width:5px"> </div>Rules 13a-15(e) </div><div id="a59883" style="position:absolute;font-family:'Arial';left:57px;top:405px;">and 15d-15(e) under the<div style="display:inline-block;width:6px"> </div>Exchange Act) as of<div style="display:inline-block;width:6px"> </div>the end of the<div style="display:inline-block;width:6px"> </div>period covered by this<div style="display:inline-block;width:5px"> </div>annual report. Based </div><div id="a59886" style="position:absolute;font-family:'Arial';left:57px;top:422px;">upon<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>evaluation,<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Executive<div style="display:inline-block;width:5px"> </div>Officer<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:6px"> </div>Financial Officers<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:6px"> </div>concluded<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>our </div><div id="a59891" style="position:absolute;font-family:'Arial';left:57px;top:438px;">disclosure controls and procedures are<div style="display:inline-block;width:3px"> </div>effective to ensure that information required<div style="display:inline-block;width:3px"> </div>to be disclosed by the </div><div id="a59892" style="position:absolute;font-family:'Arial';left:57px;top:455px;">Company in the reports that it<div style="display:inline-block;width:3px"> </div>files or submits to the SEC<div style="display:inline-block;width:3px"> </div>under the Exchange Act is<div style="display:inline-block;width:3px"> </div>recorded, processed, </div><div id="a59893" style="position:absolute;font-family:'Arial';left:57px;top:472px;">summarized and reported within the time periods specified in SEC rules<div style="display:inline-block;width:3px"> </div>and forms. </div><div id="a59897" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:506px;">b) Management’s Annual Report on Internal Control over Financial Reporting </div><div id="a59900" style="position:absolute;font-family:'Arial';left:57px;top:540px;">Management<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>responsible<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:8px"> </div>establishing<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>maintaining<div style="display:inline-block;width:7px"> </div>adequate<div style="display:inline-block;width:7px"> </div>internal<div style="display:inline-block;width:7px"> </div>control<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>financial </div><div id="a59901" style="position:absolute;font-family:'Arial';left:57px;top:556px;">reporting, as such term<div style="display:inline-block;width:5px"> </div>is defined in Rule 13a-15(f)<div style="display:inline-block;width:6px"> </div>of the Exchange Act. The<div style="display:inline-block;width:6px"> </div>Company’s internal control </div><div id="a59905" style="position:absolute;font-family:'Arial';left:57px;top:573px;">over<div style="display:inline-block;width:6px"> </div>financial reporting<div style="display:inline-block;width:7px"> </div>is a<div style="display:inline-block;width:7px"> </div>process designed<div style="display:inline-block;width:7px"> </div>under the<div style="display:inline-block;width:7px"> </div>supervision of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:5px"> </div>Executive </div><div id="a59906" style="position:absolute;font-family:'Arial';left:57px;top:590px;">Officer<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Chief<div style="display:inline-block;width:5px"> </div>Financial Officer<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>provide reasonable<div style="display:inline-block;width:7px"> </div>assurance<div style="display:inline-block;width:6px"> </div>regarding<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>reliability<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>financial </div><div id="a59907" style="position:absolute;font-family:'Arial';left:57px;top:607px;">reporting<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>preparation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>external<div style="display:inline-block;width:6px"> </div>reporting<div style="display:inline-block;width:6px"> </div>purposes<div style="display:inline-block;width:6px"> </div>in </div><div id="a59909" style="position:absolute;font-family:'Arial';left:57px;top:624px;">accordance with U.S. GAAP.<div style="display:inline-block;width:7px"> </div>A company’s internal control over financial<div style="display:inline-block;width:5px"> </div>reporting includes those policies </div><div id="a59910" style="position:absolute;font-family:'Arial';left:57px;top:641px;">and<div style="display:inline-block;width:6px"> </div>procedures that<div style="display:inline-block;width:7px"> </div>(i)<div style="display:inline-block;width:5px"> </div>pertain to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>maintenance of<div style="display:inline-block;width:7px"> </div>records that,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>reasonable detail,<div style="display:inline-block;width:7px"> </div>accurately and </div><div id="a59912" style="position:absolute;font-family:'Arial';left:57px;top:658px;">fairly<div style="display:inline-block;width:7px"> </div>reflect<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>transactions<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>dispositions<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>assets<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>company;<div style="display:inline-block;width:7px"> </div>(ii)<div style="display:inline-block;width:7px"> </div>provide<div style="display:inline-block;width:7px"> </div>reasonable </div><div id="a59913" style="position:absolute;font-family:'Arial';left:57px;top:675px;">assurance that transactions are<div style="display:inline-block;width:3px"> </div>recorded as necessary to permit<div style="display:inline-block;width:2px"> </div>the preparation of financial statements<div style="display:inline-block;width:2px"> </div>in </div><div id="a59914" style="position:absolute;font-family:'Arial';left:57px;top:691px;">accordance with U.S.<div style="display:inline-block;width:6px"> </div>GAAP,<div style="display:inline-block;width:7px"> </div>and that receipts<div style="display:inline-block;width:6px"> </div>and expenditures of the<div style="display:inline-block;width:6px"> </div>company are being<div style="display:inline-block;width:6px"> </div>made only in </div><div id="a59916" style="position:absolute;font-family:'Arial';left:57px;top:708px;">accordance with authorizations of<div style="display:inline-block;width:3px"> </div>management and directors of the<div style="display:inline-block;width:3px"> </div>company; and (iii) provide reasonable </div><div id="a59919" style="position:absolute;font-family:'Arial';left:57px;top:725px;">assurance regarding prevention<div style="display:inline-block;width:5px"> </div>or timely detection<div style="display:inline-block;width:6px"> </div>of unauthorized acquisition,<div style="display:inline-block;width:6px"> </div>use, or disposition<div style="display:inline-block;width:6px"> </div>of the </div><div id="a59921" style="position:absolute;font-family:'Arial';left:57px;top:742px;">company’s assets that could have a material effect on the financial statements. </div><div id="a59924" style="position:absolute;font-family:'Arial';left:57px;top:776px;">Management has<div style="display:inline-block;width:6px"> </div>conducted an<div style="display:inline-block;width:6px"> </div>assessment of<div style="display:inline-block;width:6px"> </div>the effectiveness<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company’s internal<div style="display:inline-block;width:6px"> </div>control over </div><div id="a59925" style="position:absolute;font-family:'Arial';left:57px;top:793px;">financial reporting based on the framework established in Internal Control – Integrated Framework issued </div><div id="a59929" style="position:absolute;font-family:'Arial';left:57px;top:809px;">by the<div style="display:inline-block;width:6px"> </div>Committee of<div style="display:inline-block;width:6px"> </div>Sponsoring Organizations of<div style="display:inline-block;width:6px"> </div>the Treadway<div style="display:inline-block;width:6px"> </div>Commission (2013<div style="display:inline-block;width:6px"> </div>Framework). Based </div><div id="a59931" style="position:absolute;font-family:'Arial';left:57px;top:826px;">on<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>assessment,<div style="display:inline-block;width:7px"> </div>management<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>determined<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>internal<div style="display:inline-block;width:7px"> </div>control<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>financial </div><div id="a59932" style="position:absolute;font-family:'Arial';left:57px;top:843px;">reporting as of December 31, 2024 is effective. </div><div id="a59935" style="position:absolute;font-family:'Arial';left:57px;top:877px;">The registered<div style="display:inline-block;width:6px"> </div>public accounting firm<div style="display:inline-block;width:6px"> </div>that audited<div style="display:inline-block;width:6px"> </div>the financial<div style="display:inline-block;width:6px"> </div>statements included<div style="display:inline-block;width:6px"> </div>in this<div style="display:inline-block;width:6px"> </div>annual report </div><div id="a59936" style="position:absolute;font-family:'Arial';left:57px;top:894px;">containing<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>required<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>this<div style="display:inline-block;width:7px"> </div>Item<div style="display:inline-block;width:7px"> </div>15<div style="display:inline-block;width:7px"> </div>has<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:7px"> </div>attestation<div style="display:inline-block;width:6px"> </div>report<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>management's </div><div id="a59937" style="position:absolute;font-family:'Arial';left:57px;top:911px;">assessment of our internal control over financial reporting. </div></div>
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<div id="a59944" style="position:absolute;font-family:'Arial';left:386px;top:992px;">112 </div><div id="a59946" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:76px;">c)<div style="display:inline-block;width:8px"> </div>Attestation Report of Independent Registered Public<div style="display:inline-block;width:3px"> </div>Accounting Firm<div style="display:inline-block;width:4px"> </div></div><div id="a59949" style="position:absolute;font-family:'Arial';left:57px;top:110px;">The attestation report<div style="display:inline-block;width:6px"> </div>on the Company’s<div style="display:inline-block;width:6px"> </div>internal control over<div style="display:inline-block;width:5px"> </div>financial reporting issued<div style="display:inline-block;width:6px"> </div>by the registered </div><div id="a59950" style="position:absolute;font-family:'Arial';left:57px;top:126px;">public<div style="display:inline-block;width:6px"> </div>accounting<div style="display:inline-block;width:6px"> </div>firm<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>audited<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements,<div style="display:inline-block;width:6px"> </div>Deloitte<div style="display:inline-block;width:6px"> </div>Certified </div><div id="a59954" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Public Accountants<div style="display:inline-block;width:3px"> </div>S.A., appears<div style="display:inline-block;width:3px"> </div>on page F-4<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>financial statements<div style="display:inline-block;width:3px"> </div>filed as part<div style="display:inline-block;width:2px"> </div>of this annual<div style="display:inline-block;width:2px"> </div>report. </div><div id="a59961" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:177px;">d) Changes in Internal Control over Financial Reporting </div><div id="a59964" style="position:absolute;font-family:'Arial';left:57px;top:211px;">None. </div><div id="a59967" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:245px;">Inherent Limitations on Effectiveness of Controls </div><div id="a59970" style="position:absolute;font-family:'Arial';left:57px;top:278px;">Our management, including<div style="display:inline-block;width:6px"> </div>our Chief<div style="display:inline-block;width:6px"> </div>Executive Officer<div style="display:inline-block;width:5px"> </div>and our<div style="display:inline-block;width:6px"> </div>Chief Financial Officer,<div style="display:inline-block;width:7px"> </div>does not expect </div><div id="a59971" style="position:absolute;font-family:'Arial';left:57px;top:295px;">that our disclosure<div style="display:inline-block;width:2px"> </div>controls or our<div style="display:inline-block;width:2px"> </div>internal control over<div style="display:inline-block;width:2px"> </div>financial reporting will<div style="display:inline-block;width:2px"> </div>prevent or detect<div style="display:inline-block;width:2px"> </div>all error and </div><div id="a59972" style="position:absolute;font-family:'Arial';left:57px;top:312px;">all fraud. A<div style="display:inline-block;width:6px"> </div>control system, no matter<div style="display:inline-block;width:6px"> </div>how well designed<div style="display:inline-block;width:5px"> </div>and operated, can<div style="display:inline-block;width:6px"> </div>provide only reasonable,<div style="display:inline-block;width:6px"> </div>not </div><div id="a59975" style="position:absolute;font-family:'Arial';left:57px;top:329px;">absolute,<div style="display:inline-block;width:6px"> </div>assurance<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>control<div style="display:inline-block;width:6px"> </div>system’s<div style="display:inline-block;width:6px"> </div>objectives<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>met.<div style="display:inline-block;width:6px"> </div>Further,<div style="display:inline-block;width:7px"> </div>because<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>inherent </div><div id="a59976" style="position:absolute;font-family:'Arial';left:57px;top:346px;">limitations<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:10px"> </div>all<div style="display:inline-block;width:9px"> </div>control<div style="display:inline-block;width:9px"> </div>systems,<div style="display:inline-block;width:10px"> </div>no<div style="display:inline-block;width:9px"> </div>evaluation<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:10px"> </div>controls<div style="display:inline-block;width:9px"> </div>can<div style="display:inline-block;width:9px"> </div>provide<div style="display:inline-block;width:9px"> </div>absolute<div style="display:inline-block;width:9px"> </div>assurance<div style="display:inline-block;width:9px"> </div>that </div><div id="a59978" style="position:absolute;font-family:'Arial';left:57px;top:363px;">misstatements due to<div style="display:inline-block;width:6px"> </div>error or fraud<div style="display:inline-block;width:6px"> </div>will not occur<div style="display:inline-block;width:6px"> </div>or that all<div style="display:inline-block;width:6px"> </div>control issues and<div style="display:inline-block;width:6px"> </div>instances of fraud,<div style="display:inline-block;width:5px"> </div>if any, </div><div id="a59979" style="position:absolute;font-family:'Arial';left:57px;top:379px;">within the Company have been detected. These inherent limitations include the realities that judgments in </div><div id="a59980" style="position:absolute;font-family:'Arial';left:57px;top:396px;">decision-making can<div style="display:inline-block;width:2px"> </div>be faulty<div style="display:inline-block;width:3px"> </div>and that<div style="display:inline-block;width:3px"> </div>breakdowns can<div style="display:inline-block;width:3px"> </div>occur because<div style="display:inline-block;width:3px"> </div>of simple<div style="display:inline-block;width:3px"> </div>error or<div style="display:inline-block;width:3px"> </div>mistake. Controls </div><div id="a59985" style="position:absolute;font-family:'Arial';left:57px;top:413px;">can also be<div style="display:inline-block;width:6px"> </div>circumvented by the<div style="display:inline-block;width:6px"> </div>individual acts of<div style="display:inline-block;width:6px"> </div>some persons, by<div style="display:inline-block;width:6px"> </div>collusion of two<div style="display:inline-block;width:6px"> </div>or more people,<div style="display:inline-block;width:6px"> </div>or </div><div id="a59986" style="position:absolute;font-family:'Arial';left:57px;top:430px;">by management override of the controls. The<div style="display:inline-block;width:5px"> </div>design of any system of controls<div style="display:inline-block;width:6px"> </div>is based in part on<div style="display:inline-block;width:5px"> </div>certain </div><div id="a59989" style="position:absolute;font-family:'Arial';left:57px;top:447px;">assumptions<div style="display:inline-block;width:6px"> </div>about<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>likelihood<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>future<div style="display:inline-block;width:6px"> </div>events,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>there<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>no<div style="display:inline-block;width:6px"> </div>assurance<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>design<div style="display:inline-block;width:6px"> </div>will </div><div id="a59990" style="position:absolute;font-family:'Arial';left:57px;top:464px;">succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of </div><div id="a59991" style="position:absolute;font-family:'Arial';left:57px;top:481px;">controls effectiveness<div style="display:inline-block;width:5px"> </div>to future periods<div style="display:inline-block;width:6px"> </div>are subject to<div style="display:inline-block;width:6px"> </div>risks. Over time,<div style="display:inline-block;width:6px"> </div>controls may become<div style="display:inline-block;width:6px"> </div>inadequate </div><div id="a59993" style="position:absolute;font-family:'Arial';left:57px;top:498px;">because of changes in conditions<div style="display:inline-block;width:3px"> </div>or deterioration in the degree of<div style="display:inline-block;width:3px"> </div>compliance with policies or procedures. </div><div id="a59996" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:531px;">Item 16A. Audit Committee Financial Expert </div><div id="a59999" style="position:absolute;font-family:'Arial';left:57px;top:570px;">Our Board of Directors has determined that both the members of our<div style="display:inline-block;width:6px"> </div>Audit Committee, Mr. Kyriacos Riris </div><div id="a60000" style="position:absolute;font-family:'Arial';left:57px;top:586px;">and<div style="display:inline-block;width:6px"> </div>Mr.<div style="display:inline-block;width:7px"> </div>Apostolos<div style="display:inline-block;width:6px"> </div>Kontoyannis,<div style="display:inline-block;width:6px"> </div>qualify<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>“Audit<div style="display:inline-block;width:6px"> </div>Committee<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>experts”<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>they<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>both </div><div id="a60001" style="position:absolute;font-family:'Arial';left:57px;top:603px;">considered to be “independent” under applicable NYSE and SEC standards. </div><div id="a60009" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:637px;">Item 16B. Code of Ethics </div><div id="a60011" style="position:absolute;font-family:'Arial';left:57px;top:659px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60013" style="position:absolute;font-family:'Arial';left:57px;top:675px;">We have<div style="display:inline-block;width:6px"> </div>adopted a code of<div style="display:inline-block;width:6px"> </div>ethics that applies to<div style="display:inline-block;width:6px"> </div>officers, directors, employees<div style="display:inline-block;width:5px"> </div>and agents. Our code<div style="display:inline-block;width:6px"> </div>of </div><div id="a60014" style="position:absolute;font-family:'Arial';left:57px;top:692px;">ethics is posted on our website,</div><div id="a60015" style="position:absolute;font-family:'Arial';color:#0000FF;left:263px;top:692px;"><div style="display:inline-block;width:4px"> </div>http://www.dianashippinginc.com</div><div id="a60017" style="position:absolute;font-family:'Arial';left:481px;top:692px;">, under “About Us—Code of Ethics” and </div><div id="a60020" style="position:absolute;font-family:'Arial';left:57px;top:709px;">is filed<div style="display:inline-block;width:7px"> </div>as Exhibit<div style="display:inline-block;width:6px"> </div>11.1<div style="display:inline-block;width:6px"> </div>to this<div style="display:inline-block;width:7px"> </div>Annual Report.<div style="display:inline-block;width:6px"> </div>Copies of<div style="display:inline-block;width:6px"> </div>our code<div style="display:inline-block;width:6px"> </div>of ethics<div style="display:inline-block;width:6px"> </div>are available<div style="display:inline-block;width:6px"> </div>in print,<div style="display:inline-block;width:6px"> </div>free of </div><div id="a60021" style="position:absolute;font-family:'Arial';left:57px;top:726px;">charge, upon<div style="display:inline-block;width:3px"> </div>request to<div style="display:inline-block;width:3px"> </div>Diana Shipping<div style="display:inline-block;width:2px"> </div>Inc., Pendelis<div style="display:inline-block;width:3px"> </div>16, 175<div style="display:inline-block;width:3px"> </div>64 Palaio<div style="display:inline-block;width:3px"> </div>Faliro, Athens,<div style="display:inline-block;width:2px"> </div>Greece. We intend </div><div id="a60022" style="position:absolute;font-family:'Arial';left:57px;top:743px;">to<div style="display:inline-block;width:6px"> </div>satisfy<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>disclosure requirements<div style="display:inline-block;width:6px"> </div>regarding<div style="display:inline-block;width:5px"> </div>any<div style="display:inline-block;width:6px"> </div>amendment to,<div style="display:inline-block;width:7px"> </div>or waiver<div style="display:inline-block;width:7px"> </div>from,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>provision of<div style="display:inline-block;width:7px"> </div>this </div><div id="a60024" style="position:absolute;font-family:'Arial';left:57px;top:760px;">code of ethics by posting such information on our website. </div><div id="a60027" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:793px;">Item 16C. Principal Accountant Fees and Services </div><div id="a60029" style="position:absolute;font-family:'Arial';left:57px;top:815px;"> </div><div id="a60030" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:832px;">a) Audit Fees </div><div id="a60033" style="position:absolute;font-family:'Arial';left:57px;top:865px;">Our<div style="display:inline-block;width:6px"> </div>principal<div style="display:inline-block;width:6px"> </div>accountants,<div style="display:inline-block;width:6px"> </div>Deloitte<div style="display:inline-block;width:6px"> </div>Certified<div style="display:inline-block;width:6px"> </div>Public<div style="display:inline-block;width:6px"> </div>Accountants<div style="display:inline-block;width:6px"> </div>S.A.,<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>billed<div style="display:inline-block;width:6px"> </div>us<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>audit<div style="display:inline-block;width:6px"> </div>services </div><div id="a60041" style="position:absolute;font-family:'Arial';left:57px;top:882px;">provided<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>Ernst<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>Young<div style="display:inline-block;width:7px"> </div>(Hellas), Certified<div style="display:inline-block;width:7px"> </div>Auditors Accountants<div style="display:inline-block;width:7px"> </div>S.A., have<div style="display:inline-block;width:7px"> </div>billed us<div style="display:inline-block;width:7px"> </div>for </div><div id="a60047" style="position:absolute;font-family:'Arial';left:57px;top:899px;">audit services<div style="display:inline-block;width:6px"> </div>provided in<div style="display:inline-block;width:6px"> </div>2023. Audit<div style="display:inline-block;width:6px"> </div>fees in<div style="display:inline-block;width:6px"> </div>2024 and<div style="display:inline-block;width:6px"> </div>2023 amounted<div style="display:inline-block;width:6px"> </div>to €<div style="display:inline-block;width:6px"> </div>360,000 and<div style="display:inline-block;width:6px"> </div>€ 383,250,<div style="display:inline-block;width:6px"> </div>or </div><div id="a60057" style="position:absolute;font-family:'Arial';left:57px;top:916px;">approximately $388,000 and $416,000, respectively, and relate to compensation for professional services </div><div id="a60065" style="position:absolute;font-family:'Arial';left:57px;top:933px;">rendered<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>audits<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>connection<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>review<div style="display:inline-block;width:6px"> </div>of </div><div id="a60066" style="position:absolute;font-family:'Arial';left:57px;top:950px;">regulatory filings. </div></div>
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<div id="a60071" style="position:absolute;font-family:'Arial';left:386px;top:992px;">113 </div><div id="a60074" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:93px;">b) Audit-Related Fees </div><div id="a60079" style="position:absolute;font-family:'Arial';left:57px;top:126px;">Audit related fees during 2024<div style="display:inline-block;width:3px"> </div>amounted to € 51,301, as compared<div style="display:inline-block;width:2px"> </div>to € 22,050 in 2023 and<div style="display:inline-block;width:3px"> </div>relate to audit </div><div id="a60083" style="position:absolute;font-family:'Arial';left:57px;top:143px;">services provided in connection with the Company’s filings with the SEC.<div style="display:inline-block;width:3px"> </div></div><div id="a60105" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:177px;">c) Tax Fees </div><div id="a60108" style="position:absolute;font-family:'Arial';left:57px;top:211px;">During<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>fees<div style="display:inline-block;width:7px"> </div>amounting<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>$11,025,<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>calculation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Earnings<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Profits<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the </div><div id="a60115" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Company. The<div style="display:inline-block;width:6px"> </div>services were provided by Ernst & Young<div style="display:inline-block;width:7px"> </div>LLP,<div style="display:inline-block;width:6px"> </div>an affiliate of our principal accountants for </div><div id="a60120" style="position:absolute;font-family:'Arial';left:57px;top:245px;">2023. </div><div id="a60124" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:278px;">d) All Other Fees </div><div id="a60127" style="position:absolute;font-family:'Arial';left:57px;top:312px;">None. </div><div id="a60130" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:346px;">e) Audit Committee’s Pre-Approval Policies and Procedures<div style="display:inline-block;width:3px"> </div></div><div id="a60135" style="position:absolute;font-family:'Arial';left:57px;top:379px;">Our<div style="display:inline-block;width:7px"> </div>Audit<div style="display:inline-block;width:7px"> </div>Committee<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>responsible<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>appointment,<div style="display:inline-block;width:6px"> </div>replacement,<div style="display:inline-block;width:7px"> </div>compensation,<div style="display:inline-block;width:7px"> </div>evaluation<div style="display:inline-block;width:6px"> </div>and </div><div id="a60136" style="position:absolute;font-family:'Arial';left:57px;top:396px;">oversight of the work<div style="display:inline-block;width:6px"> </div>of our independent auditors. As<div style="display:inline-block;width:6px"> </div>part of this responsibility,<div style="display:inline-block;width:6px"> </div>the Audit Committee pre-</div><div id="a60138" style="position:absolute;font-family:'Arial';left:57px;top:413px;">approves the audit<div style="display:inline-block;width:5px"> </div>and non-audit services performed<div style="display:inline-block;width:6px"> </div>by the independent auditors<div style="display:inline-block;width:6px"> </div>in order to<div style="display:inline-block;width:6px"> </div>assure that </div><div id="a60143" style="position:absolute;font-family:'Arial';left:57px;top:430px;">they<div style="display:inline-block;width:5px"> </div>do not<div style="display:inline-block;width:6px"> </div>impair the<div style="display:inline-block;width:6px"> </div>auditor’s independence<div style="display:inline-block;width:6px"> </div>from the<div style="display:inline-block;width:7px"> </div>Company.<div style="display:inline-block;width:6px"> </div>The Audit<div style="display:inline-block;width:6px"> </div>Committee has<div style="display:inline-block;width:6px"> </div>adopted a </div><div id="a60144" style="position:absolute;font-family:'Arial';left:57px;top:447px;">policy<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>sets<div style="display:inline-block;width:6px"> </div>forth<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>procedures<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>conditions<div style="display:inline-block;width:6px"> </div>pursuant<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>services<div style="display:inline-block;width:6px"> </div>proposed<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>be </div><div id="a60145" style="position:absolute;font-family:'Arial';left:57px;top:464px;">performed by the independent auditors may be pre-approved. </div><div id="a60151" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:498px;">f) Audit Work Performed by Other than Principal Accountant if Greater than<div style="display:inline-block;width:3px"> </div>50% </div><div id="a60154" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Not applicable. </div><div id="a60157" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:565px;">Item 16D. Exemptions from the Listing Standards for Audit<div style="display:inline-block;width:4px"> </div>Committees </div><div id="a60159" style="position:absolute;font-family:'Arial';left:57px;top:586px;"> </div><div id="a60160" style="position:absolute;font-family:'Arial';left:57px;top:603px;">Our Audit Committee<div style="display:inline-block;width:2px"> </div>consists of<div style="display:inline-block;width:3px"> </div>two independent<div style="display:inline-block;width:3px"> </div>members of our<div style="display:inline-block;width:2px"> </div>Board of<div style="display:inline-block;width:3px"> </div>Directors. Otherwise,<div style="display:inline-block;width:3px"> </div>our Audit </div><div id="a60162" style="position:absolute;font-family:'Arial';left:57px;top:620px;">Committee<div style="display:inline-block;width:8px"> </div>conforms<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>each<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>requirement<div style="display:inline-block;width:8px"> </div>applicable<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>audit<div style="display:inline-block;width:8px"> </div>committees<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>required<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:8px"> </div>the </div><div id="a60163" style="position:absolute;font-family:'Arial';left:57px;top:637px;">applicable listing standards of the NYSE. </div><div id="a60166" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:671px;">Item<div style="display:inline-block;width:13px"> </div>16E.<div style="display:inline-block;width:13px"> </div>Purchases<div style="display:inline-block;width:13px"> </div>of<div style="display:inline-block;width:13px"> </div>Equity<div style="display:inline-block;width:13px"> </div>Securities<div style="display:inline-block;width:13px"> </div>by<div style="display:inline-block;width:13px"> </div>the<div style="display:inline-block;width:13px"> </div>Issuer<div style="display:inline-block;width:13px"> </div>and<div style="display:inline-block;width:13px"> </div>Affiliated </div><div id="a60167" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:692px;">Purchasers </div><div id="a60170" style="position:absolute;font-family:'Arial';left:57px;top:731px;">On May 23, 2014, we announced that our<div style="display:inline-block;width:3px"> </div>Board of Directors authorized a share repurchase<div style="display:inline-block;width:3px"> </div>plan for up to </div><div id="a60171" style="position:absolute;font-family:'Arial';left:57px;top:747px;">$100 million of the Company’s common shares. The<div style="display:inline-block;width:6px"> </div>plan does not have an expiration date. During 2024, </div><div id="a60175" style="position:absolute;font-family:'Arial';left:57px;top:764px;">we did<div style="display:inline-block;width:6px"> </div>not repurchase<div style="display:inline-block;width:6px"> </div>any shares<div style="display:inline-block;width:6px"> </div>of common<div style="display:inline-block;width:6px"> </div>stock and<div style="display:inline-block;width:6px"> </div>as of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:6px"> </div>2024 and<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>of this </div><div id="a60177" style="position:absolute;font-family:'Arial';left:57px;top:781px;">report, there<div style="display:inline-block;width:6px"> </div>is an<div style="display:inline-block;width:6px"> </div>outstanding value<div style="display:inline-block;width:6px"> </div>of about<div style="display:inline-block;width:6px"> </div>$66.3 million<div style="display:inline-block;width:6px"> </div>of common<div style="display:inline-block;width:6px"> </div>shares that<div style="display:inline-block;width:6px"> </div>can be<div style="display:inline-block;width:6px"> </div>repurchased </div><div id="a60181" style="position:absolute;font-family:'Arial';left:57px;top:798px;">under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>plan.<div style="display:inline-block;width:7px"> </div>On<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>2,<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>commenced<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>tender<div style="display:inline-block;width:7px"> </div>offer<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>purchase<div style="display:inline-block;width:7px"> </div>up<div style="display:inline-block;width:7px"> </div>to </div><div id="a60183" style="position:absolute;font-family:'Arial';left:57px;top:815px;">15,000,000 shares of its<div style="display:inline-block;width:6px"> </div>outstanding common stock, at<div style="display:inline-block;width:6px"> </div>$2.00 per share, using<div style="display:inline-block;width:6px"> </div>funds available from cash </div><div id="a60184" style="position:absolute;font-family:'Arial';left:57px;top:832px;">and<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:7px"> </div>equivalents.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>tender<div style="display:inline-block;width:7px"> </div>offer<div style="display:inline-block;width:7px"> </div>was<div style="display:inline-block;width:6px"> </div>settled<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>January<div style="display:inline-block;width:7px"> </div>7,<div style="display:inline-block;width:7px"> </div>2025<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:7px"> </div>purchased<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>total<div style="display:inline-block;width:6px"> </div>of </div><div id="a60192" style="position:absolute;font-family:'Arial';left:57px;top:849px;">11,442,645 shares of common stock for an aggregate amount of $22.9 million. </div><div id="a60196" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:882px;">Item 16F.<div style="display:inline-block;width:17px"> </div>Change in Registrant’s Certifying Accountant </div><div id="a60200" style="position:absolute;font-family:'Arial';left:57px;top:904px;"> </div><div id="a60201" style="position:absolute;font-family:'Arial';left:57px;top:921px;">On May<div style="display:inline-block;width:6px"> </div>21, 2024,<div style="display:inline-block;width:6px"> </div>the Audit<div style="display:inline-block;width:6px"> </div>Committee of<div style="display:inline-block;width:6px"> </div>the Board<div style="display:inline-block;width:6px"> </div>of Directors<div style="display:inline-block;width:6px"> </div>approved and<div style="display:inline-block;width:6px"> </div>signed the<div style="display:inline-block;width:6px"> </div>engagement </div><div id="a60202" style="position:absolute;font-family:'Arial';left:57px;top:938px;">letter<div style="display:inline-block;width:6px"> </div>appointing<div style="display:inline-block;width:6px"> </div>Deloitte<div style="display:inline-block;width:6px"> </div>Certified<div style="display:inline-block;width:6px"> </div>Public<div style="display:inline-block;width:6px"> </div>Accountants<div style="display:inline-block;width:6px"> </div>S.A.<div style="display:inline-block;width:6px"> </div>(“Deloitte”)<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>independent </div><div id="a60203" style="position:absolute;font-family:'Arial';left:57px;top:954px;">registered public accounting firm for the year ending December 31, 2024. The Company's annual general </div></div>
</div>
<div style="padding: 7px">
<div id="Page114" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a60207" style="position:absolute;font-family:'Arial';left:386px;top:992px;">114 </div><div id="a60209" style="position:absolute;font-family:'Arial';left:57px;top:76px;">meeting of<div style="display:inline-block;width:2px"> </div>shareholders held<div style="display:inline-block;width:2px"> </div>on May<div style="display:inline-block;width:3px"> </div>21, 2024<div style="display:inline-block;width:2px"> </div>approved such<div style="display:inline-block;width:2px"> </div>appointment. The<div style="display:inline-block;width:2px"> </div>audit committee<div style="display:inline-block;width:2px"> </div>approved </div><div id="a60210" style="position:absolute;font-family:'Arial';left:57px;top:93px;">the engagement of Deloitte following the expiration of the engagement<div style="display:inline-block;width:3px"> </div>letter with the Company's previous </div><div id="a60211" style="position:absolute;font-family:'Arial';left:57px;top:110px;">independent registered<div style="display:inline-block;width:3px"> </div>public accounting<div style="display:inline-block;width:2px"> </div>firm, Ernst &<div style="display:inline-block;width:2px"> </div>Young (Hellas) Certified Auditors<div style="display:inline-block;width:2px"> </div>Accountants S.A.. </div><div id="a60215" style="position:absolute;font-family:'Arial';left:57px;top:143px;">The reports of<div style="display:inline-block;width:6px"> </div>Ernst & Young<div style="display:inline-block;width:7px"> </div>(Hellas) Certified Auditors<div style="display:inline-block;width:6px"> </div>Accountants S.A. on<div style="display:inline-block;width:6px"> </div>the financial statements<div style="display:inline-block;width:6px"> </div>of </div><div id="a60216" style="position:absolute;font-family:'Arial';left:57px;top:160px;">the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022<div style="display:inline-block;width:6px"> </div>did<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>contain<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>adverse<div style="display:inline-block;width:6px"> </div>opinion<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>disclaimer<div style="display:inline-block;width:6px"> </div>of </div><div id="a60217" style="position:absolute;font-family:'Arial';left:57px;top:177px;">opinion<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>were<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>qualified<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>modified<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>uncertainty,<div style="display:inline-block;width:8px"> </div>audit<div style="display:inline-block;width:6px"> </div>scope<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:7px"> </div>accounting<div style="display:inline-block;width:6px"> </div>principles.<div style="display:inline-block;width:6px"> </div>In </div><div id="a60219" style="position:absolute;font-family:'Arial';left:57px;top:194px;">connection with<div style="display:inline-block;width:6px"> </div>the audits<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>Company’s financial<div style="display:inline-block;width:6px"> </div>statements for<div style="display:inline-block;width:6px"> </div>each of<div style="display:inline-block;width:6px"> </div>the two<div style="display:inline-block;width:6px"> </div>fiscal years<div style="display:inline-block;width:6px"> </div>ended </div><div id="a60220" style="position:absolute;font-family:'Arial';left:57px;top:211px;">December 31, 2023 and<div style="display:inline-block;width:2px"> </div>2022 there were no<div style="display:inline-block;width:3px"> </div>disagreements with Ernst<div style="display:inline-block;width:3px"> </div>& Young (Hellas) Certified Auditors </div><div id="a60221" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Accountants S.A.<div style="display:inline-block;width:5px"> </div>on any<div style="display:inline-block;width:6px"> </div>matters of<div style="display:inline-block;width:6px"> </div>accounting principles or<div style="display:inline-block;width:6px"> </div>practices, financial statement<div style="display:inline-block;width:6px"> </div>disclosure, or </div><div id="a60223" style="position:absolute;font-family:'Arial';left:57px;top:245px;">auditing scope or procedures which,<div style="display:inline-block;width:6px"> </div>if not resolved to the<div style="display:inline-block;width:6px"> </div>satisfaction of Ernst &<div style="display:inline-block;width:5px"> </div>Young<div style="display:inline-block;width:6px"> </div>(Hellas) Certified </div><div id="a60224" style="position:absolute;font-family:'Arial';left:57px;top:261px;">Auditors Accountants<div style="display:inline-block;width:2px"> </div>S.A. ,<div style="display:inline-block;width:2px"> </div>would have<div style="display:inline-block;width:2px"> </div>caused Ernst<div style="display:inline-block;width:2px"> </div>& Young (Hellas)<div style="display:inline-block;width:3px"> </div>Certified Auditors<div style="display:inline-block;width:2px"> </div>Accountants S.A. </div><div id="a60226" style="position:absolute;font-family:'Arial';left:57px;top:278px;">to make reference to the<div style="display:inline-block;width:2px"> </div>matter of such disagreements<div style="display:inline-block;width:3px"> </div>in their reports. In<div style="display:inline-block;width:2px"> </div>connection with the audits<div style="display:inline-block;width:2px"> </div>of the </div><div id="a60227" style="position:absolute;font-family:'Arial';left:57px;top:295px;">Company's financial statements<div style="display:inline-block;width:3px"> </div>for each of the<div style="display:inline-block;width:3px"> </div>two fiscal years ended<div style="display:inline-block;width:2px"> </div>December 31, 2023 and<div style="display:inline-block;width:3px"> </div>2022 none </div><div id="a60229" style="position:absolute;font-family:'Arial';left:57px;top:312px;">of the events described in paragraphs (A) through (D) of Item 16F(a)(1)(v)<div style="display:inline-block;width:2px"> </div>of Form 20-F occurred. </div><div id="a60234" style="position:absolute;font-family:'Arial';left:57px;top:346px;">In connection with the audits of the Company’s financial statements<div style="display:inline-block;width:3px"> </div>for each of the two fiscal years ended </div><div id="a60235" style="position:absolute;font-family:'Arial';left:57px;top:363px;">December 31, 2023<div style="display:inline-block;width:3px"> </div>and 2022 neither<div style="display:inline-block;width:2px"> </div>the Company nor<div style="display:inline-block;width:2px"> </div>anyone on its<div style="display:inline-block;width:3px"> </div>behalf consulted with<div style="display:inline-block;width:2px"> </div>Deloitte on the </div><div id="a60236" style="position:absolute;font-family:'Arial';left:57px;top:379px;">application of accounting principles<div style="display:inline-block;width:3px"> </div>to a specified transaction, either<div style="display:inline-block;width:2px"> </div>completed or proposed; or<div style="display:inline-block;width:3px"> </div>the type of </div><div id="a60238" style="position:absolute;font-family:'Arial';left:57px;top:396px;">audit opinion that might<div style="display:inline-block;width:3px"> </div>be rendered on the<div style="display:inline-block;width:2px"> </div>Company’s financial statements<div style="display:inline-block;width:3px"> </div>or any matter that<div style="display:inline-block;width:3px"> </div>would have </div><div id="a60239" style="position:absolute;font-family:'Arial';left:57px;top:413px;">been<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>subject of<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:6px"> </div>disagreement, as<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>term<div style="display:inline-block;width:5px"> </div>is<div style="display:inline-block;width:6px"> </div>defined in<div style="display:inline-block;width:7px"> </div>Item<div style="display:inline-block;width:6px"> </div>16F(a)(1)(iv) of<div style="display:inline-block;width:7px"> </div>Form<div style="display:inline-block;width:6px"> </div>20-F and<div style="display:inline-block;width:7px"> </div>the </div><div id="a60243" style="position:absolute;font-family:'Arial';left:57px;top:430px;">related<div style="display:inline-block;width:7px"> </div>instructions<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>Item<div style="display:inline-block;width:7px"> </div>16F<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Form<div style="display:inline-block;width:7px"> </div>20-F,<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>reportable<div style="display:inline-block;width:7px"> </div>event,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>term<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>defined<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>Item </div><div id="a60246" style="position:absolute;font-family:'Arial';left:57px;top:447px;">16F(a)(1)(v). </div><div id="a60249" style="position:absolute;font-family:'Arial';left:57px;top:481px;">The<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>has<div style="display:inline-block;width:6px"> </div>provided Ernst<div style="display:inline-block;width:7px"> </div>&<div style="display:inline-block;width:6px"> </div>Young<div style="display:inline-block;width:7px"> </div>(Hellas)<div style="display:inline-block;width:6px"> </div>Certified Auditors<div style="display:inline-block;width:7px"> </div>Accountants S.A.<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>copy<div style="display:inline-block;width:6px"> </div>of </div><div id="a60250" style="position:absolute;font-family:'Arial';left:57px;top:498px;">these disclosures prior to<div style="display:inline-block;width:5px"> </div>the filing hereof and<div style="display:inline-block;width:6px"> </div>has requested that Ernst & Young<div style="display:inline-block;width:7px"> </div>furnish to the Company </div><div id="a60251" style="position:absolute;font-family:'Arial';left:57px;top:514px;">a letter<div style="display:inline-block;width:7px"> </div>addressed to<div style="display:inline-block;width:6px"> </div>the Securities<div style="display:inline-block;width:6px"> </div>and Exchange<div style="display:inline-block;width:6px"> </div>Commission stating<div style="display:inline-block;width:6px"> </div>whether Ernst<div style="display:inline-block;width:6px"> </div>& Young<div style="display:inline-block;width:8px"> </div>(Hellas) </div><div id="a60253" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Certified Auditors Accountants S.A. agrees with the statements<div style="display:inline-block;width:3px"> </div>made by the Company in this report. </div><div id="a60256" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Ernst &<div style="display:inline-block;width:2px"> </div>Young (Hellas) Certified<div style="display:inline-block;width:2px"> </div>Auditors Accountants<div style="display:inline-block;width:2px"> </div>S.A.’s letter<div style="display:inline-block;width:2px"> </div>is attached<div style="display:inline-block;width:2px"> </div>as Exhibit<div style="display:inline-block;width:2px"> </div>16.1 to<div style="display:inline-block;width:2px"> </div>this Annual </div><div id="a60257" style="position:absolute;font-family:'Arial';left:57px;top:582px;">Report on Form 20-</div><div id="a60259" style="position:absolute;font-family:'Arial';left:185px;top:582px;">F. </div><div id="a60262" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:616px;">Item 16G.<div style="display:inline-block;width:12px"> </div>Corporate Governance </div><div id="a60270" style="position:absolute;font-family:'Arial';left:57px;top:637px;"> </div><div id="a60271" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:654px;">Overview </div><div id="a60274" style="position:absolute;font-family:'Arial';left:57px;top:688px;">Pursuant to an exception for foreign private issuers,<div style="display:inline-block;width:5px"> </div>we, as a Marshall Islands company,<div style="display:inline-block;width:6px"> </div>are not required </div><div id="a60275" style="position:absolute;font-family:'Arial';left:57px;top:704px;">to<div style="display:inline-block;width:6px"> </div>comply with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>corporate governance<div style="display:inline-block;width:6px"> </div>practices followed<div style="display:inline-block;width:7px"> </div>by U.S.<div style="display:inline-block;width:7px"> </div>companies under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>NYSE listing </div><div id="a60276" style="position:absolute;font-family:'Arial';left:57px;top:721px;">standards.<div style="display:inline-block;width:8px"> </div>We believe that our established practices in<div style="display:inline-block;width:6px"> </div>the area of corporate governance are in<div style="display:inline-block;width:6px"> </div>line with </div><div id="a60281" style="position:absolute;font-family:'Arial';left:57px;top:738px;">the spirit<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>NYSE standards<div style="display:inline-block;width:6px"> </div>and provide<div style="display:inline-block;width:6px"> </div>adequate protection to<div style="display:inline-block;width:6px"> </div>our shareholders.<div style="display:inline-block;width:10px"> </div>In fact,<div style="display:inline-block;width:6px"> </div>we have </div><div id="a60285" style="position:absolute;font-family:'Arial';left:57px;top:755px;">voluntarily adopted<div style="display:inline-block;width:6px"> </div>NYSE required<div style="display:inline-block;width:6px"> </div>practices, such<div style="display:inline-block;width:6px"> </div>as (a)<div style="display:inline-block;width:6px"> </div>having a<div style="display:inline-block;width:6px"> </div>majority of<div style="display:inline-block;width:6px"> </div>independent directors,<div style="display:inline-block;width:6px"> </div>(b) </div><div id="a60287" style="position:absolute;font-family:'Arial';left:57px;top:772px;">establishing audit,<div style="display:inline-block;width:7px"> </div>compensation, sustainability<div style="display:inline-block;width:6px"> </div>and nominating<div style="display:inline-block;width:7px"> </div>committees and<div style="display:inline-block;width:7px"> </div>(c)<div style="display:inline-block;width:6px"> </div>adopting a<div style="display:inline-block;width:7px"> </div>Code of </div><div id="a60288" style="position:absolute;font-family:'Arial';left:57px;top:789px;">Ethics.<div style="display:inline-block;width:8px"> </div>The significant differences between our corporate governance practices and the NYSE standards </div><div id="a60292" style="position:absolute;font-family:'Arial';left:57px;top:806px;">are set forth below.<div style="display:inline-block;width:4px"> </div></div><div id="a60296" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:840px;">Executive Sessions </div><div id="a60299" style="position:absolute;font-family:'Arial';left:57px;top:873px;">The<div style="display:inline-block;width:10px"> </div>NYSE<div style="display:inline-block;width:9px"> </div>requires<div style="display:inline-block;width:9px"> </div>that<div style="display:inline-block;width:10px"> </div>non-management<div style="display:inline-block;width:9px"> </div>directors<div style="display:inline-block;width:9px"> </div>meet<div style="display:inline-block;width:9px"> </div>regularly<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:10px"> </div>executive<div style="display:inline-block;width:9px"> </div>sessions<div style="display:inline-block;width:9px"> </div>without </div><div id="a60302" style="position:absolute;font-family:'Arial';left:57px;top:890px;">management.<div style="display:inline-block;width:7px"> </div>The NYSE also<div style="display:inline-block;width:2px"> </div>requires that all<div style="display:inline-block;width:2px"> </div>independent directors<div style="display:inline-block;width:3px"> </div>meet in an<div style="display:inline-block;width:2px"> </div>executive session<div style="display:inline-block;width:2px"> </div>at least </div><div id="a60306" style="position:absolute;font-family:'Arial';left:57px;top:907px;">once a year.<div style="display:inline-block;width:9px"> </div>As permitted under Marshall Islands law and our bylaws, our non-management directors do </div><div id="a60312" style="position:absolute;font-family:'Arial';left:57px;top:924px;">not<div style="display:inline-block;width:6px"> </div>regularly<div style="display:inline-block;width:6px"> </div>hold<div style="display:inline-block;width:6px"> </div>executive<div style="display:inline-block;width:5px"> </div>sessions<div style="display:inline-block;width:5px"> </div>without<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>expect<div style="display:inline-block;width:5px"> </div>them<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>so<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the </div><div id="a60314" style="position:absolute;font-family:'Arial';left:57px;top:941px;">future. </div></div>
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<div id="Page115" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a60319" style="position:absolute;font-family:'Arial';left:386px;top:992px;">115 </div><div id="a60321" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:76px;">Audit Committee </div><div id="a60324" style="position:absolute;font-family:'Arial';left:57px;top:110px;">The NYSE requires,<div style="display:inline-block;width:2px"> </div>among other things,<div style="display:inline-block;width:2px"> </div>that a company<div style="display:inline-block;width:2px"> </div>have an audit<div style="display:inline-block;width:2px"> </div>committee with a<div style="display:inline-block;width:2px"> </div>minimum of three </div><div id="a60326" style="position:absolute;font-family:'Arial';left:57px;top:126px;">members.<div style="display:inline-block;width:7px"> </div>Our Audit<div style="display:inline-block;width:3px"> </div>Committee consists<div style="display:inline-block;width:2px"> </div>of two<div style="display:inline-block;width:2px"> </div>independent members<div style="display:inline-block;width:2px"> </div>of our<div style="display:inline-block;width:3px"> </div>Board of<div style="display:inline-block;width:2px"> </div>Directors. Our<div style="display:inline-block;width:2px"> </div>Audit </div><div id="a60330" style="position:absolute;font-family:'Arial';left:57px;top:143px;">Committee<div style="display:inline-block;width:6px"> </div>conforms<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>every<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>requirement<div style="display:inline-block;width:6px"> </div>applicable<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>audit<div style="display:inline-block;width:6px"> </div>committees<div style="display:inline-block;width:6px"> </div>set<div style="display:inline-block;width:6px"> </div>forth<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>listing </div><div id="a60332" style="position:absolute;font-family:'Arial';left:57px;top:160px;">standards of the NYSE. </div><div id="a60335" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:194px;">Shareholder Approval of Equity Compensation Plans </div><div id="a60338" style="position:absolute;font-family:'Arial';left:57px;top:228px;">The NYSE requires listed<div style="display:inline-block;width:3px"> </div>companies to obtain prior<div style="display:inline-block;width:2px"> </div>shareholder approval to adopt<div style="display:inline-block;width:2px"> </div>or materially revise any </div><div id="a60339" style="position:absolute;font-family:'Arial';left:57px;top:245px;">equity compensation<div style="display:inline-block;width:3px"> </div>plan. As<div style="display:inline-block;width:3px"> </div>permitted under<div style="display:inline-block;width:2px"> </div>Marshall Islands<div style="display:inline-block;width:3px"> </div>law and<div style="display:inline-block;width:3px"> </div>our amended<div style="display:inline-block;width:3px"> </div>and restated<div style="display:inline-block;width:2px"> </div>bylaws, </div><div id="a60340" style="position:absolute;font-family:'Arial';left:57px;top:261px;">we<div style="display:inline-block;width:6px"> </div>do<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:5px"> </div>need prior<div style="display:inline-block;width:7px"> </div>shareholder approval<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>adopt or<div style="display:inline-block;width:7px"> </div>revise<div style="display:inline-block;width:6px"> </div>equity compensation<div style="display:inline-block;width:6px"> </div>plans, including<div style="display:inline-block;width:7px"> </div>our </div><div id="a60342" style="position:absolute;font-family:'Arial';left:57px;top:278px;">equity incentive plan. </div><div id="a60345" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:312px;">Corporate Governance Guidelines </div><div id="a60347" style="position:absolute;font-family:'Arial';left:57px;top:329px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60349" style="position:absolute;font-family:'Arial';left:57px;top:346px;">The NYSE<div style="display:inline-block;width:6px"> </div>requires companies<div style="display:inline-block;width:6px"> </div>to adopt<div style="display:inline-block;width:6px"> </div>and disclose<div style="display:inline-block;width:6px"> </div>corporate governance<div style="display:inline-block;width:6px"> </div>guidelines.<div style="display:inline-block;width:9px"> </div>The guidelines </div><div id="a60353" style="position:absolute;font-family:'Arial';left:57px;top:363px;">must address,<div style="display:inline-block;width:2px"> </div>among other<div style="display:inline-block;width:2px"> </div>things: director<div style="display:inline-block;width:2px"> </div>qualification standards,<div style="display:inline-block;width:2px"> </div>director responsibilities,<div style="display:inline-block;width:2px"> </div>director access </div><div id="a60354" style="position:absolute;font-family:'Arial';left:57px;top:379px;">to<div style="display:inline-block;width:7px"> </div>management<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>independent<div style="display:inline-block;width:6px"> </div>advisers,<div style="display:inline-block;width:7px"> </div>director<div style="display:inline-block;width:7px"> </div>compensation,<div style="display:inline-block;width:7px"> </div>director<div style="display:inline-block;width:7px"> </div>orientation<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>continuing </div><div id="a60356" style="position:absolute;font-family:'Arial';left:57px;top:396px;">education, management succession<div style="display:inline-block;width:3px"> </div>and an annual<div style="display:inline-block;width:3px"> </div>performance evaluation.<div style="display:inline-block;width:7px"> </div>We are not required to<div style="display:inline-block;width:2px"> </div>adopt </div><div id="a60360" style="position:absolute;font-family:'Arial';left:57px;top:413px;">such guidelines under Marshall Islands law and we have not adopted<div style="display:inline-block;width:3px"> </div>such guidelines.<div style="display:inline-block;width:8px"> </div></div><div id="a60365" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:447px;">Share Issuances </div><div id="a60367" style="position:absolute;font-family:'Arial';left:57px;top:464px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60369" style="position:absolute;font-family:'Arial';left:57px;top:481px;">In lieu of obtaining shareholder<div style="display:inline-block;width:2px"> </div>approval prior to the<div style="display:inline-block;width:3px"> </div>issuance of designated securities,<div style="display:inline-block;width:2px"> </div>we will comply with </div><div id="a60403" style="position:absolute;font-family:'Arial';left:57px;top:498px;">provisions<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Marshall<div style="display:inline-block;width:6px"> </div>Islands<div style="display:inline-block;width:7px"> </div>Business<div style="display:inline-block;width:7px"> </div>Corporations<div style="display:inline-block;width:6px"> </div>Act,<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>allows<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Board<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Directors<div style="display:inline-block;width:7px"> </div>to </div><div id="a60433" style="position:absolute;font-family:'Arial';left:57px;top:514px;">approve share issuances. Additionally,<div style="display:inline-block;width:6px"> </div>the NYSE restricts the issuance of super voting<div style="display:inline-block;width:6px"> </div>stock such as our </div><div id="a60465" style="position:absolute;font-family:'Arial';left:57px;top:531px;">Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares.<div style="display:inline-block;width:12px"> </div>However,<div style="display:inline-block;width:7px"> </div>pursuant<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>313.00<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Section<div style="display:inline-block;width:6px"> </div>3<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>NYSE<div style="display:inline-block;width:6px"> </div>Listed<div style="display:inline-block;width:6px"> </div>Company </div><div id="a60497" style="position:absolute;font-family:'Arial';left:57px;top:548px;">Manual, the<div style="display:inline-block;width:6px"> </div>NYSE will accept<div style="display:inline-block;width:6px"> </div>any action or<div style="display:inline-block;width:6px"> </div>issuance relating to<div style="display:inline-block;width:6px"> </div>the voting<div style="display:inline-block;width:5px"> </div>rights structure of<div style="display:inline-block;width:6px"> </div>a non-U.S. </div><div id="a60535" style="position:absolute;font-family:'Arial';left:57px;top:565px;">company<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>compliance<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>NYSE’s<div style="display:inline-block;width:7px"> </div>requirements<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>domestic<div style="display:inline-block;width:7px"> </div>companies<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>not </div><div id="a60567" style="position:absolute;font-family:'Arial';left:57px;top:582px;">prohibited by<div style="display:inline-block;width:6px"> </div>the company's<div style="display:inline-block;width:6px"> </div>home country<div style="display:inline-block;width:6px"> </div>law.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>are not<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>such restrictions<div style="display:inline-block;width:6px"> </div>under our<div style="display:inline-block;width:6px"> </div>home </div><div id="a60601" style="position:absolute;font-family:'Arial';left:57px;top:599px;">country, Marshall Islands, law. </div><div id="a60610" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:632px;">Item 16H. Mine Safety Disclosure </div><div id="a60612" style="position:absolute;font-family:'Arial';left:57px;top:654px;"> </div><div id="a60613" style="position:absolute;font-family:'Arial';left:57px;top:671px;">Not applicable. </div><div id="a60616" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:704px;">Item 16I.<div style="display:inline-block;width:4px"> </div>Disclosure Regarding<div style="display:inline-block;width:3px"> </div>Foreign Jurisdictions<div style="display:inline-block;width:3px"> </div>that Prevent<div style="display:inline-block;width:3px"> </div>Inspections </div><div id="a60634" style="position:absolute;font-family:'Arial';left:57px;top:726px;"> </div><div id="a60635" style="position:absolute;font-family:'Arial';left:57px;top:743px;">Not applicable. </div><div id="a60638" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:777px;">Item 16J. Insider Trading Policies<div style="display:inline-block;width:5px"> </div></div><div id="a60640" style="position:absolute;font-family:'Arial';left:57px;top:798px;"> </div><div id="a60641" style="position:absolute;font-family:'Arial';left:57px;top:814.9px;">Pursuant to applicable SEC transition guidance, we have </div><div id="a60641_56_7" style="position:absolute;font-family:'Arial';left:432px;top:814.9px;"><ix:nonNumeric id="ID_948" name="ecd:InsiderTrdPoliciesProcAdoptedFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">adopted</ix:nonNumeric></div><div id="a60641_63_41" style="position:absolute;font-family:'Arial';left:485px;top:814.9px;"><div style="display:inline-block;width:4px"> </div>insider trading policies and procedures </div><div id="a60644" style="position:absolute;font-family:'Arial';left:57px;top:832px;">governing<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>purchase,<div style="display:inline-block;width:6px"> </div>sale,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>dispositions<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>registrant’s<div style="display:inline-block;width:7px"> </div>securities<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>directors,<div style="display:inline-block;width:6px"> </div>senior </div><div id="a60647" style="position:absolute;font-family:'Arial';left:57px;top:849px;">management, and employees<div style="display:inline-block;width:3px"> </div>that are reasonable<div style="display:inline-block;width:3px"> </div>designed to promote<div style="display:inline-block;width:3px"> </div>compliance with applicable<div style="display:inline-block;width:2px"> </div>insider </div><div id="a60652" style="position:absolute;font-family:'Arial';left:57px;top:865px;">trading laws, rules and regulations, and<div style="display:inline-block;width:3px"> </div>NYSE listing standards for fiscal<div style="display:inline-block;width:3px"> </div>year ending December 31, 2024. </div><div id="a60659" style="position:absolute;font-family:'Arial';left:57px;top:899px;">Our insider trading policies and procedures are filed as Exhibit<div style="display:inline-block;width:3px"> </div>11.2 to this annual report. </div></div>
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<div id="a60669" style="position:absolute;font-family:'Arial';left:386px;top:992px;">116 </div><div id="a60671" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:76px;">Item 16K. Cybersecurity<div style="display:inline-block;width:5px"> </div></div><div id="a60673" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:97px;"> </div><div id="div_1_XBRL_TS_85f70cd2c3784ff880b9c6c4d897ec86" style="position:absolute;left:51px;top:118.8px;float:left;"><ix:nonNumeric id="ID_954" name="cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_85f70cd2c3784ff880b9c6c4d897ec86_1" escape="true"><div id="TextBlockContainer9" style="position:relative;line-height:normal;width:704px;height:828px;"><div id="TextContainer9" style="position:relative;width:704px;z-index:1;"><div id="a60674" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">Risk management and strategy</div></div><div id="div_2_XBRL_TS_e5cf7038ad014ac9be46068958fddf1f" style="position:absolute;left:0px;top:34px;float:left;"><ix:nonNumeric id="ID_1028" name="cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer6" style="position:relative;line-height:normal;width:704px;height:187px;"><div id="TextContainer6" style="position:relative;width:704px;z-index:1;"><div id="a60677" style="position:absolute;font-family:'Arial';left:5px;top:0px;">We have<div style="display:inline-block;width:6px"> </div>security measures </div><div id="a60677_26_8" style="position:absolute;font-family:'Arial';left:193px;top:0px;"><ix:nonNumeric id="ID_1027" name="cyd:CybersecurityRiskManagementProcessesIntegratedFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">in place</ix:nonNumeric></div><div id="a60677_34_72" style="position:absolute;font-family:'Arial';left:244px;top:0px;"><div style="display:inline-block;width:5px"> </div>to mitigate the<div style="display:inline-block;width:6px"> </div>risk of cybersecurity<div style="display:inline-block;width:5px"> </div>threats affecting our<div style="display:inline-block;width:6px"> </div>technology </div><div id="a60680" style="position:absolute;font-family:'Arial';left:5px;top:17px;">environment and<div style="display:inline-block;width:6px"> </div>our business.<div style="display:inline-block;width:6px"> </div>Cybersecurity risk<div style="display:inline-block;width:6px"> </div>management is<div style="display:inline-block;width:6px"> </div>integrated into<div style="display:inline-block;width:6px"> </div>our broader<div style="display:inline-block;width:6px"> </div>enterprise </div><div id="a60688" style="position:absolute;font-family:'Arial';left:5px;top:34px;">risk management<div style="display:inline-block;width:6px"> </div>(ERM) framework<div style="display:inline-block;width:6px"> </div>to protect<div style="display:inline-block;width:6px"> </div>shareholder value<div style="display:inline-block;width:6px"> </div>and ensure<div style="display:inline-block;width:6px"> </div>business continuity.<div style="display:inline-block;width:7px"> </div>Cyber </div><div id="a60689" style="position:absolute;font-family:'Arial';left:5px;top:51px;">risks are assessed<div style="display:inline-block;width:3px"> </div>alongside operational,<div style="display:inline-block;width:3px"> </div>financial, and compliance<div style="display:inline-block;width:3px"> </div>risks. By integrating<div style="display:inline-block;width:2px"> </div>cybersecurity into </div><div id="a60690" style="position:absolute;font-family:'Arial';left:5px;top:67px;">our broader risk management strategy, we aim to reduce exposure<div style="display:inline-block;width:2px"> </div>to cyber incidents, safeguard sensitive </div><div id="a60692" style="position:absolute;font-family:'Arial';left:5px;top:84px;">data, and maintain<div style="display:inline-block;width:2px"> </div>investor confidence<div style="display:inline-block;width:2px"> </div>in our<div style="display:inline-block;width:3px"> </div>long-term resilience<div style="display:inline-block;width:2px"> </div>and operational<div style="display:inline-block;width:3px"> </div>stability. Since 2023, the </div><div id="a60696" style="position:absolute;font-family:'Arial';left:5px;top:101px;">Company<div style="display:inline-block;width:6px"> </div>has maintained<div style="display:inline-block;width:7px"> </div>ISO<div style="display:inline-block;width:6px"> </div>27001<div style="display:inline-block;width:5px"> </div>certification,<div style="display:inline-block;width:5px"> </div>demonstrating ongoing<div style="display:inline-block;width:7px"> </div>compliance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>rigorous </div><div id="a60697" style="position:absolute;font-family:'Arial';left:5px;top:118px;">requirements of<div style="display:inline-block;width:3px"> </div>this internationally<div style="display:inline-block;width:2px"> </div>recognized standard. </div></div><div id="div_3_XBRL_TS_206a16b5fbad4791a885de60d5e8dcb5" style="position:absolute;left:0px;top:118px;float:left;"><ix:nonNumeric id="ID_1029" name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer4" style="position:relative;line-height:normal;width:704px;height:69px;"><div id="TextContainer4" style="position:relative;width:704px;z-index:1;"><div id="a60697_58_49" style="position:absolute;font-family:'Arial';left:370px;top:0px;">The Company's<div style="display:inline-block;width:2px"> </div>Chief Information<div style="display:inline-block;width:2px"> </div>Security Officer </div><div id="a60698" style="position:absolute;font-family:'Arial';left:5px;top:17px;">(CISO) regularly conducts internal reviews and enhancements to<div style="display:inline-block;width:6px"> </div>ensure that our cyber risk management </div><div id="a60701" style="position:absolute;font-family:'Arial';left:5px;top:34px;">framework remains<div style="display:inline-block;width:6px"> </div>aligned with<div style="display:inline-block;width:6px"> </div>ISO 27001<div style="display:inline-block;width:6px"> </div>and integrated<div style="display:inline-block;width:6px"> </div>into our<div style="display:inline-block;width:6px"> </div>broader enterprise<div style="display:inline-block;width:5px"> </div>risk management </div><div id="a60702" style="position:absolute;font-family:'Arial';left:5px;top:51px;">strategy, considering financial, operational, and compliance impacts.</div></div></div></ix:nonNumeric></div></div></ix:nonNumeric></div><div id="TextContainer10" style="position:relative;width:704px;z-index:1;"><div id="a60702_69_2" style="position:absolute;font-family:'Arial';left:449px;top:202px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60706" style="position:absolute;font-family:'Arial';left:5px;top:236px;">Additionally,<div style="display:inline-block;width:7px"> </div>we<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>established structured<div style="display:inline-block;width:7px"> </div>processes<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>third-party<div style="display:inline-block;width:6px"> </div>risk<div style="display:inline-block;width:6px"> </div>management.<div style="display:inline-block;width:6px"> </div>During<div style="display:inline-block;width:6px"> </div>vendor </div><div id="a60709" style="position:absolute;font-family:'Arial';left:5px;top:253px;">onboarding and<div style="display:inline-block;width:6px"> </div>ongoing monitoring,<div style="display:inline-block;width:6px"> </div>information security<div style="display:inline-block;width:6px"> </div>assessments are<div style="display:inline-block;width:6px"> </div>conducted, including<div style="display:inline-block;width:6px"> </div>security </div><div id="a60710" style="position:absolute;font-family:'Arial';left:5px;top:270px;">questionnaires, contractual<div style="display:inline-block;width:2px"> </div>requirements for<div style="display:inline-block;width:2px"> </div>NDAs and<div style="display:inline-block;width:2px"> </div>DPAs, and cybersecurity<div style="display:inline-block;width:2px"> </div>liability clauses<div style="display:inline-block;width:2px"> </div>to mitigate </div><div id="a60712" style="position:absolute;font-family:'Arial';left:5px;top:287px;">supply chain risks. </div><div id="a60715" style="position:absolute;font-family:'Arial';left:5px;top:321px;">Cybersecurity training<div style="display:inline-block;width:2px"> </div>is carried<div style="display:inline-block;width:3px"> </div>out on<div style="display:inline-block;width:2px"> </div>a company-wide<div style="display:inline-block;width:2px"> </div>basis to<div style="display:inline-block;width:3px"> </div>all employees<div style="display:inline-block;width:2px"> </div>and seafarers.<div style="display:inline-block;width:2px"> </div>To help build </div><div id="a60718" style="position:absolute;font-family:'Arial';left:5px;top:337px;">cultural<div style="display:inline-block;width:9px"> </div>awareness<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>these<div style="display:inline-block;width:9px"> </div>risks<div style="display:inline-block;width:9px"> </div>within<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>Company,<div style="display:inline-block;width:10px"> </div>additional<div style="display:inline-block;width:9px"> </div>phishing<div style="display:inline-block;width:9px"> </div>campaigns<div style="display:inline-block;width:9px"> </div>have<div style="display:inline-block;width:9px"> </div>been </div><div id="a60719" style="position:absolute;font-family:'Arial';left:5px;top:354px;">implemented within<div style="display:inline-block;width:2px"> </div>the organization<div style="display:inline-block;width:2px"> </div>which have<div style="display:inline-block;width:2px"> </div>motivated the<div style="display:inline-block;width:2px"> </div>staff to<div style="display:inline-block;width:2px"> </div>react, helping<div style="display:inline-block;width:2px"> </div>to enhance<div style="display:inline-block;width:2px"> </div>awareness </div><div id="a60721" style="position:absolute;font-family:'Arial';left:5px;top:371px;">of these risks and mitigate their occurrence. The security team have further<div style="display:inline-block;width:5px"> </div>enhanced our processes and </div><div id="a60722" style="position:absolute;font-family:'Arial';left:5px;top:388px;">increased our defenses by implementing a cybersecurity testing program,<div style="display:inline-block;width:3px"> </div>carried out on a yearly basis by </div><div id="a60724" style="position:absolute;font-family:'Arial';left:5px;top:405px;">external<div style="display:inline-block;width:8px"> </div>consultants.<div style="display:inline-block;width:7px"> </div>Penetration<div style="display:inline-block;width:7px"> </div>testing<div style="display:inline-block;width:8px"> </div>was<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:8px"> </div>carried<div style="display:inline-block;width:7px"> </div>out<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>parallel<div style="display:inline-block;width:7px"> </div>during<div style="display:inline-block;width:8px"> </div>2024.<div style="display:inline-block;width:7px"> </div>A<div style="display:inline-block;width:8px"> </div>centralized </div><div id="a60725" style="position:absolute;font-family:'Arial';left:5px;top:422px;">monitoring<div style="display:inline-block;width:7px"> </div>system,<div style="display:inline-block;width:7px"> </div>powered<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>Microsoft's<div style="display:inline-block;width:7px"> </div>cloud-based<div style="display:inline-block;width:7px"> </div>Security<div style="display:inline-block;width:7px"> </div>Information<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>Event<div style="display:inline-block;width:7px"> </div>Management </div><div id="a60728" style="position:absolute;font-family:'Arial';left:5px;top:438px;">(SIEM)<div style="display:inline-block;width:7px"> </div>solution,<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>place<div style="display:inline-block;width:7px"> </div>throughout<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>year.<div style="display:inline-block;width:8px"> </div>This<div style="display:inline-block;width:7px"> </div>system<div style="display:inline-block;width:7px"> </div>aggregates<div style="display:inline-block;width:7px"> </div>security<div style="display:inline-block;width:7px"> </div>data<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>various </div><div id="a60730" style="position:absolute;font-family:'Arial';left:5px;top:455px;">sources, uses built-in artificial<div style="display:inline-block;width:3px"> </div>intelligence to detect and investigate<div style="display:inline-block;width:3px"> </div>threats, and enables our security<div style="display:inline-block;width:3px"> </div>team </div><div id="a60733" style="position:absolute;font-family:'Arial';left:5px;top:472px;">to respond to incidents rapidly.<div style="display:inline-block;width:6px"> </div>We have also created a comprehensive Business Continuity and Disaster </div><div id="a60735" style="position:absolute;font-family:'Arial';left:5px;top:489px;">Recovery plan to ensure business resilience and minimize potential<div style="display:inline-block;width:3px"> </div>disruptions.<div style="display:inline-block;width:4px"> </div></div><div id="a60738" style="position:absolute;font-family:'Arial';left:5px;top:523px;">For the<div style="display:inline-block;width:2px"> </div>year 2025,<div style="display:inline-block;width:2px"> </div>the security<div style="display:inline-block;width:2px"> </div>team has<div style="display:inline-block;width:2px"> </div>planned a<div style="display:inline-block;width:2px"> </div>comprehensive<div style="display:inline-block;width:3px"> </div>collaboration with<div style="display:inline-block;width:2px"> </div>a </div><div id="a60738_86_11" style="position:absolute;font-family:'Arial';left:561px;top:523px;"><ix:nonNumeric id="ID_955" name="cyd:CybersecurityRiskManagementThirdPartyEngagedFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">third-party</ix:nonNumeric></div><div id="a60738_97_9" style="position:absolute;font-family:'Arial';left:627px;top:523px;"><div style="display:inline-block;width:3px"> </div>company </div><div id="a60741" style="position:absolute;font-family:'Arial';left:5px;top:540px;">to enhance our cybersecurity awareness and training initiatives. This partnership includes the<div style="display:inline-block;width:6px"> </div>design and </div><div id="a60742" style="position:absolute;font-family:'Arial';left:5px;top:557px;">implementation<div style="display:inline-block;width:12px"> </div>of<div style="display:inline-block;width:13px"> </div>a<div style="display:inline-block;width:12px"> </div>multi-faceted<div style="display:inline-block;width:12px"> </div>approach<div style="display:inline-block;width:12px"> </div>to<div style="display:inline-block;width:13px"> </div>staff<div style="display:inline-block;width:12px"> </div>training,<div style="display:inline-block;width:12px"> </div>encompassing<div style="display:inline-block;width:12px"> </div>synchronous<div style="display:inline-block;width:12px"> </div>and </div><div id="a60746" style="position:absolute;font-family:'Arial';left:5px;top:574px;">asynchronous<div style="display:inline-block;width:7px"> </div>security<div style="display:inline-block;width:7px"> </div>awareness<div style="display:inline-block;width:7px"> </div>sessions,<div style="display:inline-block;width:7px"> </div>custom-tailored<div style="display:inline-block;width:7px"> </div>phishing<div style="display:inline-block;width:7px"> </div>campaigns<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>creation<div style="display:inline-block;width:7px"> </div>of </div><div id="a60749" style="position:absolute;font-family:'Arial';left:5px;top:590px;">informative cybersecurity awareness<div style="display:inline-block;width:6px"> </div>newsletters to keep<div style="display:inline-block;width:6px"> </div>our staff<div style="display:inline-block;width:6px"> </div>up to date<div style="display:inline-block;width:6px"> </div>on the latest<div style="display:inline-block;width:6px"> </div>best practices </div><div id="a60750" style="position:absolute;font-family:'Arial';left:5px;top:607px;">and emerging risks. Furthermore, the<div style="display:inline-block;width:3px"> </div>collaboration will focus on the<div style="display:inline-block;width:3px"> </div>customization and digitalization of our </div><div id="a60752" style="position:absolute;font-family:'Arial';left:5px;top:624px;">vessels' cybersecurity awareness program, ensuring that our seafarers<div style="display:inline-block;width:3px"> </div>maintain a robust security posture </div><div id="a60753" style="position:absolute;font-family:'Arial';left:5px;top:641px;">while at sea.<div style="display:inline-block;width:6px"> </div>In addition to<div style="display:inline-block;width:6px"> </div>awareness initiatives, we will<div style="display:inline-block;width:6px"> </div>continue to acquire<div style="display:inline-block;width:6px"> </div>relevant tools to<div style="display:inline-block;width:6px"> </div>support the </div><div id="a60755" style="position:absolute;font-family:'Arial';left:5px;top:658px;">identification of </div><div id="a60755_18_11" style="position:absolute;font-family:'Arial';left:107px;top:658px;"><ix:nonNumeric id="ID_956" name="cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">third-party</ix:nonNumeric></div><div id="a60755_29_60" style="position:absolute;font-family:'Arial';left:173px;top:658px;"><div style="display:inline-block;width:4px"> </div>risks and further strengthen our overall security posture. </div><div id="a60760" style="position:absolute;font-family:'Arial';left:5px;top:692px;">As<div style="display:inline-block;width:6px"> </div>part<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>continuous<div style="display:inline-block;width:6px"> </div>efforts<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>enhance<div style="display:inline-block;width:6px"> </div>threat<div style="display:inline-block;width:6px"> </div>detection<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>incident<div style="display:inline-block;width:6px"> </div>response,<div style="display:inline-block;width:6px"> </div>we<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>leverage </div><div id="a60761" style="position:absolute;font-family:'Arial';left:5px;top:708px;">Security Operations<div style="display:inline-block;width:2px"> </div>Center (SOC)<div style="display:inline-block;width:2px"> </div>services through<div style="display:inline-block;width:2px"> </div>a trusted<div style="display:inline-block;width:2px"> </div>external provider. This<div style="display:inline-block;width:2px"> </div>partnership will<div style="display:inline-block;width:2px"> </div>enable </div><div id="a60762" style="position:absolute;font-family:'Arial';left:5px;top:725px;">proactive<div style="display:inline-block;width:7px"> </div>security<div style="display:inline-block;width:7px"> </div>monitoring,<div style="display:inline-block;width:7px"> </div>threat<div style="display:inline-block;width:8px"> </div>intelligence,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>rapid<div style="display:inline-block;width:7px"> </div>incident<div style="display:inline-block;width:7px"> </div>response,<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:7px"> </div>reinforcing<div style="display:inline-block;width:7px"> </div>our </div><div id="a60764" style="position:absolute;font-family:'Arial';left:5px;top:742px;">cybersecurity resilience across both shore-based operations. </div><div id="a60769" style="position:absolute;font-family:'Arial';left:5px;top:776px;">Additionally,<div style="display:inline-block;width:8px"> </div>we<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>implement<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>disaster<div style="display:inline-block;width:7px"> </div>recovery<div style="display:inline-block;width:7px"> </div>site<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>cloud<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>critical<div style="display:inline-block;width:7px"> </div>applications,<div style="display:inline-block;width:6px"> </div>ensuring </div><div id="a60770" style="position:absolute;font-family:'Arial';left:5px;top:793px;">business continuity and operational resilience in the event of<div style="display:inline-block;width:3px"> </div>disruptions. </div></div></div></ix:nonNumeric></div></div>
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<div id="a60775" style="position:absolute;font-family:'Arial';left:386px;top:992px;">117 </div><div id="div_12_XBRL_TS_85f70cd2c3784ff880b9c6c4d897ec86_1" style="position:absolute;left:51px;top:75.7px;float:left;"><ix:continuation id="XBRL_TS_85f70cd2c3784ff880b9c6c4d897ec86_1"><div id="TextBlockContainer13" style="position:relative;line-height:normal;width:704px;height:187px;"><div id="TextContainer13" style="position:relative;width:704px;z-index:1;"><div id="a60777" style="position:absolute;font-family:'Arial';left:5px;top:0px;">In parallel<div style="display:inline-block;width:5px"> </div>to these security<div style="display:inline-block;width:6px"> </div>measures, our Company<div style="display:inline-block;width:6px"> </div>has established a<div style="display:inline-block;width:6px"> </div>Data Management Platform<div style="display:inline-block;width:6px"> </div>over </div><div id="a60778" style="position:absolute;font-family:'Arial';left:5px;top:17px;">Microsoft<div style="display:inline-block;width:7px"> </div>Azure<div style="display:inline-block;width:7px"> </div>Technologies,<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:7px"> </div>act<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>centralized<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>secure<div style="display:inline-block;width:7px"> </div>source<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>truth<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:7px"> </div>operations, </div><div id="a60779" style="position:absolute;font-family:'Arial';left:5px;top:34px;">strengthening the quality and integrity<div style="display:inline-block;width:3px"> </div>of company’s informational assets. The<div style="display:inline-block;width:3px"> </div>Data Management Platform </div><div id="a60781" style="position:absolute;font-family:'Arial';left:5px;top:51px;">was<div style="display:inline-block;width:8px"> </div>integrated<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:7px"> </div>our<div style="display:inline-block;width:8px"> </div>core<div style="display:inline-block;width:8px"> </div>systems<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:8px"> </div>implementation<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>key<div style="display:inline-block;width:7px"> </div>reports<div style="display:inline-block;width:8px"> </div>was<div style="display:inline-block;width:8px"> </div>initiated<div style="display:inline-block;width:8px"> </div>within<div style="display:inline-block;width:7px"> </div>2024, </div><div id="a60782" style="position:absolute;font-family:'Arial';left:5px;top:68px;">delivering several<div style="display:inline-block;width:6px"> </div>new Financial<div style="display:inline-block;width:6px"> </div>Reports that<div style="display:inline-block;width:7px"> </div>will enable<div style="display:inline-block;width:6px"> </div>better,<div style="display:inline-block;width:6px"> </div>faster and<div style="display:inline-block;width:6px"> </div>more accurate<div style="display:inline-block;width:6px"> </div>monitoring of </div><div id="a60783" style="position:absolute;font-family:'Arial';left:5px;top:85px;">Company activities<div style="display:inline-block;width:5px"> </div>and improve decision<div style="display:inline-block;width:6px"> </div>making and<div style="display:inline-block;width:5px"> </div>productivity.<div style="display:inline-block;width:6px"> </div>This transition is<div style="display:inline-block;width:6px"> </div>further strengthened </div><div id="a60785" style="position:absolute;font-family:'Arial';left:5px;top:101px;">with the digital upskilling of relevant personnel, enabling the proper and secure use of information assets. </div><div id="a60786" style="position:absolute;font-family:'Arial';left:5px;top:118px;">We<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:6px"> </div>committed<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>enhance<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>enrich<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>operational<div style="display:inline-block;width:6px"> </div>excellence<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>external<div style="display:inline-block;width:6px"> </div>3rd<div style="display:inline-block;width:6px"> </div>parties’ </div><div id="a60788" style="position:absolute;font-family:'Arial';left:5px;top:135px;">inspections and audits (PSC-Vetting inspections Audits). We openly<div style="display:inline-block;width:3px"> </div>share our results and “lessons<div style="display:inline-block;width:3px"> </div>learnt” </div><div id="a60791" style="position:absolute;font-family:'Arial';left:5px;top:152px;">within the industry and organizations, we compare and<div style="display:inline-block;width:6px"> </div>benchmark our performance and we continuously </div><div id="a60793" style="position:absolute;font-family:'Arial';left:5px;top:169px;">improve our safety footprint.</div></div></div></ix:continuation></div><div id="a60796" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:278px;">Governance</div><div id="div_15_XBRL_TS_eaa228a81cdf4e68bb480d56963315f0" style="position:absolute;left:51px;top:311.9px;float:left;"><ix:nonNumeric id="ID_957" name="cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer16" style="position:relative;line-height:normal;width:704px;height:52px;"><div id="TextContainer16" style="position:relative;width:704px;z-index:1;"><div id="a60799" style="position:absolute;font-family:'Arial';left:5px;top:0px;">Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated </div><div id="a60801" style="position:absolute;font-family:'Arial';left:5px;top:17px;">the day-to-day oversight<div style="display:inline-block;width:2px"> </div>of cybersecurity and<div style="display:inline-block;width:2px"> </div>other technology risks<div style="display:inline-block;width:2px"> </div>to the Cyber<div style="display:inline-block;width:2px"> </div>Security Officer, who has </div><div id="a60806" style="position:absolute;font-family:'Arial';left:5px;top:34px;">11 years of specialized information security experience.</div></div></div></ix:nonNumeric></div><div id="a60806_56_2" style="position:absolute;font-family:'Arial';left:417px;top:345.7px;"><div style="display:inline-block;width:4px"> </div></div><div id="div_18_XBRL_TS_2d6e6b6ec2eb429ba8d38cb3086f0da7" style="position:absolute;left:51px;top:379.5px;float:left;"><ix:nonNumeric id="ID_958" name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer19" style="position:relative;line-height:normal;width:704px;height:170px;"><div id="TextContainer19" style="position:relative;width:704px;z-index:1;"><div id="a60809" style="position:absolute;font-family:'Arial';left:5px;top:0px;">This<div style="display:inline-block;width:8px"> </div>experience<div style="display:inline-block;width:7px"> </div>includes<div style="display:inline-block;width:7px"> </div>serving<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>Cyber<div style="display:inline-block;width:7px"> </div>Security<div style="display:inline-block;width:7px"> </div>Officer<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Services,<div style="display:inline-block;width:7px"> </div>Information </div><div id="a60810" style="position:absolute;font-family:'Arial';left:5px;top:17px;">Security<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>Viva<div style="display:inline-block;width:7px"> </div>Wallet,<div style="display:inline-block;width:7px"> </div>Senior<div style="display:inline-block;width:6px"> </div>IT<div style="display:inline-block;width:7px"> </div>Auditor<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>First<div style="display:inline-block;width:6px"> </div>Data<div style="display:inline-block;width:7px"> </div>Corporation<div style="display:inline-block;width:6px"> </div>focusing<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>EMEA<div style="display:inline-block;width:6px"> </div>region </div><div id="a60811" style="position:absolute;font-family:'Arial';left:5px;top:34px;">security<div style="display:inline-block;width:7px"> </div>audits,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>IT<div style="display:inline-block;width:7px"> </div>Auditor/Security<div style="display:inline-block;width:7px"> </div>Consultant<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>Deloitte's<div style="display:inline-block;width:7px"> </div>Enterprise<div style="display:inline-block;width:7px"> </div>Risk<div style="display:inline-block;width:7px"> </div>Services.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>Cyber </div><div id="a60813" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Security<div style="display:inline-block;width:8px"> </div>Officer<div style="display:inline-block;width:8px"> </div>holds<div style="display:inline-block;width:8px"> </div>CISA<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>CDPSE<div style="display:inline-block;width:8px"> </div>certifications<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>ISACA,<div style="display:inline-block;width:8px"> </div>completed<div style="display:inline-block;width:8px"> </div>Information<div style="display:inline-block;width:8px"> </div>Security </div><div id="a60814" style="position:absolute;font-family:'Arial';left:5px;top:67px;">Management<div style="display:inline-block;width:6px"> </div>Systems<div style="display:inline-block;width:6px"> </div>(ISMS)<div style="display:inline-block;width:6px"> </div>Auditor/Lead<div style="display:inline-block;width:6px"> </div>Auditor<div style="display:inline-block;width:6px"> </div>Training<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>ISO<div style="display:inline-block;width:6px"> </div>27001:2013,<div style="display:inline-block;width:6px"> </div>and </div><div id="a60815" style="position:absolute;font-family:'Arial';left:5px;top:84px;">possesses an MSc in Digital Systems Security from the University<div style="display:inline-block;width:3px"> </div>of Piraeus. </div><div id="a60820" style="position:absolute;font-family:'Arial';left:5px;top:118px;">The Cyber<div style="display:inline-block;width:3px"> </div>Security Officer<div style="display:inline-block;width:3px"> </div>is </div><div id="a60820_30_11" style="position:absolute;font-family:'Arial';left:193px;top:118px;"><ix:nonNumeric id="ID_959" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">responsible</ix:nonNumeric></div><div id="a60820_41_66" style="position:absolute;font-family:'Arial';left:268px;top:118px;"><div style="display:inline-block;width:3px"> </div>for assessing,<div style="display:inline-block;width:2px"> </div>managing and<div style="display:inline-block;width:2px"> </div>mitigating cybersecurity<div style="display:inline-block;width:2px"> </div>threats and </div><div id="a60821" style="position:absolute;font-family:'Arial';left:5px;top:135px;">for<div style="display:inline-block;width:7px"> </div>reporting<div style="display:inline-block;width:7px"> </div>cybersecurity<div style="display:inline-block;width:7px"> </div>updates,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:7px"> </div>updates<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>monitoring<div style="display:inline-block;width:7px"> </div>strategies<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>efforts<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>prevent </div><div id="a60822" style="position:absolute;font-family:'Arial';left:5px;top:152px;">cybersecurity threats, to the board of directors on a quarterly basis or<div style="display:inline-block;width:3px"> </div>more often as needed.</div></div></div></ix:nonNumeric></div><div id="a60822_94_2" style="position:absolute;font-family:'Arial';left:655px;top:531.3px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60826" style="position:absolute;font-family:'Arial';left:57px;top:565px;">Our management<div style="display:inline-block;width:6px"> </div>team plays<div style="display:inline-block;width:6px"> </div>a vital<div style="display:inline-block;width:6px"> </div>role in<div style="display:inline-block;width:6px"> </div>assessing and<div style="display:inline-block;width:6px"> </div>managing the<div style="display:inline-block;width:6px"> </div>Company's material<div style="display:inline-block;width:6px"> </div>risks from </div><div id="a60827" style="position:absolute;font-family:'Arial';left:57px;top:582px;">cybersecurity threats. The Cyber Security Officer leads our cybersecurity program, reporting to the Digital </div><div id="a60828" style="position:absolute;font-family:'Arial';left:57px;top:599px;">Transformation<div style="display:inline-block;width:9px"> </div>Officer,<div style="display:inline-block;width:10px"> </div>who<div style="display:inline-block;width:9px"> </div>in<div style="display:inline-block;width:9px"> </div>turn<div style="display:inline-block;width:9px"> </div>reports<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>Chief<div style="display:inline-block;width:9px"> </div>Executive<div style="display:inline-block;width:8px"> </div>Officer<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>matters<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>strategic </div><div id="a60830" style="position:absolute;font-family:'Arial';left:57px;top:616px;">importance.<div style="display:inline-block;width:6px"> </div>Additionally,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Cyber<div style="display:inline-block;width:6px"> </div>Security<div style="display:inline-block;width:6px"> </div>Officer<div style="display:inline-block;width:7px"> </div>holds<div style="display:inline-block;width:6px"> </div>biweekly<div style="display:inline-block;width:6px"> </div>meetings<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>CEO<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>discuss </div><div id="a60831" style="position:absolute;font-family:'Arial';left:57px;top:632px;">emerging threats, ongoing security initiatives, and strategic cybersecurity<div style="display:inline-block;width:3px"> </div>priorities. </div><div id="a60834" style="position:absolute;font-family:'Arial';left:57px;top:666px;">The<div style="display:inline-block;width:6px"> </div>Cyber<div style="display:inline-block;width:6px"> </div>Security Officer<div style="display:inline-block;width:7px"> </div>reports to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>management team<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>semi-annual<div style="display:inline-block;width:6px"> </div>basis,<div style="display:inline-block;width:6px"> </div>presenting major </div><div id="a60837" style="position:absolute;font-family:'Arial';left:57px;top:683px;">cybersecurity incidents<div style="display:inline-block;width:7px"> </div>and key<div style="display:inline-block;width:7px"> </div>performance indicators<div style="display:inline-block;width:6px"> </div>related to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>company's cybersecurity<div style="display:inline-block;width:6px"> </div>posture. </div><div id="a60838" style="position:absolute;font-family:'Arial';left:57px;top:700px;">Additionally,<div style="display:inline-block;width:6px"> </div>the Cyber<div style="display:inline-block;width:6px"> </div>Security Officer<div style="display:inline-block;width:6px"> </div>reports to<div style="display:inline-block;width:6px"> </div>the audit<div style="display:inline-block;width:6px"> </div>committee on<div style="display:inline-block;width:6px"> </div>a semi-annual<div style="display:inline-block;width:6px"> </div>basis regarding </div><div id="a60842" style="position:absolute;font-family:'Arial';left:57px;top:717px;">progress<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>critical<div style="display:inline-block;width:9px"> </div>cybersecurity<div style="display:inline-block;width:9px"> </div>initiatives,<div style="display:inline-block;width:9px"> </div>results<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>company's<div style="display:inline-block;width:9px"> </div>cybersecurity<div style="display:inline-block;width:9px"> </div>maturity<div style="display:inline-block;width:9px"> </div>level </div><div id="a60843" style="position:absolute;font-family:'Arial';left:57px;top:734px;">assessments, and updates on the implementation of our cybersecurity<div style="display:inline-block;width:3px"> </div>strategy. </div><div id="div_21_XBRL_TS_ab946fd6d57341d1af9200fcca9e1503" style="position:absolute;left:51px;top:767.4px;float:left;"><ix:nonNumeric id="ID_916" name="cyd:CybersecurityRiskRoleOfManagementTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer28" style="position:relative;line-height:normal;width:704px;height:86px;"><div id="div_22_XBRL_TS_62b7f908bc2c4ff2b15cf7dd4cb5bbde" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_914" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer23" style="position:relative;line-height:normal;width:617px;height:19px;"><div id="TextContainer23" style="position:relative;width:617px;z-index:1;"><div id="a60846" style="position:absolute;font-family:'Arial';left:5px;top:0px;">The </div><div id="a60846_4_15" style="position:absolute;font-family:'Arial';left:36px;top:0px;"><ix:nonNumeric id="ID_915" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleantrue">audit committee</ix:nonNumeric></div><div id="a60846_19_68" style="position:absolute;font-family:'Arial';left:141px;top:0px;"><div style="display:inline-block;width:5px"> </div>receives regular<div style="display:inline-block;width:7px"> </div>reports from<div style="display:inline-block;width:7px"> </div>management<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>our cybersecurity<div style="display:inline-block;width:6px"> </div>risks</div></div></div></ix:nonNumeric></div><div id="TextContainer28" style="position:relative;width:704px;z-index:1;"><div id="a60846_87_15" style="position:absolute;font-family:'Arial';left:606px;top:0px;">.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>addition, </div><div id="a60847" style="position:absolute;font-family:'Arial';left:5px;top:17px;">management updates the audit committee, as<div style="display:inline-block;width:6px"> </div>necessary, regarding<div style="display:inline-block;width:6px"> </div>any material cybersecurity incidents, </div><div id="a60848" style="position:absolute;font-family:'Arial';left:5px;top:34px;">as<div style="display:inline-block;width:8px"> </div>well<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:8px"> </div>any<div style="display:inline-block;width:8px"> </div>incidents<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>lesser<div style="display:inline-block;width:8px"> </div>impact<div style="display:inline-block;width:8px"> </div>potential. </div></div><div id="div_25_XBRL_TS_c67ebb92402644719538f16b49f1ff72" style="position:absolute;left:0px;top:34px;float:left;"><ix:nonNumeric id="ID_917" name="cyd:CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer26" style="position:relative;line-height:normal;width:704px;height:52px;"><div id="TextContainer26" style="position:relative;width:704px;z-index:1;"><div id="a60848_55_42" style="position:absolute;font-family:'Arial';left:382px;top:0px;">The<div style="display:inline-block;width:8px"> </div>audit<div style="display:inline-block;width:8px"> </div>committee<div style="display:inline-block;width:8px"> </div>reviews<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company's </div><div id="a60850" style="position:absolute;font-family:'Arial';left:5px;top:17px;">cybersecurity<div style="display:inline-block;width:6px"> </div>risks<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>assess’<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>steps<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>taken<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>protect<div style="display:inline-block;width:6px"> </div>against<div style="display:inline-block;width:5px"> </div>threats<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the </div><div id="a60851" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Company's information systems and security.</div></div></div></ix:nonNumeric></div></div></ix:nonNumeric></div><div id="div_31_XBRL_TS_cc4e3b89e07146bdb23950f6c322ea0f" style="position:absolute;left:51px;top:868.6px;float:left;"><ix:nonNumeric id="ID_913" name="cyd:CybersecurityRiskBoardOfDirectorsOversightTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer32" style="position:relative;line-height:normal;width:704px;height:69px;"><div id="TextContainer32" style="position:relative;width:704px;z-index:1;"><div id="a60854" style="position:absolute;font-family:'Arial';left:5px;top:0px;">Our<div style="display:inline-block;width:7px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>directors<div style="display:inline-block;width:6px"> </div>oversees<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>cybersecurity<div style="display:inline-block;width:6px"> </div>risk<div style="display:inline-block;width:7px"> </div>exposures<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>steps<div style="display:inline-block;width:6px"> </div>taken<div style="display:inline-block;width:7px"> </div>by </div><div id="a60855" style="position:absolute;font-family:'Arial';left:5px;top:17px;">management to<div style="display:inline-block;width:7px"> </div>monitor and<div style="display:inline-block;width:6px"> </div>mitigate cybersecurity<div style="display:inline-block;width:6px"> </div>risks. The<div style="display:inline-block;width:7px"> </div>board of<div style="display:inline-block;width:7px"> </div>directors ensures<div style="display:inline-block;width:6px"> </div>allocation and </div><div id="a60856" style="position:absolute;font-family:'Arial';left:5px;top:34px;">prioritization of resources and<div style="display:inline-block;width:5px"> </div>overall strategic direction for<div style="display:inline-block;width:5px"> </div>cybersecurity and ensures alignment with<div style="display:inline-block;width:6px"> </div>the </div><div id="a60858" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Company’s overall strategy.</div></div></div></ix:nonNumeric></div></div>
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<div id="a60863" style="position:absolute;font-family:'Arial';left:386px;top:992px;">118 </div><div id="a60865" style="position:absolute;font-family:'Arial';font-weight:bold;left:57px;top:75.7px;"><ix:nonNumeric id="ID_912" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:booleanfalse">Cybersecurity Threats</ix:nonNumeric></div><div id="div_34_XBRL_TS_2aacd5ce5200455e826d9c1536699690" style="position:absolute;left:51px;top:109.5px;float:left;"><ix:nonNumeric id="ID_911" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer35" style="position:relative;line-height:normal;width:704px;height:69px;"><div id="TextContainer35" style="position:relative;width:704px;z-index:1;"><div id="a60868" style="position:absolute;font-family:'Arial';left:5px;top:0px;">As of<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>of this<div style="display:inline-block;width:6px"> </div>annual report,<div style="display:inline-block;width:5px"> </div>we have<div style="display:inline-block;width:6px"> </div>not identifed<div style="display:inline-block;width:6px"> </div>any cybersecurity threats<div style="display:inline-block;width:6px"> </div>that have<div style="display:inline-block;width:6px"> </div>materially </div><div id="a60877" style="position:absolute;font-family:'Arial';left:5px;top:17px;">affected or are<div style="display:inline-block;width:2px"> </div>reasonably likely<div style="display:inline-block;width:2px"> </div>to materially<div style="display:inline-block;width:3px"> </div>affect our business<div style="display:inline-block;width:2px"> </div>strategy, results of operations,<div style="display:inline-block;width:2px"> </div>or financial </div><div id="a60878" style="position:absolute;font-family:'Arial';left:5px;top:34px;">condition. For more information about the cybersecurity risks we face, please see Item 3. Key Information </div><div id="a60880" style="position:absolute;font-family:'Arial';left:5px;top:51px;">— D. Risk Factors — “A cyber-attack could materially disrupt our business.”</div></div></div></ix:nonNumeric></div></div>
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<div id="a60891" style="position:absolute;font-family:'Arial';left:386px;top:992px;">119 </div><div id="a60893" style="position:absolute;font-family:'Arial';font-size:21.28px;font-weight:bold;left:359px;top:76px;">PART III</div><div id="a60896" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:149px;">Item 17.<div style="display:inline-block;width:26px"> </div>Financial Statements </div><div id="a60900" style="position:absolute;font-family:'Arial';left:57px;top:175px;"> </div><div id="a60901" style="position:absolute;font-family:'Arial';left:57px;top:192px;">See Item 18. </div><div id="a60904" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:225px;">Item 18.<div style="display:inline-block;width:26px"> </div>Financial Statements </div><div id="a60908" style="position:absolute;font-family:'Arial';left:57px;top:247px;"> </div><div id="a60909" style="position:absolute;font-family:'Arial';left:57px;top:264px;">The financial statements<div style="display:inline-block;width:2px"> </div>required by this<div style="display:inline-block;width:2px"> </div>Item 18 are<div style="display:inline-block;width:3px"> </div>filed as a<div style="display:inline-block;width:3px"> </div>part of this<div style="display:inline-block;width:2px"> </div>annual report beginning<div style="display:inline-block;width:2px"> </div>on page </div><div id="a60910" style="position:absolute;font-family:'Arial';left:57px;top:281px;">F-1.<div style="display:inline-block;width:4px"> </div></div><div id="a60915" style="position:absolute;font-family:'Arial';font-size:18.72px;font-weight:bold;left:57px;top:330px;">Item 19.<div style="display:inline-block;width:26px"> </div>Exhibits </div><div id="a60919" style="position:absolute;font-family:'Arial';left:57px;top:356px;"> </div><div id="a60920" style="position:absolute;font-family:'Arial';left:57px;top:373px;">Exhibit </div><div id="a60922" style="position:absolute;font-family:'Arial';left:57px;top:389px;">Number<div style="display:inline-block;width:44px"> </div>Description </div><div id="a60926" style="position:absolute;font-family:'Arial';left:57px;top:406px;">1.1<div style="display:inline-block;width:4px"> </div></div><div id="a60928" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:406px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423006430/d10881815_6-k.htm" style="color:#0000FF;text-decoration:underline;">Amended and<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Restated Articles of<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Incorporation of Diana<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Shipping Inc.<span style="display:inline-block;width:5px;text-decoration:underline"> </span>(originally known as<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Diana </a></div><div id="a60929" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:423px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423006430/d10881815_6-k.htm" style="color:#0000FF;text-decoration:underline;">Shipping Investment Corp.) (1)</a></div><div id="a60933" style="position:absolute;font-family:'Arial';left:57px;top:440px;">1.2<div style="display:inline-block;width:4px"> </div></div><div id="a60935" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:440px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414000976/d1453955_6-k.htm" style="color:#0000FF;text-decoration:underline;">Amended and Restated By-laws of the Company (2)</a></div><div id="a60941" style="position:absolute;font-family:'Arial';left:57px;top:457px;">1.3 </div><div id="a60943" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:457px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957421003095/d8845712_6-k.htm" style="color:#0000FF;text-decoration:underline;">Equity Distribution Agreement between Diana Shipping Inc. and<span style="display:inline-block;width:3px;text-decoration:underline"> </span>Maxim Group LLC. dated April 23, </a></div><div id="a60944" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:474px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957421003095/d8845712_6-k.htm" style="color:#0000FF;text-decoration:underline;">2021 (21)</a></div><div id="a60947" style="position:absolute;font-family:'Arial';left:57px;top:491px;">1.4 </div><div id="a60949" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:491px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957421004480/d8883930_ex1-1.htm" style="color:#0000FF;text-decoration:underline;">Amendment No.1 to Equity<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Distribution Agreement between Diana Shipping Inc.<span style="display:inline-block;width:6px;text-decoration:underline"> </span>and Maxim Group </a></div><div id="a60950" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:507px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957421004480/d8883930_ex1-1.htm" style="color:#0000FF;text-decoration:underline;">LLC. dated July 7, 2021 (23)</a></div><div id="a60951" style="position:absolute;font-family:'Arial';color:#0000FF;left:280px;top:507px;"><div style="display:inline-block;width:4px"> </div></div><div id="a60953" style="position:absolute;font-family:'Arial';left:57px;top:524px;">1.5 </div><div id="a60955" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:524px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957424005451/d11435911_ex1-1.htm" style="color:#0000FF;text-decoration:underline;">Amendment No.2 to Equity<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Distribution Agreement between Diana Shipping Inc.<span style="display:inline-block;width:6px;text-decoration:underline"> </span>and Maxim Group </a></div><div id="a60956" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:541px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957424005451/d11435911_ex1-1.htm" style="color:#0000FF;text-decoration:underline;">LLC. Dated September 9, 2024 (10)</a></div><div id="a60959" style="position:absolute;font-family:'Arial';left:57px;top:558px;">2.1<div style="display:inline-block;width:4px"> </div></div><div id="a60961" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:558px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957416012194/d7069400_ex2-1.htm" style="color:#0000FF;text-decoration:underline;">Form of Common Share Certificate (13)</a></div><div id="a60963" style="position:absolute;font-family:'Arial';left:57px;top:575px;">2.2<div style="display:inline-block;width:4px"> </div></div><div id="a60965" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:575px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414000979/d1453587_ex4-1.htm" style="color:#0000FF;text-decoration:underline;">Form of Series B Preferred Stock Certificate (16)</a></div><div id="a60969" style="position:absolute;font-family:'Arial';left:57px;top:592px;">2.3<div style="display:inline-block;width:4px"> </div></div><div id="a60971" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:592px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414000979/d1454019_ex3-3.htm" style="color:#0000FF;text-decoration:underline;">Statement<span style="display:inline-block;width:7px;text-decoration:underline"> </span>of<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Designation<span style="display:inline-block;width:6px;text-decoration:underline"> </span>of<span style="display:inline-block;width:7px;text-decoration:underline"> </span>the<span style="display:inline-block;width:7px;text-decoration:underline"> </span>8.875%<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Series<span style="display:inline-block;width:6px;text-decoration:underline"> </span>B<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Cumulative<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Redeemable<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Perpetual<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Preferred </a></div><div id="a60972" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:609px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414000979/d1454019_ex3-3.htm" style="color:#0000FF;text-decoration:underline;">Shares of the Company (3)</a></div><div id="a60976" style="position:absolute;font-family:'Arial';left:57px;top:626px;">2.4<div style="display:inline-block;width:4px"> </div></div><div id="a60978" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:626px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957416009392/d7000560_ex3-1.htm" style="color:#0000FF;text-decoration:underline;">Statement of Designations of the Series A Participating Preferred<span style="display:inline-block;width:3px;text-decoration:underline"> </span>Stock of the Company (4)</a></div><div id="a60982" style="position:absolute;font-family:'Arial';left:57px;top:642px;">2.5<div style="display:inline-block;width:4px"> </div></div><div id="a60984" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:642px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957415004679/d6639619_6-k.htm" style="color:#0000FF;text-decoration:underline;">Base<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Indenture,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>dated<span style="display:inline-block;width:6px;text-decoration:underline"> </span>May<span style="display:inline-block;width:7px;text-decoration:underline"> </span>28,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>2015,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>by<span style="display:inline-block;width:7px;text-decoration:underline"> </span>and<span style="display:inline-block;width:6px;text-decoration:underline"> </span>between<span style="display:inline-block;width:7px;text-decoration:underline"> </span>the<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Company<span style="display:inline-block;width:6px;text-decoration:underline"> </span>and<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Deutsche<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Bank<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Trust </a></div><div id="a60985" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:659px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957415004679/d6639619_6-k.htm" style="color:#0000FF;text-decoration:underline;">Company Americas (5)</a></div><div id="a60987" style="position:absolute;font-family:'Arial';left:57px;top:676px;">2.6 </div><div id="a60989" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:676px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957415004679/d6639619_6-k.htm" style="color:#0000FF;text-decoration:underline;">First<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Supplemental<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Indenture<span style="display:inline-block;width:7px;text-decoration:underline"> </span>to<span style="display:inline-block;width:7px;text-decoration:underline"> </span>the<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Base<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Indenture,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>dated<span style="display:inline-block;width:7px;text-decoration:underline"> </span>May<span style="display:inline-block;width:7px;text-decoration:underline"> </span>28,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>2015,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>by<span style="display:inline-block;width:7px;text-decoration:underline"> </span>and<span style="display:inline-block;width:7px;text-decoration:underline"> </span>between<span style="display:inline-block;width:7px;text-decoration:underline"> </span>the </a></div><div id="a60990" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:693px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957415004679/d6639619_6-k.htm" style="color:#0000FF;text-decoration:underline;">Company<span style="display:inline-block;width:7px;text-decoration:underline"> </span>and<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Deutsche<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Bank<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Trust<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Company<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Americas,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>as<span style="display:inline-block;width:7px;text-decoration:underline"> </span>trustee,<span style="display:inline-block;width:7px;text-decoration:underline"> </span>relating<span style="display:inline-block;width:7px;text-decoration:underline"> </span>to<span style="display:inline-block;width:7px;text-decoration:underline"> </span>the<span style="display:inline-block;width:7px;text-decoration:underline"> </span>Company's </a></div><div id="a60991" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:710px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957415004679/d6639619_6-k.htm" style="color:#0000FF;text-decoration:underline;">8.500% Senior Notes due 2020 (6)</a></div><div id="a60993" style="position:absolute;font-family:'Arial';left:57px;top:727px;">2.7<div style="display:inline-block;width:4px"> </div></div><div id="a60995" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:727px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957419000811/d8183574_6-k.htm" style="color:#0000FF;text-decoration:underline;">Statement of<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Designation of<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Rights, Preferences<span style="display:inline-block;width:5px;text-decoration:underline"> </span>and Privileges<span style="display:inline-block;width:5px;text-decoration:underline"> </span>of Series<span style="display:inline-block;width:6px;text-decoration:underline"> </span>C Preferred<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Stock of<span style="display:inline-block;width:6px;text-decoration:underline"> </span>the </a></div><div id="a60996" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:744px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957419000811/d8183574_6-k.htm" style="color:#0000FF;text-decoration:underline;">Company (18)</a></div><div id="a61000" style="position:absolute;font-family:'Arial';left:57px;top:760px;">2.8 </div><div id="a61002" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:760px;"><a href="exhibit28.htm" style="color:#0000FF;text-decoration:underline;">Description of Securities</a></div><div id="a61003" style="position:absolute;font-family:'Arial';left:253px;top:760px;">**</div><div id="a61005" style="position:absolute;font-family:'Arial';left:57px;top:777px;">2.9 </div><div id="a61007" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:777px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423005195/d10808804_6-k.htm" style="color:#0000FF;text-decoration:underline;">Amended and Restated Statement of Designation of Rights, Preferences and Privileges of Series<span style="display:inline-block;width:3px;text-decoration:underline"> </span>D </a></div><div id="a61011" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:794px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423005195/d10808804_6-k.htm" style="color:#0000FF;text-decoration:underline;">Preferred Stock of the Company (22)</a></div><div id="a61013" style="position:absolute;font-family:'Arial';left:57px;top:811px;">2.10 </div><div id="a61014" style="position:absolute;font-family:'Arial';color:#0000FF;left:93px;top:811px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423006732/d10906444_6-k.htm" style="color:#0000FF;text-decoration:underline;">Warrant<span style="display:inline-block;width:8px;text-decoration:underline"> </span>Agreement<span style="display:inline-block;width:8px;text-decoration:underline"> </span>dated<span style="display:inline-block;width:8px;text-decoration:underline"> </span>December<span style="display:inline-block;width:8px;text-decoration:underline"> </span>14,<span style="display:inline-block;width:8px;text-decoration:underline"> </span>2023,<span style="display:inline-block;width:8px;text-decoration:underline"> </span>between<span style="display:inline-block;width:8px;text-decoration:underline"> </span>Computershare<span style="display:inline-block;width:8px;text-decoration:underline"> </span>Inc.,<span style="display:inline-block;width:8px;text-decoration:underline"> </span>and<span style="display:inline-block;width:8px;text-decoration:underline"> </span>its<span style="display:inline-block;width:8px;text-decoration:underline"> </span>affiliate, </a></div><div id="a61015" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:828px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957423006732/d10906444_6-k.htm" style="color:#0000FF;text-decoration:underline;">Computershare Trust Company, N.A. and the Registrant (including the form of the Warrants) (27)</a></div><div id="a61017" style="position:absolute;font-family:'Arial';left:57px;top:845px;">4.1<div style="display:inline-block;width:4px"> </div></div><div id="a61019" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:845px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957424000656/d10971754_ex4-1.htm" style="color:#0000FF;text-decoration:underline;">Amended and Restated Stockholders Rights Agreement dated January<span style="display:inline-block;width:3px;text-decoration:underline"> </span>15, 2016 (7)</a></div><div id="a61021" style="position:absolute;font-family:'Arial';left:57px;top:862px;">4.2<div style="display:inline-block;width:4px"> </div></div><div id="a61023" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:862px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957421002400/exhibit42.htm" style="color:#0000FF;text-decoration:underline;">2014 Equity Incentive Plan (as amended and restated effective January 8, 2021)<span style="display:inline-block;width:3px;text-decoration:underline"> </span>(24)</a></div><div id="a61026" style="position:absolute;font-family:'Arial';left:57px;top:879px;">4.3<div style="display:inline-block;width:4px"> </div></div><div id="a61028" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:879px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000104746905005047/a2152319zex-10_4.htm" style="color:#0000FF;text-decoration:underline;">Form of Technical Manager Purchase Option Agreement (8)</a></div><div id="a61032" style="position:absolute;font-family:'Arial';left:57px;top:896px;">4.4<div style="display:inline-block;width:4px"> </div></div><div id="a61034" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:896px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000104746905006514/a2153732zex-10_5.htm" style="color:#0000FF;text-decoration:underline;">Form of Management Agreement (9)</a></div><div id="a61038" style="position:absolute;font-family:'Arial';left:57px;top:912px;">4.5<div style="display:inline-block;width:4px"> </div></div><div id="a61042" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:912px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414002437/d1464858_ex4-21.htm" style="color:#0000FF;text-decoration:underline;">Administrative Services<span style="display:inline-block;width:2px;text-decoration:underline"> </span>Agreement, dated<span style="display:inline-block;width:3px;text-decoration:underline"> </span>October 1,<span style="display:inline-block;width:3px;text-decoration:underline"> </span>2013, by<span style="display:inline-block;width:3px;text-decoration:underline"> </span>and between<span style="display:inline-block;width:2px;text-decoration:underline"> </span>Diana Shipping<span style="display:inline-block;width:2px;text-decoration:underline"> </span>Inc. and </a></div><div id="a61043" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:929px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957414002437/d1464858_ex4-21.htm" style="color:#0000FF;text-decoration:underline;">Diana Shipping Services S.A. (11)</a></div></div>
</div>
<div style="padding: 7px">
<div id="Page120" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a61047" style="position:absolute;font-family:'Arial';left:386px;top:992px;">120 </div><div id="a61049" style="position:absolute;font-family:'Arial';left:57px;top:76px;">4.6<div style="display:inline-block;width:4px"> </div></div><div id="a61053" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:76px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957416012194/d7077442_ex4-22.htm" style="color:#0000FF;text-decoration:underline;">Joint Venture<span style="display:inline-block;width:7px;text-decoration:underline"> </span>and Subscription<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Agreement with<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Wilhelmsen Ship<span style="display:inline-block;width:6px;text-decoration:underline"> </span>Management, dated<span style="display:inline-block;width:6px;text-decoration:underline"> </span>January 16, </a></div><div id="a61054" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:93px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000091957416012194/d7077442_ex4-22.htm" style="color:#0000FF;text-decoration:underline;">2015 (13)</a></div><div id="a61056" style="position:absolute;font-family:'Arial';left:57px;top:110px;">4.7: </div><div id="a61060" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:110px;"><a href="http://www.sec.gov/Archives/edgar/data/0001318885/000156276223000136/exhibit447.htm" style="color:#0000FF;text-decoration:underline;">Right of First Refusal Agreement with OceanPal Inc.</a></div><div id="a61061" style="position:absolute;font-family:'Arial';left:434px;top:110px;">(26) </div><div id="a61063" style="position:absolute;font-family:'Arial';left:57px;top:126px;">4.8: </div><div id="a61067" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:126px;"><a href="http://www.sec.gov/Archives/edgar/data/0001318885/000156276223000136/exhibit448.htm" style="color:#0000FF;text-decoration:underline;">Amended and Restated Contribution and Conveyance Agreement<span style="display:inline-block;width:3px;text-decoration:underline"> </span>with OceanPal Inc.</a></div><div id="a61068" style="position:absolute;font-family:'Arial';left:648px;top:126px;">(26) </div><div id="a61070" style="position:absolute;font-family:'Arial';left:57px;top:143px;">4.9:<div style="display:inline-block;width:4px"> </div></div><div id="a61074" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:143px;"><a href="exhibit409.htm" style="color:#0000FF;text-decoration:underline;">Brokerage Services Agreement, dated February 25, 2025</a></div><div id="a61075" style="position:absolute;font-family:'Arial';left:467px;top:143px;">** </div><div id="a61077" style="position:absolute;font-family:'Arial';left:57px;top:162px;">4.10:<div style="display:inline-block;width:4px"> </div></div><div id="a61081" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:162px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000156276224000080/exhibit450.htm" style="color:#0000FF;text-decoration:underline;">Loan Agreement dated June 26, 2023 with DNB Bank ASA</a></div><div id="a61082" style="position:absolute;font-family:'Arial';font-size:16px;left:477px;top:160px;">(26)</div><div id="a61084" style="position:absolute;font-family:'Arial';left:57px;top:180px;">4.</div><div id="a61085" style="position:absolute;font-family:'Arial';left:69px;top:180px;letter-spacing:0.53px;">11</div><div id="a61086" style="position:absolute;font-family:'Arial';left:85px;top:180px;">: </div><div id="a61087" style="position:absolute;font-family:'Arial';color:#0000FF;left:94px;top:180px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000156276224000080/exhibit452.htm" style="color:#0000FF;text-decoration:underline;">Amended and Restatement Deed re Secured Loan Agreement,<span style="display:inline-block;width:3px;text-decoration:underline"> </span>dated July 19, 2023</a></div><div id="a61088" style="position:absolute;font-family:'Arial';font-size:16px;left:636px;top:179px;"><div style="display:inline-block;width:4px"> </div>(26)</div><div id="a61091" style="position:absolute;font-family:'Arial';left:57px;top:197px;">4.12: </div><div id="a61095" style="position:absolute;font-family:'Arial';color:#0000FF;left:94px;top:197px;"><a href="exhibit412.htm" style="color:#0000FF;text-decoration:underline;">Loan Agreement dated October 18, 2024 with Danish Ship Finance<span style="display:inline-block;width:3px;text-decoration:underline"> </span>A/S</a></div><div id="a61096" style="position:absolute;font-family:'Arial';left:558px;top:197px;">** </div><div id="a61098" style="position:absolute;font-family:'Arial';left:57px;top:214px;">4.13: </div><div id="a61102" style="position:absolute;font-family:'Arial';color:#0000FF;left:94px;top:214px;"><a href="exhibit413.htm" style="color:#0000FF;text-decoration:underline;">Loan Agreement dated July 25, 2025 with Nordea Bank ABP</a></div><div id="a61103" style="position:absolute;font-family:'Arial';left:488px;top:214px;">**</div><div id="a61105" style="position:absolute;font-family:'Arial';left:57px;top:231px;">8.1 </div><div id="a61107" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:231px;"><a href="exhibit81.htm" style="color:#0000FF;text-decoration:underline;">Subsidiaries of the Company**</a></div><div id="a61109" style="position:absolute;font-family:'Arial';left:57px;top:248px;">11.1 </div><div id="a61111" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:248px;"><a href="exhibit111.htm" style="color:#0000FF;text-decoration:underline;">Amended Code of Ethics</a></div><div id="a61112" style="position:absolute;font-family:'Arial';left:257px;top:248px;">** </div><div id="a61114" style="position:absolute;font-family:'Arial';left:57px;top:264px;">11.2 </div><div id="a61116" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:264px;"><a href="exhibit112.htm" style="color:#0000FF;text-decoration:underline;">Insider Trading Policy</a></div><div id="a61117" style="position:absolute;font-family:'Arial';left:236px;top:264px;">** </div><div id="a61119" style="position:absolute;font-family:'Arial';left:57px;top:281px;">12.1 </div><div id="a61121" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:281px;"><a href="exhibit121.htm" style="color:#0000FF;text-decoration:underline;">Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer</a></div><div id="a61126" style="position:absolute;font-family:'Arial';left:533px;top:281px;">** </div><div id="a61128" style="position:absolute;font-family:'Arial';left:57px;top:298px;">12.2 </div><div id="a61130" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:298px;"><a href="exhibit122.htm" style="color:#0000FF;text-decoration:underline;">Rule 13a-14(a)/15d-14(a) Certification of Principal Financial<span style="display:inline-block;width:3px;text-decoration:underline"> </span>Officer</a></div><div id="a61135" style="position:absolute;font-family:'Arial';left:528px;top:298px;">** </div><div id="a61137" style="position:absolute;font-family:'Arial';left:57px;top:315px;">13.1 </div><div id="a61139" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:315px;"><a href="exhibit131.htm" style="color:#0000FF;text-decoration:underline;">Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as<span style="display:inline-block;width:3px;text-decoration:underline"> </span>adopted pursuant </a></div><div id="a61140" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:332px;"><a href="exhibit131.htm" style="color:#0000FF;text-decoration:underline;">to Section 906 of the Sarbanes-Oxley Act of 2002</a></div><div id="a61143" style="position:absolute;font-family:'Arial';left:417px;top:332px;">** </div><div id="a61145" style="position:absolute;font-family:'Arial';left:57px;top:349px;">13.2 </div><div id="a61147" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:349px;"><a href="exhibit132.htm" style="color:#0000FF;text-decoration:underline;">Certification of Principal Financial Officer<span style="display:inline-block;width:6px;text-decoration:underline"> </span>pursuant to 18 U.S.C. Section 1350,<span style="display:inline-block;width:5px;text-decoration:underline"> </span>as adopted pursuant </a></div><div id="a61148" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:366px;"><a href="exhibit132.htm" style="color:#0000FF;text-decoration:underline;">to Section 906 of the Sarbanes-Oxley Act of 2002</a></div><div id="a61151" style="position:absolute;font-family:'Arial';left:417px;top:366px;">** </div><div id="a61153" style="position:absolute;font-family:'Arial';left:57px;top:383px;">15.1 </div><div id="a61155" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:383px;"><a href="exhibit151.htm" style="color:#0000FF;text-decoration:underline;">Consent of Independent Registered Public Accounting Firm</a></div><div id="a61156" style="position:absolute;font-family:'Arial';left:480px;top:383px;">** </div><div id="a61158" style="position:absolute;font-family:'Arial';left:57px;top:399px;">15.2 </div><div id="a61160" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:399px;"><a href="exhibit152.htm" style="color:#0000FF;text-decoration:underline;">Consent of Independent Registered Public Accounting Firm</a></div><div id="a61161" style="position:absolute;font-family:'Arial';left:480px;top:399px;">** </div><div id="a61163" style="position:absolute;font-family:'Arial';left:57px;top:416px;">16.1 </div><div id="a61168" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:416px;"><a href="exhibit161.htm" style="color:#0000FF;text-decoration:underline;">Letter from Ernst & Young (Hellas) Certified Auditors Accountants S.A. </a></div><div id="a61169" style="position:absolute;font-family:'Arial';left:556px;top:416px;">** </div><div id="a61171" style="position:absolute;font-family:'Arial';left:57px;top:433px;">97.1 </div><div id="a61173" style="position:absolute;font-family:'Arial';color:#0000FF;left:95px;top:433px;"><a href="http://www.sec.gov/Archives/edgar/data/1318885/000156276224000080/Exhibit971.htm" style="color:#0000FF;text-decoration:underline;">Policy Regarding the Recovery of Erroneously Awarded Compensation (25)</a></div><div id="a61175" style="position:absolute;font-family:'Arial';left:586px;top:433px;"><a href="Exhibit971.docx" style="color:#000000;text-decoration:none;">.</a></div><div id="a61177" style="position:absolute;font-family:'Arial';left:57px;top:450px;">101<div style="display:inline-block;width:13px"> </div>The following materials<div style="display:inline-block;width:6px"> </div>from the Company's<div style="display:inline-block;width:6px"> </div>Annual Report on<div style="display:inline-block;width:6px"> </div>Form 20-F for<div style="display:inline-block;width:6px"> </div>the fiscal year<div style="display:inline-block;width:6px"> </div>ended </div><div id="a61182" style="position:absolute;font-family:'Arial';left:95px;top:467px;">December 31, 2024,<div style="display:inline-block;width:2px"> </div>formatted in eXtensible<div style="display:inline-block;width:2px"> </div>Business Reporting Language<div style="display:inline-block;width:2px"> </div>(XBRL): (i) Consolidated </div><div id="a61185" style="position:absolute;font-family:'Arial';left:95px;top:484px;">Balance Sheets as of December 31, 2024 and 2023; (ii) Consolidated Statements of Income for the </div><div id="a61190" style="position:absolute;font-family:'Arial';left:95px;top:501px;">years ended December 31,<div style="display:inline-block;width:6px"> </div>2024, 2023 and<div style="display:inline-block;width:6px"> </div>2022; (iii) Consolidated<div style="display:inline-block;width:5px"> </div>Statements of Comprehensive </div><div id="a61195" style="position:absolute;font-family:'Arial';left:95px;top:517px;">Income for<div style="display:inline-block;width:6px"> </div>the years<div style="display:inline-block;width:6px"> </div>ended December<div style="display:inline-block;width:6px"> </div>31, 2024,<div style="display:inline-block;width:6px"> </div>2023 and<div style="display:inline-block;width:6px"> </div>2022; (iv)<div style="display:inline-block;width:6px"> </div>Consolidated Statements<div style="display:inline-block;width:6px"> </div>of </div><div id="a61198" style="position:absolute;font-family:'Arial';left:95px;top:534px;">Stockholders'<div style="display:inline-block;width:6px"> </div>Equity<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>ended<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022;<div style="display:inline-block;width:6px"> </div>(v)<div style="display:inline-block;width:6px"> </div>Consolidated </div><div id="a61199" style="position:absolute;font-family:'Arial';left:95px;top:551px;">Statements<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Cash<div style="display:inline-block;width:6px"> </div>Flows<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>ended<div style="display:inline-block;width:5px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022;<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>(v)<div style="display:inline-block;width:6px"> </div>the </div><div id="a61200" style="position:absolute;font-family:'Arial';left:95px;top:568px;">Notes to Consolidated Financial Statements </div><div id="a61203" style="position:absolute;font-family:'Arial';left:57px;top:585px;">104<div style="display:inline-block;width:13px"> </div>Cover Page Interactive Data File (formatted as Inline XBRL<div style="display:inline-block;width:3px"> </div>and contained in Exhibit 101) </div><div id="a61208" style="position:absolute;font-family:'Arial';left:57px;top:602px;"><div style="display:inline-block;width:70px"> </div></div><div id="a61211" style="position:absolute;font-family:'Arial';left:57px;top:619px;">**<div style="display:inline-block;width:17px"> </div>Filed herewith. </div><div id="a61216" style="position:absolute;font-family:'Arial';left:57px;top:652px;">(1)<div style="display:inline-block;width:11px"> </div>Filed as<div style="display:inline-block;width:6px"> </div>Exhibit 99.2<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>Company's Form<div style="display:inline-block;width:6px"> </div>6-K filed<div style="display:inline-block;width:6px"> </div>on November<div style="display:inline-block;width:6px"> </div>15, 2023,<div style="display:inline-block;width:6px"> </div>and incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61222" style="position:absolute;font-family:'Arial';left:95px;top:669px;">reference herein. </div><div id="a61225" style="position:absolute;font-family:'Arial';left:57px;top:686px;">(2)<div style="display:inline-block;width:11px"> </div>Filed as<div style="display:inline-block;width:6px"> </div>Exhibit 99.3<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>Company's Form<div style="display:inline-block;width:6px"> </div>6-K filed<div style="display:inline-block;width:6px"> </div>on November<div style="display:inline-block;width:6px"> </div>15, 2023,<div style="display:inline-block;width:6px"> </div>and incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61231" style="position:absolute;font-family:'Arial';left:95px;top:703px;">reference herein. </div><div id="a61234" style="position:absolute;font-family:'Arial';left:57px;top:720px;">(3)<div style="display:inline-block;width:11px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>Exhibit<div style="display:inline-block;width:6px"> </div>3.3<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company's<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:6px"> </div>8-A<div style="display:inline-block;width:6px"> </div>filed<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>February<div style="display:inline-block;width:6px"> </div>13,<div style="display:inline-block;width:6px"> </div>2014,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61240" style="position:absolute;font-family:'Arial';left:95px;top:737px;">reference herein. </div><div id="a61242" style="position:absolute;font-family:'Arial';left:57px;top:754px;">(4)<div style="display:inline-block;width:11px"> </div>Filed as Exhibit 3.1 to the Company's Form 8-A12B/A filed on January 15, 2016, and incorporated by </div><div id="a61248" style="position:absolute;font-family:'Arial';left:95px;top:770px;">reference herein. </div><div id="a61251" style="position:absolute;font-family:'Arial';left:57px;top:787px;">(5)<div style="display:inline-block;width:11px"> </div>Filed as Exhibit 4.1 to the Company's Form 6-K filed on May 28, 2015, and<div style="display:inline-block;width:3px"> </div>incorporated by reference </div><div id="a61257" style="position:absolute;font-family:'Arial';left:95px;top:804px;">herein. </div><div id="a61260" style="position:absolute;font-family:'Arial';left:57px;top:821px;">(6)<div style="display:inline-block;width:11px"> </div>Filed as Exhibit 4.2 to the Company's Form 6-K filed on May 28, 2015, and<div style="display:inline-block;width:3px"> </div>incorporated by reference </div><div id="a61266" style="position:absolute;font-family:'Arial';left:95px;top:838px;">herein. </div><div id="a61269" style="position:absolute;font-family:'Arial';left:57px;top:855px;">(7)<div style="display:inline-block;width:11px"> </div>Filed as Exhibit 4.1 to the Company's Form 8-A12B/A filed on February 2, 2024,<div style="display:inline-block;width:6px"> </div>and incorporated by </div><div id="a61278" style="position:absolute;font-family:'Arial';left:95px;top:872px;">reference herein. </div><div id="a61281" style="position:absolute;font-family:'Arial';left:57px;top:888px;">(8)<div style="display:inline-block;width:11px"> </div>Filed as an Exhibit to<div style="display:inline-block;width:2px"> </div>the Company's Registration<div style="display:inline-block;width:3px"> </div>Statement (File No. 123052)<div style="display:inline-block;width:3px"> </div>on March 1, 2005, and </div><div id="a61285" style="position:absolute;font-family:'Arial';left:95px;top:905px;">incorporated by reference herein. </div><div id="a61288" style="position:absolute;font-family:'Arial';left:57px;top:922px;">(9)<div style="display:inline-block;width:11px"> </div>Filed as<div style="display:inline-block;width:6px"> </div>an Exhibit<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:6px"> </div>Company's Amended<div style="display:inline-block;width:6px"> </div>Registration Statement<div style="display:inline-block;width:6px"> </div>(File No.<div style="display:inline-block;width:6px"> </div>123052) on<div style="display:inline-block;width:6px"> </div>March </div><div id="a61291" style="position:absolute;font-family:'Arial';left:85px;top:939px;">15, 2005, and incorporated by reference herein. </div></div>
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<div id="a61297" style="position:absolute;font-family:'Arial';left:386px;top:992px;">121 </div><div id="a61299" style="position:absolute;font-family:'Arial';left:57px;top:76px;">(10)<div style="display:inline-block;width:12px"> </div>Filed as<div style="display:inline-block;width:7px"> </div>Exhibit 1.1<div style="display:inline-block;width:6px"> </div>to the<div style="display:inline-block;width:7px"> </div>Company's Form<div style="display:inline-block;width:6px"> </div>6-K filed<div style="display:inline-block;width:6px"> </div>on September<div style="display:inline-block;width:7px"> </div>9, 2024,<div style="display:inline-block;width:6px"> </div>and incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61305" style="position:absolute;font-family:'Arial';left:95px;top:93px;">reference herein. </div><div id="a61307" style="position:absolute;font-family:'Arial';left:57px;top:110px;">(11)<div style="display:inline-block;width:13px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Exhibit<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company's<div style="display:inline-block;width:6px"> </div>Annual<div style="display:inline-block;width:6px"> </div>Report filed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:5px"> </div>20-F<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>27,<div style="display:inline-block;width:6px"> </div>2014,<div style="display:inline-block;width:6px"> </div>and </div><div id="a61313" style="position:absolute;font-family:'Arial';left:95px;top:126px;">incorporated by reference herein.<div style="display:inline-block;width:3px"> </div></div><div id="a61316" style="position:absolute;font-family:'Arial';left:57px;top:143px;">(12)<div style="display:inline-block;width:12px"> </div>Reserved.<div style="display:inline-block;width:4px"> </div></div><div id="a61321" style="position:absolute;font-family:'Arial';left:57px;top:160px;">(13)<div style="display:inline-block;width:12px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Exhibit<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company's<div style="display:inline-block;width:6px"> </div>Annual<div style="display:inline-block;width:6px"> </div>Report filed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:5px"> </div>20-F<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>28,<div style="display:inline-block;width:6px"> </div>2016,<div style="display:inline-block;width:6px"> </div>and </div><div id="a61327" style="position:absolute;font-family:'Arial';left:95px;top:177px;">incorporated by reference herein.<div style="display:inline-block;width:3px"> </div></div><div id="a61330" style="position:absolute;font-family:'Arial';left:57px;top:194px;">(14)<div style="display:inline-block;width:12px"> </div>Reserved.<div style="display:inline-block;width:4px"> </div></div><div id="a61335" style="position:absolute;font-family:'Arial';left:57px;top:211px;">(15)<div style="display:inline-block;width:12px"> </div>Reserved. </div><div id="a61339" style="position:absolute;font-family:'Arial';left:57px;top:228px;">(16)<div style="display:inline-block;width:12px"> </div>Filed as Exhibit 4.1 to the Company's Form 8-A12B filed on<div style="display:inline-block;width:3px"> </div>February 13, 2014, and incorporated by </div><div id="a61345" style="position:absolute;font-family:'Arial';left:95px;top:245px;">reference herein. </div><div id="a61348" style="position:absolute;font-family:'Arial';left:57px;top:261px;">(17)<div style="display:inline-block;width:12px"> </div>Reserved. </div><div id="a61352" style="position:absolute;font-family:'Arial';left:57px;top:278px;">(18)<div style="display:inline-block;width:12px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:6px"> </div>Exhibit<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:6px"> </div>6-K<div style="display:inline-block;width:6px"> </div>filed<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>February<div style="display:inline-block;width:6px"> </div>6,<div style="display:inline-block;width:6px"> </div>2019,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61358" style="position:absolute;font-family:'Arial';left:95px;top:295px;">reference herein. </div><div id="a61361" style="position:absolute;font-family:'Arial';left:57px;top:312px;">(19)<div style="display:inline-block;width:12px"> </div>Reserved. </div><div id="a61365" style="position:absolute;font-family:'Arial';left:57px;top:329px;">(20)<div style="display:inline-block;width:12px"> </div>Reserved. </div><div id="a61369" style="position:absolute;font-family:'Arial';left:57px;top:346px;">(21)<div style="display:inline-block;width:12px"> </div>Filed as an<div style="display:inline-block;width:3px"> </div>Exhibit to the<div style="display:inline-block;width:3px"> </div>Company’s Form 6-K<div style="display:inline-block;width:3px"> </div>filed on April<div style="display:inline-block;width:3px"> </div>23, 2021, and<div style="display:inline-block;width:3px"> </div>incorporated by reference </div><div id="a61375" style="position:absolute;font-family:'Arial';left:95px;top:363px;">herein. </div><div id="a61378" style="position:absolute;font-family:'Arial';left:57px;top:379px;">(22)<div style="display:inline-block;width:12px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Exhibit to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:5px"> </div>6-K filed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>September<div style="display:inline-block;width:5px"> </div>8,<div style="display:inline-block;width:5px"> </div>2023,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>incorporated by </div><div id="a61384" style="position:absolute;font-family:'Arial';left:95px;top:396px;">reference herein. </div><div id="a61386" style="position:absolute;font-family:'Arial';left:57px;top:413px;">(23)<div style="display:inline-block;width:12px"> </div>Filed as an Exhibit to<div style="display:inline-block;width:3px"> </div>the Company’s Form 6-K filed<div style="display:inline-block;width:3px"> </div>on July 31, 2021, and<div style="display:inline-block;width:2px"> </div>incorporated by reference </div><div id="a61392" style="position:absolute;font-family:'Arial';left:95px;top:430px;">herein. </div><div id="a61394" style="position:absolute;font-family:'Arial';left:57px;top:447px;">(24)<div style="display:inline-block;width:12px"> </div>Filed<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>Exhibit to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Annual<div style="display:inline-block;width:6px"> </div>Report filed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:6px"> </div>Form<div style="display:inline-block;width:6px"> </div>20-F<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>March<div style="display:inline-block;width:6px"> </div>12,<div style="display:inline-block;width:5px"> </div>2021,<div style="display:inline-block;width:6px"> </div>and </div><div id="a61400" style="position:absolute;font-family:'Arial';left:95px;top:464px;">incorporated by reference herein. </div><div id="a61403" style="position:absolute;font-family:'Arial';left:57px;top:481px;">(25)<div style="display:inline-block;width:12px"> </div>Filed<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>Exhibit<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>Annual<div style="display:inline-block;width:6px"> </div>Report<div style="display:inline-block;width:7px"> </div>filed<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>Form<div style="display:inline-block;width:7px"> </div>20-F<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>April<div style="display:inline-block;width:7px"> </div>5,<div style="display:inline-block;width:7px"> </div>2024,<div style="display:inline-block;width:7px"> </div>and </div><div id="a61408" style="position:absolute;font-family:'Arial';left:95px;top:498px;">incorporated by reference herein.<div style="display:inline-block;width:3px"> </div></div><div id="a61410" style="position:absolute;font-family:'Arial';left:57px;top:514px;">(26)<div style="display:inline-block;width:16px"> </div>Filed as<div style="display:inline-block;width:7px"> </div>an Exhibit<div style="display:inline-block;width:7px"> </div>to the<div style="display:inline-block;width:7px"> </div>Company’s Annual<div style="display:inline-block;width:6px"> </div>Report filed<div style="display:inline-block;width:7px"> </div>on Form<div style="display:inline-block;width:6px"> </div>20-F<div style="display:inline-block;width:6px"> </div>on March<div style="display:inline-block;width:6px"> </div>27, 2023,<div style="display:inline-block;width:6px"> </div>and </div><div id="a61413" style="position:absolute;font-family:'Arial';left:95px;top:531px;">incorporated by reference herein. </div><div id="a61415" style="position:absolute;font-family:'Arial';left:57px;top:548px;">(27)<div style="display:inline-block;width:11px"> </div>Filed as<div style="display:inline-block;width:7px"> </div>an Exhibit<div style="display:inline-block;width:7px"> </div>to the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>Form 6-K<div style="display:inline-block;width:6px"> </div>filed<div style="display:inline-block;width:5px"> </div>on December<div style="display:inline-block;width:7px"> </div>14, 2023,<div style="display:inline-block;width:6px"> </div>and incorporated<div style="display:inline-block;width:6px"> </div>by </div><div id="a61421" style="position:absolute;font-family:'Arial';left:95px;top:565px;">reference herein. </div></div>
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<div id="a61425" style="position:absolute;font-family:'Arial';left:386px;top:992px;">122 </div><div id="a61427" style="position:absolute;font-family:'Arial';font-weight:bold;left:351px;top:76px;">SIGNATURES</div><div id="a61430" style="position:absolute;font-family:'Arial';left:57px;top:110px;">The registrant hereby certifies that it meets all of the requirements<div style="display:inline-block;width:3px"> </div>for filing on Form 20-F and has duly </div><div id="a61434" style="position:absolute;font-family:'Arial';left:57px;top:126px;">caused and authorized the undersigned to sign this annual report on its<div style="display:inline-block;width:3px"> </div>behalf. </div><div id="a61437" style="position:absolute;font-family:'Arial';left:57px;top:160px;">DIANA SHIPPING INC. </div><div id="a61440" style="position:absolute;font-family:'Arial';left:57px;top:194px;">/s/ Maria Dede<div style="display:inline-block;width:4px"> </div></div><div id="a61444" style="position:absolute;font-family:'Arial';left:57px;top:211px;">Maria Dede </div><div id="a61446" style="position:absolute;font-family:'Arial';left:57px;top:228px;">Co-Chief Financial Officer<div style="display:inline-block;width:4px"> </div></div><div id="a61450" style="position:absolute;font-family:'Arial';left:57px;top:245px;">Dated: March 21, 2025</div></div>
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<div id="a61453" style="position:absolute;font-family:'Arial';left:388px;top:992px;">F-1 </div><div id="a61457" style="position:absolute;font-family:'Arial';left:322px;top:76px;">DIANA SHIPPING INC. </div><div id="a61460" style="position:absolute;font-family:'Arial';left:212px;top:110px;">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</div><div id="a61467" style="position:absolute;font-family:'Arial';left:675px;top:172px;">Page</div><div id="a61472" style="position:absolute;font-family:'Arial';left:64px;top:197px;">Report of Independent Registered Public Accounting Firm: Deloitte<div style="display:inline-block;width:3px"> </div>Certified Public </div><div id="a61473" style="position:absolute;font-family:'Arial';left:64px;top:213.7px;">Accountants S.A. (PCAOB ID No. </div><div id="a61473_31_4" style="position:absolute;font-family:'Arial';left:287px;top:213.7px;"><ix:nonNumeric id="ID_328" name="dei:AuditorFirmId" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">1163</ix:nonNumeric></div><div id="a61473_35_80" style="position:absolute;font-family:'Arial';left:319px;top:213.7px;">)<div style="display:inline-block;width:0px"> </div>............................................................................<div style="display:inline-block;width:7px"> </div></div><div id="a61487" style="position:absolute;font-family:'Arial';left:675px;top:214px;">F-2 </div><div id="a61494" style="position:absolute;font-family:'Arial';left:64px;top:238px;">Report of Independent Registered Public Accounting Firm on<div style="display:inline-block;width:3px"> </div>Internal Controls Over </div><div id="a61495" style="position:absolute;font-family:'Arial';left:64px;top:255px;">Financial Reporting: Deloitte Certified Public Accountants S.A.<div style="display:inline-block;width:3px"> </div>(PCAOB ID No.1163)<div style="display:inline-block;width:1px"> </div>.......<div style="display:inline-block;width:2px"> </div></div><div id="a61501" style="position:absolute;font-family:'Arial';left:675px;top:255px;">F-4 </div><div id="a61508" style="position:absolute;font-family:'Arial';left:64px;top:279px;">Report of Independent Registered Public Accounting Firm: Ernst<div style="display:inline-block;width:3px"> </div>& Young (Hellas) </div><div id="a61509" style="position:absolute;font-family:'Arial';left:64px;top:296.2px;">Certified Auditors Accountants S.A. (PCAOB ID No.</div><div id="a61509_49_4" style="position:absolute;font-family:'Arial';left:399px;top:296.2px;"><ix:nonNumeric id="ID_1021" name="dei:AuditorFirmId" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885">1457</ix:nonNumeric></div><div id="a61509_53_55" style="position:absolute;font-family:'Arial';left:432px;top:296.2px;">)<div style="display:inline-block;width:0px"> </div>...................................................<div style="display:inline-block;width:4px"> </div></div><div id="a61518" style="position:absolute;font-family:'Arial';left:675px;top:300px;">F-6 </div><div id="a61525" style="position:absolute;font-family:'Arial';left:64px;top:325px;">Consolidated Balance Sheets as of December 31, 2024 and 2023<div style="display:inline-block;width:3px"> </div>................................<div style="display:inline-block;width:2px"> </div>...<div style="display:inline-block;width:1px"> </div></div><div id="a61532" style="position:absolute;font-family:'Arial';left:675px;top:325px;">F-7 </div><div id="a61539" style="position:absolute;font-family:'Arial';left:64px;top:349px;">Consolidated Statements of Income for the years ended December<div style="display:inline-block;width:3px"> </div>31, 2024, 2023 and </div><div id="a61543" style="position:absolute;font-family:'Arial';left:64px;top:366px;">2022 ................................................................<div style="display:inline-block;width:3px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>..<div style="display:inline-block;width:1px"> </div></div><div id="a61553" style="position:absolute;font-family:'Arial';left:675px;top:366px;">F-8 </div><div id="a61560" style="position:absolute;font-family:'Arial';left:64px;top:390px;">Consolidated Statements of Comprehensive Income for the years<div style="display:inline-block;width:3px"> </div>ended December 31, </div><div id="a61561" style="position:absolute;font-family:'Arial';left:64px;top:407px;">2024, 2023 and 2022<div style="display:inline-block;width:1px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>.........<div style="display:inline-block;width:2px"> </div></div><div id="a61570" style="position:absolute;font-family:'Arial';left:675px;top:407px;">F-8 </div><div id="a61577" style="position:absolute;font-family:'Arial';left:64px;top:432px;">Consolidated Statements of Stockholders' Equity for the years<div style="display:inline-block;width:3px"> </div>ended December 31, </div><div id="a61578" style="position:absolute;font-family:'Arial';left:64px;top:449px;">2024, 2023 and 2022<div style="display:inline-block;width:1px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>.........<div style="display:inline-block;width:2px"> </div></div><div id="a61587" style="position:absolute;font-family:'Arial';left:675px;top:449px;">F-9 </div><div id="a61594" style="position:absolute;font-family:'Arial';left:64px;top:473px;">Consolidated Statements of Cash Flows for the years ended December<div style="display:inline-block;width:3px"> </div>31, 2024, 2023 </div><div id="a61595" style="position:absolute;font-family:'Arial';left:64px;top:490px;">and 2022 ................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>................................<div style="display:inline-block;width:2px"> </div>...........................<div style="display:inline-block;width:3px"> </div></div><div id="a61604" style="position:absolute;font-family:'Arial';left:675px;top:473px;">F-</div><div id="a61606" style="position:absolute;font-family:'Arial';left:688px;top:473px;">11 </div><div id="a61611" style="position:absolute;font-family:'Arial';left:64px;top:514px;">Notes to Consolidated Financial Statements................................<div style="display:inline-block;width:1px"> </div>................................<div style="display:inline-block;width:2px"> </div>......<div style="display:inline-block;width:2px"> </div></div><div id="a61618" style="position:absolute;font-family:'Arial';left:675px;top:514px;">F-13 </div></div>
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<div id="a61629" style="position:absolute;font-family:'Arial';left:397px;top:992px;">F-2</div><div id="a61635" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:165px;">Report of Independent Registered<div style="display:inline-block;width:5px"> </div>Public Accounting Firm </div><div id="a61638" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:210px;">To the Shareholders<div style="display:inline-block;width:5px"> </div>and the Board of Directors of<div style="display:inline-block;width:4px"> </div>Diana Shipping Inc.<div style="display:inline-block;width:4px"> </div></div><div id="a61640" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:226px;"><div style="display:inline-block;width:6px"> </div></div><div id="a61642" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:243px;">Opinion on the Financial Statements </div><div id="a61644" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:259px;"><div style="display:inline-block;width:3px"> </div></div><div id="a61646" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:275px;">We have audited the accompanying<div style="display:inline-block;width:5px"> </div>consolidated balance sheet of Diana Shipping Inc.<div style="display:inline-block;width:4px"> </div>and subsidiaries (the “Company”) </div><div id="a61647" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:291px;">as of December 31, 2024, the related consolidated<div style="display:inline-block;width:4px"> </div>statement of income,<div style="display:inline-block;width:4px"> </div>comprehensive income, stockholders’<div style="display:inline-block;width:5px"> </div>equity, </div><div id="a61648" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:308px;">and cash flows, for the year ended December<div style="display:inline-block;width:5px"> </div>31, 2024, and the related notes (collectively<div style="display:inline-block;width:5px"> </div>referred to as the “financial </div><div id="a61650" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:324px;">statements”).<div style="display:inline-block;width:7px"> </div>In our opinion, the financial statements<div style="display:inline-block;width:4px"> </div>present fairly,<div style="display:inline-block;width:5px"> </div>in all material respects, the financial position of the </div><div id="a61653" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:340px;">Company as of December 31, 2024, and the results of its operations<div style="display:inline-block;width:5px"> </div>and its cash flows for the year ended<div style="display:inline-block;width:4px"> </div>December 31, </div><div id="a61654" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:357px;">2024, in conformity with accounting principles<div style="display:inline-block;width:4px"> </div>generally accepted in the United States<div style="display:inline-block;width:5px"> </div>of America. </div><div id="a61658" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:389px;">We have also audited,<div style="display:inline-block;width:4px"> </div>in accordance with the standards<div style="display:inline-block;width:4px"> </div>of the Public Company Accounting<div style="display:inline-block;width:5px"> </div>Oversight Board (United </div><div id="a61659" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:405px;">States) (PCAOB), the Company’s<div style="display:inline-block;width:5px"> </div>internal control over<div style="display:inline-block;width:4px"> </div>financial reporting as of December 31, 2024, based on criteria </div><div id="a61660" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:422px;">established in Internal Control<div style="display:inline-block;width:5px"> </div>— Integrated Framework<div style="display:inline-block;width:5px"> </div>(2013) issued by the Committee of Sponsoring<div style="display:inline-block;width:4px"> </div>Organizations of </div><div id="a61665" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:438px;">the Treadway<div style="display:inline-block;width:5px"> </div>Commission and our report dated March<div style="display:inline-block;width:5px"> </div>21, 2025, expressed an unqualified opinion on the Company’s </div><div id="a61669" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:454px;">internal control over financial<div style="display:inline-block;width:5px"> </div>reporting. </div><div id="a61672" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:487px;">Basis for Opinion </div><div id="a61674" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:503px;"><div style="display:inline-block;width:3px"> </div></div><div id="a61676" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:519px;">These financial statements are<div style="display:inline-block;width:5px"> </div>the responsibility of the Company’s<div style="display:inline-block;width:4px"> </div>management. Our responsibility is to express<div style="display:inline-block;width:5px"> </div>an </div><div id="a61678" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:536px;">opinion on the Company’s financial statements<div style="display:inline-block;width:5px"> </div>based on our audit. We are a public accounting<div style="display:inline-block;width:5px"> </div>firm registered with the </div><div id="a61679" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:552px;">PCAOB and are required to be<div style="display:inline-block;width:4px"> </div>independent with respect to the Company in accordance<div style="display:inline-block;width:5px"> </div>with the U.S. federal securities </div><div id="a61681" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:568px;">laws and the applicable rules and regulations of<div style="display:inline-block;width:4px"> </div>the Securities and Exchange Commission and the PCAOB. </div><div id="a61684" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:601px;">We conducted our audit in accordance<div style="display:inline-block;width:5px"> </div>with the standards of the PCAOB. Those standards<div style="display:inline-block;width:5px"> </div>require that we plan and </div><div id="a61685" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:617px;">perform the audit to obtain reasonable<div style="display:inline-block;width:4px"> </div>assurance about whether the financial statements<div style="display:inline-block;width:5px"> </div>are free of material </div><div id="a61686" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:633px;">misstatement, whether due to<div style="display:inline-block;width:5px"> </div>error or fraud. Our audit included performing<div style="display:inline-block;width:5px"> </div>procedures to assess the risks of material </div><div id="a61688" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:650px;">misstatement of the financial statements,<div style="display:inline-block;width:5px"> </div>whether due to error or fraud, and performing<div style="display:inline-block;width:5px"> </div>procedures that respond to </div><div id="a61689" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:666px;">those risks. Such procedures included examining,<div style="display:inline-block;width:5px"> </div>on a test basis, evidence regarding<div style="display:inline-block;width:5px"> </div>the amounts and disclosures in the </div><div id="a61691" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:682px;">financial statements. Our audit also<div style="display:inline-block;width:4px"> </div>included evaluating the accounting principles<div style="display:inline-block;width:5px"> </div>used and significant estimates made by </div><div id="a61692" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:698px;">management, as well as evaluating the overall<div style="display:inline-block;width:5px"> </div>presentation of the financial<div style="display:inline-block;width:4px"> </div>statements. We<div style="display:inline-block;width:5px"> </div>believe that our audit </div><div id="a61694" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:715px;">provide a reasonable basis for our opinion. </div><div id="a61697" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:747px;">Critical Audit Matter </div><div id="a61700" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:790px;">The critical audit matter communicated<div style="display:inline-block;width:5px"> </div>below is a matter arising from the current<div style="display:inline-block;width:2px"> </div>-period audit of the financial </div><div id="a61703" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:807px;">statements that was communicated<div style="display:inline-block;width:5px"> </div>or required to be communicated<div style="display:inline-block;width:5px"> </div>to the audit committee and that (1) relates<div style="display:inline-block;width:5px"> </div>to </div><div id="a61704" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:823px;">accounts or disclosures that are material<div style="display:inline-block;width:5px"> </div>to the financial statements and (2) involved<div style="display:inline-block;width:5px"> </div>our especially challenging, </div><div id="a61706" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:839px;">subjective, or complex judgments. The communication<div style="display:inline-block;width:5px"> </div>of critical audit matters does not alter<div style="display:inline-block;width:5px"> </div>in any way our opinion on </div><div id="a61707" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:855px;">the financial statements, taken<div style="display:inline-block;width:5px"> </div>as a whole, and we are not, by communicating<div style="display:inline-block;width:5px"> </div>the critical audit matter below,<div style="display:inline-block;width:5px"> </div>providing a </div><div id="a61709" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:872px;">separate opinion on the critical audit matter<div style="display:inline-block;width:5px"> </div>or on the accounts or disclosures to which it relates. </div><div id="a61711" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:888px;"><div style="display:inline-block;width:192px"> </div></div></div>
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<div id="a61714" style="position:absolute;font-family:'Arial';left:397px;top:992px;">F-3</div><div id="a61718" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:133px;">Impairment of long-lived assets–<div style="display:inline-block;width:4px"> </div>Future Charter Rates for vessels with impairment indicators<div style="display:inline-block;width:5px"> </div>– Refer to Note 2 of the </div><div id="a61727" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:149px;">consolidated financial statements. </div><div id="a61730" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;font-style:italic;left:83px;top:181px;">Critical Audit Matter Description </div><div id="a61733" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:214px;">The Company’s evaluation<div style="display:inline-block;width:4px"> </div>of vessels held for use by the Company<div style="display:inline-block;width:5px"> </div>for impairment involves<div style="display:inline-block;width:4px"> </div>an initial assessment of each </div><div id="a61735" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:230px;">vessel to determine whether events or<div style="display:inline-block;width:4px"> </div>changes in circumstances indicate<div style="display:inline-block;width:5px"> </div>that the carrying amount of the vessel may<div style="display:inline-block;width:4px"> </div>not </div><div id="a61736" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:246px;">be recoverable. As at December<div style="display:inline-block;width:4px"> </div>31, 2024, 12 out of 38 vessels held for use had impairment<div style="display:inline-block;width:4px"> </div>indicators. </div><div id="a61740" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:279px;">If impairment indicators exist,<div style="display:inline-block;width:5px"> </div>the Company compares undiscounted<div style="display:inline-block;width:5px"> </div>projected net operating cash<div style="display:inline-block;width:4px"> </div>flows to the carrying </div><div id="a61741" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:295px;">value of the respective vessel with impairment<div style="display:inline-block;width:5px"> </div>indicators to determine<div style="display:inline-block;width:4px"> </div>if the vessel is required to be impaired.<div style="display:inline-block;width:4px"> </div>When the </div><div id="a61742" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:312px;">Company’s estimate<div style="display:inline-block;width:4px"> </div>of undiscounted projected net<div style="display:inline-block;width:4px"> </div>operating cash flows, excluding<div style="display:inline-block;width:5px"> </div>interest charges, expected<div style="display:inline-block;width:5px"> </div>to be </div><div id="a61744" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:328px;">generated by the use and eventual<div style="display:inline-block;width:4px"> </div>disposition of the vessel is less than its carrying amount,<div style="display:inline-block;width:4px"> </div>the Company records an </div><div id="a61745" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:344px;">impairment loss equal to the difference<div style="display:inline-block;width:5px"> </div>between the vessel’s<div style="display:inline-block;width:5px"> </div>carrying value and fair market<div style="display:inline-block;width:5px"> </div>value. </div><div id="a61749" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:377px;">The Company makes various assumptions<div style="display:inline-block;width:5px"> </div>and judgments to determine the undiscounted<div style="display:inline-block;width:5px"> </div>projected net operating<div style="display:inline-block;width:4px"> </div>cash </div><div id="a61751" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:393px;">flows expected to be generated<div style="display:inline-block;width:5px"> </div>over the remaining useful life<div style="display:inline-block;width:4px"> </div>of the vessel, including estimates and assumptions related </div><div id="a61752" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:409px;">to the future charter rates. Future<div style="display:inline-block;width:5px"> </div>charter rates are the most<div style="display:inline-block;width:4px"> </div>significant and subjective assumption that the<div style="display:inline-block;width:4px"> </div>Company </div><div id="a61755" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:426px;">uses for its impairment analysis. For periods<div style="display:inline-block;width:5px"> </div>of time where the vessels are not fixed<div style="display:inline-block;width:4px"> </div>under time charter contracts, the </div><div id="a61756" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:442px;">Company estimates the future<div style="display:inline-block;width:4px"> </div>daily time charter equivalent rate<div style="display:inline-block;width:4px"> </div>(the “future charter rate”)<div style="display:inline-block;width:4px"> </div>for the vessels’ unfixed days </div><div id="a61758" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:458px;">based on the most recent 10-year<div style="display:inline-block;width:4px"> </div>average of historical 1 year<div style="display:inline-block;width:5px"> </div>time charter rates available<div style="display:inline-block;width:5px"> </div>for each type of vessel, as such </div><div id="a61761" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:474px;">averages take<div style="display:inline-block;width:5px"> </div>into account the volatility and cyclicalit<div style="display:inline-block;width:2px"> </div>y<div style="display:inline-block;width:3px"> </div>of the market.<div style="display:inline-block;width:4px"> </div></div><div id="a61765" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:507px;">We identified future charter<div style="display:inline-block;width:4px"> </div>rates on vessels with impairment<div style="display:inline-block;width:4px"> </div>indicators used in the undiscounted<div style="display:inline-block;width:5px"> </div>projected net </div><div id="a61766" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:523px;">operating cash flows as a critical audit matter<div style="display:inline-block;width:5px"> </div>because of the complex judgements made<div style="display:inline-block;width:4px"> </div>by management to estimate </div><div id="a61767" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:539px;">them and the significant impact they have<div style="display:inline-block;width:4px"> </div>on the undiscounted projected net<div style="display:inline-block;width:5px"> </div>cash flows expected to be generated<div style="display:inline-block;width:5px"> </div>over </div><div id="a61770" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:556px;">the remaining useful life of the vessel.<div style="display:inline-block;width:8px"> </div></div><div id="a61773" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:588px;">This required a high degree of auditor judgment<div style="display:inline-block;width:5px"> </div>and an increased extent of effort<div style="display:inline-block;width:5px"> </div>when performing audit procedures<div style="display:inline-block;width:4px"> </div>to </div><div id="a61774" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:605px;">evaluate the reasonableness of<div style="display:inline-block;width:4px"> </div>management’s future charter<div style="display:inline-block;width:5px"> </div>rates. </div><div id="a61777" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;font-style:italic;left:83px;top:637px;">How the Critical Audit Matter Was Addressed in the Audit </div><div id="a61780" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:670px;">Our audit procedures related to the future charter rates on vessels with impairment<div style="display:inline-block;width:4px"> </div>indicators utilized in the </div><div id="a61781" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:686px;">undiscounted projected net operating cash flows included the following,<div style="display:inline-block;width:4px"> </div>among others:<div style="display:inline-block;width:4px"> </div></div><div id="a61784" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:718px;">•<div style="display:inline-block;width:41px"> </div>We tested the effectiveness of controls over management’s review of the impairment<div style="display:inline-block;width:5px"> </div>analysis, including the </div><div id="a61787" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:130px;top:735px;">future charter rates used within the undiscounted projected net operating cash flows. </div><div id="a61789" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:751px;">•<div style="display:inline-block;width:41px"> </div>We evaluated the reasonableness of the Company’s estimate of future charter rates through<div style="display:inline-block;width:4px"> </div>the performance of </div><div id="a61792" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:130px;top:767px;">the following procedures: </div><div id="a61794" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:130px;top:784px;">1.<div style="display:inline-block;width:28px"> </div>Evaluating the Company’s methodology for estimating the future charter rates utilized<div style="display:inline-block;width:4px"> </div>in the </div><div id="a61797" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:168px;top:800px;">undiscounted projected net operating cash flows by comparing them<div style="display:inline-block;width:4px"> </div>to 1) the Company’s historical rates, </div><div id="a61798" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:168px;top:816px;">2) historical rate information of similar size vessels published by a third-party broker and<div style="display:inline-block;width:4px"> </div>3) other external </div><div id="a61805" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:168px;top:832px;">market sources, including reports on prospective market outlook. </div><div id="a61807" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:130px;top:849px;">2.<div style="display:inline-block;width:28px"> </div>Evaluating management’s ability to accurately forecast future charter rates by comparing<div style="display:inline-block;width:4px"> </div>actual results to </div><div id="a61810" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:168px;top:865px;">management’s historical forecasts.<div style="display:inline-block;width:19px"> </div></div><div id="a61814" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:897.6px;">/s/ </div><div id="a61814_4_42" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:101px;top:897.6px;"><ix:nonNumeric id="ID_1017" name="dei:AuditorName" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Deloitte Certified Public Accountants S.A.</ix:nonNumeric></div><div id="a61816" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:913.9px;"><ix:nonNumeric id="ID_1018" name="dei:AuditorLocation" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885">Athens, Greece</ix:nonNumeric></div><div id="a61816_14_2" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:165px;top:913.9px;"><div style="display:inline-block;width:3px"> </div></div><div id="a61818" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:930px;">March 21, 2025 </div><div id="a61820" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:956px;">We have served as the Company’s<div style="display:inline-block;width:5px"> </div>auditor since 2024.</div></div>
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<div id="a61823" style="position:absolute;font-family:'Arial';left:397px;top:992px;">F-4</div><div id="a61830" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:199px;">Report of Independent Registered<div style="display:inline-block;width:5px"> </div>Public Accounting Firm </div><div id="a61833" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:234px;">To the Shareholders<div style="display:inline-block;width:5px"> </div>and the Board of Directors of<div style="display:inline-block;width:4px"> </div>Diana Shipping Inc. </div><div id="a61835" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:269px;">Opinion on Internal Control<div style="display:inline-block;width:4px"> </div>over Financial Reporting </div><div id="a61837" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:304px;">We have audited the internal<div style="display:inline-block;width:5px"> </div>control over financial reporting<div style="display:inline-block;width:5px"> </div>of Diana Shipping Inc. and subsidiaries (the “Company”) as </div><div id="a61838" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:320px;">of December 31, 2024, based on criteria established<div style="display:inline-block;width:4px"> </div>in Internal Control - Integrated<div style="display:inline-block;width:5px"> </div>Framework (2013) issued by the </div><div id="a61842" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:337px;">Committee of Sponsoring Organizations<div style="display:inline-block;width:5px"> </div>of the Treadway<div style="display:inline-block;width:5px"> </div>Commission (COSO).<div style="display:inline-block;width:6px"> </div>In our opinion, the Company maintained, </div><div id="a61845" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:353px;">in all material respects, effective<div style="display:inline-block;width:5px"> </div>internal control over financial reporting<div style="display:inline-block;width:5px"> </div>as of December 31, 2024, based on criteria </div><div id="a61846" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:369px;">established in Internal Control<div style="display:inline-block;width:5px"> </div>- Integrated Framework<div style="display:inline-block;width:5px"> </div>(2013) issued by COSO. </div><div id="a61851" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:404px;">We have also audited,<div style="display:inline-block;width:4px"> </div>in accordance with the standards<div style="display:inline-block;width:4px"> </div>of the Public Company Accounting<div style="display:inline-block;width:5px"> </div>Oversight Board (United </div><div id="a61852" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:420px;">States) (PCAOB), the consolidated<div style="display:inline-block;width:5px"> </div>financial statements as of and for<div style="display:inline-block;width:5px"> </div>the year ended December 31, 2024, of the Company </div><div id="a61854" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:437px;">and our report dated March 21, 2025, expressed<div style="display:inline-block;width:5px"> </div>an unqualified opinion on those financial statements. </div><div id="a61858" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:471px;">Basis for Opinion<div style="display:inline-block;width:4px"> </div></div><div id="a61860" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:506px;">The Company’s management<div style="display:inline-block;width:4px"> </div>is responsible for maintaining<div style="display:inline-block;width:4px"> </div>effective internal control<div style="display:inline-block;width:5px"> </div>over financial reporting and for<div style="display:inline-block;width:4px"> </div>its </div><div id="a61861" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:523px;">assessment of the effectiveness<div style="display:inline-block;width:5px"> </div>of internal control over<div style="display:inline-block;width:4px"> </div>financial reporting, included in the accompanying </div><div id="a61863" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:539px;">“Management’s Annual Report<div style="display:inline-block;width:4px"> </div>on Internal Control over Financial<div style="display:inline-block;width:4px"> </div>Reporting”. Our responsibility<div style="display:inline-block;width:5px"> </div>is to express an opinion </div><div id="a61864" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:555px;">on the Company’s internal<div style="display:inline-block;width:5px"> </div>control over financial reporting<div style="display:inline-block;width:5px"> </div>based on our audit. We are a public accounting<div style="display:inline-block;width:5px"> </div>firm registered </div><div id="a61865" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:572px;">with the PCAOB and are required to be independent<div style="display:inline-block;width:5px"> </div>with respect to the Company in accordance<div style="display:inline-block;width:5px"> </div>with the U.S. federal </div><div id="a61867" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:588px;">securities laws and the applicable rules and regulations<div style="display:inline-block;width:5px"> </div>of the Securities and Exchange Commission and the PCAOB. </div><div id="a61869" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:623px;">We conducted our audit in accordance<div style="display:inline-block;width:5px"> </div>with the standards of the PCAOB. Those standards<div style="display:inline-block;width:5px"> </div>require that we plan and </div><div id="a61870" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:639px;">perform the audit to obtain reasonable<div style="display:inline-block;width:4px"> </div>assurance about whether effective<div style="display:inline-block;width:5px"> </div>internal control over<div style="display:inline-block;width:4px"> </div>financial reporting was </div><div id="a61871" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:655px;">maintained in all material respects.<div style="display:inline-block;width:4px"> </div>Our audit included obtaining an understanding<div style="display:inline-block;width:5px"> </div>of internal control over financial </div><div id="a61874" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:672px;">reporting, assessing the risk that a material weakness exists,<div style="display:inline-block;width:5px"> </div>testing and evaluating the design and operating </div><div id="a61875" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:688px;">effectiveness of internal<div style="display:inline-block;width:4px"> </div>control based on the assessed risk, and performing<div style="display:inline-block;width:5px"> </div>such other procedures as we considered </div><div id="a61877" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:704px;">necessary in the circumstances. We<div style="display:inline-block;width:4px"> </div>believe that our audit provides a reasonable<div style="display:inline-block;width:5px"> </div>basis for our opinion.<div style="display:inline-block;width:4px"> </div></div><div id="a61879" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:739px;">Definition and Limitations of Internal<div style="display:inline-block;width:5px"> </div>Control over Financial Reporting </div><div id="a61881" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:774px;">A company’s internal<div style="display:inline-block;width:4px"> </div>control over financial reporting<div style="display:inline-block;width:4px"> </div>is a process designed to provide reasonable<div style="display:inline-block;width:5px"> </div>assurance regarding </div><div id="a61882" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:790px;">the reliability of financial reporting and the preparation<div style="display:inline-block;width:5px"> </div>of financial statements for<div style="display:inline-block;width:5px"> </div>external purposes in accordance with </div><div id="a61883" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:807px;">generally accepted accounting<div style="display:inline-block;width:4px"> </div>principles. A company’s internal<div style="display:inline-block;width:4px"> </div>control over financial reporting<div style="display:inline-block;width:5px"> </div>includes those policies </div><div id="a61885" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:823px;">and procedures that (1) pertain to<div style="display:inline-block;width:4px"> </div>the maintenance of records<div style="display:inline-block;width:4px"> </div>that, in reasonable detail, accurately<div style="display:inline-block;width:5px"> </div>and fairly reflect the </div><div id="a61886" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:839px;">transactions and dispositions of the assets of the company;<div style="display:inline-block;width:5px"> </div>(2) provide reasonable assurance that<div style="display:inline-block;width:4px"> </div>transactions are </div><div id="a61888" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:855px;">recorded as necessary to permit preparation<div style="display:inline-block;width:5px"> </div>of financial statements in accordance<div style="display:inline-block;width:5px"> </div>with generally accepted accounting </div><div id="a61889" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:872px;">principles, and that receipts and expenditures<div style="display:inline-block;width:5px"> </div>of the company are being made only in accordance<div style="display:inline-block;width:5px"> </div>with authorizations of </div><div id="a61891" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:888px;">management and directors of<div style="display:inline-block;width:4px"> </div>the company; and (3) provide reasonable<div style="display:inline-block;width:4px"> </div>assurance regarding<div style="display:inline-block;width:4px"> </div>prevention or timely </div><div id="a61892" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:904px;">detection of unauthorized acquisition, use, or disposition<div style="display:inline-block;width:5px"> </div>of the company’s assets<div style="display:inline-block;width:4px"> </div>that could have a material effect<div style="display:inline-block;width:5px"> </div>on </div><div id="a61894" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:920px;">the financial statements. </div><div id="a61896" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:955px;">Because of its inherent limitations,<div style="display:inline-block;width:4px"> </div>internal control over financial<div style="display:inline-block;width:5px"> </div>reporting may not prevent<div style="display:inline-block;width:5px"> </div>or detect misstatements. </div><div id="a61897" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:972px;">Also, projections of any evaluation<div style="display:inline-block;width:5px"> </div>of effectiveness to future<div style="display:inline-block;width:5px"> </div>periods are subject to the risk that controls<div style="display:inline-block;width:5px"> </div>may become </div></div>
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<div id="a61899" style="position:absolute;font-family:'Arial';left:397px;top:992px;">F-5</div><div id="a61903" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:151px;">inadequate because of changes in conditions,<div style="display:inline-block;width:4px"> </div>or that the degree of compliance with the policies or procedures<div style="display:inline-block;width:5px"> </div>may </div><div id="a61904" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:168px;">deteriorate. </div><div id="a61906" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:202px;">/s/ Deloitte Certified Public Accountants<div style="display:inline-block;width:5px"> </div>S.A. </div><div id="a61908" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:237px;">Athens, Greece </div><div id="a61910" style="position:absolute;font-family:'Calibri';font-size:13.28px;font-weight:300;left:83px;top:272px;">March 21, 2025 </div></div>
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<div id="a61913" style="position:absolute;font-family:'Arial';left:406px;top:992px;">F-6 </div><div id="a61917" style="position:absolute;font-family:'Calibri';font-weight:bold;left:242px;top:113px;">Report of Independent Registered Public Accounting Firm </div><div id="a61921" style="position:absolute;font-family:'Calibri';left:95px;top:144px;">To the Stockholders and the Board of Directors of Diana Shipping Inc. </div><div id="a61924" style="position:absolute;font-family:'Calibri';font-weight:bold;left:95px;top:175px;">Opinion on the Financial Statements </div><div id="a61927" style="position:absolute;font-family:'Calibri';left:95px;top:206px;">We have<div style="display:inline-block;width:6px"> </div>audited the accompanying<div style="display:inline-block;width:5px"> </div>consolidated balance<div style="display:inline-block;width:5px"> </div>sheet of Diana<div style="display:inline-block;width:5px"> </div>Shipping Inc. (the<div style="display:inline-block;width:5px"> </div>Company) as<div style="display:inline-block;width:5px"> </div>of </div><div id="a61928" style="position:absolute;font-family:'Calibri';left:95px;top:224px;">December 31,<div style="display:inline-block;width:5px"> </div>2023, the<div style="display:inline-block;width:5px"> </div>related<div style="display:inline-block;width:5px"> </div>consolidated statements<div style="display:inline-block;width:6px"> </div>of income,<div style="display:inline-block;width:6px"> </div>comprehensive income, stockholders' </div><div id="a61936" style="position:absolute;font-family:'Calibri';left:95px;top:242px;">equity and<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:5px"> </div>flows<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:5px"> </div>each of<div style="display:inline-block;width:6px"> </div>the two<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:6px"> </div>period ended<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:5px"> </div>and the<div style="display:inline-block;width:6px"> </div>related </div><div id="a61943" style="position:absolute;font-family:'Calibri';left:95px;top:260px;">notes (collectively referred<div style="display:inline-block;width:6px"> </div>to as<div style="display:inline-block;width:6px"> </div>the “consolidated<div style="display:inline-block;width:6px"> </div>financial statements”).<div style="display:inline-block;width:6px"> </div>In our<div style="display:inline-block;width:5px"> </div>opinion, the<div style="display:inline-block;width:5px"> </div>consolidated </div><div id="a61946" style="position:absolute;font-family:'Calibri';left:95px;top:278px;">financial statements present<div style="display:inline-block;width:2px"> </div>fairly, in all material respects,<div style="display:inline-block;width:1px"> </div>the financial<div style="display:inline-block;width:2px"> </div>position of<div style="display:inline-block;width:2px"> </div>the Company at<div style="display:inline-block;width:2px"> </div>December </div><div id="a61947" style="position:absolute;font-family:'Calibri';left:95px;top:296px;">31, 2023,<div style="display:inline-block;width:5px"> </div>and the<div style="display:inline-block;width:5px"> </div>results of<div style="display:inline-block;width:5px"> </div>its operations<div style="display:inline-block;width:5px"> </div>and its<div style="display:inline-block;width:5px"> </div>cash flows<div style="display:inline-block;width:5px"> </div>for each<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:5px"> </div>two years<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:5px"> </div>period ended </div><div id="a61954" style="position:absolute;font-family:'Calibri';left:95px;top:314px;">December 31, 2023, in conformity with U.S. generally accepted accounting principles. </div><div id="a61961" style="position:absolute;font-family:'Calibri';font-weight:bold;left:95px;top:358px;">Basis for Opinion </div><div id="a61964" style="position:absolute;font-family:'Calibri';left:95px;top:388px;">These<div style="display:inline-block;width:5px"> </div>financial<div style="display:inline-block;width:5px"> </div>statements<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>responsibility<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>Company's<div style="display:inline-block;width:5px"> </div>management.<div style="display:inline-block;width:5px"> </div>Our<div style="display:inline-block;width:5px"> </div>responsibility<div style="display:inline-block;width:5px"> </div>is<div style="display:inline-block;width:5px"> </div>to </div><div id="a61965" style="position:absolute;font-family:'Calibri';left:95px;top:406px;">express an<div style="display:inline-block;width:5px"> </div>opinion on the Company’s<div style="display:inline-block;width:6px"> </div>financial statements<div style="display:inline-block;width:5px"> </div>based on our audits.<div style="display:inline-block;width:5px"> </div>We are<div style="display:inline-block;width:5px"> </div>a public accounting </div><div id="a61966" style="position:absolute;font-family:'Calibri';left:95px;top:424px;">firm<div style="display:inline-block;width:7px"> </div>registered<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>PCAOB<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>independent<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>respect<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>in </div><div id="a61969" style="position:absolute;font-family:'Calibri';left:95px;top:442px;">accordance with the U.S. federal securities<div style="display:inline-block;width:2px"> </div>laws and the applicable<div style="display:inline-block;width:2px"> </div>rules and regulations of the<div style="display:inline-block;width:2px"> </div>Securities and </div><div id="a61970" style="position:absolute;font-family:'Calibri';left:95px;top:460px;">Exchange Commission and the PCAOB. </div><div id="a61973" style="position:absolute;font-family:'Calibri';left:95px;top:491px;">We conducted<div style="display:inline-block;width:5px"> </div>our audits in<div style="display:inline-block;width:5px"> </div>accordance with<div style="display:inline-block;width:5px"> </div>the standards<div style="display:inline-block;width:5px"> </div>of the PCAOB.<div style="display:inline-block;width:5px"> </div>Those standards<div style="display:inline-block;width:5px"> </div>require that<div style="display:inline-block;width:5px"> </div>we </div><div id="a61974" style="position:absolute;font-family:'Calibri';left:95px;top:509px;">plan and perform the audit<div style="display:inline-block;width:5px"> </div>to obtain reasonable assurance<div style="display:inline-block;width:5px"> </div>about whether the financial statements<div style="display:inline-block;width:5px"> </div>are free </div><div id="a61975" style="position:absolute;font-family:'Calibri';left:95px;top:527px;">of material<div style="display:inline-block;width:2px"> </div>misstatement, whether due<div style="display:inline-block;width:1px"> </div>to error or<div style="display:inline-block;width:1px"> </div>fraud. Our<div style="display:inline-block;width:2px"> </div>audits included<div style="display:inline-block;width:1px"> </div>performing procedures to<div style="display:inline-block;width:2px"> </div>assess </div><div id="a61977" style="position:absolute;font-family:'Calibri';left:95px;top:545px;">the risks of material<div style="display:inline-block;width:2px"> </div>misstatement of the financial statements, whether<div style="display:inline-block;width:2px"> </div>due to error or<div style="display:inline-block;width:2px"> </div>fraud, and performing </div><div id="a61978" style="position:absolute;font-family:'Calibri';left:95px;top:563px;">procedures<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>respond<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:6px"> </div>risks.<div style="display:inline-block;width:6px"> </div>Such<div style="display:inline-block;width:6px"> </div>procedures<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>examining,<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>test<div style="display:inline-block;width:6px"> </div>basis,<div style="display:inline-block;width:6px"> </div>evidence </div><div id="a61980" style="position:absolute;font-family:'Calibri';left:95px;top:580px;">regarding<div style="display:inline-block;width:5px"> </div>the amounts<div style="display:inline-block;width:5px"> </div>and disclosures<div style="display:inline-block;width:5px"> </div>in the<div style="display:inline-block;width:5px"> </div>financial statements.<div style="display:inline-block;width:6px"> </div>Our audits<div style="display:inline-block;width:5px"> </div>also included<div style="display:inline-block;width:5px"> </div>evaluating the </div><div id="a61981" style="position:absolute;font-family:'Calibri';left:95px;top:598px;">accounting principles used and significant estimates<div style="display:inline-block;width:5px"> </div>made by management, as well as evaluating<div style="display:inline-block;width:5px"> </div>the overall </div><div id="a61982" style="position:absolute;font-family:'Calibri';left:95px;top:616px;">presentation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:5px"> </div>statements.<div style="display:inline-block;width:6px"> </div>We<div style="display:inline-block;width:6px"> </div>believe<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>our<div style="display:inline-block;width:6px"> </div>audits<div style="display:inline-block;width:5px"> </div>provide<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>reasonable<div style="display:inline-block;width:6px"> </div>basis<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>our </div><div id="a61984" style="position:absolute;font-family:'Calibri';left:95px;top:634px;">opinion. </div><div id="a61988" style="position:absolute;font-family:'Calibri';left:95px;top:683px;">/s/ </div><div id="a61988_4_13" style="position:absolute;font-family:'Calibri';left:115px;top:683px;"><ix:nonNumeric id="ID_1020" name="dei:AuditorName" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885">Ernst & Young</ix:nonNumeric></div><div id="a61988_17_46" style="position:absolute;font-family:'Calibri';left:200px;top:683px;"><div style="display:inline-block;width:3px"> </div>(Hellas) Certified Auditors Accountants S.A. </div><div id="a61991" style="position:absolute;font-family:'Calibri';left:95px;top:719px;">We have served as the Company’s auditor from 2004 to 2023. </div><div id="a62000" style="position:absolute;font-family:'Calibri';left:95px;top:749.8px;"><ix:nonNumeric id="ID_1019" name="dei:AuditorLocation" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885">Athens, Greece</ix:nonNumeric></div><div id="a62000_14_2" style="position:absolute;font-family:'Calibri';left:186px;top:749.8px;"><div style="display:inline-block;width:3px"> </div></div><div id="a62003" style="position:absolute;font-family:'Calibri';left:95px;top:768px;">April 4, 2024 </div></div>
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<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:240.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:240.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:240.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:266.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:268.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:268.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:268.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:430px; height:13.1px; left:56.8px; top:295.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:405.7px; height:12.3px; left:78.4px; top:296.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:286.1px; height:13.1px; left:486.8px; top:295.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:296.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.1px; left:629.9px; top:294.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:296.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1px; left:56.4px; top:294.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:294.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:294.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1.3px; left:498.5px; top:308.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:131.1px; height:1.3px; left:641.4px; top:308.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:328.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:330.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:330.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:330.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:356.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:358.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:358.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:358.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:370.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:370.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:716.2px; height:18.1px; left:56.8px; top:386.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:392.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:12.3px; left:486.8px; top:392.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:20px; left:629.9px; top:384.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1.3px; left:56.8px; top:384.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1.3px; left:498.5px; top:384.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:131.1px; height:1.3px; left:641.4px; top:384.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:418.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:420.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:420.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:420.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:446.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:448.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:448.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:448.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:474.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:476.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:476.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:476.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:488.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:488.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:430px; height:12.6px; left:56.8px; top:504.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:405.7px; height:12.3px; left:78.4px; top:504.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:286.1px; height:12.2px; left:486.8px; top:504.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:12.3px; left:489.5px; top:504.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:504.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:12.3px; left:632.6px; top:504.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:504.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1.3px; left:56.8px; top:502.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1.1px; left:498.5px; top:502.8px; border-top: 1.1px dotted #000000; "> </div>
<div style="position:absolute; width:12px; height:1.3px; left:629.9px; top:502.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131.1px; height:1.1px; left:641.4px; top:502.8px; border-top: 1.1px dotted #000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:499px; top:516.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:499px; top:518.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.9px; top:516.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.9px; top:518.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:523.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:525.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:224.9px; height:1.1px; left:59.4px; top:536.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:12.3px; left:486.8px; top:525.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:557.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:559.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:12.2px; left:489.5px; top:559.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:559.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:12.2px; left:632.6px; top:559.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:559.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:585.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:587.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:587.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:587.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:613.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:615.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:615.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:615.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:641.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:643.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:643.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:643.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:655.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:655.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:716.2px; height:18.1px; left:56.8px; top:671.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:677.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:12.3px; left:486.8px; top:677.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:20px; left:629.9px; top:669.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1.3px; left:56.8px; top:669.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1.3px; left:498.5px; top:669.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:131.1px; height:1.3px; left:641.4px; top:669.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:703.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:705.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:705.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:705.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:14.1px; left:56.8px; top:731.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:733.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:733.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:733.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:430px; height:13.1px; left:56.8px; top:760.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:405.7px; height:12.3px; left:78.4px; top:761.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:286.1px; height:13.1px; left:486.8px; top:760.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:501.5px; top:761.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.3px; left:644.6px; top:761.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1px; left:56.4px; top:759.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:759.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:629.5px; top:759.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:759.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1.3px; left:498.5px; top:773.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:131.1px; height:1.3px; left:641.4px; top:773.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:716.2px; height:20px; left:56.8px; top:793.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.3px; left:59.4px; top:801.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:12.3px; left:486.8px; top:801.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:39px; left:56.8px; top:827.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:36.8px; left:59.4px; top:829.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:854.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:854.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:716.2px; height:13.9px; left:56.8px; top:880.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:424.7px; height:12.2px; left:59.4px; top:882.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:882.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:882.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:430px; height:12.9px; left:56.8px; top:909.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:405.7px; height:12.2px; left:78.4px; top:910.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:286.1px; height:12.9px; left:486.8px; top:909.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:501.5px; top:910.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.9px; left:629.9px; top:908.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:125.6px; height:12.2px; left:644.6px; top:910.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:442.2px; height:1px; left:56.4px; top:908.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:498.6px; top:908.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.5px; top:908.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1.3px; left:498.5px; top:922.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:131.1px; height:1.3px; left:641.4px; top:922.9px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:499px; top:936.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:499px; top:938.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.9px; top:936.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.1px; height:1px; left:641.9px; top:938.7px; background-color:#000000; "> </div>
<div id="a62006" style="position:absolute;font-family:'Arial';left:388px;top:992px;">F-7 </div><div id="a62010" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:79px;">DIANA SHIPPING INC.<div style="display:inline-block;width:2px"> </div></div><div id="a62015" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:95px;">CONSOLIDATED BALANCE SHEETS </div><div id="a62021" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:111px;">December 31, 2024 and 2023 </div><div id="a62027" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:127px;">(Expressed in thousands of U.S. Dollars – except<div style="display:inline-block;width:2px"> </div>for share and per share data) </div><div id="a62039" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:552px;top:142px;">2024 </div><div id="a62042" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:695px;top:142px;">2023 </div><div id="a62044" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:157px;">ASSETS </div><div id="a62050" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:170px;">Current Assets </div><div id="a62056" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:185px;">Cash and cash equivalents (Note 2 (e)) </div><div id="a62058" style="position:absolute;font-family:'Arial';font-size:10.72px;left:490px;top:185px;">$ </div><div id="a62060" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:184.5px;"><ix:nonFraction id="ID_350" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">124,666</ix:nonFraction></div><div id="a62062" style="position:absolute;font-family:'Arial';font-size:10.72px;left:633px;top:185px;">$ </div><div id="a62064" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:184.5px;"><ix:nonFraction id="ID_140" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">101,592</ix:nonFraction></div><div id="a62066" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:198px;">Time deposits (Note 2 (e)) </div><div id="a62069" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:198.5px;"><ix:nonFraction id="ID_414" name="us-gaap:OtherShortTermInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">63,500</ix:nonFraction></div><div id="a62072" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:198.5px;"><ix:nonFraction id="ID_559" name="us-gaap:OtherShortTermInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">40,000</ix:nonFraction></div><div id="a62074" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:213px;">Accounts receivable, trade (Note 2 (f)) </div><div id="a62078" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:212.5px;"><ix:nonFraction id="ID_18" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,565</ix:nonFraction></div><div id="a62081" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:212.5px;"><ix:nonFraction id="ID_640" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,870</ix:nonFraction></div><div id="a62083" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:226px;">Due from related parties (Note 4) </div><div id="a62086" style="position:absolute;font-family:'Arial';font-size:10.72px;left:609px;top:226.5px;"><ix:nonFraction id="ID_920" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">194</ix:nonFraction></div><div id="a62089" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:226.5px;"><ix:nonFraction id="ID_921" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">149</ix:nonFraction></div><div id="a62091" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:241px;">Inventories (Note 2 (g)) </div><div id="a62094" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:240.5px;"><ix:nonFraction id="ID_388" name="us-gaap:InventoryNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,193</ix:nonFraction></div><div id="a62097" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:240.5px;"><ix:nonFraction id="ID_660" name="us-gaap:InventoryNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,056</ix:nonFraction></div><div id="a62099" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:254px;">Prepaid expenses and other assets </div><div id="a62102" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:254.5px;"><ix:nonFraction id="ID_176" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,490</ix:nonFraction></div><div id="a62105" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:254.5px;"><ix:nonFraction id="ID_649" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,696</ix:nonFraction></div><div id="a62107" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:269px;">Investments in equity securities (Note 5(b)) </div><div id="a62110" style="position:absolute;font-family:'Arial';font-size:10.72px;left:624px;top:268.5px;"><ix:nonFraction id="ID_508" name="us-gaap:EquitySecuritiesFvNi" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62113" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:268.5px;"><ix:nonFraction id="ID_290" name="us-gaap:EquitySecuritiesFvNi" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,729</ix:nonFraction></div><div id="a62115" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:282px;">Fair value of derivatives </div><div id="a62119" style="position:absolute;font-family:'Arial';font-size:10.72px;left:624px;top:282.5px;"><ix:nonFraction id="ID_362" name="us-gaap:DerivativeAssetsCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62122" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:282.5px;"><ix:nonFraction id="ID_658" name="us-gaap:DerivativeAssetsCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">129</ix:nonFraction></div><div id="a62125" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:297px;">Total Current Assets </div><div id="a62128" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:296.5px;"><ix:nonFraction id="ID_123" name="us-gaap:AssetsCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">206,608</ix:nonFraction></div><div id="a62131" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:296.5px;"><ix:nonFraction id="ID_648" name="us-gaap:AssetsCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">182,221</ix:nonFraction></div><div id="a62133" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:317px;">Fixed Assets: </div><div id="a62139" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:331px;">Advances for vessels under construction (Note 6) </div><div id="a62142" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:330.5px;"><ix:nonFraction id="ID_968" name="dsx:AdvancesForVesselsUnderConstruction" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">19,558</ix:nonFraction></div><div id="a62145" style="position:absolute;font-family:'Arial';font-size:10.72px;left:767px;top:330.5px;"><ix:nonFraction id="ID_969" name="dsx:AdvancesForVesselsUnderConstruction" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62147" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:345px;">Vessels, net (Note 6) </div><div id="a62150" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:344.6px;"><ix:nonFraction id="ID_153" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">833,412</ix:nonFraction></div><div id="a62153" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:344.6px;"><ix:nonFraction id="ID_531" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">900,192</ix:nonFraction></div><div id="a62155" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:359px;">Property and equipment, net (Note 7) </div><div id="a62158" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:358.5px;"><ix:nonFraction id="ID_465" name="dsx:PropertyAndEquipmentNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,175</ix:nonFraction></div><div id="a62161" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:358.5px;"><ix:nonFraction id="ID_555" name="dsx:PropertyAndEquipmentNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,282</ix:nonFraction></div><div id="a62164" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:373px;">Total fixed assets </div><div id="a62168" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:372.6px;"><ix:nonFraction id="ID_467" name="dsx:TotalFixedAssets" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">880,145</ix:nonFraction></div><div id="a62171" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:372.6px;"><ix:nonFraction id="ID_663" name="dsx:TotalFixedAssets" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">924,474</ix:nonFraction></div><div id="a62173" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:393px;">Other Noncurrent Assets </div><div id="a62179" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:407px;">Restricted cash, non-current (Notes 2(e) and 8) </div><div id="a62184" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:406.5px;"><ix:nonFraction id="ID_73" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">19,000</ix:nonFraction></div><div id="a62187" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:406.5px;"><ix:nonFraction id="ID_141" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,000</ix:nonFraction></div><div id="a62189" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:421px;">Due from related parties, non-current (Note 4) </div><div id="a62194" style="position:absolute;font-family:'Arial';font-size:10.72px;left:609px;top:420.6px;"><ix:nonFraction id="ID_574" name="us-gaap:AccountsReceivableNetNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">155</ix:nonFraction></div><div id="a62197" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:420.6px;"><ix:nonFraction id="ID_575" name="us-gaap:AccountsReceivableNetNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">319</ix:nonFraction></div><div id="a62199" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:435px;">Equity method investments (Note 4) </div><div id="a62202" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:434.5px;"><ix:nonFraction id="ID_470" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">42,826</ix:nonFraction></div><div id="a62205" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:434.5px;"><ix:nonFraction id="ID_664" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15,769</ix:nonFraction></div><div id="a62207" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:449px;">Investments in a related party (Notes 2(aa) and<div style="display:inline-block;width:2px"> </div>5(a)) </div><div id="a62211" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:448.6px;"><ix:nonFraction id="ID_576" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,415</ix:nonFraction></div><div id="a62214" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:448.6px;"><ix:nonFraction id="ID_577" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,318</ix:nonFraction></div><div id="a62216" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:463px;">Other non-current assets </div><div id="a62221" style="position:absolute;font-family:'Arial';font-size:10.72px;left:615px;top:462.5px;"><ix:nonFraction id="ID_45" name="us-gaap:OtherAssetsNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">31</ix:nonFraction></div><div id="a62224" style="position:absolute;font-family:'Arial';font-size:10.72px;left:758px;top:462.5px;"><ix:nonFraction id="ID_645" name="us-gaap:OtherAssetsNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">31</ix:nonFraction></div><div id="a62226" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:477px;">Deferred costs </div><div id="a62229" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:476.6px;"><ix:nonFraction id="ID_15" name="us-gaap:DeferredCosts" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17,838</ix:nonFraction></div><div id="a62232" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:476.6px;"><ix:nonFraction id="ID_639" name="us-gaap:DeferredCosts" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15,278</ix:nonFraction></div><div id="a62235" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:491px;">Total Non-current Assets </div><div id="a62240" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:490.5px;"><ix:nonFraction id="ID_54" name="us-gaap:AssetsNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">964,410</ix:nonFraction></div><div id="a62243" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:490.5px;"><ix:nonFraction id="ID_646" name="us-gaap:AssetsNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">984,189</ix:nonFraction></div><div id="a62246" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:505px;">Total Assets </div><div id="a62248" style="position:absolute;font-family:'Arial';font-size:10.72px;left:490px;top:505px;">$ </div><div id="a62250" style="position:absolute;font-family:'Arial';font-size:10.72px;left:580px;top:504.6px;"><ix:nonFraction id="ID_179" name="us-gaap:Assets" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,171,018</ix:nonFraction></div><div id="a62252" style="position:absolute;font-family:'Arial';font-size:10.72px;left:633px;top:505px;">$ </div><div id="a62254" style="position:absolute;font-family:'Arial';font-size:10.72px;left:723px;top:504.6px;"><ix:nonFraction id="ID_650" name="us-gaap:Assets" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,166,410</ix:nonFraction></div><div id="a62262" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:526px;">LIABILITIES AND STOCKHOLDERS' EQUITY </div><div id="a62268" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:546px;">Current Liabilities </div><div id="a62274" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:559px;">Long-term debt, current, net of deferred financing<div style="display:inline-block;width:2px"> </div>costs (Note 8) </div><div id="a62278" style="position:absolute;font-family:'Arial';font-size:10.72px;left:490px;top:559px;">$ </div><div id="a62280" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:559.5px;"><ix:nonFraction id="ID_333" name="us-gaap:LongTermDebtCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">45,230</ix:nonFraction></div><div id="a62282" style="position:absolute;font-family:'Arial';font-size:10.72px;left:633px;top:559px;">$ </div><div id="a62284" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:559.5px;"><ix:nonFraction id="ID_565" name="us-gaap:LongTermDebtCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,512</ix:nonFraction></div><div id="a62286" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:574px;">Finance liabilities, current (Note 9) </div><div id="a62289" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:573.6px;"><ix:nonFraction id="ID_185" name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,608</ix:nonFraction></div><div id="a62292" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:573.6px;"><ix:nonFraction id="ID_538" name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,221</ix:nonFraction></div><div id="a62294" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:587px;">Accounts payable </div><div id="a62297" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:587.5px;"><ix:nonFraction id="ID_19" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,990</ix:nonFraction></div><div id="a62300" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:587.5px;"><ix:nonFraction id="ID_641" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,663</ix:nonFraction></div><div id="a62302" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:602px;">Due to related parties (Note 3) </div><div id="a62305" style="position:absolute;font-family:'Arial';font-size:10.72px;left:609px;top:601.6px;"><ix:nonFraction id="ID_572" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">190</ix:nonFraction></div><div id="a62308" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:601.6px;"><ix:nonFraction id="ID_573" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">759</ix:nonFraction></div><div id="a62310" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:615px;">Accrued liabilities </div><div id="a62314" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:615.5px;"><ix:nonFraction id="ID_34" name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">11,896</ix:nonFraction></div><div id="a62317" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:615.5px;"><ix:nonFraction id="ID_643" name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,416</ix:nonFraction></div><div id="a62319" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:630px;">Deferred revenue </div><div id="a62322" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:629.6px;"><ix:nonFraction id="ID_44" name="us-gaap:DeferredRevenueCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,235</ix:nonFraction></div><div id="a62325" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:629.6px;"><ix:nonFraction id="ID_644" name="us-gaap:DeferredRevenueCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,563</ix:nonFraction></div><div id="a62327" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:643px;">Fair value of derivatives </div><div id="a62330" style="position:absolute;font-family:'Arial';font-size:10.72px;left:615px;top:643.5px;"><ix:nonFraction id="ID_570" name="us-gaap:DerivativeLiabilitiesCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">31</ix:nonFraction></div><div id="a62333" style="position:absolute;font-family:'Arial';font-size:10.72px;left:767px;top:643.5px;"><ix:nonFraction id="ID_571" name="us-gaap:DerivativeLiabilitiesCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62336" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:658px;">Total Current Liabilities </div><div id="a62339" style="position:absolute;font-family:'Arial';font-size:10.72px;left:594px;top:657.6px;"><ix:nonFraction id="ID_28" name="us-gaap:LiabilitiesCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">80,180</ix:nonFraction></div><div id="a62342" style="position:absolute;font-family:'Arial';font-size:10.72px;left:738px;top:657.6px;"><ix:nonFraction id="ID_642" name="us-gaap:LiabilitiesCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">85,134</ix:nonFraction></div><div id="a62344" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:678px;">Non-current Liabilities </div><div id="a62352" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:691px;">Long-term debt, net of current portion and deferred<div style="display:inline-block;width:2px"> </div>financing costs (Note 8) </div><div id="a62357" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:691.5px;"><ix:nonFraction id="ID_156" name="us-gaap:LongTermDebtNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">469,387</ix:nonFraction></div><div id="a62360" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:691.5px;"><ix:nonFraction id="ID_569" name="us-gaap:LongTermDebtNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">461,131</ix:nonFraction></div><div id="a62362" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:706px;">Finance liabilities, net of current portion (Note 9) </div><div id="a62365" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:705.6px;"><ix:nonFraction id="ID_378" name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">113,300</ix:nonFraction></div><div id="a62368" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:705.6px;"><ix:nonFraction id="ID_566" name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">122,908</ix:nonFraction></div><div id="a62370" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:719px;">Fair value of derivatives (Note 2 (dd)) </div><div id="a62373" style="position:absolute;font-family:'Arial';font-size:10.72px;left:609px;top:719.5px;"><ix:nonFraction id="ID_271" name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">134</ix:nonFraction></div><div id="a62376" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:719.5px;"><ix:nonFraction id="ID_654" name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">568</ix:nonFraction></div><div id="a62378" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:734px;">Warrant liability (Note 11(e)) </div><div id="a62381" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:733.6px;"><ix:nonFraction id="ID_249" name="dsx:WarrantLiabilityNonCurrentLiabilities" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,802</ix:nonFraction></div><div id="a62384" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:733.6px;"><ix:nonFraction id="ID_652" name="dsx:WarrantLiabilityNonCurrentLiabilities" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,332</ix:nonFraction></div><div id="a62386" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:747px;">Other non-current liabilities </div><div id="a62391" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:747.5px;"><ix:nonFraction id="ID_390" name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,158</ix:nonFraction></div><div id="a62394" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:747.5px;"><ix:nonFraction id="ID_661" name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,316</ix:nonFraction></div><div id="a62397" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:762px;">Total Noncurrent Liabilities </div><div id="a62401" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:761.6px;"><ix:nonFraction id="ID_326" name="us-gaap:LiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">585,781</ix:nonFraction></div><div id="a62404" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:761.6px;"><ix:nonFraction id="ID_657" name="us-gaap:LiabilitiesNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">592,255</ix:nonFraction></div><div id="a62406" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:782px;">Commitments and contingencies (Note 10) </div><div id="a62409" style="position:absolute;font-family:'Arial';font-size:10.72px;left:624px;top:781.6px;-sec-ix-hidden:ID_466;">-</div><div id="a62412" style="position:absolute;font-family:'Arial';font-size:10.72px;left:767px;top:781.6px;-sec-ix-hidden:ID_662;">-</div><div id="a62414" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:59px;top:802px;">Stockholders' Equity </div><div id="a62420" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:816px;">Preferred stock (Note 11) </div><div id="a62423" style="position:absolute;font-family:'Arial';font-size:10.72px;left:615px;top:815.5px;"><ix:nonFraction id="ID_226" name="us-gaap:PreferredStockValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a62426" style="position:absolute;font-family:'Arial';font-size:10.72px;left:758px;top:815.5px;"><ix:nonFraction id="ID_651" name="us-gaap:PreferredStockValue" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a62428" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:830.1px;">Common stock, $</div><div id="a62428_15_4" style="position:absolute;font-family:'Arial';font-size:10.72px;left:143px;top:830.1px;"><ix:nonFraction id="ID_225" name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">0.01</ix:nonFraction></div><div id="a62428_19_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:163px;top:830.1px;"><div style="display:inline-block;width:3px"> </div>par value; </div><div id="a62428_31_13" style="position:absolute;font-family:'Arial';font-size:10.72px;left:216px;top:830.1px;"><ix:nonFraction id="ID_32" name="us-gaap:CommonStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">1,000,000,000</ix:nonFraction></div><div id="a62428_44_23" style="position:absolute;font-family:'Arial';font-size:10.72px;left:284px;top:830.1px;"><div style="display:inline-block;width:3px"> </div>shares authorized and </div><div id="a62428_67_11" style="position:absolute;font-family:'Arial';font-size:10.72px;left:396px;top:830.1px;"><ix:nonFraction id="ID_432" name="us-gaap:CommonStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">125,203,405</ix:nonFraction></div><div id="a62428_78_5" style="position:absolute;font-family:'Arial';font-size:10.72px;left:455px;top:830.1px;"><div style="display:inline-block;width:3px"> </div>and </div><div id="a62429" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:842.4px;"><ix:nonFraction id="ID_638" name="us-gaap:CommonStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">113,065,725</ix:nonFraction></div><div id="a62429_11_74" style="position:absolute;font-family:'Arial';font-size:10.72px;left:119px;top:842.4px;"><div style="display:inline-block;width:3px"> </div>issued and outstanding on December 31, 2024<div style="display:inline-block;width:1px"> </div>and 2023, respectively (Note </div><div id="a62432" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:855px;">11) </div><div id="a62435" style="position:absolute;font-family:'Arial';font-size:10.72px;left:600px;top:854.6px;"><ix:nonFraction id="ID_368" name="us-gaap:CommonStockValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,252</ix:nonFraction></div><div id="a62438" style="position:absolute;font-family:'Arial';font-size:10.72px;left:743px;top:854.6px;"><ix:nonFraction id="ID_659" name="us-gaap:CommonStockValue" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,131</ix:nonFraction></div><div id="a62440" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:869px;">Additional paid-in capital </div><div id="a62445" style="position:absolute;font-family:'Arial';font-size:10.72px;left:580px;top:868.7px;"><ix:nonFraction id="ID_283" name="us-gaap:AdditionalPaidInCapital" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,139,363</ix:nonFraction></div><div id="a62448" style="position:absolute;font-family:'Arial';font-size:10.72px;left:723px;top:868.7px;"><ix:nonFraction id="ID_655" name="us-gaap:AdditionalPaidInCapital" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,101,425</ix:nonFraction></div><div id="a62450" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:883px;">Accumulated other comprehensive income </div><div id="a62453" style="position:absolute;font-family:'Arial';font-size:10.72px;left:609px;top:882.6px;"><ix:nonFraction id="ID_303" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">312</ix:nonFraction></div><div id="a62456" style="position:absolute;font-family:'Arial';font-size:10.72px;left:752px;top:882.6px;"><ix:nonFraction id="ID_656" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">308</ix:nonFraction></div><div id="a62458" style="position:absolute;font-family:'Arial';font-size:10.72px;left:59px;top:897px;">Accumulated deficit </div><div id="a62461" style="position:absolute;font-family:'Arial';font-size:10.72px;left:582px;top:896.7px;display:flex;">(<ix:nonFraction id="ID_74" name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">635,896</ix:nonFraction>)</div><div id="a62464" style="position:absolute;font-family:'Arial';font-size:10.72px;left:725px;top:896.7px;display:flex;">(<ix:nonFraction id="ID_647" name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">613,869</ix:nonFraction>)</div><div id="a62467" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:911px;">Total Stockholders' Equity </div><div id="a62471" style="position:absolute;font-family:'Arial';font-size:10.72px;left:589px;top:910.6px;"><ix:nonFraction id="ID_511" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">505,057</ix:nonFraction></div><div id="a62474" style="position:absolute;font-family:'Arial';font-size:10.72px;left:732px;top:910.6px;"><ix:nonFraction id="ID_330" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">489,021</ix:nonFraction></div><div id="a62477" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:78px;top:925px;"><div style="display:inline-block;width:3px"> </div>Total Liabilities and Stockholders' Equity </div><div id="a62480" style="position:absolute;font-family:'Arial';font-size:10.72px;left:490px;top:925px;">$ </div><div id="a62482" style="position:absolute;font-family:'Arial';font-size:10.72px;left:580px;top:924.7px;"><ix:nonFraction id="ID_267" name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,171,018</ix:nonFraction></div><div id="a62484" style="position:absolute;font-family:'Arial';font-size:10.72px;left:633px;top:925px;">$ </div><div id="a62486" style="position:absolute;font-family:'Arial';font-size:10.72px;left:723px;top:924.7px;"><ix:nonFraction id="ID_653" name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,166,410</ix:nonFraction></div><div id="a62488" style="position:absolute;font-family:'Arial';font-size:10.72px;left:207px;top:940px;">The accompanying notes are an integral part of<div style="display:inline-block;width:1px"> </div>these consolidated financial statements. </div></div>
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<div style="position:absolute; width:92.8px; height:1px; left:647.7px; top:846.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:684.1px; height:16px; left:56.8px; top:879.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:347.6px; height:13.8px; left:56.8px; top:881.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:17px; left:516.6px; top:878.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:13.8px; left:516.6px; top:881.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:17px; left:628.8px; top:878.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:13.8px; left:628.8px; top:881.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:366.9px; height:1px; left:56.4px; top:878.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:423.3px; top:878.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:535.5px; top:878.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:647.7px; top:878.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:423.7px; top:895.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:423.7px; top:897.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:535.9px; top:895.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:535.9px; top:897.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:648.1px; top:895.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:92.8px; height:1px; left:648.1px; top:897.4px; background-color:#000000; "> </div>
<div id="a62492" style="position:absolute;font-family:'Arial';left:388px;top:992px;">F-8 </div><div id="a62496" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:79px;">DIANA SHIPPING INC. </div><div id="a62504" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:96px;">CONSOLIDATED STATEMENTS<div style="display:inline-block;width:6px"> </div>OF INCOME </div><div id="a62509" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:113px;">For the years ended December 31, 2024, 2023 and 2022 </div><div id="a62513" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:130px;">(Expressed in thousands of U.S. Dollars – except for share and per share data) </div><div id="a62525" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:456px;top:147px;">2024 </div><div id="a62528" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:569px;top:147px;">2023 </div><div id="a62531" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:681px;top:147px;">2022 </div><div id="a62533" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:164px;">REVENUES: </div><div id="a62541" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:181px;">Time charter revenues </div><div id="a62543" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:181px;">$ </div><div id="a62545" style="position:absolute;font-family:'Arial';font-size:12px;left:466px;top:181px;"><ix:nonFraction id="ID_341" name="us-gaap:Revenues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">228,209</ix:nonFraction></div><div id="a62547" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:181px;">$ </div><div id="a62549" style="position:absolute;font-family:'Arial';font-size:12px;left:578px;top:181px;"><ix:nonFraction id="ID_72" name="us-gaap:Revenues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">262,098</ix:nonFraction></div><div id="a62551" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:181px;">$ </div><div id="a62553" style="position:absolute;font-family:'Arial';font-size:12px;left:691px;top:181px;"><ix:nonFraction id="ID_719" name="us-gaap:Revenues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">289,972</ix:nonFraction></div><div id="a62555" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:198px;">OPERATING EXPENSES </div><div id="a62563" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:215px;">Voyage expenses </div><div id="a62566" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:215px;"><ix:nonFraction id="ID_163" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,607</ix:nonFraction></div><div id="a62569" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:215px;"><ix:nonFraction id="ID_142" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,621</ix:nonFraction></div><div id="a62572" style="position:absolute;font-family:'Arial';font-size:12px;left:704px;top:215px;"><ix:nonFraction id="ID_274" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,942</ix:nonFraction></div><div id="a62574" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:232px;">Vessel operating expenses </div><div id="a62577" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:232px;"><ix:nonFraction id="ID_107" name="us-gaap:OperatingCostsAndExpenses" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">82,587</ix:nonFraction></div><div id="a62580" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:232px;"><ix:nonFraction id="ID_121" name="us-gaap:OperatingCostsAndExpenses" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">85,486</ix:nonFraction></div><div id="a62583" style="position:absolute;font-family:'Arial';font-size:12px;left:697px;top:232px;"><ix:nonFraction id="ID_720" name="us-gaap:OperatingCostsAndExpenses" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">72,033</ix:nonFraction></div><div id="a62585" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:249px;">Depreciation and amortization of deferred charges<div style="display:inline-block;width:3px"> </div></div><div id="a62588" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:249px;"><ix:nonFraction id="ID_491" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,691</ix:nonFraction></div><div id="a62591" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:249px;"><ix:nonFraction id="ID_464" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,785</ix:nonFraction></div><div id="a62594" style="position:absolute;font-family:'Arial';font-size:12px;left:697px;top:249px;"><ix:nonFraction id="ID_721" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">43,326</ix:nonFraction></div><div id="a62596" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:266px;">General and administrative expenses </div><div id="a62599" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:265.9px;"><ix:nonFraction id="ID_157" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">33,435</ix:nonFraction></div><div id="a62602" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:265.9px;"><ix:nonFraction id="ID_25" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">32,968</ix:nonFraction></div><div id="a62605" style="position:absolute;font-family:'Arial';font-size:12px;left:697px;top:265.9px;"><ix:nonFraction id="ID_722" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,367</ix:nonFraction></div><div id="a62607" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:283px;">Management fees to a related party (Note 4(a)) </div><div id="a62610" style="position:absolute;font-family:'Arial';font-size:12px;left:479px;top:283px;"><ix:nonFraction id="ID_485" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,332</ix:nonFraction></div><div id="a62613" style="position:absolute;font-family:'Arial';font-size:12px;left:592px;top:283px;"><ix:nonFraction id="ID_254" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,313</ix:nonFraction></div><div id="a62616" style="position:absolute;font-family:'Arial';font-size:12px;left:714px;top:283px;"><ix:nonFraction id="ID_78" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">511</ix:nonFraction></div><div id="a62618" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:300px;">Gain on sale of vessels (Note 6) </div><div id="a62621" style="position:absolute;font-family:'Arial';font-size:12px;left:475px;top:300px;display:flex;">(<ix:nonFraction id="ID_521" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,799</ix:nonFraction>)</div><div id="a62624" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:300px;display:flex;">(<ix:nonFraction id="ID_363" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,323</ix:nonFraction>)</div><div id="a62627" style="position:absolute;font-family:'Arial';font-size:12px;left:700px;top:300px;display:flex;">(<ix:nonFraction id="ID_723" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,850</ix:nonFraction>)</div><div id="a62629" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:317px;">Insurance recoveries </div><div id="a62632" style="position:absolute;font-family:'Arial';font-size:12px;left:506px;top:317px;"><ix:nonFraction id="ID_724" name="us-gaap:InsuranceRecoveries" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62635" style="position:absolute;font-family:'Arial';font-size:12px;left:618px;top:317px;"><ix:nonFraction id="ID_725" name="us-gaap:InsuranceRecoveries" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62638" style="position:absolute;font-family:'Arial';font-size:12px;left:700px;top:317px;display:flex;">(<ix:nonFraction id="ID_726" name="us-gaap:InsuranceRecoveries" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,789</ix:nonFraction>)</div><div id="a62640" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:334px;">Other operating income </div><div id="a62643" style="position:absolute;font-family:'Arial';font-size:12px;left:486px;top:334px;display:flex;">(<ix:nonFraction id="ID_118" name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">422</ix:nonFraction>)</div><div id="a62646" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:334px;display:flex;">(<ix:nonFraction id="ID_180" name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,464</ix:nonFraction>)</div><div id="a62649" style="position:absolute;font-family:'Arial';font-size:12px;left:710px;top:334px;display:flex;">(<ix:nonFraction id="ID_727" name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">265</ix:nonFraction>)</div><div id="a62652" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:78px;top:351px;">Operating income, total </div><div id="a62654" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:351px;">$ </div><div id="a62656" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:351.1px;"><ix:nonFraction id="ID_66" name="us-gaap:OperatingIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">58,778</ix:nonFraction></div><div id="a62658" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:351px;">$ </div><div id="a62660" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:351.1px;"><ix:nonFraction id="ID_266" name="us-gaap:OperatingIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">85,712</ix:nonFraction></div><div id="a62662" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:351px;">$ </div><div id="a62664" style="position:absolute;font-family:'Arial';font-size:12px;left:691px;top:351.1px;"><ix:nonFraction id="ID_728" name="us-gaap:OperatingIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">142,697</ix:nonFraction></div><div id="a62674" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:385px;">OTHER INCOME/(EXPENSE) </div><div id="a62682" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:402px;">Interest expense and finance costs (Note 13) </div><div id="a62685" style="position:absolute;font-family:'Arial';font-size:12px;left:469px;top:402px;display:flex;">(<ix:nonFraction id="ID_221" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,468</ix:nonFraction>)</div><div id="a62688" style="position:absolute;font-family:'Arial';font-size:12px;left:581px;top:402px;display:flex;">(<ix:nonFraction id="ID_220" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,331</ix:nonFraction>)</div><div id="a62691" style="position:absolute;font-family:'Arial';font-size:12px;left:693px;top:402px;display:flex;">(<ix:nonFraction id="ID_729" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,419</ix:nonFraction>)</div><div id="a62693" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:419px;">Interest and other income </div><div id="a62696" style="position:absolute;font-family:'Arial';font-size:12px;left:479px;top:419.1px;"><ix:nonFraction id="ID_302" name="us-gaap:InterestAndOtherIncome" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,369</ix:nonFraction></div><div id="a62699" style="position:absolute;font-family:'Arial';font-size:12px;left:592px;top:419.1px;"><ix:nonFraction id="ID_268" name="us-gaap:InterestAndOtherIncome" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,170</ix:nonFraction></div><div id="a62702" style="position:absolute;font-family:'Arial';font-size:12px;left:704px;top:419.1px;"><ix:nonFraction id="ID_730" name="us-gaap:InterestAndOtherIncome" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,737</ix:nonFraction></div><div id="a62704" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:436px;">Gain/(loss) on derivative instruments (Note 8) </div><div id="a62707" style="position:absolute;font-family:'Arial';font-size:12px;left:490px;top:436px;"><ix:nonFraction id="ID_137" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">274</ix:nonFraction></div><div id="a62710" style="position:absolute;font-family:'Arial';font-size:12px;left:598px;top:436px;display:flex;">(<ix:nonFraction id="ID_196" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">439</ix:nonFraction>)</div><div id="a62713" style="position:absolute;font-family:'Arial';font-size:12px;left:730px;top:436px;"><ix:nonFraction id="ID_731" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62715" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:453px;">Loss on extinguishment of debt (Note 8) </div><div id="a62718" style="position:absolute;font-family:'Arial';font-size:12px;left:475px;top:453px;display:flex;">(<ix:nonFraction id="ID_493" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">3,475</ix:nonFraction>)</div><div id="a62721" style="position:absolute;font-family:'Arial';font-size:12px;left:598px;top:453px;display:flex;">(<ix:nonFraction id="ID_301" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">748</ix:nonFraction>)</div><div id="a62724" style="position:absolute;font-family:'Arial';font-size:12px;left:710px;top:453px;display:flex;">(<ix:nonFraction id="ID_732" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">435</ix:nonFraction>)</div><div id="a62726" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:470px;">Gain on deconsolidation of subsidiary </div><div id="a62729" style="position:absolute;font-family:'Arial';font-size:12px;left:506px;top:470px;"><ix:nonFraction id="ID_272" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62732" style="position:absolute;font-family:'Arial';font-size:12px;left:602px;top:470px;"><ix:nonFraction id="ID_410" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">844</ix:nonFraction></div><div id="a62735" style="position:absolute;font-family:'Arial';font-size:12px;left:730px;top:470px;"><ix:nonFraction id="ID_733" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62737" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:487px;">Gain/(loss) on related party investments (Note 5(a)) </div><div id="a62740" style="position:absolute;font-family:'Arial';font-size:12px;left:475px;top:487.1px;display:flex;">(<ix:nonFraction id="ID_970" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">3,905</ix:nonFraction>)</div><div id="a62743" style="position:absolute;font-family:'Arial';font-size:12px;left:592px;top:487.1px;"><ix:nonFraction id="ID_971" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,502</ix:nonFraction></div><div id="a62746" style="position:absolute;font-family:'Arial';font-size:12px;left:714px;top:487.1px;"><ix:nonFraction id="ID_972" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">589</ix:nonFraction></div><div id="a62748" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:504px;">Gain/(loss) on equity securities (Note 5(b)) </div><div id="a62751" style="position:absolute;font-family:'Arial';font-size:12px;left:486px;top:504px;display:flex;">(<ix:nonFraction id="ID_735" name="us-gaap:EquitySecuritiesFvNiRealizedGainLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">400</ix:nonFraction>)</div><div id="a62754" style="position:absolute;font-family:'Arial';font-size:12px;left:592px;top:504px;"><ix:nonFraction id="ID_799" name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,813</ix:nonFraction></div><div id="a62757" style="position:absolute;font-family:'Arial';font-size:12px;left:730px;top:504px;"><ix:nonFraction id="ID_736" name="us-gaap:EquitySecuritiesFvNiRealizedGainLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62759" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:521px;">Gain on warrants (Note 11(e)) </div><div id="a62762" style="position:absolute;font-family:'Arial';font-size:12px;left:490px;top:521px;"><ix:nonFraction id="ID_92" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">719</ix:nonFraction></div><div id="a62765" style="position:absolute;font-family:'Arial';font-size:12px;left:592px;top:521px;"><ix:nonFraction id="ID_497" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,583</ix:nonFraction></div><div id="a62768" style="position:absolute;font-family:'Arial';font-size:12px;left:730px;top:521px;"><ix:nonFraction id="ID_737" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a62770" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:538px;">Gain/(loss) from equity method investments (Note 4) </div><div id="a62773" style="position:absolute;font-family:'Arial';font-size:12px;left:486px;top:538px;display:flex;">(<ix:nonFraction id="ID_312" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">146</ix:nonFraction>)</div><div id="a62776" style="position:absolute;font-family:'Arial';font-size:12px;left:598px;top:538px;display:flex;">(<ix:nonFraction id="ID_234" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">262</ix:nonFraction>)</div><div id="a62779" style="position:absolute;font-family:'Arial';font-size:12px;left:714px;top:538px;"><ix:nonFraction id="ID_738" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">894</ix:nonFraction></div><div id="a62782" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:78px;top:555px;">Total other expenses, net </div><div id="a62784" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:555px;">$ </div><div id="a62786" style="position:absolute;font-family:'Arial';font-size:12px;left:469px;top:555.1px;display:flex;">(<ix:nonFraction id="ID_376" name="us-gaap:NonoperatingGainsLosses" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">46,032</ix:nonFraction>)</div><div id="a62788" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:555px;">$ </div><div id="a62790" style="position:absolute;font-family:'Arial';font-size:12px;left:581px;top:555.1px;display:flex;">(<ix:nonFraction id="ID_365" name="us-gaap:NonoperatingGainsLosses" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">35,868</ix:nonFraction>)</div><div id="a62792" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:555px;">$ </div><div id="a62794" style="position:absolute;font-family:'Arial';font-size:12px;left:693px;top:555.1px;display:flex;">(<ix:nonFraction id="ID_739" name="us-gaap:NonoperatingGainsLosses" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">23,634</ix:nonFraction>)</div><div id="a62796" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:572px;">Net income </div><div id="a62798" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:572px;">$ </div><div id="a62800" style="position:absolute;font-family:'Arial';font-size:12px;left:473px;top:572.1px;"><ix:nonFraction id="ID_257" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a62802" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:572px;">$ </div><div id="a62804" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:572.1px;"><ix:nonFraction id="ID_480" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a62806" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:572px;">$ </div><div id="a62808" style="position:absolute;font-family:'Arial';font-size:12px;left:691px;top:572.1px;"><ix:nonFraction id="ID_104" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a62810" style="position:absolute;font-family:'Arial';font-size:12px;left:59px;top:589px;">Dividends on series B preferred shares (Notes 11(b) and 14) </div><div id="a62813" style="position:absolute;font-family:'Arial';font-size:12px;left:475px;top:589px;display:flex;">(<ix:nonFraction id="ID_460" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a62816" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:589px;display:flex;">(<ix:nonFraction id="ID_134" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a62819" style="position:absolute;font-family:'Arial';font-size:12px;left:700px;top:589px;display:flex;">(<ix:nonFraction id="ID_740" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a62821" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:606px;">Net income attributable to common stockholders </div><div id="a62823" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:606px;">$ </div><div id="a62825" style="position:absolute;font-family:'Arial';font-size:12px;left:479px;top:606px;"><ix:nonFraction id="ID_457" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,977</ix:nonFraction></div><div id="a62827" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:606px;">$ </div><div id="a62829" style="position:absolute;font-family:'Arial';font-size:12px;left:585px;top:606px;"><ix:nonFraction id="ID_404" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,075</ix:nonFraction></div><div id="a62831" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:606px;">$ </div><div id="a62833" style="position:absolute;font-family:'Arial';font-size:12px;left:691px;top:606px;"><ix:nonFraction id="ID_741" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">113,294</ix:nonFraction></div><div id="a62835" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:623px;">Earnings per common share, basic</div><div id="a62836" style="position:absolute;font-family:'Arial';font-size:12px;left:259px;top:623px;"><div style="display:inline-block;width:3px"> </div>(Note 14)</div><div id="a62839" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:623px;">$ </div><div id="a62841" style="position:absolute;font-family:'Arial';font-size:12px;left:486px;top:623.1px;"><ix:nonFraction id="ID_386" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="2">0.06</ix:nonFraction></div><div id="a62843" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:623px;">$ </div><div id="a62845" style="position:absolute;font-family:'Arial';font-size:12px;left:598px;top:623.1px;"><ix:nonFraction id="ID_396" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="2">0.44</ix:nonFraction></div><div id="a62847" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:623px;">$ </div><div id="a62849" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:623.1px;"><ix:nonFraction id="ID_742" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">1.42</ix:nonFraction></div><div id="a62851" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:640px;">Earnings per common share, diluted</div><div id="a62852" style="position:absolute;font-family:'Arial';font-size:12px;left:268px;top:640px;"><div style="display:inline-block;width:3px"> </div>(Note 14)</div><div id="a62855" style="position:absolute;font-family:'Arial';font-size:12px;left:407px;top:640px;">$ </div><div id="a62857" style="position:absolute;font-family:'Arial';font-size:12px;left:486px;top:640.1px;"><ix:nonFraction id="ID_295" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="2">0.05</ix:nonFraction></div><div id="a62859" style="position:absolute;font-family:'Arial';font-size:12px;left:519px;top:640px;">$ </div><div id="a62861" style="position:absolute;font-family:'Arial';font-size:12px;left:598px;top:640.1px;"><ix:nonFraction id="ID_316" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="2">0.42</ix:nonFraction></div><div id="a62863" style="position:absolute;font-family:'Arial';font-size:12px;left:631px;top:640px;">$ </div><div id="a62865" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:640.1px;"><ix:nonFraction id="ID_743" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">1.36</ix:nonFraction></div><div id="a62867" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:657px;">Weighted average number of common shares outstanding, </div><div id="a62868" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:671px;">basic</div><div id="a62869" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:671px;"><div style="display:inline-block;width:3px"> </div>(Note 14)</div><div id="a62873" style="position:absolute;font-family:'Arial';font-size:12px;left:443px;top:670px;"><ix:nonFraction id="ID_472" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">115,956,249</ix:nonFraction></div><div id="a62876" style="position:absolute;font-family:'Arial';font-size:12px;left:555px;top:670px;"><ix:nonFraction id="ID_288" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">100,166,629</ix:nonFraction></div><div id="a62879" style="position:absolute;font-family:'Arial';font-size:12px;left:674px;top:670px;"><ix:nonFraction id="ID_744" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">80,061,040</ix:nonFraction></div><div id="a62881" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:687px;">Weighted average number of common shares outstanding, </div><div id="a62882" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:59px;top:701px;">diluted</div><div id="a62883" style="position:absolute;font-family:'Arial';font-size:12px;left:99px;top:701px;"><div style="display:inline-block;width:3px"> </div>(Note 14)</div><div id="a62887" style="position:absolute;font-family:'Arial';font-size:12px;left:443px;top:700.1px;"><ix:nonFraction id="ID_416" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">118,655,243</ix:nonFraction></div><div id="a62890" style="position:absolute;font-family:'Arial';font-size:12px;left:555px;top:700.1px;"><ix:nonFraction id="ID_431" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">101,877,142</ix:nonFraction></div><div id="a62893" style="position:absolute;font-family:'Arial';font-size:12px;left:674px;top:700.1px;"><ix:nonFraction id="ID_745" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">83,318,901</ix:nonFraction></div><div id="a62895" style="position:absolute;font-family:'Arial';font-size:12px;left:109px;top:718px;">The accompanying notes are an integral part of these consolidated financial statements. </div><div id="a62901" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:57px;top:768px;">DIANA SHIPPING INC. </div><div id="a62909" style="position:absolute;font-family:'Arial';font-size:12px;left:57px;top:784px;">CONSOLIDATED STATEMENTS<div style="display:inline-block;width:6px"> </div>OF COMPREHENSIVE INCOME </div><div id="a62913" style="position:absolute;font-family:'Arial';font-size:12px;left:57px;top:800px;">For the years ended December 31, 2024 and 2023 and 2022 </div><div id="a62917" style="position:absolute;font-family:'Arial';font-size:12px;left:57px;top:817px;">(Expressed in thousands of U.S. Dollars) </div><div id="a62926" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:457px;top:833px;">2024 </div><div id="a62929" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:569px;top:833px;">2023 </div><div id="a62932" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:681px;top:833px;">2022 </div><div id="a62935" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:75px;top:849px;">Net income </div><div id="a62937" style="position:absolute;font-family:'Arial';font-size:12px;left:404px;top:849px;">$ </div><div id="a62939" style="position:absolute;font-family:'Arial';font-size:12px;left:476px;top:848.8px;"><ix:nonFraction id="ID_257A" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a62941" style="position:absolute;font-family:'Arial';font-size:12px;left:517px;top:849px;">$ </div><div id="a62943" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:848.8px;"><ix:nonFraction id="ID_480A" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a62945" style="position:absolute;font-family:'Arial';font-size:12px;left:629px;top:849px;">$ </div><div id="a62947" style="position:absolute;font-family:'Arial';font-size:12px;left:694px;top:848.8px;"><ix:nonFraction id="ID_104A" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a62949" style="position:absolute;font-family:'Arial';font-size:12px;left:57px;top:865px;">Other comprehensive income - Defined benefit plan </div><div id="a62955" style="position:absolute;font-family:'Arial';font-size:12px;left:506px;top:864.8px;"><ix:nonFraction id="ID_746" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4</ix:nonFraction></div><div id="a62958" style="position:absolute;font-family:'Arial';font-size:12px;left:611px;top:864.8px;"><ix:nonFraction id="ID_373" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">55</ix:nonFraction></div><div id="a62961" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:864.8px;"><ix:nonFraction id="ID_239" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">182</ix:nonFraction></div><div id="a62963" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:57px;top:882px;">Comprehensive income </div><div id="a62965" style="position:absolute;font-family:'Arial';font-size:12px;left:404px;top:882px;">$ </div><div id="a62967" style="position:absolute;font-family:'Arial';font-size:12px;left:476px;top:881.9px;"><ix:nonFraction id="ID_747" name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,750</ix:nonFraction></div><div id="a62969" style="position:absolute;font-family:'Arial';font-size:12px;left:517px;top:882px;">$ </div><div id="a62971" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:881.9px;"><ix:nonFraction id="ID_748" name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,899</ix:nonFraction></div><div id="a62973" style="position:absolute;font-family:'Arial';font-size:12px;left:629px;top:882px;">$ </div><div id="a62975" style="position:absolute;font-family:'Arial';font-size:12px;left:694px;top:881.9px;"><ix:nonFraction id="ID_749" name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,245</ix:nonFraction></div><div id="a62985" style="position:absolute;font-family:'Arial';font-size:12px;left:109px;top:904px;">The accompanying notes are an integral part of these consolidated financial statements. </div></div>
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<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:316.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:316.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:316.7px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.3px; left:832.3px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:59.2px; height:12.3px; left:919.3px; top:417.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:28px; left:45.3px; top:476.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:24.6px; left:56.2px; top:477.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.3px; left:832.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:59.2px; height:12.3px; left:919.3px; top:491.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:27px; left:45.3px; top:535px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:119.4px; height:24.5px; left:48.2px; top:537.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:249.1px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:28px; left:297.3px; top:534px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:365.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:28px; left:413.3px; top:534px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:481.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:28px; left:529.3px; top:534px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:621.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:28px; left:669.4px; top:534px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:672.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:746.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:821.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.3px; left:832.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:28px; left:905.4px; top:534px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.3px; left:908.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.3px; left:919.3px; top:549.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:136px; height:1px; left:44.9px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:65px; height:1px; left:180.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:245.9px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:256.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:307.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:361.9px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:372.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:477.9px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:488.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:617.9px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:10.9px; height:1px; left:743.1px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:64px; height:1px; left:753.9px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:818px; top:533.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.1px; top:533.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:562px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:563.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:936.1px; height:49.2px; left:45.3px; top:583px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:49.2px; left:56.2px; top:583px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:66.2px; height:12.3px; left:832.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.3px; left:919.3px; top:619.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:52px; left:45.3px; top:663px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:49px; left:56.2px; top:664.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.2px; left:184.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:260.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.2px; left:311.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:376.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.2px; left:427.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:492.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.2px; left:543.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:632.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.2px; left:683.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.2px; left:757.2px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:66.2px; height:12.2px; left:832.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.2px; left:919.3px; top:702.9px; background-color:#CCEEFF; "> </div>
<div id="a62990" style="position:absolute;font-family:'Arial';left:528px;top:752px;">F-9 </div><div id="a62994" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:49px;">DIANA SHIPPING INC.<div style="display:inline-block;width:2px"> </div></div><div id="a63004" style="position:absolute;font-family:'Arial';font-size:10.72px;left:48px;top:61px;">CONSOLIDATED STATEMENTS<div style="display:inline-block;width:5px"> </div>OF STOCKHOLDERS’ EQUITY </div><div id="a63006" style="position:absolute;font-family:'Arial';font-size:10.72px;left:48px;top:73px;">For the years ended December 31, 2024, 2023<div style="display:inline-block;width:2px"> </div>and 2022 </div><div id="a63009" style="position:absolute;font-family:'Arial';font-size:10.72px;left:48px;top:85px;">(Expressed in thousands of U.S. Dollars – except<div style="display:inline-block;width:2px"> </div>for share data) </div><div id="a63043" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:200px;top:118px;">Preferred Stock </div><div id="a63044" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:218px;top:130px;">Series B </div><div id="a63047" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:321px;top:118px;">Preferred Stock </div><div id="a63048" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:339px;top:130px;">Series C </div><div id="a63051" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:437px;top:118px;">Preferred Stock </div><div id="a63052" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:455px;top:130px;">Series D </div><div id="a63055" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:566px;top:130px;">Common Stock </div><div id="a63058" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:686px;top:136px;">Additional </div><div id="a63059" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:694px;top:149px;">Paid-in </div><div id="a63062" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:694px;top:161px;">Capital </div><div id="a63065" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:772px;top:124px;">Other </div><div id="a63066" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:760px;top:136px;">Comprehe</div><div id="a63067" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:773px;top:149px;">nsive </div><div id="a63068" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:768px;top:161px;">Income </div><div id="a63071" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:834px;top:149px;">Accumulated </div><div id="a63072" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:851px;top:161px;">Deficit </div><div id="a63075" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:936px;top:149px;">Total<div style="display:inline-block;width:4px"> </div></div><div id="a63077" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:933px;top:161px;">Equity </div><div id="a63092" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:185px;top:161px;"># of Shares </div><div id="a63095" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:269px;top:149px;">Par </div><div id="a63096" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:263px;top:161px;">Value </div><div id="a63099" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:326px;top:149px;"># of </div><div id="a63100" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:318px;top:161px;">Shares </div><div id="a63103" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:385px;top:149px;">Par </div><div id="a63104" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:379px;top:161px;">Value </div><div id="a63107" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:442px;top:149px;"># of </div><div id="a63108" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:434px;top:161px;">Shares </div><div id="a63111" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:501px;top:149px;">Par </div><div id="a63112" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:495px;top:161px;">Value </div><div id="a63115" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:551px;top:161px;"># of Shares </div><div id="a63118" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:641px;top:149px;">Par </div><div id="a63119" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:635px;top:161px;">Value </div><div id="a63125" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:178px;">BALANCE,<div style="display:inline-block;width:12px"> </div>December </div><div id="a63126" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:190px;">31, 2021 </div><div id="a63129" style="position:absolute;font-family:'Arial';font-size:10.72px;left:192px;top:189.8px;"><ix:nonFraction id="ID_359" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,600,000</ix:nonFraction></div><div id="a63131" style="position:absolute;font-family:'Arial';font-size:10.72px;left:249px;top:190px;">$ </div><div id="a63133" style="position:absolute;font-family:'Arial';font-size:10.72px;left:279px;top:189.8px;"><ix:nonFraction id="ID_348" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a63136" style="position:absolute;font-family:'Arial';font-size:10.72px;left:323px;top:189.8px;"><ix:nonFraction id="ID_108" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">10,675</ix:nonFraction></div><div id="a63138" style="position:absolute;font-family:'Arial';font-size:10.72px;left:365px;top:190px;">$ </div><div id="a63140" style="position:absolute;font-family:'Arial';font-size:10.72px;left:376px;top:190px;">- </div><div id="a63143" style="position:absolute;font-family:'Arial';font-size:10.72px;left:454px;top:189.8px;"><ix:nonFraction id="ID_750" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">400</ix:nonFraction></div><div id="a63145" style="position:absolute;font-family:'Arial';font-size:10.72px;left:481px;top:190px;">$ </div><div id="a63147" style="position:absolute;font-family:'Arial';font-size:10.72px;left:492px;top:190px;">- </div><div id="a63150" style="position:absolute;font-family:'Arial';font-size:10.72px;left:558px;top:189.8px;"><ix:nonFraction id="ID_342" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">84,672,258</ix:nonFraction></div><div id="a63152" style="position:absolute;font-family:'Arial';font-size:10.72px;left:621px;top:190px;">$ </div><div id="a63154" style="position:absolute;font-family:'Arial';font-size:10.72px;left:645px;top:189.8px;"><ix:nonFraction id="ID_389" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">847</ix:nonFraction></div><div id="a63156" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:190px;">$ </div><div id="a63158" style="position:absolute;font-family:'Arial';font-size:10.72px;left:698px;top:189.8px;"><ix:nonFraction id="ID_205" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">982,537</ix:nonFraction></div><div id="a63160" style="position:absolute;font-family:'Arial';font-size:10.72px;left:746px;top:190px;">$ </div><div id="a63162" style="position:absolute;font-family:'Arial';font-size:10.72px;left:800px;top:189.8px;"><ix:nonFraction id="ID_436" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">71</ix:nonFraction></div><div id="a63164" style="position:absolute;font-family:'Arial';font-size:10.72px;left:821px;top:190px;">$ </div><div id="a63166" style="position:absolute;font-family:'Arial';font-size:10.72px;left:857px;top:189.8px;display:flex;">(<ix:nonFraction id="ID_241" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">590,286</ix:nonFraction>)</div><div id="a63168" style="position:absolute;font-family:'Arial';font-size:10.72px;left:908px;top:190px;">$ </div><div id="a63170" style="position:absolute;font-family:'Arial';font-size:10.72px;left:936px;top:189.8px;"><ix:nonFraction id="ID_164" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2021_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">393,195</ix:nonFraction></div><div id="a63173" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:206px;">Net income </div><div id="a63176" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:206px;">- </div><div id="a63179" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:206px;">- </div><div id="a63182" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:206px;">- </div><div id="a63185" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:206px;">- </div><div id="a63188" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:206px;">- </div><div id="a63191" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:206px;">- </div><div id="a63194" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:206px;">- </div><div id="a63197" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:206px;">- </div><div id="a63200" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:206px;">- </div><div id="a63203" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:206px;">- </div><div id="a63206" style="position:absolute;font-family:'Arial';font-size:10.72px;left:860px;top:205.8px;"><ix:nonFraction id="ID_120" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a63209" style="position:absolute;font-family:'Arial';font-size:10.72px;left:936px;top:205.8px;"><ix:nonFraction id="ID_104AA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a63212" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:218px;">Issuance of restricted </div><div id="a63213" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:230px;">stock and </div><div id="a63214" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:243px;">compensation cost<div style="display:inline-block;width:6px"> </div></div><div id="a63215" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:255px;">(Note 11(i)) </div><div id="a63218" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:255px;">- </div><div id="a63221" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:255px;">- </div><div id="a63224" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:255px;">- </div><div id="a63227" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:255px;">- </div><div id="a63230" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:255px;">- </div><div id="a63233" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:255px;">- </div><div id="a63236" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:254.8px;"><ix:nonFraction id="ID_839" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">1,470,000</ix:nonFraction></div><div id="a63239" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:254.8px;"><ix:nonFraction id="ID_840" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15</ix:nonFraction></div><div id="a63242" style="position:absolute;font-family:'Arial';font-size:10.72px;left:710px;top:254.8px;"><ix:nonFraction id="ID_841" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,267</ix:nonFraction></div><div id="a63245" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:255px;">- </div><div id="a63248" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:255px;">- </div><div id="a63251" style="position:absolute;font-family:'Arial';font-size:10.72px;left:948px;top:254.8px;"><ix:nonFraction id="ID_844" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,282</ix:nonFraction></div><div id="a63254" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:270px;">Stock repurchased and </div><div id="a63255" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:283px;">retired<div style="display:inline-block;width:6px"> </div>(Note 11(e)) </div><div id="a63258" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:286px;">- </div><div id="a63261" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:286px;">- </div><div id="a63264" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:286px;">- </div><div id="a63267" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:286px;">- </div><div id="a63270" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:286px;">- </div><div id="a63273" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:286px;">- </div><div id="a63276" style="position:absolute;font-family:'Arial';font-size:10.72px;left:570px;top:285.9px;display:flex;">(<ix:nonFraction id="ID_836" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">820,000</ix:nonFraction>)</div><div id="a63279" style="position:absolute;font-family:'Arial';font-size:10.72px;left:654px;top:285.9px;display:flex;">(<ix:nonFraction id="ID_842" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8</ix:nonFraction>)</div><div id="a63282" style="position:absolute;font-family:'Arial';font-size:10.72px;left:707px;top:285.9px;display:flex;">(<ix:nonFraction id="ID_843" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,791</ix:nonFraction>)</div><div id="a63285" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:286px;">- </div><div id="a63288" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:286px;">- </div><div id="a63291" style="position:absolute;font-family:'Arial';font-size:10.72px;left:945px;top:285.9px;display:flex;">(<ix:nonFraction id="ID_845" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,799</ix:nonFraction>)</div><div id="a63294" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:301px;">Issuance of common </div><div id="a63295" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:314px;">stock<div style="display:inline-block;width:9px"> </div>(Note 11(e)) </div><div id="a63298" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:317px;">- </div><div id="a63301" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:317px;">- </div><div id="a63304" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:317px;">- </div><div id="a63307" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:317px;">- </div><div id="a63310" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:317px;">- </div><div id="a63313" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:317px;">- </div><div id="a63316" style="position:absolute;font-family:'Arial';font-size:10.72px;left:573px;top:316.9px;"><ix:nonFraction id="ID_757" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">877,581</ix:nonFraction></div><div id="a63319" style="position:absolute;font-family:'Arial';font-size:10.72px;left:657px;top:316.9px;"><ix:nonFraction id="ID_751" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9</ix:nonFraction></div><div id="a63322" style="position:absolute;font-family:'Arial';font-size:10.72px;left:710px;top:316.9px;"><ix:nonFraction id="ID_752" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,313</ix:nonFraction></div><div id="a63325" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:317px;">- </div><div id="a63328" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:317px;">- </div><div id="a63331" style="position:absolute;font-family:'Arial';font-size:10.72px;left:948px;top:316.9px;"><ix:nonFraction id="ID_753" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,322</ix:nonFraction></div><div id="a63334" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:331px;">Issuance of common </div><div id="a63335" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:343px;">stock for vessel </div><div id="a63336" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:355px;">acquisitions<div style="display:inline-block;width:9px"> </div>(Note </div><div id="a63337" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:367px;">11(e)) </div><div id="a63340" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:369px;">- </div><div id="a63343" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:369px;">- </div><div id="a63346" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:369px;">- </div><div id="a63349" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:369px;">- </div><div id="a63352" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:369px;">- </div><div id="a63355" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:369px;">- </div><div id="a63358" style="position:absolute;font-family:'Arial';font-size:10.72px;left:558px;top:368.9px;"><ix:nonFraction id="ID_758" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">16,453,780</ix:nonFraction></div><div id="a63361" style="position:absolute;font-family:'Arial';font-size:10.72px;left:645px;top:368.9px;"><ix:nonFraction id="ID_754" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">164</ix:nonFraction></div><div id="a63364" style="position:absolute;font-family:'Arial';font-size:10.72px;left:704px;top:368.9px;"><ix:nonFraction id="ID_755" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">67,689</ix:nonFraction></div><div id="a63367" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:369px;">- </div><div id="a63370" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:369px;">- </div><div id="a63373" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:368.9px;"><ix:nonFraction id="ID_756" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">67,853</ix:nonFraction></div><div id="a63376" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:381px;">Dividends on series B </div><div id="a63377" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:393px;">preferred stock </div><div id="a63378" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:405.7px;">($</div><div id="a63378_2_7" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:405.7px;"><ix:nonFraction id="ID_1035" name="us-gaap:PreferredStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">2.21875</ix:nonFraction></div><div id="a63378_9_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:104px;top:405.7px;"><div style="display:inline-block;width:3px"> </div>per share) </div><div id="a63379" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:418px;">(Note 11(d)) </div><div id="a63382" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:418px;">- </div><div id="a63385" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:418px;">- </div><div id="a63388" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:418px;">- </div><div id="a63391" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:418px;">- </div><div id="a63394" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:418px;">- </div><div id="a63397" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:418px;">- </div><div id="a63400" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:418px;">- </div><div id="a63403" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:418px;">- </div><div id="a63406" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:418px;">- </div><div id="a63409" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:418px;">- </div><div id="a63412" style="position:absolute;font-family:'Arial';font-size:10.72px;left:869px;top:417.9px;display:flex;">(<ix:nonFraction id="ID_759" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a63415" style="position:absolute;font-family:'Arial';font-size:10.72px;left:945px;top:417.9px;display:flex;">(<ix:nonFraction id="ID_760" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a63418" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:435px;">Dividends on common </div><div id="a63419" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:447px;">stock ($</div><div id="a63419_8_4" style="position:absolute;font-family:'Arial';font-size:10.72px;left:94px;top:447px;"><ix:nonFraction id="ID_1038" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">0.90</ix:nonFraction></div><div id="a63419_12_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:114px;top:447px;"><div style="display:inline-block;width:3px"> </div>per share) </div><div id="a63420" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:459px;">(Note 11(f)) </div><div id="a63423" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:464px;">- </div><div id="a63426" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:464px;">- </div><div id="a63429" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:464px;">- </div><div id="a63432" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:464px;">- </div><div id="a63435" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:464px;">- </div><div id="a63438" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:464px;">- </div><div id="a63441" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:464px;">- </div><div id="a63444" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:464px;">- </div><div id="a63447" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:464px;">- </div><div id="a63450" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:464px;">- </div><div id="a63453" style="position:absolute;font-family:'Arial';font-size:10.72px;left:863px;top:464px;display:flex;">(<ix:nonFraction id="ID_761" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79,812</ix:nonFraction>)</div><div id="a63456" style="position:absolute;font-family:'Arial';font-size:10.72px;left:939px;top:464px;display:flex;">(<ix:nonFraction id="ID_762" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79,812</ix:nonFraction>)</div><div id="a63459" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:478px;">Dividends in kind<div style="display:inline-block;width:9px"> </div></div><div id="a63460" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:490px;">(Note 11(g)) </div><div id="a63463" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:492px;">- </div><div id="a63466" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:492px;">- </div><div id="a63469" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:492px;">- </div><div id="a63472" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:492px;">- </div><div id="a63475" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:492px;">- </div><div id="a63478" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:492px;">- </div><div id="a63481" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:492px;">- </div><div id="a63484" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:492px;">- </div><div id="a63487" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:492px;">- </div><div id="a63490" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:492px;">- </div><div id="a63493" style="position:absolute;font-family:'Arial';font-size:10.72px;left:863px;top:492px;display:flex;">(<ix:nonFraction id="ID_763" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">18,189</ix:nonFraction>)</div><div id="a63496" style="position:absolute;font-family:'Arial';font-size:10.72px;left:939px;top:492px;display:flex;">(<ix:nonFraction id="ID_764" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">18,189</ix:nonFraction>)</div><div id="a63499" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:507px;">Other comprehensive </div><div id="a63500" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:519px;">income </div><div id="a63503" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:522px;">- </div><div id="a63506" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:522px;">- </div><div id="a63509" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:522px;">- </div><div id="a63512" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:522px;">- </div><div id="a63515" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:522px;">- </div><div id="a63518" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:522px;">- </div><div id="a63521" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:522px;">- </div><div id="a63524" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:522px;">- </div><div id="a63527" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:522px;">- </div><div id="a63530" style="position:absolute;font-family:'Arial';font-size:10.72px;left:794px;top:521.9px;"><ix:nonFraction id="ID_320" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">182</ix:nonFraction></div><div id="a63533" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:522px;">- </div><div id="a63536" style="position:absolute;font-family:'Arial';font-size:10.72px;left:957px;top:521.9px;"><ix:nonFraction id="ID_239A" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">182</ix:nonFraction></div><div id="a63538" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:538px;">BALANCE,<div style="display:inline-block;width:12px"> </div>December </div><div id="a63539" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:550px;">31, 2022 </div><div id="a63542" style="position:absolute;font-family:'Arial';font-size:10.72px;left:192px;top:549.9px;"><ix:nonFraction id="ID_37" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,600,000</ix:nonFraction></div><div id="a63544" style="position:absolute;font-family:'Arial';font-size:10.72px;left:249px;top:550px;">$ </div><div id="a63546" style="position:absolute;font-family:'Arial';font-size:10.72px;left:279px;top:549.9px;"><ix:nonFraction id="ID_242" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a63549" style="position:absolute;font-family:'Arial';font-size:10.72px;left:323px;top:549.9px;"><ix:nonFraction id="ID_200" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">10,675</ix:nonFraction></div><div id="a63551" style="position:absolute;font-family:'Arial';font-size:10.72px;left:365px;top:550px;">$ </div><div id="a63553" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:550px;">- </div><div id="a63556" style="position:absolute;font-family:'Arial';font-size:10.72px;left:454px;top:549.9px;"><ix:nonFraction id="ID_113" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF">400</ix:nonFraction></div><div id="a63558" style="position:absolute;font-family:'Arial';font-size:10.72px;left:481px;top:550px;">$ </div><div id="a63560" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:550px;">- </div><div id="a63563" style="position:absolute;font-family:'Arial';font-size:10.72px;left:552px;top:549.9px;"><ix:nonFraction id="ID_192" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">102,653,619</ix:nonFraction></div><div id="a63565" style="position:absolute;font-family:'Arial';font-size:10.72px;left:621px;top:550px;">$ </div><div id="a63567" style="position:absolute;font-family:'Arial';font-size:10.72px;left:636px;top:549.9px;"><ix:nonFraction id="ID_405" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,027</ix:nonFraction></div><div id="a63569" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:550px;">$ </div><div id="a63571" style="position:absolute;font-family:'Arial';font-size:10.72px;left:689px;top:549.9px;"><ix:nonFraction id="ID_169" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,061,015</ix:nonFraction></div><div id="a63573" style="position:absolute;font-family:'Arial';font-size:10.72px;left:746px;top:550px;">$ </div><div id="a63575" style="position:absolute;font-family:'Arial';font-size:10.72px;left:794px;top:549.9px;"><ix:nonFraction id="ID_291" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">253</ix:nonFraction></div><div id="a63577" style="position:absolute;font-family:'Arial';font-size:10.72px;left:821px;top:550px;">$ </div><div id="a63579" style="position:absolute;font-family:'Arial';font-size:10.72px;left:857px;top:549.9px;display:flex;">(<ix:nonFraction id="ID_417" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">574,993</ix:nonFraction>)</div><div id="a63581" style="position:absolute;font-family:'Arial';font-size:10.72px;left:908px;top:550px;">$ </div><div id="a63583" style="position:absolute;font-family:'Arial';font-size:10.72px;left:936px;top:549.9px;"><ix:nonFraction id="ID_98" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">487,328</ix:nonFraction></div><div id="a63586" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:571px;">Net income </div><div id="a63589" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:571px;">- </div><div id="a63592" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:571px;">- </div><div id="a63595" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:571px;">- </div><div id="a63598" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:571px;">- </div><div id="a63601" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:571px;">- </div><div id="a63604" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:571px;">- </div><div id="a63607" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:571px;">- </div><div id="a63610" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:571px;">- </div><div id="a63613" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:571px;">- </div><div id="a63616" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:571px;">- </div><div id="a63619" style="position:absolute;font-family:'Arial';font-size:10.72px;left:866px;top:570.9px;"><ix:nonFraction id="ID_115" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a63622" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:570.9px;"><ix:nonFraction id="ID_480AA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a63625" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:583px;">Issuance of restricted </div><div id="a63626" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:596px;">stock and </div><div id="a63627" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:608px;">compensation cost<div style="display:inline-block;width:6px"> </div></div><div id="a63628" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:620px;">(Note 11(i)) </div><div id="a63631" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:620px;">- </div><div id="a63634" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:620px;">- </div><div id="a63637" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:620px;">- </div><div id="a63640" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:620px;">- </div><div id="a63643" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:620px;">- </div><div id="a63646" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:620px;">- </div><div id="a63649" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:620px;"><ix:nonFraction id="ID_434" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">1,750,000</ix:nonFraction></div><div id="a63652" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:620px;"><ix:nonFraction id="ID_224" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">18</ix:nonFraction></div><div id="a63655" style="position:absolute;font-family:'Arial';font-size:10.72px;left:710px;top:620px;"><ix:nonFraction id="ID_489" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,920</ix:nonFraction></div><div id="a63658" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:620px;">- </div><div id="a63661" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:620px;">- </div><div id="a63664" style="position:absolute;font-family:'Arial';font-size:10.72px;left:948px;top:620px;"><ix:nonFraction id="ID_281" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,938</ix:nonFraction></div><div id="a63667" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:635px;">Issuance of common </div><div id="a63668" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:648px;">stock<div style="display:inline-block;width:6px"> </div>(Note 11(f)) </div><div id="a63671" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:651px;">- </div><div id="a63674" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:651px;">- </div><div id="a63677" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:651px;">- </div><div id="a63680" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:651px;">- </div><div id="a63683" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:651px;">- </div><div id="a63686" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:651px;">- </div><div id="a63689" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:650.9px;"><ix:nonFraction id="ID_771" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">6,628,493</ix:nonFraction></div><div id="a63692" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:650.9px;"><ix:nonFraction id="ID_765" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">66</ix:nonFraction></div><div id="a63695" style="position:absolute;font-family:'Arial';font-size:10.72px;left:704px;top:650.9px;"><ix:nonFraction id="ID_766" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,780</ix:nonFraction></div><div id="a63698" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:651px;">- </div><div id="a63701" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:651px;">- </div><div id="a63704" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:650.9px;"><ix:nonFraction id="ID_769" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,846</ix:nonFraction></div><div id="a63707" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:665px;">Issuance of common </div><div id="a63708" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:677px;">stock for vessel </div><div id="a63709" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:689px;">acquisitions<div style="display:inline-block;width:6px"> </div>(Note 6, </div><div id="a63710" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:701px;">11(e)) </div><div id="a63713" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:703px;">- </div><div id="a63716" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:703px;">- </div><div id="a63719" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:703px;">- </div><div id="a63722" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:703px;">- </div><div id="a63725" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:703px;">- </div><div id="a63728" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:703px;">- </div><div id="a63731" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:702.9px;"><ix:nonFraction id="ID_772" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,033,613</ix:nonFraction></div><div id="a63734" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:702.9px;"><ix:nonFraction id="ID_767" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20</ix:nonFraction></div><div id="a63737" style="position:absolute;font-family:'Arial';font-size:10.72px;left:710px;top:702.9px;"><ix:nonFraction id="ID_768" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,710</ix:nonFraction></div><div id="a63740" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:703px;">- </div><div id="a63743" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:703px;">- </div><div id="a63746" style="position:absolute;font-family:'Arial';font-size:10.72px;left:948px;top:702.9px;"><ix:nonFraction id="ID_770" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,730</ix:nonFraction></div></div>
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<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:128.7px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:59.2px; height:12.3px; left:919.3px; top:128.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:15px; left:45.3px; top:169px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:12.3px; left:56.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.3px; left:832.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:59.2px; height:12.3px; left:919.3px; top:171.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:28px; left:45.3px; top:214.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:119.4px; height:24.5px; left:48.2px; top:218.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.2px; left:184.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:249.1px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:260.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:29px; left:297.3px; top:213.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.2px; left:311.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:365.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:376.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:29px; left:413.3px; top:213.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.2px; left:427.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:481.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:492.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:29px; left:529.3px; top:213.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.2px; left:543.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:621.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.2px; left:632.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:29px; left:669.4px; top:213.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:672.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.2px; left:683.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:746.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.2px; left:757.2px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:821.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.2px; left:832.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11px; height:29px; left:905.4px; top:213.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:5.3px; height:12.2px; left:908.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.2px; left:919.3px; top:230.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:136px; height:1px; left:44.9px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:65px; height:1px; left:180.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:245.9px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:256.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:307.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:361.9px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:372.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:477.9px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:488.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:617.9px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:10.9px; height:1px; left:743.1px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:64px; height:1px; left:753.9px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:11px; height:1px; left:818px; top:213.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.1px; top:213.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:242.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:244.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:936.1px; height:49px; left:45.3px; top:260.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:49px; left:56.2px; top:260.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:66.2px; height:12.3px; left:832.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.3px; left:919.3px; top:296.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:46.1px; left:45.3px; top:338.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:46.1px; left:56.2px; top:338.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:70.2px; height:12.3px; left:832.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:59.2px; height:12.3px; left:919.3px; top:372.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:936.1px; height:30.1px; left:45.3px; top:430px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:111.4px; height:24.6px; left:56.2px; top:435.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.4px; height:12.3px; left:184.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:260.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.4px; height:12.3px; left:311.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:376.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:44.3px; height:12.3px; left:427.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:492.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:68.3px; height:12.3px; left:543.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.2px; height:12.3px; left:632.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:53.3px; height:12.3px; left:683.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:54.4px; height:12.3px; left:757.2px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:66.2px; height:12.3px; left:832.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:55.2px; height:12.3px; left:919.3px; top:447.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:65px; height:1px; left:180.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:256.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:307.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:372.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:488.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:753.9px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.1px; top:459.7px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:181.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:257.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:54px; height:1px; left:308.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:373.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:53.9px; height:1px; left:424.4px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:489.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:77.9px; height:1px; left:540.4px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:40px; height:1px; left:629.4px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:63px; height:1px; left:680.4px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:64px; height:1px; left:754.3px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:76px; height:1px; left:829.4px; top:491.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:490px; background-color:#000000; "> </div>
<div style="position:absolute; width:65px; height:1px; left:916.5px; top:491.9px; background-color:#000000; "> </div>
<div id="a63749" style="position:absolute;font-family:'Arial';left:524px;top:752px;">F-10 </div><div id="a63754" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:49px;">Dividends on series B </div><div id="a63755" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:61px;">preferred stock </div><div id="a63756" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:73.7px;">($</div><div id="a63756_2_7" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:73.7px;"><ix:nonFraction id="ID_1036" name="us-gaap:PreferredStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="INF">2.21875</ix:nonFraction></div><div id="a63756_9_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:104px;top:73.7px;"><div style="display:inline-block;width:3px"> </div>per share) </div><div id="a63757" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:86px;">(Note 11(b)) </div><div id="a63760" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:82px;">- </div><div id="a63763" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:82px;">- </div><div id="a63766" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:82px;">- </div><div id="a63769" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:82px;">- </div><div id="a63772" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:82px;">- </div><div id="a63775" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:82px;">- </div><div id="a63778" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:82px;">- </div><div id="a63781" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:82px;">- </div><div id="a63784" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:82px;">- </div><div id="a63787" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:82px;">- </div><div id="a63790" style="position:absolute;font-family:'Arial';font-size:10.72px;left:869px;top:81.8px;display:flex;">(<ix:nonFraction id="ID_773" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a63793" style="position:absolute;font-family:'Arial';font-size:10.72px;left:945px;top:81.8px;display:flex;">(<ix:nonFraction id="ID_774" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a63796" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:99px;">Dividends on common </div><div id="a63797" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:111.4px;">stock ($</div><div id="a63797_8_4" style="position:absolute;font-family:'Arial';font-size:10.72px;left:94px;top:111.4px;"><ix:nonFraction id="ID_1039" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="INF">0.60</ix:nonFraction></div><div id="a63797_12_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:114px;top:111.4px;"><div style="display:inline-block;width:3px"> </div>per share) </div><div id="a63798" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:124px;">(Note 11(f)) </div><div id="a63801" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:129px;">- </div><div id="a63804" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:129px;">- </div><div id="a63807" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:129px;">- </div><div id="a63810" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:129px;">- </div><div id="a63813" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:129px;">- </div><div id="a63816" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:129px;">- </div><div id="a63819" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:129px;">- </div><div id="a63822" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:129px;">- </div><div id="a63825" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:129px;">- </div><div id="a63828" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:129px;">- </div><div id="a63831" style="position:absolute;font-family:'Arial';font-size:10.72px;left:863px;top:128.9px;display:flex;">(<ix:nonFraction id="ID_775" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">64,276</ix:nonFraction>)</div><div id="a63834" style="position:absolute;font-family:'Arial';font-size:10.72px;left:939px;top:128.9px;display:flex;">(<ix:nonFraction id="ID_776" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">64,276</ix:nonFraction>)</div><div id="a63837" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:143px;">Dividends in kind<div style="display:inline-block;width:6px"> </div></div><div id="a63838" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:155px;">(Note 11(g)) </div><div id="a63841" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:157px;">- </div><div id="a63844" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:157px;">- </div><div id="a63847" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:157px;">- </div><div id="a63850" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:157px;">- </div><div id="a63853" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:157px;">- </div><div id="a63856" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:157px;">- </div><div id="a63859" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:157px;">- </div><div id="a63862" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:157px;">- </div><div id="a63865" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:157px;">- </div><div id="a63868" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:157px;">- </div><div id="a63871" style="position:absolute;font-family:'Arial';font-size:10.72px;left:863px;top:156.9px;display:flex;">(<ix:nonFraction id="ID_275" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,761</ix:nonFraction>)</div><div id="a63874" style="position:absolute;font-family:'Arial';font-size:10.72px;left:939px;top:156.9px;display:flex;">(<ix:nonFraction id="ID_336" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,761</ix:nonFraction>)</div><div id="a63877" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:172px;">Warrants<div style="display:inline-block;width:6px"> </div>(Note 11(h)) </div><div id="a63880" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:172px;">- </div><div id="a63883" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:172px;">- </div><div id="a63886" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:172px;">- </div><div id="a63889" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:172px;">- </div><div id="a63892" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:172px;">- </div><div id="a63895" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:172px;">- </div><div id="a63898" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:172px;">- </div><div id="a63901" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:172px;">- </div><div id="a63904" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:172px;">- </div><div id="a63907" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:172px;">- </div><div id="a63910" style="position:absolute;font-family:'Arial';font-size:10.72px;left:869px;top:171.9px;display:flex;">(<ix:nonFraction id="ID_777" name="dsx:IncreaseDecreaseInEquityFromWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">7,914</ix:nonFraction>)</div><div id="a63913" style="position:absolute;font-family:'Arial';font-size:10.72px;left:945px;top:171.9px;display:flex;">(<ix:nonFraction id="ID_778" name="dsx:IncreaseDecreaseInEquityFromWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">7,914</ix:nonFraction>)</div><div id="a63916" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:190px;">Other comprehensive </div><div id="a63917" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:202px;">income </div><div id="a63920" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:202px;">- </div><div id="a63923" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:202px;">- </div><div id="a63926" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:202px;">- </div><div id="a63929" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:202px;">- </div><div id="a63932" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:202px;">- </div><div id="a63935" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:202px;">- </div><div id="a63938" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:202px;">- </div><div id="a63941" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:202px;">- </div><div id="a63944" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:202px;">- </div><div id="a63947" style="position:absolute;font-family:'Arial';font-size:10.72px;left:800px;top:201.8px;"><ix:nonFraction id="ID_451" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">55</ix:nonFraction></div><div id="a63950" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:202px;">- </div><div id="a63953" style="position:absolute;font-family:'Arial';font-size:10.72px;left:963px;top:201.8px;"><ix:nonFraction id="ID_373A" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">55</ix:nonFraction></div><div id="a63955" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:219px;">BALANCE,<div style="display:inline-block;width:12px"> </div>December </div><div id="a63956" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:231px;">31, 2023 </div><div id="a63959" style="position:absolute;font-family:'Arial';font-size:10.72px;left:192px;top:230.8px;"><ix:nonFraction id="ID_305" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,600,000</ix:nonFraction></div><div id="a63961" style="position:absolute;font-family:'Arial';font-size:10.72px;left:249px;top:231px;">$ </div><div id="a63963" style="position:absolute;font-family:'Arial';font-size:10.72px;left:279px;top:230.8px;"><ix:nonFraction id="ID_335" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a63966" style="position:absolute;font-family:'Arial';font-size:10.72px;left:323px;top:230.8px;"><ix:nonFraction id="ID_354" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">10,675</ix:nonFraction></div><div id="a63968" style="position:absolute;font-family:'Arial';font-size:10.72px;left:365px;top:231px;">$ </div><div id="a63970" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:231px;">- </div><div id="a63973" style="position:absolute;font-family:'Arial';font-size:10.72px;left:454px;top:230.8px;"><ix:nonFraction id="ID_86" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF">400</ix:nonFraction></div><div id="a63975" style="position:absolute;font-family:'Arial';font-size:10.72px;left:481px;top:231px;">$ </div><div id="a63977" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:231px;">- </div><div id="a63980" style="position:absolute;font-family:'Arial';font-size:10.72px;left:552px;top:230.8px;"><ix:nonFraction id="ID_22" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">113,065,725</ix:nonFraction></div><div id="a63982" style="position:absolute;font-family:'Arial';font-size:10.72px;left:621px;top:231px;">$ </div><div id="a63984" style="position:absolute;font-family:'Arial';font-size:10.72px;left:636px;top:230.8px;"><ix:nonFraction id="ID_428" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,131</ix:nonFraction></div><div id="a63986" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:231px;">$ </div><div id="a63988" style="position:absolute;font-family:'Arial';font-size:10.72px;left:689px;top:230.8px;"><ix:nonFraction id="ID_223" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,101,425</ix:nonFraction></div><div id="a63990" style="position:absolute;font-family:'Arial';font-size:10.72px;left:746px;top:231px;">$ </div><div id="a63992" style="position:absolute;font-family:'Arial';font-size:10.72px;left:794px;top:230.8px;"><ix:nonFraction id="ID_299" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">308</ix:nonFraction></div><div id="a63994" style="position:absolute;font-family:'Arial';font-size:10.72px;left:821px;top:231px;">$ </div><div id="a63996" style="position:absolute;font-family:'Arial';font-size:10.72px;left:857px;top:230.8px;display:flex;">(<ix:nonFraction id="ID_399" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">613,869</ix:nonFraction>)</div><div id="a63998" style="position:absolute;font-family:'Arial';font-size:10.72px;left:908px;top:231px;">$ </div><div id="a64000" style="position:absolute;font-family:'Arial';font-size:10.72px;left:936px;top:230.8px;"><ix:nonFraction id="ID_330A" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">489,021</ix:nonFraction></div><div id="a64003" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:248px;">Net income </div><div id="a64006" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:248px;">- </div><div id="a64009" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:248px;">- </div><div id="a64012" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:248px;">- </div><div id="a64015" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:248px;">- </div><div id="a64018" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:248px;">- </div><div id="a64021" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:248px;">- </div><div id="a64024" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:248px;">- </div><div id="a64027" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:248px;">- </div><div id="a64030" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:248px;">- </div><div id="a64033" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:248px;">- </div><div id="a64036" style="position:absolute;font-family:'Arial';font-size:10.72px;left:866px;top:247.9px;"><ix:nonFraction id="ID_75" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a64039" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:247.9px;"><ix:nonFraction id="ID_257AA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a64042" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:260px;">Issuance of Restricted </div><div id="a64043" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:272px;">Stock and </div><div id="a64044" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:285px;">Compensation Cost </div><div id="a64045" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:297px;">(Note 11(i)) </div><div id="a64048" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:297px;">- </div><div id="a64051" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:297px;">- </div><div id="a64054" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:297px;">- </div><div id="a64057" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:297px;">- </div><div id="a64060" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:297px;">- </div><div id="a64063" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:297px;">- </div><div id="a64066" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:296.9px;"><ix:nonFraction id="ID_784" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,300,000</ix:nonFraction></div><div id="a64069" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:296.9px;"><ix:nonFraction id="ID_781" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">23</ix:nonFraction></div><div id="a64072" style="position:absolute;font-family:'Arial';font-size:10.72px;left:710px;top:296.9px;"><ix:nonFraction id="ID_782" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,989</ix:nonFraction></div><div id="a64075" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:297px;">- </div><div id="a64078" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:297px;">- </div><div id="a64081" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:296.9px;"><ix:nonFraction id="ID_783" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,012</ix:nonFraction></div><div id="a64084" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:315px;">Issuance of Common </div><div id="a64085" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:327px;">Stock (Note 11(e)) </div><div id="a64088" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:327px;">- </div><div id="a64091" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:327px;">- </div><div id="a64094" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:327px;">- </div><div id="a64097" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:327px;">- </div><div id="a64100" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:327px;">- </div><div id="a64103" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:327px;">- </div><div id="a64106" style="position:absolute;font-family:'Arial';font-size:10.72px;left:564px;top:326.8px;"><ix:nonFraction id="ID_264" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">9,837,680</ix:nonFraction></div><div id="a64109" style="position:absolute;font-family:'Arial';font-size:10.72px;left:651px;top:326.8px;"><ix:nonFraction id="ID_779" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">98</ix:nonFraction></div><div id="a64112" style="position:absolute;font-family:'Arial';font-size:10.72px;left:704px;top:326.8px;"><ix:nonFraction id="ID_780" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,949</ix:nonFraction></div><div id="a64115" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:327px;">- </div><div id="a64118" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:327px;">- </div><div id="a64121" style="position:absolute;font-family:'Arial';font-size:10.72px;left:942px;top:326.8px;"><ix:nonFraction id="ID_36" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28,047</ix:nonFraction></div><div id="a64124" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:339px;">Dividends on series B </div><div id="a64125" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:351px;">preferred stock </div><div id="a64126" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:363.6px;">($</div><div id="a64126_2_7" style="position:absolute;font-family:'Arial';font-size:10.72px;left:66px;top:363.6px;"><ix:nonFraction id="ID_1037" name="us-gaap:PreferredStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="INF">2.21875</ix:nonFraction></div><div id="a64126_9_12" style="position:absolute;font-family:'Arial';font-size:10.72px;left:104px;top:363.6px;"><div style="display:inline-block;width:3px"> </div>per share) </div><div id="a64127" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:376px;">(Note 11(b)) </div><div id="a64130" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:373px;">- </div><div id="a64133" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:373px;">- </div><div id="a64136" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:373px;">- </div><div id="a64139" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:373px;">- </div><div id="a64142" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:373px;">- </div><div id="a64145" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:373px;">- </div><div id="a64148" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:373px;">- </div><div id="a64151" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:373px;">- </div><div id="a64154" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:373px;">- </div><div id="a64157" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:373px;">- </div><div id="a64160" style="position:absolute;font-family:'Arial';font-size:10.72px;left:869px;top:372.9px;display:flex;">(<ix:nonFraction id="ID_788" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a64163" style="position:absolute;font-family:'Arial';font-size:10.72px;left:945px;top:372.9px;display:flex;">(<ix:nonFraction id="ID_789" name="us-gaap:DividendsPreferredStockCash" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a64166" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:389px;">Dividends on common </div><div id="a64167" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:401.5px;">stock ($</div><div id="a64167_8_5" style="position:absolute;font-family:'Arial';font-size:10.72px;left:94px;top:401.5px;"><ix:nonFraction id="ID_1040" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="INF">0.235</ix:nonFraction></div><div id="a64167_13_5" style="position:absolute;font-family:'Arial';font-size:10.72px;left:120px;top:401.5px;"><div style="display:inline-block;width:3px"> </div>per </div><div id="a64168" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:414px;">share) (Notes 11(f)) </div><div id="a64171" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:418px;">- </div><div id="a64174" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:418px;">- </div><div id="a64177" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:418px;">- </div><div id="a64180" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:418px;">- </div><div id="a64183" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:418px;">- </div><div id="a64186" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:418px;">- </div><div id="a64189" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:418px;">- </div><div id="a64192" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:418px;">- </div><div id="a64195" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:418px;">- </div><div id="a64198" style="position:absolute;font-family:'Arial';font-size:10.72px;left:808px;top:418px;">- </div><div id="a64201" style="position:absolute;font-family:'Arial';font-size:10.72px;left:863px;top:417.9px;display:flex;">(<ix:nonFraction id="ID_786" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,004</ix:nonFraction>)</div><div id="a64204" style="position:absolute;font-family:'Arial';font-size:10.72px;left:939px;top:417.9px;display:flex;">(<ix:nonFraction id="ID_787" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,004</ix:nonFraction>)</div><div id="a64207" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:436px;">Other Comprehensive </div><div id="a64208" style="position:absolute;font-family:'Arial';font-size:10.72px;left:56px;top:448px;">Income </div><div id="a64211" style="position:absolute;font-family:'Arial';font-size:10.72px;left:236px;top:448px;">- </div><div id="a64214" style="position:absolute;font-family:'Arial';font-size:10.72px;left:287px;top:448px;">- </div><div id="a64217" style="position:absolute;font-family:'Arial';font-size:10.72px;left:352px;top:448px;">- </div><div id="a64220" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:448px;">- </div><div id="a64223" style="position:absolute;font-family:'Arial';font-size:10.72px;left:468px;top:448px;">- </div><div id="a64226" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:448px;">- </div><div id="a64229" style="position:absolute;font-family:'Arial';font-size:10.72px;left:608px;top:448px;">- </div><div id="a64232" style="position:absolute;font-family:'Arial';font-size:10.72px;left:659px;top:448px;">- </div><div id="a64235" style="position:absolute;font-family:'Arial';font-size:10.72px;left:733px;top:448px;">- </div><div id="a64238" style="position:absolute;font-family:'Arial';font-size:10.72px;left:806px;top:448px;"><ix:nonFraction id="ID_785" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4</ix:nonFraction></div><div id="a64241" style="position:absolute;font-family:'Arial';font-size:10.72px;left:895px;top:448px;">- </div><div id="a64244" style="position:absolute;font-family:'Arial';font-size:10.72px;left:969px;top:448px;"><ix:nonFraction id="ID_746A" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4</ix:nonFraction></div><div id="a64246" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:466px;">BALANCE,<div style="display:inline-block;width:12px"> </div>December </div><div id="a64247" style="position:absolute;font-family:'Arial';font-size:10.72px;font-weight:bold;left:48px;top:478px;">31, 2024 </div><div id="a64250" style="position:absolute;font-family:'Arial';font-size:10.72px;left:192px;top:477.9px;"><ix:nonFraction id="ID_510" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,600,000</ix:nonFraction></div><div id="a64252" style="position:absolute;font-family:'Arial';font-size:10.72px;left:249px;top:478px;">$ </div><div id="a64254" style="position:absolute;font-family:'Arial';font-size:10.72px;left:279px;top:477.9px;"><ix:nonFraction id="ID_512" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">26</ix:nonFraction></div><div id="a64257" style="position:absolute;font-family:'Arial';font-size:10.72px;left:323px;top:477.9px;"><ix:nonFraction id="ID_514" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">10,675</ix:nonFraction></div><div id="a64259" style="position:absolute;font-family:'Arial';font-size:10.72px;left:365px;top:478px;">$ </div><div id="a64261" style="position:absolute;font-family:'Arial';font-size:10.72px;left:403px;top:478px;">- </div><div id="a64264" style="position:absolute;font-family:'Arial';font-size:10.72px;left:454px;top:477.9px;"><ix:nonFraction id="ID_506" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF">400</ix:nonFraction></div><div id="a64266" style="position:absolute;font-family:'Arial';font-size:10.72px;left:481px;top:478px;">$ </div><div id="a64268" style="position:absolute;font-family:'Arial';font-size:10.72px;left:519px;top:478px;">- </div><div id="a64271" style="position:absolute;font-family:'Arial';font-size:10.72px;left:552px;top:477.9px;"><ix:nonFraction id="ID_505" name="us-gaap:SharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">125,203,405</ix:nonFraction></div><div id="a64273" style="position:absolute;font-family:'Arial';font-size:10.72px;left:621px;top:478px;">$ </div><div id="a64275" style="position:absolute;font-family:'Arial';font-size:10.72px;left:636px;top:477.9px;"><ix:nonFraction id="ID_518" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,252</ix:nonFraction></div><div id="a64277" style="position:absolute;font-family:'Arial';font-size:10.72px;left:672px;top:478px;">$ </div><div id="a64279" style="position:absolute;font-family:'Arial';font-size:10.72px;left:689px;top:477.9px;"><ix:nonFraction id="ID_507" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,139,363</ix:nonFraction></div><div id="a64281" style="position:absolute;font-family:'Arial';font-size:10.72px;left:746px;top:478px;">$ </div><div id="a64283" style="position:absolute;font-family:'Arial';font-size:10.72px;left:794px;top:477.9px;"><ix:nonFraction id="ID_509" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">312</ix:nonFraction></div><div id="a64285" style="position:absolute;font-family:'Arial';font-size:10.72px;left:821px;top:478px;">$ </div><div id="a64287" style="position:absolute;font-family:'Arial';font-size:10.72px;left:857px;top:477.9px;display:flex;">(<ix:nonFraction id="ID_516" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">635,896</ix:nonFraction>)</div><div id="a64289" style="position:absolute;font-family:'Arial';font-size:10.72px;left:908px;top:478px;">$ </div><div id="a64291" style="position:absolute;font-family:'Arial';font-size:10.72px;left:936px;top:477.9px;"><ix:nonFraction id="ID_511A" name="us-gaap:StockholdersEquity" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">505,057</ix:nonFraction></div><div id="a64293" style="position:absolute;font-family:'Arial';font-size:10.72px;left:305px;top:493px;">The accompanying notes are an integral part of<div style="display:inline-block;width:1px"> </div>these consolidated financial statements. </div></div>
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<div style="position:absolute; width:12px; height:19px; left:647.2px; top:741.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:375.1px; height:1px; left:67.6px; top:740.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:442.7px; top:740.7px; background-color:#000000; "> </div>
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<div style="position:absolute; width:96px; height:1px; left:658.8px; top:759.9px; border-top: 1px dotted #000000; "> </div>
<div style="position:absolute; width:687.2px; height:28px; left:68px; top:774px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:788.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:788.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:788.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:14.1px; left:68px; top:830.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.9px; left:68px; top:830.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.9px; left:539.1px; top:830.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:14.1px; left:68px; top:858.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.9px; left:68px; top:858.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:14.1px; left:68px; top:886.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.9px; left:68px; top:886.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:17.9px; left:68px; top:929.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:363.1px; height:13.8px; left:68px; top:933.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.9px; left:431.1px; top:928.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.9px; left:539.1px; top:928.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.9px; left:647.2px; top:928.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:933.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:375.1px; height:1px; left:67.6px; top:927.7px; background-color:#CCEEFF; "> </div>
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<div id="a64296" style="position:absolute;font-family:'Arial';left:393px;top:992px;">F-</div><div id="a64298" style="position:absolute;font-family:'Arial';left:407px;top:992px;">11 </div><div id="a64300" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:50px;">DIANA SHIPPING INC.<div style="display:inline-block;width:3px"> </div></div><div id="a64306" style="position:absolute;font-family:'Arial';font-size:12px;left:68px;top:65px;">CONSOLIDATED STATEMENTS<div style="display:inline-block;width:6px"> </div>OF CASH FLOWS </div><div id="a64310" style="position:absolute;font-family:'Arial';font-size:12px;left:68px;top:80px;">For the years ended December 31, 2024, 2023 and 2022 </div><div id="a64314" style="position:absolute;font-family:'Arial';font-size:12px;left:68px;top:95px;">(Expressed in thousands of U.S. Dollars) </div><div id="a64323" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:478px;top:111px;">2024 </div><div id="a64326" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:586px;top:111px;">2023 </div><div id="a64329" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:694px;top:111px;">2022 </div><div id="a64331" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:127px;"><div style="display:inline-block;width:3px"> </div>Cash Flows from Operating Activities:<div style="display:inline-block;width:3px"> </div></div><div id="a64341" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:141px;">Net income </div><div id="a64343" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:141px;">$ </div><div id="a64345" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:141.3px;"><ix:nonFraction id="ID_257AAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a64347" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:141px;">$ </div><div id="a64349" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:141.3px;"><ix:nonFraction id="ID_480AAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a64351" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:143px;">$ </div><div id="a64353" style="position:absolute;font-family:'Arial';font-size:12px;left:708px;top:141.3px;"><ix:nonFraction id="ID_104AAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a64356" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:157px;">Adjustments to reconcile net<div style="display:inline-block;width:5px"> </div>income to cash provided<div style="display:inline-block;width:5px"> </div>by operating </div><div id="a64357" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:171px;">activities </div><div id="a64367" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:185px;">Depreciation and amortization of deferred charges </div><div id="a64370" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:185.3px;"><ix:nonFraction id="ID_491A" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,691</ix:nonFraction></div><div id="a64373" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:185.3px;"><ix:nonFraction id="ID_464A" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,785</ix:nonFraction></div><div id="a64376" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:185.3px;"><ix:nonFraction id="ID_721A" name="us-gaap:DepreciationDepletionAndAmortization" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">43,326</ix:nonFraction></div><div id="a64380" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:199px;">Amortization of debt issuance costs (Note 13) </div><div id="a64384" style="position:absolute;font-family:'Arial';font-size:12px;left:505px;top:199.4px;"><ix:nonFraction id="ID_68" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,372</ix:nonFraction></div><div id="a64387" style="position:absolute;font-family:'Arial';font-size:12px;left:613px;top:199.4px;"><ix:nonFraction id="ID_89" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,620</ix:nonFraction></div><div id="a64390" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:199.4px;"><ix:nonFraction id="ID_792" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,286</ix:nonFraction></div><div id="a64394" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:213px;">Compensation cost on restricted stock (Note 11(g)) </div><div id="a64397" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:213.3px;"><ix:nonFraction id="ID_280" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,012</ix:nonFraction></div><div id="a64400" style="position:absolute;font-family:'Arial';font-size:12px;left:613px;top:213.3px;"><ix:nonFraction id="ID_79" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,938</ix:nonFraction></div><div id="a64403" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:213.3px;"><ix:nonFraction id="ID_793" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,282</ix:nonFraction></div><div id="a64407" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:227px;">Provision for credit loss </div><div id="a64410" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:227.4px;"><ix:nonFraction id="ID_795" name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64413" style="position:absolute;font-family:'Arial';font-size:12px;left:639px;top:227.4px;"><ix:nonFraction id="ID_796" name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64416" style="position:absolute;font-family:'Arial';font-size:12px;left:731px;top:227.4px;"><ix:nonFraction id="ID_794" name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">133</ix:nonFraction></div><div id="a64420" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:241px;">Dividend income (Note 5(a)) </div><div id="a64423" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:241.3px;"><ix:nonFraction id="ID_790" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64426" style="position:absolute;font-family:'Arial';font-size:12px;left:632px;top:241.3px;display:flex;">(<ix:nonFraction id="ID_791" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3</ix:nonFraction>)</div><div id="a64429" style="position:absolute;font-family:'Arial';font-size:12px;left:727px;top:241.3px;display:flex;">(<ix:nonFraction id="ID_797" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">100</ix:nonFraction>)</div><div id="a64433" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:255px;">Pension and other postretirement benefits </div><div id="a64437" style="position:absolute;font-family:'Arial';font-size:12px;left:528px;top:255.4px;"><ix:nonFraction id="ID_578" name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4</ix:nonFraction></div><div id="a64440" style="position:absolute;font-family:'Arial';font-size:12px;left:630px;top:255.4px;"><ix:nonFraction id="ID_579" name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">55</ix:nonFraction></div><div id="a64443" style="position:absolute;font-family:'Arial';font-size:12px;left:731px;top:255.4px;"><ix:nonFraction id="ID_798" name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">182</ix:nonFraction></div><div id="a64447" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:269px;">(Gain)/loss on derivative instruments (Note 8) </div><div id="a64450" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:269.3px;display:flex;">(<ix:nonFraction id="ID_137A" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">274</ix:nonFraction>)</div><div id="a64453" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:269.3px;"><ix:nonFraction id="ID_196A" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">439</ix:nonFraction></div><div id="a64456" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:269px;">- </div><div id="a64460" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:283px;">Gain on sale of vessels (Notes 6) </div><div id="a64463" style="position:absolute;font-family:'Arial';font-size:12px;left:501px;top:283.4px;display:flex;">(<ix:nonFraction id="ID_521A" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,799</ix:nonFraction>)</div><div id="a64466" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:283.4px;display:flex;">(<ix:nonFraction id="ID_363A" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,323</ix:nonFraction>)</div><div id="a64469" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:283.4px;display:flex;">(<ix:nonFraction id="ID_723A" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,850</ix:nonFraction>)</div><div id="a64473" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:297px;">(Gain)/loss on related party investments (Note 5) </div><div id="a64476" style="position:absolute;font-family:'Arial';font-size:12px;left:505px;top:297.3px;"><ix:nonFraction id="ID_364" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">3,905</ix:nonFraction></div><div id="a64479" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:297.3px;display:flex;">(<ix:nonFraction id="ID_43" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,502</ix:nonFraction>)</div><div id="a64482" style="position:absolute;font-family:'Arial';font-size:12px;left:727px;top:297.3px;display:flex;">(<ix:nonFraction id="ID_734" name="us-gaap:GainLossOnInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">589</ix:nonFraction>)</div><div id="a64486" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:311px;">Loss on extinguishment of debt </div><div id="a64490" style="position:absolute;font-family:'Arial';font-size:12px;left:505px;top:311.4px;"><ix:nonFraction id="ID_493A" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">3,475</ix:nonFraction></div><div id="a64493" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:311.4px;"><ix:nonFraction id="ID_301A" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">748</ix:nonFraction></div><div id="a64496" style="position:absolute;font-family:'Arial';font-size:12px;left:731px;top:311.4px;"><ix:nonFraction id="ID_732A" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">435</ix:nonFraction></div><div id="a64500" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:325px;">Gain on deconsolidation of subsidiary </div><div id="a64503" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:325.3px;"><ix:nonFraction id="ID_272A" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64506" style="position:absolute;font-family:'Arial';font-size:12px;left:619px;top:325.3px;display:flex;">(<ix:nonFraction id="ID_410A" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">844</ix:nonFraction>)</div><div id="a64509" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:325px;">- </div><div id="a64513" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:339px;">(Gain)/loss from equity method investments (Note 4) </div><div id="a64516" style="position:absolute;font-family:'Arial';font-size:12px;left:515px;top:339.4px;"><ix:nonFraction id="ID_312A" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">146</ix:nonFraction></div><div id="a64519" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:339.4px;"><ix:nonFraction id="ID_234A" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">262</ix:nonFraction></div><div id="a64522" style="position:absolute;font-family:'Arial';font-size:12px;left:727px;top:339.4px;display:flex;">(<ix:nonFraction id="ID_738A" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">894</ix:nonFraction>)</div><div id="a64526" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:353px;">(Gain)/loss on equity securities (Note 5(b)) </div><div id="a64529" style="position:absolute;font-family:'Arial';font-size:12px;left:515px;top:353.3px;"><ix:nonFraction id="ID_735A" name="us-gaap:EquitySecuritiesFvNiRealizedGainLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">400</ix:nonFraction></div><div id="a64532" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:353.3px;display:flex;">(<ix:nonFraction id="ID_799A" name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,813</ix:nonFraction>)</div><div id="a64535" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:353px;">- </div><div id="a64539" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:367px;">Gain on warrants (Note 11(e)) </div><div id="a64543" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:367.4px;display:flex;">(<ix:nonFraction id="ID_92A" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">719</ix:nonFraction>)</div><div id="a64546" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:367.4px;display:flex;">(<ix:nonFraction id="ID_497A" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,583</ix:nonFraction>)</div><div id="a64549" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:367px;">- </div><div id="a64552" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:381px;">(Increase) / Decrease </div><div id="a64562" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:395px;">Accounts receivable, trade </div><div id="a64565" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:395.4px;display:flex;">(<ix:nonFraction id="ID_269" name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">695</ix:nonFraction>)</div><div id="a64568" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:395.4px;"><ix:nonFraction id="ID_286" name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">256</ix:nonFraction></div><div id="a64571" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:395.4px;display:flex;">(<ix:nonFraction id="ID_870" name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,427</ix:nonFraction>)</div><div id="a64575" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:409px;">Due from related parties </div><div id="a64578" style="position:absolute;font-family:'Arial';font-size:12px;left:515px;top:409.3px;"><ix:nonFraction id="ID_110" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">119</ix:nonFraction></div><div id="a64581" style="position:absolute;font-family:'Arial';font-size:12px;left:619px;top:409.3px;display:flex;">(<ix:nonFraction id="ID_445" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">252</ix:nonFraction>)</div><div id="a64584" style="position:absolute;font-family:'Arial';font-size:12px;left:731px;top:409.3px;"><ix:nonFraction id="ID_871" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">736</ix:nonFraction></div><div id="a64588" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:423px;">Inventories </div><div id="a64591" style="position:absolute;font-family:'Arial';font-size:12px;left:515px;top:423.4px;"><ix:nonFraction id="ID_201" name="us-gaap:IncreaseDecreaseInInventories" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">863</ix:nonFraction></div><div id="a64594" style="position:absolute;font-family:'Arial';font-size:12px;left:619px;top:423.4px;display:flex;">(<ix:nonFraction id="ID_298" name="us-gaap:IncreaseDecreaseInInventories" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">511</ix:nonFraction>)</div><div id="a64597" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:423.4px;"><ix:nonFraction id="ID_872" name="us-gaap:IncreaseDecreaseInInventories" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,768</ix:nonFraction></div><div id="a64601" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:437px;">Prepaid expenses and other assets </div><div id="a64604" style="position:absolute;font-family:'Arial';font-size:12px;left:505px;top:437.3px;"><ix:nonFraction id="ID_321" name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,247</ix:nonFraction></div><div id="a64607" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:437.3px;display:flex;">(<ix:nonFraction id="ID_351" name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,950</ix:nonFraction>)</div><div id="a64610" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:437.3px;display:flex;">(<ix:nonFraction id="ID_873" name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,265</ix:nonFraction>)</div><div id="a64614" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:451px;">Other non-current assets </div><div id="a64619" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:451.4px;"><ix:nonFraction id="ID_96" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64622" style="position:absolute;font-family:'Arial';font-size:12px;left:630px;top:451.4px;"><ix:nonFraction id="ID_418" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">70</ix:nonFraction></div><div id="a64625" style="position:absolute;font-family:'Arial';font-size:12px;left:734px;top:451.4px;display:flex;">(<ix:nonFraction id="ID_874" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">16</ix:nonFraction>)</div><div id="a64629" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:465px;">Investments in equity securities </div><div id="a64632" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:465.3px;"><ix:nonFraction id="ID_88" name="us-gaap:IncreaseDecreaseInEquitySecuritiesFvNi" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">20,329</ix:nonFraction></div><div id="a64635" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:465.3px;display:flex;">(<ix:nonFraction id="ID_235" name="us-gaap:IncreaseDecreaseInEquitySecuritiesFvNi" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17,916</ix:nonFraction>)</div><div id="a64638" style="position:absolute;font-family:'Arial';font-size:12px;left:747px;top:465px;">- </div><div id="a64641" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:479px;">Increase / (Decrease)<div style="display:inline-block;width:3px"> </div></div><div id="a64651" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:493px;">Accounts payable, trade and other </div><div id="a64654" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:493.3px;display:flex;">(<ix:nonFraction id="ID_20" name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">673</ix:nonFraction>)</div><div id="a64657" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:493.3px;display:flex;">(<ix:nonFraction id="ID_38" name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,761</ix:nonFraction>)</div><div id="a64660" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:493.3px;"><ix:nonFraction id="ID_875" name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,465</ix:nonFraction></div><div id="a64664" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:507px;">Due to related parties </div><div id="a64667" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:507.4px;display:flex;">(<ix:nonFraction id="ID_58" name="us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">569</ix:nonFraction>)</div><div id="a64670" style="position:absolute;font-family:'Arial';font-size:12px;left:626px;top:507.4px;display:flex;">(<ix:nonFraction id="ID_343" name="us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">57</ix:nonFraction>)</div><div id="a64673" style="position:absolute;font-family:'Arial';font-size:12px;left:734px;top:507.4px;display:flex;">(<ix:nonFraction id="ID_876" name="us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">72</ix:nonFraction>)</div><div id="a64677" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:521px;">Accrued liabilities </div><div id="a64680" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:521.3px;display:flex;">(<ix:nonFraction id="ID_170" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">520</ix:nonFraction>)</div><div id="a64683" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:521.3px;"><ix:nonFraction id="ID_391" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">282</ix:nonFraction></div><div id="a64686" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:521.3px;"><ix:nonFraction id="ID_877" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,956</ix:nonFraction></div><div id="a64690" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:535px;">Deferred revenue<div style="display:inline-block;width:3px"> </div></div><div id="a64693" style="position:absolute;font-family:'Arial';font-size:12px;left:515px;top:535.4px;"><ix:nonFraction id="ID_413" name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">672</ix:nonFraction></div><div id="a64696" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:535.4px;display:flex;">(<ix:nonFraction id="ID_369" name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">4,195</ix:nonFraction>)</div><div id="a64699" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:535.4px;"><ix:nonFraction id="ID_878" name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,026</ix:nonFraction></div><div id="a64703" style="position:absolute;font-family:'Arial';font-size:12px;left:90px;top:549px;">Other non-current liabilities </div><div id="a64708" style="position:absolute;font-family:'Arial';font-size:12px;left:511px;top:549.4px;display:flex;">(<ix:nonFraction id="ID_442" name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">158</ix:nonFraction>)</div><div id="a64711" style="position:absolute;font-family:'Arial';font-size:12px;left:623px;top:549.4px;"><ix:nonFraction id="ID_109" name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">437</ix:nonFraction></div><div id="a64714" style="position:absolute;font-family:'Arial';font-size:12px;left:727px;top:549.4px;display:flex;">(<ix:nonFraction id="ID_879" name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">218</ix:nonFraction>)</div><div id="a64717" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:563px;">Drydock cost </div><div id="a64720" style="position:absolute;font-family:'Arial';font-size:12px;left:501px;top:563.4px;display:flex;">(<ix:nonFraction id="ID_433" name="dsx:PaymentsForDrydocking" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,044</ix:nonFraction>)</div><div id="a64723" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:563.4px;display:flex;">(<ix:nonFraction id="ID_202" name="dsx:PaymentsForDrydocking" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,646</ix:nonFraction>)</div><div id="a64726" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:563.4px;display:flex;">(<ix:nonFraction id="ID_880" name="dsx:PaymentsForDrydocking" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">16,368</ix:nonFraction>)</div><div id="a64728" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:582px;">Net Cash Provided by Operating Activities </div><div id="a64730" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:582px;">$ </div><div id="a64732" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:582.3px;"><ix:nonFraction id="ID_486" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">83,530</ix:nonFraction></div><div id="a64734" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:582px;">$ </div><div id="a64736" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:582.3px;"><ix:nonFraction id="ID_158" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">70,380</ix:nonFraction></div><div id="a64738" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:584px;">$ </div><div id="a64740" style="position:absolute;font-family:'Arial';font-size:12px;left:708px;top:582.3px;"><ix:nonFraction id="ID_881" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">158,859</ix:nonFraction></div><div id="a64742" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:601px;"><div style="display:inline-block;width:3px"> </div>Cash Flows from Investing Activities:<div style="display:inline-block;width:3px"> </div></div><div id="a64752" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:616px;">Payments for vessels under construction and<div style="display:inline-block;width:5px"> </div>vessel improvements </div><div id="a64753" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:629px;">(Note 6) </div><div id="a64756" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:629.4px;display:flex;">(<ix:nonFraction id="ID_580" name="dsx:PaymentsForVesselsUnderConstructionAndVesselsImprovements" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,516</ix:nonFraction>)</div><div id="a64759" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:629.4px;display:flex;">(<ix:nonFraction id="ID_581" name="dsx:PaymentsForVesselsUnderConstructionAndVesselsImprovements" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,732</ix:nonFraction>)</div><div id="a64762" style="position:absolute;font-family:'Arial';font-size:12px;left:704px;top:629.4px;display:flex;">(<ix:nonFraction id="ID_882" name="dsx:PaymentsForVesselsUnderConstructionAndVesselsImprovements" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">230,302</ix:nonFraction>)</div><div id="a64765" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:643px;">Proceeds from sale of vessels, net of expenses (Note 6) </div><div id="a64769" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:643.4px;"><ix:nonFraction id="ID_322" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">35,154</ix:nonFraction></div><div id="a64772" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:643.4px;"><ix:nonFraction id="ID_270" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">36,560</ix:nonFraction></div><div id="a64775" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:643.4px;"><ix:nonFraction id="ID_883" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,372</ix:nonFraction></div><div id="a64778" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:657px;">Payments to acquire investments (Note 4) </div><div id="a64781" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:657.4px;display:flex;">(<ix:nonFraction id="ID_230" name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,203</ix:nonFraction>)</div><div id="a64784" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:657.4px;display:flex;">(<ix:nonFraction id="ID_454" name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,595</ix:nonFraction>)</div><div id="a64787" style="position:absolute;font-family:'Arial';font-size:12px;left:747px;top:657.4px;"><ix:nonFraction id="ID_884" name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64790" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:671px;">Time deposits (Note 2 (e))<div style="display:inline-block;width:4px"> </div></div><div id="a64793" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:671.4px;display:flex;">(<ix:nonFraction id="ID_166" name="dsx:PaymentsForProceedsFromTimeDeposits" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">23,500</ix:nonFraction>)</div><div id="a64796" style="position:absolute;font-family:'Arial';font-size:12px;left:613px;top:671.4px;"><ix:nonFraction id="ID_478" name="dsx:PaymentsForProceedsFromTimeDeposits" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">6,500</ix:nonFraction></div><div id="a64799" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:671.4px;display:flex;">(<ix:nonFraction id="ID_885" name="dsx:PaymentsForProceedsFromTimeDeposits" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">46,500</ix:nonFraction>)</div><div id="a64802" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:685px;">Payments to acquire other assets </div><div id="a64805" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:685.4px;"><ix:nonFraction id="ID_429" name="dsx:PaymentsToAcquireOtherAssets" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64808" style="position:absolute;font-family:'Arial';font-size:12px;left:619px;top:685.4px;display:flex;">(<ix:nonFraction id="ID_332" name="dsx:PaymentsToAcquireOtherAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">216</ix:nonFraction>)</div><div id="a64811" style="position:absolute;font-family:'Arial';font-size:12px;left:747px;top:685.4px;"><ix:nonFraction id="ID_886" name="dsx:PaymentsToAcquireOtherAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64814" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:699px;">Cash divested from deconsolidation </div><div id="a64818" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:699.4px;"><ix:nonFraction id="ID_450" name="us-gaap:CashDivestedFromDeconsolidation" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64821" style="position:absolute;font-family:'Arial';font-size:12px;left:619px;top:699.4px;display:flex;">(<ix:nonFraction id="ID_327" name="us-gaap:CashDivestedFromDeconsolidation" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">771</ix:nonFraction>)</div><div id="a64824" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:699px;">- </div><div id="a64827" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:713px;">Proceeds from convertible loan with limited partnership </div><div id="a64830" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:713.4px;"><ix:nonFraction id="ID_229" name="us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64833" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:713.4px;"><ix:nonFraction id="ID_381" name="us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">25,189</ix:nonFraction></div><div id="a64836" style="position:absolute;font-family:'Arial';font-size:12px;left:747px;top:713.4px;"><ix:nonFraction id="ID_887" name="us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64839" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:727px;">Payments to acquire property, furniture and fixtures (Note 7) </div><div id="a64842" style="position:absolute;font-family:'Arial';font-size:12px;left:501px;top:727.4px;display:flex;">(<ix:nonFraction id="ID_253" name="us-gaap:PaymentsToAcquireOtherProductiveAssets" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,718</ix:nonFraction>)</div><div id="a64845" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:727.4px;display:flex;">(<ix:nonFraction id="ID_6" name="us-gaap:PaymentsToAcquireOtherProductiveAssets" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,006</ix:nonFraction>)</div><div id="a64848" style="position:absolute;font-family:'Arial';font-size:12px;left:727px;top:727.4px;display:flex;">(<ix:nonFraction id="ID_888" name="us-gaap:PaymentsToAcquireOtherProductiveAssets" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">667</ix:nonFraction>)</div><div id="a64850" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:746px;">Net Cash Provided by/(Used) in Investing Activities </div><div id="a64852" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:746px;">$ </div><div id="a64854" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:746.3px;display:flex;">(<ix:nonFraction id="ID_80" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">39,783</ix:nonFraction>)</div><div id="a64856" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:746px;">$ </div><div id="a64858" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:746.3px;"><ix:nonFraction id="ID_61" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,929</ix:nonFraction></div><div id="a64860" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:748px;">$ </div><div id="a64862" style="position:absolute;font-family:'Arial';font-size:12px;left:704px;top:746.3px;display:flex;">(<ix:nonFraction id="ID_889" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">273,097</ix:nonFraction>)</div><div id="a64864" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:761px;"><div style="display:inline-block;width:3px"> </div>Cash Flows from Financing Activities:<div style="display:inline-block;width:3px"> </div></div><div id="a64874" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:775px;">Proceeds<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>issuance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>long-term<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>liabilities </div><div id="a64877" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:788px;">(Note 8) </div><div id="a64880" style="position:absolute;font-family:'Arial';font-size:12px;left:492px;top:788.4px;"><ix:nonFraction id="ID_251" name="us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">117,150</ix:nonFraction></div><div id="a64883" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:788.4px;"><ix:nonFraction id="ID_193" name="us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">57,696</ix:nonFraction></div><div id="a64886" style="position:absolute;font-family:'Arial';font-size:12px;left:708px;top:788.4px;"><ix:nonFraction id="ID_890" name="us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">275,133</ix:nonFraction></div><div id="a64889" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:803px;">Proceeds from<div style="display:inline-block;width:6px"> </div>issuance of<div style="display:inline-block;width:6px"> </div>common stock,<div style="display:inline-block;width:6px"> </div>net of<div style="display:inline-block;width:5px"> </div>expenses (Note </div><div id="a64892" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:816px;">11(e)) </div><div id="a64895" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:816.4px;"><ix:nonFraction id="ID_439" name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,195</ix:nonFraction></div><div id="a64898" style="position:absolute;font-family:'Arial';font-size:12px;left:639px;top:816.4px;"><ix:nonFraction id="ID_500" name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64901" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:816.4px;"><ix:nonFraction id="ID_891" name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,266</ix:nonFraction></div><div id="a64904" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:830px;">Payments for issuance of common stock (Note 11(e)) </div><div id="a64907" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:830.4px;"><ix:nonFraction id="ID_922" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a64910" style="position:absolute;font-family:'Arial';font-size:12px;left:626px;top:830.4px;display:flex;">(<ix:nonFraction id="ID_923" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79</ix:nonFraction>)</div><div id="a64913" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:830px;">- </div><div id="a64916" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:844px;">Payments of dividends, preferred stock (Note 11(b)) </div><div id="a64919" style="position:absolute;font-family:'Arial';font-size:12px;left:501px;top:844.4px;display:flex;">(<ix:nonFraction id="ID_128" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a64922" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:844.4px;display:flex;">(<ix:nonFraction id="ID_126" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a64925" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:844.4px;display:flex;">(<ix:nonFraction id="ID_892" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a64928" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:858px;">Payments of dividends, common stock (Note 11(f)) </div><div id="a64931" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:858.4px;display:flex;">(<ix:nonFraction id="ID_334" name="us-gaap:PaymentsOfDividendsCommonStock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,004</ix:nonFraction>)</div><div id="a64934" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:858.4px;display:flex;">(<ix:nonFraction id="ID_12" name="us-gaap:PaymentsOfDividendsCommonStock" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">41,427</ix:nonFraction>)</div><div id="a64937" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:858.4px;display:flex;">(<ix:nonFraction id="ID_893" name="us-gaap:PaymentsOfDividendsCommonStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79,812</ix:nonFraction>)</div><div id="a64940" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:872px;">Payments for repurchase of common stock </div><div id="a64943" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:872px;">- </div><div id="a64946" style="position:absolute;font-family:'Arial';font-size:12px;left:639px;top:872px;">- </div><div id="a64949" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:872.4px;display:flex;">(<ix:nonFraction id="ID_894" name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,799</ix:nonFraction>)</div><div id="a64952" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:886px;">Payments of financing costs (Notes 8 and 9) </div><div id="a64955" style="position:absolute;font-family:'Arial';font-size:12px;left:501px;top:886.4px;display:flex;">(<ix:nonFraction id="ID_261" name="us-gaap:PaymentsOfFinancingCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,238</ix:nonFraction>)</div><div id="a64958" style="position:absolute;font-family:'Arial';font-size:12px;left:609px;top:886.4px;display:flex;">(<ix:nonFraction id="ID_446" name="us-gaap:PaymentsOfFinancingCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,724</ix:nonFraction>)</div><div id="a64961" style="position:absolute;font-family:'Arial';font-size:12px;left:717px;top:886.4px;display:flex;">(<ix:nonFraction id="ID_895" name="us-gaap:PaymentsOfFinancingCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,302</ix:nonFraction>)</div><div id="a64964" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:914px;">Repayments of long-term debt<div style="display:inline-block;width:1px"> </div>and finance liabilities (Notes<div style="display:inline-block;width:2px"> </div>8 and 9) </div><div id="a64969" style="position:absolute;font-family:'Arial';font-size:12px;left:488px;top:914.4px;display:flex;">(<ix:nonFraction id="ID_227" name="us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">123,007</ix:nonFraction>)</div><div id="a64972" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:914.4px;display:flex;">(<ix:nonFraction id="ID_425" name="us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79,842</ix:nonFraction>)</div><div id="a64975" style="position:absolute;font-family:'Arial';font-size:12px;left:704px;top:914.4px;display:flex;">(<ix:nonFraction id="ID_896" name="us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">102,839</ix:nonFraction>)</div><div id="a64977" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:933px;">Net Cash Provided by/(Used) in Financing Activities </div><div id="a64979" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:933px;">$ </div><div id="a64981" style="position:absolute;font-family:'Arial';font-size:12px;left:494px;top:933.4px;display:flex;">(<ix:nonFraction id="ID_212" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">21,673</ix:nonFraction>)</div><div id="a64983" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:933px;">$ </div><div id="a64985" style="position:absolute;font-family:'Arial';font-size:12px;left:603px;top:933.4px;display:flex;">(<ix:nonFraction id="ID_352" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">71,145</ix:nonFraction>)</div><div id="a64987" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:935px;">$ </div><div id="a64989" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:933.4px;"><ix:nonFraction id="ID_897" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">84,878</ix:nonFraction></div><div id="a64991" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:952px;">Cash,<div style="display:inline-block;width:16px"> </div>Cash<div style="display:inline-block;width:16px"> </div>Equivalents<div style="display:inline-block;width:16px"> </div>and<div style="display:inline-block;width:16px"> </div>Restricted<div style="display:inline-block;width:16px"> </div>Cash,<div style="display:inline-block;width:16px"> </div>Year </div><div id="a64992" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:965px;">Increase/(Decrease) </div><div id="a64995" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:965.4px;"><ix:nonFraction id="ID_243" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,074</ix:nonFraction></div><div id="a64998" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:965.4px;"><ix:nonFraction id="ID_412" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,164</ix:nonFraction></div><div id="a65001" style="position:absolute;font-family:'Arial';font-size:12px;left:711px;top:965.4px;display:flex;">(<ix:nonFraction id="ID_898" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">29,360</ix:nonFraction>)</div></div>
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<div style="position:absolute; width:375.1px; height:17px; left:68px; top:101.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:13.9px; left:68px; top:105px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:105.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:14.1px; left:443.1px; top:104.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:539.1px; top:101.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:14.1px; left:551.1px; top:104.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:647.2px; top:101.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:14.1px; left:659.2px; top:104.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:375.1px; height:3.1px; left:68px; top:101.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:443.1px; top:101.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:443.1px; top:103.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:551.1px; top:101.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:551.1px; top:103.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:659.2px; top:101.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:659.2px; top:103.8px; background-color:#000000; "> </div>
<div style="position:absolute; width:687.2px; height:17px; left:68px; top:137.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:141.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:141.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:141.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:375.1px; height:17px; left:68px; top:172px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:16px; left:68px; top:173px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:175.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:539.1px; top:172px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:175.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:647.2px; top:172px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:175.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:375.1px; height:1px; left:67.6px; top:171.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:442.7px; top:171.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:550.7px; top:171.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:658.8px; top:171.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:443.1px; top:189px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:443.1px; top:190.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:551.1px; top:189px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:551.1px; top:190.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:659.2px; top:189px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:659.2px; top:190.9px; background-color:#000000; "> </div>
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<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:237.1px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:237.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:13.9px; left:68px; top:265px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:265.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:265.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:265.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:13.9px; left:68px; top:293px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:293.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:293.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:687.2px; height:14px; left:68px; top:321px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.1px; height:13.8px; left:68px; top:321.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:539.1px; top:321.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:13.8px; left:659.2px; top:321.1px; background-color:#CCEEFF; "> </div>
<div id="a65004" style="position:absolute;font-family:'Arial';left:393px;top:992px;">F-12 </div><div id="a65008" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:55px;">Cash, Cash Equivalents and Restricted Cash, Beginning </div><div id="a65009" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:68px;">Balance </div><div id="a65012" style="position:absolute;font-family:'Arial';font-size:12px;left:492px;top:68.3px;"><ix:nonFraction id="ID_99" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">121,592</ix:nonFraction></div><div id="a65015" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:68.3px;"><ix:nonFraction id="ID_665" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">97,428</ix:nonFraction></div><div id="a65018" style="position:absolute;font-family:'Arial';font-size:12px;left:708px;top:68.3px;"><ix:nonFraction id="ID_924" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2021_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">126,788</ix:nonFraction></div><div id="a65020" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:88px;">Cash, Cash Equivalents and Restricted Cash, Ending Balance </div><div id="a65022" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:88px;">$ </div><div id="a65024" style="position:absolute;font-family:'Arial';font-size:12px;left:492px;top:88.3px;"><ix:nonFraction id="ID_39" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">143,666</ix:nonFraction></div><div id="a65026" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:88px;">$ </div><div id="a65028" style="position:absolute;font-family:'Arial';font-size:12px;left:600px;top:88.3px;"><ix:nonFraction id="ID_99A" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">121,592</ix:nonFraction></div><div id="a65030" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:90px;">$ </div><div id="a65032" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:88.3px;"><ix:nonFraction id="ID_665A" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">97,428</ix:nonFraction></div><div id="a65043" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:124px;">RECONCILIATION OF CASH, CASH EQUIVALENTS<div style="display:inline-block;width:5px"> </div>AND RESTRICTED CASH </div><div id="a65048" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:141px;">Cash and cash equivalents </div><div id="a65050" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:141px;">$ </div><div id="a65052" style="position:absolute;font-family:'Arial';font-size:12px;left:492px;top:141.3px;"><ix:nonFraction id="ID_350A" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">124,666</ix:nonFraction></div><div id="a65054" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:141px;">$ </div><div id="a65056" style="position:absolute;font-family:'Arial';font-size:12px;left:600px;top:141.3px;"><ix:nonFraction id="ID_140A" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">101,592</ix:nonFraction></div><div id="a65059" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:141.3px;"><ix:nonFraction id="ID_925" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">76,428</ix:nonFraction></div><div id="a65062" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:158px;">Restricted cash, non-current </div><div id="a65068" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:158.2px;"><ix:nonFraction id="ID_73A" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">19,000</ix:nonFraction></div><div id="a65071" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:158.2px;"><ix:nonFraction id="ID_141A" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,000</ix:nonFraction></div><div id="a65074" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:158.2px;"><ix:nonFraction id="ID_926" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,000</ix:nonFraction></div><div id="a65077" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:74px;top:175px;">Cash, Cash Equivalents and Restricted Cash, Total </div><div id="a65079" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:175px;">$ </div><div id="a65081" style="position:absolute;font-family:'Arial';font-size:12px;left:492px;top:175.4px;"><ix:nonFraction id="ID_39A" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">143,666</ix:nonFraction></div><div id="a65083" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:175px;">$ </div><div id="a65085" style="position:absolute;font-family:'Arial';font-size:12px;left:600px;top:175.4px;"><ix:nonFraction id="ID_99AA" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">121,592</ix:nonFraction></div><div id="a65087" style="position:absolute;font-family:'Arial';font-size:10.72px;left:653px;top:177px;">$ </div><div id="a65089" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:175.4px;"><ix:nonFraction id="ID_665AA" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">97,428</ix:nonFraction></div><div id="a65100" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:68px;top:209px;">SUPPLEMENTAL CASH FLOW INFORMATION </div><div id="a65109" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:223px;">Non-cash acquisition of assets </div><div id="a65113" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:223px;">$ </div><div id="a65115" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:223.4px;"><ix:nonFraction id="ID_398" name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65117" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:223px;">$ </div><div id="a65119" style="position:absolute;font-family:'Arial';font-size:12px;left:613px;top:223.4px;"><ix:nonFraction id="ID_317" name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a65122" style="position:absolute;font-family:'Arial';font-size:12px;left:708px;top:223.4px;"><ix:nonFraction id="ID_899" name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">136,038</ix:nonFraction></div><div id="a65125" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:237px;">Non-cash debt assumed </div><div id="a65130" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:237.3px;"><ix:nonFraction id="ID_900" name="us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65133" style="position:absolute;font-family:'Arial';font-size:12px;left:643px;top:237px;">- </div><div id="a65136" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:237.3px;"><ix:nonFraction id="ID_901" name="us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,571</ix:nonFraction></div><div id="a65139" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:251px;">Non-cash finance liability </div><div id="a65144" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:251.4px;"><ix:nonFraction id="ID_902" name="us-gaap:LiabilitiesAssumed1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65147" style="position:absolute;font-family:'Arial';font-size:12px;left:643px;top:251px;">- </div><div id="a65150" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:251.4px;"><ix:nonFraction id="ID_903" name="us-gaap:LiabilitiesAssumed1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,782</ix:nonFraction></div><div id="a65153" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:265px;">Stock issued in noncash financing activities </div><div id="a65157" style="position:absolute;font-family:'Arial';font-size:12px;left:505px;top:265.3px;"><ix:nonFraction id="ID_53" name="us-gaap:StockIssued1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,852</ix:nonFraction></div><div id="a65160" style="position:absolute;font-family:'Arial';font-size:12px;left:613px;top:265.3px;"><ix:nonFraction id="ID_132" name="us-gaap:StockIssued1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a65163" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:265.3px;"><ix:nonFraction id="ID_904" name="us-gaap:StockIssued1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">67,909</ix:nonFraction></div><div id="a65166" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:279px;">Non-cash investments acquired </div><div id="a65171" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:279.4px;"><ix:nonFraction id="ID_409" name="us-gaap:NoncashOrPartNoncashAcquisitionInvestmentsAcquired1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65174" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:279.4px;"><ix:nonFraction id="ID_494" name="us-gaap:NoncashOrPartNoncashAcquisitionInvestmentsAcquired1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,000</ix:nonFraction></div><div id="a65177" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:279px;">- </div><div id="a65180" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:293px;">Noncash dividend </div><div id="a65183" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:293.3px;"><ix:nonFraction id="ID_217" name="dsx:NoncashDividends" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65186" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:293.3px;"><ix:nonFraction id="ID_355" name="dsx:NoncashDividends" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">41,521</ix:nonFraction></div><div id="a65189" style="position:absolute;font-family:'Arial';font-size:12px;left:751px;top:293px;">- </div><div id="a65192" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:307px;">Transfer to Investments </div><div id="a65195" style="position:absolute;font-family:'Arial';font-size:12px;left:531px;top:307.4px;"><ix:nonFraction id="ID_905" name="us-gaap:TransferToInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a65198" style="position:absolute;font-family:'Arial';font-size:12px;left:643px;top:307px;">- </div><div id="a65201" style="position:absolute;font-family:'Arial';font-size:12px;left:721px;top:307.4px;"><ix:nonFraction id="ID_906" name="us-gaap:TransferToInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,370</ix:nonFraction></div><div id="a65204" style="position:absolute;font-family:'Arial';font-size:12px;left:74px;top:321px;">Interest paid, net of amounts capitalized </div><div id="a65206" style="position:absolute;font-family:'Arial';font-size:12px;left:436px;top:321px;">$ </div><div id="a65208" style="position:absolute;font-family:'Arial';font-size:12px;left:498px;top:321.3px;"><ix:nonFraction id="ID_29" name="us-gaap:InterestPaidNet" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">46,257</ix:nonFraction></div><div id="a65210" style="position:absolute;font-family:'Arial';font-size:12px;left:544px;top:321px;">$ </div><div id="a65212" style="position:absolute;font-family:'Arial';font-size:12px;left:607px;top:321.3px;"><ix:nonFraction id="ID_7" name="us-gaap:InterestPaidNet" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">46,473</ix:nonFraction></div><div id="a65215" style="position:absolute;font-family:'Arial';font-size:12px;left:715px;top:321.3px;"><ix:nonFraction id="ID_907" name="us-gaap:InterestPaidNet" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,306</ix:nonFraction></div><div id="a65217" style="position:absolute;font-family:'Arial';font-size:12px;left:178px;top:336px;">The accompanying notes are an integral part of these consolidated financial statements. </div></div>
</div>
<div style="padding: 7px">
<div id="Page135" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a65220" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a65222" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a65224" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a65226" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a65233" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-13 </div><div id="div_37_XBRL_TS_614c4047331a4e31a45ef0ef5b7f00b6" style="position:absolute;left:51px;top:132.6px;float:left;"><ix:nonNumeric id="ID_144" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer38" style="position:relative;line-height:normal;width:706px;height:239px;"><div id="TextContainer38" style="position:relative;width:706px;z-index:1;"><div id="a65237" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">1.<div style="display:inline-block;width:24px"> </div>Basis of Presentation and General Information<div style="display:inline-block;width:4px"> </div></div><div id="a65243" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The accompanying consolidated financial statements include the accounts<div style="display:inline-block;width:3px"> </div>of Diana Shipping Inc., or DSI, </div><div id="a65244" style="position:absolute;font-family:'Arial';left:6px;top:52px;">and<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>wholly owned<div style="display:inline-block;width:7px"> </div>subsidiaries (collectively,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:5px"> </div>“Company”). DSI<div style="display:inline-block;width:7px"> </div>was formed<div style="display:inline-block;width:7px"> </div>on </div><div id="a65244_83_13" style="position:absolute;font-family:'Arial';left:568px;top:52px;"><ix:nonNumeric id="ID_259" name="dei:EntityIncorporationDateOfIncorporation" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt:datemonthdayyearen">March 8, 1999</ix:nonNumeric></div><div id="a65244_96_5" style="position:absolute;font-family:'Arial';left:665px;top:52px;">,<div style="display:inline-block;width:6px"> </div>as </div><div id="a65245" style="position:absolute;font-family:'Arial';left:6px;top:69px;">Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Investment<div style="display:inline-block;width:7px"> </div>Corp.,<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>laws<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Republic<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Liberia.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:7px"> </div>February<div style="display:inline-block;width:7px"> </div>2005,<div style="display:inline-block;width:7px"> </div>the </div><div id="a65247" style="position:absolute;font-family:'Arial';left:6px;top:86px;">Company’s<div style="display:inline-block;width:7px"> </div>articles<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>incorporation<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:7px"> </div>amended.<div style="display:inline-block;width:6px"> </div>Under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>amended<div style="display:inline-block;width:6px"> </div>articles<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>incorporation,<div style="display:inline-block;width:6px"> </div>the </div><div id="a65248" style="position:absolute;font-family:'Arial';left:6px;top:103px;">Company<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>renamed<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Inc.<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>re-domiciled<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Republic<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Liberia<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the </div><div id="a65251" style="position:absolute;font-family:'Arial';left:6px;top:119px;">Republic of the Marshall Islands. </div><div id="a65255" style="position:absolute;font-family:'Arial';left:6px;top:153px;">The Company<div style="display:inline-block;width:3px"> </div>is engaged<div style="display:inline-block;width:3px"> </div>in the ocean<div style="display:inline-block;width:2px"> </div>transportation of<div style="display:inline-block;width:3px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>cargoes worldwide<div style="display:inline-block;width:2px"> </div>through the ownership </div><div id="a65256" style="position:absolute;font-family:'Arial';left:6px;top:170px;">and<div style="display:inline-block;width:6px"> </div>bareboat charter<div style="display:inline-block;width:7px"> </div>in of<div style="display:inline-block;width:7px"> </div>dry bulk<div style="display:inline-block;width:7px"> </div>carrier vessels.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:7px"> </div>operates its<div style="display:inline-block;width:7px"> </div>own fleet<div style="display:inline-block;width:7px"> </div>through Diana </div><div id="a65257" style="position:absolute;font-family:'Arial';left:6px;top:187px;">Shipping Services<div style="display:inline-block;width:2px"> </div>S.A. (or<div style="display:inline-block;width:2px"> </div>“DSS”), a<div style="display:inline-block;width:3px"> </div>wholly owned<div style="display:inline-block;width:2px"> </div>subsidiary and<div style="display:inline-block;width:2px"> </div>through Diana<div style="display:inline-block;width:2px"> </div>Wilhelmsen Management </div><div id="a65259" style="position:absolute;font-family:'Arial';left:6px;top:204px;">Limited,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>DWM,<div style="display:inline-block;width:6px"> </div>a </div><div id="a65259_19_2" style="position:absolute;font-family:'Arial';left:145px;top:204px;"><ix:nonFraction id="ID_372" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">50</ix:nonFraction></div><div id="a65259_21_76" style="position:absolute;font-family:'Arial';left:161px;top:204px;">%<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>joint<div style="display:inline-block;width:6px"> </div>venture<div style="display:inline-block;width:6px"> </div>(Note<div style="display:inline-block;width:6px"> </div>4(a)).<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>fees<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>DSS<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>eliminated<div style="display:inline-block;width:6px"> </div>upon </div><div id="a65265" style="position:absolute;font-family:'Arial';left:6px;top:221px;">consolidation.</div></div></div></ix:nonNumeric></div><div id="a65265_14_2" style="position:absolute;font-family:'Arial';left:147px;top:353.4px;"><div style="display:inline-block;width:4px"> </div></div><div id="div_40_XBRL_TS_3c91b519e9444302a5eac14ff203a66b" style="position:absolute;left:51px;top:387.2px;float:left;"><ix:nonNumeric id="ID_950" name="us-gaap:SignificantAccountingPoliciesTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_1" escape="true"><div id="TextBlockContainer53" style="position:relative;line-height:normal;width:706px;height:593px;"><div id="TextContainer53" style="position:relative;width:706px;z-index:1;"><div id="a65268" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">2.<div style="display:inline-block;width:24px"> </div>Significant Accounting Policies and Recent Accounting Pronouncements</div><div id="a65275" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)</div></div><div id="div_41_XBRL_TS_bae722e957b94ad5b83857eac908abe2" style="position:absolute;left:38px;top:35px;float:left;"><ix:nonNumeric id="ID_3" name="us-gaap:ConsolidationPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer42" style="position:relative;line-height:normal;width:666px;height:322px;"><div id="TextContainer42" style="position:relative;width:666px;z-index:1;"><div id="a65276_1_27" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Principles<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>Consolidation</div><div id="a65278" style="position:absolute;font-family:'Arial';left:202px;top:0px;">:<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:7px"> </div>accompanying<div style="display:inline-block;width:7px"> </div>consolidated<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>statements<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>been </div><div id="a65280" style="position:absolute;font-family:'Arial';left:5px;top:17px;">prepared in accordance<div style="display:inline-block;width:2px"> </div>with U.S. generally<div style="display:inline-block;width:2px"> </div>accepted accounting<div style="display:inline-block;width:3px"> </div>principles and include<div style="display:inline-block;width:2px"> </div>the accounts </div><div id="a65281" style="position:absolute;font-family:'Arial';left:5px;top:34px;">of Diana<div style="display:inline-block;width:2px"> </div>Shipping Inc.<div style="display:inline-block;width:2px"> </div>and its<div style="display:inline-block;width:2px"> </div>wholly owned<div style="display:inline-block;width:2px"> </div>subsidiaries. All<div style="display:inline-block;width:2px"> </div>intercompany balances<div style="display:inline-block;width:2px"> </div>and transactions </div><div id="a65284" style="position:absolute;font-family:'Arial';left:5px;top:51px;">have<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>eliminated<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>consolidation.<div style="display:inline-block;width:6px"> </div>Under<div style="display:inline-block;width:6px"> </div>Accounting<div style="display:inline-block;width:6px"> </div>Standards<div style="display:inline-block;width:6px"> </div>Codification<div style="display:inline-block;width:6px"> </div>(“ASC”)<div style="display:inline-block;width:6px"> </div>810 </div><div id="a65285" style="position:absolute;font-family:'Arial';left:5px;top:68px;">“Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by </div><div id="a65288" style="position:absolute;font-family:'Arial';left:5px;top:84px;">first<div style="display:inline-block;width:6px"> </div>considering<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>meets<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>definition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>variable<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>("VIE")<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the </div><div id="a65289" style="position:absolute;font-family:'Arial';left:5px;top:101px;">Company is deemed to be the primary<div style="display:inline-block;width:5px"> </div>beneficiary under the VIE model, or if<div style="display:inline-block;width:5px"> </div>the Company controls </div><div id="a65290" style="position:absolute;font-family:'Arial';left:5px;top:118px;">an<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>majority<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>voting<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>voting<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>model.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Company </div><div id="a65292" style="position:absolute;font-family:'Arial';left:5px;top:135px;">evaluates<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>instruments,<div style="display:inline-block;width:7px"> </div>service<div style="display:inline-block;width:7px"> </div>contracts,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>arrangements<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>determine<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:8px"> </div>any </div><div id="a65293" style="position:absolute;font-family:'Arial';left:5px;top:152px;">variable interests relating<div style="display:inline-block;width:2px"> </div>to an entity<div style="display:inline-block;width:2px"> </div>exist. For entities<div style="display:inline-block;width:2px"> </div>in which the<div style="display:inline-block;width:2px"> </div>Company has<div style="display:inline-block;width:3px"> </div>a variable interest, </div><div id="a65294" style="position:absolute;font-family:'Arial';left:5px;top:169px;">the Company determines if the entity<div style="display:inline-block;width:6px"> </div>is a VIE by considering whether the entity’s<div style="display:inline-block;width:6px"> </div>equity investment </div><div id="a65296" style="position:absolute;font-family:'Arial';left:5px;top:186px;">at<div style="display:inline-block;width:7px"> </div>risk<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>sufficient<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>finance<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>activities<div style="display:inline-block;width:7px"> </div>without<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>subordinated<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>support<div style="display:inline-block;width:7px"> </div>and </div><div id="a65297" style="position:absolute;font-family:'Arial';left:5px;top:202px;">whether the entity’s<div style="display:inline-block;width:6px"> </div>at-risk equity holders<div style="display:inline-block;width:5px"> </div>have the characteristics<div style="display:inline-block;width:6px"> </div>of a controlling<div style="display:inline-block;width:6px"> </div>financial interest. </div><div id="a65301" style="position:absolute;font-family:'Arial';left:5px;top:219px;">In<div style="display:inline-block;width:5px"> </div>performing analysis<div style="display:inline-block;width:6px"> </div>of whether<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company is<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>primary beneficiary<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>a VIE,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company </div><div id="a65305" style="position:absolute;font-family:'Arial';left:5px;top:236px;">considers whether<div style="display:inline-block;width:2px"> </div>it individually<div style="display:inline-block;width:2px"> </div>has the<div style="display:inline-block;width:3px"> </div>power to<div style="display:inline-block;width:3px"> </div>direct the<div style="display:inline-block;width:2px"> </div>activities of<div style="display:inline-block;width:3px"> </div>the VIE<div style="display:inline-block;width:3px"> </div>that most<div style="display:inline-block;width:2px"> </div>significantly </div><div id="a65306" style="position:absolute;font-family:'Arial';left:5px;top:253px;">affect the<div style="display:inline-block;width:7px"> </div>entity’s performance<div style="display:inline-block;width:6px"> </div>and also<div style="display:inline-block;width:6px"> </div>has the<div style="display:inline-block;width:6px"> </div>obligation to<div style="display:inline-block;width:6px"> </div>absorb losses<div style="display:inline-block;width:6px"> </div>or the<div style="display:inline-block;width:6px"> </div>right to<div style="display:inline-block;width:6px"> </div>receive </div><div id="a65308" style="position:absolute;font-family:'Arial';left:5px;top:270px;">benefits of<div style="display:inline-block;width:6px"> </div>the VIE<div style="display:inline-block;width:6px"> </div>that could<div style="display:inline-block;width:6px"> </div>potentially be<div style="display:inline-block;width:6px"> </div>significant to<div style="display:inline-block;width:6px"> </div>the VIE.<div style="display:inline-block;width:6px"> </div>If the<div style="display:inline-block;width:6px"> </div>Company holds<div style="display:inline-block;width:6px"> </div>a variable </div><div id="a65309" style="position:absolute;font-family:'Arial';left:5px;top:287px;">interest in<div style="display:inline-block;width:6px"> </div>an entity<div style="display:inline-block;width:6px"> </div>that previously<div style="display:inline-block;width:6px"> </div>was not<div style="display:inline-block;width:6px"> </div>a VIE,<div style="display:inline-block;width:6px"> </div>it reconsiders<div style="display:inline-block;width:6px"> </div>whether the<div style="display:inline-block;width:6px"> </div>entity has<div style="display:inline-block;width:6px"> </div>become a </div><div id="a65310" style="position:absolute;font-family:'Arial';left:5px;top:304px;">VIE.</div></div></div></ix:nonNumeric></div><div id="TextContainer54" style="position:relative;width:706px;z-index:1;"><div id="a65310_4_2" style="position:absolute;font-family:'Arial';left:72px;top:339px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65313" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:372px;">b)</div></div><div id="div_44_XBRL_TS_42cf22f0409649928ee93ab600dac765" style="position:absolute;left:38px;top:372px;float:left;"><ix:nonNumeric id="ID_0" name="us-gaap:UseOfEstimates" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer45" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer45" style="position:relative;width:666px;z-index:1;"><div id="a65314_1_18" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Use<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Estimates: </div><div id="a65317" style="position:absolute;font-family:'Arial';left:140px;top:0px;">The<div style="display:inline-block;width:6px"> </div>preparation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>conformity<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>U.S. </div><div id="a65318" style="position:absolute;font-family:'Arial';left:5px;top:17px;">generally accepted accounting<div style="display:inline-block;width:3px"> </div>principles requires management<div style="display:inline-block;width:2px"> </div>to make estimates and<div style="display:inline-block;width:2px"> </div>assumptions </div><div id="a65319" style="position:absolute;font-family:'Arial';left:5px;top:34px;">that<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>reported<div style="display:inline-block;width:5px"> </div>amounts<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>liabilities<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>contingent<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>and </div><div id="a65321" style="position:absolute;font-family:'Arial';left:5px;top:51px;">liabilities at the date of the consolidated financial statements and the reported amounts<div style="display:inline-block;width:5px"> </div>of revenues </div><div id="a65322" style="position:absolute;font-family:'Arial';left:5px;top:68px;">and expenses during the reporting period.<div style="display:inline-block;width:7px"> </div>Actual results could differ from those estimates.</div></div></div></ix:nonNumeric></div><div id="TextContainer55" style="position:relative;width:706px;z-index:1;"><div id="a65326" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:474px;">c)</div></div><div id="div_47_XBRL_TS_fd557c2ea7f146999ef5c03184ae97cf" style="position:absolute;left:38px;top:474px;float:left;"><ix:nonNumeric id="ID_146" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer48" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer48" style="position:relative;width:666px;z-index:1;"><div id="a65327_1_37" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Other Comprehensive<div style="display:inline-block;width:6px"> </div>Income /<div style="display:inline-block;width:7px"> </div>(Loss): </div><div id="a65330" style="position:absolute;font-family:'Arial';left:286px;top:0px;">The Company<div style="display:inline-block;width:6px"> </div>separately presents<div style="display:inline-block;width:6px"> </div>certain transactions, </div><div id="a65331" style="position:absolute;font-family:'Arial';left:5px;top:17px;">which are<div style="display:inline-block;width:6px"> </div>recorded directly<div style="display:inline-block;width:6px"> </div>as components<div style="display:inline-block;width:5px"> </div>of stockholders’<div style="display:inline-block;width:6px"> </div>equity.<div style="display:inline-block;width:6px"> </div>Other Comprehensive<div style="display:inline-block;width:6px"> </div>Income/ </div><div id="a65333" style="position:absolute;font-family:'Arial';left:5px;top:34px;">(Loss) is presented in a separate statement.</div></div></div></ix:nonNumeric></div><div id="TextContainer56" style="position:relative;width:706px;z-index:1;"><div id="a65338" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:541px;">d)</div></div><div id="div_50_XBRL_TS_335351e8b59643cc948d5850971b059a" style="position:absolute;left:38px;top:541px;float:left;"><ix:nonNumeric id="ID_194" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_335351e8b59643cc948d5850971b059a_1" escape="true"><div id="TextBlockContainer51" style="position:relative;line-height:normal;width:666px;height:52px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:61.1px; background-color:#000000; "> </div>
<div id="TextContainer51" style="position:relative;width:666px;z-index:1;"><div id="a65339_1_30" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Foreign Currency Translation: </div><div id="a65343" style="position:absolute;font-family:'Arial';left:220px;top:0px;">The functional currency of the Company is the U.S. dollar because </div><div id="a65344" style="position:absolute;font-family:'Arial';left:5px;top:17px;">the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>vessels operate<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>international shipping<div style="display:inline-block;width:6px"> </div>markets,<div style="display:inline-block;width:5px"> </div>and therefore<div style="display:inline-block;width:7px"> </div>primarily transact </div><div id="a65345" style="position:absolute;font-family:'Arial';left:5px;top:34px;">business<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>dollars.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:9px"> </div>Company’s<div style="display:inline-block;width:8px"> </div>accounting<div style="display:inline-block;width:8px"> </div>records<div style="display:inline-block;width:9px"> </div>are<div style="display:inline-block;width:8px"> </div>maintained<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>dollars. </div></div></div></ix:nonNumeric></div></div></ix:nonNumeric></div></div>
</div>
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<div id="Page136" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a65346" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a65348" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a65350" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a65352" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a65359" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-14 </div><div id="div_59_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_1" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_2"><div id="TextBlockContainer78" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_60_XBRL_TS_335351e8b59643cc948d5850971b059a_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_335351e8b59643cc948d5850971b059a_1"><div id="TextBlockContainer61" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer61" style="position:relative;width:666px;z-index:1;"><div id="a65363" style="position:absolute;font-family:'Arial';left:5px;top:0px;">Transactions<div style="display:inline-block;width:6px"> </div>involving<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>currencies<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>converted<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>dollars<div style="display:inline-block;width:6px"> </div>using<div style="display:inline-block;width:6px"> </div>the </div><div id="a65364" style="position:absolute;font-family:'Arial';left:5px;top:17px;">exchange rates in effect at<div style="display:inline-block;width:3px"> </div>the time of the<div style="display:inline-block;width:3px"> </div>transactions. At the balance<div style="display:inline-block;width:3px"> </div>sheet dates, monetary assets </div><div id="a65365" style="position:absolute;font-family:'Arial';left:5px;top:34px;">and liabilities which are denominated in other currencies<div style="display:inline-block;width:4px"> </div>are translated into U.S. dollars at the year-</div><div id="a65368" style="position:absolute;font-family:'Arial';left:5px;top:51px;">end exchange rates.<div style="display:inline-block;width:5px"> </div>Resulting gains or losses<div style="display:inline-block;width:6px"> </div>are included in other<div style="display:inline-block;width:6px"> </div>operating income/ (loss) in<div style="display:inline-block;width:6px"> </div>the </div><div id="a65372" style="position:absolute;font-family:'Arial';left:5px;top:68px;">accompanying consolidated statements of income/(loss).</div></div></div></ix:continuation></div><div id="TextContainer78" style="position:relative;width:704px;z-index:1;"><div id="a65372_54_2" style="position:absolute;font-family:'Arial';left:412px;top:68px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65377" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:101px;">e)</div></div><div id="div_63_XBRL_TS_3d06cdda0356493ea917ab7aee4a4a26" style="position:absolute;left:38px;top:101px;float:left;"><ix:nonNumeric id="ID_154" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer64" style="position:relative;line-height:normal;width:666px;height:187px;"><div id="TextContainer64" style="position:relative;width:666px;z-index:1;"><div id="a65378_1_59" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Cash,<div style="display:inline-block;width:6px"> </div>Cash Equivalents,<div style="display:inline-block;width:6px"> </div>Time<div style="display:inline-block;width:6px"> </div>Deposits and<div style="display:inline-block;width:6px"> </div>Restricted Cash: </div><div id="a65387" style="position:absolute;font-family:'Arial';left:446px;top:0px;">The Company<div style="display:inline-block;width:6px"> </div>considers highly </div><div id="a65388" style="position:absolute;font-family:'Arial';left:5px;top:17px;">liquid investments such as<div style="display:inline-block;width:3px"> </div>time deposits, certificates of<div style="display:inline-block;width:3px"> </div>deposit and their equivalents<div style="display:inline-block;width:3px"> </div>with an original </div><div id="a65389" style="position:absolute;font-family:'Arial';left:5px;top:34px;">maturity<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>up<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>three<div style="display:inline-block;width:6px"> </div>months<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>equivalents.<div style="display:inline-block;width:6px"> </div>Time<div style="display:inline-block;width:7px"> </div>deposits<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>maturity<div style="display:inline-block;width:6px"> </div>above<div style="display:inline-block;width:6px"> </div>three </div><div id="a65394" style="position:absolute;font-family:'Arial';left:5px;top:51px;">months are<div style="display:inline-block;width:2px"> </div>separately presented<div style="display:inline-block;width:2px"> </div>as time<div style="display:inline-block;width:2px"> </div>deposits. As<div style="display:inline-block;width:2px"> </div>of December<div style="display:inline-block;width:2px"> </div>31, 2024<div style="display:inline-block;width:2px"> </div>and 2023,<div style="display:inline-block;width:2px"> </div>time deposits </div><div id="a65400" style="position:absolute;font-family:'Arial';left:5px;top:68px;">(with<div style="display:inline-block;width:6px"> </div>maturity above<div style="display:inline-block;width:7px"> </div>three<div style="display:inline-block;width:5px"> </div>months)<div style="display:inline-block;width:6px"> </div>amounted to<div style="display:inline-block;width:7px"> </div>$</div><div id="a65400_48_6" style="position:absolute;font-family:'Arial';left:340px;top:68px;"><ix:nonFraction id="ID_414A" name="us-gaap:OtherShortTermInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">63,500</ix:nonFraction></div><div id="a65400_54_6" style="position:absolute;font-family:'Arial';left:385px;top:68px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a65400_60_6" style="position:absolute;font-family:'Arial';left:429px;top:68px;"><ix:nonFraction id="ID_559A" name="us-gaap:OtherShortTermInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">40,000</ix:nonFraction></div><div id="a65400_66_28" style="position:absolute;font-family:'Arial';left:473px;top:68px;">,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:6px"> </div>During<div style="display:inline-block;width:5px"> </div>2024 </div><div id="a65405" style="position:absolute;font-family:'Arial';left:5px;top:85px;">and 2023, the Company<div style="display:inline-block;width:3px"> </div>placed new time deposits<div style="display:inline-block;width:3px"> </div>exceeding three months of<div style="display:inline-block;width:3px"> </div>$</div><div id="a65405_74_6" style="position:absolute;font-family:'Arial';left:517px;top:85px;"><ix:nonFraction id="ID_802" name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">63,500</ix:nonFraction></div><div id="a65405_80_6" style="position:absolute;font-family:'Arial';left:562px;top:85px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65405_86_6" style="position:absolute;font-family:'Arial';left:603px;top:85px;"><ix:nonFraction id="ID_94" name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">50,000</ix:nonFraction></div><div id="a65405_92_2" style="position:absolute;font-family:'Arial';left:647px;top:85px;">, </div><div id="a65408" style="position:absolute;font-family:'Arial';left:5px;top:101px;">respectively,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>same<div style="display:inline-block;width:6px"> </div>periods,<div style="display:inline-block;width:6px"> </div>deposits<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a65408_56_6" style="position:absolute;font-family:'Arial';left:382px;top:101px;"><ix:nonFraction id="ID_135" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">40,000</ix:nonFraction></div><div id="a65408_62_6" style="position:absolute;font-family:'Arial';left:427px;top:101px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a65408_68_6" style="position:absolute;font-family:'Arial';left:471px;top:101px;"><ix:nonFraction id="ID_461" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">56,500</ix:nonFraction></div><div id="a65408_74_21" style="position:absolute;font-family:'Arial';left:516px;top:101px;"><div style="display:inline-block;width:6px"> </div>matured.<div style="display:inline-block;width:6px"> </div>Restricted </div><div id="a65411" style="position:absolute;font-family:'Arial';left:5px;top:118px;">cash consists<div style="display:inline-block;width:6px"> </div>mainly of<div style="display:inline-block;width:6px"> </div>cash deposits<div style="display:inline-block;width:6px"> </div>required to<div style="display:inline-block;width:6px"> </div>be maintained<div style="display:inline-block;width:5px"> </div>at all<div style="display:inline-block;width:6px"> </div>times under<div style="display:inline-block;width:5px"> </div>the Company’s </div><div id="a65412" style="position:absolute;font-family:'Arial';left:5px;top:135px;">loan facilities<div style="display:inline-block;width:6px"> </div>(Note<div style="display:inline-block;width:5px"> </div>8) as<div style="display:inline-block;width:6px"> </div>compensating cash<div style="display:inline-block;width:6px"> </div>balances and<div style="display:inline-block;width:6px"> </div>are not<div style="display:inline-block;width:7px"> </div>pledged. As<div style="display:inline-block;width:6px"> </div>of December<div style="display:inline-block;width:6px"> </div>31, </div><div id="a65416" style="position:absolute;font-family:'Arial';left:5px;top:152px;">2024 and 2023, accrued<div style="display:inline-block;width:3px"> </div>interest income amounted to<div style="display:inline-block;width:3px"> </div>$</div><div id="a65416_52_3" style="position:absolute;font-family:'Arial';left:364px;top:152px;"><ix:nonFraction id="ID_583" name="us-gaap:InterestReceivableCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">605</ix:nonFraction></div><div id="a65416_55_6" style="position:absolute;font-family:'Arial';left:388px;top:152px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65416_61_5" style="position:absolute;font-family:'Arial';left:428px;top:152px;"><ix:nonFraction id="ID_582" name="us-gaap:InterestReceivableCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,206</ix:nonFraction></div><div id="a65416_66_31" style="position:absolute;font-family:'Arial';left:465px;top:152px;">, respectively and is included </div><div id="a65424" style="position:absolute;font-family:'Arial';left:5px;top:169px;">in prepaid expenses and other assets in the accompanying consolidated<div style="display:inline-block;width:3px"> </div>balance sheets.</div></div></div></ix:nonNumeric></div><div id="TextContainer79" style="position:relative;width:704px;z-index:1;"><div id="a65427" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:304px;">f)</div></div><div id="div_66_XBRL_TS_e8dfb19b743c43b1bfa8b552d9719f76" style="position:absolute;left:38px;top:304px;float:left;"><ix:nonNumeric id="ID_31" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer67" style="position:relative;line-height:normal;width:666px;height:103px;"><div id="TextContainer67" style="position:relative;width:666px;z-index:1;"><div id="a65428_1_28" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Accounts Receivable, Trade: </div><div id="a65431" style="position:absolute;font-family:'Arial';left:213px;top:0px;">The amount<div style="display:inline-block;width:5px"> </div>shown as<div style="display:inline-block;width:5px"> </div>accounts receivable, trade,<div style="display:inline-block;width:6px"> </div>at each<div style="display:inline-block;width:5px"> </div>balance </div><div id="a65432" style="position:absolute;font-family:'Arial';left:5px;top:17px;">sheet date, includes<div style="display:inline-block;width:2px"> </div>receivables from charterers<div style="display:inline-block;width:2px"> </div>for hire from<div style="display:inline-block;width:3px"> </div>lease agreements,<div style="display:inline-block;width:3px"> </div>net of provisions<div style="display:inline-block;width:2px"> </div>for </div><div id="a65433" style="position:absolute;font-family:'Arial';left:5px;top:34px;">doubtful<div style="display:inline-block;width:7px"> </div>accounts,<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>any.<div style="display:inline-block;width:8px"> </div>At<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>balance<div style="display:inline-block;width:7px"> </div>sheet<div style="display:inline-block;width:7px"> </div>date,<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>potentially<div style="display:inline-block;width:7px"> </div>uncollectible<div style="display:inline-block;width:7px"> </div>accounts<div style="display:inline-block;width:7px"> </div>are </div><div id="a65435" style="position:absolute;font-family:'Arial';left:5px;top:51px;">assessed individually<div style="display:inline-block;width:3px"> </div>for purposes of<div style="display:inline-block;width:2px"> </div>determining the<div style="display:inline-block;width:3px"> </div>appropriate provision<div style="display:inline-block;width:3px"> </div>for doubtful accounts.<div style="display:inline-block;width:2px"> </div>As </div><div id="a65438" style="position:absolute;font-family:'Arial';left:5px;top:68px;">of December 31,<div style="display:inline-block;width:6px"> </div>2024 and 2023 there<div style="display:inline-block;width:6px"> </div>was </div><div id="a65438_40_2" style="position:absolute;font-family:'Arial';left:292px;top:68px;"><ix:nonFraction id="ID_204" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_427" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></div><div id="a65438_42_51" style="position:absolute;font-family:'Arial';left:308px;top:68px;"><div style="display:inline-block;width:5px"> </div>provision for doubtful accounts.<div style="display:inline-block;width:6px"> </div>The Company does </div><div id="a65442" style="position:absolute;font-family:'Arial';left:5px;top:84px;">not recognize interest income on trade receivables as all balances are<div style="display:inline-block;width:3px"> </div>settled within a year.</div></div></div></ix:nonNumeric></div><div id="TextContainer80" style="position:relative;width:704px;z-index:1;"><div id="a65448" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:422px;">g)</div></div><div id="div_69_XBRL_TS_a1a2fade1b2741dba6b2a5d1fd008bfc" style="position:absolute;left:38px;top:422px;float:left;"><ix:nonNumeric id="ID_122" name="us-gaap:InventoryPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer70" style="position:relative;line-height:normal;width:666px;height:153px;"><div id="TextContainer70" style="position:relative;width:666px;z-index:1;"><div id="a65449_1_13" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Inventories: </div><div id="a65452" style="position:absolute;font-family:'Arial';left:93px;top:0px;">Inventories consist of lubricants and victualing which are stated, on a consistent<div style="display:inline-block;width:2px"> </div>basis, </div><div id="a65456" style="position:absolute;font-family:'Arial';left:5px;top:17px;">at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the </div><div id="a65457" style="position:absolute;font-family:'Arial';left:5px;top:34px;">ordinary<div style="display:inline-block;width:9px"> </div>course<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>business,<div style="display:inline-block;width:9px"> </div>less<div style="display:inline-block;width:9px"> </div>reasonably<div style="display:inline-block;width:9px"> </div>predictable<div style="display:inline-block;width:9px"> </div>costs<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>completion,<div style="display:inline-block;width:9px"> </div>disposal,<div style="display:inline-block;width:9px"> </div>and </div><div id="a65458" style="position:absolute;font-family:'Arial';left:5px;top:51px;">transportation. When evidence exists that the net realizable value of inventory is lower than its cost, </div><div id="a65460" style="position:absolute;font-family:'Arial';left:5px;top:68px;">the difference is recognized as a loss in<div style="display:inline-block;width:3px"> </div>earnings in the period in<div style="display:inline-block;width:3px"> </div>which it occurs. Cost is determined </div><div id="a65461" style="position:absolute;font-family:'Arial';left:5px;top:84px;">by the first<div style="display:inline-block;width:6px"> </div>in, first out method.<div style="display:inline-block;width:6px"> </div>Amounts removed from inventory are<div style="display:inline-block;width:6px"> </div>also determined by the<div style="display:inline-block;width:5px"> </div>first in </div><div id="a65463" style="position:absolute;font-family:'Arial';left:5px;top:101px;">first out method. Inventories may also consist of bunkers,<div style="display:inline-block;width:4px"> </div>when on the balance sheet date, a vessel </div><div id="a65470" style="position:absolute;font-family:'Arial';left:5px;top:118px;">is without<div style="display:inline-block;width:6px"> </div>employment. Bunkers, if<div style="display:inline-block;width:6px"> </div>any,<div style="display:inline-block;width:6px"> </div>are also<div style="display:inline-block;width:6px"> </div>stated at<div style="display:inline-block;width:6px"> </div>the lower<div style="display:inline-block;width:6px"> </div>of cost<div style="display:inline-block;width:6px"> </div>or net<div style="display:inline-block;width:6px"> </div>realizable value </div><div id="a65473" style="position:absolute;font-family:'Arial';left:5px;top:135px;">and cost is determined by the first in, first out method.</div></div></div></ix:nonNumeric></div><div id="TextContainer81" style="position:relative;width:704px;z-index:1;"><div id="a65473_57_2" style="position:absolute;font-family:'Arial';left:392px;top:557px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65477" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:590px;">h)</div></div><div id="div_72_XBRL_TS_c0cad2f9804545dea4842822fee751fd" style="position:absolute;left:38px;top:590px;float:left;"><ix:nonNumeric id="ID_33" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer73" style="position:relative;line-height:normal;width:666px;height:137px;"><div id="TextContainer73" style="position:relative;width:666px;z-index:1;"><div id="a65478_1_11" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessel<div style="display:inline-block;width:6px"> </div>Cost</div><div id="a65480" style="position:absolute;font-family:'Arial';left:90px;top:0px;">: Vessels<div style="display:inline-block;width:7px"> </div>are stated<div style="display:inline-block;width:6px"> </div>at cost<div style="display:inline-block;width:6px"> </div>which consists<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>contract price<div style="display:inline-block;width:6px"> </div>and any<div style="display:inline-block;width:6px"> </div>capitalizable </div><div id="a65482" style="position:absolute;font-family:'Arial';left:5px;top:17px;">expenditures<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>acquisition<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>construction.<div style="display:inline-block;width:6px"> </div>Expenditures<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>conversions<div style="display:inline-block;width:6px"> </div>and </div><div id="a65485" style="position:absolute;font-family:'Arial';left:5px;top:34px;">major improvements are<div style="display:inline-block;width:3px"> </div>also capitalized when they<div style="display:inline-block;width:3px"> </div>appreciably extend the<div style="display:inline-block;width:3px"> </div>life, increase the earning </div><div id="a65486" style="position:absolute;font-family:'Arial';left:5px;top:51px;">capacity or improve the efficiency or safety of the vessels; otherwise,<div style="display:inline-block;width:4px"> </div>these amounts are charged to </div><div id="a65490" style="position:absolute;font-family:'Arial';left:5px;top:68px;">expense as incurred. Interest incurred during<div style="display:inline-block;width:3px"> </div>the assets' construction period,<div style="display:inline-block;width:3px"> </div>that theoretically could </div><div id="a65497" style="position:absolute;font-family:'Arial';left:5px;top:84px;">have<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>avoided<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>expenditure<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>assets<div style="display:inline-block;width:7px"> </div>had<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>made,<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>capitalized.<div style="display:inline-block;width:7px"> </div>The </div><div id="a65501" style="position:absolute;font-family:'Arial';left:5px;top:101px;">capitalization rate,<div style="display:inline-block;width:6px"> </div>applied on<div style="display:inline-block;width:6px"> </div>accumulated expenditures<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:7px"> </div>vessel, is<div style="display:inline-block;width:6px"> </div>based on<div style="display:inline-block;width:7px"> </div>interest rates </div><div id="a65502" style="position:absolute;font-family:'Arial';left:5px;top:118px;">applicable to outstanding borrowings of the period.</div></div></div></ix:nonNumeric></div><div id="TextContainer82" style="position:relative;width:704px;z-index:1;"><div id="a65505" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:742px;">i)</div></div><div id="div_75_XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a" style="position:absolute;left:38px;top:742px;float:left;"><ix:nonNumeric id="ID_597" name="dsx:PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a_1" escape="true"><div id="TextBlockContainer76" style="position:relative;line-height:normal;width:666px;height:103px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:114.7px; background-color:#000000; "> </div>
<div id="TextContainer76" style="position:relative;width:666px;z-index:1;"><div id="a65506_1_22" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessels held<div style="display:inline-block;width:5px"> </div>for sale:</div><div id="a65509" style="position:absolute;font-family:'Arial';left:157px;top:0px;"><div style="display:inline-block;width:4px"> </div>A long-lived asset classified<div style="display:inline-block;width:5px"> </div>as held for<div style="display:inline-block;width:6px"> </div>sale is measured at<div style="display:inline-block;width:6px"> </div>the lower of its </div><div id="a65518" style="position:absolute;font-family:'Arial';left:5px;top:17px;">carrying amount or fair value less cost to sell when the respective held for sale criteria are met. The </div><div id="a65524" style="position:absolute;font-family:'Arial';left:5px;top:34px;">asset is<div style="display:inline-block;width:6px"> </div>not depreciated<div style="display:inline-block;width:6px"> </div>while it<div style="display:inline-block;width:6px"> </div>is classified<div style="display:inline-block;width:6px"> </div>as held<div style="display:inline-block;width:6px"> </div>for sale.<div style="display:inline-block;width:6px"> </div>The fair<div style="display:inline-block;width:6px"> </div>value less<div style="display:inline-block;width:6px"> </div>cost to<div style="display:inline-block;width:6px"> </div>sell of<div style="display:inline-block;width:6px"> </div>an </div><div id="a65529" style="position:absolute;font-family:'Arial';left:5px;top:51px;">asset held for<div style="display:inline-block;width:6px"> </div>sale is assessed<div style="display:inline-block;width:6px"> </div>at each reporting period<div style="display:inline-block;width:6px"> </div>it remains classified as<div style="display:inline-block;width:6px"> </div>held for sale.<div style="display:inline-block;width:6px"> </div>If the </div><div id="a65538" style="position:absolute;font-family:'Arial';left:5px;top:68px;">plan to sell the<div style="display:inline-block;width:6px"> </div>asset changes, the asset is<div style="display:inline-block;width:5px"> </div>reclassified as held and used,<div style="display:inline-block;width:5px"> </div>measured at the lower of </div><div id="a65544" style="position:absolute;font-family:'Arial';left:5px;top:84px;">its carrying amount<div style="display:inline-block;width:6px"> </div>before it was<div style="display:inline-block;width:6px"> </div>classified as held<div style="display:inline-block;width:6px"> </div>for sale,<div style="display:inline-block;width:5px"> </div>adjusted for any<div style="display:inline-block;width:6px"> </div>depreciation expense </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="Page137" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a65548" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a65550" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a65552" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a65554" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a65561" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-15 </div><div id="div_85_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_2" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_2" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_3"><div id="TextBlockContainer98" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_86_XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a_1"><div id="TextBlockContainer87" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer87" style="position:relative;width:666px;z-index:1;"><div id="a65565" style="position:absolute;font-family:'Arial';left:5px;top:0px;">that would have been<div style="display:inline-block;width:6px"> </div>recognized had the asset<div style="display:inline-block;width:5px"> </div>been continuously classified as<div style="display:inline-block;width:6px"> </div>held and used</div><div id="a65566" style="position:absolute;font-family:'Arial';left:623px;top:0px;"><div style="display:inline-block;width:5px"> </div>and </div><div id="a65568" style="position:absolute;font-family:'Arial';left:5px;top:17px;">its fair value at the date of the subsequent decision not to sell.</div></div></div></ix:continuation></div><div id="TextContainer98" style="position:relative;width:704px;z-index:1;"><div id="a65568_66_2" style="position:absolute;font-family:'Arial';left:445px;top:17px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65571" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">j)</div></div><div id="div_89_XBRL_TS_579320005d0c473e9d152c8c6be6d815" style="position:absolute;left:38px;top:51px;float:left;"><ix:nonNumeric id="ID_103" name="us-gaap:LesseeLeasesPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer90" style="position:relative;line-height:normal;width:666px;height:137px;"><div id="TextContainer90" style="position:relative;width:666px;z-index:1;"><div id="a65572_1_19" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Sale<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>leaseback:</div><div id="a65575" style="position:absolute;font-family:'Arial';left:150px;top:0px;"><div style="display:inline-block;width:4px"> </div>In<div style="display:inline-block;width:7px"> </div>accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:7px"> </div>ASC<div style="display:inline-block;width:6px"> </div>842-40,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>sale<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>leaseback<div style="display:inline-block;width:7px"> </div>transaction<div style="display:inline-block;width:6px"> </div>the </div><div id="a65586" style="position:absolute;font-family:'Arial';left:5px;top:17px;">Company,<div style="display:inline-block;width:6px"> </div>as seller-lessee, determines<div style="display:inline-block;width:6px"> </div>whether the transfer<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>asset is<div style="display:inline-block;width:5px"> </div>a sale<div style="display:inline-block;width:6px"> </div>under ASC 606. </div><div id="a65596" style="position:absolute;font-family:'Arial';left:5px;top:34px;">For a sale<div style="display:inline-block;width:5px"> </div>to have occurred, the<div style="display:inline-block;width:6px"> </div>control of the asset<div style="display:inline-block;width:6px"> </div>would need to be<div style="display:inline-block;width:6px"> </div>transferred to the buyer<div style="display:inline-block;width:6px"> </div>and </div><div id="a65597" style="position:absolute;font-family:'Arial';left:5px;top:51px;">the<div style="display:inline-block;width:6px"> </div>buyer<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>need<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:6px"> </div>substantially<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>benefits<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>use<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>asset.<div style="display:inline-block;width:6px"> </div>Sale<div style="display:inline-block;width:6px"> </div>and </div><div id="a65600" style="position:absolute;font-family:'Arial';left:5px;top:68px;">leaseback transactions,<div style="display:inline-block;width:2px"> </div>which include<div style="display:inline-block;width:3px"> </div>an obligation for<div style="display:inline-block;width:2px"> </div>the Company, as seller-lessee,<div style="display:inline-block;width:2px"> </div>to repurchase </div><div id="a65603" style="position:absolute;font-family:'Arial';left:5px;top:84px;">the<div style="display:inline-block;width:7px"> </div>asset,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>situations<div style="display:inline-block;width:7px"> </div>where<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>leaseback<div style="display:inline-block;width:7px"> </div>would<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>classified<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>finance<div style="display:inline-block;width:7px"> </div>lease,<div style="display:inline-block;width:7px"> </div>are </div><div id="a65604" style="position:absolute;font-family:'Arial';left:5px;top:101px;">determined to<div style="display:inline-block;width:3px"> </div>be failed<div style="display:inline-block;width:3px"> </div>sales under<div style="display:inline-block;width:3px"> </div>ASC 842-40.<div style="display:inline-block;width:2px"> </div>In these<div style="display:inline-block;width:3px"> </div>cases, the<div style="display:inline-block;width:3px"> </div>Company does<div style="display:inline-block;width:2px"> </div>not derecognize </div><div id="a65611" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the asset from its balance sheet and accounts for any amounts<div style="display:inline-block;width:3px"> </div>received as financial liability.</div></div></div></ix:nonNumeric></div><div id="TextContainer99" style="position:relative;width:704px;z-index:1;"><div id="a65616" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:202px;">k)</div></div><div id="div_92_XBRL_TS_54e733d519504be8b7bf4a0a632f647d" style="position:absolute;left:38px;top:202px;float:left;"><ix:nonNumeric id="ID_598" name="dsx:OfficePropertyAndEquipmentPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer93" style="position:relative;line-height:normal;width:666px;height:103px;"><div id="TextContainer93" style="position:relative;width:666px;z-index:1;"><div id="a65617_1_23" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Property and equipment:</div><div id="a65620" style="position:absolute;font-family:'Arial';left:180px;top:0px;"><div style="display:inline-block;width:5px"> </div>The Company owns the<div style="display:inline-block;width:6px"> </div>land and building where<div style="display:inline-block;width:6px"> </div>its offices are<div style="display:inline-block;width:6px"> </div>located. </div><div id="a65623" style="position:absolute;font-family:'Arial';left:5px;top:17px;">The Company also owns other plots<div style="display:inline-block;width:4px"> </div>acquired for office use (Note 7). Land is stated at cost, and it is </div><div id="a65634" style="position:absolute;font-family:'Arial';left:5px;top:34px;">not<div style="display:inline-block;width:5px"> </div>subject to<div style="display:inline-block;width:7px"> </div>depreciation. The<div style="display:inline-block;width:6px"> </div>building has<div style="display:inline-block;width:7px"> </div>an estimated<div style="display:inline-block;width:7px"> </div>useful life<div style="display:inline-block;width:7px"> </div>of </div><div id="a65634_74_8" style="position:absolute;font-family:'Arial';left:484px;top:34px;"><ix:nonNumeric id="ID_584" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_BuildingMember" format="ixt-sec:durwordsen">55 years</ix:nonNumeric></div><div id="a65634_82_6" style="position:absolute;font-family:'Arial';left:541px;top:34px;"><div style="display:inline-block;width:6px"> </div>with </div><div id="a65634_88_2" style="position:absolute;font-family:'Arial';left:578px;top:34px;"><ix:nonFraction id="ID_590" name="dsx:PropertyPlantAndEquipmentResidualValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_BuildingMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></div><div id="a65634_90_10" style="position:absolute;font-family:'Arial';left:595px;top:34px;"><div style="display:inline-block;width:5px"> </div>residual </div><div id="a65635" style="position:absolute;font-family:'Arial';left:5px;top:51px;">value. Furniture, office equipment and vehicles have a useful life of </div><div id="a65635_70_7" style="position:absolute;font-family:'Arial';left:446px;top:51px;"><ix:nonNumeric id="ID_585" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:durwordsen"><ix:nonNumeric id="ID_586" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_OfficeEquipmentMember" format="ixt-sec:durwordsen"><ix:nonNumeric id="ID_587" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_VehiclesMember" format="ixt-sec:durwordsen">5 years</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></div><div id="a65635_77_25" style="position:absolute;font-family:'Arial';left:494px;top:51px;">, except for a car owned </div><div id="a65644" style="position:absolute;font-family:'Arial';left:5px;top:68px;">by the Company, which has a<div style="display:inline-block;width:2px"> </div>useful life of </div><div id="a65644_43_8" style="position:absolute;font-family:'Arial';left:281px;top:68px;"><ix:nonNumeric id="ID_588" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_CarMember" format="ixt-sec:durwordsen">10 years</ix:nonNumeric></div><div id="a65644_51_47" style="position:absolute;font-family:'Arial';left:337px;top:68px;">. Computer software<div style="display:inline-block;width:3px"> </div>and hardware have<div style="display:inline-block;width:2px"> </div>a useful </div><div id="a65648" style="position:absolute;font-family:'Arial';left:5px;top:84px;">life of </div><div id="a65648_8_11" style="position:absolute;font-family:'Arial';left:45px;top:84px;"><ix:nonNumeric id="ID_589" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_ComputerSoftwareAndHardwareMember" format="ixt-sec:durwordsen">three years</ix:nonNumeric></div><div id="a65648_19_54" style="position:absolute;font-family:'Arial';left:118px;top:84px;">. Depreciation is calculated on a straight-line basis.</div></div></div></ix:nonNumeric></div><div id="TextContainer100" style="position:relative;width:704px;z-index:1;"><div id="a65654" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:321px;">l)</div></div><div id="div_95_XBRL_TS_d55ae47bf47d462bb872cc93e42f3def" style="position:absolute;left:0px;top:321px;float:left;"><ix:nonNumeric id="ID_347" name="us-gaap:PropertyPlantAndEquipmentImpairment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_d55ae47bf47d462bb872cc93e42f3def_1" escape="true"><div id="TextBlockContainer96" style="position:relative;line-height:normal;width:704px;height:524px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:536.3px; background-color:#000000; "> </div>
<div id="TextContainer96" style="position:relative;width:704px;z-index:1;"><div id="a65655_1_33" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:43px;top:0px;">Impairment of<div style="display:inline-block;width:2px"> </div>Long-Lived Assets: </div><div id="a65660" style="position:absolute;font-family:'Arial';left:281px;top:0px;">Long-lived assets<div style="display:inline-block;width:2px"> </div>are reviewed<div style="display:inline-block;width:2px"> </div>for impairment<div style="display:inline-block;width:2px"> </div>whenever events </div><div id="a65665" style="position:absolute;font-family:'Arial';left:43px;top:17px;">or<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>circumstances<div style="display:inline-block;width:6px"> </div>(such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>conditions,<div style="display:inline-block;width:6px"> </div>obsolescence<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>asset, </div><div id="a65669" style="position:absolute;font-family:'Arial';left:43px;top:34px;">potential sales and<div style="display:inline-block;width:6px"> </div>other business plans)<div style="display:inline-block;width:6px"> </div>indicate that the<div style="display:inline-block;width:6px"> </div>carrying amount of<div style="display:inline-block;width:6px"> </div>an asset may<div style="display:inline-block;width:6px"> </div>not be </div><div id="a65677" style="position:absolute;font-family:'Arial';left:43px;top:51px;">recoverable. When impairment<div style="display:inline-block;width:5px"> </div>indicators are identified and<div style="display:inline-block;width:6px"> </div>the estimate of<div style="display:inline-block;width:6px"> </div>undiscounted projected </div><div id="a65680" style="position:absolute;font-family:'Arial';left:43px;top:67px;">net operating<div style="display:inline-block;width:2px"> </div>cash flows,<div style="display:inline-block;width:2px"> </div>excluding interest<div style="display:inline-block;width:2px"> </div>charges, expected<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:2px"> </div>generated by<div style="display:inline-block;width:2px"> </div>the use<div style="display:inline-block;width:2px"> </div>of an<div style="display:inline-block;width:2px"> </div>asset </div><div id="a65684" style="position:absolute;font-family:'Arial';left:43px;top:84px;">over<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:7px"> </div>remaining<div style="display:inline-block;width:7px"> </div>useful<div style="display:inline-block;width:7px"> </div>life<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>eventual<div style="display:inline-block;width:7px"> </div>disposition<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>less<div style="display:inline-block;width:7px"> </div>than<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>carrying<div style="display:inline-block;width:7px"> </div>amount,<div style="display:inline-block;width:7px"> </div>the </div><div id="a65687" style="position:absolute;font-family:'Arial';left:43px;top:101px;">Company evaluates the asset for impairment loss. Measurement of the<div style="display:inline-block;width:3px"> </div>impairment loss is based on </div><div id="a65693" style="position:absolute;font-family:'Arial';left:43px;top:118px;">the fair value of the asset, determined mainly by third party valuations.<div style="display:inline-block;width:3px"> </div></div><div id="a65700" style="position:absolute;font-family:'Arial';left:43px;top:152px;">For vessels,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>calculates undiscounted<div style="display:inline-block;width:2px"> </div>projected net<div style="display:inline-block;width:2px"> </div>operating cash<div style="display:inline-block;width:2px"> </div>flows by<div style="display:inline-block;width:2px"> </div>considering </div><div id="a65701" style="position:absolute;font-family:'Arial';left:43px;top:169px;">the historical<div style="display:inline-block;width:2px"> </div>and estimated<div style="display:inline-block;width:2px"> </div>vessels’ performance<div style="display:inline-block;width:1px"> </div>and utilization<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:2px"> </div>significant assumption<div style="display:inline-block;width:2px"> </div>being </div><div id="a65702" style="position:absolute;font-family:'Arial';left:43px;top:185px;">future charter rates for<div style="display:inline-block;width:6px"> </div>the unfixed days, using<div style="display:inline-block;width:5px"> </div>the most recent </div><div id="a65702_65_2" style="position:absolute;font-family:'Arial';left:457px;top:185px;"><ix:nonNumeric id="ID_591" name="dsx:TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:duryear">10</ix:nonNumeric></div><div id="a65702_67_35" style="position:absolute;font-family:'Arial';left:473px;top:185px;">-year average of historical<div style="display:inline-block;width:6px"> </div>1 year </div><div id="a65706" style="position:absolute;font-family:'Arial';left:43px;top:202px;">time charter rates available for each type of vessel over the remaining estimated life of each vessel, </div><div id="a65707" style="position:absolute;font-family:'Arial';left:43px;top:219px;">net of commissions. Historical ten-year blended average one-year time charter rates are in line with </div><div id="a65712" style="position:absolute;font-family:'Arial';left:43px;top:236px;">the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>overall<div style="display:inline-block;width:6px"> </div>chartering<div style="display:inline-block;width:6px"> </div>strategy,<div style="display:inline-block;width:7px"> </div>they<div style="display:inline-block;width:6px"> </div>reflect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>full<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>history<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the </div><div id="a65715" style="position:absolute;font-family:'Arial';left:43px;top:253px;">same type and particulars with the Company’s operating fleet and they cover at least<div style="display:inline-block;width:3px"> </div>a full business </div><div id="a65716" style="position:absolute;font-family:'Arial';left:43px;top:270px;">cycle,<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>applicable.<div style="display:inline-block;width:6px"> </div>When<div style="display:inline-block;width:6px"> </div>the </div><div id="a65716_34_2" style="position:absolute;font-family:'Arial';left:281px;top:270px;"><ix:nonNumeric id="ID_591A" name="dsx:TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:duryear">10</ix:nonNumeric></div><div id="a65716_36_61" style="position:absolute;font-family:'Arial';left:297px;top:270px;">-year<div style="display:inline-block;width:6px"> </div>average<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>historical<div style="display:inline-block;width:6px"> </div>1<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>not </div><div id="a65720" style="position:absolute;font-family:'Arial';left:43px;top:287px;">available for a type<div style="display:inline-block;width:6px"> </div>of vessel, the Company uses<div style="display:inline-block;width:6px"> </div>the average of historical 1<div style="display:inline-block;width:6px"> </div>year time charter rates </div><div id="a65721" style="position:absolute;font-family:'Arial';left:43px;top:304px;">of the available<div style="display:inline-block;width:2px"> </div>period. Other<div style="display:inline-block;width:3px"> </div>assumptions used in<div style="display:inline-block;width:2px"> </div>developing estimates<div style="display:inline-block;width:3px"> </div>of future undiscounted<div style="display:inline-block;width:2px"> </div>cash </div><div id="a65722" style="position:absolute;font-family:'Arial';left:43px;top:321px;">flow are<div style="display:inline-block;width:6px"> </div>charter rates calculated<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>fixed days using<div style="display:inline-block;width:6px"> </div>the fixed<div style="display:inline-block;width:5px"> </div>charter rate of<div style="display:inline-block;width:6px"> </div>each vessel from </div><div id="a65724" style="position:absolute;font-family:'Arial';left:43px;top:337px;">existing time charters, the<div style="display:inline-block;width:6px"> </div>expected outflows for scheduled<div style="display:inline-block;width:6px"> </div>vessels’ maintenance; vessel operating </div><div id="a65725" style="position:absolute;font-family:'Arial';left:43px;top:354px;">expenses; fleet utilization, and the<div style="display:inline-block;width:6px"> </div>vessels’ residual value if sold for<div style="display:inline-block;width:6px"> </div>scrap.<div style="display:inline-block;width:9px"> </div>Assumptions are in line </div><div id="a65727" style="position:absolute;font-family:'Arial';left:43px;top:371px;">with the<div style="display:inline-block;width:7px"> </div>Company’s historical<div style="display:inline-block;width:6px"> </div>performance and<div style="display:inline-block;width:6px"> </div>its expectations<div style="display:inline-block;width:6px"> </div>for future<div style="display:inline-block;width:6px"> </div>fleet utilization<div style="display:inline-block;width:6px"> </div>under its </div><div id="a65728" style="position:absolute;font-family:'Arial';left:43px;top:388px;">current fleet deployment<div style="display:inline-block;width:3px"> </div>strategy. This calculation is then compared<div style="display:inline-block;width:3px"> </div>with the vessels’<div style="display:inline-block;width:3px"> </div>net book value </div><div id="a65729" style="position:absolute;font-family:'Arial';left:43px;top:405px;">plus<div style="display:inline-block;width:6px"> </div>unamortized<div style="display:inline-block;width:6px"> </div>deferred<div style="display:inline-block;width:6px"> </div>costs.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>difference<div style="display:inline-block;width:6px"> </div>between<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>carrying<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>plus </div><div id="a65731" style="position:absolute;font-family:'Arial';left:43px;top:422px;">unamortized<div style="display:inline-block;width:8px"> </div>deferred<div style="display:inline-block;width:8px"> </div>costs<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>their<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>value<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>recognized<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company's<div style="display:inline-block;width:8px"> </div>accounts<div style="display:inline-block;width:8px"> </div>as </div><div id="a65732" style="position:absolute;font-family:'Arial';left:43px;top:438px;">impairment loss. </div><div id="a65735" style="position:absolute;font-family:'Arial';left:43px;top:472px;">The Company’s impairment<div style="display:inline-block;width:3px"> </div>assessment did not<div style="display:inline-block;width:2px"> </div>result in the<div style="display:inline-block;width:2px"> </div>recognition of impairment<div style="display:inline-block;width:2px"> </div>on any vessel </div><div id="a65741" style="position:absolute;font-family:'Arial';left:43px;top:489px;">and therefore </div><div id="a65741_14_2" style="position:absolute;font-family:'Arial';left:135px;top:489px;"><ix:nonFraction id="ID_942" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedVesselsMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_943" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedVesselsMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_944" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedVesselsMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a65741_16_68" style="position:absolute;font-family:'Arial';left:151px;top:489px;"><div style="display:inline-block;width:4px"> </div>impairment loss was identified or recorded in 2024, 2023 and 2022. </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="a65749" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a65751" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a65753" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a65755" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a65762" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-16 </div><div id="div_103_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_3" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_3" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_4"><div id="TextBlockContainer122" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_104_XBRL_TS_d55ae47bf47d462bb872cc93e42f3def_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_d55ae47bf47d462bb872cc93e42f3def_1"><div id="TextBlockContainer105" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer105" style="position:relative;width:666px;z-index:1;"><div id="a65766" style="position:absolute;font-family:'Arial';left:5px;top:0px;">For<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>building,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>determines<div style="display:inline-block;width:7px"> </div>undiscounted<div style="display:inline-block;width:7px"> </div>projected<div style="display:inline-block;width:7px"> </div>net<div style="display:inline-block;width:7px"> </div>operating<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>flows<div style="display:inline-block;width:7px"> </div>by </div><div id="a65769" style="position:absolute;font-family:'Arial';left:5px;top:17px;">considering the<div style="display:inline-block;width:5px"> </div>estimated monthly rent<div style="display:inline-block;width:6px"> </div>the Company would<div style="display:inline-block;width:6px"> </div>have to<div style="display:inline-block;width:5px"> </div>pay in order<div style="display:inline-block;width:6px"> </div>to lease<div style="display:inline-block;width:6px"> </div>a similar </div><div id="a65773" style="position:absolute;font-family:'Arial';left:5px;top:34px;">building for a period equal to its remaining useful life. </div><div id="a65773_58_2" style="position:absolute;font-family:'Arial';left:353px;top:34px;"><ix:nonFraction id="ID_945" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedBuildingMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_946" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedBuildingMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_947" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_dsx_ImpairedBuildingMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a65773_60_44" style="position:absolute;font-family:'Arial';left:372px;top:34px;"><div style="display:inline-block;width:4px"> </div>impairment loss was identified or recorded </div><div id="a65781" style="position:absolute;font-family:'Arial';left:5px;top:51px;">for 2024, 2023 and<div style="display:inline-block;width:6px"> </div>2022 and the Company has<div style="display:inline-block;width:6px"> </div>not identified any other facts<div style="display:inline-block;width:6px"> </div>or circumstances that </div><div id="a65790" style="position:absolute;font-family:'Arial';left:5px;top:68px;">would require the write down of the value of its land or building in<div style="display:inline-block;width:3px"> </div>the near future.</div></div></div></ix:continuation></div><div id="TextContainer122" style="position:relative;width:704px;z-index:1;"><div id="a65793" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:101px;">m)</div></div><div id="div_107_XBRL_TS_2e9c03ab1c654bf48e04d9d041c558b8" style="position:absolute;left:38px;top:101px;float:left;"><ix:nonNumeric id="ID_143" name="us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer108" style="position:relative;line-height:normal;width:666px;height:221px;"><div id="TextContainer108" style="position:relative;width:666px;z-index:1;"><div id="a65794_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessel<div style="display:inline-block;width:6px"> </div>Depreciation: </div><div id="a65797" style="position:absolute;font-family:'Arial';left:156px;top:0px;">Depreciation is<div style="display:inline-block;width:6px"> </div>computed using<div style="display:inline-block;width:6px"> </div>the straight-line<div style="display:inline-block;width:6px"> </div>method over<div style="display:inline-block;width:6px"> </div>the estimated </div><div id="a65800" style="position:absolute;font-family:'Arial';left:5px;top:17px;">useful<div style="display:inline-block;width:7px"> </div>life<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>after<div style="display:inline-block;width:7px"> </div>considering<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>estimated<div style="display:inline-block;width:7px"> </div>salvage<div style="display:inline-block;width:7px"> </div>(scrap)<div style="display:inline-block;width:7px"> </div>value.<div style="display:inline-block;width:7px"> </div>Each<div style="display:inline-block;width:7px"> </div>vessel’s </div><div id="a65803" style="position:absolute;font-family:'Arial';left:5px;top:34px;">salvage<div style="display:inline-block;width:9px"> </div>value<div style="display:inline-block;width:9px"> </div>is<div style="display:inline-block;width:9px"> </div>equal<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>product<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>its<div style="display:inline-block;width:9px"> </div>lightweight<div style="display:inline-block;width:9px"> </div>tonnage<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>estimated<div style="display:inline-block;width:9px"> </div>scrap<div style="display:inline-block;width:9px"> </div>rate. </div><div id="a65804" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Management estimates<div style="display:inline-block;width:3px"> </div>the useful<div style="display:inline-block;width:3px"> </div>life of<div style="display:inline-block;width:3px"> </div>the Company’s vessels<div style="display:inline-block;width:2px"> </div>to be </div><div id="a65804_68_8" style="position:absolute;font-family:'Arial';left:454px;top:51px;"><ix:nonNumeric id="ID_592" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_us-gaap_MaritimeEquipmentMember" format="ixt-sec:durwordsen">25 years</ix:nonNumeric></div><div id="a65804_76_26" style="position:absolute;font-family:'Arial';left:510px;top:51px;"><div style="display:inline-block;width:4px"> </div>from the date<div style="display:inline-block;width:2px"> </div>of initial </div><div id="a65805" style="position:absolute;font-family:'Arial';left:5px;top:68px;">delivery from<div style="display:inline-block;width:6px"> </div>the shipyard.<div style="display:inline-block;width:5px"> </div>Second-hand vessels are<div style="display:inline-block;width:6px"> </div>depreciated from the<div style="display:inline-block;width:6px"> </div>date of<div style="display:inline-block;width:6px"> </div>their acquisition </div><div id="a65808" style="position:absolute;font-family:'Arial';left:5px;top:85px;">through their remaining estimated useful life. When regulations place limitations over the ability of a </div><div id="a65809" style="position:absolute;font-family:'Arial';left:5px;top:101px;">vessel to trade on<div style="display:inline-block;width:3px"> </div>a worldwide basis,<div style="display:inline-block;width:3px"> </div>its remaining useful<div style="display:inline-block;width:3px"> </div>life is adjusted at<div style="display:inline-block;width:2px"> </div>the date such regulations </div><div id="a65811" style="position:absolute;font-family:'Arial';left:5px;top:118px;">are<div style="display:inline-block;width:7px"> </div>adopted. </div><div id="a65811_13_80" style="position:absolute;font-family:'Arial';left:97px;top:118px;"><ix:nonNumeric id="ID_593" name="us-gaap:ChangeInAccountingEstimateDescription" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_ChangeInAccountingEstimateByTypeAxis_us-gaap_SalvageValueMember" continuedAt="XBRL_CS_c5550069b6104d41b01438ddf38f7e2c_1">Effective July 1, 2023, the Company reassessed the estimated scrap rate used to </ix:nonNumeric></div><div id="a65829" style="position:absolute;font-family:'Arial';left:5px;top:135px;"><ix:continuation id="XBRL_CS_c5550069b6104d41b01438ddf38f7e2c_1" continuedAt="XBRL_CS_c5550069b6104d41b01438ddf38f7e2c_2">calculate depreciation and, based on the average demolition prices in different markets during the </ix:continuation></div><div id="a65831" style="position:absolute;font-family:'Arial';left:5px;top:152px;"><ix:continuation id="XBRL_CS_c5550069b6104d41b01438ddf38f7e2c_2">last 15 years, adjusted upwards the estimated scrap rate of its vessels. This change in estimate</ix:continuation></div><div id="a65840" style="position:absolute;font-family:'Arial';left:5px;top:169px;">resulted<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>salvage<div style="display:inline-block;width:7px"> </div>values,<div style="display:inline-block;width:7px"> </div>decreased<div style="display:inline-block;width:6px"> </div>depreciation<div style="display:inline-block;width:7px"> </div>expense<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>operating </div><div id="a65854" style="position:absolute;font-family:'Arial';left:5px;top:186px;">income. Additionally, for<div style="display:inline-block;width:2px"> </div>the period<div style="display:inline-block;width:2px"> </div>from July<div style="display:inline-block;width:2px"> </div>1, 2023<div style="display:inline-block;width:2px"> </div>to December<div style="display:inline-block;width:2px"> </div>31, 2023,<div style="display:inline-block;width:2px"> </div>net income<div style="display:inline-block;width:2px"> </div>and earnings </div><div id="a65888" style="position:absolute;font-family:'Arial';left:5px;top:202px;">per share, basic and diluted, increased by $</div><div id="a65888_44_5" style="position:absolute;font-family:'Arial';left:289px;top:202px;"><ix:nonFraction id="ID_594" name="us-gaap:ProfitLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_ChangeInAccountingEstimateByTypeAxis_us-gaap_SalvageValueMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,773</ix:nonFraction></div><div id="a65888_49_6" style="position:absolute;font-family:'Arial';left:326px;top:202px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65888_55_4" style="position:absolute;font-family:'Arial';left:367px;top:202px;"><ix:nonFraction id="ID_595" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_ChangeInAccountingEstimateByTypeAxis_us-gaap_SalvageValueMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal"><ix:nonFraction id="ID_596" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_ChangeInAccountingEstimateByTypeAxis_us-gaap_SalvageValueMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.04</ix:nonFraction></ix:nonFraction></div><div id="a65888_59_15" style="position:absolute;font-family:'Arial';left:395px;top:202px;">, respectively.</div></div></div></ix:nonNumeric></div><div id="TextContainer123" style="position:relative;width:704px;z-index:1;"><div id="a65912" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">n)</div></div><div id="div_110_XBRL_TS_14ddde107fbb4cbf83cefc0fc73c56b2" style="position:absolute;left:38px;top:337px;float:left;"><ix:nonNumeric id="ID_151" name="us-gaap:DeferredChargesPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer111" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer111" style="position:relative;width:666px;z-index:1;"><div id="a65913_1_14" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Deferred Costs</div><div id="a65917" style="position:absolute;font-family:'Arial';left:110px;top:0px;">: The<div style="display:inline-block;width:2px"> </div>Company follows<div style="display:inline-block;width:2px"> </div>the deferral<div style="display:inline-block;width:2px"> </div>method of<div style="display:inline-block;width:2px"> </div>accounting for<div style="display:inline-block;width:2px"> </div>dry-docking and<div style="display:inline-block;width:2px"> </div>special </div><div id="a65921" style="position:absolute;font-family:'Arial';left:5px;top:17px;">survey costs whereby actual costs incurred are deferred and amortized on a straight-line basis over </div><div id="a65925" style="position:absolute;font-family:'Arial';left:5px;top:34px;">the period<div style="display:inline-block;width:3px"> </div>through the date<div style="display:inline-block;width:2px"> </div>the next<div style="display:inline-block;width:3px"> </div>survey is<div style="display:inline-block;width:3px"> </div>scheduled to<div style="display:inline-block;width:3px"> </div>become due.<div style="display:inline-block;width:3px"> </div>Unamortized deferred<div style="display:inline-block;width:2px"> </div>costs </div><div id="a65932" style="position:absolute;font-family:'Arial';left:5px;top:51px;">of vessels that<div style="display:inline-block;width:3px"> </div>are sold or impaired<div style="display:inline-block;width:2px"> </div>are written off<div style="display:inline-block;width:3px"> </div>and included in<div style="display:inline-block;width:3px"> </div>the calculation of<div style="display:inline-block;width:3px"> </div>the resulting gain </div><div id="a65933" style="position:absolute;font-family:'Arial';left:5px;top:68px;">or loss in the year of the vessel’s sale (Note 6) or impairment.</div></div></div></ix:nonNumeric></div><div id="TextContainer124" style="position:relative;width:704px;z-index:1;"><div id="a65938" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:439px;">o)</div></div><div id="div_113_XBRL_TS_60436da5647f432382b57672f487ab51" style="position:absolute;left:38px;top:439px;float:left;"><ix:nonNumeric id="ID_116" name="us-gaap:DebtPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer114" style="position:relative;line-height:normal;width:666px;height:187px;"><div id="TextContainer114" style="position:relative;width:666px;z-index:1;"><div id="a65939_1_15" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financing Costs</div><div id="a65941" style="position:absolute;font-family:'Arial';left:120px;top:0px;">: Fees<div style="display:inline-block;width:5px"> </div>paid for<div style="display:inline-block;width:6px"> </div>obtaining finance liabilities,<div style="display:inline-block;width:6px"> </div>fees paid<div style="display:inline-block;width:6px"> </div>to lenders<div style="display:inline-block;width:5px"> </div>for obtaining<div style="display:inline-block;width:6px"> </div>new </div><div id="a65944" style="position:absolute;font-family:'Arial';left:5px;top:17px;">loans,<div style="display:inline-block;width:4px"> </div>new bonds, refinancing or amending existing loans,<div style="display:inline-block;width:4px"> </div>are deferred and recorded as a contra to </div><div id="a65954" style="position:absolute;font-family:'Arial';left:5px;top:34px;">debt. Other<div style="display:inline-block;width:6px"> </div>fees paid<div style="display:inline-block;width:6px"> </div>for obtaining<div style="display:inline-block;width:6px"> </div>loan facilities<div style="display:inline-block;width:6px"> </div>not used<div style="display:inline-block;width:6px"> </div>at the<div style="display:inline-block;width:6px"> </div>balance sheet<div style="display:inline-block;width:6px"> </div>date are<div style="display:inline-block;width:6px"> </div>deferred. </div><div id="a65955" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Fees relating to<div style="display:inline-block;width:6px"> </div>drawn loan facilities<div style="display:inline-block;width:6px"> </div>are amortized to<div style="display:inline-block;width:6px"> </div>interest and finance<div style="display:inline-block;width:6px"> </div>costs over the<div style="display:inline-block;width:6px"> </div>life of the </div><div id="a65956" style="position:absolute;font-family:'Arial';left:5px;top:67px;">related debt<div style="display:inline-block;width:6px"> </div>using the<div style="display:inline-block;width:6px"> </div>effective interest method<div style="display:inline-block;width:6px"> </div>and fees<div style="display:inline-block;width:5px"> </div>incurred for<div style="display:inline-block;width:6px"> </div>loan facilities not<div style="display:inline-block;width:6px"> </div>used at<div style="display:inline-block;width:5px"> </div>the </div><div id="a65958" style="position:absolute;font-family:'Arial';left:5px;top:84px;">balance sheet date are amortized using<div style="display:inline-block;width:3px"> </div>the straight-line method according to<div style="display:inline-block;width:3px"> </div>their availability terms. </div><div id="a65961" style="position:absolute;font-family:'Arial';left:5px;top:101px;">Unamortized<div style="display:inline-block;width:10px"> </div>fees<div style="display:inline-block;width:9px"> </div>relating<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>loans<div style="display:inline-block;width:10px"> </div>or<div style="display:inline-block;width:10px"> </div>bonds<div style="display:inline-block;width:9px"> </div>repaid<div style="display:inline-block;width:10px"> </div>or<div style="display:inline-block;width:9px"> </div>repurchased<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:10px"> </div>refinanced<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:10px"> </div>debt </div><div id="a65966" style="position:absolute;font-family:'Arial';left:5px;top:118px;">extinguishment<div style="display:inline-block;width:12px"> </div>are<div style="display:inline-block;width:12px"> </div>written<div style="display:inline-block;width:12px"> </div>off<div style="display:inline-block;width:12px"> </div>in<div style="display:inline-block;width:12px"> </div>the<div style="display:inline-block;width:12px"> </div>period<div style="display:inline-block;width:12px"> </div>the<div style="display:inline-block;width:12px"> </div>repayment,<div style="display:inline-block;width:12px"> </div>prepayment,<div style="display:inline-block;width:12px"> </div>repurchase<div style="display:inline-block;width:12px"> </div>or </div><div id="a65973" style="position:absolute;font-family:'Arial';left:5px;top:135px;">extinguishment is made and<div style="display:inline-block;width:2px"> </div>included in the determination<div style="display:inline-block;width:3px"> </div>of gain/loss on debt extinguishment.<div style="display:inline-block;width:2px"> </div>Loan </div><div id="a65981" style="position:absolute;font-family:'Arial';left:5px;top:152px;">commitment fees are<div style="display:inline-block;width:2px"> </div>expensed<div style="display:inline-block;width:3px"> </div>in the period<div style="display:inline-block;width:2px"> </div>incurred, unless they<div style="display:inline-block;width:2px"> </div>relate to loans<div style="display:inline-block;width:2px"> </div>obtained to finance </div><div id="a65986" style="position:absolute;font-family:'Arial';left:5px;top:169px;">vessels under construction, in which case, they are capitalized<div style="display:inline-block;width:3px"> </div>to the vessels’ cost.</div></div></div></ix:nonNumeric></div><div id="TextContainer125" style="position:relative;width:704px;z-index:1;"><div id="a65992" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:641px;">p)</div></div><div id="div_116_XBRL_TS_558c82f47d124522be099ec91f873ac0" style="position:absolute;left:38px;top:641px;float:left;"><ix:nonNumeric id="ID_1" name="us-gaap:ConcentrationRiskCreditRisk" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer117" style="position:relative;line-height:normal;width:666px;height:136px;"><div id="TextContainer117" style="position:relative;width:666px;z-index:1;"><div id="a65993_1_28" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Concentration<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Credit<div style="display:inline-block;width:6px"> </div>Risk</div><div id="a65995" style="position:absolute;font-family:'Arial';left:212px;top:0px;">:<div style="display:inline-block;width:7px"> </div>Financial<div style="display:inline-block;width:6px"> </div>instruments,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>potentially<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>to </div><div id="a65996" style="position:absolute;font-family:'Arial';left:5px;top:17px;">significant concentrations<div style="display:inline-block;width:2px"> </div>of credit<div style="display:inline-block;width:3px"> </div>risk, consist<div style="display:inline-block;width:2px"> </div>principally of<div style="display:inline-block;width:2px"> </div>cash and<div style="display:inline-block;width:2px"> </div>trade accounts<div style="display:inline-block;width:2px"> </div>receivable. The </div><div id="a65997" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Company places<div style="display:inline-block;width:2px"> </div>its temporary<div style="display:inline-block;width:2px"> </div>cash investments,<div style="display:inline-block;width:2px"> </div>consisting mostly<div style="display:inline-block;width:2px"> </div>of deposits,<div style="display:inline-block;width:2px"> </div>with various<div style="display:inline-block;width:2px"> </div>qualified </div><div id="a65999" style="position:absolute;font-family:'Arial';left:5px;top:51px;">financial institutions<div style="display:inline-block;width:2px"> </div>and performs<div style="display:inline-block;width:2px"> </div>periodic evaluations<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>relative credit<div style="display:inline-block;width:2px"> </div>standing of<div style="display:inline-block;width:2px"> </div>those financial </div><div id="a66000" style="position:absolute;font-family:'Arial';left:5px;top:67px;">institutions that are considered in the Company’s investment strategy. The Company<div style="display:inline-block;width:5px"> </div>limits its credit </div><div id="a66001" style="position:absolute;font-family:'Arial';left:5px;top:84px;">risk<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>accounts<div style="display:inline-block;width:6px"> </div>receivable<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>performing<div style="display:inline-block;width:6px"> </div>ongoing<div style="display:inline-block;width:6px"> </div>credit<div style="display:inline-block;width:6px"> </div>evaluations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>customers’<div style="display:inline-block;width:6px"> </div>financial </div><div id="a66003" style="position:absolute;font-family:'Arial';left:5px;top:101px;">condition and generally does<div style="display:inline-block;width:2px"> </div>not require collateral for<div style="display:inline-block;width:3px"> </div>its accounts receivable<div style="display:inline-block;width:3px"> </div>and does not have<div style="display:inline-block;width:3px"> </div>any </div><div id="a66004" style="position:absolute;font-family:'Arial';left:5px;top:118px;">agreements to mitigate credit risk.</div></div></div></ix:nonNumeric></div><div id="TextContainer126" style="position:relative;width:704px;z-index:1;"><div id="a66007" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:793px;">q)</div></div><div id="div_119_XBRL_TS_a3db25736cc0448e9eb5f24156986151" style="position:absolute;left:38px;top:793px;float:left;"><ix:nonNumeric id="ID_599" name="dsx:RevenueRecognitionAndRelatedExpensesPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_a3db25736cc0448e9eb5f24156986151_1" escape="true"><div id="TextBlockContainer120" style="position:relative;line-height:normal;width:666px;height:52px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:64.1px; background-color:#000000; "> </div>
<div id="TextContainer120" style="position:relative;width:666px;z-index:1;"><div id="a66008_1_38" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Accounting for Revenues and Expenses: </div><div id="a66011" style="position:absolute;font-family:'Arial';left:294px;top:0px;">Revenues are generated from time<div style="display:inline-block;width:3px"> </div>charter agreements </div><div id="a66012" style="position:absolute;font-family:'Arial';left:5px;top:17px;">which contain a lease<div style="display:inline-block;width:2px"> </div>as they meet the<div style="display:inline-block;width:3px"> </div>criteria of a lease<div style="display:inline-block;width:2px"> </div>under ASC 842.<div style="display:inline-block;width:3px"> </div>The time charter contracts </div><div id="a66014" style="position:absolute;font-family:'Arial';left:5px;top:34px;">are considered<div style="display:inline-block;width:6px"> </div>operating leases because<div style="display:inline-block;width:6px"> </div>(i) the vessel<div style="display:inline-block;width:6px"> </div>is an<div style="display:inline-block;width:6px"> </div>identifiable asset (ii)<div style="display:inline-block;width:6px"> </div>the owner<div style="display:inline-block;width:5px"> </div>of the </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="Page139" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a66015" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a66017" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a66019" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a66021" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a66028" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-17 </div><div id="div_129_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_4" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_4" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_5"><div id="TextBlockContainer142" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_130_XBRL_TS_a3db25736cc0448e9eb5f24156986151_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_a3db25736cc0448e9eb5f24156986151_1"><div id="TextBlockContainer131" style="position:relative;line-height:normal;width:666px;height:541px;"><div id="TextContainer131" style="position:relative;width:666px;z-index:1;"><div id="a66032" style="position:absolute;font-family:'Arial';left:5px;top:0px;">vessel does not have substantive substitution<div style="display:inline-block;width:3px"> </div>rights and (iii) the charterer has<div style="display:inline-block;width:3px"> </div>the right to control the </div><div id="a66033" style="position:absolute;font-family:'Arial';left:5px;top:17px;">use of the<div style="display:inline-block;width:6px"> </div>vessel during the term<div style="display:inline-block;width:6px"> </div>of the contract and<div style="display:inline-block;width:6px"> </div>derives the economic benefits<div style="display:inline-block;width:6px"> </div>from such use. </div><div id="a66035" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Agreements with<div style="display:inline-block;width:6px"> </div>the same<div style="display:inline-block;width:6px"> </div>charterer are<div style="display:inline-block;width:6px"> </div>accounted for<div style="display:inline-block;width:6px"> </div>as separate<div style="display:inline-block;width:6px"> </div>agreements according to<div style="display:inline-block;width:6px"> </div>their </div><div id="a66036" style="position:absolute;font-family:'Arial';left:5px;top:51px;">specific<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>conditions.<div style="display:inline-block;width:6px"> </div>All<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>contain<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>minimum<div style="display:inline-block;width:6px"> </div>non-cancellable<div style="display:inline-block;width:6px"> </div>period<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>an </div><div id="a66039" style="position:absolute;font-family:'Arial';left:5px;top:68px;">extension period at the option<div style="display:inline-block;width:5px"> </div>of the charterer.<div style="display:inline-block;width:6px"> </div>Each lease term is assessed at<div style="display:inline-block;width:6px"> </div>the inception of that </div><div id="a66042" style="position:absolute;font-family:'Arial';left:5px;top:84px;">lease. Under a time charter agreement, the charterer pays<div style="display:inline-block;width:6px"> </div>a daily hire for the use of the<div style="display:inline-block;width:6px"> </div>vessel and </div><div id="a66043" style="position:absolute;font-family:'Arial';left:5px;top:101px;">reimburses the owner for<div style="display:inline-block;width:2px"> </div>hold cleanings, extra<div style="display:inline-block;width:3px"> </div>insurance premiums for navigating<div style="display:inline-block;width:2px"> </div>in restricted areas </div><div id="a66044" style="position:absolute;font-family:'Arial';left:5px;top:118px;">and<div style="display:inline-block;width:7px"> </div>damages<div style="display:inline-block;width:7px"> </div>caused<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charterers.<div style="display:inline-block;width:7px"> </div>Revenues<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>agreements<div style="display:inline-block;width:7px"> </div>providing<div style="display:inline-block;width:7px"> </div>for </div><div id="a66047" style="position:absolute;font-family:'Arial';left:5px;top:135px;">varying annual<div style="display:inline-block;width:6px"> </div>rates are<div style="display:inline-block;width:6px"> </div>accounted for<div style="display:inline-block;width:6px"> </div>as operating<div style="display:inline-block;width:6px"> </div>leases and<div style="display:inline-block;width:6px"> </div>thus recognized<div style="display:inline-block;width:6px"> </div>on a<div style="display:inline-block;width:6px"> </div>straight-line </div><div id="a66050" style="position:absolute;font-family:'Arial';left:5px;top:152px;">basis over the non-cancellable rental periods of such agreements,<div style="display:inline-block;width:3px"> </div>as service is performed.<div style="display:inline-block;width:4px"> </div></div><div id="a66055" style="position:absolute;font-family:'Arial';left:5px;top:186px;">The charterer<div style="display:inline-block;width:7px"> </div>pays to<div style="display:inline-block;width:7px"> </div>third parties<div style="display:inline-block;width:7px"> </div>port, canal<div style="display:inline-block;width:6px"> </div>and bunkers<div style="display:inline-block;width:7px"> </div>consumed during<div style="display:inline-block;width:6px"> </div>the term<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>time </div><div id="a66059" style="position:absolute;font-family:'Arial';left:5px;top:202px;">charter agreement, unless they are for the account of the owner, in which case,<div style="display:inline-block;width:4px"> </div>they are included in </div><div id="a66064" style="position:absolute;font-family:'Arial';left:5px;top:219px;">voyage expenses. Voyage expenses also include commissions on time charter revenue (paid to the </div><div id="a66076" style="position:absolute;font-family:'Arial';left:5px;top:236px;">charterers, the brokers<div style="display:inline-block;width:6px"> </div>and the managers)<div style="display:inline-block;width:6px"> </div>and gain or<div style="display:inline-block;width:6px"> </div>loss from bunkers<div style="display:inline-block;width:6px"> </div>resulting mainly from<div style="display:inline-block;width:6px"> </div>the </div><div id="a66087" style="position:absolute;font-family:'Arial';left:5px;top:253px;">difference<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>bunkers<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>when<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>redelivered<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the </div><div id="a66088" style="position:absolute;font-family:'Arial';left:5px;top:270px;">Company from<div style="display:inline-block;width:6px"> </div>the charterer<div style="display:inline-block;width:6px"> </div>under the<div style="display:inline-block;width:6px"> </div>vessel’s previous<div style="display:inline-block;width:6px"> </div>time charter<div style="display:inline-block;width:6px"> </div>agreement and<div style="display:inline-block;width:6px"> </div>the value<div style="display:inline-block;width:6px"> </div>of </div><div id="a66089" style="position:absolute;font-family:'Arial';left:5px;top:287px;">bunkers sold<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>Company when<div style="display:inline-block;width:6px"> </div>the vessel<div style="display:inline-block;width:6px"> </div>is delivered<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>new charterer<div style="display:inline-block;width:6px"> </div>(Note 12).<div style="display:inline-block;width:6px"> </div>Under a </div><div id="a66098" style="position:absolute;font-family:'Arial';left:5px;top:304px;">time<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>agreement,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>owner<div style="display:inline-block;width:7px"> </div>pays<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>operation<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>maintenance<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel, </div><div id="a66099" style="position:absolute;font-family:'Arial';left:5px;top:321px;">including<div style="display:inline-block;width:6px"> </div>crew,<div style="display:inline-block;width:7px"> </div>insurance,<div style="display:inline-block;width:6px"> </div>spares<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>repairs,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>recognized<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>expenses.<div style="display:inline-block;width:6px"> </div>The </div><div id="a66100" style="position:absolute;font-family:'Arial';left:5px;top:337px;">Company,<div style="display:inline-block;width:6px"> </div>as lessor, has<div style="display:inline-block;width:6px"> </div>elected not to allocate the consideration<div style="display:inline-block;width:6px"> </div>in the agreement to the<div style="display:inline-block;width:6px"> </div>separate </div><div id="a66102" style="position:absolute;font-family:'Arial';left:5px;top:354px;">lease<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>non-lease<div style="display:inline-block;width:6px"> </div>components<div style="display:inline-block;width:6px"> </div>(operation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>maintenance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel)<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>timing<div style="display:inline-block;width:6px"> </div>and </div><div id="a66105" style="position:absolute;font-family:'Arial';left:5px;top:371px;">pattern<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>transfer<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charterer,<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>lessee,<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>same<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>lease<div style="display:inline-block;width:7px"> </div>component,<div style="display:inline-block;width:7px"> </div>if </div><div id="a66106" style="position:absolute;font-family:'Arial';left:5px;top:388px;">accounted<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>separately,<div style="display:inline-block;width:10px"> </div>would<div style="display:inline-block;width:9px"> </div>be<div style="display:inline-block;width:9px"> </div>classified<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:9px"> </div>an<div style="display:inline-block;width:9px"> </div>operating<div style="display:inline-block;width:9px"> </div>lease.<div style="display:inline-block;width:9px"> </div>Additionally,<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:9px"> </div>lease </div><div id="a66109" style="position:absolute;font-family:'Arial';left:5px;top:405px;">component<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>predominant<div style="display:inline-block;width:6px"> </div>component,<div style="display:inline-block;width:5px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>has<div style="display:inline-block;width:6px"> </div>assessed<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>more </div><div id="a66112" style="position:absolute;font-family:'Arial';left:5px;top:422px;">value is ascribed to the vessel rather than to the services provided under the time charter contracts. </div><div id="a66114" style="position:absolute;font-family:'Arial';left:5px;top:439px;">In<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>apart<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>agreed<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>rate,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>entitled<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>an </div><div id="a66148" style="position:absolute;font-family:'Arial';left:5px;top:455px;">additional income,<div style="display:inline-block;width:6px"> </div>such as<div style="display:inline-block;width:6px"> </div>ballast bonus.<div style="display:inline-block;width:6px"> </div>Ballast bonus<div style="display:inline-block;width:6px"> </div>is paid<div style="display:inline-block;width:6px"> </div>by charterers<div style="display:inline-block;width:6px"> </div>for repositioning<div style="display:inline-block;width:6px"> </div>the </div><div id="a66161" style="position:absolute;font-family:'Arial';left:5px;top:472px;">vessel. The Company analyzes<div style="display:inline-block;width:2px"> </div>terms of each contract<div style="display:inline-block;width:2px"> </div>to assess whether income<div style="display:inline-block;width:2px"> </div>from ballast bonus </div><div id="a66192" style="position:absolute;font-family:'Arial';left:5px;top:489px;">is<div style="display:inline-block;width:7px"> </div>accounted<div style="display:inline-block;width:7px"> </div>together<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>lease<div style="display:inline-block;width:7px"> </div>component<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>duration<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>service </div><div id="a66224" style="position:absolute;font-family:'Arial';left:5px;top:506px;">component under<div style="display:inline-block;width:3px"> </div>ASC 606.<div style="display:inline-block;width:3px"> </div>Deferred revenue<div style="display:inline-block;width:3px"> </div>includes cash<div style="display:inline-block;width:3px"> </div>received prior<div style="display:inline-block;width:3px"> </div>to the balance<div style="display:inline-block;width:2px"> </div>sheet date </div><div id="a66233" style="position:absolute;font-family:'Arial';left:5px;top:523px;">for which all criteria to recognize as revenue have not been<div style="display:inline-block;width:3px"> </div>met.</div></div></div></ix:continuation></div><div id="TextContainer142" style="position:relative;width:704px;z-index:1;"><div id="a66237" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:557px;">r)</div></div><div id="div_133_XBRL_TS_bb714f16de314b59b3d3a3f148f5cd87" style="position:absolute;left:38px;top:557px;float:left;"><ix:nonNumeric id="ID_358" name="us-gaap:MaintenanceCostPolicyPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer134" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer134" style="position:relative;width:666px;z-index:1;"><div id="a66238_1_24" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Repairs and<div style="display:inline-block;width:6px"> </div>Maintenance:</div><div id="a66241" style="position:absolute;font-family:'Arial';left:189px;top:0px;"><div style="display:inline-block;width:5px"> </div>All repair<div style="display:inline-block;width:6px"> </div>and maintenance<div style="display:inline-block;width:6px"> </div>expenses including underwater<div style="display:inline-block;width:6px"> </div>inspection </div><div id="a66243" style="position:absolute;font-family:'Arial';left:5px;top:17px;">expenses are expensed in the year incurred. Such costs are included in<div style="display:inline-block;width:5px"> </div>vessel operating expenses </div><div id="a66244" style="position:absolute;font-family:'Arial';left:5px;top:34px;">in the accompanying consolidated statements of income.</div></div></div></ix:nonNumeric></div><div id="TextContainer143" style="position:relative;width:704px;z-index:1;"><div id="a66249" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:624px;">s)</div></div><div id="div_136_XBRL_TS_0e0819f4a402450e86459b7e02b8fbe6" style="position:absolute;left:38px;top:624px;float:left;"><ix:nonNumeric id="ID_148" name="us-gaap:EarningsPerSharePolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer137" style="position:relative;line-height:normal;width:666px;height:120px;"><div id="TextContainer137" style="position:relative;width:666px;z-index:1;"><div id="a66250_1_35" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Earnings / (loss) per Common Share:</div><div id="a66253" style="position:absolute;font-family:'Arial';left:264px;top:0px;"><div style="display:inline-block;width:4px"> </div>Basic earnings / (loss) per common share are<div style="display:inline-block;width:3px"> </div>computed by </div><div id="a66255" style="position:absolute;font-family:'Arial';left:5px;top:17px;">dividing net<div style="display:inline-block;width:6px"> </div>income /<div style="display:inline-block;width:6px"> </div>(loss) available<div style="display:inline-block;width:6px"> </div>to common<div style="display:inline-block;width:6px"> </div>stockholders by<div style="display:inline-block;width:6px"> </div>the weighted<div style="display:inline-block;width:6px"> </div>average number<div style="display:inline-block;width:6px"> </div>of </div><div id="a66256" style="position:absolute;font-family:'Arial';left:5px;top:34px;">common shares outstanding during the year. Shares issuable at little or no cash consideration upon </div><div id="a66258" style="position:absolute;font-family:'Arial';left:5px;top:51px;">satisfaction of<div style="display:inline-block;width:2px"> </div>certain conditions,<div style="display:inline-block;width:2px"> </div>are considered<div style="display:inline-block;width:2px"> </div>outstanding and<div style="display:inline-block;width:2px"> </div>included in<div style="display:inline-block;width:2px"> </div>the computation<div style="display:inline-block;width:2px"> </div>of basic </div><div id="a66263" style="position:absolute;font-family:'Arial';left:5px;top:68px;">earnings/(loss) per<div style="display:inline-block;width:6px"> </div>share as<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:7px"> </div>date that<div style="display:inline-block;width:6px"> </div>all necessary<div style="display:inline-block;width:6px"> </div>conditions have<div style="display:inline-block;width:6px"> </div>been satisfied.<div style="display:inline-block;width:6px"> </div>Diluted </div><div id="a66265" style="position:absolute;font-family:'Arial';left:5px;top:84px;">earnings<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>share,<div style="display:inline-block;width:6px"> </div>reflects<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>potential<div style="display:inline-block;width:6px"> </div>dilution<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>occur<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other </div><div id="a66266" style="position:absolute;font-family:'Arial';left:5px;top:101px;">contracts to issue common stock were exercised.</div></div></div></ix:nonNumeric></div><div id="TextContainer144" style="position:relative;width:704px;z-index:1;"><div id="a66266_47_2" style="position:absolute;font-family:'Arial';left:363px;top:725px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66269" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:759px;">t)</div></div><div id="div_139_XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62" style="position:absolute;left:38px;top:759px;float:left;"><ix:nonNumeric id="ID_2" name="us-gaap:SegmentReportingPolicyPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62_1" escape="true"><div id="TextBlockContainer140" style="position:relative;line-height:normal;width:666px;height:86px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:97.9px; background-color:#000000; "> </div>
<div id="TextContainer140" style="position:relative;width:666px;z-index:1;"><div id="a66270_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Segmental Reporting: </div><div id="a66273" style="position:absolute;font-family:'Arial';left:161px;top:0px;">The Company reports financial<div style="display:inline-block;width:3px"> </div>information and evaluates its<div style="display:inline-block;width:3px"> </div>operations and </div><div id="a66274" style="position:absolute;font-family:'Arial';left:5px;top:17px;">operating<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>revenue<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>expenses.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>result,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>management, </div><div id="a66281" style="position:absolute;font-family:'Arial';left:5px;top:34px;">including its<div style="display:inline-block;width:6px"> </div>Chief Executive<div style="display:inline-block;width:6px"> </div>Officer,<div style="display:inline-block;width:6px"> </div>who is<div style="display:inline-block;width:6px"> </div>the chief<div style="display:inline-block;width:6px"> </div>operating decision<div style="display:inline-block;width:6px"> </div>maker,<div style="display:inline-block;width:6px"> </div>reviews operating </div><div id="a66283" style="position:absolute;font-family:'Arial';left:5px;top:51px;">results solely by revenue and operating<div style="display:inline-block;width:5px"> </div>results of the fleet, and<div style="display:inline-block;width:5px"> </div>thus, the Company has determined </div><div id="a66284" style="position:absolute;font-family:'Arial';left:5px;top:68px;">that it operates<div style="display:inline-block;width:2px"> </div>under one<div style="display:inline-block;width:3px"> </div>reportable segment,<div style="display:inline-block;width:3px"> </div>that of operating<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>vessels. The<div style="display:inline-block;width:3px"> </div>chief operating </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="a66287" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a66289" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a66291" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a66293" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a66300" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-18 </div><div id="div_147_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_5" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_5" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_6"><div id="TextBlockContainer160" style="position:relative;line-height:normal;width:704px;height:828px;"><div id="div_148_XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62_1"><div id="TextBlockContainer149" style="position:relative;line-height:normal;width:666px;height:322px;"><div id="TextContainer149" style="position:relative;width:666px;z-index:1;"><div id="a66304" style="position:absolute;font-family:'Arial';left:5px;top:0px;">decision maker</div><div id="a66305" style="position:absolute;font-family:'Arial';left:103px;top:0px;"><div style="display:inline-block;width:3px"> </div>(“CODM”) does<div style="display:inline-block;width:2px"> </div>not use<div style="display:inline-block;width:2px"> </div>discrete financial<div style="display:inline-block;width:2px"> </div>information to<div style="display:inline-block;width:2px"> </div>evaluate the<div style="display:inline-block;width:2px"> </div>operating results </div><div id="a66309" style="position:absolute;font-family:'Arial';left:5px;top:17px;">for<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>type<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>but<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>instead<div style="display:inline-block;width:7px"> </div>regularly<div style="display:inline-block;width:7px"> </div>provided<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>only<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>consolidated </div><div id="a66310" style="position:absolute;font-family:'Arial';left:5px;top:34px;">expenses<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>noted<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>face<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>income.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>CODM<div style="display:inline-block;width:6px"> </div>assesses </div><div id="a66313" style="position:absolute;font-family:'Arial';left:5px;top:51px;">performance<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:5px"> </div>operations<div style="display:inline-block;width:6px"> </div>segment and<div style="display:inline-block;width:7px"> </div>decides<div style="display:inline-block;width:6px"> </div>how<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>allocate<div style="display:inline-block;width:6px"> </div>resources<div style="display:inline-block;width:5px"> </div>based<div style="display:inline-block;width:6px"> </div>on </div><div id="a66314" style="position:absolute;font-family:'Arial';left:5px;top:68px;">consolidated net<div style="display:inline-block;width:6px"> </div>income. Additionally,<div style="display:inline-block;width:7px"> </div>the vessels<div style="display:inline-block;width:6px"> </div>do not<div style="display:inline-block;width:6px"> </div>operate in<div style="display:inline-block;width:6px"> </div>specific geographic<div style="display:inline-block;width:6px"> </div>areas, as </div><div id="a66317" style="position:absolute;font-family:'Arial';left:5px;top:84px;">they trade worldwide; they do not<div style="display:inline-block;width:6px"> </div>trade in specific trade routes, as<div style="display:inline-block;width:5px"> </div>their trading (route and cargo) is </div><div id="a66318" style="position:absolute;font-family:'Arial';left:5px;top:101px;">dictated by the charterers;<div style="display:inline-block;width:2px"> </div>and the Company<div style="display:inline-block;width:3px"> </div>does not evaluate<div style="display:inline-block;width:3px"> </div>the operating results<div style="display:inline-block;width:3px"> </div>for each type<div style="display:inline-block;width:3px"> </div>of </div><div id="a66320" style="position:absolute;font-family:'Arial';left:5px;top:118px;">dry bulk vessels (i.e. Panamax, Capesize etc.) for the purpose of making decisions about allocating </div><div id="a66321" style="position:absolute;font-family:'Arial';left:5px;top:135px;">resources and assessing performance.</div><div id="a66324" style="position:absolute;font-family:'Arial';left:5px;top:169px;">In<div style="display:inline-block;width:7px"> </div>November<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>FASB<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:7px"> </div>ASU<div style="display:inline-block;width:7px"> </div>2023-07,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>requires<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>significant </div><div id="a66327" style="position:absolute;font-family:'Arial';left:5px;top:186px;">segment<div style="display:inline-block;width:7px"> </div>expenses<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>part<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>entity’s<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>measure<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>profit<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>loss<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>regularly </div><div id="a66328" style="position:absolute;font-family:'Arial';left:5px;top:202px;">provided to<div style="display:inline-block;width:6px"> </div>the chief<div style="display:inline-block;width:6px"> </div>operating decision<div style="display:inline-block;width:6px"> </div>maker.<div style="display:inline-block;width:6px"> </div>In addition,<div style="display:inline-block;width:6px"> </div>it adds<div style="display:inline-block;width:6px"> </div>or makes<div style="display:inline-block;width:6px"> </div>clarifications to<div style="display:inline-block;width:6px"> </div>other </div><div id="a66330" style="position:absolute;font-family:'Arial';left:5px;top:219px;">segment-related<div style="display:inline-block;width:6px"> </div>disclosures,<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>clarifying<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>requirements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>280<div style="display:inline-block;width:6px"> </div>are </div><div id="a66333" style="position:absolute;font-family:'Arial';left:5px;top:236px;">required<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>entities<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>single<div style="display:inline-block;width:7px"> </div>reportable<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>entity<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>disclose<div style="display:inline-block;width:7px"> </div>multiple </div><div id="a66334" style="position:absolute;font-family:'Arial';left:5px;top:253px;">measures<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>profit<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>loss.<div style="display:inline-block;width:7px"> </div>ASU<div style="display:inline-block;width:7px"> </div>2023-07<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>effective<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>fiscal<div style="display:inline-block;width:7px"> </div>years<div style="display:inline-block;width:7px"> </div>beginning<div style="display:inline-block;width:7px"> </div>after </div><div id="a66338" style="position:absolute;font-family:'Arial';left:5px;top:270px;">December 15, 2023 and<div style="display:inline-block;width:3px"> </div>interim periods beginning<div style="display:inline-block;width:3px"> </div>after December 15, 2024.<div style="display:inline-block;width:3px"> </div>The Company adopted </div><div id="a66340" style="position:absolute;font-family:'Arial';left:5px;top:287px;">ASU 2023-07 as of January 1, 2024 and its adoption has limited impact on the<div style="display:inline-block;width:6px"> </div>Company’s financial </div><div id="a66343" style="position:absolute;font-family:'Arial';left:5px;top:304px;">disclosures and there was no impact to financial position or results<div style="display:inline-block;width:3px"> </div>of operations.</div></div></div></ix:continuation></div><div id="TextContainer160" style="position:relative;width:704px;z-index:1;"><div id="a66346" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">u)</div></div><div id="div_151_XBRL_TS_435872e7f96d443e869fc1eed2c4c94c" style="position:absolute;left:38px;top:337px;float:left;"><ix:nonNumeric id="ID_4" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer152" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer152" style="position:relative;width:666px;z-index:1;"><div id="a66347_1_23" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Fair Value<div style="display:inline-block;width:6px"> </div>Measurements</div><div id="a66349" style="position:absolute;font-family:'Arial';left:184px;top:0px;">: The<div style="display:inline-block;width:6px"> </div>Company classifies and<div style="display:inline-block;width:6px"> </div>discloses its<div style="display:inline-block;width:5px"> </div>assets and<div style="display:inline-block;width:5px"> </div>liabilities carried </div><div id="a66350" style="position:absolute;font-family:'Arial';left:5px;top:17px;">at fair<div style="display:inline-block;width:6px"> </div>value in<div style="display:inline-block;width:6px"> </div>one of the<div style="display:inline-block;width:6px"> </div>following categories: Level<div style="display:inline-block;width:6px"> </div>1: Quoted<div style="display:inline-block;width:5px"> </div>market prices in<div style="display:inline-block;width:6px"> </div>active markets for </div><div id="a66351" style="position:absolute;font-family:'Arial';left:5px;top:34px;">identical assets<div style="display:inline-block;width:6px"> </div>or liabilities;<div style="display:inline-block;width:6px"> </div>Level 2:<div style="display:inline-block;width:6px"> </div>Observable market-based<div style="display:inline-block;width:6px"> </div>inputs or<div style="display:inline-block;width:6px"> </div>unobservable inputs<div style="display:inline-block;width:6px"> </div>that </div><div id="a66357" style="position:absolute;font-family:'Arial';left:5px;top:51px;">are corroborated by market data; Level 3:<div style="display:inline-block;width:6px"> </div>Unobservable inputs that are not corroborated by<div style="display:inline-block;width:5px"> </div>market </div><div id="a66358" style="position:absolute;font-family:'Arial';left:5px;top:68px;">data.</div></div></div></ix:nonNumeric></div><div id="TextContainer161" style="position:relative;width:704px;z-index:1;"><div id="a66361" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:439px;">v)</div></div><div id="div_154_XBRL_TS_f7b6c21c1e704d45b0c903d075261618" style="position:absolute;left:38px;top:439px;float:left;"><ix:nonNumeric id="ID_195" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer155" style="position:relative;line-height:normal;width:666px;height:153px;"><div id="TextContainer155" style="position:relative;width:666px;z-index:1;"><div id="a66362_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Share Based Payments:</div><div id="a66365" style="position:absolute;font-family:'Arial';left:172px;top:0px;"><div style="display:inline-block;width:4px"> </div>The Company issues<div style="display:inline-block;width:2px"> </div>restricted share awards<div style="display:inline-block;width:3px"> </div>which are measured<div style="display:inline-block;width:2px"> </div>at their </div><div id="a66367" style="position:absolute;font-family:'Arial';left:5px;top:17px;">grant date fair value and are not subsequently<div style="display:inline-block;width:3px"> </div>re-measured. That cost is recognized over the period </div><div id="a66372" style="position:absolute;font-family:'Arial';left:5px;top:34px;">during which<div style="display:inline-block;width:6px"> </div>an employee<div style="display:inline-block;width:6px"> </div>is required<div style="display:inline-block;width:6px"> </div>to provide<div style="display:inline-block;width:6px"> </div>service in<div style="display:inline-block;width:6px"> </div>exchange for<div style="display:inline-block;width:6px"> </div>the award—the<div style="display:inline-block;width:6px"> </div>requisite </div><div id="a66375" style="position:absolute;font-family:'Arial';left:5px;top:51px;">service period<div style="display:inline-block;width:2px"> </div>(usually the<div style="display:inline-block;width:2px"> </div>vesting period).<div style="display:inline-block;width:2px"> </div>No compensation<div style="display:inline-block;width:2px"> </div>cost is<div style="display:inline-block;width:2px"> </div>recognized for<div style="display:inline-block;width:2px"> </div>equity instruments </div><div id="a66376" style="position:absolute;font-family:'Arial';left:5px;top:67px;">for<div style="display:inline-block;width:6px"> </div>which employees<div style="display:inline-block;width:7px"> </div>do not<div style="display:inline-block;width:7px"> </div>render<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>requisite service<div style="display:inline-block;width:7px"> </div>unless the<div style="display:inline-block;width:7px"> </div>board of<div style="display:inline-block;width:7px"> </div>directors determines </div><div id="a66381" style="position:absolute;font-family:'Arial';left:5px;top:84px;">otherwise.<div style="display:inline-block;width:6px"> </div>Forfeitures<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>awards<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>accounted<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>they<div style="display:inline-block;width:6px"> </div>occur.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>award<div style="display:inline-block;width:6px"> </div>is </div><div id="a66383" style="position:absolute;font-family:'Arial';left:5px;top:101px;">modified after the grant date, incremental compensation cost will be recognized in an amount equal </div><div id="a66384" style="position:absolute;font-family:'Arial';left:5px;top:118px;">to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>excess<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>modified<div style="display:inline-block;width:7px"> </div>award<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>original<div style="display:inline-block;width:7px"> </div>award </div><div id="a66386" style="position:absolute;font-family:'Arial';left:5px;top:135px;">immediately before the modification.</div></div></div></ix:nonNumeric></div><div id="TextContainer162" style="position:relative;width:704px;z-index:1;"><div id="a66386_36_2" style="position:absolute;font-family:'Arial';left:278px;top:574px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66389" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:607px;">w)</div></div><div id="div_157_XBRL_TS_6a002913c54147aaa30353082754b546" style="position:absolute;left:38px;top:607px;float:left;"><ix:nonNumeric id="ID_17" name="us-gaap:EquityMethodInvestmentsPolicy" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_6a002913c54147aaa30353082754b546_1" escape="true"><div id="TextBlockContainer158" style="position:relative;line-height:normal;width:666px;height:221px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:249.6px; background-color:#000000; "> </div>
<div id="TextContainer158" style="position:relative;width:666px;z-index:1;"><div id="a66390_1_26" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Equity<div style="display:inline-block;width:6px"> </div>method<div style="display:inline-block;width:6px"> </div>investments:</div><div id="a66393" style="position:absolute;font-family:'Arial';left:205px;top:0px;"><div style="display:inline-block;width:6px"> </div>Investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>entities<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company </div><div id="a66395" style="position:absolute;font-family:'Arial';left:5px;top:17px;">exercises significant influence but does not exercise control are accounted for by the equity method </div><div id="a66399" style="position:absolute;font-family:'Arial';left:5px;top:34px;">of accounting. Under this<div style="display:inline-block;width:5px"> </div>method, the Company records such<div style="display:inline-block;width:6px"> </div>an investment at cost<div style="display:inline-block;width:5px"> </div>(or fair value if </div><div id="a66401" style="position:absolute;font-family:'Arial';left:5px;top:51px;">a consequence of deconsolidation) and<div style="display:inline-block;width:6px"> </div>adjusts the carrying amount for<div style="display:inline-block;width:6px"> </div>its share of the<div style="display:inline-block;width:6px"> </div>earnings or </div><div id="a66403" style="position:absolute;font-family:'Arial';left:5px;top:67px;">losses<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:5px"> </div>subsequent to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>investment and<div style="display:inline-block;width:7px"> </div>reports<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>recognized<div style="display:inline-block;width:5px"> </div>earnings<div style="display:inline-block;width:5px"> </div>or </div><div id="a66404" style="position:absolute;font-family:'Arial';left:5px;top:84px;">losses in income. Dividends received,<div style="display:inline-block;width:5px"> </div>if any,<div style="display:inline-block;width:6px"> </div>reduce the carrying amount of the<div style="display:inline-block;width:6px"> </div>investment and are </div><div id="a66409" style="position:absolute;font-family:'Arial';left:5px;top:101px;">recorded<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>receivable<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>dividend<div style="display:inline-block;width:7px"> </div>declaration.<div style="display:inline-block;width:7px"> </div>When<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>carrying<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>equity<div style="display:inline-block;width:7px"> </div>method </div><div id="a66412" style="position:absolute;font-family:'Arial';left:5px;top:118px;">investment is<div style="display:inline-block;width:3px"> </div>reduced to<div style="display:inline-block;width:2px"> </div>zero because of<div style="display:inline-block;width:2px"> </div>losses, the<div style="display:inline-block;width:2px"> </div>Company does<div style="display:inline-block;width:3px"> </div>not provide<div style="display:inline-block;width:3px"> </div>for additional<div style="display:inline-block;width:3px"> </div>losses </div><div id="a66413" style="position:absolute;font-family:'Arial';left:5px;top:135px;">unless<div style="display:inline-block;width:8px"> </div>it<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:7px"> </div>committed<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>provide<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>support<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>investee.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:7px"> </div>also </div><div id="a66418" style="position:absolute;font-family:'Arial';left:5px;top:152px;">evaluates whether a loss in value of an investment that<div style="display:inline-block;width:5px"> </div>is other than a temporary decline should be </div><div id="a66419" style="position:absolute;font-family:'Arial';left:5px;top:169px;">recognized. Evidence<div style="display:inline-block;width:5px"> </div>of a<div style="display:inline-block;width:6px"> </div>loss in<div style="display:inline-block;width:6px"> </div>value might<div style="display:inline-block;width:6px"> </div>include absence<div style="display:inline-block;width:5px"> </div>of an<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:6px"> </div>recover the<div style="display:inline-block;width:6px"> </div>carrying </div><div id="a66420" style="position:absolute;font-family:'Arial';left:5px;top:185px;">amount of the investment<div style="display:inline-block;width:2px"> </div>or inability of<div style="display:inline-block;width:3px"> </div>the investee to<div style="display:inline-block;width:3px"> </div>sustain an earnings<div style="display:inline-block;width:2px"> </div>capacity that would<div style="display:inline-block;width:2px"> </div>justify </div><div id="a66422" style="position:absolute;font-family:'Arial';left:5px;top:202px;">the carrying amount<div style="display:inline-block;width:2px"> </div>of the investment.<div style="display:inline-block;width:2px"> </div>For equity<div style="display:inline-block;width:3px"> </div>method investments<div style="display:inline-block;width:3px"> </div>that the Company<div style="display:inline-block;width:2px"> </div>has elected </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="a66425" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a66427" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a66429" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a66431" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a66438" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-19 </div><div id="div_165_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_6" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_6" continuedAt="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_7"><div id="TextBlockContainer184" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_166_XBRL_TS_6a002913c54147aaa30353082754b546_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_6a002913c54147aaa30353082754b546_1"><div id="TextBlockContainer167" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer167" style="position:relative;width:666px;z-index:1;"><div id="a66442" style="position:absolute;font-family:'Arial';left:5px;top:0px;">to account<div style="display:inline-block;width:2px"> </div>for using<div style="display:inline-block;width:2px"> </div>the fair<div style="display:inline-block;width:2px"> </div>value option,<div style="display:inline-block;width:2px"> </div>all subsequent<div style="display:inline-block;width:2px"> </div>changes in<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>are included<div style="display:inline-block;width:2px"> </div>in gain/loss </div><div id="a66443" style="position:absolute;font-family:'Arial';left:5px;top:17px;">on related party investments.</div></div></div></ix:continuation></div><div id="TextContainer184" style="position:relative;width:704px;z-index:1;"><div id="a66446" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">x)</div></div><div id="div_169_XBRL_TS_cb472c3c4194410790d82af31211770c" style="position:absolute;left:38px;top:51px;float:left;"><ix:nonNumeric id="ID_600" name="dsx:GoingConcernPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer170" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer170" style="position:relative;width:666px;z-index:1;"><div id="a66447_1_15" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Going concern: </div><div id="a66450" style="position:absolute;font-family:'Arial';left:119px;top:0px;">Management evaluates, at each<div style="display:inline-block;width:6px"> </div>reporting period, whether there<div style="display:inline-block;width:6px"> </div>are conditions or </div><div id="a66452" style="position:absolute;font-family:'Arial';left:5px;top:17px;">events that raise<div style="display:inline-block;width:3px"> </div>substantial doubt about<div style="display:inline-block;width:2px"> </div>the Company's ability<div style="display:inline-block;width:2px"> </div>to continue as<div style="display:inline-block;width:3px"> </div>a going concern<div style="display:inline-block;width:2px"> </div>within </div><div id="a66453" style="position:absolute;font-family:'Arial';left:5px;top:34px;">one year from the date the financial statements are issued.</div></div></div></ix:nonNumeric></div><div id="TextContainer185" style="position:relative;width:704px;z-index:1;"><div id="a66456" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:118px;">y)</div></div><div id="div_172_XBRL_TS_536b36ec62c74443817de6e889b89375" style="position:absolute;left:38px;top:118px;float:left;"><ix:nonNumeric id="ID_127" name="us-gaap:StockholdersEquityPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer173" style="position:relative;line-height:normal;width:666px;height:69px;"><div id="TextContainer173" style="position:relative;width:666px;z-index:1;"><div id="a66457_1_32" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Shares repurchased and retired: </div><div id="a66460" style="position:absolute;font-family:'Arial';left:238px;top:0px;">The Company’s shares<div style="display:inline-block;width:6px"> </div>repurchased are immediately cancelled </div><div id="a66462" style="position:absolute;font-family:'Arial';left:5px;top:17px;">and the Company’s share capital<div style="display:inline-block;width:6px"> </div>is accordingly reduced. Any excess of<div style="display:inline-block;width:6px"> </div>the cost of the shares<div style="display:inline-block;width:6px"> </div>over </div><div id="a66463" style="position:absolute;font-family:'Arial';left:5px;top:34px;">their par value is allocated<div style="display:inline-block;width:3px"> </div>in additional paid-in capital, in<div style="display:inline-block;width:3px"> </div>accordance with ASC 505-30-30, Treasury </div><div id="a66470" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Stock.</div></div></div></ix:nonNumeric></div><div id="TextContainer186" style="position:relative;width:704px;z-index:1;"><div id="a66470_6_2" style="position:absolute;font-family:'Arial';left:84px;top:169px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66474" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:202px;">z)</div></div><div id="div_175_XBRL_TS_66aee280cb734e63aa566e7c1f61d476" style="position:absolute;left:38px;top:202px;float:left;"><ix:nonNumeric id="ID_263" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer176" style="position:relative;line-height:normal;width:666px;height:120px;"><div id="TextContainer176" style="position:relative;width:666px;z-index:1;"><div id="a66475_1_36" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financial Instruments, credit losses</div><div id="a66477" style="position:absolute;font-family:'Arial';left:256px;top:0px;">: At each reporting date,<div style="display:inline-block;width:6px"> </div>the Company evaluates its financial </div><div id="a66478" style="position:absolute;font-family:'Arial';left:5px;top:17px;">assets<div style="display:inline-block;width:6px"> </div>individually<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>credit<div style="display:inline-block;width:6px"> </div>losses<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>presents<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>net<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>expected<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be </div><div id="a66479" style="position:absolute;font-family:'Arial';left:5px;top:34px;">collected on<div style="display:inline-block;width:3px"> </div>such financial<div style="display:inline-block;width:2px"> </div>asset. When<div style="display:inline-block;width:3px"> </div>financial assets<div style="display:inline-block;width:2px"> </div>present similar<div style="display:inline-block;width:2px"> </div>risk characteristics,<div style="display:inline-block;width:2px"> </div>these are </div><div id="a66481" style="position:absolute;font-family:'Arial';left:5px;top:51px;">evaluated<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>collective<div style="display:inline-block;width:8px"> </div>basis.<div style="display:inline-block;width:8px"> </div>When<div style="display:inline-block;width:8px"> </div>developing<div style="display:inline-block;width:8px"> </div>an<div style="display:inline-block;width:8px"> </div>estimate<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>expected<div style="display:inline-block;width:8px"> </div>credit<div style="display:inline-block;width:8px"> </div>losses,<div style="display:inline-block;width:8px"> </div>the </div><div id="a66482" style="position:absolute;font-family:'Arial';left:5px;top:68px;">Company considers available information relevant to assessing the<div style="display:inline-block;width:5px"> </div>collectability of cash flows such </div><div id="a66483" style="position:absolute;font-family:'Arial';left:5px;top:84px;">as internal<div style="display:inline-block;width:6px"> </div>information, past<div style="display:inline-block;width:6px"> </div>events, current<div style="display:inline-block;width:6px"> </div>conditions and<div style="display:inline-block;width:6px"> </div>reasonable and<div style="display:inline-block;width:6px"> </div>supportable forecasts. </div><div id="a66485" style="position:absolute;font-family:'Arial';left:5px;top:101px;"><ix:nonFraction id="ID_800" name="us-gaap:ProvisionForLoanLossesExpensed" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_801" name="us-gaap:ProvisionForLoanLossesExpensed" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">No</ix:nonFraction></ix:nonFraction></div><div id="a66485_2_61" style="position:absolute;font-family:'Arial';left:24px;top:101px;"><div style="display:inline-block;width:4px"> </div>credit losses were identified and recorded in 2024 and 2023.</div></div></div></ix:nonNumeric></div><div id="TextContainer187" style="position:relative;width:704px;z-index:1;"><div id="a66493" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">aa)</div></div><div id="div_178_XBRL_TS_2a7e056b82874d379378aa5cc4cc3251" style="position:absolute;left:38px;top:337px;float:left;"><ix:nonNumeric id="ID_82" name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer179" style="position:relative;line-height:normal;width:666px;height:305px;"><div id="TextContainer179" style="position:relative;width:666px;z-index:1;"><div id="a66494_1_81" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financial Instruments, Investments-Equity<div style="display:inline-block;width:6px"> </div>Securities, Recognition and<div style="display:inline-block;width:6px"> </div>Measurement</div><div id="a66498" style="position:absolute;font-family:'Arial';left:602px;top:0px;">: Equity </div><div id="a66501" style="position:absolute;font-family:'Arial';left:5px;top:17px;">investments<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>readily<div style="display:inline-block;width:8px"> </div>determinable<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>values<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>recognized<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>transaction<div style="display:inline-block;width:8px"> </div>price<div style="display:inline-block;width:8px"> </div>and </div><div id="a66506" style="position:absolute;font-family:'Arial';left:5px;top:34px;">subsequently<div style="display:inline-block;width:7px"> </div>measured<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>value<div style="display:inline-block;width:8px"> </div>through<div style="display:inline-block;width:8px"> </div>net<div style="display:inline-block;width:8px"> </div>income.<div style="display:inline-block;width:8px"> </div>According<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>ASC<div style="display:inline-block;width:8px"> </div>321-10-35-2,<div style="display:inline-block;width:7px"> </div>the </div><div id="a66519" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Company has elected to measure equity securities without a readily determinable fair value, that do </div><div id="a66527" style="position:absolute;font-family:'Arial';left:5px;top:68px;">not<div style="display:inline-block;width:6px"> </div>qualify<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>practical expedient<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>820 </div><div id="a66528" style="position:absolute;font-family:'Arial';font-style:italic;left:342px;top:68px;">Fair<div style="display:inline-block;width:6px"> </div>Value<div style="display:inline-block;width:6px"> </div>Measurement </div><div id="a66529" style="position:absolute;font-family:'Arial';left:511px;top:68px;">to<div style="display:inline-block;width:6px"> </div>estimate<div style="display:inline-block;width:5px"> </div>fair<div style="display:inline-block;width:6px"> </div>value </div><div id="a66530" style="position:absolute;font-family:'Arial';left:5px;top:84px;">using<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>NAV<div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>(or<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>equivalent),<div style="display:inline-block;width:5px"> </div>at<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>minus<div style="display:inline-block;width:6px"> </div>impairment,<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>any.<div style="display:inline-block;width:7px"> </div>If<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company </div><div id="a66533" style="position:absolute;font-family:'Arial';left:5px;top:101px;">identifies observable price changes in orderly<div style="display:inline-block;width:3px"> </div>transactions for the identical or<div style="display:inline-block;width:3px"> </div>a similar investment of </div><div id="a66534" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the same<div style="display:inline-block;width:6px"> </div>issuer,<div style="display:inline-block;width:6px"> </div>it shall<div style="display:inline-block;width:6px"> </div>measure equity<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>as of<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>that the<div style="display:inline-block;width:6px"> </div>observable </div><div id="a66535" style="position:absolute;font-family:'Arial';left:5px;top:135px;">transaction occurred.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:6px"> </div>shall continue<div style="display:inline-block;width:6px"> </div>to apply<div style="display:inline-block;width:6px"> </div>this measurement<div style="display:inline-block;width:6px"> </div>until the<div style="display:inline-block;width:6px"> </div>investment </div><div id="a66558" style="position:absolute;font-family:'Arial';left:5px;top:152px;">does<div style="display:inline-block;width:6px"> </div>not qualify<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>be measured<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>accordance with<div style="display:inline-block;width:6px"> </div>this paragraph.<div style="display:inline-block;width:7px"> </div>At<div style="display:inline-block;width:5px"> </div>each reporting<div style="display:inline-block;width:7px"> </div>period,<div style="display:inline-block;width:5px"> </div>the </div><div id="a66585" style="position:absolute;font-family:'Arial';left:5px;top:169px;">Company reassesses<div style="display:inline-block;width:2px"> </div>whether an<div style="display:inline-block;width:2px"> </div>equity investment<div style="display:inline-block;width:2px"> </div>without a<div style="display:inline-block;width:2px"> </div>readily determinable<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>qualifies </div><div id="a66587" style="position:absolute;font-family:'Arial';left:5px;top:186px;">to<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:8px"> </div>measured<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>accordance<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:8px"> </div>this<div style="display:inline-block;width:8px"> </div>paragraph.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>subsequently<div style="display:inline-block;width:7px"> </div>elect<div style="display:inline-block;width:7px"> </div>to </div><div id="a66589" style="position:absolute;font-family:'Arial';left:5px;top:202px;">measure equity<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>election to measure<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>shall be </div><div id="a66590" style="position:absolute;font-family:'Arial';left:5px;top:219px;">irrevocable. Any resulting<div style="display:inline-block;width:6px"> </div>gains or<div style="display:inline-block;width:6px"> </div>losses on the<div style="display:inline-block;width:6px"> </div>securities for<div style="display:inline-block;width:6px"> </div>which that election<div style="display:inline-block;width:6px"> </div>is made shall<div style="display:inline-block;width:6px"> </div>be </div><div id="a66592" style="position:absolute;font-family:'Arial';left:5px;top:236px;">recorded in<div style="display:inline-block;width:2px"> </div>earnings at<div style="display:inline-block;width:2px"> </div>the time<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>election. At<div style="display:inline-block;width:2px"> </div>each reporting<div style="display:inline-block;width:2px"> </div>period, the<div style="display:inline-block;width:2px"> </div>Company also<div style="display:inline-block;width:2px"> </div>evaluates </div><div id="a66596" style="position:absolute;font-family:'Arial';left:5px;top:253px;">indicators such<div style="display:inline-block;width:3px"> </div>as the<div style="display:inline-block;width:3px"> </div>investee’s performance<div style="display:inline-block;width:2px"> </div>and its<div style="display:inline-block;width:3px"> </div>ability to<div style="display:inline-block;width:3px"> </div>continue as<div style="display:inline-block;width:2px"> </div>going concern<div style="display:inline-block;width:2px"> </div>and market </div><div id="a66597" style="position:absolute;font-family:'Arial';left:5px;top:270px;">conditions, to determine<div style="display:inline-block;width:2px"> </div>whether an investment<div style="display:inline-block;width:2px"> </div>is impaired<div style="display:inline-block;width:3px"> </div>in which<div style="display:inline-block;width:3px"> </div>case, the Company<div style="display:inline-block;width:2px"> </div>will estimate </div><div id="a66601" style="position:absolute;font-family:'Arial';left:5px;top:287px;">the fair value of the investment to determine the amount of impairment<div style="display:inline-block;width:3px"> </div>loss.</div></div></div></ix:nonNumeric></div><div id="TextContainer188" style="position:relative;width:704px;z-index:1;"><div id="a66604" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:658px;">bb)</div></div><div id="div_181_XBRL_TS_82cc770467364c219625d5385517f1ee" style="position:absolute;left:38px;top:658px;float:left;"><ix:nonNumeric id="ID_601" name="dsx:ContractsInEntitysEquityPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_82cc770467364c219625d5385517f1ee_1" escape="true"><div id="TextBlockContainer182" style="position:relative;line-height:normal;width:666px;height:187px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:199px; background-color:#000000; "> </div>
<div id="TextContainer182" style="position:relative;width:666px;z-index:1;"><div id="a66605_1_30" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Contracts<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>entity’s<div style="display:inline-block;width:6px"> </div>equity: </div><div id="a66607" style="position:absolute;font-family:'Arial';left:210px;top:0px;">Under<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>815-40<div style="display:inline-block;width:6px"> </div>contracts<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>settlement<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>are </div><div id="a66610" style="position:absolute;font-family:'Arial';left:5px;top:17px;">considered equity instruments, unless an event that is not in the entity’s control will require net cash </div><div id="a66611" style="position:absolute;font-family:'Arial';left:5px;top:34px;">settlement.<div style="display:inline-block;width:10px"> </div>Additional<div style="display:inline-block;width:9px"> </div>conditions<div style="display:inline-block;width:9px"> </div>necessary<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>equity<div style="display:inline-block;width:9px"> </div>classification<div style="display:inline-block;width:9px"> </div>include<div style="display:inline-block;width:9px"> </div>settlement<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>be </div><div id="a66614" style="position:absolute;font-family:'Arial';left:5px;top:51px;">permitted in<div style="display:inline-block;width:6px"> </div>unregistered shares,<div style="display:inline-block;width:6px"> </div>the entity<div style="display:inline-block;width:6px"> </div>to have<div style="display:inline-block;width:6px"> </div>sufficient authorized<div style="display:inline-block;width:6px"> </div>and unissued<div style="display:inline-block;width:6px"> </div>shares, the </div><div id="a66618" style="position:absolute;font-family:'Arial';left:5px;top:68px;">contract to contain an explicit share<div style="display:inline-block;width:6px"> </div>limit, there should be no requirement<div style="display:inline-block;width:5px"> </div>for net cash settlement in </div><div id="a66630" style="position:absolute;font-family:'Arial';left:5px;top:84px;">the event the entity fails to make timely filings with the Securities and Exchange Commission (SEC) </div><div id="a66633" style="position:absolute;font-family:'Arial';left:5px;top:101px;">and there are no cash settled top-off or make-whole provisions. The Company,<div style="display:inline-block;width:6px"> </div>when assessing the </div><div id="a66638" style="position:absolute;font-family:'Arial';left:5px;top:118px;">accounting<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>warrants<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>pre-funded<div style="display:inline-block;width:6px"> </div>warrants, takes<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>consideration<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>480<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>determine </div><div id="a66644" style="position:absolute;font-family:'Arial';left:5px;top:135px;">whether the warrants<div style="display:inline-block;width:6px"> </div>and pre-funded warrants should be<div style="display:inline-block;width:6px"> </div>classified as permanent<div style="display:inline-block;width:6px"> </div>equity instead of </div><div id="a66649" style="position:absolute;font-family:'Arial';left:5px;top:152px;">temporary equity<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>liability.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:6px"> </div>further analyses<div style="display:inline-block;width:6px"> </div>the key<div style="display:inline-block;width:7px"> </div>features of<div style="display:inline-block;width:7px"> </div>warrants and<div style="display:inline-block;width:6px"> </div>pre-</div><div id="a66651" style="position:absolute;font-family:'Arial';left:5px;top:169px;">funded warrants<div style="display:inline-block;width:6px"> </div>and examines<div style="display:inline-block;width:6px"> </div>whether these<div style="display:inline-block;width:6px"> </div>fall under<div style="display:inline-block;width:6px"> </div>the definition<div style="display:inline-block;width:6px"> </div>of a<div style="display:inline-block;width:6px"> </div>derivative according<div style="display:inline-block;width:6px"> </div>to </div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="a66653" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a66655" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a66657" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a66659" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a66666" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-20 </div><div id="div_191_XBRL_TS_3c91b519e9444302a5eac14ff203a66b_7" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_3c91b519e9444302a5eac14ff203a66b_7"><div id="TextBlockContainer204" style="position:relative;line-height:normal;width:704px;height:524px;"><div id="div_192_XBRL_TS_82cc770467364c219625d5385517f1ee_1" style="position:absolute;left:38px;top:0px;float:left;"><ix:continuation id="XBRL_TS_82cc770467364c219625d5385517f1ee_1"><div id="TextBlockContainer193" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer193" style="position:relative;width:666px;z-index:1;"><div id="a66670" style="position:absolute;font-family:'Arial';left:5px;top:0px;">ASC 815 applicable guidance or whether certain of these<div style="display:inline-block;width:6px"> </div>features affect the classification. In cases </div><div id="a66671" style="position:absolute;font-family:'Arial';left:5px;top:17px;">when derivative accounting is deemed inappropriate, no bifurcation<div style="display:inline-block;width:3px"> </div>of these features is performed.</div></div></div></ix:continuation></div><div id="TextContainer204" style="position:relative;width:704px;z-index:1;"><div id="a66674" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">cc)</div></div><div id="div_195_XBRL_TS_c5b4c4731ca34e3c8311d8a62b1f2588" style="position:absolute;left:38px;top:51px;float:left;"><ix:nonNumeric id="ID_331" name="us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer196" style="position:relative;line-height:normal;width:666px;height:154px;"><div id="TextContainer196" style="position:relative;width:666px;z-index:1;"><div id="a66675_1_12" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Guarantees: </div><div id="a66677" style="position:absolute;font-family:'Arial';left:101px;top:0px;">Guarantees<div style="display:inline-block;width:10px"> </div>issued<div style="display:inline-block;width:10px"> </div>by<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>Company,<div style="display:inline-block;width:11px"> </div>excluding<div style="display:inline-block;width:10px"> </div>those<div style="display:inline-block;width:10px"> </div>that<div style="display:inline-block;width:10px"> </div>guarantee<div style="display:inline-block;width:10px"> </div>its<div style="display:inline-block;width:10px"> </div>own </div><div id="a66678" style="position:absolute;font-family:'Arial';left:5px;top:17px;">performance,<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>recognized<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>guarantees<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>issued,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:7px"> </div>the </div><div id="a66679" style="position:absolute;font-family:'Arial';left:5px;top:34px;">deconsolidation of a subsidiary. A liability<div style="display:inline-block;width:2px"> </div>for the fair value<div style="display:inline-block;width:3px"> </div>of the obligation undertaken<div style="display:inline-block;width:2px"> </div>in issuing the </div><div id="a66681" style="position:absolute;font-family:'Arial';left:5px;top:51px;">guarantee<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>recognized. If<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>becomes<div style="display:inline-block;width:6px"> </div>probable<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>perform<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>a </div><div id="a66684" style="position:absolute;font-family:'Arial';left:5px;top:68px;">guarantee (Note<div style="display:inline-block;width:6px"> </div>10(c)), the<div style="display:inline-block;width:6px"> </div>Company will<div style="display:inline-block;width:6px"> </div>recognize an<div style="display:inline-block;width:6px"> </div>additional liability<div style="display:inline-block;width:6px"> </div>if the<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>the loss </div><div id="a66685" style="position:absolute;font-family:'Arial';left:5px;top:84px;">can be<div style="display:inline-block;width:3px"> </div>reasonably estimated.<div style="display:inline-block;width:2px"> </div>The recognition<div style="display:inline-block;width:3px"> </div>of fair<div style="display:inline-block;width:3px"> </div>value is<div style="display:inline-block;width:3px"> </div>not required<div style="display:inline-block;width:2px"> </div>for certain<div style="display:inline-block;width:3px"> </div>guarantees such </div><div id="a66687" style="position:absolute;font-family:'Arial';left:5px;top:101px;">as the parent's guarantee of<div style="display:inline-block;width:3px"> </div>a subsidiary's debt to a<div style="display:inline-block;width:3px"> </div>third party. For those guarantees excluded from </div><div id="a66688" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the above<div style="display:inline-block;width:6px"> </div>guidance requiring the<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>recognition provision of<div style="display:inline-block;width:6px"> </div>the liability,<div style="display:inline-block;width:7px"> </div>financial statement </div><div id="a66690" style="position:absolute;font-family:'Arial';left:5px;top:135px;">disclosures of such items are made.</div></div></div></ix:nonNumeric></div><div id="TextContainer205" style="position:relative;width:704px;z-index:1;"><div id="a66693" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:219px;">dd)</div></div><div id="div_198_XBRL_TS_9ea4ad5ea5ff45bf8c874814bab55cb0" style="position:absolute;left:38px;top:219px;float:left;"><ix:nonNumeric id="ID_975" name="us-gaap:DerivativesPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer199" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer199" style="position:relative;width:666px;z-index:1;"><div id="a66694_1_25" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Derivative instruments:<div style="display:inline-block;width:2px"> </div></div><div id="a66700" style="position:absolute;font-family:'Arial';left:174px;top:0px;">Derivative instruments<div style="display:inline-block;width:2px"> </div>are recorded<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>balance sheet<div style="display:inline-block;width:2px"> </div>as either<div style="display:inline-block;width:2px"> </div>an asset </div><div id="a66701" style="position:absolute;font-family:'Arial';left:5px;top:17px;">or liability measured at its fair value<div style="display:inline-block;width:5px"> </div>with changes in the instruments' fair value recognized as<div style="display:inline-block;width:6px"> </div>either </div><div id="a66702" style="position:absolute;font-family:'Arial';left:5px;top:34px;">a<div style="display:inline-block;width:8px"> </div>component<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>comprehensive<div style="display:inline-block;width:8px"> </div>income<div style="display:inline-block;width:8px"> </div>if<div style="display:inline-block;width:8px"> </div>specific<div style="display:inline-block;width:8px"> </div>hedge<div style="display:inline-block;width:8px"> </div>accounting<div style="display:inline-block;width:8px"> </div>criteria<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>met<div style="display:inline-block;width:8px"> </div>in </div><div id="a66704" style="position:absolute;font-family:'Arial';left:5px;top:51px;">accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>guidance<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>“Derivatives<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Hedging”<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>earnings<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>hedging<div style="display:inline-block;width:6px"> </div>criteria </div><div id="a66705" style="position:absolute;font-family:'Arial';left:5px;top:68px;">are not met.</div></div></div></ix:nonNumeric></div><div id="TextContainer206" style="position:relative;width:704px;z-index:1;"></div><div id="div_201_XBRL_TS_10eb600b7aca43bf993f6410f5324e42" style="position:absolute;left:0px;top:321px;float:left;"><ix:nonNumeric id="ID_949" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer202" style="position:relative;line-height:normal;width:704px;height:204px;"><div id="TextContainer202" style="position:relative;width:704px;z-index:1;"><div id="a66712" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">New Accounting Pronouncements </div><div id="a66715" style="position:absolute;font-family:'Arial';left:5px;top:34px;">In November<div style="display:inline-block;width:9px"> </div>2024, the<div style="display:inline-block;width:8px"> </div>FASB<div style="display:inline-block;width:10px"> </div>issued<div style="display:inline-block;width:9px"> </div>ASU 2024-03, “Income<div style="display:inline-block;width:8px"> </div>Statement<div style="display:inline-block;width:8px"> </div>-<div style="display:inline-block;width:9px"> </div>Reporting<div style="display:inline-block;width:9px"> </div>Comprehensive </div><div id="a66729" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Income<div style="display:inline-block;width:6px"> </div>-<div style="display:inline-block;width:6px"> </div>Expense<div style="display:inline-block;width:6px"> </div>Disaggregation<div style="display:inline-block;width:5px"> </div>Disclosures<div style="display:inline-block;width:6px"> </div>(Subtopic 220-40):<div style="display:inline-block;width:6px"> </div>Disaggregation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Income<div style="display:inline-block;width:6px"> </div>Statement </div><div id="a66737" style="position:absolute;font-family:'Arial';left:5px;top:67px;">Expenses”.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>standard<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>intended<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>detailed<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>about<div style="display:inline-block;width:6px"> </div>specified<div style="display:inline-block;width:6px"> </div>categories<div style="display:inline-block;width:6px"> </div>of </div><div id="a66739" style="position:absolute;font-family:'Arial';left:5px;top:84px;">expenses (including employee compensation, depreciation,<div style="display:inline-block;width:3px"> </div>and amortization) included in certain expense </div><div id="a66740" style="position:absolute;font-family:'Arial';left:5px;top:101px;">captions presented on<div style="display:inline-block;width:6px"> </div>the face<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>income statement. This<div style="display:inline-block;width:6px"> </div>ASU is effective<div style="display:inline-block;width:6px"> </div>for fiscal<div style="display:inline-block;width:6px"> </div>years beginning </div><div id="a66741" style="position:absolute;font-family:'Arial';left:5px;top:118px;">after December<div style="display:inline-block;width:9px"> </div>15,<div style="display:inline-block;width:9px"> </div>2026, and<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:9px"> </div>interim<div style="display:inline-block;width:8px"> </div>periods<div style="display:inline-block;width:9px"> </div>within<div style="display:inline-block;width:9px"> </div>fiscal<div style="display:inline-block;width:9px"> </div>years<div style="display:inline-block;width:8px"> </div>beginning<div style="display:inline-block;width:8px"> </div>after December<div style="display:inline-block;width:9px"> </div>15, </div><div id="a66749" style="position:absolute;font-family:'Arial';left:5px;top:135px;">2027. Early<div style="display:inline-block;width:8px"> </div>adoption<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>permitted.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>amendments may be<div style="display:inline-block;width:7px"> </div>applied<div style="display:inline-block;width:8px"> </div>either<div style="display:inline-block;width:8px"> </div>prospectively<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>financial </div><div id="a66756" style="position:absolute;font-family:'Arial';left:5px;top:152px;">statements issued<div style="display:inline-block;width:6px"> </div>for reporting<div style="display:inline-block;width:6px"> </div>periods after<div style="display:inline-block;width:6px"> </div>the effective<div style="display:inline-block;width:6px"> </div>date of<div style="display:inline-block;width:6px"> </div>this ASU<div style="display:inline-block;width:6px"> </div>or retrospectively<div style="display:inline-block;width:6px"> </div>to all<div style="display:inline-block;width:6px"> </div>prior </div><div id="a66759" style="position:absolute;font-family:'Arial';left:5px;top:169px;">periods presented<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>financial statements.<div style="display:inline-block;width:2px"> </div>The Company<div style="display:inline-block;width:2px"> </div>is currently<div style="display:inline-block;width:2px"> </div>assessing the<div style="display:inline-block;width:2px"> </div>impact this<div style="display:inline-block;width:2px"> </div>standard </div><div id="a66760" style="position:absolute;font-family:'Arial';left:5px;top:185px;">will have on its consolidated financial statements.</div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_209_XBRL_TS_cfb54e6cbef949f7b7508a540f6491dc" style="position:absolute;left:51px;top:672.4px;float:left;"><ix:nonNumeric id="ID_49" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_cfb54e6cbef949f7b7508a540f6491dc_1" escape="true"><div id="TextBlockContainer210" style="position:relative;line-height:normal;width:706px;height:307px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:317px; background-color:#000000; "> </div>
<div id="TextContainer210" style="position:relative;width:706px;z-index:1;"><div id="a66763" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">3.<div style="display:inline-block;width:35px"> </div>Transactions with related parties</div><div id="a66768" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>Altair Travel Agency S.A. (“Altair”):</div><div id="a66772" style="position:absolute;font-family:'Arial';left:298px;top:35px;"><div style="display:inline-block;width:4px"> </div>The Company uses the<div style="display:inline-block;width:3px"> </div>services of an affiliated<div style="display:inline-block;width:3px"> </div>travel agent, </div><div id="a66774" style="position:absolute;font-family:'Arial';left:6px;top:52px;">Altair, which is controlled by the Company’s CEO Mrs. Semiramis Paliou. Travel expenses for 2024, 2023 </div><div id="a66777" style="position:absolute;font-family:'Arial';left:6px;top:69px;">and<div style="display:inline-block;width:7px"> </div>2022<div style="display:inline-block;width:7px"> </div>amounted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_22_5" style="position:absolute;font-family:'Arial';left:179px;top:69px;"><ix:nonFraction id="ID_111" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_AltairTravelAgencySaMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,569</ix:nonFraction></div><div id="a66777_27_3" style="position:absolute;font-family:'Arial';left:215px;top:69px;">,<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_30_5" style="position:absolute;font-family:'Arial';left:235px;top:69px;"><ix:nonFraction id="ID_437" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_AltairTravelAgencySaMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,525</ix:nonFraction></div><div id="a66777_35_6" style="position:absolute;font-family:'Arial';left:272px;top:69px;"><div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_41_5" style="position:absolute;font-family:'Arial';left:319px;top:69px;"><ix:nonFraction id="ID_487" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_AltairTravelAgencySaMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,644</ix:nonFraction></div><div id="a66777_46_50" style="position:absolute;font-family:'Arial';left:356px;top:69px;">,<div style="display:inline-block;width:7px"> </div>respectively,<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>mainly<div style="display:inline-block;width:7px"> </div>included<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>vessel </div><div id="a66790" style="position:absolute;font-family:'Arial';left:6px;top:86px;">operating expenses and general and administrative expenses in the accompanying consolidated financial </div><div id="a66793" style="position:absolute;font-family:'Arial';left:6px;top:103px;">statements. As of<div style="display:inline-block;width:6px"> </div>December 31, 2024<div style="display:inline-block;width:5px"> </div>and 2023, an<div style="display:inline-block;width:6px"> </div>amount of $</div><div id="a66793_60_3" style="position:absolute;font-family:'Arial';left:430px;top:103px;"><ix:nonFraction id="ID_602" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_AltairTravelAgencySaMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">190</ix:nonFraction></div><div id="a66793_63_6" style="position:absolute;font-family:'Arial';left:454px;top:103px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a66793_69_2" style="position:absolute;font-family:'Arial';left:496px;top:103px;"><ix:nonFraction id="ID_603" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_AltairTravelAgencySaMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">62</ix:nonFraction></div><div id="a66793_71_28" style="position:absolute;font-family:'Arial';left:513px;top:103px;">, respectively,<div style="display:inline-block;width:6px"> </div>was payable </div><div id="a66794" style="position:absolute;font-family:'Arial';left:6px;top:120px;">to Altair and is included in “Due to related parties” in the accompanying<div style="display:inline-block;width:3px"> </div>consolidated balance sheets.<div style="display:inline-block;width:3px"> </div></div><div id="a66798" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:153px;">b)<div style="display:inline-block;width:34px"> </div>Steamship Shipbroking Enterprises Inc. or<div style="display:inline-block;width:5px"> </div>Steamship:</div><div id="a66802" style="position:absolute;font-family:'Arial';left:436px;top:153px;"><div style="display:inline-block;width:5px"> </div>Steamship is a company controlled by </div><div id="a66804" style="position:absolute;font-family:'Arial';left:6px;top:170px;">the Company’s<div style="display:inline-block;width:6px"> </div>CEO Mrs.<div style="display:inline-block;width:6px"> </div>Semiramis Paliou<div style="display:inline-block;width:6px"> </div>and provides<div style="display:inline-block;width:6px"> </div>brokerage services<div style="display:inline-block;width:6px"> </div>to DSI<div style="display:inline-block;width:6px"> </div>for a<div style="display:inline-block;width:6px"> </div>fixed monthly </div><div id="a66809" style="position:absolute;font-family:'Arial';left:6px;top:187px;">fee plus commission on<div style="display:inline-block;width:3px"> </div>the sale of vessels, pursuant<div style="display:inline-block;width:2px"> </div>to a Brokerage Services<div style="display:inline-block;width:3px"> </div>Agreement.<div style="display:inline-block;width:4px"> </div>For 2024, 2023 </div><div id="a66813" style="position:absolute;font-family:'Arial';left:6px;top:204px;">and 2022<div style="display:inline-block;width:2px"> </div>brokerage fees<div style="display:inline-block;width:2px"> </div>amounted to<div style="display:inline-block;width:2px"> </div>$</div><div id="a66813_37_5" style="position:absolute;font-family:'Arial';left:261px;top:204px;"><ix:nonFraction id="ID_983" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_BrokerageFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,093</ix:nonFraction></div><div id="a66813_42_3" style="position:absolute;font-family:'Arial';left:298px;top:204px;">, $</div><div id="a66813_45_5" style="position:absolute;font-family:'Arial';left:313px;top:204px;"><ix:nonFraction id="ID_984" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_BrokerageFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,900</ix:nonFraction></div><div id="a66813_50_6" style="position:absolute;font-family:'Arial';left:350px;top:204px;"><div style="display:inline-block;width:3px"> </div>and $</div><div id="a66813_56_5" style="position:absolute;font-family:'Arial';left:388px;top:204px;"><ix:nonFraction id="ID_985" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_BrokerageFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,309</ix:nonFraction></div><div id="a66813_61_44" style="position:absolute;font-family:'Arial';left:425px;top:204px;">, respectively, and<div style="display:inline-block;width:2px"> </div>are included<div style="display:inline-block;width:2px"> </div>in general </div><div id="a66816" style="position:absolute;font-family:'Arial';left:6px;top:221px;">and<div style="display:inline-block;width:6px"> </div>administrative expenses<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>accompanying consolidated<div style="display:inline-block;width:6px"> </div>statements of<div style="display:inline-block;width:7px"> </div>income.<div style="display:inline-block;width:5px"> </div>For<div style="display:inline-block;width:5px"> </div>2024, 2023, </div><div id="a66820" style="position:absolute;font-family:'Arial';left:6px;top:238px;">and 2022,<div style="display:inline-block;width:6px"> </div>commissions related to<div style="display:inline-block;width:6px"> </div>Steamship amounted to<div style="display:inline-block;width:6px"> </div>$</div><div id="a66820_56_3" style="position:absolute;font-family:'Arial';left:403px;top:238px;"><ix:nonFraction id="ID_986" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_ComissionsMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">544</ix:nonFraction></div><div id="a66820_59_3" style="position:absolute;font-family:'Arial';left:427px;top:238px;">, $</div><div id="a66820_62_3" style="position:absolute;font-family:'Arial';left:444px;top:238px;"><ix:nonFraction id="ID_987" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_ComissionsMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">906</ix:nonFraction></div><div id="a66820_65_6" style="position:absolute;font-family:'Arial';left:469px;top:238px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a66820_71_5" style="position:absolute;font-family:'Arial';left:511px;top:238px;"><ix:nonFraction id="ID_988" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionAxis_dsx_ComissionsMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,219</ix:nonFraction></div><div id="a66820_76_23" style="position:absolute;font-family:'Arial';left:548px;top:238px;">, respectively<div style="display:inline-block;width:5px"> </div>and are </div><div id="a66834" style="position:absolute;font-family:'Arial';left:6px;top:254px;">included in gain<div style="display:inline-block;width:6px"> </div>on the sale<div style="display:inline-block;width:6px"> </div>of vessels,<div style="display:inline-block;width:5px"> </div>vessel cost and<div style="display:inline-block;width:6px"> </div>equity method investments.<div style="display:inline-block;width:6px"> </div>As of December<div style="display:inline-block;width:6px"> </div>31, </div><div id="a66843" style="position:absolute;font-family:'Arial';left:6px;top:271px;">2024 and 2023,<div style="display:inline-block;width:3px"> </div>an amount of<div style="display:inline-block;width:3px"> </div>$</div><div id="a66843_29_1" style="position:absolute;font-family:'Arial';left:208px;top:271px;"><ix:nonFraction id="ID_604" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">0</ix:nonFraction></div><div id="a66843_30_6" style="position:absolute;font-family:'Arial';left:216px;top:271px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a66843_36_3" style="position:absolute;font-family:'Arial';left:256px;top:271px;"><ix:nonFraction id="ID_605" name="us-gaap:AccountsPayableCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_SteamshipShipbrokingEnterprisesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">697</ix:nonFraction></div><div id="a66843_39_65" style="position:absolute;font-family:'Arial';left:280px;top:271px;">, respectively, was due to Steamship<div style="display:inline-block;width:2px"> </div>included in “Due<div style="display:inline-block;width:2px"> </div>to related </div><div id="a66851" style="position:absolute;font-family:'Arial';left:6px;top:288px;">parties” in the accompanying consolidated balance sheets. </div></div></div></ix:nonNumeric></div></div>
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<div id="a66854" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a66856" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a66858" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a66860" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a66867" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-21 </div><div id="div_212_XBRL_TS_cfb54e6cbef949f7b7508a540f6491dc_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_cfb54e6cbef949f7b7508a540f6491dc_1"><div id="TextBlockContainer213" style="position:relative;line-height:normal;width:704px;height:69px;"><div id="TextContainer213" style="position:relative;width:704px;z-index:1;"><div id="a66872" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:17px;">c)<div style="display:inline-block;width:35px"> </div>Bond<div style="display:inline-block;width:8px"> </div>issuance:</div><div id="a66877" style="position:absolute;font-family:'Arial';left:167px;top:17px;"><div style="display:inline-block;width:8px"> </div>Officers<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:8px"> </div>directors<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:8px"> </div>and/or<div style="display:inline-block;width:8px"> </div>entities<div style="display:inline-block;width:8px"> </div>affiliated<div style="display:inline-block;width:9px"> </div>with<div style="display:inline-block;width:8px"> </div>them </div><div id="a66884" style="position:absolute;font-family:'Arial';left:5px;top:34px;">purchased an<div style="display:inline-block;width:6px"> </div>aggregate of<div style="display:inline-block;width:6px"> </div>$</div><div id="a66884_27_6" style="position:absolute;font-family:'Arial';left:197px;top:34px;"><ix:nonFraction id="ID_973" name="us-gaap:ProceedsFromIssuanceOfUnsecuredDebt" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_srt_TitleOfIndividualAxis_dsx_DirectorsAndOfficersMember_us-gaap_DebtInstrumentAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,300</ix:nonFraction></div><div id="a66884_33_26" style="position:absolute;font-family:'Arial';left:242px;top:34px;"><div style="display:inline-block;width:5px"> </div>principal amount<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>$</div><div id="a66884_59_7" style="position:absolute;font-family:'Arial';left:411px;top:34px;"><ix:nonFraction id="ID_803" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Jul02_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">150,000</ix:nonFraction></div><div id="a66884_66_33" style="position:absolute;font-family:'Arial';left:464px;top:34px;"><div style="display:inline-block;width:5px"> </div>senior unsecured<div style="display:inline-block;width:6px"> </div>bond issued<div style="display:inline-block;width:6px"> </div>on </div><div id="a66888" style="position:absolute;font-family:'Arial';left:5px;top:51px;">July 2, 2024 (Note 8).</div></div></div></ix:continuation></div><div id="div_215_XBRL_TS_265b5c07aee641c58391a4a5baa908f2" style="position:absolute;left:51px;top:217px;float:left;"><ix:nonNumeric id="ID_941" name="us-gaap:EquityMethodInvestmentsTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_265b5c07aee641c58391a4a5baa908f2_1" escape="true"><div id="TextBlockContainer216" style="position:relative;line-height:normal;width:706px;height:762px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:772.4px; background-color:#000000; "> </div>
<div id="TextContainer216" style="position:relative;width:706px;z-index:1;"><div id="a66892" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">4.<div style="display:inline-block;width:35px"> </div>Equity Method Investments</div><div id="a66897" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>Diana Wilhelmsen Management Limited, or DWM:</div><div id="a66901" style="position:absolute;font-family:'Arial';left:400px;top:35px;"><div style="display:inline-block;width:4px"> </div>DWM is a joint venture between<div style="display:inline-block;width:6px"> </div>Diana Ship </div><div id="a66909" style="position:absolute;font-family:'Arial';left:6px;top:52px;">Management Inc., a<div style="display:inline-block;width:6px"> </div>wholly owned subsidiary<div style="display:inline-block;width:6px"> </div>of DSI, and<div style="display:inline-block;width:6px"> </div>Wilhelmsen Ship Management<div style="display:inline-block;width:6px"> </div>Holding AS, an </div><div id="a66939" style="position:absolute;font-family:'Arial';left:6px;top:69px;">unaffiliated third party,<div style="display:inline-block;width:6px"> </div>each holding </div><div id="a66939_39_2" style="position:absolute;font-family:'Arial';left:243px;top:69px;"><ix:nonFraction id="ID_372A" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">50</ix:nonFraction></div><div id="a66939_41_62" style="position:absolute;font-family:'Arial';left:259px;top:69px;">% of DWM. As of December 31, 2024 and 2023, the investment in </div><div id="a66962" style="position:absolute;font-family:'Arial';left:6px;top:86px;">DWM<div style="display:inline-block;width:6px"> </div>amounted to<div style="display:inline-block;width:7px"> </div>$</div><div id="a66962_17_3" style="position:absolute;font-family:'Arial';left:146px;top:86px;"><ix:nonFraction id="ID_515" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">794</ix:nonFraction></div><div id="a66962_20_6" style="position:absolute;font-family:'Arial';left:170px;top:86px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a66962_26_3" style="position:absolute;font-family:'Arial';left:214px;top:86px;"><ix:nonFraction id="ID_393" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">734</ix:nonFraction></div><div id="a66962_29_66" style="position:absolute;font-family:'Arial';left:239px;top:86px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>method<div style="display:inline-block;width:6px"> </div>investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>accompanying </div><div id="a66979" style="position:absolute;font-family:'Arial';left:6px;top:103px;">consolidated balance sheets.<div style="display:inline-block;width:6px"> </div>In 2024, 2023<div style="display:inline-block;width:6px"> </div>and 2022, the<div style="display:inline-block;width:6px"> </div>investment in DWM<div style="display:inline-block;width:6px"> </div>resulted in a<div style="display:inline-block;width:6px"> </div>gain of $</div><div id="a66979_98_2" style="position:absolute;font-family:'Arial';left:670px;top:103px;"><ix:nonFraction id="ID_307" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">60</ix:nonFraction></div><div id="a66979_100_2" style="position:absolute;font-family:'Arial';left:686px;top:103px;">, </div><div id="a67019" style="position:absolute;font-family:'Arial';left:6px;top:120px;">$</div><div id="a67019_1_3" style="position:absolute;font-family:'Arial';left:14px;top:120px;"><ix:nonFraction id="ID_367" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">228</ix:nonFraction></div><div id="a67019_4_6" style="position:absolute;font-family:'Arial';left:39px;top:120px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67019_10_3" style="position:absolute;font-family:'Arial';left:79px;top:120px;"><ix:nonFraction id="ID_606" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">894</ix:nonFraction></div><div id="a67019_13_91" style="position:absolute;font-family:'Arial';left:104px;top:120px;">, respectively, included in gain/(loss) from equity method investments in the accompanying </div><div id="a67045" style="position:absolute;font-family:'Arial';left:6px;top:136px;">consolidated statements of income. </div><div id="a67050" style="position:absolute;font-family:'Arial';left:6px;top:170px;">DWM performs the<div style="display:inline-block;width:2px"> </div>technical and commercial<div style="display:inline-block;width:2px"> </div>management of </div><div id="a67050_56_3" style="position:absolute;font-family:'Arial';left:405px;top:170px;"><ix:nonFraction id="ID_804" name="dsx:NumberOfVesselsManaged" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember" unitRef="Vessels" decimals="INF" format="ixt-sec:numwordsen">six</ix:nonFraction></div><div id="a67050_59_44" style="position:absolute;font-family:'Arial';left:423px;top:170px;"><div style="display:inline-block;width:4px"> </div>vessels of<div style="display:inline-block;width:3px"> </div>the Company’s fleet<div style="display:inline-block;width:2px"> </div>for a fixed </div><div id="a67082" style="position:absolute;font-family:'Arial';left:6px;top:187px;">monthly fee separately presented as management fees to a<div style="display:inline-block;width:6px"> </div>related party and a percentage of their gross </div><div id="a67104" style="position:absolute;font-family:'Arial';left:6px;top:204px;">revenues included in voyage expenses. Management fees to<div style="display:inline-block;width:5px"> </div>DWM in 2024, 2023 and 2022 amounted to </div><div id="a67116" style="position:absolute;font-family:'Arial';left:6px;top:221px;">$</div><div id="a67116_1_5" style="position:absolute;font-family:'Arial';left:14px;top:221px;"><ix:nonFraction id="ID_485A" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,332</ix:nonFraction></div><div id="a67116_6_3" style="position:absolute;font-family:'Arial';left:51px;top:221px;">,<div style="display:inline-block;width:6px"> </div>$</div><div id="a67116_9_5" style="position:absolute;font-family:'Arial';left:70px;top:221px;"><ix:nonFraction id="ID_254A" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,313</ix:nonFraction></div><div id="a67116_14_6" style="position:absolute;font-family:'Arial';left:106px;top:221px;"><div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a67116_20_3" style="position:absolute;font-family:'Arial';left:152px;top:221px;"><ix:nonFraction id="ID_78A" name="us-gaap:CostsAndExpensesRelatedParty" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">511</ix:nonFraction></div><div id="a67116_23_72" style="position:absolute;font-family:'Arial';left:176px;top:221px;">,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:7px"> </div>Voyage<div style="display:inline-block;width:7px"> </div>expenses<div style="display:inline-block;width:6px"> </div>(commissions)<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>DWM<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the </div><div id="a67130" style="position:absolute;font-family:'Arial';left:6px;top:238px;">management agreements during 2024,<div style="display:inline-block;width:5px"> </div>2023 and 2022, amounted<div style="display:inline-block;width:6px"> </div>to $</div><div id="a67130_63_3" style="position:absolute;font-family:'Arial';left:468px;top:238px;"><ix:nonFraction id="ID_989" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember_us-gaap_RelatedPartyTransactionAxis_dsx_ManagementAgreementsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">368</ix:nonFraction></div><div id="a67130_66_3" style="position:absolute;font-family:'Arial';left:492px;top:238px;">, $</div><div id="a67130_69_3" style="position:absolute;font-family:'Arial';left:509px;top:238px;"><ix:nonFraction id="ID_990" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember_us-gaap_RelatedPartyTransactionAxis_dsx_ManagementAgreementsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">390</ix:nonFraction></div><div id="a67130_72_6" style="position:absolute;font-family:'Arial';left:533px;top:238px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a67130_78_3" style="position:absolute;font-family:'Arial';left:575px;top:238px;"><ix:nonFraction id="ID_991" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember_us-gaap_RelatedPartyTransactionAxis_dsx_ManagementAgreementsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">162</ix:nonFraction></div><div id="a67130_81_16" style="position:absolute;font-family:'Arial';left:600px;top:238px;">, respectively. </div><div id="a67164" style="position:absolute;font-family:'Arial';left:6px;top:254px;">As of December 31, 2024 and 2023, there was an amount of $</div><div id="a67164_58_1" style="position:absolute;font-family:'Arial';left:413px;top:254px;"><ix:nonFraction id="ID_607" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember_us-gaap_RelatedPartyTransactionAxis_dsx_ManagementAgreementsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3</ix:nonFraction></div><div id="a67164_59_6" style="position:absolute;font-family:'Arial';left:422px;top:254px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67164_65_2" style="position:absolute;font-family:'Arial';left:463px;top:254px;"><ix:nonFraction id="ID_608" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaWilhelmsenManagementLimitedMember_us-gaap_RelatedPartyTransactionAxis_dsx_ManagementAgreementsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">25</ix:nonFraction></div><div id="a67164_67_31" style="position:absolute;font-family:'Arial';left:479px;top:254px;"><div style="display:inline-block;width:4px"> </div>due from DWM, included in due </div><div id="a67171" style="position:absolute;font-family:'Arial';left:6px;top:271px;">from related parties in the accompanying consolidated balance<div style="display:inline-block;width:3px"> </div>sheets.<div style="display:inline-block;width:4px"> </div></div><div id="a67174" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:305px;">b)<div style="display:inline-block;width:34px"> </div>Bergen Ultra<div style="display:inline-block;width:2px"> </div>LP, or Bergen:</div><div id="a67178" style="position:absolute;font-family:'Arial';left:244px;top:305px;"><div style="display:inline-block;width:3px"> </div>Bergen is<div style="display:inline-block;width:2px"> </div>a limited<div style="display:inline-block;width:2px"> </div>partnership which<div style="display:inline-block;width:2px"> </div>was established<div style="display:inline-block;width:2px"> </div>for the<div style="display:inline-block;width:2px"> </div>purpose </div><div id="a67182" style="position:absolute;font-family:'Arial';left:6px;top:322px;">of acquiring,<div style="display:inline-block;width:2px"> </div>owning, chartering<div style="display:inline-block;width:2px"> </div>and/or operating<div style="display:inline-block;width:2px"> </div>a vessel.<div style="display:inline-block;width:2px"> </div>Bergen was<div style="display:inline-block;width:2px"> </div>a wholly<div style="display:inline-block;width:2px"> </div>owned subsidiary<div style="display:inline-block;width:2px"> </div>of Diana, </div><div id="a67183" style="position:absolute;font-family:'Arial';left:6px;top:339px;">which on February<div style="display:inline-block;width:3px"> </div>14, 2023, signed<div style="display:inline-block;width:2px"> </div>a Memorandum of<div style="display:inline-block;width:3px"> </div>Agreement to acquire<div style="display:inline-block;width:2px"> </div>from an unrelated<div style="display:inline-block;width:3px"> </div>third-party </div><div id="a67191" style="position:absolute;font-family:'Arial';left:6px;top:356px;">an Ultramax dry bulk vessel,<div style="display:inline-block;width:5px"> </div>delivered on April 10, 2023. On March<div style="display:inline-block;width:6px"> </div>30, 2023, Bergen entered into a loan </div><div id="a67198" style="position:absolute;font-family:'Arial';left:6px;top:373px;">agreement with Nordea<div style="display:inline-block;width:2px"> </div>for a $</div><div id="a67198_29_6" style="position:absolute;font-family:'Arial';left:202px;top:373px;"><ix:nonFraction id="ID_400" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Mar30_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_LoanAgreementWithNordeaMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15,400</ix:nonFraction></div><div id="a67198_35_71" style="position:absolute;font-family:'Arial';left:247px;top:373px;"><div style="display:inline-block;width:4px"> </div>loan to finance<div style="display:inline-block;width:2px"> </div>part of the<div style="display:inline-block;width:3px"> </div>purchase price of<div style="display:inline-block;width:2px"> </div>the vessel. On<div style="display:inline-block;width:3px"> </div>the same </div><div id="a67199" style="position:absolute;font-family:'Arial';left:6px;top:389px;">date, the Company entered into a<div style="display:inline-block;width:6px"> </div>corporate guarantee with Nordea to secure<div style="display:inline-block;width:6px"> </div>Bergen’s obligations under </div><div id="a67202" style="position:absolute;font-family:'Arial';left:6px;top:406px;">the loan. On April 28, 2023,<div style="display:inline-block;width:3px"> </div>the Company entered into (i)<div style="display:inline-block;width:3px"> </div>an investment agreement with an<div style="display:inline-block;width:3px"> </div>unrelated third </div><div id="a67207" style="position:absolute;font-family:'Arial';left:6px;top:423px;">party to<div style="display:inline-block;width:6px"> </div>acquire </div><div id="a67207_17_2" style="position:absolute;font-family:'Arial';left:115px;top:423px;"><ix:nonFraction id="ID_383" name="us-gaap:LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_dei_LegalEntityAxis_dsx_EcobulkAsMember_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">75</ix:nonFraction></div><div id="a67207_19_86" style="position:absolute;font-family:'Arial';left:131px;top:423px;">% of<div style="display:inline-block;width:6px"> </div>the limited<div style="display:inline-block;width:6px"> </div>partnership interests;<div style="display:inline-block;width:6px"> </div>(ii) an<div style="display:inline-block;width:6px"> </div>amended limited<div style="display:inline-block;width:6px"> </div>partnership agreement </div><div id="a67211" style="position:absolute;font-family:'Arial';left:6px;top:440px;">under<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>acts<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>General<div style="display:inline-block;width:7px"> </div>Partner<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>partnership<div style="display:inline-block;width:7px"> </div>through<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>wholly<div style="display:inline-block;width:7px"> </div>owned </div><div id="a67212" style="position:absolute;font-family:'Arial';left:6px;top:457px;">subsidiary Diana General<div style="display:inline-block;width:2px"> </div>Partner Inc.; (iii)<div style="display:inline-block;width:3px"> </div>an administrative service<div style="display:inline-block;width:2px"> </div>agreement under which<div style="display:inline-block;width:2px"> </div>DSS provides </div><div id="a67213" style="position:absolute;font-family:'Arial';left:6px;top:474px;">administrative<div style="display:inline-block;width:7px"> </div>services<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>Bergen;<div style="display:inline-block;width:7px"> </div>(iv)<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>commission<div style="display:inline-block;width:6px"> </div>agreement<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:7px"> </div>a </div><div id="a67215" style="position:absolute;font-family:'Arial';left:6px;top:491px;">commission<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>balance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>loan,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>compensation<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>guarantee<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:6px"> </div>to </div><div id="a67216" style="position:absolute;font-family:'Arial';left:6px;top:507px;">Nordea and (v)<div style="display:inline-block;width:5px"> </div>a convertible loan with<div style="display:inline-block;width:6px"> </div>Bergen under which Bergen<div style="display:inline-block;width:6px"> </div>would have to repay<div style="display:inline-block;width:6px"> </div>all expenditures </div><div id="a67218" style="position:absolute;font-family:'Arial';left:6px;top:524px;">made by the<div style="display:inline-block;width:6px"> </div>Company for the acquisition<div style="display:inline-block;width:6px"> </div>of the vessel.<div style="display:inline-block;width:5px"> </div>Pursuant to the<div style="display:inline-block;width:6px"> </div>terms of the<div style="display:inline-block;width:6px"> </div>convertible loan, on </div><div id="a67223" style="position:absolute;font-family:'Arial';left:6px;top:541px;">April<div style="display:inline-block;width:6px"> </div>28,<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>received<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:7px"> </div>Bergen<div style="display:inline-block;width:6px"> </div>$</div><div id="a67223_50_6" style="position:absolute;font-family:'Arial';left:368px;top:541px;"><ix:nonFraction id="ID_927" name="us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">25,189</ix:nonFraction></div><div id="a67223_56_29" style="position:absolute;font-family:'Arial';left:413px;top:541px;"><div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>while<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:7px"> </div>amount<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a67223_85_5" style="position:absolute;font-family:'Arial';left:621px;top:541px;"><ix:nonFraction id="ID_56" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,675</ix:nonFraction></div><div id="a67223_90_5" style="position:absolute;font-family:'Arial';left:657px;top:541px;"><div style="display:inline-block;width:7px"> </div>was </div><div id="a67224" style="position:absolute;font-family:'Arial';left:6px;top:558px;">converted into partnership interests in Bergen, representing </div><div id="a67224_61_2" style="position:absolute;font-family:'Arial';left:396px;top:558px;"><ix:nonFraction id="ID_276" name="us-gaap:LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">25</ix:nonFraction></div><div id="a67224_63_38" style="position:absolute;font-family:'Arial';left:412px;top:558px;">% of the total partnership interests. </div><div id="a67227" style="position:absolute;font-family:'Arial';left:6px;top:592px;">The Company<div style="display:inline-block;width:5px"> </div>evaluated its variable<div style="display:inline-block;width:6px"> </div>interests in Bergen<div style="display:inline-block;width:6px"> </div>under ASC<div style="display:inline-block;width:5px"> </div>810 and concluded<div style="display:inline-block;width:6px"> </div>that Bergen<div style="display:inline-block;width:5px"> </div>is a </div><div id="a67228" style="position:absolute;font-family:'Arial';left:6px;top:609px;">VIE and that the Company does<div style="display:inline-block;width:3px"> </div>not individually have the power<div style="display:inline-block;width:3px"> </div>to direct the activities of the<div style="display:inline-block;width:3px"> </div>VIE that most </div><div id="a67229" style="position:absolute;font-family:'Arial';left:6px;top:626px;">significantly affect the partnership’s performance. From April 28, 2023 the Company no<div style="display:inline-block;width:5px"> </div>longer retains the </div><div id="a67231" style="position:absolute;font-family:'Arial';left:6px;top:642px;">power to<div style="display:inline-block;width:5px"> </div>control the board<div style="display:inline-block;width:6px"> </div>of directors. On<div style="display:inline-block;width:6px"> </div>the same date,<div style="display:inline-block;width:6px"> </div>Bergen was considered<div style="display:inline-block;width:6px"> </div>an affiliate<div style="display:inline-block;width:5px"> </div>entity and </div><div id="a67238" style="position:absolute;font-family:'Arial';left:6px;top:659px;">not a controlled subsidiary of the Company. The Company accounted for the deconsolidation<div style="display:inline-block;width:2px"> </div>of Bergen in </div><div id="a67239" style="position:absolute;font-family:'Arial';left:6px;top:676px;">accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>610<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>retained<div style="display:inline-block;width:6px"> </div>noncontrolling<div style="display:inline-block;width:5px"> </div>interest<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>accounted<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>equity </div><div id="a67240" style="position:absolute;font-family:'Arial';left:6px;top:693px;">method due to the Company’s significant influence over Bergen. </div><div id="a67245" style="position:absolute;font-family:'Arial';left:6px;top:727px;">On<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>deconsolidation,<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a67245_86_5" style="position:absolute;font-family:'Arial';left:591px;top:727px;"><ix:nonFraction id="ID_250" name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AS_OF_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,519</ix:nonFraction></div><div id="a67245_91_9" style="position:absolute;font-family:'Arial';left:628px;top:727px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>was </div><div id="a67247" style="position:absolute;font-family:'Arial';left:6px;top:744px;">calculated through<div style="display:inline-block;width:6px"> </div>Level 2<div style="display:inline-block;width:6px"> </div>inputs of<div style="display:inline-block;width:6px"> </div>the fair<div style="display:inline-block;width:6px"> </div>value hierarchy<div style="display:inline-block;width:6px"> </div>in accordance<div style="display:inline-block;width:6px"> </div>with ASC<div style="display:inline-block;width:6px"> </div>610, by<div style="display:inline-block;width:6px"> </div>taking into </div></div></div></ix:nonNumeric></div></div>
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<div id="a67253" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a67255" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a67257" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a67259" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a67266" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-22 </div><div id="div_218_XBRL_TS_265b5c07aee641c58391a4a5baa908f2_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_265b5c07aee641c58391a4a5baa908f2_1"><div id="TextBlockContainer219" style="position:relative;line-height:normal;width:704px;height:646px;"><div style="position:absolute; width:137.4px; height:16.8px; left:52.2px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:41.1px; height:16.8px; left:222.7px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:45px; height:16.8px; left:554.6px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:45px; height:16.8px; left:640.7px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:133.8px; height:17px; left:234px; top:576.9px; background-color:#FFFFFF; "> </div>
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<div id="TextContainer219" style="position:relative;width:704px;z-index:1;"><div id="a67270" style="position:absolute;font-family:'Arial';left:5px;top:0px;">consideration the<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>distinct assets<div style="display:inline-block;width:2px"> </div>and liabilities<div style="display:inline-block;width:2px"> </div>of Bergen<div style="display:inline-block;width:3px"> </div>on the<div style="display:inline-block;width:2px"> </div>date of<div style="display:inline-block;width:2px"> </div>the deconsolidation. </div><div id="a67271" style="position:absolute;font-family:'Arial';left:5px;top:17px;">This resulted in a gain on<div style="display:inline-block;width:5px"> </div>deconsolidation amounting to $</div><div id="a67271_57_3" style="position:absolute;font-family:'Arial';left:379px;top:17px;"><ix:nonFraction id="ID_361" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">844</ix:nonFraction></div><div id="a67271_60_43" style="position:absolute;font-family:'Arial';left:404px;top:17px;">, separately presented in the accompanying </div><div id="a67275" style="position:absolute;font-family:'Arial';left:5px;top:34px;">consolidated statement<div style="display:inline-block;width:2px"> </div>of income,<div style="display:inline-block;width:2px"> </div>being the<div style="display:inline-block;width:2px"> </div>difference between<div style="display:inline-block;width:2px"> </div>the fair<div style="display:inline-block;width:2px"> </div>value of<div style="display:inline-block;width:2px"> </div>the retained<div style="display:inline-block;width:2px"> </div>noncontrolling </div><div id="a67276" style="position:absolute;font-family:'Arial';left:5px;top:51px;">interest plus<div style="display:inline-block;width:6px"> </div>the carrying<div style="display:inline-block;width:5px"> </div>value of<div style="display:inline-block;width:6px"> </div>the liabilities assumed<div style="display:inline-block;width:6px"> </div>by Bergen<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:5px"> </div>carrying value<div style="display:inline-block;width:5px"> </div>of the<div style="display:inline-block;width:6px"> </div>assets </div><div id="a67279" style="position:absolute;font-family:'Arial';left:5px;top:68px;">derecognized. </div><div id="a67281" style="position:absolute;font-family:'Arial';left:5px;top:103px;">As<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>December<div style="display:inline-block;width:8px"> </div>31,<div style="display:inline-block;width:8px"> </div>2024<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>2023,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>investment<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>Bergen<div style="display:inline-block;width:8px"> </div>amounted<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>$</div><div id="a67281_72_5" style="position:absolute;font-family:'Arial';left:562px;top:103px;"><ix:nonFraction id="ID_610" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,012</ix:nonFraction></div><div id="a67281_77_6" style="position:absolute;font-family:'Arial';left:599px;top:103px;"><div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>$</div><div id="a67281_83_5" style="position:absolute;font-family:'Arial';left:648px;top:103px;"><ix:nonFraction id="ID_231" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,700</ix:nonFraction></div><div id="a67281_88_2" style="position:absolute;font-family:'Arial';left:685px;top:103px;">, </div><div id="a67293" style="position:absolute;font-family:'Arial';left:5px;top:120px;">respectively,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>method<div style="display:inline-block;width:6px"> </div>investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>accompanying<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>balance </div><div id="a67294" style="position:absolute;font-family:'Arial';left:5px;top:137px;">sheets. In 2024 and 2023, the investment in Bergen<div style="display:inline-block;width:3px"> </div>resulted in a gain of $</div><div id="a67294_74_3" style="position:absolute;font-family:'Arial';left:485px;top:137px;"><ix:nonFraction id="ID_102" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">312</ix:nonFraction></div><div id="a67294_77_6" style="position:absolute;font-family:'Arial';left:510px;top:137px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67294_83_3" style="position:absolute;font-family:'Arial';left:551px;top:137px;"><ix:nonFraction id="ID_609" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">181</ix:nonFraction></div><div id="a67294_86_19" style="position:absolute;font-family:'Arial';left:575px;top:137px;">, respectively and </div><div id="a67300" style="position:absolute;font-family:'Arial';left:5px;top:154px;">is included in gain/(loss) from equity<div style="display:inline-block;width:2px"> </div>method investments in the accompanying<div style="display:inline-block;width:2px"> </div>consolidated statements<div style="display:inline-block;width:3px"> </div>of </div><div id="a67317" style="position:absolute;font-family:'Arial';left:5px;top:170px;">income. Also, in 2024<div style="display:inline-block;width:6px"> </div>and 2023, income from<div style="display:inline-block;width:5px"> </div>management fees from Bergen amounted<div style="display:inline-block;width:6px"> </div>to $</div><div id="a67317_85_2" style="position:absolute;font-family:'Arial';left:611px;top:170px;"><ix:nonFraction id="ID_452" name="us-gaap:Revenues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ProductOrServiceAxis_dsx_AdministrativeServiceAgreementMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15</ix:nonFraction></div><div id="a67317_87_6" style="position:absolute;font-family:'Arial';left:627px;top:170px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a67317_93_2" style="position:absolute;font-family:'Arial';left:669px;top:170px;"><ix:nonFraction id="ID_611" name="us-gaap:Revenues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ProductOrServiceAxis_dsx_AdministrativeServiceAgreementMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10</ix:nonFraction></div><div id="a67317_95_2" style="position:absolute;font-family:'Arial';left:685px;top:170px;">, </div><div id="a67326" style="position:absolute;font-family:'Arial';left:5px;top:187px;">respectively,<div style="display:inline-block;width:9px"> </div>included<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>time<div style="display:inline-block;width:8px"> </div>charter<div style="display:inline-block;width:8px"> </div>revenues<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>income<div style="display:inline-block;width:8px"> </div>from<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>commission<div style="display:inline-block;width:8px"> </div>paid<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>loan </div><div id="a67328" style="position:absolute;font-family:'Arial';left:5px;top:204px;">guarantee<div style="display:inline-block;width:8px"> </div>amounted<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>$</div><div id="a67328_23_2" style="position:absolute;font-family:'Arial';left:182px;top:204px;"><ix:nonFraction id="ID_207" name="us-gaap:InterestIncomeOperating" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ProductOrServiceAxis_dsx_CommissionOnLoanGuaranteeMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">40</ix:nonFraction></div><div id="a67328_25_6" style="position:absolute;font-family:'Arial';left:199px;top:204px;"><div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>$</div><div id="a67328_31_2" style="position:absolute;font-family:'Arial';left:248px;top:204px;"><ix:nonFraction id="ID_612" name="us-gaap:InterestIncomeOperating" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ProductOrServiceAxis_dsx_CommissionOnLoanGuaranteeMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28</ix:nonFraction></div><div id="a67328_33_60" style="position:absolute;font-family:'Arial';left:264px;top:204px;">,<div style="display:inline-block;width:8px"> </div>included<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>interest<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>income<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>accompanying </div><div id="a67329" style="position:absolute;font-family:'Arial';left:5px;top:221px;">consolidated statements<div style="display:inline-block;width:3px"> </div>of income. As<div style="display:inline-block;width:2px"> </div>of December 31,<div style="display:inline-block;width:2px"> </div>2024 and 2023,<div style="display:inline-block;width:2px"> </div>there was an<div style="display:inline-block;width:2px"> </div>amount of $</div><div id="a67329_93_3" style="position:absolute;font-family:'Arial';left:637px;top:221px;"><ix:nonFraction id="ID_613" name="us-gaap:AccountsReceivableNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">246</ix:nonFraction></div><div id="a67329_96_5" style="position:absolute;font-family:'Arial';left:661px;top:221px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a67334" style="position:absolute;font-family:'Arial';left:5px;top:238px;">$</div><div id="a67334_1_3" style="position:absolute;font-family:'Arial';left:14px;top:238px;"><ix:nonFraction id="ID_614" name="us-gaap:AccountsReceivableNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">443</ix:nonFraction></div><div id="a67334_4_94" style="position:absolute;font-family:'Arial';left:38px;top:238px;">, respectively, due from Bergen included in due from related parties, current and non-current.</div><div id="a67338" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:273px;">c)<div style="display:inline-block;width:35px"> </div>Windward Offshore<div style="display:inline-block;width:2px"> </div>GmbH,<div style="display:inline-block;width:3px"> </div>or Windward:</div><div id="a67345" style="position:absolute;font-family:'Arial';left:335px;top:273px;"><div style="display:inline-block;width:3px"> </div>On November<div style="display:inline-block;width:2px"> </div>7, 2023,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>through its<div style="display:inline-block;width:2px"> </div>wholly </div><div id="a67347" style="position:absolute;font-family:'Arial';left:5px;top:290px;">owned subsidiary Diana<div style="display:inline-block;width:3px"> </div>Energize Inc., or Diana<div style="display:inline-block;width:2px"> </div>Energize, entered into a<div style="display:inline-block;width:2px"> </div>joint venture agreement, with </div><div id="a67347_102_3" style="position:absolute;font-family:'Arial';left:667px;top:290px;"><ix:nonFraction id="ID_168" name="dsx:NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="Item" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></div><div id="a67350" style="position:absolute;font-family:'Arial';left:5px;top:307px;">unrelated companies<div style="display:inline-block;width:3px"> </div>to form Windward<div style="display:inline-block;width:2px"> </div>Offshore GmbH &<div style="display:inline-block;width:2px"> </div>Co. KG or<div style="display:inline-block;width:2px"> </div>Windward, based<div style="display:inline-block;width:3px"> </div>in Germany, for the </div><div id="a67352" style="position:absolute;font-family:'Arial';left:5px;top:324px;">purpose of<div style="display:inline-block;width:2px"> </div>establishing and<div style="display:inline-block;width:2px"> </div>operating an<div style="display:inline-block;width:2px"> </div>offshore wind<div style="display:inline-block;width:2px"> </div>vessel company<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:2px"> </div>aim of<div style="display:inline-block;width:2px"> </div>becoming a<div style="display:inline-block;width:2px"> </div>leading </div><div id="a67353" style="position:absolute;font-family:'Arial';left:5px;top:341px;">provider<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>service<div style="display:inline-block;width:7px"> </div>vessels<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>growing<div style="display:inline-block;width:7px"> </div>offshore<div style="display:inline-block;width:7px"> </div>wind<div style="display:inline-block;width:7px"> </div>industry<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>acquire<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>vessels.<div style="display:inline-block;width:7px"> </div>Diana </div><div id="a67356" style="position:absolute;font-family:'Arial';left:5px;top:358px;">Energize agreed<div style="display:inline-block;width:6px"> </div>to contribute </div><div id="a67356_30_10" style="position:absolute;font-family:'Arial';left:206px;top:358px;"><ix:nonFraction id="ID_811" name="us-gaap:LongTermPurchaseCommitmentAmount" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="EUR" decimals="0" format="ixt:numdotdecimal">25,000,000</ix:nonFraction></div><div id="a67356_40_13" style="position:absolute;font-family:'Arial';left:279px;top:358px;"><div style="display:inline-block;width:5px"> </div>Euro, being </div><div id="a67356_53_5" style="position:absolute;font-family:'Arial';left:365px;top:358px;"><ix:nonFraction id="ID_810" name="us-gaap:LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_OwnershipAxis_dsx_DianaEnergizeMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">45.45</ix:nonFraction></div><div id="a67356_58_47" style="position:absolute;font-family:'Arial';left:402px;top:358px;">% of<div style="display:inline-block;width:6px"> </div>the limited<div style="display:inline-block;width:6px"> </div>partnership’s capital<div style="display:inline-block;width:6px"> </div>for the </div><div id="a67368" style="position:absolute;font-family:'Arial';left:5px;top:375px;">construction of two CSOVs, and<div style="display:inline-block;width:3px"> </div>in January 2024 agreed to<div style="display:inline-block;width:3px"> </div>increase its contribution to </div><div id="a67368_86_10" style="position:absolute;font-family:'Arial';left:564px;top:375px;"><ix:nonFraction id="ID_615" name="us-gaap:LongTermPurchaseCommitmentAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="EUR" decimals="0" format="ixt:numdotdecimal">50,000,000</ix:nonFraction></div><div id="a67368_96_9" style="position:absolute;font-family:'Arial';left:637px;top:375px;"><div style="display:inline-block;width:4px"> </div>Euro or </div><div id="a67370" style="position:absolute;font-family:'Arial';left:5px;top:392px;"><ix:nonFraction id="ID_919" name="us-gaap:LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_OwnershipAxis_dsx_DianaEnergizeMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">45.87</ix:nonFraction></div><div id="a67370_5_103" style="position:absolute;font-family:'Arial';left:42px;top:392px;">% of the limited partnership’s capital pursuant to<div style="display:inline-block;width:3px"> </div>a novated agreement in order for the<div style="display:inline-block;width:3px"> </div>partnership to </div><div id="a67373" style="position:absolute;font-family:'Arial';left:5px;top:408px;">place orders for two<div style="display:inline-block;width:5px"> </div>additional CSOVs. As of<div style="display:inline-block;width:6px"> </div>December 31, 2024 and 2023,<div style="display:inline-block;width:6px"> </div>the investment in Windward </div><div id="a67381" style="position:absolute;font-family:'Arial';left:5px;top:425px;">amounted to<div style="display:inline-block;width:7px"> </div>$</div><div id="a67381_13_6" style="position:absolute;font-family:'Arial';left:102px;top:425px;"><ix:nonFraction id="ID_513" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">36,631</ix:nonFraction></div><div id="a67381_19_6" style="position:absolute;font-family:'Arial';left:147px;top:425px;"><div style="display:inline-block;width:6px"> </div>and $</div><div id="a67381_25_6" style="position:absolute;font-family:'Arial';left:191px;top:425px;"><ix:nonFraction id="ID_339" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,063</ix:nonFraction></div><div id="a67381_31_71" style="position:absolute;font-family:'Arial';left:236px;top:425px;">,<div style="display:inline-block;width:6px"> </div>respectively,<div style="display:inline-block;width:6px"> </div>consisting<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>advances to<div style="display:inline-block;width:7px"> </div>fund<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>construction of<div style="display:inline-block;width:7px"> </div>the </div><div id="a67392" style="position:absolute;font-family:'Arial';left:5px;top:442px;">vessels and working capital. In 2024 and 2023,<div style="display:inline-block;width:3px"> </div>the investment in Windward resulted in a<div style="display:inline-block;width:3px"> </div>loss of $</div><div id="a67392_97_3" style="position:absolute;font-family:'Arial';left:636px;top:442px;"><ix:nonFraction id="ID_484" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">518</ix:nonFraction></div><div id="a67392_100_5" style="position:absolute;font-family:'Arial';left:661px;top:442px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a67397" style="position:absolute;font-family:'Arial';left:5px;top:459px;">$</div><div id="a67397_1_3" style="position:absolute;font-family:'Arial';left:14px;top:459px;"><ix:nonFraction id="ID_616" name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_WindwardMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">671</ix:nonFraction></div><div id="a67397_4_91" style="position:absolute;font-family:'Arial';left:38px;top:459px;">,<div style="display:inline-block;width:10px"> </div>respectively,<div style="display:inline-block;width:11px"> </div>included<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>gain/(loss)<div style="display:inline-block;width:10px"> </div>from<div style="display:inline-block;width:10px"> </div>equity<div style="display:inline-block;width:10px"> </div>method<div style="display:inline-block;width:10px"> </div>investments<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>accompanying </div><div id="a67411" style="position:absolute;font-family:'Arial';left:5px;top:476px;">consolidated statements of income. </div><div id="a67414" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:510px;">d)<div style="display:inline-block;width:34px"> </div>Diana Mariners<div style="display:inline-block;width:2px"> </div>Inc., or<div style="display:inline-block;width:2px"> </div>Diana Mariners:</div><div id="a67421" style="position:absolute;font-family:'Arial';left:322px;top:510px;"><div style="display:inline-block;width:3px"> </div>On September<div style="display:inline-block;width:3px"> </div>12, 2023,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>through its<div style="display:inline-block;width:3px"> </div>wholly </div><div id="a67423" style="position:absolute;font-family:'Arial';left:5px;top:526px;">owned subsidiary Cebu Shipping<div style="display:inline-block;width:3px"> </div>Company Inc., or Cebu, acquired </div><div id="a67423_63_2" style="position:absolute;font-family:'Arial';left:441px;top:526px;"><ix:nonFraction id="ID_805" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_OwnershipAxis_dsx_CebuMember_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaMarinersMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">24</ix:nonFraction></div><div id="a67423_65_36" style="position:absolute;font-family:'Arial';left:458px;top:526px;">% of Cohen Global Maritime Inc., or </div><div id="a67428" style="position:absolute;font-family:'Arial';left:5px;top:543px;">Cohen,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>company<div style="display:inline-block;width:6px"> </div>organized<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Republic<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Philippines<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>purpose<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>providing<div style="display:inline-block;width:6px"> </div>manning </div><div id="a67434" style="position:absolute;font-family:'Arial';left:5px;top:560px;">agency services.<div style="display:inline-block;width:4px"> </div>In August 2024, Cohen was renamed Diana Mariners and will act as the manning agent </div><div id="a67442" style="position:absolute;font-family:'Arial';left:5px;top:577px;">of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>vessels.<div style="display:inline-block;width:7px"> </div>As<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:7px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>investment<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>Diana </div><div id="a67454" style="position:absolute;font-family:'Arial';left:5px;top:594px;">Mariners amounted to<div style="display:inline-block;width:2px"> </div>$</div><div id="a67454_22_3" style="position:absolute;font-family:'Arial';left:159px;top:594px;"><ix:nonFraction id="ID_806" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_OwnershipAxis_dsx_CebuMember_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaMarinersMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">389</ix:nonFraction></div><div id="a67454_25_6" style="position:absolute;font-family:'Arial';left:183px;top:594px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67454_31_3" style="position:absolute;font-family:'Arial';left:223px;top:594px;"><ix:nonFraction id="ID_807" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_OwnershipAxis_dsx_CebuMember_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_DianaMarinersMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">272</ix:nonFraction></div><div id="a67454_34_43" style="position:absolute;font-family:'Arial';left:248px;top:594px;">, respectively and<div style="display:inline-block;width:2px"> </div>there was an<div style="display:inline-block;width:2px"> </div>amount of $</div><div id="a67454_77_3" style="position:absolute;font-family:'Arial';left:528px;top:594px;"><ix:nonFraction id="ID_808" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_EquityMethodInvesteeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">100</ix:nonFraction></div><div id="a67454_80_6" style="position:absolute;font-family:'Arial';left:552px;top:594px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67454_86_1" style="position:absolute;font-family:'Arial';left:592px;top:594px;"><ix:nonFraction id="ID_809" name="us-gaap:AccountsReceivableNetCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_EquityMethodInvesteeMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">0</ix:nonFraction></div><div id="a67454_87_16" style="position:absolute;font-family:'Arial';left:600px;top:594px;">, respectively, </div><div id="a67468" style="position:absolute;font-family:'Arial';left:5px;top:611px;">due from Diana Mariners included<div style="display:inline-block;width:6px"> </div>in due from related<div style="display:inline-block;width:5px"> </div>parties. As of December 31,<div style="display:inline-block;width:6px"> </div>2024, Diana Mariners </div><div id="a67475" style="position:absolute;font-family:'Arial';left:5px;top:628px;">did not have any operations.</div></div></div></ix:continuation></div><div id="a67475_28_2" style="position:absolute;font-family:'Arial';left:241px;top:760.3px;"><div style="display:inline-block;width:4px"> </div></div><div id="div_221_XBRL_TS_4e1147c10eeb400e892bea829958add5" style="position:absolute;left:51px;top:794px;float:left;"><ix:nonNumeric id="ID_76" name="us-gaap:InvestmentTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_4e1147c10eeb400e892bea829958add5_1" escape="true"><div id="TextBlockContainer222" style="position:relative;line-height:normal;width:706px;height:172px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:195.4px; background-color:#000000; "> </div>
<div id="TextContainer222" style="position:relative;width:706px;z-index:1;"><div id="a67479" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">5.<div style="display:inline-block;width:35px"> </div>Investments in a related party and other</div><div id="a67484" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>OceanPal Inc., or<div style="display:inline-block;width:6px"> </div>OceanPal:</div><div id="a67493" style="position:absolute;font-family:'Arial';left:251px;top:35px;"><div style="display:inline-block;width:5px"> </div>As of December<div style="display:inline-block;width:6px"> </div>31, 2024 and<div style="display:inline-block;width:6px"> </div>2023, the Company<div style="display:inline-block;width:6px"> </div>was the holder </div><div id="a67497" style="position:absolute;font-family:'Arial';left:6px;top:52px;">of </div><div id="a67497_3_7" style="position:absolute;font-family:'Arial';left:22px;top:52px;"><ix:nonFraction id="ID_23" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_133" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">500,000</ix:nonFraction></ix:nonFraction></div><div id="a67497_10_31" style="position:absolute;font-family:'Arial';left:75px;top:52px;"><div style="display:inline-block;width:4px"> </div>Series B Preferred Shares and </div><div id="a67497_41_3" style="position:absolute;font-family:'Arial';left:282px;top:52px;"><ix:nonFraction id="ID_285" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_977" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">207</ix:nonFraction></ix:nonFraction></div><div id="a67497_44_58" style="position:absolute;font-family:'Arial';left:307px;top:52px;"><div style="display:inline-block;width:4px"> </div>of Series C Convertible Preferred<div style="display:inline-block;width:3px"> </div>Shares of OceanPal and </div><div id="a67528" style="position:absolute;font-family:'Arial';left:6px;top:69px;"><ix:nonFraction id="ID_812" name="us-gaap:CommonStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_813" name="us-gaap:CommonStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">3,649,474</ix:nonFraction></ix:nonFraction></div><div id="a67528_9_22" style="position:absolute;font-family:'Arial';left:71px;top:69px;"><div style="display:inline-block;width:6px"> </div>common shares,<div style="display:inline-block;width:7px"> </div>being </div><div id="a67528_31_2" style="position:absolute;font-family:'Arial';left:234px;top:69px;"><ix:nonFraction id="ID_814" name="us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2"><ix:nonFraction id="ID_815" name="us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">49</ix:nonFraction></ix:nonFraction></div><div id="a67528_33_62" style="position:absolute;font-family:'Arial';left:250px;top:69px;">%<div style="display:inline-block;width:6px"> </div>of OceanPal’s<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:6px"> </div>stock.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company applied<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>fair </div><div id="a67558" style="position:absolute;font-family:'Arial';left:6px;top:86px;">value option to<div style="display:inline-block;width:6px"> </div>its investment in<div style="display:inline-block;width:6px"> </div>the common shares<div style="display:inline-block;width:6px"> </div>of OceanPal that<div style="display:inline-block;width:6px"> </div>would otherwise be<div style="display:inline-block;width:6px"> </div>accounted for </div><div id="a67592" style="position:absolute;font-family:'Arial';left:6px;top:103px;">under the equity method of accounting,<div style="display:inline-block;width:2px"> </div>it also applied fair value<div style="display:inline-block;width:3px"> </div>to all of its financial<div style="display:inline-block;width:3px"> </div>interests in OceanPal. </div><div id="a67631" style="position:absolute;font-family:'Arial';left:6px;top:136px;">Series<div style="display:inline-block;width:8px"> </div>B<div style="display:inline-block;width:7px"> </div>preferred<div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:7px"> </div>entitle<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>holder<div style="display:inline-block;width:7px"> </div>to </div><div id="a67631_48_5" style="position:absolute;font-family:'Arial';left:334px;top:136px;"><ix:nonFraction id="ID_308" name="dsx:NumberOfVotesOfStockholders" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember" unitRef="Item" decimals="INF" format="ixt:numdotdecimal">2,000</ix:nonFraction></div><div id="a67631_53_47" style="position:absolute;font-family:'Arial';left:371px;top:136px;"><div style="display:inline-block;width:8px"> </div>votes<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:8px"> </div>matters<div style="display:inline-block;width:7px"> </div>submitted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>vote<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>the </div><div id="a67632" style="position:absolute;font-family:'Arial';left:6px;top:153px;">stockholders of the<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:6px"> </div>provided however,<div style="display:inline-block;width:6px"> </div>that the total<div style="display:inline-block;width:6px"> </div>number of votes<div style="display:inline-block;width:6px"> </div>shall not exceed </div><div id="a67632_95_2" style="position:absolute;font-family:'Arial';left:643px;top:153px;"><ix:nonFraction id="ID_136" name="dsx:MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">34</ix:nonFraction></div><div id="a67632_97_5" style="position:absolute;font-family:'Arial';left:660px;top:153px;">% of </div></div></div></ix:nonNumeric></div></div>
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<div id="a67633" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a67635" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a67637" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a67639" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a67646" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-23 </div><div id="div_224_XBRL_TS_4e1147c10eeb400e892bea829958add5_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_4e1147c10eeb400e892bea829958add5_1" continuedAt="XBRL_TS_4e1147c10eeb400e892bea829958add5_2"><div id="TextBlockContainer225" style="position:relative;line-height:normal;width:704px;height:845px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:856.9px; background-color:#000000; "> </div>
<div id="TextContainer225" style="position:relative;width:704px;z-index:1;"><div id="a67650" style="position:absolute;font-family:'Arial';left:5px;top:0px;">the total<div style="display:inline-block;width:3px"> </div>number of<div style="display:inline-block;width:2px"> </div>votes, provided<div style="display:inline-block;width:2px"> </div>further, that the<div style="display:inline-block;width:2px"> </div>total number<div style="display:inline-block;width:2px"> </div>of votes<div style="display:inline-block;width:2px"> </div>entitled to<div style="display:inline-block;width:2px"> </div>vote, including<div style="display:inline-block;width:2px"> </div>common </div><div id="a67651" style="position:absolute;font-family:'Arial';left:5px;top:17px;">stock or any other voting security,<div style="display:inline-block;width:6px"> </div>would not exceed </div><div id="a67651_53_2" style="position:absolute;font-family:'Arial';left:348px;top:17px;"><ix:nonFraction id="ID_293" name="dsx:MaximumPercentageOfVotesAsPercentageOfTotalVotes" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">49</ix:nonFraction></div><div id="a67651_55_51" style="position:absolute;font-family:'Arial';left:364px;top:17px;">% of the total number of votes. Series B Preferred </div><div id="a67658" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Shares have no dividend or distribution rights. </div><div id="a67673" style="position:absolute;font-family:'Arial';left:5px;top:68px;"><ix:nonNumeric id="ID_189" name="us-gaap:PreferredStockVotingRights" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" continuedAt="XBRL_CS_d6487768bf5f41d9a1fb69bd67fd68bc_1">Series C preferred shares do not have voting rights unless related to amendments of the Articles of </ix:nonNumeric></div><div id="a67674" style="position:absolute;font-family:'Arial';left:5px;top:84px;"><ix:continuation id="XBRL_CS_d6487768bf5f41d9a1fb69bd67fd68bc_1" continuedAt="XBRL_CS_d6487768bf5f41d9a1fb69bd67fd68bc_2">Incorporation that adversely alter the preference, powers or rights of the Series C Preferred Shares or to </ix:continuation></div><div id="a67675" style="position:absolute;font-family:'Arial';left:5px;top:101px;"><ix:continuation id="XBRL_CS_d6487768bf5f41d9a1fb69bd67fd68bc_2">issue Parity Stock or create or issue Senior Stock.</ix:continuation></div><div id="a67675_51_57" style="position:absolute;font-family:'Arial';left:328px;top:101px;"><div style="display:inline-block;width:4px"> </div>Series C preferred<div style="display:inline-block;width:2px"> </div>shares have a<div style="display:inline-block;width:3px"> </div>liquidation preference </div><div id="a67677" style="position:absolute;font-family:'Arial';left:5px;top:118px;">equal<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>stated<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a67677_30_5" style="position:absolute;font-family:'Arial';left:209px;top:118px;"><ix:nonFraction id="ID_503" name="us-gaap:PreferredStockLiquidationPreference" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="EPS" decimals="0" format="ixt:numdotdecimal">1,000</ix:nonFraction></div><div id="a67677_35_63" style="position:absolute;font-family:'Arial';left:246px;top:118px;"><div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:7px"> </div>convertible<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>option </div><div id="a67678" style="position:absolute;font-family:'Arial';left:5px;top:135px;">commencing upon the first anniversary of the issue date, at a conversion price equal to the lesser<div style="display:inline-block;width:6px"> </div>of $</div><div id="a67678_103_3" style="position:absolute;font-family:'Arial';left:669px;top:135px;"><ix:nonFraction id="ID_473" name="us-gaap:PreferredStockConvertibleConversionPrice" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="EPS" decimals="1" format="ixt:numdotdecimal">6.5</ix:nonFraction></div><div id="a67680" style="position:absolute;font-family:'Arial';left:5px;top:152px;">and the<div style="display:inline-block;width:6px"> </div>10-trading day<div style="display:inline-block;width:5px"> </div>trailing VWAP<div style="display:inline-block;width:6px"> </div>of OceanPal’s<div style="display:inline-block;width:6px"> </div>common shares,<div style="display:inline-block;width:6px"> </div>subject to<div style="display:inline-block;width:6px"> </div>adjustments. Dividends </div><div id="a67683" style="position:absolute;font-family:'Arial';left:5px;top:169px;">on<div style="display:inline-block;width:6px"> </div>each<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>cumulative<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>accrue<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>rate<div style="display:inline-block;width:6px"> </div>of </div><div id="a67683_84_1" style="position:absolute;font-family:'Arial';left:586px;top:169px;"><ix:nonFraction id="ID_209" name="us-gaap:PreferredStockDividendRatePercentage" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" scale="-2">8</ix:nonFraction></div><div id="a67683_85_13" style="position:absolute;font-family:'Arial';left:594px;top:169px;">%<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>annum. </div><div id="a67684" style="position:absolute;font-family:'Arial';left:5px;top:186px;">Dividends are payable in cash or, at OceanPal’s election, in kind. </div><div id="a67688" style="position:absolute;font-family:'Arial';left:5px;top:219px;">On October 17,<div style="display:inline-block;width:3px"> </div>2023, the Company<div style="display:inline-block;width:2px"> </div>converted </div><div id="a67688_43_5" style="position:absolute;font-family:'Arial';left:308px;top:219px;"><ix:nonFraction id="ID_382" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">9,793</ix:nonFraction></div><div id="a67688_48_8" style="position:absolute;font-family:'Arial';left:344px;top:219px;"><div style="display:inline-block;width:4px"> </div>of the </div><div id="a67688_56_6" style="position:absolute;font-family:'Arial';left:388px;top:219px;"><ix:nonFraction id="ID_384" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">10,000</ix:nonFraction></div><div id="a67688_62_39" style="position:absolute;font-family:'Arial';left:433px;top:219px;"><div style="display:inline-block;width:4px"> </div>Series C Preferred<div style="display:inline-block;width:2px"> </div>shares of OceanPal </div><div id="a67689" style="position:absolute;font-family:'Arial';left:5px;top:236px;">to </div><div id="a67689_3_9" style="position:absolute;font-family:'Arial';left:23px;top:236px;"><ix:nonFraction id="ID_311" name="us-gaap:ConversionOfStockSharesIssued1" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">3,649,474</ix:nonFraction></div><div id="a67689_12_40" style="position:absolute;font-family:'Arial';left:88px;top:236px;"><div style="display:inline-block;width:5px"> </div>common shares, having a<div style="display:inline-block;width:6px"> </div>fair value of<div style="display:inline-block;width:6px"> </div>$</div><div id="a67689_52_5" style="position:absolute;font-family:'Arial';left:357px;top:236px;"><ix:nonFraction id="ID_294" name="us-gaap:ConversionOfStockAmountConverted1" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,160</ix:nonFraction></div><div id="a67689_57_47" style="position:absolute;font-family:'Arial';left:393px;top:236px;"><div style="display:inline-block;width:5px"> </div>determined through Level<div style="display:inline-block;width:5px"> </div>1 inputs of<div style="display:inline-block;width:6px"> </div>the fair </div><div id="a67696" style="position:absolute;font-family:'Arial';left:5px;top:253px;">value hierarchy, based on<div style="display:inline-block;width:2px"> </div>the closing<div style="display:inline-block;width:3px"> </div>price of<div style="display:inline-block;width:3px"> </div>OceanPal’s common shares<div style="display:inline-block;width:2px"> </div>on the<div style="display:inline-block;width:3px"> </div>date of<div style="display:inline-block;width:3px"> </div>conversion.<div style="display:inline-block;width:3px"> </div>Upon </div><div id="a67705" style="position:absolute;font-family:'Arial';left:5px;top:270px;">conversion the<div style="display:inline-block;width:6px"> </div>Company realized<div style="display:inline-block;width:6px"> </div>a gain<div style="display:inline-block;width:7px"> </div>of $</div><div id="a67705_43_5" style="position:absolute;font-family:'Arial';left:305px;top:270px;"><ix:nonFraction id="ID_974" name="us-gaap:EquitySecuritiesFvNiRealizedGain" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,742</ix:nonFraction></div><div id="a67705_48_53" style="position:absolute;font-family:'Arial';left:341px;top:270px;">,<div style="display:inline-block;width:6px"> </div>being the<div style="display:inline-block;width:6px"> </div>difference between<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>book value<div style="display:inline-block;width:6px"> </div>of the </div><div id="a67708" style="position:absolute;font-family:'Arial';left:5px;top:287px;"><ix:nonFraction id="ID_382A" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">9,793</ix:nonFraction></div><div id="a67708_5_95" style="position:absolute;font-family:'Arial';left:42px;top:287px;"><div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>acquired<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>in </div><div id="a67711" style="position:absolute;font-family:'Arial';left:5px;top:304px;">gain/(loss)<div style="display:inline-block;width:10px"> </div>on<div style="display:inline-block;width:10px"> </div>related<div style="display:inline-block;width:10px"> </div>party<div style="display:inline-block;width:10px"> </div>investments,<div style="display:inline-block;width:10px"> </div>separately<div style="display:inline-block;width:10px"> </div>presented<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>accompanying<div style="display:inline-block;width:10px"> </div>consolidated </div><div id="a67715" style="position:absolute;font-family:'Arial';left:5px;top:321px;">statements<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>income.<div style="display:inline-block;width:6px"> </div>Following<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>conversion,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>beneficial<div style="display:inline-block;width:7px"> </div>owner<div style="display:inline-block;width:7px"> </div>of </div><div id="a67715_87_2" style="position:absolute;font-family:'Arial';left:614px;top:321px;"><ix:nonFraction id="ID_191" name="us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" contextRef="FROM_Oct17_2023_TO_Oct17_2023_Entity_0001318885_srt_CounterpartyNameAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCConvertiblePreferredStockMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">49</ix:nonFraction></div><div id="a67715_89_9" style="position:absolute;font-family:'Arial';left:630px;top:321px;">%<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the </div><div id="a67722" style="position:absolute;font-family:'Arial';left:5px;top:337px;">outstanding common<div style="display:inline-block;width:3px"> </div>stock of<div style="display:inline-block;width:3px"> </div>OceanPal and since<div style="display:inline-block;width:2px"> </div>the shares are<div style="display:inline-block;width:2px"> </div>listed at<div style="display:inline-block;width:3px"> </div>NASDAQ, the Company<div style="display:inline-block;width:2px"> </div>elected </div><div id="a67725" style="position:absolute;font-family:'Arial';left:5px;top:354px;">to account for its common stock ownership in OceanPal at fair value.<div style="display:inline-block;width:33px"> </div></div><div id="a67733" style="position:absolute;font-family:'Arial';left:5px;top:388px;">As<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:7px"> </div>2024<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company’s<div style="display:inline-block;width:7px"> </div>investment<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:7px"> </div>stock<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>OceanPal </div><div id="a67736" style="position:absolute;font-family:'Arial';left:5px;top:405px;">amounted to $</div><div id="a67736_13_5" style="position:absolute;font-family:'Arial';left:100px;top:405px;"><ix:nonFraction id="ID_520" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,235</ix:nonFraction></div><div id="a67736_18_6" style="position:absolute;font-family:'Arial';left:137px;top:405px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67736_24_5" style="position:absolute;font-family:'Arial';left:178px;top:405px;"><ix:nonFraction id="ID_474" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,138</ix:nonFraction></div><div id="a67736_29_73" style="position:absolute;font-family:'Arial';left:215px;top:405px;">, respectively,<div style="display:inline-block;width:6px"> </div>being the fair value of OceanPal’s<div style="display:inline-block;width:6px"> </div>common shares on that </div><div id="a67744" style="position:absolute;font-family:'Arial';left:5px;top:422px;">date, determined through Level 1<div style="display:inline-block;width:6px"> </div>inputs of the fair<div style="display:inline-block;width:6px"> </div>value hierarchy.<div style="display:inline-block;width:5px"> </div>In 2024 and 2023,<div style="display:inline-block;width:6px"> </div>unrealized loss on </div><div id="a67755" style="position:absolute;font-family:'Arial';left:5px;top:439px;">investment<div style="display:inline-block;width:8px"> </div>amounted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>$</div><div id="a67755_24_5" style="position:absolute;font-family:'Arial';left:185px;top:439px;"><ix:nonFraction id="ID_618" name="us-gaap:EquitySecuritiesFvNiUnrealizedLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,905</ix:nonFraction></div><div id="a67755_29_6" style="position:absolute;font-family:'Arial';left:221px;top:439px;"><div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>$</div><div id="a67755_35_5" style="position:absolute;font-family:'Arial';left:269px;top:439px;"><ix:nonFraction id="ID_617" name="us-gaap:EquitySecuritiesFvNiUnrealizedLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,022</ix:nonFraction></div><div id="a67755_40_59" style="position:absolute;font-family:'Arial';left:306px;top:439px;">,<div style="display:inline-block;width:8px"> </div>respectively,<div style="display:inline-block;width:8px"> </div>resulting<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:8px"> </div>such<div style="display:inline-block;width:7px"> </div>valuation,<div style="display:inline-block;width:7px"> </div>included<div style="display:inline-block;width:7px"> </div>in </div><div id="a67765" style="position:absolute;font-family:'Arial';left:5px;top:455px;">gain/(loss)<div style="display:inline-block;width:10px"> </div>on<div style="display:inline-block;width:10px"> </div>related<div style="display:inline-block;width:10px"> </div>party<div style="display:inline-block;width:10px"> </div>investments,<div style="display:inline-block;width:10px"> </div>separately<div style="display:inline-block;width:10px"> </div>presented<div style="display:inline-block;width:10px"> </div>in<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>accompanying<div style="display:inline-block;width:10px"> </div>consolidated </div><div id="a67772" style="position:absolute;font-family:'Arial';left:5px;top:472px;">statements of income. </div><div id="a67775" style="position:absolute;font-family:'Arial';left:5px;top:506px;">As of<div style="display:inline-block;width:2px"> </div>December 31,<div style="display:inline-block;width:2px"> </div>2024 and<div style="display:inline-block;width:2px"> </div>2023, the<div style="display:inline-block;width:2px"> </div>Company’s investment<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>Series B<div style="display:inline-block;width:2px"> </div>preferred shares<div style="display:inline-block;width:2px"> </div>and Series </div><div id="a67783" style="position:absolute;font-family:'Arial';left:5px;top:523px;">C preferred shares,<div style="display:inline-block;width:2px"> </div>amounted to $</div><div id="a67783_33_3" style="position:absolute;font-family:'Arial';left:227px;top:523px;"><ix:nonFraction id="ID_619" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesBAndSeriesCPreferredSharesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">180</ix:nonFraction></div><div id="a67783_36_6" style="position:absolute;font-family:'Arial';left:252px;top:523px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67783_42_3" style="position:absolute;font-family:'Arial';left:292px;top:523px;"><ix:nonFraction id="ID_197" name="us-gaap:EquitySecuritiesFVNINoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesBAndSeriesCPreferredSharesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">180</ix:nonFraction></div><div id="a67783_45_27" style="position:absolute;font-family:'Arial';left:316px;top:523px;">, respectively, including $</div><div id="a67783_72_1" style="position:absolute;font-family:'Arial';left:478px;top:523px;"><ix:nonFraction id="ID_981" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3</ix:nonFraction></div><div id="a67783_73_6" style="position:absolute;font-family:'Arial';left:486px;top:523px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67783_79_1" style="position:absolute;font-family:'Arial';left:527px;top:523px;"><ix:nonFraction id="ID_982" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3</ix:nonFraction></div><div id="a67783_80_26" style="position:absolute;font-family:'Arial';left:535px;top:523px;">, respectively, dividends </div><div id="a67791" style="position:absolute;font-family:'Arial';left:5px;top:540px;">receivable<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>shares,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>related<div style="display:inline-block;width:6px"> </div>party<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the </div><div id="a67801" style="position:absolute;font-family:'Arial';left:5px;top:557px;">accompanying consolidated balance sheets. </div><div id="a67805" style="position:absolute;font-family:'Arial';left:5px;top:590px;">In 2023<div style="display:inline-block;width:5px"> </div>and 2022, the<div style="display:inline-block;width:6px"> </div>Company distributed </div><div id="a67805_42_6" style="position:absolute;font-family:'Arial';left:296px;top:590px;"><ix:nonFraction id="ID_816" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">13,157</ix:nonFraction></div><div id="a67805_48_5" style="position:absolute;font-family:'Arial';left:341px;top:590px;"><div style="display:inline-block;width:5px"> </div>and </div><div id="a67805_53_6" style="position:absolute;font-family:'Arial';left:375px;top:590px;"><ix:nonFraction id="ID_375" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">25,000</ix:nonFraction></div><div id="a67805_59_42" style="position:absolute;font-family:'Arial';left:420px;top:590px;"><div style="display:inline-block;width:5px"> </div>Series D Preferred<div style="display:inline-block;width:6px"> </div>Shares, respectively, </div><div id="a67826" style="position:absolute;font-family:'Arial';left:5px;top:607px;">as non-cash dividends<div style="display:inline-block;width:4px"> </div>to its shareholders (Note 11).<div style="display:inline-block;width:5px"> </div>The Series D Preferred Shares were offered as non-</div><div id="a67854" style="position:absolute;font-family:'Arial';left:5px;top:624px;">cash consideration<div style="display:inline-block;width:2px"> </div>for the<div style="display:inline-block;width:3px"> </div>sale of<div style="display:inline-block;width:2px"> </div>the vessels<div style="display:inline-block;width:3px"> </div>Melia (in<div style="display:inline-block;width:2px"> </div>2023) (Note<div style="display:inline-block;width:2px"> </div>6) and<div style="display:inline-block;width:2px"> </div>Baltimore (in<div style="display:inline-block;width:2px"> </div>2022) to<div style="display:inline-block;width:3px"> </div>OceanPal. </div><div id="a67864" style="position:absolute;font-family:'Arial';left:5px;top:641px;">The Company<div style="display:inline-block;width:6px"> </div>accounted for<div style="display:inline-block;width:6px"> </div>the transactions<div style="display:inline-block;width:6px"> </div>as a<div style="display:inline-block;width:7px"> </div>nonreciprocal transfer<div style="display:inline-block;width:6px"> </div>with its<div style="display:inline-block;width:7px"> </div>owners in<div style="display:inline-block;width:6px"> </div>accordance </div><div id="a67895" style="position:absolute;font-family:'Arial';left:5px;top:658px;">with ASC<div style="display:inline-block;width:6px"> </div>845 and measured<div style="display:inline-block;width:6px"> </div>the fair<div style="display:inline-block;width:6px"> </div>value of the<div style="display:inline-block;width:6px"> </div>preferred shares on<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>of declaration at<div style="display:inline-block;width:6px"> </div>$</div><div id="a67895_96_6" style="position:absolute;font-family:'Arial';left:644px;top:658px;"><ix:nonFraction id="ID_817" name="us-gaap:EquitySecuritiesFvNiCurrentAndNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,761</ix:nonFraction></div><div id="a67903" style="position:absolute;font-family:'Arial';left:5px;top:675px;">and $</div><div id="a67903_5_6" style="position:absolute;font-family:'Arial';left:43px;top:675px;"><ix:nonFraction id="ID_818" name="us-gaap:EquitySecuritiesFvNiCurrentAndNoncurrent" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">18,189</ix:nonFraction></div><div id="a67903_11_92" style="position:absolute;font-family:'Arial';left:88px;top:675px;">, respectively.<div style="display:inline-block;width:6px"> </div>The fair<div style="display:inline-block;width:5px"> </div>value of the<div style="display:inline-block;width:6px"> </div>Series D<div style="display:inline-block;width:5px"> </div>Preferred Shares was<div style="display:inline-block;width:6px"> </div>determined by using<div style="display:inline-block;width:6px"> </div>the </div><div id="a67908" style="position:absolute;font-family:'Arial';left:5px;top:692px;">income approach,<div style="display:inline-block;width:3px"> </div>taking into<div style="display:inline-block;width:2px"> </div>account the<div style="display:inline-block;width:3px"> </div>present value<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>future cash<div style="display:inline-block;width:3px"> </div>flows, the<div style="display:inline-block;width:3px"> </div>holder of<div style="display:inline-block;width:3px"> </div>shares would </div><div id="a67909" style="position:absolute;font-family:'Arial';left:5px;top:708px;">expect to receive from holding<div style="display:inline-block;width:3px"> </div>the equity instrument. In 2023 and 2022,<div style="display:inline-block;width:2px"> </div>the transactions<div style="display:inline-block;width:3px"> </div>resulted in a gain </div><div id="a67924" style="position:absolute;font-family:'Arial';left:5px;top:725px;">of $</div><div id="a67924_4_3" style="position:absolute;font-family:'Arial';left:31px;top:725px;"><ix:nonFraction id="ID_621" name="us-gaap:EquitySecuritiesFvNiRealizedGain" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">761</ix:nonFraction></div><div id="a67924_7_6" style="position:absolute;font-family:'Arial';left:55px;top:725px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a67924_13_3" style="position:absolute;font-family:'Arial';left:97px;top:725px;"><ix:nonFraction id="ID_620" name="us-gaap:EquitySecuritiesFvNiRealizedGain" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">589</ix:nonFraction></div><div id="a67924_16_90" style="position:absolute;font-family:'Arial';left:121px;top:725px;">, respectively,<div style="display:inline-block;width:6px"> </div>being the difference<div style="display:inline-block;width:6px"> </div>between the fair<div style="display:inline-block;width:6px"> </div>value and the<div style="display:inline-block;width:6px"> </div>carrying value of the </div><div id="a67957" style="position:absolute;font-family:'Arial';left:5px;top:742px;">investments, separately<div style="display:inline-block;width:2px"> </div>presented as gain/(loss)<div style="display:inline-block;width:2px"> </div>on related party<div style="display:inline-block;width:2px"> </div>investments in<div style="display:inline-block;width:3px"> </div>the related accompanying </div><div id="a67970" style="position:absolute;font-family:'Arial';left:5px;top:759px;">consolidated statements<div style="display:inline-block;width:3px"> </div>of income. </div><div id="a67976" style="position:absolute;font-family:'Arial';left:5px;top:793px;">In<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:5px"> </div>income<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>C<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:5px"> </div>D<div style="display:inline-block;width:6px"> </div>OceanPal<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>shares </div><div id="a67979" style="position:absolute;font-family:'Arial';left:5px;top:810px;">amounted to $</div><div id="a67979_13_2" style="position:absolute;font-family:'Arial';left:99px;top:810px;"><ix:nonFraction id="ID_277" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCAndSeriesDPreferredSharesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17</ix:nonFraction></div><div id="a67979_15_3" style="position:absolute;font-family:'Arial';left:115px;top:810px;">, $</div><div id="a67979_18_3" style="position:absolute;font-family:'Arial';left:131px;top:810px;"><ix:nonFraction id="ID_402" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCAndSeriesDPreferredSharesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">801</ix:nonFraction></div><div id="a67979_21_6" style="position:absolute;font-family:'Arial';left:156px;top:810px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67979_27_3" style="position:absolute;font-family:'Arial';left:196px;top:810px;"><ix:nonFraction id="ID_482" name="us-gaap:InvestmentIncomeDividend" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_OceanpalMember_us-gaap_StatementClassOfStockAxis_dsx_SeriesCAndSeriesDPreferredSharesMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">917</ix:nonFraction></div><div id="a67979_30_74" style="position:absolute;font-family:'Arial';left:220px;top:810px;">, respectively, included in interest and<div style="display:inline-block;width:3px"> </div>other income in the<div style="display:inline-block;width:2px"> </div>accompanying </div><div id="a67980" style="position:absolute;font-family:'Arial';left:5px;top:827px;">consolidated statements of income. </div></div></div></ix:continuation></div></div>
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<div id="a67982" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a67984" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a67986" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a67988" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a67995" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-24 </div><div id="div_227_XBRL_TS_4e1147c10eeb400e892bea829958add5_2" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_4e1147c10eeb400e892bea829958add5_2"><div id="TextBlockContainer228" style="position:relative;line-height:normal;width:704px;height:153px;"><div id="TextContainer228" style="position:relative;width:704px;z-index:1;"><div id="a68000" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:17px;">b)<div style="display:inline-block;width:34px"> </div>Investment<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>securities:</div><div id="a68005" style="position:absolute;font-family:'Arial';left:278px;top:17px;"><div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>acquired<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>entity </div><div id="a68008" style="position:absolute;font-family:'Arial';left:5px;top:34px;">listed in the NYSE which as of December<div style="display:inline-block;width:3px"> </div>31, 2023 had a fair value of $</div><div id="a68008_70_6" style="position:absolute;font-family:'Arial';left:466px;top:34px;"><ix:nonFraction id="ID_290A" name="us-gaap:EquitySecuritiesFvNi" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,729</ix:nonFraction></div><div id="a68008_76_29" style="position:absolute;font-family:'Arial';left:511px;top:34px;">. The equity securities were </div><div id="a68014" style="position:absolute;font-family:'Arial';left:5px;top:51px;">initially recorded at<div style="display:inline-block;width:2px"> </div>cost amounting<div style="display:inline-block;width:3px"> </div>to $</div><div id="a68014_41_6" style="position:absolute;font-family:'Arial';left:257px;top:51px;"><ix:nonFraction id="ID_496" name="us-gaap:EquitySecuritiesFvNiCost" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17,916</ix:nonFraction></div><div id="a68014_47_60" style="position:absolute;font-family:'Arial';left:302px;top:51px;"><div style="display:inline-block;width:4px"> </div>and measured at<div style="display:inline-block;width:2px"> </div>year-end at fair<div style="display:inline-block;width:2px"> </div>value, determined<div style="display:inline-block;width:3px"> </div>through </div><div id="a68019" style="position:absolute;font-family:'Arial';left:5px;top:68px;">Level 1<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>hierarchy. The securities<div style="display:inline-block;width:2px"> </div>were considered<div style="display:inline-block;width:2px"> </div>marketable securities<div style="display:inline-block;width:2px"> </div>that were<div style="display:inline-block;width:2px"> </div>available </div><div id="a68028" style="position:absolute;font-family:'Arial';left:5px;top:84px;">to<div style="display:inline-block;width:9px"> </div>be<div style="display:inline-block;width:8px"> </div>converted<div style="display:inline-block;width:8px"> </div>into<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>fund<div style="display:inline-block;width:8px"> </div>current<div style="display:inline-block;width:8px"> </div>operations<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>were<div style="display:inline-block;width:8px"> </div>classified<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>current<div style="display:inline-block;width:8px"> </div>assets<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>the </div><div id="a68035" style="position:absolute;font-family:'Arial';left:5px;top:101px;">accompanying consolidated<div style="display:inline-block;width:2px"> </div>balance sheet.<div style="display:inline-block;width:2px"> </div>The Company<div style="display:inline-block;width:2px"> </div>sold all<div style="display:inline-block;width:3px"> </div>securities during<div style="display:inline-block;width:2px"> </div>the first<div style="display:inline-block;width:3px"> </div>quarter of<div style="display:inline-block;width:3px"> </div>2024 </div><div id="a68040" style="position:absolute;font-family:'Arial';left:5px;top:118px;">and in<div style="display:inline-block;width:6px"> </div>2024 and<div style="display:inline-block;width:6px"> </div>2023, recorded<div style="display:inline-block;width:6px"> </div>a realized<div style="display:inline-block;width:6px"> </div>loss of<div style="display:inline-block;width:6px"> </div>$</div><div id="a68040_51_3" style="position:absolute;font-family:'Arial';left:350px;top:118px;"><ix:nonFraction id="ID_908" name="us-gaap:EquitySecuritiesFvNiRealizedLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">400</ix:nonFraction></div><div id="a68040_54_28" style="position:absolute;font-family:'Arial';left:375px;top:118px;"><div style="display:inline-block;width:5px"> </div>and an<div style="display:inline-block;width:6px"> </div>unrealized gain<div style="display:inline-block;width:6px"> </div>of $</div><div id="a68040_82_5" style="position:absolute;font-family:'Arial';left:562px;top:118px;"><ix:nonFraction id="ID_909" name="us-gaap:EquitySecuritiesFvNiUnrealizedGain" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,813</ix:nonFraction></div><div id="a68040_87_16" style="position:absolute;font-family:'Arial';left:599px;top:118px;">, respectively, </div><div id="a68046" style="position:absolute;font-family:'Arial';left:5px;top:135px;">presented in gain/(loss) on equity securities in the accompanying<div style="display:inline-block;width:3px"> </div>consolidated statements of income.</div></div></div></ix:continuation></div><div id="div_230_XBRL_TS_adebb33cb0d443df9cad000a65e24c00" style="position:absolute;left:51px;top:301.3px;float:left;"><ix:nonNumeric id="ID_adebb33cb0d443df9cad000a65e24c00" name="dsx:AdvancesForVesselAcquisitionsAndVesselsNetTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_d82672ed9c214521a31824acd5defab9" escape="true"><div id="TextBlockContainer231" style="position:relative;line-height:normal;width:706px;height:644px;"><div id="TextContainer231" style="position:relative;width:706px;z-index:1;"><div id="a68056" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">6.<div style="display:inline-block;width:35px"> </div>Advances for vessels under construction and Vessels, net </div><div id="a68077" style="position:absolute;font-family:'Arial';left:6px;top:35px;">It is in<div style="display:inline-block;width:3px"> </div>the Company’s normal<div style="display:inline-block;width:2px"> </div>course of business<div style="display:inline-block;width:2px"> </div>from time to<div style="display:inline-block;width:2px"> </div>time to acquire<div style="display:inline-block;width:2px"> </div>and sell vessels.<div style="display:inline-block;width:2px"> </div>Accordingly, </div><div id="a68078" style="position:absolute;font-family:'Arial';left:6px;top:52px;">in 2024 and 2023, the Company entered into the below transactions. </div><div id="a68084" style="position:absolute;font-family:'Arial';font-weight:bold;left:6px;top:86px;">Vessels under construction </div><div id="a68091" style="position:absolute;font-family:'Arial';left:6px;top:120px;">On<div style="display:inline-block;width:9px"> </div>February<div style="display:inline-block;width:8px"> </div>8,<div style="display:inline-block;width:9px"> </div>2024,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:9px"> </div>Company<div style="display:inline-block;width:8px"> </div>signed<div style="display:inline-block;width:8px"> </div>an<div style="display:inline-block;width:8px"> </div>agreement<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>an<div style="display:inline-block;width:8px"> </div>unaffiliated<div style="display:inline-block;width:8px"> </div>third<div style="display:inline-block;width:8px"> </div>party,<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:8px"> </div>the </div><div id="a68097" style="position:absolute;font-family:'Arial';left:6px;top:136px;">construction of </div><div id="a68097_16_3" style="position:absolute;font-family:'Arial';left:105px;top:136px;"><ix:nonFraction id="ID_622" name="dsx:NumberOfVesselsInAgreementToAcquire" contextRef="FROM_Feb08_2024_TO_Feb08_2024_Entity_0001318885" unitRef="Item" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></div><div id="a68097_19_87" style="position:absolute;font-family:'Arial';left:128px;top:136px;"><div style="display:inline-block;width:4px"> </div>81,200 dwt methanol dual<div style="display:inline-block;width:2px"> </div>fuel new-building Kamsarmax dry<div style="display:inline-block;width:2px"> </div>bulk vessels, to be<div style="display:inline-block;width:3px"> </div>built at </div><div id="a68104" style="position:absolute;font-family:'Arial';left:6px;top:153px;">Tsuneishi<div style="display:inline-block;width:7px"> </div>Group<div style="display:inline-block;width:6px"> </div>(Zhoushan) Shipbuilding<div style="display:inline-block;width:7px"> </div>Inc.,<div style="display:inline-block;width:6px"> </div>China.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:5px"> </div>are<div style="display:inline-block;width:5px"> </div>expected<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>delivered to<div style="display:inline-block;width:7px"> </div>the </div><div id="a68105" style="position:absolute;font-family:'Arial';left:6px;top:170px;">Company by<div style="display:inline-block;width:6px"> </div>the second<div style="display:inline-block;width:6px"> </div>half of<div style="display:inline-block;width:6px"> </div>2027 and<div style="display:inline-block;width:5px"> </div>the first<div style="display:inline-block;width:6px"> </div>half of<div style="display:inline-block;width:6px"> </div>2028. As<div style="display:inline-block;width:6px"> </div>of December<div style="display:inline-block;width:5px"> </div>31, 2024,<div style="display:inline-block;width:6px"> </div>advances for </div><div id="a68106" style="position:absolute;font-family:'Arial';left:6px;top:187px;">vessels under construction amounted to $</div><div id="a68106_40_6" style="position:absolute;font-family:'Arial';left:278px;top:187px;"><ix:nonFraction id="ID_623" name="dsx:AdvancesForVesselsUnderConstruction" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">19,558</ix:nonFraction></div><div id="a68106_46_13" style="position:absolute;font-family:'Arial';left:322px;top:187px;">, including $</div><div id="a68106_59_5" style="position:absolute;font-family:'Arial';left:401px;top:187px;"><ix:nonFraction id="ID_624" name="us-gaap:InterestCostsCapitalized" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,146</ix:nonFraction></div><div id="a68106_64_26" style="position:absolute;font-family:'Arial';left:437px;top:187px;"><div style="display:inline-block;width:4px"> </div>of capitalized interest. </div><div id="a68110" style="position:absolute;font-family:'Arial';font-weight:bold;left:6px;top:221px;">Vessel Acquisitions </div><div id="a68115" style="position:absolute;font-family:'Arial';left:6px;top:255px;">On January 30,<div style="display:inline-block;width:6px"> </div>2023, the Company<div style="display:inline-block;width:5px"> </div>took delivery of<div style="display:inline-block;width:6px"> </div>the Ultramax dry<div style="display:inline-block;width:6px"> </div>bulk vessel </div><div id="a68117" style="position:absolute;font-family:'Arial';font-style:italic;left:543px;top:255px;">Aquarius</div><div id="a68118" style="position:absolute;font-family:'Arial';left:601px;top:255px;"><div style="display:inline-block;width:5px"> </div>paid partly in </div><div id="a68121" style="position:absolute;font-family:'Arial';left:6px;top:271px;">cash and </div><div id="a68121_9_9" style="position:absolute;font-family:'Arial';left:70px;top:271px;"><ix:nonFraction id="ID_279" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" contextRef="FROM_Jan30_2023_TO_Jan30_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_NinthOfNineUltramaxVesselsMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,033,613</ix:nonFraction></div><div id="a68121_18_53" style="position:absolute;font-family:'Arial';left:135px;top:271px;"><div style="display:inline-block;width:4px"> </div>newly issued common shares, having a fair value of $</div><div id="a68121_71_5" style="position:absolute;font-family:'Arial';left:490px;top:271px;"><ix:nonFraction id="ID_91" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="FROM_Jan30_2023_TO_Jan30_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_NinthOfNineUltramaxVesselsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a68121_76_26" style="position:absolute;font-family:'Arial';left:527px;top:271px;">. The value of the shares </div><div id="a68124" style="position:absolute;font-family:'Arial';left:6px;top:288px;">issued in<div style="display:inline-block;width:7px"> </div>2023, was<div style="display:inline-block;width:6px"> </div>determined through<div style="display:inline-block;width:6px"> </div>Level 1<div style="display:inline-block;width:6px"> </div>inputs of<div style="display:inline-block;width:6px"> </div>the fair<div style="display:inline-block;width:7px"> </div>value hierarchy<div style="display:inline-block;width:6px"> </div>based on<div style="display:inline-block;width:6px"> </div>the closing </div><div id="a68128" style="position:absolute;font-family:'Arial';left:6px;top:305px;">price<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s common<div style="display:inline-block;width:7px"> </div>stock<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>issuance<div style="display:inline-block;width:5px"> </div>which was<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>delivery<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5px"> </div>each </div><div id="a68135" style="position:absolute;font-family:'Arial';left:6px;top:322px;">vessel.<div style="display:inline-block;width:4px"> </div></div><div id="a68138" style="position:absolute;font-family:'Arial';left:6px;top:356px;">On<div style="display:inline-block;width:5px"> </div>February 14,<div style="display:inline-block;width:7px"> </div>2023, the<div style="display:inline-block;width:7px"> </div>Company,<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:5px"> </div>a wholly<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:5px"> </div>subsidiary,<div style="display:inline-block;width:6px"> </div>acquired from<div style="display:inline-block;width:6px"> </div>an unaffiliated </div><div id="a68139" style="position:absolute;font-family:'Arial';left:6px;top:373px;">third-party<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>Ultramax<div style="display:inline-block;width:9px"> </div>dry<div style="display:inline-block;width:10px"> </div>bulk<div style="display:inline-block;width:9px"> </div>vessel </div><div id="a68142" style="position:absolute;font-family:'Arial';font-style:italic;left:298px;top:373px;">DSI<div style="display:inline-block;width:10px"> </div>Drammen. </div><div id="a68144" style="position:absolute;font-family:'Arial';left:411px;top:373px;">On<div style="display:inline-block;width:10px"> </div>April<div style="display:inline-block;width:9px"> </div>28,<div style="display:inline-block;width:10px"> </div>2023,<div style="display:inline-block;width:10px"> </div>this<div style="display:inline-block;width:10px"> </div>subsidiary<div style="display:inline-block;width:10px"> </div>was </div><div id="a68145" style="position:absolute;font-family:'Arial';left:6px;top:389px;">deconsolidated from the Company’s<div style="display:inline-block;width:6px"> </div>financial statements due to<div style="display:inline-block;width:6px"> </div>the Company’s loss of<div style="display:inline-block;width:6px"> </div>control described </div><div id="a68146" style="position:absolute;font-family:'Arial';left:6px;top:406px;">in<div style="display:inline-block;width:6px"> </div>note<div style="display:inline-block;width:6px"> </div>4(b)<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>net<div style="display:inline-block;width:6px"> </div>book<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>both<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>acquisitions<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>vessel </div><div id="a68151" style="position:absolute;font-family:'Arial';left:6px;top:423px;">disposals in the related year.<div style="display:inline-block;width:3px"> </div></div><div id="a68157" style="position:absolute;font-family:'Arial';font-weight:bold;left:6px;top:457px;">Vessel Disposals </div><div id="a68162" style="position:absolute;font-family:'Arial';left:6px;top:491px;">In<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>Company sold<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:6px"> </div>unrelated third<div style="display:inline-block;width:7px"> </div>parties<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>vessels </div><div id="a68167" style="position:absolute;font-family:'Arial';font-style:italic;left:442px;top:491px;">Aliki</div><div id="a68168" style="position:absolute;font-family:'Arial';left:469px;top:491px;"><div style="display:inline-block;width:6px"> </div>and </div><div id="a68170" style="position:absolute;font-family:'Arial';font-style:italic;left:504px;top:491px;">Boston, </div><div id="a68172" style="position:absolute;font-family:'Arial';left:560px;top:491px;">and to<div style="display:inline-block;width:7px"> </div>OceanPal, a </div><div id="a68173" style="position:absolute;font-family:'Arial';left:6px;top:508px;">related party company,<div style="display:inline-block;width:4px"> </div>the vessel </div><div id="a68177" style="position:absolute;font-family:'Arial';font-style:italic;left:230px;top:508px;">Melia</div><div id="a68178" style="position:absolute;font-family:'Arial';left:265px;top:508px;"><div style="display:inline-block;width:4px"> </div>(Note 5) and recognized an aggregate gain on sale amounting to </div><div id="a68181" style="position:absolute;font-family:'Arial';left:6px;top:524px;">$</div><div id="a68181_1_5" style="position:absolute;font-family:'Arial';left:14px;top:524px;"><ix:nonFraction id="ID_363AA" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,323</ix:nonFraction></div><div id="a68181_6_3" style="position:absolute;font-family:'Arial';left:51px;top:524px;">.<div style="display:inline-block;width:4px"> </div></div><div id="a68185" style="position:absolute;font-family:'Arial';left:6px;top:558px;">In 2024, the Company sold to unrelated third parties the vessels </div><div id="a68192" style="position:absolute;font-family:'Arial';font-style:italic;left:427px;top:558px;">Artemis</div><div id="a68193" style="position:absolute;font-family:'Arial';left:477px;top:558px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a68195" style="position:absolute;font-family:'Arial';font-style:italic;left:510px;top:558px;">Houston</div><div id="a68196" style="position:absolute;font-family:'Arial';left:565px;top:558px;"><div style="display:inline-block;width:4px"> </div>and recognized an </div><div id="a68203" style="position:absolute;font-family:'Arial';left:6px;top:575px;">aggregate gain of $</div><div id="a68203_19_5" style="position:absolute;font-family:'Arial';left:133px;top:575px;"><ix:nonFraction id="ID_819" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_dsx_ArtemisAndHoustonMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,799</ix:nonFraction></div><div id="a68203_24_2" style="position:absolute;font-family:'Arial';left:169px;top:575px;">. </div><div id="a68214" style="position:absolute;font-family:'Arial';left:6px;top:609px;">The<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:5px"> </div>reflected<div style="display:inline-block;width:5px"> </div>in Vessels,<div style="display:inline-block;width:8px"> </div>net<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>accompanying consolidated<div style="display:inline-block;width:6px"> </div>balance sheets<div style="display:inline-block;width:7px"> </div>is analyzed<div style="display:inline-block;width:7px"> </div>as </div><div id="a68244" style="position:absolute;font-family:'Arial';left:6px;top:626px;">follows:</div></div></div></ix:nonNumeric></div><div id="a68246" style="position:absolute;font-family:'Arial';left:57px;top:944px;"><div style="display:inline-block;width:4px"> </div></div></div>
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<div id="a68249" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a68251" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a68253" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a68255" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a68262" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-25 </div><div id="div_233_XBRL_TS_d82672ed9c214521a31824acd5defab9" style="position:absolute;left:52px;top:135.9px;float:left;"><ix:continuation id="XBRL_TS_d82672ed9c214521a31824acd5defab9"><div id="TextBlockContainer237" style="position:relative;line-height:normal;width:703px;height:219px;"><div id="div_234_XBRL_TS_d2baf9aed98244caa806d76259ec9135" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_476" name="us-gaap:PropertyPlantAndEquipmentTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer235" style="position:relative;line-height:normal;width:703px;height:219px;"><div style="position:absolute; width:96px; height:1px; left:376.9px; top:30.5px; background-color:#000000; "> </div>
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<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:376.9px; top:71.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:376.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:472.9px; top:71.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:484.9px; top:71.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:484.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:580.9px; top:71.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:592.9px; top:71.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:592.9px; top:73.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:17.1px; left:4.8px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:15.2px; left:4.8px; top:106.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.1px; left:364.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.1px; left:376.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:376.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.1px; left:472.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.1px; left:484.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.1px; left:580.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.1px; left:592.9px; top:105.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:592.9px; top:107.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:122.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:122.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:122.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:360.1px; height:22.9px; left:4.8px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:15.4px; left:4.8px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:22.9px; left:364.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:22.9px; left:376.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:22.9px; left:472.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:22.9px; left:484.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:484.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:22.9px; left:580.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:22.9px; left:592.9px; top:142.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:150px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:3px; left:4.8px; top:139.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:3px; left:23.8px; top:139.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:364.9px; top:139.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:139.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:141.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:142.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:472.9px; top:139.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:139.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:141.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:142.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:580.9px; top:139.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:139.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:141.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:142.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:17px; left:4.8px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:15.4px; left:4.8px; top:183.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:364.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:376.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:472.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:484.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:580.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:592.9px; top:182.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:592.9px; top:184.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:199.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:199.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:199.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:375.9px; top:217.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:483.9px; top:217.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:592px; top:217.6px; background-color:#000000; "> </div>
<div id="TextContainer235" style="position:relative;width:703px;z-index:1;"><div id="a68269" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:387px;top:15px;">Vessel Cost </div><div id="a68272" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:491px;top:0px;">Accumulated </div><div id="a68273" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:493px;top:15px;">Depreciation </div><div id="a68276" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:612px;top:0px;">Net Book </div><div id="a68277" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:623px;top:15px;">Value </div><div id="a68288" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:39px;">Balance, December 31, 2022 </div><div id="a68290" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:39px;">$ </div><div id="a68292" style="position:absolute;font-family:'Arial';font-size:13.28px;left:410px;top:38px;"><ix:nonFraction id="ID_626" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,141,128</ix:nonFraction></div><div id="a68294" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:38px;">$ </div><div id="a68296" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:38px;display:flex;">(<ix:nonFraction id="ID_627" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">191,512</ix:nonFraction>)</div><div id="a68298" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:39px;">$ </div><div id="a68300" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:39px;"><ix:nonFraction id="ID_628" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">949,616</ix:nonFraction></div><div id="a68302" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:58px;">- Additions for vessel acquisitions and improvements </div><div id="a68307" style="position:absolute;font-family:'Arial';font-size:13.28px;left:428px;top:58px;"><ix:nonFraction id="ID_823" name="us-gaap:PropertyPlantAndEquipmentAdditions" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">61,682</ix:nonFraction></div><div id="a68310" style="position:absolute;font-family:'Arial';font-size:13.28px;left:577px;top:58px;">- </div><div id="a68313" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:58px;"><ix:nonFraction id="ID_823A" name="us-gaap:PropertyPlantAndEquipmentAdditions" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">61,682</ix:nonFraction></div><div id="a68315" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:72px;">- Vessel disposals </div><div id="a68320" style="position:absolute;font-family:'Arial';font-size:13.28px;left:423px;top:73px;display:flex;">(<ix:nonFraction id="ID_820" name="us-gaap:PropertyPlantAndEquipmentDisposals" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">60,655</ix:nonFraction>)</div><div id="a68323" style="position:absolute;font-family:'Arial';font-size:13.28px;left:536px;top:73px;"><ix:nonFraction id="ID_822" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,688</ix:nonFraction></div><div id="a68326" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:73px;display:flex;">(<ix:nonFraction id="ID_824" name="dsx:PropertyPlantAndEquipmentDisposalsNet" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">38,967</ix:nonFraction>)</div><div id="a68328" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:89px;"><div style="display:inline-block;width:4px"> </div>- Vessel disposal due to deconsolidation<div style="display:inline-block;width:5px"> </div>of subsidiary </div><div id="a68334" style="position:absolute;font-family:'Arial';font-size:13.28px;left:423px;top:90px;display:flex;">(<ix:nonFraction id="ID_821" name="dsx:PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,908</ix:nonFraction>)</div><div id="a68337" style="position:absolute;font-family:'Arial';font-size:13.28px;left:577px;top:90px;">- </div><div id="a68340" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:90px;display:flex;">(<ix:nonFraction id="ID_821A" name="dsx:PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,908</ix:nonFraction>)</div><div id="a68342" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:106px;">- Depreciation for the year </div><div id="a68347" style="position:absolute;font-family:'Arial';font-size:13.28px;left:469px;top:107px;">- </div><div id="a68350" style="position:absolute;font-family:'Arial';font-size:13.28px;left:531px;top:107px;display:flex;">(<ix:nonFraction id="ID_629" name="us-gaap:Depreciation" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,231</ix:nonFraction>)</div><div id="a68353" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:107px;display:flex;">(<ix:nonFraction id="ID_629A" name="us-gaap:Depreciation" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,231</ix:nonFraction>)</div><div id="a68356" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:124px;">Balance, December 31, 2023 </div><div id="a68358" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:124px;">$ </div><div id="a68360" style="position:absolute;font-family:'Arial';font-size:13.28px;left:410px;top:124px;"><ix:nonFraction id="ID_667" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,114,247</ix:nonFraction></div><div id="a68362" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:124px;">$ </div><div id="a68364" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:124px;display:flex;">(<ix:nonFraction id="ID_666" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">214,055</ix:nonFraction>)</div><div id="a68366" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:124px;">$ </div><div id="a68368" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:124px;"><ix:nonFraction id="ID_531A" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">900,192</ix:nonFraction></div><div id="a68370" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:150px;">- Additions for vessel improvements </div><div id="a68375" style="position:absolute;font-family:'Arial';font-size:13.28px;left:447px;top:150px;"><ix:nonFraction id="ID_46" name="us-gaap:PropertyPlantAndEquipmentAdditions" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">958</ix:nonFraction></div><div id="a68378" style="position:absolute;font-family:'Arial';font-size:13.28px;left:573px;top:150px;">- </div><div id="a68381" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:150px;"><ix:nonFraction id="ID_46A" name="us-gaap:PropertyPlantAndEquipmentAdditions" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">958</ix:nonFraction></div><div id="a68383" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:166px;">- Vessel disposals </div><div id="a68388" style="position:absolute;font-family:'Arial';font-size:13.28px;left:423px;top:167px;display:flex;">(<ix:nonFraction id="ID_14" name="us-gaap:PropertyPlantAndEquipmentDisposals" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">46,001</ix:nonFraction>)</div><div id="a68391" style="position:absolute;font-family:'Arial';font-size:13.28px;left:536px;top:167px;"><ix:nonFraction id="ID_52" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">16,849</ix:nonFraction></div><div id="a68394" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:167px;display:flex;">(<ix:nonFraction id="ID_131" name="dsx:PropertyPlantAndEquipmentDisposalsNet" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,152</ix:nonFraction>)</div><div id="a68396" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:184px;">- Depreciation for the year </div><div id="a68401" style="position:absolute;font-family:'Arial';font-size:13.28px;left:465px;top:184px;">- </div><div id="a68404" style="position:absolute;font-family:'Arial';font-size:13.28px;left:531px;top:184px;display:flex;">(<ix:nonFraction id="ID_171" name="us-gaap:Depreciation" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">38,586</ix:nonFraction>)</div><div id="a68407" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:184px;display:flex;">(<ix:nonFraction id="ID_171A" name="us-gaap:Depreciation" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">38,586</ix:nonFraction>)</div><div id="a68410" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:202px;">Balance, December 31, 2024 </div><div id="a68412" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:202px;">$ </div><div id="a68414" style="position:absolute;font-family:'Arial';font-size:13.28px;left:410px;top:202px;"><ix:nonFraction id="ID_423" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,069,204</ix:nonFraction></div><div id="a68416" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:202px;">$ </div><div id="a68418" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:202px;display:flex;">(<ix:nonFraction id="ID_406" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">235,792</ix:nonFraction>)</div><div id="a68420" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:202px;">$ </div><div id="a68422" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:202px;"><ix:nonFraction id="ID_153A" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">833,412</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_239_XBRL_TS_7e907d03de074b0895f452d56cb652ee" style="position:absolute;left:51px;top:373.5px;float:left;"><ix:nonNumeric id="ID_7e907d03de074b0895f452d56cb652ee" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_636b4379d0b243fdbb31bf4fcd7819a8" escape="true"><div id="TextBlockContainer240" style="position:relative;line-height:normal;width:706px;height:121px;"><div id="TextContainer240" style="position:relative;width:706px;z-index:1;"><div id="a68425" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">7.<div style="display:inline-block;width:24px"> </div>Property and Equipment, net </div><div id="a68430" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The Company<div style="display:inline-block;width:6px"> </div>owns the<div style="display:inline-block;width:6px"> </div>land and<div style="display:inline-block;width:6px"> </div>building of<div style="display:inline-block;width:6px"> </div>its principal<div style="display:inline-block;width:6px"> </div>corporate offices<div style="display:inline-block;width:6px"> </div>in Athens,<div style="display:inline-block;width:6px"> </div>Greece and<div style="display:inline-block;width:6px"> </div>three </div><div id="a68464" style="position:absolute;font-family:'Arial';left:6px;top:52px;">plots of which two were acquired in 2024 from unaffiliated third parties and one in 2023 from Alpha Sigma </div><div id="a68480" style="position:absolute;font-family:'Arial';left:6px;top:69px;">Shipping Corp, a<div style="display:inline-block;width:3px"> </div>related party company,<div style="display:inline-block;width:3px"> </div>all acquired for<div style="display:inline-block;width:3px"> </div>corporate purposes.<div style="display:inline-block;width:3px"> </div>Other assets consist<div style="display:inline-block;width:3px"> </div>of office </div><div id="a68493" style="position:absolute;font-family:'Arial';left:6px;top:86px;">furniture and equipment,<div style="display:inline-block;width:2px"> </div>computer software and<div style="display:inline-block;width:2px"> </div>hardware and vehicles.<div style="display:inline-block;width:2px"> </div>The amount reflected<div style="display:inline-block;width:2px"> </div>in “Property </div><div id="a68521" style="position:absolute;font-family:'Arial';left:6px;top:103px;">and equipment, net” is analyzed as follows:</div></div></div></ix:nonNumeric></div><div id="div_242_XBRL_TS_636b4379d0b243fdbb31bf4fcd7819a8" style="position:absolute;left:52px;top:513.3px;float:left;"><ix:continuation id="XBRL_TS_636b4379d0b243fdbb31bf4fcd7819a8"><div id="TextBlockContainer246" style="position:relative;line-height:normal;width:703px;height:165px;"><div id="div_243_XBRL_TS_60b78745500644b49c11f58597966cd9" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_255" name="us-gaap:ScheduleOfOtherAssetsTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer244" style="position:relative;line-height:normal;width:703px;height:165px;"><div style="position:absolute; width:96px; height:1px; left:376.9px; top:30.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:30.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:30.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:18.9px; height:17px; left:4.8px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:15.4px; left:4.8px; top:37px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341.2px; height:17px; left:23.7px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341.2px; height:15.4px; left:23.7px; top:37px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:364.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:37px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:376.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:36.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:472.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:36.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:484.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:36.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:580.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:37px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:592.9px; top:35.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:37px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:17px; left:4.8px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:15.4px; left:4.8px; top:71.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:364.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:71.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:376.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:70.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:472.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:70.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:484.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:70.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:580.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:70.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:592.9px; top:69.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:592.9px; top:71.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:86.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:86.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:86.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:360.1px; height:21px; left:4.8px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:360.1px; height:15.4px; left:4.8px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21px; left:364.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:21px; left:376.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21px; left:472.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:21px; left:484.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:484.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21px; left:580.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:21px; left:592.9px; top:107.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:113px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:3px; left:4.8px; top:104.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:3px; left:23.8px; top:104.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:364.9px; top:104.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:104.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:106.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:107.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:472.9px; top:104.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:104.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:106.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:107.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:580.9px; top:104.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:104.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:106.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:107.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:17.3px; left:4.8px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:15.4px; left:4.8px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341.2px; height:17.3px; left:23.7px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341.2px; height:15.4px; left:23.7px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:364.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:364.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:376.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:376.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:472.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:484.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:580.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:592.9px; top:146.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:148.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:1px; left:4.8px; top:145.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:1px; left:23.8px; top:145.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:364.9px; top:145.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:376.9px; top:145.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:472.9px; top:145.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:484.9px; top:145.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:580.9px; top:145.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:145.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:375.9px; top:163.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:483.9px; top:163.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:592px; top:163.6px; background-color:#000000; "> </div>
<div id="TextContainer244" style="position:relative;width:703px;z-index:1;"><div id="a68539" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:384px;top:0px;">Property and </div><div id="a68540" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:390px;top:15px;">Equipment </div><div id="a68543" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:491px;top:0px;">Accumulated </div><div id="a68544" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:493px;top:15px;">Depreciation </div><div id="a68547" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:612px;top:0px;">Net Book </div><div id="a68548" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:623px;top:15px;">Value </div><div id="a68559" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:37px;">Balance, December 31, 2022 </div><div id="a68561" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:37px;">$ </div><div id="a68563" style="position:absolute;font-family:'Arial';font-size:13.28px;left:428px;top:37px;"><ix:nonFraction id="ID_632" name="dsx:PropertyAndEquipmentGross" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28,936</ix:nonFraction></div><div id="a68565" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:37px;">$ </div><div id="a68567" style="position:absolute;font-family:'Arial';font-size:13.28px;left:539px;top:37px;display:flex;">(<ix:nonFraction id="ID_633" name="dsx:AccumulatedDepreciationAndAmortizationPropertyAndEquipment" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,973</ix:nonFraction>)</div><div id="a68569" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:37px;">$ </div><div id="a68571" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:37px;"><ix:nonFraction id="ID_634" name="dsx:PropertyAndEquipmentNet" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,963</ix:nonFraction></div><div id="a68573" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:54px;">- Additions in property and equipment </div><div id="a68578" style="position:absolute;font-family:'Arial';font-size:13.28px;left:436px;top:53px;"><ix:nonFraction id="ID_630" name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,006</ix:nonFraction></div><div id="a68581" style="position:absolute;font-family:'Arial';font-size:13.28px;left:573px;top:53px;">- </div><div id="a68584" style="position:absolute;font-family:'Arial';font-size:13.28px;left:652px;top:54px;"><ix:nonFraction id="ID_630A" name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,006</ix:nonFraction></div><div id="a68586" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:71px;">- Depreciation for the year </div><div id="a68591" style="position:absolute;font-family:'Arial';font-size:13.28px;left:465px;top:71px;">- </div><div id="a68594" style="position:absolute;font-family:'Arial';font-size:13.28px;left:550px;top:71px;display:flex;">(<ix:nonFraction id="ID_631" name="us-gaap:OtherDepreciationAndAmortization" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">687</ix:nonFraction>)</div><div id="a68597" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:71px;display:flex;">(<ix:nonFraction id="ID_631A" name="us-gaap:OtherDepreciationAndAmortization" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">687</ix:nonFraction>)</div><div id="a68600" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:89px;">Balance, December 31, 2023 </div><div id="a68602" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:89px;">$ </div><div id="a68604" style="position:absolute;font-family:'Arial';font-size:13.28px;left:428px;top:89px;"><ix:nonFraction id="ID_539" name="dsx:PropertyAndEquipmentGross" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">30,942</ix:nonFraction></div><div id="a68606" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:89px;">$ </div><div id="a68608" style="position:absolute;font-family:'Arial';font-size:13.28px;left:539px;top:89px;display:flex;">(<ix:nonFraction id="ID_550" name="dsx:AccumulatedDepreciationAndAmortizationPropertyAndEquipment" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,660</ix:nonFraction>)</div><div id="a68610" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:89px;">$ </div><div id="a68612" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:89px;"><ix:nonFraction id="ID_555A" name="dsx:PropertyAndEquipmentNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,282</ix:nonFraction></div><div id="a68614" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:113px;">- Additions in property and equipment </div><div id="a68619" style="position:absolute;font-family:'Arial';font-size:13.28px;left:436px;top:113px;"><ix:nonFraction id="ID_175" name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,718</ix:nonFraction></div><div id="a68622" style="position:absolute;font-family:'Arial';font-size:13.28px;left:573px;top:113px;">- </div><div id="a68625" style="position:absolute;font-family:'Arial';font-size:13.28px;left:652px;top:113px;"><ix:nonFraction id="ID_175A" name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,718</ix:nonFraction></div><div id="a68627" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:130px;">- Depreciation for the year </div><div id="a68632" style="position:absolute;font-family:'Arial';font-size:13.28px;left:465px;top:130px;">- </div><div id="a68635" style="position:absolute;font-family:'Arial';font-size:13.28px;left:550px;top:130px;display:flex;">(<ix:nonFraction id="ID_149" name="us-gaap:OtherDepreciationAndAmortization" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">825</ix:nonFraction>)</div><div id="a68638" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:130px;display:flex;">(<ix:nonFraction id="ID_149A" name="us-gaap:OtherDepreciationAndAmortization" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">825</ix:nonFraction>)</div><div id="a68641" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:148px;">Balance, December 31, 2024 </div><div id="a68643" style="position:absolute;font-family:'Arial';font-size:13.28px;left:367px;top:148px;">$ </div><div id="a68645" style="position:absolute;font-family:'Arial';font-size:13.28px;left:428px;top:148px;"><ix:nonFraction id="ID_668" name="dsx:PropertyAndEquipmentGross" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">34,660</ix:nonFraction></div><div id="a68647" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:148px;">$ </div><div id="a68649" style="position:absolute;font-family:'Arial';font-size:13.28px;left:539px;top:148px;display:flex;">(<ix:nonFraction id="ID_669" name="dsx:AccumulatedDepreciationAndAmortizationPropertyAndEquipment" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,485</ix:nonFraction>)</div><div id="a68651" style="position:absolute;font-family:'Arial';font-size:13.28px;left:583px;top:148px;">$ </div><div id="a68653" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:148px;"><ix:nonFraction id="ID_465A" name="dsx:PropertyAndEquipmentNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,175</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_248_XBRL_TS_ada4a82982974cf0bd72bb125f987cba" style="position:absolute;left:51px;top:696.9px;float:left;"><ix:nonNumeric id="ID_ada4a82982974cf0bd72bb125f987cba" name="us-gaap:DebtDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_436c063b34704d9b9141bc98bf7af9db" escape="true"><div id="TextBlockContainer249" style="position:relative;line-height:normal;width:706px;height:70px;"><div id="TextContainer249" style="position:relative;width:706px;z-index:1;"><div id="a68656" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">8.<div style="display:inline-block;width:35px"> </div>Long-term debt </div><div id="a68663" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:7px"> </div>long-term debt<div style="display:inline-block;width:7px"> </div>shown in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:5px"> </div>accompanying consolidated<div style="display:inline-block;width:6px"> </div>balance sheets<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>analyzed as </div><div id="a68667" style="position:absolute;font-family:'Arial';left:6px;top:52px;">follows:</div></div></div></ix:nonNumeric></div><div id="div_251_XBRL_TS_5a3e29c83750479190e6078173deea8c" style="position:absolute;left:52px;top:767.6px;float:left;"><ix:nonNumeric id="ID_51" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer255" style="position:relative;line-height:normal;width:697px;height:170px;"><div id="div_252_XBRL_TS_436c063b34704d9b9141bc98bf7af9db" style="position:absolute;left:0px;top:0px;float:left;"><ix:continuation id="XBRL_TS_436c063b34704d9b9141bc98bf7af9db" continuedAt="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433"><div id="TextBlockContainer253" style="position:relative;line-height:normal;width:697px;height:170px;"><div style="position:absolute; width:395px; height:16.3px; left:4.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:389.9px; height:15.4px; left:7.4px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16.3px; left:399.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:399.8px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:16.3px; left:411.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:414.5px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16.3px; left:542.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:542.8px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:16.3px; left:554.9px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:557.6px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:1px; left:4.8px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:1px; left:23.8px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:399.9px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:411.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:543px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:555px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:18.9px; height:21.4px; left:4.8px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:15.4px; left:4.8px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:21.4px; left:23.7px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:370.8px; height:15.4px; left:26.4px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21.4px; left:399.8px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.7px; height:15.4px; left:402.5px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:21.4px; left:411.8px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:414.5px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21.4px; left:542.8px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:545.5px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:21.4px; left:554.9px; top:49.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:557.6px; top:55.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:1px; left:4.8px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:1px; left:23.8px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:399.9px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:411.9px; top:49px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:543px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:555px; top:49px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1.9px; left:411.9px; top:71.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1.9px; left:555px; top:71.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:18.9px; height:21.3px; left:4.8px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:15.2px; left:4.8px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:21.3px; left:23.7px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:370.8px; height:15.2px; left:26.4px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21.3px; left:399.8px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.7px; height:15.2px; left:402.5px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:21.3px; left:411.8px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.2px; left:414.5px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:21.3px; left:542.8px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.2px; left:545.5px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:21.3px; left:554.9px; top:88.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.2px; left:557.6px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:1px; left:4.8px; top:88.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:1px; left:23.8px; top:88.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:399.9px; top:88.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:411.9px; top:88.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:543px; top:88.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:555px; top:88.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1.9px; left:411.9px; top:110px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1.9px; left:555px; top:110px; background-color:#000000; "> </div>
<div style="position:absolute; width:18.9px; height:20.3px; left:4.8px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:16.8px; left:4.8px; top:151.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:20.3px; left:23.7px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:370.8px; height:15.4px; left:26.4px; top:152.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:20.3px; left:399.8px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.7px; height:15.4px; left:402.5px; top:152.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:20.3px; left:411.8px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:414.5px; top:152.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:20.3px; left:542.8px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:545.5px; top:152.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:20.3px; left:554.9px; top:147.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:121.6px; height:15.4px; left:557.6px; top:152.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19px; height:1px; left:4.8px; top:147.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:376.1px; height:1px; left:23.8px; top:147.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:399.9px; top:147.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:411.9px; top:147.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:543px; top:147.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:555px; top:147.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:132px; height:1px; left:411px; top:168.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.8px; height:1px; left:554.1px; top:168.2px; background-color:#000000; "> </div>
<div id="TextContainer253" style="position:relative;width:697px;z-index:1;"><div id="a68673" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:463px;top:0px;">2024 </div><div id="a68676" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:606px;top:0px;">2023 </div><div id="a68678" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:17px;">Senior unsecured bond </div><div id="a68681" style="position:absolute;font-family:'Arial';font-size:13.28px;left:488px;top:17px;"><ix:nonFraction id="ID_152" name="us-gaap:UnsecuredDebt" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">175,000</ix:nonFraction></div><div id="a68684" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:17px;"><ix:nonFraction id="ID_673" name="us-gaap:UnsecuredDebt" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,100</ix:nonFraction></div><div id="a68686" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:34px;">Secured long-term debt </div><div id="a68691" style="position:absolute;font-family:'Arial';font-size:13.28px;left:488px;top:34px;"><ix:nonFraction id="ID_105" name="us-gaap:SecuredDebt" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">347,590</ix:nonFraction></div><div id="a68694" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:34px;"><ix:nonFraction id="ID_672" name="us-gaap:SecuredDebt" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">397,857</ix:nonFraction></div><div id="a68697" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:27px;top:56px;">Total long-term<div style="display:inline-block;width:5px"> </div>debt </div><div id="a68701" style="position:absolute;font-family:'Arial';font-size:13.28px;left:403px;top:56px;">$ </div><div id="a68703" style="position:absolute;font-family:'Arial';font-size:13.28px;left:488px;top:56px;"><ix:nonFraction id="ID_238" name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">522,590</ix:nonFraction></div><div id="a68705" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:56px;">$ </div><div id="a68707" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:56px;"><ix:nonFraction id="ID_546" name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">516,957</ix:nonFraction></div><div id="a68709" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:73px;">Less: Deferred financing costs<div style="display:inline-block;width:8px"> </div></div><div id="a68712" style="position:absolute;font-family:'Arial';font-size:13.28px;left:498px;top:73px;display:flex;">(<ix:nonFraction id="ID_65" name="us-gaap:DeferredFinanceCostsNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,973</ix:nonFraction>)</div><div id="a68715" style="position:absolute;font-family:'Arial';font-size:13.28px;left:641px;top:73px;display:flex;">(<ix:nonFraction id="ID_670" name="us-gaap:DeferredFinanceCostsNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,314</ix:nonFraction>)</div><div id="a68718" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:27px;top:95px;">Long-term debt, net of deferred financing costs </div><div id="a68722" style="position:absolute;font-family:'Arial';font-size:13.28px;left:403px;top:95px;">$ </div><div id="a68724" style="position:absolute;font-family:'Arial';font-size:13.28px;left:488px;top:95px;"><ix:nonFraction id="ID_67" name="us-gaap:LongTermDebt" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">514,617</ix:nonFraction></div><div id="a68726" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:95px;">$ </div><div id="a68728" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:95px;"><ix:nonFraction id="ID_671" name="us-gaap:LongTermDebt" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">510,643</ix:nonFraction></div><div id="a68730" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:117px;">Less: Current long-term debt, net of deferred financing<div style="display:inline-block;width:5px"> </div>costs, </div><div id="a68733" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:132px;">current </div><div id="a68736" style="position:absolute;font-family:'Arial';font-size:13.28px;left:491px;top:132px;display:flex;">(<ix:nonFraction id="ID_333A" name="us-gaap:LongTermDebtCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">45,230</ix:nonFraction>)</div><div id="a68739" style="position:absolute;font-family:'Arial';font-size:13.28px;left:634px;top:132px;display:flex;">(<ix:nonFraction id="ID_565A" name="us-gaap:LongTermDebtCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,512</ix:nonFraction>)</div><div id="a68742" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:27px;top:153px;">Long-term debt, excluding current maturities </div><div id="a68746" style="position:absolute;font-family:'Arial';font-size:13.28px;left:403px;top:153px;">$ </div><div id="a68748" style="position:absolute;font-family:'Arial';font-size:13.28px;left:488px;top:153px;"><ix:nonFraction id="ID_156A" name="us-gaap:LongTermDebtNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">469,387</ix:nonFraction></div><div id="a68750" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:153px;">$ </div><div id="a68752" style="position:absolute;font-family:'Arial';font-size:13.28px;left:631px;top:153px;"><ix:nonFraction id="ID_569A" name="us-gaap:LongTermDebtNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">461,131</ix:nonFraction></div></div></div></ix:continuation></div></div></ix:nonNumeric></div></div>
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<div id="a68755" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a68757" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a68759" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a68761" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a68768" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-26 </div><div id="div_257_XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433" continuedAt="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_1"><div id="TextBlockContainer258" style="position:relative;line-height:normal;width:704px;height:845px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:856.9px; background-color:#000000; "> </div>
<div id="TextContainer258" style="position:relative;width:704px;z-index:1;"><div id="a68772" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">8.375% Senior Unsecured Bond</div><div id="a68774" style="position:absolute;font-family:'Arial';left:226px;top:0px;">:<div style="display:inline-block;width:4px"> </div></div><div id="a68777" style="position:absolute;font-family:'Arial';left:5px;top:34px;">On </div><div id="a68777_3_13" style="position:absolute;font-family:'Arial';left:30px;top:34px;"><ix:nonNumeric id="ID_13" name="us-gaap:DebtInstrumentIssuanceDate1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" format="ixt:datemonthdayyearen">June 22, 2021</ix:nonNumeric></div><div id="a68777_16_24" style="position:absolute;font-family:'Arial';left:124px;top:34px;">, the<div style="display:inline-block;width:6px"> </div>Company issued a<div style="display:inline-block;width:6px"> </div>$</div><div id="a68777_40_7" style="position:absolute;font-family:'Arial';left:294px;top:34px;"><ix:nonFraction id="ID_83" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Jun22_2021_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">125,000</ix:nonFraction></div><div id="a68777_47_50" style="position:absolute;font-family:'Arial';left:347px;top:34px;"><div style="display:inline-block;width:5px"> </div>senior unsecured bond<div style="display:inline-block;width:6px"> </div>maturing in<div style="display:inline-block;width:5px"> </div>June 2026. The </div><div id="a68780" style="position:absolute;font-family:'Arial';left:5px;top:51px;">bond ranks ahead of subordinated capital and ranks the<div style="display:inline-block;width:6px"> </div>same with all other senior unsecured obligations </div><div id="a68781" style="position:absolute;font-family:'Arial';left:5px;top:68px;">of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>than<div style="display:inline-block;width:7px"> </div>obligations<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:6px"> </div>mandatorily<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>law.<div style="display:inline-block;width:7px"> </div>Entities<div style="display:inline-block;width:6px"> </div>affiliated<div style="display:inline-block;width:7px"> </div>with </div><div id="a68783" style="position:absolute;font-family:'Arial';left:5px;top:84px;">executive officers<div style="display:inline-block;width:5px"> </div>and directors of<div style="display:inline-block;width:6px"> </div>the Company purchased<div style="display:inline-block;width:6px"> </div>an aggregate of<div style="display:inline-block;width:6px"> </div>$</div><div id="a68783_75_6" style="position:absolute;font-family:'Arial';left:514px;top:84px;"><ix:nonFraction id="ID_64" name="us-gaap:ProceedsFromIssuanceOfUnsecuredDebt" contextRef="FROM_Jun22_2021_TO_Jun22_2021_Entity_0001318885_srt_TitleOfIndividualAxis_dsx_DirectorsAndOfficersMember_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,000</ix:nonFraction></div><div id="a68783_81_21" style="position:absolute;font-family:'Arial';left:559px;top:84px;"><div style="display:inline-block;width:5px"> </div>principal amount of </div><div id="a68784" style="position:absolute;font-family:'Arial';left:5px;top:101px;">the bond. On June 29, 2023, the Company repurchased $</div><div id="a68784_53_5" style="position:absolute;font-family:'Arial';left:381px;top:101px;"><ix:nonFraction id="ID_188" name="us-gaap:DebtInstrumentRepurchasedFaceAmount" contextRef="AS_OF_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,900</ix:nonFraction></div><div id="a68784_58_32" style="position:absolute;font-family:'Arial';left:418px;top:101px;"><div style="display:inline-block;width:4px"> </div>nominal value of the bond for $</div><div id="a68784_90_5" style="position:absolute;font-family:'Arial';left:624px;top:101px;"><ix:nonFraction id="ID_471" name="us-gaap:DebtInstrumentRepurchaseAmount" contextRef="AS_OF_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,851</ix:nonFraction></div><div id="a68784_95_5" style="position:absolute;font-family:'Arial';left:661px;top:101px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a68786" style="position:absolute;font-family:'Arial';left:5px;top:118px;">recognized an<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>$</div><div id="a68786_25_3" style="position:absolute;font-family:'Arial';left:183px;top:118px;"><ix:nonFraction id="ID_826" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jun29_2023_TO_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">159</ix:nonFraction></div><div id="a68786_28_73" style="position:absolute;font-family:'Arial';left:208px;top:118px;"><div style="display:inline-block;width:5px"> </div>as loss<div style="display:inline-block;width:6px"> </div>on debt<div style="display:inline-block;width:6px"> </div>extinguishment, representing the<div style="display:inline-block;width:6px"> </div>difference between<div style="display:inline-block;width:6px"> </div>the </div><div id="a68787" style="position:absolute;font-family:'Arial';left:5px;top:135px;">reacquisition price<div style="display:inline-block;width:6px"> </div>of $</div><div id="a68787_24_5" style="position:absolute;font-family:'Arial';left:156px;top:135px;"><ix:nonFraction id="ID_471A" name="us-gaap:DebtInstrumentRepurchaseAmount" contextRef="AS_OF_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,851</ix:nonFraction></div><div id="a68787_29_64" style="position:absolute;font-family:'Arial';left:192px;top:135px;"><div style="display:inline-block;width:5px"> </div>and the<div style="display:inline-block;width:6px"> </div>net carrying<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>the debt<div style="display:inline-block;width:6px"> </div>being extinguished<div style="display:inline-block;width:6px"> </div>of $</div><div id="a68787_93_5" style="position:absolute;font-family:'Arial';left:621px;top:135px;"><ix:nonFraction id="ID_188A" name="us-gaap:DebtInstrumentRepurchasedFaceAmount" contextRef="AS_OF_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,900</ix:nonFraction></div><div id="a68787_98_6" style="position:absolute;font-family:'Arial';left:658px;top:135px;"><div style="display:inline-block;width:5px"> </div>less </div><div id="a68788" style="position:absolute;font-family:'Arial';left:5px;top:152px;">deferred financing<div style="display:inline-block;width:2px"> </div>fees of<div style="display:inline-block;width:2px"> </div>$</div><div id="a68788_28_3" style="position:absolute;font-family:'Arial';left:179px;top:152px;"><ix:nonFraction id="ID_825" name="us-gaap:DeferredFinanceCostsNet" contextRef="AS_OF_Jun29_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">208</ix:nonFraction></div><div id="a68788_31_77" style="position:absolute;font-family:'Arial';left:204px;top:152px;">. In<div style="display:inline-block;width:2px"> </div>June 2024,<div style="display:inline-block;width:2px"> </div>the bond<div style="display:inline-block;width:2px"> </div>became callable,<div style="display:inline-block;width:2px"> </div>and on<div style="display:inline-block;width:2px"> </div>July 2,<div style="display:inline-block;width:2px"> </div>2024,it was<div style="display:inline-block;width:2px"> </div>prepaid </div><div id="a68793" style="position:absolute;font-family:'Arial';left:5px;top:169px;">at a price equal to </div><div id="a68793_20_6" style="position:absolute;font-family:'Arial';left:126px;top:169px;"><ix:nonFraction id="ID_674" name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">103.35</ix:nonFraction></div><div id="a68793_26_77" style="position:absolute;font-family:'Arial';left:171px;top:169px;">% of nominal value, with the proceeds from the new bond discussed below. The </div><div id="a68800" style="position:absolute;font-family:'Arial';left:5px;top:186px;">Company<div style="display:inline-block;width:6px"> </div>applied<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:6px"> </div>modification<div style="display:inline-block;width:6px"> </div>guidance<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>part<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>transaction<div style="display:inline-block;width:6px"> </div>refinanced<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>existing </div><div id="a68801" style="position:absolute;font-family:'Arial';left:5px;top:202px;">investors<div style="display:inline-block;width:6px"> </div>amounting<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a68801_24_6" style="position:absolute;font-family:'Arial';left:170px;top:202px;"><ix:nonFraction id="ID_675" name="dsx:DebtRefinancedAmountExcludingExtinguishment" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">57,850</ix:nonFraction></div><div id="a68801_30_48" style="position:absolute;font-family:'Arial';left:215px;top:202px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:6px"> </div>extinguishment for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>remaining<div style="display:inline-block;width:6px"> </div>$</div><div id="a68801_78_6" style="position:absolute;font-family:'Arial';left:544px;top:202px;"><ix:nonFraction id="ID_676" name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">61,250</ix:nonFraction></div><div id="a68801_84_15" style="position:absolute;font-family:'Arial';left:589px;top:202px;">.<div style="display:inline-block;width:6px"> </div>An<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of </div><div id="a68806" style="position:absolute;font-family:'Arial';left:5px;top:219px;">$</div><div id="a68806_1_5" style="position:absolute;font-family:'Arial';left:14px;top:219px;"><ix:nonFraction id="ID_978" name="us-gaap:DeferredFinanceCostsNet" contextRef="AS_OF_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,336</ix:nonFraction></div><div id="a68806_6_95" style="position:absolute;font-family:'Arial';left:50px;top:219px;"><div style="display:inline-block;width:7px"> </div>consisting<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>costs<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>investors<div style="display:inline-block;width:7px"> </div>who<div style="display:inline-block;width:7px"> </div>participated<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>refinancing<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>unamortized </div><div id="a68812" style="position:absolute;font-family:'Arial';left:5px;top:236px;">deferred fees were deferred<div style="display:inline-block;width:3px"> </div>over the term of<div style="display:inline-block;width:3px"> </div>the new bond and<div style="display:inline-block;width:3px"> </div>an amount of $</div><div id="a68812_76_5" style="position:absolute;font-family:'Arial';left:512px;top:236px;"><ix:nonFraction id="ID_677" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375Member" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">3,475</ix:nonFraction></div><div id="a68812_81_22" style="position:absolute;font-family:'Arial';left:549px;top:236px;"><div style="display:inline-block;width:4px"> </div>was recorded as loss </div><div id="a68813" style="position:absolute;font-family:'Arial';left:5px;top:253px;">on<div style="display:inline-block;width:6px"> </div>debt<div style="display:inline-block;width:5px"> </div>extinguishment. The<div style="display:inline-block;width:7px"> </div>bond included<div style="display:inline-block;width:7px"> </div>financial and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:5px"> </div>covenants and<div style="display:inline-block;width:7px"> </div>was trading<div style="display:inline-block;width:7px"> </div>on the<div style="display:inline-block;width:7px"> </div>Oslo </div><div id="a68824" style="position:absolute;font-family:'Arial';left:5px;top:270px;">Stock Exchange under the ticker symbol “DIASH02”.<div style="display:inline-block;width:3px"> </div></div><div id="a68840" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:304px;">8.75% Senior Unsecured Bond</div><div id="a68842" style="position:absolute;font-family:'Arial';left:218px;top:304px;">:<div style="display:inline-block;width:4px"> </div></div><div id="a68845" style="position:absolute;font-family:'Arial';left:5px;top:337px;">On July 2, 2024, the Company<div style="display:inline-block;width:2px"> </div>issued $</div><div id="a68845_37_7" style="position:absolute;font-family:'Arial';left:261px;top:337px;"><ix:nonFraction id="ID_827" name="us-gaap:ProceedsFromIssuanceOfUnsecuredDebt" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">150,000</ix:nonFraction></div><div id="a68845_44_13" style="position:absolute;font-family:'Arial';left:314px;top:337px;"><div style="display:inline-block;width:4px"> </div>out of the $</div><div id="a68845_57_7" style="position:absolute;font-family:'Arial';left:391px;top:337px;"><ix:nonFraction id="ID_678" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">175,000</ix:nonFraction></div><div id="a68845_64_36" style="position:absolute;font-family:'Arial';left:444px;top:337px;"><div style="display:inline-block;width:4px"> </div>maximum amount of a new<div style="display:inline-block;width:2px"> </div>issue of a </div><div id="a68858" style="position:absolute;font-family:'Arial';left:5px;top:354px;">senior unsecured<div style="display:inline-block;width:3px"> </div>bond maturing<div style="display:inline-block;width:3px"> </div>in July<div style="display:inline-block;width:3px"> </div>2029 having<div style="display:inline-block;width:3px"> </div>a US Dollar<div style="display:inline-block;width:2px"> </div>fixed-rate coupon<div style="display:inline-block;width:2px"> </div>of </div><div id="a68858_84_4" style="position:absolute;font-family:'Arial';left:554px;top:354px;"><ix:nonFraction id="ID_679" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AS_OF_Jul02_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" scale="-2">8.75</ix:nonFraction></div><div id="a68858_88_15" style="position:absolute;font-family:'Arial';left:582px;top:354px;">% payable<div style="display:inline-block;width:3px"> </div>semi-</div><div id="a68870" style="position:absolute;font-family:'Arial';left:5px;top:371px;">annually in arrears in January and<div style="display:inline-block;width:5px"> </div>July of each year.<div style="display:inline-block;width:6px"> </div>The bond is callable in whole or<div style="display:inline-block;width:6px"> </div>in part in July 2027 </div><div id="a68878" style="position:absolute;font-family:'Arial';left:5px;top:388px;">at a<div style="display:inline-block;width:6px"> </div>price equal<div style="display:inline-block;width:6px"> </div>to </div><div id="a68878_20_6" style="position:absolute;font-family:'Arial';left:131px;top:388px;"><ix:nonFraction id="ID_680" name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_DebtInstrumentRedemptionPeriodAxis_dsx_July2027Member_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">103.50</ix:nonFraction></div><div id="a68878_26_56" style="position:absolute;font-family:'Arial';left:176px;top:388px;">% of<div style="display:inline-block;width:6px"> </div>nominal value;<div style="display:inline-block;width:6px"> </div>in January<div style="display:inline-block;width:6px"> </div>2028 at<div style="display:inline-block;width:6px"> </div>a price<div style="display:inline-block;width:6px"> </div>equal to </div><div id="a68878_82_7" style="position:absolute;font-family:'Arial';left:550px;top:388px;"><ix:nonFraction id="ID_681" name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_DebtInstrumentRedemptionPeriodAxis_dsx_January2028Member_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="5" format="ixt:numdotdecimal" scale="-2">102.625</ix:nonFraction></div><div id="a68878_89_13" style="position:absolute;font-family:'Arial';left:602px;top:388px;">% of<div style="display:inline-block;width:6px"> </div>nominal </div><div id="a68883" style="position:absolute;font-family:'Arial';left:5px;top:405px;">value; in<div style="display:inline-block;width:7px"> </div>July 2028<div style="display:inline-block;width:6px"> </div>at a<div style="display:inline-block;width:6px"> </div>price equal<div style="display:inline-block;width:6px"> </div>to </div><div id="a68883_40_6" style="position:absolute;font-family:'Arial';left:263px;top:405px;"><ix:nonFraction id="ID_682" name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_DebtInstrumentRedemptionPeriodAxis_dsx_July2028Member_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">101.75</ix:nonFraction></div><div id="a68883_46_45" style="position:absolute;font-family:'Arial';left:308px;top:405px;">% and<div style="display:inline-block;width:6px"> </div>after January<div style="display:inline-block;width:6px"> </div>2029 at<div style="display:inline-block;width:6px"> </div>a price<div style="display:inline-block;width:7px"> </div>equal to </div><div id="a68883_91_6" style="position:absolute;font-family:'Arial';left:614px;top:405px;"><ix:nonFraction id="ID_683" name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="FROM_Jul02_2024_TO_Jul02_2024_Entity_0001318885_us-gaap_DebtInstrumentRedemptionPeriodAxis_dsx_January2029Member_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">100.00</ix:nonFraction></div><div id="a68883_97_5" style="position:absolute;font-family:'Arial';left:658px;top:405px;">%<div style="display:inline-block;width:5px"> </div>of </div><div id="a68885" style="position:absolute;font-family:'Arial';left:5px;top:422px;">nominal value.<div style="display:inline-block;width:6px"> </div>On November<div style="display:inline-block;width:6px"> </div>8, 2024,<div style="display:inline-block;width:6px"> </div>the Company<div style="display:inline-block;width:6px"> </div>issued the<div style="display:inline-block;width:6px"> </div>remaining $</div><div id="a68885_70_6" style="position:absolute;font-family:'Arial';left:506px;top:422px;"><ix:nonFraction id="ID_684" name="us-gaap:ProceedsFromIssuanceOfUnsecuredDebt" contextRef="FROM_Nov08_2024_TO_Nov08_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">25,000</ix:nonFraction></div><div id="a68885_76_22" style="position:absolute;font-family:'Arial';left:550px;top:422px;"><div style="display:inline-block;width:5px"> </div>nominal value<div style="display:inline-block;width:5px"> </div>of the </div><div id="a68897" style="position:absolute;font-family:'Arial';left:5px;top:439px;">bond issue, at </div><div id="a68897_15_6" style="position:absolute;font-family:'Arial';left:103px;top:439px;"><ix:nonFraction id="ID_979" name="dsx:DebtInstrumentPriceReceivedAboveParPercentage" contextRef="FROM_Nov08_2024_TO_Nov08_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond875PercentMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">102.00</ix:nonFraction></div><div id="a68897_21_80" style="position:absolute;font-family:'Arial';left:148px;top:439px;">% of<div style="display:inline-block;width:5px"> </div>par value. The<div style="display:inline-block;width:5px"> </div>bond ranks ahead<div style="display:inline-block;width:6px"> </div>of subordinated capital and<div style="display:inline-block;width:6px"> </div>ranks the same </div><div id="a68903" style="position:absolute;font-family:'Arial';left:5px;top:455px;">with all<div style="display:inline-block;width:6px"> </div>other senior<div style="display:inline-block;width:6px"> </div>unsecured obligations of<div style="display:inline-block;width:6px"> </div>the Company<div style="display:inline-block;width:6px"> </div>other than<div style="display:inline-block;width:6px"> </div>obligations which are<div style="display:inline-block;width:6px"> </div>mandatorily </div><div id="a68904" style="position:absolute;font-family:'Arial';left:5px;top:472px;">preferred<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>law.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>bond<div style="display:inline-block;width:7px"> </div>includes<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>covenants<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>trading<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Oslo<div style="display:inline-block;width:7px"> </div>Stock </div><div id="a68911" style="position:absolute;font-family:'Arial';left:5px;top:489px;">Exchange under the ticker symbol “DIASH03”. </div><div id="a68925" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:523px;">Secured Term Loans: </div><div id="a68928" style="position:absolute;font-family:'Arial';left:5px;top:557px;">Under the<div style="display:inline-block;width:6px"> </div>secured term<div style="display:inline-block;width:5px"> </div>loans outstanding<div style="display:inline-block;width:6px"> </div>as of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:6px"> </div>2024, </div><div id="a68928_66_2" style="position:absolute;font-family:'Arial';left:466px;top:557px;"><ix:nonFraction id="ID_265" name="dsx:NumberOfVesselsCollateralForDebt" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="Vessels" decimals="INF" format="ixt:numdotdecimal">27</ix:nonFraction></div><div id="a68928_68_32" style="position:absolute;font-family:'Arial';left:482px;top:557px;"><div style="display:inline-block;width:5px"> </div>vessels of<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>fleet </div><div id="a68929" style="position:absolute;font-family:'Arial';left:5px;top:574px;">are<div style="display:inline-block;width:7px"> </div>mortgaged<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>first<div style="display:inline-block;width:7px"> </div>preferred<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>priority<div style="display:inline-block;width:7px"> </div>ship<div style="display:inline-block;width:7px"> </div>mortgages,<div style="display:inline-block;width:7px"> </div>having<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>aggregate<div style="display:inline-block;width:7px"> </div>carrying<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of </div><div id="a68930" style="position:absolute;font-family:'Arial';left:5px;top:590px;">$</div><div id="a68930_1_7" style="position:absolute;font-family:'Arial';left:14px;top:590px;"><ix:nonFraction id="ID_287" name="us-gaap:DebtInstrumentCollateralAmount" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">585,780</ix:nonFraction></div><div id="a68930_8_97" style="position:absolute;font-family:'Arial';left:67px;top:590px;">.<div style="display:inline-block;width:7px"> </div>Additional<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>required<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>banks<div style="display:inline-block;width:7px"> </div>include<div style="display:inline-block;width:7px"> </div>first<div style="display:inline-block;width:7px"> </div>priority<div style="display:inline-block;width:7px"> </div>assignment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>earnings, </div><div id="a68932" style="position:absolute;font-family:'Arial';left:5px;top:607px;">insurances, first assignment of time<div style="display:inline-block;width:3px"> </div>charter contracts that exceed a<div style="display:inline-block;width:3px"> </div>certain period, pledge over the<div style="display:inline-block;width:3px"> </div>shares </div><div id="a68933" style="position:absolute;font-family:'Arial';left:5px;top:624px;">of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>borrowers,<div style="display:inline-block;width:6px"> </div>manager’s<div style="display:inline-block;width:6px"> </div>undertaking<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>subordination<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>requisition<div style="display:inline-block;width:6px"> </div>compensation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>either<div style="display:inline-block;width:6px"> </div>a </div><div id="a68935" style="position:absolute;font-family:'Arial';left:5px;top:641px;">corporate<div style="display:inline-block;width:7px"> </div>guarantee<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>DSI<div style="display:inline-block;width:7px"> </div>(the<div style="display:inline-block;width:7px"> </div>“Guarantor”)<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>guarantee<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>ship<div style="display:inline-block;width:7px"> </div>owning<div style="display:inline-block;width:7px"> </div>companies<div style="display:inline-block;width:7px"> </div>(where </div><div id="a68936" style="position:absolute;font-family:'Arial';left:5px;top:658px;">applicable), financial covenants, as well as operating account assignments. The lenders may also require </div><div id="a68937" style="position:absolute;font-family:'Arial';left:5px;top:675px;">additional<div style="display:inline-block;width:7px"> </div>security<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>future<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>event<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>borrowers<div style="display:inline-block;width:7px"> </div>breach<div style="display:inline-block;width:7px"> </div>certain<div style="display:inline-block;width:7px"> </div>covenants<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>loan </div><div id="a68939" style="position:absolute;font-family:'Arial';left:5px;top:692px;">agreements.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>secured<div style="display:inline-block;width:6px"> </div>term<div style="display:inline-block;width:6px"> </div>loans<div style="display:inline-block;width:6px"> </div>generally<div style="display:inline-block;width:6px"> </div>include<div style="display:inline-block;width:6px"> </div>restrictions<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>management<div style="display:inline-block;width:6px"> </div>and </div><div id="a68940" style="position:absolute;font-family:'Arial';left:5px;top:708px;">ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover </div><div id="a68941" style="position:absolute;font-family:'Arial';left:5px;top:725px;">ratio and minimum liquidity<div style="display:inline-block;width:5px"> </div>per vessel owned by the<div style="display:inline-block;width:6px"> </div>borrowers, or the Guarantor,<div style="display:inline-block;width:6px"> </div>maintained in the bank </div><div id="a68943" style="position:absolute;font-family:'Arial';left:5px;top:742px;">accounts of the borrowers, or the Guarantor.<div style="display:inline-block;width:4px"> </div></div><div id="a68946" style="position:absolute;font-family:'Arial';left:5px;top:776px;">As of December 31,<div style="display:inline-block;width:6px"> </div>2024 and 2023 minimum<div style="display:inline-block;width:6px"> </div>cash deposits required to<div style="display:inline-block;width:6px"> </div>be maintained at all<div style="display:inline-block;width:6px"> </div>times under </div><div id="a68949" style="position:absolute;font-family:'Arial';left:5px;top:793px;">the Company’s<div style="display:inline-block;width:2px"> </div>loan facilities,<div style="display:inline-block;width:2px"> </div>amounted to<div style="display:inline-block;width:2px"> </div>$</div><div id="a68949_44_6" style="position:absolute;font-family:'Arial';left:288px;top:793px;"><ix:nonFraction id="ID_685" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">19,000</ix:nonFraction></div><div id="a68949_50_6" style="position:absolute;font-family:'Arial';left:333px;top:793px;"><div style="display:inline-block;width:3px"> </div>and $</div><div id="a68949_56_6" style="position:absolute;font-family:'Arial';left:372px;top:793px;"><ix:nonFraction id="ID_533" name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,000</ix:nonFraction></div><div id="a68949_62_46" style="position:absolute;font-family:'Arial';left:417px;top:793px;">, respectively<div style="display:inline-block;width:2px"> </div>and are<div style="display:inline-block;width:2px"> </div>included in<div style="display:inline-block;width:2px"> </div>restricted </div><div id="a68954" style="position:absolute;font-family:'Arial';left:5px;top:810px;">cash, non-current in<div style="display:inline-block;width:3px"> </div>the accompanying consolidated<div style="display:inline-block;width:2px"> </div>balance sheets. Furthermore,<div style="display:inline-block;width:3px"> </div>the secured term<div style="display:inline-block;width:3px"> </div>loans </div><div id="a68962" style="position:absolute;font-family:'Arial';left:5px;top:827px;">contain<div style="display:inline-block;width:7px"> </div>cross<div style="display:inline-block;width:7px"> </div>default<div style="display:inline-block;width:7px"> </div>provisions<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>additionally<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>permitted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>pay<div style="display:inline-block;width:7px"> </div>any<div style="display:inline-block;width:7px"> </div>dividends </div></div></div></ix:continuation></div></div>
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<div id="a68963" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a68965" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a68967" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a68969" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a68976" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-27 </div><div id="div_260_XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_1" continuedAt="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_2"><div id="TextBlockContainer261" style="position:relative;line-height:normal;width:704px;height:845px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:856.9px; background-color:#000000; "> </div>
<div id="TextContainer261" style="position:relative;width:704px;z-index:1;"><div id="a68980" style="position:absolute;font-family:'Arial';left:5px;top:0px;">following the occurrence<div style="display:inline-block;width:6px"> </div>of an event<div style="display:inline-block;width:6px"> </div>of default. All<div style="display:inline-block;width:6px"> </div>of the Company’s<div style="display:inline-block;width:6px"> </div>secured term loans<div style="display:inline-block;width:6px"> </div>bear interest at </div><div id="a68985" style="position:absolute;font-family:'Arial';left:5px;top:17px;">SOFR plus a margin. In 2024 and 2023, the weighted<div style="display:inline-block;width:2px"> </div>average interest rate of the secured term<div style="display:inline-block;width:3px"> </div>loans was </div><div id="a68995" style="position:absolute;font-family:'Arial';left:5px;top:34px;"><ix:nonFraction id="ID_828" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="pure" decimals="3" format="ixt:numdotdecimal" scale="-2">7.3</ix:nonFraction></div><div id="a68995_3_6" style="position:absolute;font-family:'Arial';left:26px;top:34px;">% and </div><div id="a68995_9_3" style="position:absolute;font-family:'Arial';left:72px;top:34px;"><ix:nonFraction id="ID_829" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="pure" decimals="3" format="ixt:numdotdecimal" scale="-2">7.3</ix:nonFraction></div><div id="a68995_12_17" style="position:absolute;font-family:'Arial';left:92px;top:34px;">%, respectively. </div><div id="a69002" style="position:absolute;font-family:'Arial';left:5px;top:68px;">As of December<div style="display:inline-block;width:6px"> </div>31, 2024 and<div style="display:inline-block;width:6px"> </div>2023, the Company<div style="display:inline-block;width:5px"> </div>had the following<div style="display:inline-block;width:6px"> </div>agreements with banks,<div style="display:inline-block;width:6px"> </div>either as a </div><div id="a69009" style="position:absolute;font-family:'Arial';left:5px;top:84px;">borrower or as a guarantor, to guarantee the loans of its subsidiaries: </div><div id="a69015" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:118px;">Nordea Bank<div style="display:inline-block;width:6px"> </div>AB, London<div style="display:inline-block;width:6px"> </div>Branch (“Nordea”):</div><div id="a69016" style="position:absolute;font-family:'Arial';left:328px;top:118px;"><div style="display:inline-block;width:5px"> </div>On September<div style="display:inline-block;width:6px"> </div>30, 2022,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company entered<div style="display:inline-block;width:6px"> </div>into a </div><div id="a69018" style="position:absolute;font-family:'Arial';left:5px;top:135px;">$</div><div id="a69018_1_3" style="position:absolute;font-family:'Arial';left:14px;top:135px;"><ix:nonFraction id="ID_448" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Sep30_2022_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-6" format="ixt:numdotdecimal" scale="6">200</ix:nonFraction></div><div id="a69018_4_96" style="position:absolute;font-family:'Arial';left:38px;top:135px;"><div style="display:inline-block;width:5px"> </div>million loan<div style="display:inline-block;width:6px"> </div>agreement to<div style="display:inline-block;width:6px"> </div>finance the<div style="display:inline-block;width:6px"> </div>acquisition of<div style="display:inline-block;width:6px"> </div>9 Ultramax<div style="display:inline-block;width:6px"> </div>vessels. The<div style="display:inline-block;width:6px"> </div>Company drew<div style="display:inline-block;width:5px"> </div>down </div><div id="a69021" style="position:absolute;font-family:'Arial';left:5px;top:152px;">$</div><div id="a69021_1_7" style="position:absolute;font-family:'Arial';left:14px;top:152px;"><ix:nonFraction id="ID_215" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" contextRef="FROM_Sep30_2022_TO_Sep30_2022_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">197,236</ix:nonFraction></div><div id="a69021_8_94" style="position:absolute;font-family:'Arial';left:67px;top:152px;"><div style="display:inline-block;width:5px"> </div>under the loan,<div style="display:inline-block;width:6px"> </div>in tranches for<div style="display:inline-block;width:6px"> </div>each vessel on<div style="display:inline-block;width:6px"> </div>their delivery to<div style="display:inline-block;width:6px"> </div>the Company and<div style="display:inline-block;width:6px"> </div>in December </div><div id="a69024" style="position:absolute;font-family:'Arial';left:5px;top:169px;">2022 prepaid<div style="display:inline-block;width:6px"> </div>$</div><div id="a69024_14_6" style="position:absolute;font-family:'Arial';left:105px;top:169px;"><ix:nonFraction id="ID_304" name="us-gaap:RepaymentsOfSecuredDebt" contextRef="FROM_Dec01_2022_TO_Dec31_2022_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,937</ix:nonFraction></div><div id="a69024_20_81" style="position:absolute;font-family:'Arial';left:150px;top:169px;"><div style="display:inline-block;width:5px"> </div>due to<div style="display:inline-block;width:6px"> </div>a vessel<div style="display:inline-block;width:6px"> </div>sale and<div style="display:inline-block;width:6px"> </div>leaseback transaction. The<div style="display:inline-block;width:6px"> </div>loan was<div style="display:inline-block;width:6px"> </div>repayable in equal </div><div id="a69031" style="position:absolute;font-family:'Arial';left:5px;top:186px;">quarterly instalments of an aggregate amount of $</div><div id="a69031_49_5" style="position:absolute;font-family:'Arial';left:330px;top:186px;"><ix:nonFraction id="ID_329" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Sep30_2022_TO_Sep30_2022_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,719</ix:nonFraction></div><div id="a69031_54_20" style="position:absolute;font-family:'Arial';left:367px;top:186px;">, and a balloon of $</div><div id="a69031_74_7" style="position:absolute;font-family:'Arial';left:492px;top:186px;"><ix:nonFraction id="ID_167" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">100,912</ix:nonFraction></div><div id="a69031_81_23" style="position:absolute;font-family:'Arial';left:545px;top:186px;"><div style="display:inline-block;width:4px"> </div>payable together with </div><div id="a69035" style="position:absolute;font-family:'Arial';left:5px;top:202px;">the last instalment on </div><div id="a69035_23_16" style="position:absolute;font-family:'Arial';left:148px;top:202px;"><ix:nonNumeric id="ID_338" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_StatementScenarioAxis_dsx_LoanAgreement9UltramaxVesselsMember_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" format="ixt:datemonthdayyearen">October 11, 2027</ix:nonNumeric></div><div id="a69035_39_3" style="position:absolute;font-family:'Arial';left:262px;top:202px;">.<div style="display:inline-block;width:4px"> </div></div><div id="a69041" style="position:absolute;font-family:'Arial';left:5px;top:236px;">On June 27, 2023, the Company drew down $</div><div id="a69041_41_6" style="position:absolute;font-family:'Arial';left:307px;top:236px;"><ix:nonFraction id="ID_830" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" contextRef="FROM_Jun27_2023_TO_Jun27_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,500</ix:nonFraction></div><div id="a69041_47_52" style="position:absolute;font-family:'Arial';left:351px;top:236px;"><div style="display:inline-block;width:4px"> </div>under a secured loan agreement and prepaid in full </div><div id="a69045" style="position:absolute;font-family:'Arial';left:5px;top:253px;">the<div style="display:inline-block;width:9px"> </div>outstanding<div style="display:inline-block;width:9px"> </div>balance<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>an<div style="display:inline-block;width:9px"> </div>existing<div style="display:inline-block;width:9px"> </div>loan<div style="display:inline-block;width:9px"> </div>amounting<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>$</div><div id="a69045_58_6" style="position:absolute;font-family:'Arial';left:429px;top:253px;"><ix:nonFraction id="ID_980" name="us-gaap:RepaymentsOfDebt" contextRef="FROM_Jun27_2023_TO_Jun27_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,934</ix:nonFraction></div><div id="a69045_64_29" style="position:absolute;font-family:'Arial';left:474px;top:253px;"><div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>recorded<div style="display:inline-block;width:9px"> </div>a<div style="display:inline-block;width:9px"> </div>loss<div style="display:inline-block;width:9px"> </div>on<div style="display:inline-block;width:9px"> </div>debt </div><div id="a69049" style="position:absolute;font-family:'Arial';left:5px;top:270px;">extinguishment amounting to $</div><div id="a69049_29_3" style="position:absolute;font-family:'Arial';left:205px;top:270px;"><ix:nonFraction id="ID_831" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="FROM_Jun27_2023_TO_Jun27_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">220</ix:nonFraction></div><div id="a69049_32_24" style="position:absolute;font-family:'Arial';left:229px;top:270px;">. The loan, maturing<div style="display:inline-block;width:3px"> </div>on </div><div id="a69049_56_13" style="position:absolute;font-family:'Arial';left:383px;top:270px;"><ix:nonNumeric id="ID_833" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" format="ixt:datemonthdayyearen">June 27, 2028</ix:nonNumeric></div><div id="a69049_69_34" style="position:absolute;font-family:'Arial';left:475px;top:270px;"><div style="display:inline-block;width:4px"> </div>was repayable in equal<div style="display:inline-block;width:2px"> </div>quarterly </div><div id="a69058" style="position:absolute;font-family:'Arial';left:5px;top:287px;">instalments of $</div><div id="a69058_16_5" style="position:absolute;font-family:'Arial';left:108px;top:287px;"><ix:nonFraction id="ID_832" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Jun27_2023_TO_Jun27_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,125</ix:nonFraction></div><div id="a69058_21_2" style="position:absolute;font-family:'Arial';left:145px;top:287px;">. </div><div id="a69061" style="position:absolute;font-family:'Arial';left:5px;top:321px;">On<div style="display:inline-block;width:6px"> </div>July<div style="display:inline-block;width:6px"> </div>25,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>entered<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>$</div><div id="a69061_46_7" style="position:absolute;font-family:'Arial';left:335px;top:321px;"><ix:nonFraction id="ID_686" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Jul25_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">167,263</ix:nonFraction></div><div id="a69061_53_44" style="position:absolute;font-family:'Arial';left:388px;top:321px;"><div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>agreement,<div style="display:inline-block;width:6px"> </div>drawn<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>July<div style="display:inline-block;width:6px"> </div>25,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>to </div><div id="a69084" style="position:absolute;font-family:'Arial';left:5px;top:337px;">refinance<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>balance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>two<div style="display:inline-block;width:7px"> </div>loans<div style="display:inline-block;width:6px"> </div>mentioned<div style="display:inline-block;width:6px"> </div>above.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>repayable<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equal </div><div id="a69093" style="position:absolute;font-family:'Arial';left:5px;top:354px;">quarterly instalments of $</div><div id="a69093_26_5" style="position:absolute;font-family:'Arial';left:169px;top:354px;"><ix:nonFraction id="ID_687" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Jul25_2024_TO_Jul25_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,454</ix:nonFraction></div><div id="a69093_31_30" style="position:absolute;font-family:'Arial';left:206px;top:354px;"><div style="display:inline-block;width:4px"> </div>and a balloon instalment of $</div><div id="a69093_61_6" style="position:absolute;font-family:'Arial';left:398px;top:354px;"><ix:nonFraction id="ID_688" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AS_OF_Jul25_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">64,827</ix:nonFraction></div><div id="a69093_67_12" style="position:absolute;font-family:'Arial';left:443px;top:354px;"><div style="display:inline-block;width:4px"> </div>payable on </div><div id="a69093_79_13" style="position:absolute;font-family:'Arial';left:523px;top:354px;"><ix:nonNumeric id="ID_940" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_NordeaBankMember" format="ixt:datemonthdayyearen">July 25, 2030</ix:nonNumeric></div><div id="a69093_92_3" style="position:absolute;font-family:'Arial';left:610px;top:354px;">.<div style="display:inline-block;width:4px"> </div></div><div id="a69104" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:388px;">Export-Import Bank of China:</div><div id="a69107" style="position:absolute;font-family:'Arial';left:212px;top:388px;"><div style="display:inline-block;width:5px"> </div>On January 4,<div style="display:inline-block;width:5px"> </div>2017, the Company drew<div style="display:inline-block;width:6px"> </div>down $</div><div id="a69107_44_6" style="position:absolute;font-family:'Arial';left:533px;top:388px;"><ix:nonFraction id="ID_199" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" contextRef="FROM_Jan04_2017_TO_Jan04_2017_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ExportImportBankOfChinaMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">57,240</ix:nonFraction></div><div id="a69107_50_17" style="position:absolute;font-family:'Arial';left:577px;top:388px;"><div style="display:inline-block;width:5px"> </div>under a secured </div><div id="a69109" style="position:absolute;font-family:'Arial';left:5px;top:405px;">loan<div style="display:inline-block;width:6px"> </div>agreement,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>repayable<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equal<div style="display:inline-block;width:6px"> </div>quarterly<div style="display:inline-block;width:6px"> </div>instalments<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a69109_70_3" style="position:absolute;font-family:'Arial';left:483px;top:405px;"><ix:nonFraction id="ID_344" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ExportImportBankOfChinaMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">954</ix:nonFraction></div><div id="a69109_73_30" style="position:absolute;font-family:'Arial';left:507px;top:405px;">,<div style="display:inline-block;width:6px"> </div>each,<div style="display:inline-block;width:6px"> </div>until<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>maturity<div style="display:inline-block;width:6px"> </div>on </div><div id="a69112" style="position:absolute;font-family:'Arial';left:5px;top:422px;"><ix:nonNumeric id="ID_59" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ExportImportBankOfChinaMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" format="ixt:datemonthdayyearen">January 4, 2032</ix:nonNumeric></div><div id="a69112_15_2" style="position:absolute;font-family:'Arial';left:111px;top:422px;">. </div><div id="a69116" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:455px;">DNB Bank<div style="display:inline-block;width:5px"> </div>ASA or DNB:</div><div id="a69126" style="position:absolute;font-family:'Arial';left:175px;top:455px;"><div style="display:inline-block;width:5px"> </div>On June<div style="display:inline-block;width:5px"> </div>26, 2023, the<div style="display:inline-block;width:6px"> </div>Company entered into<div style="display:inline-block;width:6px"> </div>a $</div><div id="a69126_47_7" style="position:absolute;font-family:'Arial';left:505px;top:455px;"><ix:nonFraction id="ID_222" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Jun26_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">100,000</ix:nonFraction></div><div id="a69126_54_23" style="position:absolute;font-family:'Arial';left:557px;top:455px;"><div style="display:inline-block;width:5px"> </div>sustainability linked </div><div id="a69128" style="position:absolute;font-family:'Arial';left:5px;top:472px;">loan agreement which was drawn on June 27, 2023, to refinance the outstanding balance of another loan </div><div id="a69134" style="position:absolute;font-family:'Arial';left:5px;top:489px;">and<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>working<div style="display:inline-block;width:6px"> </div>capital<div style="display:inline-block;width:6px"> </div>purposes.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>repayable<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equal<div style="display:inline-block;width:6px"> </div>quarterly<div style="display:inline-block;width:6px"> </div>instalments<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a69134_91_5" style="position:absolute;font-family:'Arial';left:620px;top:489px;"><ix:nonFraction id="ID_90" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,846</ix:nonFraction></div><div id="a69134_96_7" style="position:absolute;font-family:'Arial';left:656px;top:489px;"><div style="display:inline-block;width:6px"> </div>until </div><div id="a69135" style="position:absolute;font-family:'Arial';left:5px;top:506px;"><ix:nonNumeric id="ID_346" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" format="ixt:datemonthdayyearen">December 27, 2029</ix:nonNumeric></div><div id="a69135_17_86" style="position:absolute;font-family:'Arial';left:135px;top:506px;">. The loan is subject to a margin reset<div style="display:inline-block;width:5px"> </div>and unless the parties agree on a new margin, </div><div id="a69142" style="position:absolute;font-family:'Arial';left:5px;top:523px;">the loan will<div style="display:inline-block;width:6px"> </div>be mandatorily repayable<div style="display:inline-block;width:6px"> </div>on June 27,<div style="display:inline-block;width:6px"> </div>2027. On<div style="display:inline-block;width:5px"> </div>July 6, 2023,<div style="display:inline-block;width:6px"> </div>the Company entered<div style="display:inline-block;width:6px"> </div>into an </div><div id="a69154" style="position:absolute;font-family:'Arial';left:5px;top:540px;">interest rate swap with DNB for a notional amount for the </div><div id="a69154_58_2" style="position:absolute;font-family:'Arial';left:379px;top:540px;"><ix:nonFraction id="ID_387" name="us-gaap:PercentageOfDebtHedgedByInterestRateDerivatives" contextRef="AS_OF_Jul06_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">30</ix:nonFraction></div><div id="a69154_60_46" style="position:absolute;font-family:'Arial';left:396px;top:540px;">% of the loan amount. Under the interest rate </div><div id="a69160" style="position:absolute;font-family:'Arial';left:5px;top:557px;">swap, the Company pays<div style="display:inline-block;width:3px"> </div>a fixed rate and<div style="display:inline-block;width:3px"> </div>receives floating under term<div style="display:inline-block;width:3px"> </div>SOFR.<div style="display:inline-block;width:4px"> </div>The swap has a<div style="display:inline-block;width:3px"> </div>termination </div><div id="a69167" style="position:absolute;font-family:'Arial';left:5px;top:574px;">date on December 27,<div style="display:inline-block;width:6px"> </div>2029, and a mandatory<div style="display:inline-block;width:5px"> </div>break on June 27,<div style="display:inline-block;width:6px"> </div>2027, according to which the<div style="display:inline-block;width:6px"> </div>swap will </div><div id="a69172" style="position:absolute;font-family:'Arial';left:5px;top:590px;">be terminated if the loan is prepaid. As of December 31,<div style="display:inline-block;width:6px"> </div>2024 and 2023, the fair value of the interest rate </div><div id="a69178" style="position:absolute;font-family:'Arial';left:5px;top:607px;">swap amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a69178_18_3" style="position:absolute;font-family:'Arial';left:142px;top:607px;"><ix:nonFraction id="ID_689" name="us-gaap:InterestRateDerivativesAtFairValueNet" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">165</ix:nonFraction></div><div id="a69178_21_6" style="position:absolute;font-family:'Arial';left:166px;top:607px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a69178_27_3" style="position:absolute;font-family:'Arial';left:209px;top:607px;"><ix:nonFraction id="ID_547" name="us-gaap:InterestRateDerivativesAtFairValueNet" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">439</ix:nonFraction></div><div id="a69178_30_74" style="position:absolute;font-family:'Arial';left:234px;top:607px;">, respectively,<div style="display:inline-block;width:7px"> </div>and is<div style="display:inline-block;width:7px"> </div>separately presented<div style="display:inline-block;width:6px"> </div>in current<div style="display:inline-block;width:6px"> </div>assets/liabilities </div><div id="a69185" style="position:absolute;font-family:'Arial';left:5px;top:624px;">and non-current liabilities. In 2024 and 2023, the Company recognized a gain of $</div><div id="a69185_81_3" style="position:absolute;font-family:'Arial';left:536px;top:624px;"><ix:nonFraction id="ID_340" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">274</ix:nonFraction></div><div id="a69185_84_16" style="position:absolute;font-family:'Arial';left:561px;top:624px;"><div style="display:inline-block;width:4px"> </div>and a loss of $</div><div id="a69185_100_3" style="position:absolute;font-family:'Arial';left:661px;top:624px;"><ix:nonFraction id="ID_834" name="us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DNBBankASAMember_us-gaap_LongtermDebtTypeAxis_us-gaap_SecuredDebtMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">439</ix:nonFraction></div><div id="a69185_103_2" style="position:absolute;font-family:'Arial';left:685px;top:624px;">, </div><div id="a69194" style="position:absolute;font-family:'Arial';left:5px;top:641px;">respectively, from<div style="display:inline-block;width:5px"> </div>the swap valuation separately presented as gain/(loss) on derivative instruments in the </div><div id="a69199" style="position:absolute;font-family:'Arial';left:5px;top:658px;">accompanying consolidated statements<div style="display:inline-block;width:3px"> </div>of income. </div><div id="a69206" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:692px;">Danish Ship<div style="display:inline-block;width:6px"> </div>Finance A/S<div style="display:inline-block;width:6px"> </div>or Danish:</div><div id="a69211" style="position:absolute;font-family:'Arial';left:261px;top:692px;"><div style="display:inline-block;width:5px"> </div>On April<div style="display:inline-block;width:6px"> </div>12,<div style="display:inline-block;width:5px"> </div>2023, the<div style="display:inline-block;width:6px"> </div>Company signed<div style="display:inline-block;width:6px"> </div>a term<div style="display:inline-block;width:6px"> </div>loan facility<div style="display:inline-block;width:6px"> </div>with </div><div id="a69219" style="position:absolute;font-family:'Arial';left:5px;top:708px;">Danish, for<div style="display:inline-block;width:2px"> </div>$</div><div id="a69219_13_7" style="position:absolute;font-family:'Arial';left:87px;top:708px;"><ix:nonFraction id="ID_356" name="us-gaap:DebtInstrumentFaceAmount" contextRef="AS_OF_Apr12_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" scale="3">100,000</ix:nonFraction></div><div id="a69219_20_89" style="position:absolute;font-family:'Arial';left:140px;top:708px;"><div style="display:inline-block;width:3px"> </div>to refinance<div style="display:inline-block;width:2px"> </div>the outstanding<div style="display:inline-block;width:2px"> </div>balance of<div style="display:inline-block;width:2px"> </div>loans with<div style="display:inline-block;width:2px"> </div>other banks<div style="display:inline-block;width:2px"> </div>and for<div style="display:inline-block;width:2px"> </div>working<div style="display:inline-block;width:3px"> </div>capital. </div><div id="a69254" style="position:absolute;font-family:'Arial';left:5px;top:725px;">On<div style="display:inline-block;width:6px"> </div>April<div style="display:inline-block;width:6px"> </div>18<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>19,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>drew<div style="display:inline-block;width:6px"> </div>down<div style="display:inline-block;width:6px"> </div>$</div><div id="a69254_49_7" style="position:absolute;font-family:'Arial';left:369px;top:725px;"><ix:nonFraction id="ID_289" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" contextRef="FROM_Apr18_2023_TO_Apr19_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">100,000</ix:nonFraction></div><div id="a69254_56_40" style="position:absolute;font-family:'Arial';left:422px;top:725px;"><div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>repayable<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>equal<div style="display:inline-block;width:6px"> </div>quarterly </div><div id="a69281" style="position:absolute;font-family:'Arial';left:5px;top:742px;">instalments of $</div><div id="a69281_16_5" style="position:absolute;font-family:'Arial';left:108px;top:742px;"><ix:nonFraction id="ID_87" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Apr18_2023_TO_Apr19_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,301</ix:nonFraction></div><div id="a69281_21_24" style="position:absolute;font-family:'Arial';left:145px;top:742px;"><div style="display:inline-block;width:4px"> </div>each and a balloon of $</div><div id="a69281_45_6" style="position:absolute;font-family:'Arial';left:301px;top:742px;"><ix:nonFraction id="ID_139" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AS_OF_Apr19_2023_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">33,972</ix:nonFraction></div><div id="a69281_51_56" style="position:absolute;font-family:'Arial';left:346px;top:742px;"><div style="display:inline-block;width:4px"> </div>payable together with the last instalment on<div style="display:inline-block;width:3px"> </div>April 19, </div><div id="a69292" style="position:absolute;font-family:'Arial';left:5px;top:759px;">2028. On<div style="display:inline-block;width:3px"> </div>October 18,<div style="display:inline-block;width:2px"> </div>2024, the<div style="display:inline-block;width:2px"> </div>Company refinanced<div style="display:inline-block;width:2px"> </div>the outstanding<div style="display:inline-block;width:2px"> </div>balance of<div style="display:inline-block;width:2px"> </div>this loan<div style="display:inline-block;width:2px"> </div>with a<div style="display:inline-block;width:3px"> </div>loan which </div><div id="a69296" style="position:absolute;font-family:'Arial';left:5px;top:776px;">is repayable in equal quarterly instalments of $</div><div id="a69296_48_5" style="position:absolute;font-family:'Arial';left:308px;top:776px;"><ix:nonFraction id="ID_690" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="FROM_Oct18_2024_TO_Oct18_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,533</ix:nonFraction></div><div id="a69296_53_24" style="position:absolute;font-family:'Arial';left:344px;top:776px;"><div style="display:inline-block;width:4px"> </div>each and a balloon of $</div><div id="a69296_77_6" style="position:absolute;font-family:'Arial';left:501px;top:776px;"><ix:nonFraction id="ID_691" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AS_OF_Oct18_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">14,323</ix:nonFraction></div><div id="a69296_83_23" style="position:absolute;font-family:'Arial';left:546px;top:776px;"><div style="display:inline-block;width:4px"> </div>payable together with </div><div id="a69301" style="position:absolute;font-family:'Arial';left:5px;top:793px;">the last instalment on </div><div id="a69301_23_14" style="position:absolute;font-family:'Arial';left:148px;top:793px;"><ix:nonNumeric id="ID_692" name="us-gaap:DebtInstrumentMaturityDate" contextRef="FROM_Oct18_2024_TO_Oct18_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_DanishShipFinanceMember" format="ixt:datemonthdayyearen">April 18, 2031</ix:nonNumeric></div><div id="a69301_37_2" style="position:absolute;font-family:'Arial';left:239px;top:793px;">. </div><div id="a69309" style="position:absolute;font-family:'Arial';left:5px;top:827px;">As of December 31, 2024 and 2023, the Company was in compliance<div style="display:inline-block;width:3px"> </div>with all of its loan covenants. </div></div></div></ix:continuation></div></div>
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<div id="a69312" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a69314" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a69316" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a69318" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a69325" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-28 </div><div id="div_263_XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_2" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_d3405ea8b6cf46608e3c77e71ae33433_2" continuedAt="XBRL_TS_f142abc32204452c8dfc7465befe5fbf"><div id="TextBlockContainer264" style="position:relative;line-height:normal;width:704px;height:52px;"><div id="TextContainer264" style="position:relative;width:704px;z-index:1;"><div id="a69330" style="position:absolute;font-family:'Arial';left:5px;top:17px;">As of December 31, 2024, the maturities of<div style="display:inline-block;width:5px"> </div>the Company’s bond and debt facilities throughout their term, </div><div id="a69334" style="position:absolute;font-family:'Arial';left:5px;top:34px;">are shown in the table below and do not include related debt issuance<div style="display:inline-block;width:3px"> </div>costs.</div></div></div></ix:continuation></div><div id="div_266_XBRL_TS_f142abc32204452c8dfc7465befe5fbf" style="position:absolute;left:52px;top:204.7px;float:left;"><ix:continuation id="XBRL_TS_f142abc32204452c8dfc7465befe5fbf"><div id="TextBlockContainer270" style="position:relative;line-height:normal;width:699px;height:151px;"><div id="div_267_XBRL_TS_3bde5038ce9146259815eed97ec4dbf6" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_447" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer268" style="position:relative;line-height:normal;width:699px;height:151px;"><div style="position:absolute; width:109px; height:18.4px; left:4.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:15.4px; left:4.8px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:18.4px; left:113.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:113.8px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:18.4px; left:143.7px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:15.4px; left:143.7px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.4px; left:521.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:521.9px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:18.4px; left:533.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:151.1px; height:15.4px; left:533.9px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:4.8px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:113.8px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:29.4px; height:1px; left:114.4px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:143.9px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:377.3px; height:1px; left:144.5px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521.9px; top:15.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:1px; left:533.9px; top:15.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:109px; height:19px; left:4.8px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:15.4px; left:4.8px; top:56.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19px; left:113.8px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:113.8px; top:56.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:19px; left:143.7px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:15.4px; left:143.7px; top:56.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:521.9px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:521.9px; top:56.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19px; left:533.9px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:151.1px; height:15.4px; left:533.9px; top:56.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:19px; left:4.8px; top:91.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:15.4px; left:4.8px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19px; left:113.8px; top:91.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:113.8px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:19px; left:143.7px; top:91.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:15.4px; left:143.7px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:521.9px; top:91.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:521.9px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19px; left:533.9px; top:91.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:151.1px; height:15.4px; left:533.9px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:19.2px; left:4.8px; top:129.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:15.2px; left:4.8px; top:133.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19.2px; left:113.8px; top:129.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.2px; left:113.8px; top:133.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:19.2px; left:143.7px; top:129.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378.1px; height:15.2px; left:143.7px; top:133.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19.2px; left:521.9px; top:129.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.2px; left:521.9px; top:133.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19.2px; left:533.9px; top:129.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:151.1px; height:15.2px; left:533.9px; top:133.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:4.8px; top:129.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.1px; height:1px; left:113.8px; top:129.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:378px; height:1px; left:143.9px; top:129.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521.9px; top:129.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:1px; left:533.9px; top:129.1px; background-color:#000000; "> </div>
<div id="TextContainer268" style="position:relative;width:699px;z-index:1;"><div id="a69341" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:0px;">Period </div><div id="a69344" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:545px;top:0px;">Principal Repayment </div><div id="a69346" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:19px;">Year 1 </div><div id="a69350" style="position:absolute;font-family:'Arial';font-size:13.28px;left:522px;top:19px;">$ </div><div id="a69352" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:19px;"><ix:nonFraction id="ID_483" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,150</ix:nonFraction></div><div id="a69354" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:38px;">Year 2 </div><div id="a69359" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:38px;"><ix:nonFraction id="ID_475" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,150</ix:nonFraction></div><div id="a69361" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:57px;">Year 3 </div><div id="a69366" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:57px;"><ix:nonFraction id="ID_236" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,149</ix:nonFraction></div><div id="a69368" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:76px;">Year 4 </div><div id="a69373" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:76px;"><ix:nonFraction id="ID_458" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,149</ix:nonFraction></div><div id="a69375" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:95px;">Year 5 </div><div id="a69380" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:95px;"><ix:nonFraction id="ID_296" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">222,149</ix:nonFraction></div><div id="a69382" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:114px;">Year 6 and<div style="display:inline-block;width:5px"> </div>thereafter </div><div id="a69385" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:114px;"><ix:nonFraction id="ID_349" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">111,843</ix:nonFraction></div><div id="a69387" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:134px;">Total </div><div id="a69391" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:522px;top:134px;">$ </div><div id="a69393" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:134px;"><ix:nonFraction id="ID_238A" name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">522,590</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_272_XBRL_TS_8e464dbc028b4fb5a5c48e88b4fa5613" style="position:absolute;left:51px;top:374px;float:left;"><ix:nonNumeric id="ID_8e464dbc028b4fb5a5c48e88b4fa5613" name="us-gaap:LesseeFinanceLeasesTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_e1e9dc873597446d81ac6f92c0d3c81f" escape="true"><div id="TextBlockContainer273" style="position:relative;line-height:normal;width:704px;height:558px;"><div id="TextContainer273" style="position:relative;width:704px;z-index:1;"><div id="a69396" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">9.<div style="display:inline-block;width:36px"> </div>Finance Liabilities </div><div id="a69401" style="position:absolute;font-family:'Arial';left:5px;top:34px;">On March 29, 2022, the Company<div style="display:inline-block;width:3px"> </div>sold </div><div id="a69403" style="position:absolute;font-family:'Arial';font-style:italic;left:261px;top:34px;">Florida</div><div id="a69404" style="position:absolute;font-family:'Arial';left:305px;top:34px;"><div style="display:inline-block;width:4px"> </div>to an unrelated third party<div style="display:inline-block;width:3px"> </div>and leased back the vessel<div style="display:inline-block;width:3px"> </div>from </div><div id="a69408" style="position:absolute;font-family:'Arial';left:5px;top:51px;">the buyer for<div style="display:inline-block;width:3px"> </div>a period of </div><div id="a69408_26_9" style="position:absolute;font-family:'Arial';left:162px;top:51px;"><ix:nonNumeric id="ID_366" name="us-gaap:LesseeFinanceLeaseTermOfContract1" contextRef="AS_OF_Mar29_2022_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_Florida2022BuiltCapesizeVesselMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric></div><div id="a69408_35_69" style="position:absolute;font-family:'Arial';left:222px;top:51px;">, under which<div style="display:inline-block;width:2px"> </div>the Company pays<div style="display:inline-block;width:2px"> </div>a fixed monthly<div style="display:inline-block;width:2px"> </div>hire. The Company<div style="display:inline-block;width:2px"> </div>has </div><div id="a69421" style="position:absolute;font-family:'Arial';left:5px;top:67px;">the option to<div style="display:inline-block;width:6px"> </div>repurchase the vessel<div style="display:inline-block;width:5px"> </div>at specific prices, after<div style="display:inline-block;width:6px"> </div>the end of<div style="display:inline-block;width:6px"> </div>the third year<div style="display:inline-block;width:6px"> </div>of the charter period </div><div id="a69423" style="position:absolute;font-family:'Arial';left:5px;top:84px;">and for<div style="display:inline-block;width:6px"> </div>each year<div style="display:inline-block;width:5px"> </div>thereafter,<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:5px"> </div>obligation to<div style="display:inline-block;width:5px"> </div>purchase the<div style="display:inline-block;width:5px"> </div>vessel on<div style="display:inline-block;width:6px"> </div>the expiration<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>lease on </div><div id="a69429" style="position:absolute;font-family:'Arial';left:5px;top:101px;">the tenth year.<div style="display:inline-block;width:5px"> </div></div><div id="a69434" style="position:absolute;font-family:'Arial';left:5px;top:135px;">On August 17, 2022, the<div style="display:inline-block;width:6px"> </div>Company entered into </div><div id="a69434_45_3" style="position:absolute;font-family:'Arial';left:320px;top:135px;"><ix:nonFraction id="ID_187" name="dsx:NumberOfSaleAndLeasebackAgreements" contextRef="AS_OF_Aug17_2022_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_NewOrleansAndSantaBarbaraVesselsMember" unitRef="Vessels" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></div><div id="a69434_48_53" style="position:absolute;font-family:'Arial';left:343px;top:135px;"><div style="display:inline-block;width:5px"> </div>sale and leaseback agreements with two<div style="display:inline-block;width:6px"> </div>unaffiliated </div><div id="a69466" style="position:absolute;font-family:'Arial';left:5px;top:152px;">third parties for </div><div id="a69472" style="position:absolute;font-family:'Arial';font-style:italic;left:106px;top:152px;">New Orleans</div><div id="a69475" style="position:absolute;font-family:'Arial';left:190px;top:152px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a69478" style="position:absolute;font-family:'Arial';font-style:italic;left:221px;top:152px;">Santa Barbara</div><div id="a69481" style="position:absolute;font-family:'Arial';left:315px;top:152px;">. The vessels<div style="display:inline-block;width:2px"> </div>were delivered<div style="display:inline-block;width:3px"> </div>to their buyers<div style="display:inline-block;width:2px"> </div>on September </div><div id="a69501" style="position:absolute;font-family:'Arial';left:5px;top:169px;">8, 2022 and<div style="display:inline-block;width:2px"> </div>September 12,<div style="display:inline-block;width:3px"> </div>2022, respectively<div style="display:inline-block;width:3px"> </div>and the<div style="display:inline-block;width:3px"> </div>Company chartered-in<div style="display:inline-block;width:3px"> </div>both vessels<div style="display:inline-block;width:3px"> </div>under bareboat </div><div id="a69533" style="position:absolute;font-family:'Arial';left:5px;top:185px;">charter parties for a period of </div><div id="a69533_32_11" style="position:absolute;font-family:'Arial';left:198px;top:185px;"><ix:nonNumeric id="ID_208" name="us-gaap:LesseeFinanceLeaseTermOfContract1" contextRef="AS_OF_Aug17_2022_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_NewOrleansAndSantaBarbaraVesselsMember" format="ixt-sec:durwordsen">eight years</ix:nonNumeric></div><div id="a69533_43_63" style="position:absolute;font-family:'Arial';left:269px;top:185px;">, each, under which the Company pays<div style="display:inline-block;width:3px"> </div>fixed monthly hire. Under </div><div id="a69557" style="position:absolute;font-family:'Arial';left:5px;top:202px;">the bareboat charter, the<div style="display:inline-block;width:3px"> </div>Company has the<div style="display:inline-block;width:3px"> </div>option to repurchase<div style="display:inline-block;width:2px"> </div>the vessel at<div style="display:inline-block;width:3px"> </div>specific prices, after<div style="display:inline-block;width:3px"> </div>the end </div><div id="a69559" style="position:absolute;font-family:'Arial';left:5px;top:219px;">of the<div style="display:inline-block;width:3px"> </div>third year<div style="display:inline-block;width:3px"> </div>of the<div style="display:inline-block;width:3px"> </div>charter period<div style="display:inline-block;width:2px"> </div>and for<div style="display:inline-block;width:2px"> </div>each year<div style="display:inline-block;width:2px"> </div>thereafter, and the<div style="display:inline-block;width:2px"> </div>obligation to<div style="display:inline-block;width:2px"> </div>purchase the<div style="display:inline-block;width:2px"> </div>vessel </div><div id="a69565" style="position:absolute;font-family:'Arial';left:5px;top:236px;">on the expiration of the lease on the eighth year.<div style="display:inline-block;width:4px"> </div></div><div id="a69570" style="position:absolute;font-family:'Arial';left:5px;top:270px;">On December 6, 2022, the Company<div style="display:inline-block;width:3px"> </div>sold </div><div id="a69571" style="position:absolute;font-family:'Arial';font-style:italic;left:280px;top:270px;">DSI Andromeda</div><div id="a69572" style="position:absolute;font-family:'Arial';left:384px;top:270px;"><div style="display:inline-block;width:4px"> </div>to an unrelated third party and leased<div style="display:inline-block;width:2px"> </div>back the </div><div id="a69574" style="position:absolute;font-family:'Arial';left:5px;top:287px;">vessel under<div style="display:inline-block;width:2px"> </div>a bareboat<div style="display:inline-block;width:2px"> </div>agreement, for<div style="display:inline-block;width:2px"> </div>a period<div style="display:inline-block;width:2px"> </div>of </div><div id="a69574_51_9" style="position:absolute;font-family:'Arial';left:332px;top:287px;"><ix:nonNumeric id="ID_481" name="us-gaap:LesseeFinanceLeaseTermOfContract1" contextRef="AS_OF_Dec06_2022_Entity_0001318885_us-gaap_PropertyPlantAndEquipmentByTypeAxis_dsx_DsiAndromedaMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric></div><div id="a69574_60_45" style="position:absolute;font-family:'Arial';left:391px;top:287px;">, under<div style="display:inline-block;width:2px"> </div>which the<div style="display:inline-block;width:2px"> </div>Company pays<div style="display:inline-block;width:2px"> </div>fixed monthly </div><div id="a69578" style="position:absolute;font-family:'Arial';left:5px;top:304px;">hire. The Company<div style="display:inline-block;width:2px"> </div>has the<div style="display:inline-block;width:3px"> </div>option to<div style="display:inline-block;width:3px"> </div>repurchase the vessel<div style="display:inline-block;width:2px"> </div>at specific prices,<div style="display:inline-block;width:2px"> </div>after the end<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>third year </div><div id="a69582" style="position:absolute;font-family:'Arial';left:5px;top:321px;">of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>period<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>year<div style="display:inline-block;width:7px"> </div>thereafter,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>obligation<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>purchase<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>the </div><div id="a69589" style="position:absolute;font-family:'Arial';left:5px;top:337px;">expiration of the lease on the tenth year.<div style="display:inline-block;width:4px"> </div></div><div id="a69593" style="position:absolute;font-family:'Arial';left:5px;top:371px;">The Company determined<div style="display:inline-block;width:2px"> </div>that, under ACS<div style="display:inline-block;width:2px"> </div>842-40 Sale and<div style="display:inline-block;width:2px"> </div>Leaseback Transactions, the<div style="display:inline-block;width:3px"> </div>transactions are </div><div id="a69596" style="position:absolute;font-family:'Arial';left:5px;top:388px;">failed<div style="display:inline-block;width:6px"> </div>sales<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>consequently the<div style="display:inline-block;width:7px"> </div>assets<div style="display:inline-block;width:6px"> </div>were not<div style="display:inline-block;width:7px"> </div>derecognized from<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>the </div><div id="a69599" style="position:absolute;font-family:'Arial';left:5px;top:405px;">proceeds from the sale of the vessels were accounted for as financial liabilities. As of December<div style="display:inline-block;width:3px"> </div>31, 2024 </div><div id="a69602" style="position:absolute;font-family:'Arial';left:5px;top:422px;">and<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>liability<div style="display:inline-block;width:6px"> </div>amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a69602_41_5" style="position:absolute;font-family:'Arial';left:281px;top:422px;"><ix:nonFraction id="ID_185A" name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,608</ix:nonFraction></div><div id="a69602_46_6" style="position:absolute;font-family:'Arial';left:318px;top:422px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a69602_52_5" style="position:absolute;font-family:'Arial';left:363px;top:422px;"><ix:nonFraction id="ID_538A" name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,221</ix:nonFraction></div><div id="a69602_57_49" style="position:absolute;font-family:'Arial';left:400px;top:422px;">,<div style="display:inline-block;width:6px"> </div>respectively,<div style="display:inline-block;width:7px"> </div>included<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>finance<div style="display:inline-block;width:6px"> </div>liabilities, </div><div id="a69610" style="position:absolute;font-family:'Arial';left:5px;top:438px;">current and $</div><div id="a69610_13_7" style="position:absolute;font-family:'Arial';left:92px;top:438px;"><ix:nonFraction id="ID_378A" name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">113,300</ix:nonFraction></div><div id="a69610_20_6" style="position:absolute;font-family:'Arial';left:145px;top:438px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a69610_26_7" style="position:absolute;font-family:'Arial';left:185px;top:438px;"><ix:nonFraction id="ID_566A" name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">122,908</ix:nonFraction></div><div id="a69610_33_77" style="position:absolute;font-family:'Arial';left:238px;top:438px;"><div style="display:inline-block;width:4px"> </div>respectively included in finance liabilities, net of<div style="display:inline-block;width:3px"> </div>current portion. As of </div><div id="a69614" style="position:absolute;font-family:'Arial';left:5px;top:455px;">December 31, 2024, the<div style="display:inline-block;width:3px"> </div>weighted average remaining lease<div style="display:inline-block;width:3px"> </div>term of the above lease<div style="display:inline-block;width:3px"> </div>agreements was </div><div id="a69614_95_4" style="position:absolute;font-family:'Arial';left:661px;top:455px;"><ix:nonNumeric id="ID_84" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1" contextRef="AS_OF_Dec31_2024_Entity_0001318885" format="ixt-sec:duryear">6.70</ix:nonNumeric></div><div id="a69616" style="position:absolute;font-family:'Arial';left:5px;top:472px;">years, the<div style="display:inline-block;width:6px"> </div>average interest rate<div style="display:inline-block;width:6px"> </div>was </div><div id="a69616_37_4" style="position:absolute;font-family:'Arial';left:248px;top:472px;"><ix:nonFraction id="ID_42" name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="pure" decimals="6" format="ixt:numdotdecimal" scale="-2">4.83</ix:nonFraction></div><div id="a69616_41_58" style="position:absolute;font-family:'Arial';left:276px;top:472px;">% and<div style="display:inline-block;width:5px"> </div>the sublease<div style="display:inline-block;width:5px"> </div>income during the<div style="display:inline-block;width:6px"> </div>years ended<div style="display:inline-block;width:6px"> </div>December </div><div id="a69621" style="position:absolute;font-family:'Arial';left:5px;top:489px;">31, 2024 was $</div><div id="a69621_14_6" style="position:absolute;font-family:'Arial';left:105px;top:489px;"><ix:nonFraction id="ID_918" name="us-gaap:SubleaseIncome" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28,814</ix:nonFraction></div><div id="a69621_20_37" style="position:absolute;font-family:'Arial';left:150px;top:489px;">, included in time charter revenues. </div><div id="a69625" style="position:absolute;font-family:'Arial';left:5px;top:523px;">As of<div style="display:inline-block;width:2px"> </div>December 31,<div style="display:inline-block;width:2px"> </div>2024, and<div style="display:inline-block;width:2px"> </div>throughout<div style="display:inline-block;width:3px"> </div>the term<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>leases,<div style="display:inline-block;width:3px"> </div>the Company<div style="display:inline-block;width:2px"> </div>has annual<div style="display:inline-block;width:2px"> </div>finance liabilities </div><div id="a69637" style="position:absolute;font-family:'Arial';left:5px;top:540px;">as shown in the table below:</div></div></div></ix:nonNumeric></div><div id="a69637_28_3" style="position:absolute;font-family:'Arial';left:241px;top:913.8px;"><div style="display:inline-block;width:8px"> </div></div></div>
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<div id="a69645" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a69647" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a69649" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a69651" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a69658" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-29 </div><div id="div_275_XBRL_TS_e1e9dc873597446d81ac6f92c0d3c81f" style="position:absolute;left:54px;top:136.3px;float:left;"><ix:continuation id="XBRL_TS_e1e9dc873597446d81ac6f92c0d3c81f"><div id="TextBlockContainer279" style="position:relative;line-height:normal;width:694px;height:151px;"><div id="div_276_XBRL_TS_999639ae177647338f21e3b8c7737285" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_345" name="us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer277" style="position:relative;line-height:normal;width:694px;height:151px;"><div style="position:absolute; width:109px; height:18.4px; left:2.8px; top:15.7px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:12px; height:18.4px; left:520.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:523.5px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:18.4px; left:532.8px; top:15.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:2.8px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:111.8px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:29.4px; height:1px; left:112.4px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:141.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:378.5px; height:1px; left:142.5px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:154.9px; height:1px; left:533px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:109px; height:19px; left:2.8px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19px; left:111.8px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:19px; left:141.7px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:520.8px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:520.8px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19px; left:532.8px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:19px; left:2.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19px; left:111.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:19px; left:141.7px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:520.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:520.8px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19px; left:532.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:94.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:19.4px; left:2.8px; top:129.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:133.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19.4px; left:111.8px; top:129.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:133.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:19.4px; left:141.7px; top:129.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:133.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19.4px; left:520.8px; top:129.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:523.5px; top:133.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19.4px; left:532.8px; top:129.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:133.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:2.8px; top:129px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.1px; height:1px; left:111.8px; top:129px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:1px; left:141.9px; top:129px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521px; top:129px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:154.9px; height:1px; left:533px; top:129px; background-color:#000000; "> </div>
<div id="TextContainer277" style="position:relative;width:694px;z-index:1;"><div id="a69662" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:0px;">Period </div><div id="a69665" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:544px;top:0px;">Principal Repayment </div><div id="a69667" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:19px;">Year 1 </div><div id="a69671" style="position:absolute;font-family:'Arial';font-size:13.28px;left:523px;top:19px;">$ </div><div id="a69673" style="position:absolute;font-family:'Arial';font-size:13.28px;left:647px;top:19px;"><ix:nonFraction id="ID_504" name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,808</ix:nonFraction></div><div id="a69675" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:38px;">Year 2 </div><div id="a69680" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:38px;"><ix:nonFraction id="ID_357" name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,224</ix:nonFraction></div><div id="a69682" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:57px;">Year 3 </div><div id="a69687" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:57px;"><ix:nonFraction id="ID_337" name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,661</ix:nonFraction></div><div id="a69689" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:76px;">Year 4 </div><div id="a69694" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:76px;"><ix:nonFraction id="ID_498" name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">11,151</ix:nonFraction></div><div id="a69696" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:95px;">Year 5 </div><div id="a69701" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:95px;"><ix:nonFraction id="ID_273" name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFive" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">11,604</ix:nonFraction></div><div id="a69703" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:114px;">Year 6 and<div style="display:inline-block;width:5px"> </div>thereafter </div><div id="a69706" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:114px;"><ix:nonFraction id="ID_95" name="us-gaap:FinanceLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">70,452</ix:nonFraction></div><div id="a69708" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:134px;">Total </div><div id="a69712" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:523px;top:134px;">$ </div><div id="a69714" style="position:absolute;font-family:'Arial';font-size:13.28px;left:633px;top:134px;"><ix:nonFraction id="ID_284" name="us-gaap:FinanceLeaseLiabilityPaymentsDue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">123,900</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_281_XBRL_TS_af513c8543334071a08aad44e12255b1" style="position:absolute;left:51px;top:304.5px;float:left;"><ix:nonNumeric id="ID_af513c8543334071a08aad44e12255b1" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_f86af246f340475fb6cb73b8152a7bce" escape="true"><div id="TextBlockContainer282" style="position:relative;line-height:normal;width:706px;height:492px;"><div id="TextContainer282" style="position:relative;width:706px;z-index:1;"><div id="a69717" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">10.<div style="display:inline-block;width:26px"> </div>Commitments and Contingencies </div><div id="a69722" style="position:absolute;font-family:'Arial';left:6px;top:35px;">a)</div><div id="a69723" style="position:absolute;font-family:'Arial';left:19px;top:35px;"><div style="display:inline-block;width:11px"> </div>Various<div style="display:inline-block;width:6px"> </div>claims, suits,<div style="display:inline-block;width:6px"> </div>and complaints,<div style="display:inline-block;width:6px"> </div>including those<div style="display:inline-block;width:6px"> </div>involving government<div style="display:inline-block;width:6px"> </div>regulations and<div style="display:inline-block;width:6px"> </div>product </div><div id="a69725" style="position:absolute;font-family:'Arial';left:30px;top:52px;">liability, arise in<div style="display:inline-block;width:2px"> </div>the ordinary<div style="display:inline-block;width:2px"> </div>course of<div style="display:inline-block;width:2px"> </div>the shipping<div style="display:inline-block;width:2px"> </div>business. In<div style="display:inline-block;width:2px"> </div>addition, losses<div style="display:inline-block;width:2px"> </div>may arise<div style="display:inline-block;width:2px"> </div>from disputes </div><div id="a69726" style="position:absolute;font-family:'Arial';left:30px;top:69px;">with<div style="display:inline-block;width:6px"> </div>charterers,<div style="display:inline-block;width:6px"> </div>agents,<div style="display:inline-block;width:6px"> </div>insurance<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>claims<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>suppliers<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>operations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the </div><div id="a69728" style="position:absolute;font-family:'Arial';left:30px;top:86px;">Company’s<div style="display:inline-block;width:6px"> </div>vessels.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>accrues<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>environmental<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>liabilities<div style="display:inline-block;width:5px"> </div>when </div><div id="a69729" style="position:absolute;font-family:'Arial';left:30px;top:103px;">management becomes<div style="display:inline-block;width:2px"> </div>aware that<div style="display:inline-block;width:2px"> </div>a liability<div style="display:inline-block;width:2px"> </div>is probable<div style="display:inline-block;width:2px"> </div>and is<div style="display:inline-block;width:3px"> </div>able to<div style="display:inline-block;width:2px"> </div>reasonably estimate<div style="display:inline-block;width:2px"> </div>the probable </div><div id="a69730" style="position:absolute;font-family:'Arial';left:30px;top:120px;">exposure. The Company’s vessels are<div style="display:inline-block;width:6px"> </div>covered for pollution in the<div style="display:inline-block;width:6px"> </div>amount of $</div><div id="a69730_76_1" style="position:absolute;font-family:'Arial';left:543px;top:120px;"><ix:nonFraction id="ID_309" name="us-gaap:MalpracticeInsuranceMaximumCoveragePerIncident" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyTransactionDomain" unitRef="USD" decimals="-9" format="ixt:numdotdecimal" scale="9">1</ix:nonFraction></div><div id="a69730_77_24" style="position:absolute;font-family:'Arial';left:551px;top:120px;"><div style="display:inline-block;width:4px"> </div>billion per vessel per </div><div id="a69734" style="position:absolute;font-family:'Arial';left:30px;top:136px;">incident, by the<div style="display:inline-block;width:6px"> </div>P&I Association in<div style="display:inline-block;width:6px"> </div>which the Company’s<div style="display:inline-block;width:6px"> </div>vessels are entered.<div style="display:inline-block;width:6px"> </div>In 2022, the<div style="display:inline-block;width:6px"> </div>Company </div><div id="a69737" style="position:absolute;font-family:'Arial';left:30px;top:153px;">recorded a<div style="display:inline-block;width:2px"> </div>gain of<div style="display:inline-block;width:2px"> </div>$</div><div id="a69737_20_5" style="position:absolute;font-family:'Arial';left:157px;top:153px;"><ix:nonFraction id="ID_726A" name="us-gaap:InsuranceRecoveries" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,789</ix:nonFraction></div><div id="a69737_25_79" style="position:absolute;font-family:'Arial';left:194px;top:153px;"><div style="display:inline-block;width:3px"> </div>from insurance<div style="display:inline-block;width:2px"> </div>recoveries received<div style="display:inline-block;width:2px"> </div>from its<div style="display:inline-block;width:2px"> </div>insurers for<div style="display:inline-block;width:2px"> </div>claims covered<div style="display:inline-block;width:2px"> </div>under </div><div id="a69738" style="position:absolute;font-family:'Arial';left:30px;top:170px;">its insurance<div style="display:inline-block;width:2px"> </div>policies, which<div style="display:inline-block;width:2px"> </div>is separately<div style="display:inline-block;width:2px"> </div>presented as<div style="display:inline-block;width:2px"> </div>insurance recoveries<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>accompanying 2022 </div><div id="a69739" style="position:absolute;font-family:'Arial';left:30px;top:187px;">consolidated statement of income. </div><div id="a69744" style="position:absolute;font-family:'Arial';left:6px;top:221px;">b)</div><div id="a69745" style="position:absolute;font-family:'Arial';left:19px;top:221px;"><div style="display:inline-block;width:11px"> </div>Pursuant to the sale and lease<div style="display:inline-block;width:3px"> </div>back agreements signed between the Company<div style="display:inline-block;width:2px"> </div>and its counterparties, </div><div id="a69747" style="position:absolute;font-family:'Arial';left:30px;top:238px;">the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>purchase<div style="display:inline-block;width:6px"> </div>obligations<div style="display:inline-block;width:6px"> </div>amounting<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a69747_51_6" style="position:absolute;font-family:'Arial';left:398px;top:238px;"><ix:nonFraction id="ID_835" name="us-gaap:PurchaseObligation" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_SaleAndLeaseBackAgreementMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyTransactionDomain" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">50,400</ix:nonFraction></div><div id="a69747_57_37" style="position:absolute;font-family:'Arial';left:442px;top:238px;">,<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>end<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>lease<div style="display:inline-block;width:6px"> </div>agreements </div><div id="a69752" style="position:absolute;font-family:'Arial';left:30px;top:255px;">described in Note 9.<div style="display:inline-block;width:4px"> </div></div><div id="a69757" style="position:absolute;font-family:'Arial';left:6px;top:288px;">c)</div><div id="a69758" style="position:absolute;font-family:'Arial';left:18px;top:288px;"><div style="display:inline-block;width:12px"> </div>On March<div style="display:inline-block;width:7px"> </div>30, 2023,<div style="display:inline-block;width:6px"> </div>the Company<div style="display:inline-block;width:6px"> </div>entered into<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:5px"> </div>corporate guarantee<div style="display:inline-block;width:6px"> </div>with Nordea<div style="display:inline-block;width:6px"> </div>under which<div style="display:inline-block;width:6px"> </div>the </div><div id="a69766" style="position:absolute;font-family:'Arial';left:30px;top:305px;">Company guarantees<div style="display:inline-block;width:2px"> </div>the performance<div style="display:inline-block;width:2px"> </div>by Bergen<div style="display:inline-block;width:2px"> </div>of all<div style="display:inline-block;width:2px"> </div>of its<div style="display:inline-block;width:2px"> </div>obligations<div style="display:inline-block;width:3px"> </div>under the<div style="display:inline-block;width:2px"> </div>loan until<div style="display:inline-block;width:2px"> </div>the maturity </div><div id="a69769" style="position:absolute;font-family:'Arial';left:30px;top:322px;">of the loan<div style="display:inline-block;width:5px"> </div>on March 30, 2028<div style="display:inline-block;width:6px"> </div>(Note 4 (b)). The<div style="display:inline-block;width:6px"> </div>Company considers the likelihood of<div style="display:inline-block;width:6px"> </div>having to make </div><div id="a69777" style="position:absolute;font-family:'Arial';left:30px;top:339px;">any payments under the guarantee to be remote, as the loan is also secured by an account pledge by </div><div id="a69783" style="position:absolute;font-family:'Arial';left:30px;top:356px;">Bergen,<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:6px"> </div>preferred<div style="display:inline-block;width:6px"> </div>mortgage<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>first<div style="display:inline-block;width:6px"> </div>priority<div style="display:inline-block;width:6px"> </div>general<div style="display:inline-block;width:6px"> </div>assignment<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>earnings, </div><div id="a69792" style="position:absolute;font-family:'Arial';left:30px;top:373px;">insurances<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>requisition<div style="display:inline-block;width:7px"> </div>compensation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel,<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>party<div style="display:inline-block;width:7px"> </div>assignment,<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>partnership </div><div id="a69797" style="position:absolute;font-family:'Arial';left:30px;top:389px;">interests<div style="display:inline-block;width:6px"> </div>security<div style="display:inline-block;width:6px"> </div>deed,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>manager’s<div style="display:inline-block;width:6px"> </div>undertaking.<div style="display:inline-block;width:6px"> </div>Accordingly,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the </div><div id="a69803" style="position:absolute;font-family:'Arial';left:30px;top:406px;">Company<div style="display:inline-block;width:6px"> </div>did<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>provision for<div style="display:inline-block;width:7px"> </div>losses<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>guarantee<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Bergen’s<div style="display:inline-block;width:6px"> </div>loan<div style="display:inline-block;width:6px"> </div>amounting to </div><div id="a69809" style="position:absolute;font-family:'Arial';left:30px;top:423px;">$</div><div id="a69809_1_6" style="position:absolute;font-family:'Arial';left:38px;top:423px;"><ix:nonFraction id="ID_394" name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_LoanAgreementWithNordeaMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_dsx_BergenMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,533</ix:nonFraction></div><div id="a69809_7_15" style="position:absolute;font-family:'Arial';left:83px;top:423px;"><div style="display:inline-block;width:4px"> </div>on that date. </div><div id="a69814" style="position:absolute;font-family:'Arial';left:6px;top:457px;">d)</div><div id="a69815" style="position:absolute;font-family:'Arial';left:19px;top:457px;"><div style="display:inline-block;width:11px"> </div>As of December 31,<div style="display:inline-block;width:3px"> </div>2024, the Company had<div style="display:inline-block;width:2px"> </div>total obligations under shipbuilding<div style="display:inline-block;width:2px"> </div>contracts (Note 6), as </div><div id="a69817" style="position:absolute;font-family:'Arial';left:30px;top:474px;">follows:</div></div></div></ix:nonNumeric></div><div id="div_284_XBRL_TS_f86af246f340475fb6cb73b8152a7bce" style="position:absolute;left:54px;top:816.7px;float:left;"><ix:continuation id="XBRL_TS_f86af246f340475fb6cb73b8152a7bce" continuedAt="XBRL_TS_45463403b5d9454daa39ae01a92277f4"><div id="TextBlockContainer288" style="position:relative;line-height:normal;width:694px;height:113px;"><div id="div_285_XBRL_TS_d40164941b714113beb0ae871929b82f" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_960" name="srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer286" style="position:relative;line-height:normal;width:694px;height:113px;"><div style="position:absolute; width:109px; height:18.4px; left:2.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:18.4px; left:111.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:18.4px; left:141.7px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.4px; left:520.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:523.5px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:18.4px; left:532.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:2.8px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:111.8px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:29.4px; height:1px; left:112.4px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:141.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:378.5px; height:1px; left:142.5px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:154.9px; height:1px; left:533px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:109px; height:19px; left:2.8px; top:53.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:56.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19px; left:111.8px; top:53.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:56.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:19px; left:141.7px; top:53.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:56.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:520.8px; top:53.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:520.8px; top:56.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19px; left:532.8px; top:53.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:56.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:19.4px; left:2.8px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:103.7px; height:15.4px; left:5.4px; top:95.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:19.4px; left:111.8px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:29.9px; height:15.4px; left:111.8px; top:95.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:19.4px; left:141.7px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:15.4px; left:141.7px; top:95.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19.4px; left:520.8px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:15.4px; left:523.5px; top:95.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:155.1px; height:19.4px; left:532.8px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:145.6px; height:15.4px; left:535.5px; top:95.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:109px; height:1px; left:2.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:30.1px; height:1px; left:111.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:379.1px; height:1px; left:141.9px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:521px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:154.9px; height:1px; left:533px; top:91.1px; background-color:#000000; "> </div>
<div id="TextContainer286" style="position:relative;width:694px;z-index:1;"><div id="a69820" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:0px;">Period </div><div id="a69823" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:585px;top:0px;">Amount </div><div id="a69825" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:19px;">Year 1 </div><div id="a69829" style="position:absolute;font-family:'Arial';font-size:13.28px;left:523px;top:19px;">$ </div><div id="a69831" style="position:absolute;font-family:'Arial';font-size:13.28px;left:676px;top:19px;"><ix:nonFraction id="ID_976" name="us-gaap:PurchaseObligationDueInNextTwelveMonths" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ShipbuildingContractsMember" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a69833" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:38px;">Year 2 </div><div id="a69838" style="position:absolute;font-family:'Arial';font-size:13.28px;left:647px;top:38px;"><ix:nonFraction id="ID_961" name="us-gaap:PurchaseObligationDueInSecondYear" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ShipbuildingContractsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,200</ix:nonFraction></div><div id="a69840" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:57px;">Year 3 </div><div id="a69845" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:57px;"><ix:nonFraction id="ID_962" name="us-gaap:PurchaseObligationDueInThirdYear" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ShipbuildingContractsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">36,800</ix:nonFraction></div><div id="a69847" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:76px;">Year 4 </div><div id="a69852" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:76px;"><ix:nonFraction id="ID_963" name="us-gaap:PurchaseObligationDueInFourthYear" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ShipbuildingContractsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,600</ix:nonFraction></div><div id="a69854" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:96px;">Total </div><div id="a69858" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:523px;top:96px;">$ </div><div id="a69860" style="position:absolute;font-family:'Arial';font-size:13.28px;left:640px;top:96px;"><ix:nonFraction id="ID_964" name="us-gaap:PurchaseObligation" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_DebtInstrumentAxis_dsx_ShipbuildingContractsMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">73,600</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div></div>
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<div id="a69864" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a69866" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a69868" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a69870" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a69877" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-30 </div><div id="a69881" style="position:absolute;font-family:'Arial';left:57px;top:133px;">e)</div><div id="div_290_XBRL_TS_45463403b5d9454daa39ae01a92277f4" style="position:absolute;left:75px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_45463403b5d9454daa39ae01a92277f4" continuedAt="XBRL_TS_64f26623c22a48c3b2f7b4367c3cad5e"><div id="TextBlockContainer291" style="position:relative;line-height:normal;width:680px;height:69px;"><div id="TextContainer291" style="position:relative;width:680px;z-index:1;"><div id="a69882_1_94" style="position:absolute;font-family:'Arial';left:5px;top:0px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>vessels,<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>chartered-in,<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:6px"> </div>fixed<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>time </div><div id="a69891" style="position:absolute;font-family:'Arial';left:5px;top:17px;">charter<div style="display:inline-block;width:6px"> </div>agreements,<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>leases.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>minimum<div style="display:inline-block;width:6px"> </div>contractual<div style="display:inline-block;width:6px"> </div>gross<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>revenue </div><div id="a69894" style="position:absolute;font-family:'Arial';left:5px;top:34px;">expected to<div style="display:inline-block;width:2px"> </div>be generated<div style="display:inline-block;width:2px"> </div>from fixed<div style="display:inline-block;width:2px"> </div>and non-cancelable<div style="display:inline-block;width:2px"> </div>time charter<div style="display:inline-block;width:2px"> </div>contracts existing<div style="display:inline-block;width:2px"> </div>as of<div style="display:inline-block;width:2px"> </div>December </div><div id="a69897" style="position:absolute;font-family:'Arial';left:5px;top:51px;">31, 2024 and until their expiration was as follows:</div></div></div></ix:continuation></div><div id="div_293_XBRL_TS_64f26623c22a48c3b2f7b4367c3cad5e" style="position:absolute;left:52px;top:201.7px;float:left;"><ix:continuation id="XBRL_TS_64f26623c22a48c3b2f7b4367c3cad5e"><div id="TextBlockContainer297" style="position:relative;line-height:normal;width:699px;height:86px;"><div id="div_294_XBRL_TS_1d60354bacf04171bf86750ca0403f4e" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_114" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer295" style="position:relative;line-height:normal;width:699px;height:86px;"><div style="position:absolute; width:468.1px; height:16.3px; left:4.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:468.1px; height:15.4px; left:4.8px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16.3px; left:472.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16.3px; left:484.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16.3px; left:580.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16.3px; left:592.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:16.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:468.1px; height:1px; left:4.8px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:472.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.4px; height:1px; left:473.5px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:1px; height:1px; left:484.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:95.4px; height:1px; left:485.5px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:580.9px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:468.1px; height:17.1px; left:4.8px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:468.1px; height:15.4px; left:4.8px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.1px; left:472.9px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:472.9px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.1px; left:484.9px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:484.9px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.1px; left:580.9px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:580.9px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.1px; left:592.9px; top:49px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:592.9px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:66.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:592px; top:84.2px; background-color:#000000; "> </div>
<div id="TextContainer295" style="position:relative;width:699px;z-index:1;"><div id="a69899" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:0px;">Period </div><div id="a69904" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:616px;top:0px;">Amount </div><div id="a69906" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:17px;">Year 1 </div><div id="a69910" style="position:absolute;font-family:'Arial';font-size:13.28px;left:581px;top:17px;">$ </div><div id="a69912" style="position:absolute;font-family:'Arial';font-size:13.28px;left:637px;top:17px;"><ix:nonFraction id="ID_70" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">124,091</ix:nonFraction></div><div id="a69914" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:34px;">Year 2 </div><div id="a69919" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:34px;"><ix:nonFraction id="ID_463" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17,373</ix:nonFraction></div><div id="a69921" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:51px;">Year 3 </div><div id="a69926" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:51px;"><ix:nonFraction id="ID_314" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">725</ix:nonFraction></div><div id="a69928" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:69px;"><div style="display:inline-block;width:11px"> </div>Total </div><div id="a69933" style="position:absolute;font-family:'Arial';font-size:13.28px;left:581px;top:69px;">$ </div><div id="a69935" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:637px;top:69px;"><ix:nonFraction id="ID_178" name="us-gaap:LessorOperatingLeasePaymentsToBeReceived" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">142,189</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_299_XBRL_TS_1b6be316405e40f999acb6fd3796addf" style="position:absolute;left:51px;top:305.9px;float:left;"><ix:nonNumeric id="ID_1b6be316405e40f999acb6fd3796addf" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_1b6be316405e40f999acb6fd3796addf_1" escape="true"><div id="TextBlockContainer300" style="position:relative;line-height:normal;width:706px;height:661px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:683.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:89.1px; height:16.8px; left:600.5px; top:574.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:166.3px; height:17px; left:5.8px; top:591.7px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:213.3px; height:17px; left:326.8px; top:591.7px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:356.2px; height:16.8px; left:333.4px; top:608.6px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:683.8px; height:16.8px; left:5.8px; top:625.4px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:683.8px; height:17px; left:5.8px; top:642.2px; background-color:#FFFFFF; "> </div>
<div id="TextContainer300" style="position:relative;width:706px;z-index:1;"><div id="a69938" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">11.<div style="display:inline-block;width:27px"> </div>Capital Stock and Changes in Capital Accounts </div><div id="a69943" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>Preferred stock</div><div id="a69947" style="position:absolute;font-family:'Arial';font-style:italic;left:162px;top:35px;">:</div><div id="a69948" style="position:absolute;font-family:'Arial';left:166px;top:35px;"><div style="display:inline-block;width:4px"> </div>As of December 31, 2024, and 2023, the<div style="display:inline-block;width:6px"> </div>Company’s authorized preferred stock </div><div id="a69952" style="position:absolute;font-family:'Arial';left:6px;top:52px;">consists of </div><div id="a69952_12_10" style="position:absolute;font-family:'Arial';left:82px;top:52px;"><ix:nonFraction id="ID_545" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_395" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">50,000,000</ix:nonFraction></ix:nonFraction></div><div id="a69952_22_59" style="position:absolute;font-family:'Arial';left:155px;top:52px;"><div style="display:inline-block;width:5px"> </div>shares, respectively<div style="display:inline-block;width:6px"> </div>(all in<div style="display:inline-block;width:7px"> </div>registered form),<div style="display:inline-block;width:6px"> </div>par value<div style="display:inline-block;width:6px"> </div>$</div><div id="a69952_81_4" style="position:absolute;font-family:'Arial';left:528px;top:52px;"><ix:nonFraction id="ID_561" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_252" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">0.01</ix:nonFraction></ix:nonFraction></div><div id="a69952_85_21" style="position:absolute;font-family:'Arial';left:557px;top:52px;"><div style="display:inline-block;width:5px"> </div>per share,<div style="display:inline-block;width:6px"> </div>of which </div><div id="a69957" style="position:absolute;font-family:'Arial';left:6px;top:69px;"><ix:nonFraction id="ID_8" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_522" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">1,000,000</ix:nonFraction></ix:nonFraction></div><div id="a69957_9_67" style="position:absolute;font-family:'Arial';left:71px;top:69px;"><div style="display:inline-block;width:8px"> </div>shares<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>designated<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:8px"> </div>Series<div style="display:inline-block;width:8px"> </div>A<div style="display:inline-block;width:7px"> </div>Participating<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:7px"> </div>Shares, </div><div id="a69957_76_9" style="position:absolute;font-family:'Arial';left:544px;top:69px;"><ix:nonFraction id="ID_62" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_523" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">5,000,000</ix:nonFraction></ix:nonFraction></div><div id="a69957_85_12" style="position:absolute;font-family:'Arial';left:609px;top:69px;"><div style="display:inline-block;width:8px"> </div>shares<div style="display:inline-block;width:7px"> </div>are </div><div id="a69958" style="position:absolute;font-family:'Arial';left:6px;top:86px;">designated as<div style="display:inline-block;width:3px"> </div>Series B<div style="display:inline-block;width:3px"> </div>Preferred Shares, </div><div id="a69958_41_6" style="position:absolute;font-family:'Arial';left:277px;top:86px;"><ix:nonFraction id="ID_407" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_528" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">10,675</ix:nonFraction></ix:nonFraction></div><div id="a69958_47_56" style="position:absolute;font-family:'Arial';left:322px;top:86px;"><div style="display:inline-block;width:3px"> </div>shares are designated<div style="display:inline-block;width:2px"> </div>as Series<div style="display:inline-block;width:3px"> </div>C Preferred<div style="display:inline-block;width:3px"> </div>Shares and </div><div id="a69960" style="position:absolute;font-family:'Arial';left:6px;top:103px;"><ix:nonFraction id="ID_535" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_237" name="us-gaap:PreferredStockSharesAuthorized" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">400</ix:nonFraction></ix:nonFraction></div><div id="a69960_3_91" style="position:absolute;font-family:'Arial';left:30px;top:103px;"><div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>designated<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>Series<div style="display:inline-block;width:7px"> </div>D<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:7px"> </div>Shares.<div style="display:inline-block;width:7px"> </div>As<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:7px"> </div>2024<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>the </div><div id="a69967" style="position:absolute;font-family:'Arial';left:6px;top:120px;">Company had </div><div id="a69967_12_4" style="position:absolute;font-family:'Arial';left:101px;top:120px;"><ix:nonFraction id="ID_567" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_551" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_9" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_35" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen">zero</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a69967_16_65" style="position:absolute;font-family:'Arial';left:130px;top:120px;"><div style="display:inline-block;width:4px"> </div>Series A Participating Preferred Shares issued and outstanding. </div><div id="a69970" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:153px;">b)<div style="display:inline-block;width:34px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Stock:</div><div id="a69975" style="position:absolute;font-family:'Arial';left:236px;top:153px;"><div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>had </div><div id="a69975_52_9" style="position:absolute;font-family:'Arial';left:625px;top:153px;"><ix:nonFraction id="ID_541" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_419" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_529" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_443" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,600,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a69979" style="position:absolute;font-family:'Arial';left:6px;top:170px;">Series B Preferred<div style="display:inline-block;width:2px"> </div>Shares issued and<div style="display:inline-block;width:2px"> </div>outstanding with<div style="display:inline-block;width:3px"> </div>par value $</div><div id="a69979_65_4" style="position:absolute;font-family:'Arial';left:435px;top:170px;"><ix:nonFraction id="ID_532" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_379" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">0.01</ix:nonFraction></ix:nonFraction></div><div id="a69979_69_16" style="position:absolute;font-family:'Arial';left:463px;top:170px;"><div style="display:inline-block;width:4px"> </div>per share, at<div style="display:inline-block;width:2px"> </div>$</div><div id="a69979_85_5" style="position:absolute;font-family:'Arial';left:560px;top:170px;"><ix:nonFraction id="ID_526" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_244" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">25.00</ix:nonFraction></ix:nonFraction></div><div id="a69979_90_15" style="position:absolute;font-family:'Arial';left:597px;top:170px;"><div style="display:inline-block;width:4px"> </div>per share and </div><div id="a69980" style="position:absolute;font-family:'Arial';left:6px;top:187px;">with liquidation preference<div style="display:inline-block;width:2px"> </div>at $</div><div id="a69980_32_5" style="position:absolute;font-family:'Arial';left:203px;top:187px;"><ix:nonFraction id="ID_527" name="us-gaap:PreferredStockLiquidationPreference" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_370" name="us-gaap:PreferredStockLiquidationPreference" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">25.00</ix:nonFraction></ix:nonFraction></div><div id="a69980_37_12" style="position:absolute;font-family:'Arial';left:240px;top:187px;"><div style="display:inline-block;width:4px"> </div>per share. </div><div id="a69980_49_59" style="position:absolute;font-family:'Arial';left:312px;top:187px;"><ix:nonNumeric id="ID_422" name="us-gaap:PreferredStockVotingRights" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" continuedAt="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_1">Holders of Series B Preferred Shares have no voting rights </ix:nonNumeric></div><div id="a69981" style="position:absolute;font-family:'Arial';left:6px;top:204px;"><ix:continuation id="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_1" continuedAt="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_2">other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly </ix:continuation></div><div id="a69983" style="position:absolute;font-family:'Arial';left:6px;top:221px;"><ix:continuation id="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_2" continuedAt="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_3">dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting </ix:continuation></div><div id="a69984" style="position:absolute;font-family:'Arial';left:6px;top:238px;"><ix:continuation id="XBRL_CS_bc88cadb6e434cd8bf8a91193e3bac34_3">rights.</ix:continuation></div><div id="a69984_7_100" style="position:absolute;font-family:'Arial';left:46px;top:238px;"><div style="display:inline-block;width:4px"> </div>Also, holders of Series B Preferred<div style="display:inline-block;width:2px"> </div>Shares rank prior to the holders<div style="display:inline-block;width:2px"> </div>of common shares with respect </div><div id="a69986" style="position:absolute;font-family:'Arial';left:6px;top:255px;">to dividends,<div style="display:inline-block;width:6px"> </div>distributions and<div style="display:inline-block;width:6px"> </div>payments upon<div style="display:inline-block;width:6px"> </div>liquidation and<div style="display:inline-block;width:6px"> </div>are subordinated<div style="display:inline-block;width:6px"> </div>to all<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>existing and </div><div id="a69987" style="position:absolute;font-family:'Arial';left:6px;top:271px;">future indebtedness. </div><div id="a69990" style="position:absolute;font-family:'Arial';left:6px;top:305px;">Dividends on the Series<div style="display:inline-block;width:2px"> </div>B Preferred Shares<div style="display:inline-block;width:3px"> </div>are cumulative from<div style="display:inline-block;width:3px"> </div>the date of original<div style="display:inline-block;width:2px"> </div>issue and are<div style="display:inline-block;width:3px"> </div>payable </div><div id="a69991" style="position:absolute;font-family:'Arial';left:6px;top:322px;">on the 15th<div style="display:inline-block;width:3px"> </div>day of January, April, July<div style="display:inline-block;width:2px"> </div>and October of<div style="display:inline-block;width:2px"> </div>each year at<div style="display:inline-block;width:2px"> </div>the dividend rate<div style="display:inline-block;width:3px"> </div>of </div><div id="a69991_89_5" style="position:absolute;font-family:'Arial';left:563px;top:322px;"><ix:nonFraction id="ID_160" name="us-gaap:PreferredStockDividendRatePercentage" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="pure" decimals="7" format="ixt:numdotdecimal" scale="-2">8.875</ix:nonFraction></div><div id="a69991_94_13" style="position:absolute;font-family:'Arial';left:599px;top:322px;">% per annum, </div><div id="a69992" style="position:absolute;font-family:'Arial';left:6px;top:339px;">or<div style="display:inline-block;width:6px"> </div>$</div><div id="a69992_4_7" style="position:absolute;font-family:'Arial';left:33px;top:339px;"><ix:nonFraction id="ID_318" name="us-gaap:PreferredStockDividendRatePerDollarAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="5" format="ixt:numdotdecimal">2.21875</ix:nonFraction></div><div id="a69992_11_86" style="position:absolute;font-family:'Arial';left:86px;top:339px;"><div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>annum.<div style="display:inline-block;width:6px"> </div>In<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2022,<div style="display:inline-block;width:6px"> </div>dividends<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>Series<div style="display:inline-block;width:6px"> </div>B<div style="display:inline-block;width:6px"> </div>Preferred<div style="display:inline-block;width:6px"> </div>Shares </div><div id="a70004" style="position:absolute;font-family:'Arial';left:6px;top:356px;">amounted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>$</div><div id="a70004_13_5" style="position:absolute;font-family:'Arial';left:106px;top:356px;"><ix:nonFraction id="ID_128A" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction></div><div id="a70004_18_3" style="position:absolute;font-family:'Arial';left:143px;top:356px;">,<div style="display:inline-block;width:7px"> </div>$</div><div id="a70004_21_5" style="position:absolute;font-family:'Arial';left:162px;top:356px;"><ix:nonFraction id="ID_126A" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction></div><div id="a70004_26_6" style="position:absolute;font-family:'Arial';left:199px;top:356px;"><div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>$</div><div id="a70004_32_5" style="position:absolute;font-family:'Arial';left:246px;top:356px;"><ix:nonFraction id="ID_892A" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction></div><div id="a70004_37_57" style="position:absolute;font-family:'Arial';left:283px;top:356px;">,<div style="display:inline-block;width:7px"> </div>respectively.<div style="display:inline-block;width:8px"> </div>Since<div style="display:inline-block;width:7px"> </div>February<div style="display:inline-block;width:7px"> </div>14,<div style="display:inline-block;width:7px"> </div>2019,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>may </div><div id="a70013" style="position:absolute;font-family:'Arial';left:6px;top:373px;">redeem, in whole or in part, the Series B Preferred Shares at a redemption price of $</div><div id="a70013_85_5" style="position:absolute;font-family:'Arial';left:556px;top:373px;"><ix:nonFraction id="ID_360" name="us-gaap:PreferredStockRedemptionPricePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">25.00</ix:nonFraction></div><div id="a70013_90_16" style="position:absolute;font-family:'Arial';left:592px;top:373px;"><div style="display:inline-block;width:4px"> </div>per share plus </div><div id="a70014" style="position:absolute;font-family:'Arial';left:6px;top:389px;">an amount equal<div style="display:inline-block;width:6px"> </div>to all accumulated<div style="display:inline-block;width:6px"> </div>and unpaid dividends thereon<div style="display:inline-block;width:6px"> </div>to the date<div style="display:inline-block;width:6px"> </div>of redemption, whether<div style="display:inline-block;width:6px"> </div>or </div><div id="a70016" style="position:absolute;font-family:'Arial';left:6px;top:406px;">not declared.<div style="display:inline-block;width:8px"> </div></div><div id="a70019" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:440px;">c)<div style="display:inline-block;width:35px"> </div>Series<div style="display:inline-block;width:7px"> </div>C<div style="display:inline-block;width:7px"> </div>Preferred<div style="display:inline-block;width:7px"> </div>Stock</div><div id="a70028" style="position:absolute;font-family:'Arial';left:236px;top:440px;">:<div style="display:inline-block;width:8px"> </div>As<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:8px"> </div>2024,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>had </div><div id="a70028_53_6" style="position:absolute;font-family:'Arial';left:645px;top:440px;"><ix:nonFraction id="ID_548" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_112" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_562" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_210" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">10,675</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a70033" style="position:absolute;font-family:'Arial';left:6px;top:457px;">shares of Series C Preferred Stock, issued and outstanding, with par value $</div><div id="a70033_76_4" style="position:absolute;font-family:'Arial';left:503px;top:457px;"><ix:nonFraction id="ID_556" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_324" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">0.01</ix:nonFraction></ix:nonFraction></div><div id="a70033_80_24" style="position:absolute;font-family:'Arial';left:532px;top:457px;"><div style="display:inline-block;width:4px"> </div>per share, owned by an </div><div id="a70034" style="position:absolute;font-family:'Arial';left:6px;top:474px;">affiliate of its Chief Executive Officer, Mrs. Semiramis Paliou. </div><div id="a70034_65_44" style="position:absolute;font-family:'Arial';left:404px;top:474px;"><ix:nonNumeric id="ID_119" name="us-gaap:PreferredStockVotingRights" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" continuedAt="XBRL_CS_8ce0c4b2fed74e64a97a8cc02f83c814_1">The Series C Preferred Stock votes with the </ix:nonNumeric></div><div id="a70035" style="position:absolute;font-family:'Arial';left:6px;top:491px;"><ix:continuation id="XBRL_CS_8ce0c4b2fed74e64a97a8cc02f83c814_1" continuedAt="XBRL_CS_8ce0c4b2fed74e64a97a8cc02f83c814_2">common shares of the Company, and each share entitles the holder thereof to <ix:nonFraction id="ID_353" name="dsx:PreferredStockNumberOfVotingRights" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesCPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">1,000</ix:nonFraction> votes on all matters </ix:continuation></div><div id="a70037" style="position:absolute;font-family:'Arial';left:6px;top:508px;"><ix:continuation id="XBRL_CS_8ce0c4b2fed74e64a97a8cc02f83c814_2">submitted to a vote of the shareholders of the Company.</ix:continuation></div><div id="a70037_55_49" style="position:absolute;font-family:'Arial';left:371px;top:508px;"><div style="display:inline-block;width:4px"> </div>The Series C Preferred Stock has no dividend<div style="display:inline-block;width:2px"> </div>or </div><div id="a70038" style="position:absolute;font-family:'Arial';left:6px;top:524px;">liquidation rights<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>cannot<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>transferred<div style="display:inline-block;width:5px"> </div>without the<div style="display:inline-block;width:7px"> </div>consent<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company<div style="display:inline-block;width:6px"> </div>except<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>holder’s </div><div id="a70040" style="position:absolute;font-family:'Arial';left:6px;top:541px;">affiliates and immediate family members. </div><div id="a70044" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:575px;">d)<div style="display:inline-block;width:34px"> </div>Series D Preferred Stock</div><div id="a70053" style="position:absolute;font-family:'Arial';left:227px;top:575px;">: As of December 31, 2024, and 2023, the Company had </div><div id="a70053_53_3" style="position:absolute;font-family:'Arial';left:601px;top:575px;"><ix:nonFraction id="ID_306" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_438" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_543" name="us-gaap:PreferredStockSharesIssued" contextRef="AS_OF_Dec31_2023_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_542" name="us-gaap:PreferredStockSharesOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">400</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></div><div id="a70053_56_11" style="position:absolute;font-family:'Arial';left:625px;top:575px;"><div style="display:inline-block;width:4px"> </div>shares of </div><div id="a70057" style="position:absolute;font-family:'Arial';left:6px;top:592px;">Series D Preferred Stock, issued and outstanding,<div style="display:inline-block;width:3px"> </div>with par value $</div><div id="a70057_66_4" style="position:absolute;font-family:'Arial';left:438px;top:592px;"><ix:nonFraction id="ID_530" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction id="ID_444" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">0.01</ix:nonFraction></ix:nonFraction></div><div id="a70057_70_37" style="position:absolute;font-family:'Arial';left:466px;top:592px;"><div style="display:inline-block;width:4px"> </div>per share, owned by an affiliate of </div><div id="a70062" style="position:absolute;font-family:'Arial';left:6px;top:609px;">its Chief<div style="display:inline-block;width:6px"> </div>Executive Officer,<div style="display:inline-block;width:6px"> </div>Mrs. Semiramis<div style="display:inline-block;width:5px"> </div>Paliou.<div style="display:inline-block;width:5px"> </div>The Series<div style="display:inline-block;width:5px"> </div>D Preferred Stock<div style="display:inline-block;width:6px"> </div>is not<div style="display:inline-block;width:5px"> </div>redeemable and </div><div id="a70067" style="position:absolute;font-family:'Arial';left:6px;top:626px;">has </div><div id="a70067_4_2" style="position:absolute;font-family:'Arial';left:35px;top:626px;"><ix:nonFraction id="ID_939" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></div><div id="a70067_6_33" style="position:absolute;font-family:'Arial';left:51px;top:626px;"><div style="display:inline-block;width:5px"> </div>dividend or<div style="display:inline-block;width:6px"> </div>liquidation rights. </div><div id="a70067_39_64" style="position:absolute;font-family:'Arial';left:251px;top:626px;"><ix:nonNumeric id="ID_502" name="us-gaap:PreferredStockVotingRights" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" continuedAt="XBRL_CS_9f3d69f21a94423088e8f0ec9af13cef_1">The Series D Preferred Stock vote with the common shares of the </ix:nonNumeric></div><div id="a70071" style="position:absolute;font-family:'Arial';left:6px;top:642px;"><ix:continuation id="XBRL_CS_9f3d69f21a94423088e8f0ec9af13cef_1">Company, and each share of the Series D Preferred Stock entitles the holder thereof to up to <ix:nonFraction id="ID_216" name="dsx:PreferredStockNumberOfVotingRights" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="Item" decimals="INF" format="ixt:numdotdecimal">200,000</ix:nonFraction></ix:continuation></div></div></div></ix:nonNumeric></div></div>
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<div id="a70077" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a70079" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a70081" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a70083" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a70090" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-31 </div><div id="div_302_XBRL_TS_1b6be316405e40f999acb6fd3796addf_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_1b6be316405e40f999acb6fd3796addf_1" continuedAt="XBRL_TS_1b6be316405e40f999acb6fd3796addf_2"><div id="TextBlockContainer303" style="position:relative;line-height:normal;width:704px;height:845px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:856.9px; background-color:#000000; "> </div>
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<div id="TextContainer303" style="position:relative;width:704px;z-index:1;"><div id="a70094" style="position:absolute;font-family:'Arial';left:5px;top:0px;">votes,</div><div id="a70094_6_96" style="position:absolute;font-family:'Arial';left:45px;top:0px;"><div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>matters<div style="display:inline-block;width:6px"> </div>submitted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>vote<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>stockholders<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company,<div style="display:inline-block;width:7px"> </div>provided<div style="display:inline-block;width:6px"> </div>however,<div style="display:inline-block;width:6px"> </div>that, </div><div id="a70100" style="position:absolute;font-family:'Arial';left:5px;top:17px;">notwithstanding any other<div style="display:inline-block;width:2px"> </div>provision of the<div style="display:inline-block;width:3px"> </div>Series D Preferred<div style="display:inline-block;width:2px"> </div>Stock statement of<div style="display:inline-block;width:3px"> </div>designation, to the<div style="display:inline-block;width:2px"> </div>extent </div><div id="a70103" style="position:absolute;font-family:'Arial';left:5px;top:34px;">that the total number<div style="display:inline-block;width:3px"> </div>of votes one or<div style="display:inline-block;width:3px"> </div>more holders of Series<div style="display:inline-block;width:3px"> </div>D Preferred Stock<div style="display:inline-block;width:3px"> </div>is entitled to vote<div style="display:inline-block;width:3px"> </div>(including </div><div id="a70104" style="position:absolute;font-family:'Arial';left:5px;top:51px;">any voting power of such holders derived from Series D Preferred<div style="display:inline-block;width:3px"> </div>Stock, shares of Common Stock or any </div><div id="a70105" style="position:absolute;font-family:'Arial';left:5px;top:68px;">other voting security of the<div style="display:inline-block;width:5px"> </div>Company issued and outstanding as of<div style="display:inline-block;width:6px"> </div>the date hereof or that<div style="display:inline-block;width:6px"> </div>may be issued </div><div id="a70108" style="position:absolute;font-family:'Arial';left:5px;top:84px;">in the<div style="display:inline-block;width:6px"> </div>future) on any<div style="display:inline-block;width:6px"> </div>matter submitted to<div style="display:inline-block;width:6px"> </div>a vote<div style="display:inline-block;width:6px"> </div>of stockholders of<div style="display:inline-block;width:6px"> </div>the Company would<div style="display:inline-block;width:6px"> </div>exceed </div><div id="a70108_93_4" style="position:absolute;font-family:'Arial';left:631px;top:84px;"><ix:nonFraction id="ID_415" name="dsx:PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">36.0</ix:nonFraction></div><div id="a70108_97_5" style="position:absolute;font-family:'Arial';left:659px;top:84px;">% of </div><div id="a70109" style="position:absolute;font-family:'Arial';left:5px;top:101px;">the total number<div style="display:inline-block;width:3px"> </div>of votes eligible<div style="display:inline-block;width:2px"> </div>to be cast on<div style="display:inline-block;width:2px"> </div>such matter, the total<div style="display:inline-block;width:3px"> </div>number of votes<div style="display:inline-block;width:3px"> </div>that holders of<div style="display:inline-block;width:2px"> </div>Series </div><div id="a70112" style="position:absolute;font-family:'Arial';left:5px;top:118px;">D Preferred Stock may exercise derived<div style="display:inline-block;width:3px"> </div>from the Series D Preferred Stock<div style="display:inline-block;width:3px"> </div>together with Common Shares </div><div id="a70113" style="position:absolute;font-family:'Arial';left:5px;top:135px;">and any<div style="display:inline-block;width:7px"> </div>other voting<div style="display:inline-block;width:7px"> </div>securities of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company beneficially<div style="display:inline-block;width:6px"> </div>owned by<div style="display:inline-block;width:7px"> </div>such holder,<div style="display:inline-block;width:8px"> </div>shall be<div style="display:inline-block;width:7px"> </div>reduced to </div><div id="a70114" style="position:absolute;font-family:'Arial';left:5px;top:152px;"><ix:nonFraction id="ID_374" name="dsx:PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders" contextRef="AS_OF_Dec31_2024_Entity_0001318885_dsx_TitleOfIndividualsAxis_dsx_Mrs.SemiramisPaliouMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesDPreferredStockMember_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-2">36</ix:nonFraction></div><div id="a70114_2_100" style="position:absolute;font-family:'Arial';left:22px;top:152px;">% of the total number of votes that may be cast on such matter submitted<div style="display:inline-block;width:3px"> </div>to a vote of stockholders. </div><div id="a70118" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:186px;">e)<div style="display:inline-block;width:35px"> </div>Issuance<div style="display:inline-block;width:5px"> </div>and Repurchase<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>Common Shares: </div><div id="a70123" style="position:absolute;font-family:'Arial';left:391px;top:186px;">In<div style="display:inline-block;width:6px"> </div>2022, the<div style="display:inline-block;width:7px"> </div>Company repurchased<div style="display:inline-block;width:6px"> </div>under its </div><div id="a70126" style="position:absolute;font-family:'Arial';left:5px;top:202px;">share repurchase program </div><div id="a70126_25_7" style="position:absolute;font-family:'Arial';left:184px;top:202px;"><ix:nonFraction id="ID_836A" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="0" format="ixt:numdotdecimal">820,000</ix:nonFraction></div><div id="a70126_32_49" style="position:absolute;font-family:'Arial';left:237px;top:202px;"><div style="display:inline-block;width:5px"> </div>shares of common stock,<div style="display:inline-block;width:6px"> </div>at an average price<div style="display:inline-block;width:6px"> </div>of $</div><div id="a70126_81_4" style="position:absolute;font-family:'Arial';left:568px;top:202px;"><ix:nonFraction id="ID_837" name="us-gaap:TreasuryStockAcquiredAverageCostPerShare" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">4.56</ix:nonFraction></div><div id="a70126_85_16" style="position:absolute;font-family:'Arial';left:596px;top:202px;"><div style="display:inline-block;width:5px"> </div>per share, for </div><div id="a70127" style="position:absolute;font-family:'Arial';left:5px;top:219px;">an<div style="display:inline-block;width:7px"> </div>aggregate<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a70127_22_5" style="position:absolute;font-family:'Arial';left:162px;top:219px;"><ix:nonFraction id="ID_838" name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,799</ix:nonFraction></div><div id="a70127_27_69" style="position:absolute;font-family:'Arial';left:198px;top:219px;">,<div style="display:inline-block;width:7px"> </div>including<div style="display:inline-block;width:6px"> </div>expenses.<div style="display:inline-block;width:7px"> </div>Also,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>ATM<div style="display:inline-block;width:8px"> </div>program </div><div id="a70130" style="position:absolute;font-family:'Arial';left:5px;top:236px;"><ix:nonFraction id="ID_1001" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_PlanNameAxis_dsx_AtmProgramMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">877,581</ix:nonFraction></div><div id="a70130_7_49" style="position:absolute;font-family:'Arial';left:59px;top:236px;"><div style="display:inline-block;width:5px"> </div>shares of<div style="display:inline-block;width:6px"> </div>common stock,<div style="display:inline-block;width:6px"> </div>at an<div style="display:inline-block;width:6px"> </div>average price<div style="display:inline-block;width:6px"> </div>of $</div><div id="a70130_56_4" style="position:absolute;font-family:'Arial';left:394px;top:236px;"><ix:nonFraction id="ID_1002" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_PlanNameAxis_dsx_AtmProgramMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">6.27</ix:nonFraction></div><div id="a70130_60_40" style="position:absolute;font-family:'Arial';left:423px;top:236px;"><div style="display:inline-block;width:5px"> </div>per share<div style="display:inline-block;width:6px"> </div>and received<div style="display:inline-block;width:6px"> </div>net proceeds<div style="display:inline-block;width:6px"> </div>of </div><div id="a70131" style="position:absolute;font-family:'Arial';left:5px;top:253px;">$</div><div id="a70131_1_5" style="position:absolute;font-family:'Arial';left:14px;top:253px;"><ix:nonFraction id="ID_1003" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_PlanNameAxis_dsx_AtmProgramMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,322</ix:nonFraction></div><div id="a70131_6_6" style="position:absolute;font-family:'Arial';left:50px;top:253px;">, and </div><div id="a70131_12_10" style="position:absolute;font-family:'Arial';left:87px;top:253px;"><ix:nonFraction id="ID_992" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">16,453,780</ix:nonFraction></div><div id="a70131_22_49" style="position:absolute;font-family:'Arial';left:161px;top:253px;"><div style="display:inline-block;width:4px"> </div>shares of common stock, at an average price of $</div><div id="a70131_71_4" style="position:absolute;font-family:'Arial';left:486px;top:253px;"><ix:nonFraction id="ID_993" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2022_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">4.13</ix:nonFraction></div><div id="a70131_75_25" style="position:absolute;font-family:'Arial';left:514px;top:253px;">, for the acquisition of </div><div id="a70131_100_5" style="position:absolute;font-family:'Arial';left:658px;top:253px;"><ix:nonFraction id="ID_996" name="dsx:NumberOfVesselsAcquired" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Vessels" decimals="INF" format="ixt-sec:numwordsen">eight</ix:nonFraction></div><div id="a70140" style="position:absolute;font-family:'Arial';left:5px;top:270px;">vessels, upon exercise of warrants issued to the vessels’ sellers.<div style="display:inline-block;width:3px"> </div></div><div id="a70145" style="position:absolute;font-family:'Arial';left:5px;top:304px;">In<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>issued </div><div id="a70145_28_9" style="position:absolute;font-family:'Arial';left:210px;top:304px;"><ix:nonFraction id="ID_995" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,033,613</ix:nonFraction></div><div id="a70145_37_29" style="position:absolute;font-family:'Arial';left:276px;top:304px;"><div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock,<div style="display:inline-block;width:6px"> </div>at<div style="display:inline-block;width:6px"> </div>$</div><div id="a70145_66_4" style="position:absolute;font-family:'Arial';left:483px;top:304px;"><ix:nonFraction id="ID_994" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">3.84</ix:nonFraction></div><div id="a70145_70_29" style="position:absolute;font-family:'Arial';left:512px;top:304px;">,<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>acquisition<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>one </div><div id="a70155" style="position:absolute;font-family:'Arial';left:5px;top:321px;">vessel, upon<div style="display:inline-block;width:6px"> </div>exercise of<div style="display:inline-block;width:6px"> </div>a warrant<div style="display:inline-block;width:6px"> </div>issued to<div style="display:inline-block;width:6px"> </div>the vessel’s<div style="display:inline-block;width:6px"> </div>sellers (Note<div style="display:inline-block;width:6px"> </div>6). The<div style="display:inline-block;width:6px"> </div>Company did </div><div id="a70155_92_2" style="position:absolute;font-family:'Arial';left:617px;top:321px;"><ix:nonFraction id="ID_997" name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction id="ID_998" name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_VesselAcquisitionsMember_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="USD" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></div><div id="a70155_94_10" style="position:absolute;font-family:'Arial';left:633px;top:321px;">t receive </div><div id="a70160" style="position:absolute;font-family:'Arial';left:5px;top:337px;">any proceeds from the exercise of the warrants<div style="display:inline-block;width:3px"> </div>in 2022 and 2023, and the value of<div style="display:inline-block;width:3px"> </div>the shares issued was </div><div id="a70163" style="position:absolute;font-family:'Arial';left:5px;top:354px;">included in vessels, net.</div><div id="a70166" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:161px;top:354px;"><div style="display:inline-block;width:4px"> </div></div><div id="a70169" style="position:absolute;font-family:'Arial';left:5px;top:388px;">On December 2,<div style="display:inline-block;width:6px"> </div>2024, the Company commenced<div style="display:inline-block;width:6px"> </div>a tender offer<div style="display:inline-block;width:6px"> </div>to purchase up<div style="display:inline-block;width:6px"> </div>to </div><div id="a70169_76_10" style="position:absolute;font-family:'Arial';left:550px;top:388px;"><ix:nonFraction id="ID_910" name="srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" contextRef="AS_OF_Dec02_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">15,000,000</ix:nonFraction></div><div id="a70169_86_11" style="position:absolute;font-family:'Arial';left:624px;top:388px;"><div style="display:inline-block;width:5px"> </div>shares of </div><div id="a70173" style="position:absolute;font-family:'Arial';left:5px;top:405px;">its outstanding common stock,<div style="display:inline-block;width:6px"> </div>at $</div><div id="a70173_34_4" style="position:absolute;font-family:'Arial';left:234px;top:405px;"><ix:nonFraction id="ID_846" name="dsx:TenderOfferPricePerShare" contextRef="AS_OF_Dec02_2024_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">2.00</ix:nonFraction></div><div id="a70173_38_65" style="position:absolute;font-family:'Arial';left:262px;top:405px;"><div style="display:inline-block;width:5px"> </div>per share, using funds<div style="display:inline-block;width:6px"> </div>available from cash and<div style="display:inline-block;width:6px"> </div>cash equivalents </div><div id="a70207" style="position:absolute;font-family:'Arial';left:5px;top:422px;">(Note 17). </div><div id="a70213" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:455px;">f)<div style="display:inline-block;width:38px"> </div>Dividend on Common Stock: </div><div id="a70224" style="position:absolute;font-family:'Arial';left:260px;top:455px;">On March 21,<div style="display:inline-block;width:6px"> </div>2022, the Company paid<div style="display:inline-block;width:6px"> </div>a dividend on its<div style="display:inline-block;width:6px"> </div>common </div><div id="a70248" style="position:absolute;font-family:'Arial';left:5px;top:472px;">stock of<div style="display:inline-block;width:2px"> </div>$</div><div id="a70248_10_4" style="position:absolute;font-family:'Arial';left:67px;top:472px;"><ix:nonFraction id="ID_847" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Mar21_2022_TO_Mar21_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.20</ix:nonFraction></div><div id="a70248_14_93" style="position:absolute;font-family:'Arial';left:95px;top:472px;"><div style="display:inline-block;width:3px"> </div>per share,<div style="display:inline-block;width:2px"> </div>to its<div style="display:inline-block;width:2px"> </div>shareholders of<div style="display:inline-block;width:2px"> </div>record as<div style="display:inline-block;width:2px"> </div>of March<div style="display:inline-block;width:2px"> </div>9, 2022.<div style="display:inline-block;width:2px"> </div>On June<div style="display:inline-block;width:2px"> </div>17, 2022,<div style="display:inline-block;width:2px"> </div>the Company </div><div id="a70290" style="position:absolute;font-family:'Arial';left:5px;top:489px;">paid a dividend on its common stock of<div style="display:inline-block;width:6px"> </div>$</div><div id="a70290_40_4" style="position:absolute;font-family:'Arial';left:273px;top:489px;"><ix:nonFraction id="ID_849" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jun17_2022_TO_Jun17_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.25</ix:nonFraction></div><div id="a70290_44_62" style="position:absolute;font-family:'Arial';left:301px;top:489px;"><div style="display:inline-block;width:4px"> </div>per share, to its shareholders of record as<div style="display:inline-block;width:6px"> </div>of June 6, 2022. </div><div id="a70332" style="position:absolute;font-family:'Arial';left:5px;top:506px;">On<div style="display:inline-block;width:7px"> </div>August<div style="display:inline-block;width:6px"> </div>19,<div style="display:inline-block;width:7px"> </div>2022,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>dividend<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a70332_72_5" style="position:absolute;font-family:'Arial';left:537px;top:506px;"><ix:nonFraction id="ID_850" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Aug19_2022_TO_Aug19_2022_Entity_0001318885" unitRef="EPS" decimals="3" format="ixt:numdotdecimal">0.275</ix:nonFraction></div><div id="a70332_77_19" style="position:absolute;font-family:'Arial';left:574px;top:506px;"><div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:7px"> </div>share,<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>its </div><div id="a70370" style="position:absolute;font-family:'Arial';left:5px;top:523px;">shareholders of record as of August 8, 2022. On December 15, 2022, the Company paid a<div style="display:inline-block;width:3px"> </div>dividend on its </div><div id="a70408" style="position:absolute;font-family:'Arial';left:5px;top:540px;">common stock of $</div><div id="a70408_17_5" style="position:absolute;font-family:'Arial';left:130px;top:540px;"><ix:nonFraction id="ID_851" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Dec15_2022_TO_Dec15_2022_Entity_0001318885" unitRef="EPS" decimals="3" format="ixt:numdotdecimal">0.175</ix:nonFraction></div><div id="a70408_22_80" style="position:absolute;font-family:'Arial';left:166px;top:540px;"><div style="display:inline-block;width:5px"> </div>per share, to its shareholders<div style="display:inline-block;width:6px"> </div>of record as of November<div style="display:inline-block;width:6px"> </div>28, 2022. During 2022, </div><div id="a70444" style="position:absolute;font-family:'Arial';left:5px;top:557px;">the Company paid total cash dividends on common stock amounting<div style="display:inline-block;width:3px"> </div>to $</div><div id="a70444_68_6" style="position:absolute;font-family:'Arial';left:478px;top:557px;"><ix:nonFraction id="ID_762A" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">79,812</ix:nonFraction></div><div id="a70444_74_1" style="position:absolute;font-family:'Arial';left:523px;top:557px;">.</div><div id="a70469" style="position:absolute;font-family:'Arial';left:5px;top:590px;">On March<div style="display:inline-block;width:6px"> </div>20, 2023, the<div style="display:inline-block;width:6px"> </div>Company paid<div style="display:inline-block;width:6px"> </div>a dividend of<div style="display:inline-block;width:6px"> </div>$</div><div id="a70469_51_4" style="position:absolute;font-family:'Arial';left:366px;top:590px;"><ix:nonFraction id="ID_848" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Mar20_2023_TO_Mar20_2023_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.15</ix:nonFraction></div><div id="a70469_55_16" style="position:absolute;font-family:'Arial';left:394px;top:590px;"><div style="display:inline-block;width:5px"> </div>per share, or<div style="display:inline-block;width:6px"> </div>$</div><div id="a70469_71_6" style="position:absolute;font-family:'Arial';left:497px;top:590px;"><ix:nonFraction id="ID_855" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Mar20_2023_TO_Mar20_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">15,965</ix:nonFraction></div><div id="a70469_77_25" style="position:absolute;font-family:'Arial';left:542px;top:590px;">, to<div style="display:inline-block;width:6px"> </div>its shareholders of </div><div id="a70507" style="position:absolute;font-family:'Arial';left:5px;top:607px;">record as of March 13, 2023. On July 10, 2023, the Company distributed a dividend of $</div><div id="a70507_86_4" style="position:absolute;font-family:'Arial';left:578px;top:607px;"><ix:nonFraction id="ID_852" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jul10_2023_TO_Jul10_2023_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.15</ix:nonFraction></div><div id="a70507_90_14" style="position:absolute;font-family:'Arial';left:606px;top:607px;"><div style="display:inline-block;width:4px"> </div>per share to </div><div id="a70547" style="position:absolute;font-family:'Arial';left:5px;top:624px;">all shareholders of record as<div style="display:inline-block;width:5px"> </div>of June 12, 2023, and<div style="display:inline-block;width:5px"> </div>paid $</div><div id="a70547_58_6" style="position:absolute;font-family:'Arial';left:385px;top:624px;"><ix:nonFraction id="ID_856" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jul10_2023_TO_Jul10_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,424</ix:nonFraction></div><div id="a70547_64_41" style="position:absolute;font-family:'Arial';left:430px;top:624px;"><div style="display:inline-block;width:4px"> </div>in cash to its shareholders<div style="display:inline-block;width:6px"> </div>who elected </div><div id="a70585" style="position:absolute;font-family:'Arial';left:5px;top:641px;">to receive cash<div style="display:inline-block;width:6px"> </div>and distributed </div><div id="a70585_32_7" style="position:absolute;font-family:'Arial';left:212px;top:641px;"><ix:nonFraction id="ID_858" name="us-gaap:CommonStockDividendsShares" contextRef="FROM_Jul10_2023_TO_Jul10_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">965,044</ix:nonFraction></div><div id="a70585_39_63" style="position:absolute;font-family:'Arial';left:264px;top:641px;"><div style="display:inline-block;width:5px"> </div>newly issued common shares<div style="display:inline-block;width:6px"> </div>to its shareholders<div style="display:inline-block;width:6px"> </div>who elected to </div><div id="a70617" style="position:absolute;font-family:'Arial';left:5px;top:658px;">receive<div style="display:inline-block;width:6px"> </div>shares.<div style="display:inline-block;width:6px"> </div>On<div style="display:inline-block;width:6px"> </div>September<div style="display:inline-block;width:6px"> </div>8,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>distributed<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a70617_77_4" style="position:absolute;font-family:'Arial';left:551px;top:658px;"><ix:nonFraction id="ID_853" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Sep08_2023_TO_Sep08_2023_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.15</ix:nonFraction></div><div id="a70617_81_18" style="position:absolute;font-family:'Arial';left:580px;top:658px;"><div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>all </div><div id="a70651" style="position:absolute;font-family:'Arial';left:5px;top:675px;">shareholders of record as<div style="display:inline-block;width:3px"> </div>of August 14, 2023, and<div style="display:inline-block;width:2px"> </div>paid $</div><div id="a70651_56_6" style="position:absolute;font-family:'Arial';left:373px;top:675px;"><ix:nonFraction id="ID_857" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Sep08_2023_TO_Sep08_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,041</ix:nonFraction></div><div id="a70651_62_44" style="position:absolute;font-family:'Arial';left:418px;top:675px;"><div style="display:inline-block;width:4px"> </div>in cash to its shareholders<div style="display:inline-block;width:2px"> </div>who elected to </div><div id="a70689" style="position:absolute;font-family:'Arial';left:5px;top:692px;">receive<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>distributed </div><div id="a70689_29_7" style="position:absolute;font-family:'Arial';left:199px;top:692px;"><ix:nonFraction id="ID_859" name="us-gaap:CommonStockDividendsShares" contextRef="FROM_Sep08_2023_TO_Sep08_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">831,672</ix:nonFraction></div><div id="a70689_36_63" style="position:absolute;font-family:'Arial';left:252px;top:692px;"><div style="display:inline-block;width:6px"> </div>newly<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>shareholders<div style="display:inline-block;width:6px"> </div>who<div style="display:inline-block;width:6px"> </div>elected<div style="display:inline-block;width:6px"> </div>to </div><div id="a70719" style="position:absolute;font-family:'Arial';left:5px;top:708px;">receive<div style="display:inline-block;width:7px"> </div>shares.<div style="display:inline-block;width:6px"> </div>On<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:6px"> </div>4,<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>distributed<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:7px"> </div>dividend<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a70719_76_4" style="position:absolute;font-family:'Arial';left:550px;top:708px;"><ix:nonFraction id="ID_854" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Dec04_2023_TO_Dec04_2023_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.15</ix:nonFraction></div><div id="a70719_80_18" style="position:absolute;font-family:'Arial';left:578px;top:708px;"><div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>all </div><div id="a70753" style="position:absolute;font-family:'Arial';left:5px;top:725px;">shareholders of record<div style="display:inline-block;width:6px"> </div>as of November<div style="display:inline-block;width:6px"> </div>27, 2023 in<div style="display:inline-block;width:6px"> </div>the form of<div style="display:inline-block;width:6px"> </div>common stock and<div style="display:inline-block;width:6px"> </div>distributed </div><div id="a70753_91_9" style="position:absolute;font-family:'Arial';left:624px;top:725px;"><ix:nonFraction id="ID_860" name="us-gaap:CommonStockDividendsShares" contextRef="FROM_Dec04_2023_TO_Dec04_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">4,831,777</ix:nonFraction></div><div id="a70787" style="position:absolute;font-family:'Arial';left:5px;top:742px;">newly issued common shares.</div><div id="a70796" style="position:absolute;font-family:'Arial';left:5px;top:776px;">On March<div style="display:inline-block;width:3px"> </div>12, 2024,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>paid a<div style="display:inline-block;width:2px"> </div>cash dividend<div style="display:inline-block;width:2px"> </div>on its<div style="display:inline-block;width:3px"> </div>common stock<div style="display:inline-block;width:2px"> </div>of $</div><div id="a70796_76_5" style="position:absolute;font-family:'Arial';left:520px;top:776px;"><ix:nonFraction id="ID_69" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Mar12_2024_TO_Mar12_2024_Entity_0001318885" unitRef="EPS" decimals="3" format="ixt:numdotdecimal">0.075</ix:nonFraction></div><div id="a70796_81_16" style="position:absolute;font-family:'Arial';left:556px;top:776px;"><div style="display:inline-block;width:3px"> </div>per share,<div style="display:inline-block;width:2px"> </div>or $</div><div id="a70796_97_5" style="position:absolute;font-family:'Arial';left:653px;top:776px;"><ix:nonFraction id="ID_138" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Mar12_2024_TO_Mar12_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,989</ix:nonFraction></div><div id="a70798" style="position:absolute;font-family:'Arial';left:5px;top:793px;">to shareholders of record<div style="display:inline-block;width:5px"> </div>as of March 5,<div style="display:inline-block;width:6px"> </div>2024. On June 18,<div style="display:inline-block;width:6px"> </div>2024, the Company paid a<div style="display:inline-block;width:6px"> </div>cash dividend on </div><div id="a70801" style="position:absolute;font-family:'Arial';left:5px;top:810px;">its common<div style="display:inline-block;width:3px"> </div>stock of<div style="display:inline-block;width:3px"> </div>$</div><div id="a70801_21_5" style="position:absolute;font-family:'Arial';left:145px;top:810px;"><ix:nonFraction id="ID_462" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Jun18_2024_TO_Jun18_2024_Entity_0001318885" unitRef="EPS" decimals="3" format="ixt:numdotdecimal">0.075</ix:nonFraction></div><div id="a70801_26_16" style="position:absolute;font-family:'Arial';left:181px;top:810px;"><div style="display:inline-block;width:4px"> </div>per share,<div style="display:inline-block;width:3px"> </div>or $</div><div id="a70801_42_5" style="position:absolute;font-family:'Arial';left:278px;top:810px;"><ix:nonFraction id="ID_313" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Jun18_2024_TO_Jun18_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,379</ix:nonFraction></div><div id="a70801_47_59" style="position:absolute;font-family:'Arial';left:315px;top:810px;">, to<div style="display:inline-block;width:3px"> </div>shareholders of<div style="display:inline-block;width:2px"> </div>record as<div style="display:inline-block;width:3px"> </div>of June<div style="display:inline-block;width:3px"> </div>12, 2024.<div style="display:inline-block;width:2px"> </div>On August </div><div id="a70802" style="position:absolute;font-family:'Arial';left:5px;top:827px;">30,<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a70802_67_5" style="position:absolute;font-family:'Arial';left:487px;top:827px;"><ix:nonFraction id="ID_693" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Aug30_2024_TO_Aug30_2024_Entity_0001318885" unitRef="EPS" decimals="3" format="ixt:numdotdecimal">0.075</ix:nonFraction></div><div id="a70802_72_16" style="position:absolute;font-family:'Arial';left:523px;top:827px;"><div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>share,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>$</div><div id="a70802_88_5" style="position:absolute;font-family:'Arial';left:630px;top:827px;"><ix:nonFraction id="ID_695" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Aug30_2024_TO_Aug30_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,384</ix:nonFraction></div><div id="a70802_93_5" style="position:absolute;font-family:'Arial';left:667px;top:827px;">,<div style="display:inline-block;width:6px"> </div>to </div></div></div></ix:continuation></div></div>
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<div id="a70804" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a70806" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a70808" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a70810" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a70817" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-32 </div><div id="div_305_XBRL_TS_1b6be316405e40f999acb6fd3796addf_2" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_1b6be316405e40f999acb6fd3796addf_2" continuedAt="XBRL_TS_96f856a62c23460ebb31ea945b44bca1"><div id="TextBlockContainer306" style="position:relative;line-height:normal;width:704px;height:577px;"><div id="TextContainer306" style="position:relative;width:704px;z-index:1;"><div id="a70821" style="position:absolute;font-family:'Arial';left:5px;top:0px;">shareholders of record as of<div style="display:inline-block;width:3px"> </div>August 15, 2024. On<div style="display:inline-block;width:3px"> </div>December 18, 2024, the<div style="display:inline-block;width:3px"> </div>Company paid a cash<div style="display:inline-block;width:3px"> </div>dividend </div><div id="a70822" style="position:absolute;font-family:'Arial';left:5px;top:17px;">on its common stock of $</div><div id="a70822_24_4" style="position:absolute;font-family:'Arial';left:168px;top:17px;"><ix:nonFraction id="ID_694" name="us-gaap:CommonStockDividendsPerShareCashPaid" contextRef="FROM_Dec18_2024_TO_Dec18_2024_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.01</ix:nonFraction></div><div id="a70822_28_16" style="position:absolute;font-family:'Arial';left:196px;top:17px;"><div style="display:inline-block;width:4px"> </div>per share, or $</div><div id="a70822_44_5" style="position:absolute;font-family:'Arial';left:296px;top:17px;"><ix:nonFraction id="ID_696" name="us-gaap:DividendsCommonStockCash" contextRef="FROM_Dec18_2024_TO_Dec18_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,252</ix:nonFraction></div><div id="a70822_49_53" style="position:absolute;font-family:'Arial';left:332px;top:17px;">, to shareholders of record as of December 11, 2024. </div><div id="a70825" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:52px;">g)</div><div id="a70826" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:19px;top:51px;"><div style="display:inline-block;width:25px"> </div></div><div id="a70827" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:45px;top:52px;">Dividend in Kind</div><div id="a70828" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;font-style:italic;left:161px;top:51px;letter-spacing:-0.21px;">: </div><div id="a70829" style="position:absolute;font-family:'Arial';left:172px;top:52px;">On December 15, 2022,<div style="display:inline-block;width:6px"> </div>the Company distributed the<div style="display:inline-block;width:6px"> </div>Company’s investment in </div><div id="a70830" style="position:absolute;font-family:'Arial';left:5px;top:69px;">the Series D Preferred<div style="display:inline-block;width:3px"> </div>Shares of OceanPal in<div style="display:inline-block;width:2px"> </div>the form of a stock<div style="display:inline-block;width:2px"> </div>dividend amounting to $</div><div id="a70830_88_6" style="position:absolute;font-family:'Arial';left:583px;top:69px;"><ix:nonFraction id="ID_929" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Dec15_2022_TO_Dec15_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">18,189</ix:nonFraction></div><div id="a70830_94_6" style="position:absolute;font-family:'Arial';left:628px;top:69px;">, or $</div><div id="a70830_100_4" style="position:absolute;font-family:'Arial';left:661px;top:69px;"><ix:nonFraction id="ID_931" name="dsx:DividendsPaidInKindPerShare" contextRef="FROM_Dec15_2022_TO_Dec15_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.18</ix:nonFraction></div><div id="a70831" style="position:absolute;font-family:'Arial';left:5px;top:86px;">per<div style="display:inline-block;width:7px"> </div>share,<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>shareholders<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>record<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>November<div style="display:inline-block;width:7px"> </div>28,<div style="display:inline-block;width:7px"> </div>2022.<div style="display:inline-block;width:7px"> </div>On<div style="display:inline-block;width:7px"> </div>June<div style="display:inline-block;width:7px"> </div>9,<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company </div><div id="a70833" style="position:absolute;font-family:'Arial';left:5px;top:103px;">distributed the Company’s investment in the Series<div style="display:inline-block;width:3px"> </div>D Preferred Shares of OceanPal in<div style="display:inline-block;width:3px"> </div>the form of a stock </div><div id="a70834" style="position:absolute;font-family:'Arial';left:5px;top:120px;">dividend amounting to $</div><div id="a70834_23_6" style="position:absolute;font-family:'Arial';left:161px;top:120px;"><ix:nonFraction id="ID_930" name="us-gaap:DividendsPaidinkind" contextRef="FROM_Jun09_2023_TO_Jun09_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,761</ix:nonFraction></div><div id="a70834_29_6" style="position:absolute;font-family:'Arial';left:206px;top:120px;">, or $</div><div id="a70834_35_4" style="position:absolute;font-family:'Arial';left:240px;top:120px;"><ix:nonFraction id="ID_932" name="dsx:DividendsPaidInKindPerShare" contextRef="FROM_Jun09_2023_TO_Jun09_2023_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.10</ix:nonFraction></div><div id="a70834_39_65" style="position:absolute;font-family:'Arial';left:268px;top:120px;"><div style="display:inline-block;width:4px"> </div>per share, to its shareholders of record as of April 24, 2023.<div style="display:inline-block;width:3px"> </div></div><div id="a70837" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:153px;">h)<div style="display:inline-block;width:16px"> </div>Warrants: </div><div id="a70841" style="position:absolute;font-family:'Arial';left:108px;top:153px;">On December 14, 2023, the Company distributed </div><div id="a70841_46_10" style="position:absolute;font-family:'Arial';left:432px;top:153px;"><ix:nonFraction id="ID_1005" name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AS_OF_Dec14_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">22,613,070</ix:nonFraction></div><div id="a70841_56_30" style="position:absolute;font-family:'Arial';left:505px;top:153px;"><div style="display:inline-block;width:4px"> </div>warrants to its shareholders </div><div id="a70842" style="position:absolute;font-family:'Arial';left:5px;top:170px;">of<div style="display:inline-block;width:7px"> </div>record<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>December<div style="display:inline-block;width:7px"> </div>6,<div style="display:inline-block;width:7px"> </div>2023.<div style="display:inline-block;width:7px"> </div>Holders<div style="display:inline-block;width:7px"> </div>received<div style="display:inline-block;width:7px"> </div>one<div style="display:inline-block;width:7px"> </div>warrant<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>every<div style="display:inline-block;width:7px"> </div>five<div style="display:inline-block;width:7px"> </div>shares<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:7px"> </div>and </div><div id="a70843" style="position:absolute;font-family:'Arial';left:5px;top:187px;">outstanding<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>held<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>record<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>(rounded<div style="display:inline-block;width:6px"> </div>down<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>nearest<div style="display:inline-block;width:6px"> </div>whole </div><div id="a70845" style="position:absolute;font-family:'Arial';left:5px;top:204px;">number for any<div style="display:inline-block;width:6px"> </div>fractional warrant. Each Warrant<div style="display:inline-block;width:6px"> </div>entitles the holder<div style="display:inline-block;width:6px"> </div>to purchase, at<div style="display:inline-block;width:6px"> </div>the holder’s sole and </div><div id="a70853" style="position:absolute;font-family:'Arial';left:5px;top:221px;">exclusive election, at the exercise price of<div style="display:inline-block;width:3px"> </div>$</div><div id="a70853_46_1" style="position:absolute;font-family:'Arial';left:288px;top:221px;"><ix:nonFraction id="ID_1006" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AS_OF_Dec14_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">4</ix:nonFraction></div><div id="a70853_47_14" style="position:absolute;font-family:'Arial';left:296px;top:221px;"><div style="display:inline-block;width:4px"> </div>per warrant, </div><div id="a70853_61_3" style="position:absolute;font-family:'Arial';left:382px;top:221px;"><ix:nonFraction id="ID_1007" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AS_OF_Dec14_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen">one</ix:nonFraction></div><div id="a70853_64_42" style="position:absolute;font-family:'Arial';left:407px;top:221px;"><div style="display:inline-block;width:4px"> </div>share of common stock plus a<div style="display:inline-block;width:3px"> </div>bonus share </div><div id="a70854" style="position:absolute;font-family:'Arial';left:5px;top:238px;">fraction. A bonus share fraction entitles a holder to receive<div style="display:inline-block;width:6px"> </div>an additional part of a share of common stock </div><div id="a70859" style="position:absolute;font-family:'Arial';left:5px;top:255px;">for each<div style="display:inline-block;width:6px"> </div>warrant exercised<div style="display:inline-block;width:6px"> </div>without payment<div style="display:inline-block;width:6px"> </div>of any<div style="display:inline-block;width:6px"> </div>additional exercise<div style="display:inline-block;width:6px"> </div>price. In<div style="display:inline-block;width:6px"> </div>2023, </div><div id="a70859_86_2" style="position:absolute;font-family:'Arial';left:575px;top:255px;"><ix:nonFraction id="ID_1004" name="dsx:NumberOfWarrantsExercised" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></div><div id="a70859_88_15" style="position:absolute;font-family:'Arial';left:591px;top:255px;"><div style="display:inline-block;width:5px"> </div>warrants were </div><div id="a70865" style="position:absolute;font-family:'Arial';left:5px;top:271px;">exercised. </div><div id="a70869" style="position:absolute;font-family:'Arial';left:5px;top:305px;">In<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:12px"> </div></div><div id="a70869_29_9" style="position:absolute;font-family:'Arial';left:217px;top:305px;"><ix:nonFraction id="ID_933" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">9,837,680</ix:nonFraction></div><div id="a70869_38_44" style="position:absolute;font-family:'Arial';left:282px;top:305px;"><div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock,<div style="display:inline-block;width:6px"> </div>having<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a70869_82_6" style="position:absolute;font-family:'Arial';left:596px;top:305px;"><ix:nonFraction id="ID_36A" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28,047</ix:nonFraction></div><div id="a70869_88_9" style="position:absolute;font-family:'Arial';left:640px;top:305px;">,<div style="display:inline-block;width:6px"> </div>net<div style="display:inline-block;width:6px"> </div>of </div><div id="a70899" style="position:absolute;font-family:'Arial';left:5px;top:322px;">expenses, or $</div><div id="a70899_14_4" style="position:absolute;font-family:'Arial';left:102px;top:322px;"><ix:nonFraction id="ID_934" name="us-gaap:SharesIssuedPricePerShare" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">2.86</ix:nonFraction></div><div id="a70899_18_33" style="position:absolute;font-family:'Arial';left:131px;top:322px;"><div style="display:inline-block;width:4px"> </div>per share, upon the exercise of </div><div id="a70899_51_9" style="position:absolute;font-family:'Arial';left:343px;top:322px;"><ix:nonFraction id="ID_935" name="dsx:NumberOfWarrantsExercised" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">6,392,765</ix:nonFraction></div><div id="a70899_60_44" style="position:absolute;font-family:'Arial';left:409px;top:322px;"><div style="display:inline-block;width:4px"> </div>warrants issued in 2023 and distributed as </div><div id="a70934" style="position:absolute;font-family:'Arial';left:5px;top:339px;">dividend to<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>shareholders. The<div style="display:inline-block;width:6px"> </div>Company received $</div><div id="a70934_62_6" style="position:absolute;font-family:'Arial';left:445px;top:339px;"><ix:nonFraction id="ID_936" name="us-gaap:ProceedsFromWarrantExercises" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">24,195</ix:nonFraction></div><div id="a70934_68_32" style="position:absolute;font-family:'Arial';left:490px;top:339px;"><div style="display:inline-block;width:5px"> </div>in proceeds,<div style="display:inline-block;width:6px"> </div>net of<div style="display:inline-block;width:6px"> </div>fees, from </div><div id="a70966" style="position:absolute;font-family:'Arial';left:5px;top:356px;">the<div style="display:inline-block;width:6px"> </div>exercise of<div style="display:inline-block;width:7px"> </div>warrants. If<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:5px"> </div>warrants were<div style="display:inline-block;width:7px"> </div>exercised as<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:5px"> </div>December 31,<div style="display:inline-block;width:7px"> </div>2024, the<div style="display:inline-block;width:7px"> </div>Company would </div><div id="a71002" style="position:absolute;font-family:'Arial';left:5px;top:373px;">have issued </div><div id="a71002_12_10" style="position:absolute;font-family:'Arial';left:90px;top:373px;"><ix:nonFraction id="ID_1008" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AS_OF_Dec31_2024_Entity_0001318885_srt_StatementScenarioAxis_dsx_IfAllWarrantsAreExercisedMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">36,369,395</ix:nonFraction></div><div id="a71002_22_46" style="position:absolute;font-family:'Arial';left:164px;top:373px;"><div style="display:inline-block;width:5px"> </div>shares of<div style="display:inline-block;width:6px"> </div>common stock<div style="display:inline-block;width:6px"> </div>with a<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>of $</div><div id="a71002_68_6" style="position:absolute;font-family:'Arial';left:473px;top:373px;"><ix:nonFraction id="ID_937" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_StatementScenarioAxis_dsx_IfAllWarrantsAreExercisedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">80,049</ix:nonFraction></div><div id="a71002_74_25" style="position:absolute;font-family:'Arial';left:518px;top:373px;"><div style="display:inline-block;width:5px"> </div>and would<div style="display:inline-block;width:6px"> </div>have received </div><div id="a71039" style="position:absolute;font-family:'Arial';left:5px;top:389px;">$</div><div id="a71039_1_6" style="position:absolute;font-family:'Arial';left:14px;top:389px;"><ix:nonFraction id="ID_938" name="us-gaap:ProceedsFromWarrantExercises" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_StatementScenarioAxis_dsx_IfAllWarrantsAreExercisedMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">90,452</ix:nonFraction></div><div id="a71039_7_90" style="position:absolute;font-family:'Arial';left:59px;top:389px;"><div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>gross<div style="display:inline-block;width:8px"> </div>proceeds.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>warrants<div style="display:inline-block;width:8px"> </div>were<div style="display:inline-block;width:8px"> </div>measured<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>date<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>distribution<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>value, </div><div id="a71072" style="position:absolute;font-family:'Arial';left:5px;top:406px;">determined through<div style="display:inline-block;width:6px"> </div>Level 1<div style="display:inline-block;width:5px"> </div>account hierarchy,<div style="display:inline-block;width:7px"> </div>being the<div style="display:inline-block;width:6px"> </div>opening price<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>warrants on<div style="display:inline-block;width:6px"> </div>the NYSE<div style="display:inline-block;width:6px"> </div>on </div><div id="a71107" style="position:absolute;font-family:'Arial';left:5px;top:423px;">the date of distribution<div style="display:inline-block;width:3px"> </div>as they are listed<div style="display:inline-block;width:3px"> </div>under the ticker DSX_W. As<div style="display:inline-block;width:3px"> </div>of December 31, 2024<div style="display:inline-block;width:3px"> </div>and 2023,<div style="display:inline-block;width:3px"> </div>the </div><div id="a71148" style="position:absolute;font-family:'Arial';left:5px;top:440px;">warrant liability,<div style="display:inline-block;width:7px"> </div>measured at<div style="display:inline-block;width:6px"> </div>fair value,<div style="display:inline-block;width:6px"> </div>amounted to<div style="display:inline-block;width:6px"> </div>$</div><div id="a71148_56_5" style="position:absolute;font-family:'Arial';left:367px;top:440px;"><ix:nonFraction id="ID_1009" name="dsx:WarrantLiabilityNonCurrentLiabilities" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,802</ix:nonFraction></div><div id="a71148_61_6" style="position:absolute;font-family:'Arial';left:404px;top:440px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a71148_67_5" style="position:absolute;font-family:'Arial';left:447px;top:440px;"><ix:nonFraction id="ID_1010" name="dsx:WarrantLiabilityNonCurrentLiabilities" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,332</ix:nonFraction></div><div id="a71148_72_33" style="position:absolute;font-family:'Arial';left:483px;top:440px;">, respectively.<div style="display:inline-block;width:7px"> </div>During the<div style="display:inline-block;width:6px"> </div>years </div><div id="a71181" style="position:absolute;font-family:'Arial';left:5px;top:457px;">ended December 31, 2024 and 2023, gain from warrants amounted to $</div><div id="a71181_66_3" style="position:absolute;font-family:'Arial';left:473px;top:457px;"><ix:nonFraction id="ID_1011" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">719</ix:nonFraction></div><div id="a71181_69_6" style="position:absolute;font-family:'Arial';left:497px;top:457px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a71181_75_5" style="position:absolute;font-family:'Arial';left:539px;top:457px;"><ix:nonFraction id="ID_1012" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_StatementEquityComponentsAxis_us-gaap_WarrantMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,583</ix:nonFraction></div><div id="a71181_80_19" style="position:absolute;font-family:'Arial';left:575px;top:457px;">, respectively and </div><div id="a71213" style="position:absolute;font-family:'Arial';left:5px;top:474px;">is separately presented in the consolidated statements<div style="display:inline-block;width:3px"> </div>of income. </div><div id="a71233" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:508px;">i)<div style="display:inline-block;width:39px"> </div>Incentive<div style="display:inline-block;width:6px"> </div>Plan: </div><div id="a71239" style="position:absolute;font-family:'Arial';left:165px;top:508px;">As<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024, </div><div id="a71239_25_10" style="position:absolute;font-family:'Arial';left:349px;top:508px;"><ix:nonFraction id="ID_420" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">11,144,759</ix:nonFraction></div><div id="a71239_35_39" style="position:absolute;font-family:'Arial';left:422px;top:508px;"><div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>remained<div style="display:inline-block;width:6px"> </div>reserved<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>issuance </div><div id="a71248" style="position:absolute;font-family:'Arial';left:5px;top:524px;">according to the Company’s incentive plan. </div><div id="a71251" style="position:absolute;font-family:'Arial';left:5px;top:558px;">Restricted stock in 2024, 2023 and 2022 is analyzed as follows:</div></div></div></ix:continuation></div><div id="div_308_XBRL_TS_96f856a62c23460ebb31ea945b44bca1" style="position:absolute;left:52px;top:709.9px;float:left;"><ix:continuation id="XBRL_TS_96f856a62c23460ebb31ea945b44bca1" continuedAt="XBRL_TS_b83e49138c0f427ca332032ff90ce692"><div id="TextBlockContainer312" style="position:relative;line-height:normal;width:703px;height:207px;"><div id="div_309_XBRL_TS_2b454d3c3daf496ebf961c74bc35c2b9" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_11" name="us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer310" style="position:relative;line-height:normal;width:703px;height:207px;"><div style="position:absolute; width:398px; height:15px; left:4.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:15px; left:4.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15px; left:402.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15px; left:402.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15px; left:414.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:127px; height:15px; left:414.8px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15px; left:545.9px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15px; left:545.9px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15px; left:557.9px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:127px; height:15px; left:557.9px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398.2px; height:2.1px; left:4.8px; top:30.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:2.1px; left:403px; top:30.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1.9px; left:415px; top:30.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:2.1px; left:545.9px; top:30.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1.9px; left:557.9px; top:30.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:32.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:17px; left:4.8px; top:64.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:15.2px; left:4.8px; top:66.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:402.8px; top:64.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.2px; left:402.8px; top:66.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17px; left:414.8px; top:64.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15.4px; left:414.8px; top:65.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:545.9px; top:64.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:545.9px; top:65.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17px; left:557.9px; top:64.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15.2px; left:557.9px; top:66.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:81.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:81.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:398px; height:14.9px; left:4.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:14.9px; left:4.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:402.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:402.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:14.9px; left:414.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:127px; height:14.9px; left:414.8px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:545.9px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:545.9px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:14.9px; left:557.9px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:14.9px; left:557.9px; top:102.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398.2px; height:3px; left:4.8px; top:99.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:403px; top:99.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:99.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:101.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:102.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:3px; left:545.9px; top:99.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:99.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:101.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:102.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:17.3px; left:4.8px; top:135.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:15.4px; left:4.8px; top:137.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:402.8px; top:135.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:402.8px; top:137.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17.3px; left:414.8px; top:135.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:127px; height:15.4px; left:414.8px; top:136.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:545.9px; top:135.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:545.9px; top:136.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17.3px; left:557.9px; top:135.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:127px; height:15.4px; left:557.9px; top:137.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398.2px; height:1px; left:4.8px; top:134.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:403px; top:134.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:134.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:545.9px; top:134.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:134.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:152.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:154.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:152.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:154.4px; background-color:#000000; "> </div>
<div style="position:absolute; width:398px; height:17px; left:4.8px; top:170.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:398px; height:15.4px; left:4.8px; top:172.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:402.8px; top:170.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:402.8px; top:172.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17px; left:414.8px; top:170.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15.4px; left:414.8px; top:172.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:545.9px; top:170.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:545.9px; top:172.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:17px; left:557.9px; top:170.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:131px; height:15.4px; left:557.9px; top:172.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:130.9px; height:1px; left:415px; top:187.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:131px; height:1px; left:557.9px; top:187.5px; background-color:#000000; "> </div>
<div style="position:absolute; width:131.8px; height:1px; left:414px; top:205.6px; background-color:#000000; "> </div>
<div style="position:absolute; width:132px; height:1px; left:556.9px; top:205.6px; background-color:#000000; "> </div>
<div id="TextContainer310" style="position:relative;width:703px;z-index:1;"><div id="a71266" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:423px;top:15px;">Number of Shares </div><div id="a71269" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:565px;top:0px;">Weighted Average </div><div id="a71270" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:571px;top:15px;">Grant Date Price </div><div id="a71272" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:33px;">Outstanding as of December 31, 2021 </div><div id="a71275" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:33px;"><ix:nonFraction id="ID_246" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AS_OF_Dec31_2021_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">9,514,649</ix:nonFraction></div><div id="a71277" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:33px;">$ </div><div id="a71279" style="position:absolute;font-family:'Arial';font-size:13.28px;left:659px;top:33px;"><ix:nonFraction id="ID_5" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AS_OF_Dec31_2021_Entity_0001318885" unitRef="EPS" decimals="INF">2.83</ix:nonFraction></div><div id="a71281" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:49px;">Granted </div><div id="a71284" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:48px;"><ix:nonFraction id="ID_440" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">1,470,000</ix:nonFraction></div><div id="a71286" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:48px;"><div style="display:inline-block;width:4px"> </div></div><div id="a71288" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:49px;"><ix:nonFraction id="ID_145" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="INF">4.15</ix:nonFraction></div><div id="a71290" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:66px;">Vested </div><div id="a71293" style="position:absolute;font-family:'Arial';font-size:13.28px;left:478px;top:65px;display:flex;">(<ix:nonFraction id="ID_48" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">3,118,060</ix:nonFraction>)</div><div id="a71295" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:65px;"><div style="display:inline-block;width:4px"> </div></div><div id="a71297" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:66px;"><ix:nonFraction id="ID_240" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="INF">2.86</ix:nonFraction></div><div id="a71299" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:84px;">Outstanding as of December 31, 2022 </div><div id="a71302" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:83px;"><ix:nonFraction id="ID_248" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">7,866,589</ix:nonFraction></div><div id="a71304" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:83px;">$ </div><div id="a71306" style="position:absolute;font-family:'Arial';font-size:13.28px;left:659px;top:84px;"><ix:nonFraction id="ID_206" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AS_OF_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="INF">3.07</ix:nonFraction></div><div id="a71308" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:103px;">Granted </div><div id="a71311" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:103px;"><ix:nonFraction id="ID_455" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">1,750,000</ix:nonFraction></div><div id="a71313" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:103px;"><div style="display:inline-block;width:4px"> </div></div><div id="a71315" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:103px;"><ix:nonFraction id="ID_233" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="INF">4.54</ix:nonFraction></div><div id="a71317" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:119px;">Vested </div><div id="a71320" style="position:absolute;font-family:'Arial';font-size:13.28px;left:478px;top:119px;display:flex;">(<ix:nonFraction id="ID_453" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,822,753</ix:nonFraction>)</div><div id="a71322" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:119px;"><div style="display:inline-block;width:4px"> </div></div><div id="a71324" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:119px;"><ix:nonFraction id="ID_182" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="INF">3.05</ix:nonFraction></div><div id="a71326" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:137px;">Outstanding as of December 31, 2023 </div><div id="a71329" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:136px;"><ix:nonFraction id="ID_411" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">6,793,836</ix:nonFraction></div><div id="a71331" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:136px;">$ </div><div id="a71333" style="position:absolute;font-family:'Arial';font-size:13.28px;left:659px;top:137px;"><ix:nonFraction id="ID_441" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="2">3.45</ix:nonFraction></div><div id="a71335" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:156px;">Granted </div><div id="a71338" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:156px;"><ix:nonFraction id="ID_16" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,300,000</ix:nonFraction></div><div id="a71341" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:156px;"><ix:nonFraction id="ID_260" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">2.96</ix:nonFraction></div><div id="a71343" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:172px;">Vested </div><div id="a71346" style="position:absolute;font-family:'Arial';font-size:13.28px;left:478px;top:172px;display:flex;">(<ix:nonFraction id="ID_155" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">2,996,334</ix:nonFraction>)</div><div id="a71349" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:172px;"><ix:nonFraction id="ID_162" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">3.38</ix:nonFraction></div><div id="a71351" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:190px;">Outstanding as of December 31, 2024 </div><div id="a71354" style="position:absolute;font-family:'Arial';font-size:13.28px;left:483px;top:190px;"><ix:nonFraction id="ID_517" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">6,097,502</ix:nonFraction></div><div id="a71356" style="position:absolute;font-family:'Arial';font-size:13.28px;left:546px;top:190px;">$ </div><div id="a71358" style="position:absolute;font-family:'Arial';font-size:13.28px;left:659px;top:190px;"><ix:nonFraction id="ID_519" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="INF">3.30</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_314_XBRL_TS_b83e49138c0f427ca332032ff90ce692" style="position:absolute;left:51px;top:935.5px;float:left;"><ix:continuation id="XBRL_TS_b83e49138c0f427ca332032ff90ce692" continuedAt="XBRL_TS_b83e49138c0f427ca332032ff90ce692_1"><div id="TextBlockContainer315" style="position:relative;line-height:normal;width:704px;height:35px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:53.9px; background-color:#000000; "> </div>
<div id="TextContainer315" style="position:relative;width:704px;z-index:1;"><div id="a71361" style="position:absolute;font-family:'Arial';left:5px;top:0px;">The<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>restricted<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>has<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>determined<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>reference<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>closing<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the </div><div id="a71362" style="position:absolute;font-family:'Arial';left:5px;top:17px;">Company’s<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>awards<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:6px"> </div>approved<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>board<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>directors.<div style="display:inline-block;width:6px"> </div>The </div></div></div></ix:continuation></div></div>
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<div id="a71363" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a71365" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a71367" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a71369" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a71376" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-33 </div><div id="div_317_XBRL_TS_b83e49138c0f427ca332032ff90ce692_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_b83e49138c0f427ca332032ff90ce692_1"><div id="TextBlockContainer318" style="position:relative;line-height:normal;width:704px;height:153px;"><div id="TextContainer318" style="position:relative;width:704px;z-index:1;"><div id="a71380" style="position:absolute;font-family:'Arial';left:5px;top:0px;">aggregate<div style="display:inline-block;width:7px"> </div>compensation<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>recognized<div style="display:inline-block;width:6px"> </div>ratably<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>statement<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>income<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>the </div><div id="a71384" style="position:absolute;font-family:'Arial';left:5px;top:17px;">respective vesting periods. In<div style="display:inline-block;width:3px"> </div>2024, 2023 and 2022,<div style="display:inline-block;width:3px"> </div>compensation cost amounted<div style="display:inline-block;width:3px"> </div>to $</div><div id="a71384_83_6" style="position:absolute;font-family:'Arial';left:563px;top:17px;"><ix:nonFraction id="ID_280A" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">10,012</ix:nonFraction></div><div id="a71384_89_3" style="position:absolute;font-family:'Arial';left:608px;top:17px;">, $</div><div id="a71384_92_5" style="position:absolute;font-family:'Arial';left:624px;top:17px;"><ix:nonFraction id="ID_79A" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,938</ix:nonFraction></div><div id="a71384_97_5" style="position:absolute;font-family:'Arial';left:661px;top:17px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a71401" style="position:absolute;font-family:'Arial';left:5px;top:34px;">$</div><div id="a71401_1_5" style="position:absolute;font-family:'Arial';left:14px;top:34px;"><ix:nonFraction id="ID_793A" name="us-gaap:RestrictedStockExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">9,282</ix:nonFraction></div><div id="a71401_6_91" style="position:absolute;font-family:'Arial';left:50px;top:34px;">,<div style="display:inline-block;width:8px"> </div>respectively,<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>included<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>general<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>administrative<div style="display:inline-block;width:8px"> </div>expenses<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>accompanying </div><div id="a71407" style="position:absolute;font-family:'Arial';left:5px;top:51px;">consolidated statements of income. </div><div id="a71413" style="position:absolute;font-family:'Arial';left:5px;top:84px;">As of<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:5px"> </div>2024 and<div style="display:inline-block;width:6px"> </div>2023, the<div style="display:inline-block;width:5px"> </div>total unrecognized cost<div style="display:inline-block;width:6px"> </div>relating to<div style="display:inline-block;width:5px"> </div>restricted share<div style="display:inline-block;width:6px"> </div>awards was </div><div id="a71416" style="position:absolute;font-family:'Arial';left:5px;top:101px;">$</div><div id="a71416_1_6" style="position:absolute;font-family:'Arial';left:14px;top:101px;"><ix:nonFraction id="ID_697" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">11,674</ix:nonFraction></div><div id="a71416_7_6" style="position:absolute;font-family:'Arial';left:58px;top:101px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a71416_13_6" style="position:absolute;font-family:'Arial';left:98px;top:101px;"><ix:nonFraction id="ID_544" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" contextRef="AS_OF_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">14,880</ix:nonFraction></div><div id="a71416_19_84" style="position:absolute;font-family:'Arial';left:143px;top:101px;">, respectively. As of<div style="display:inline-block;width:3px"> </div>December 31,<div style="display:inline-block;width:3px"> </div>2024, the weighted-average<div style="display:inline-block;width:2px"> </div>period over<div style="display:inline-block;width:3px"> </div>which the </div><div id="a71419" style="position:absolute;font-family:'Arial';left:5px;top:118px;">total compensation cost related to<div style="display:inline-block;width:6px"> </div>non-vested awards not yet<div style="display:inline-block;width:5px"> </div>recognized is expected to be<div style="display:inline-block;width:6px"> </div>recognized is </div><div id="a71423" style="position:absolute;font-family:'Arial';left:5px;top:135px;"><ix:nonNumeric id="ID_21" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" format="ixt-sec:duryear">1.54</ix:nonNumeric></div><div id="a71423_4_7" style="position:absolute;font-family:'Arial';left:34px;top:135px;"><div style="display:inline-block;width:4px"> </div>years.</div></div></div></ix:continuation></div><div id="div_320_XBRL_TS_85a03101aa484242b6e892fe11dd2954" style="position:absolute;left:51px;top:301.3px;float:left;"><ix:nonNumeric id="ID_85a03101aa484242b6e892fe11dd2954" name="dsx:VoyageExpensesDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_a4eb1c24c2634f409e2a2cf6145b433b" escape="true"><div id="TextBlockContainer321" style="position:relative;line-height:normal;width:633px;height:54px;"><div id="TextContainer321" style="position:relative;width:633px;z-index:1;"><div id="a71426" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">12.<div style="display:inline-block;width:16px"> </div>Voyage expenses </div><div id="a71431" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The amounts in the accompanying consolidated statements of income<div style="display:inline-block;width:3px"> </div>are analyzed as follows:</div></div></div></ix:nonNumeric></div><div id="div_323_XBRL_TS_e53abcca53f7400f846a19f72870aec3" style="position:absolute;left:52px;top:357.1px;float:left;"><ix:nonNumeric id="ID_862" name="dsx:ScheduleOfVoyageExpensesAnalysisTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer327" style="position:relative;line-height:normal;width:681px;height:92px;"><div id="div_324_XBRL_TS_a4eb1c24c2634f409e2a2cf6145b433b" style="position:absolute;left:0px;top:0px;float:left;"><ix:continuation id="XBRL_TS_a4eb1c24c2634f409e2a2cf6145b433b"><div id="TextBlockContainer325" style="position:relative;line-height:normal;width:681px;height:92px;"><div style="position:absolute; width:335.1px; height:18.2px; left:4.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:335.1px; height:15.2px; left:4.8px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:18.2px; left:339.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:15.2px; left:339.9px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:18.2px; left:359.3px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.2px; left:359.3px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:18.2px; left:454.2px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.2px; left:454.2px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:18.2px; left:466.2px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.2px; left:466.2px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:18.2px; left:561.1px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.2px; left:561.1px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:18.2px; left:572.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.2px; left:572.9px; top:18.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.9px; height:1px; left:4.8px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:316.4px; height:1px; left:23.7px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.2px; height:1px; left:340.1px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:1px; left:359.3px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:454.3px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:1px; left:466.2px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:561.1px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:1px; left:572.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:335.1px; height:19px; left:4.8px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:335.1px; height:15.4px; left:4.8px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:19px; left:339.9px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:15.4px; left:339.9px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:19px; left:359.3px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.4px; left:359.3px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:19px; left:454.2px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:454.2px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:19px; left:466.2px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.4px; left:466.2px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:19px; left:561.1px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:561.1px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:19px; left:572.9px; top:53px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.9px; height:15.4px; left:572.9px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:1px; left:359.3px; top:72.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:94.9px; height:1px; left:466.2px; top:72.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:95px; height:1px; left:572.9px; top:72.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:358.3px; top:90.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:95.9px; height:1px; left:465.2px; top:90.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:572px; top:90.2px; background-color:#000000; "> </div>
<div id="TextContainer325" style="position:relative;width:681px;z-index:1;"><div id="a71439" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:392px;top:0px;">2024 </div><div id="a71442" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:499px;top:0px;">2023 </div><div id="a71445" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:606px;top:0px;">2022 </div><div id="a71447" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:19px;">Commissions </div><div id="a71449" style="position:absolute;font-family:'Arial';font-size:13.28px;left:340px;top:19px;">$ </div><div id="a71451" style="position:absolute;font-family:'Arial';font-size:13.28px;left:409px;top:19px;"><ix:nonFraction id="ID_282" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">11,640</ix:nonFraction></div><div id="a71453" style="position:absolute;font-family:'Arial';font-size:13.28px;left:454px;top:19px;">$ </div><div id="a71455" style="position:absolute;font-family:'Arial';font-size:13.28px;left:516px;top:19px;"><ix:nonFraction id="ID_403" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,331</ix:nonFraction></div><div id="a71457" style="position:absolute;font-family:'Arial';font-size:13.28px;left:561px;top:19px;">$ </div><div id="a71459" style="position:absolute;font-family:'Arial';font-size:13.28px;left:623px;top:19px;"><ix:nonFraction id="ID_278" name="us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">14,412</ix:nonFraction></div><div id="a71461" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:38px;">Loss/(gain) from bunkers </div><div id="a71464" style="position:absolute;font-family:'Arial';font-size:13.28px;left:428px;top:38px;"><ix:nonFraction id="ID_928" name="dsx:GainLossOnFuel" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">725</ix:nonFraction></div><div id="a71467" style="position:absolute;font-family:'Arial';font-size:13.28px;left:530px;top:38px;display:flex;">(<ix:nonFraction id="ID_999" name="dsx:GainLossOnFuel" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">474</ix:nonFraction>)</div><div id="a71470" style="position:absolute;font-family:'Arial';font-size:13.28px;left:626px;top:38px;display:flex;">(<ix:nonFraction id="ID_1000" name="dsx:GainLossOnFuel" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,100</ix:nonFraction>)</div><div id="a71472" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:57px;">Port expenses and other </div><div id="a71475" style="position:absolute;font-family:'Arial';font-size:13.28px;left:417px;top:57px;"><ix:nonFraction id="ID_232" name="us-gaap:OtherCostOfOperatingRevenue" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,242</ix:nonFraction></div><div id="a71478" style="position:absolute;font-family:'Arial';font-size:13.28px;left:535px;top:57px;"><ix:nonFraction id="ID_430" name="us-gaap:OtherCostOfOperatingRevenue" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">764</ix:nonFraction></div><div id="a71481" style="position:absolute;font-family:'Arial';font-size:13.28px;left:642px;top:57px;"><ix:nonFraction id="ID_218" name="us-gaap:OtherCostOfOperatingRevenue" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">630</ix:nonFraction></div><div id="a71484" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:75px;">Total<div style="display:inline-block;width:5px"> </div></div><div id="a71486" style="position:absolute;font-family:'Arial';font-size:13.28px;left:340px;top:75px;">$ </div><div id="a71488" style="position:absolute;font-family:'Arial';font-size:13.28px;left:409px;top:75px;"><ix:nonFraction id="ID_163A" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,607</ix:nonFraction></div><div id="a71490" style="position:absolute;font-family:'Arial';font-size:13.28px;left:454px;top:75px;">$ </div><div id="a71492" style="position:absolute;font-family:'Arial';font-size:13.28px;left:516px;top:75px;"><ix:nonFraction id="ID_142A" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">13,621</ix:nonFraction></div><div id="a71494" style="position:absolute;font-family:'Arial';font-size:13.28px;left:561px;top:75px;">$ </div><div id="a71496" style="position:absolute;font-family:'Arial';font-size:13.28px;left:630px;top:75px;"><ix:nonFraction id="ID_274A" name="us-gaap:DirectOperatingCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,942</ix:nonFraction></div></div></div></ix:continuation></div></div></ix:nonNumeric></div><div id="div_329_XBRL_TS_f0c0c61580c44fb58b687abb2afdad18" style="position:absolute;left:51px;top:467.4px;float:left;"><ix:nonNumeric id="ID_f0c0c61580c44fb58b687abb2afdad18" name="dsx:InterestAndFinanceCostsTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_e74df7ebd7494434892f96a0952664a8" escape="true"><div id="TextBlockContainer330" style="position:relative;line-height:normal;width:633px;height:54px;"><div id="TextContainer330" style="position:relative;width:633px;z-index:1;"><div id="a71499" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">13.<div style="display:inline-block;width:16px"> </div>Interest and Finance Costs </div><div id="a71504" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The amounts in the accompanying consolidated statements of income<div style="display:inline-block;width:3px"> </div>are analyzed as follows:</div></div></div></ix:nonNumeric></div><div id="div_332_XBRL_TS_e74df7ebd7494434892f96a0952664a8" style="position:absolute;left:52px;top:540px;float:left;"><ix:continuation id="XBRL_TS_e74df7ebd7494434892f96a0952664a8"><div id="TextBlockContainer336" style="position:relative;line-height:normal;width:699px;height:111px;"><div id="div_333_XBRL_TS_9500ff197256450f8af1aba17188220e" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_71" name="dsx:ScheduleOfInterestAndFinanceCostsTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer334" style="position:relative;line-height:normal;width:699px;height:111px;"><div style="position:absolute; width:355.9px; height:18.2px; left:4.8px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:355.9px; height:15.4px; left:4.8px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:18.2px; left:360.7px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:15.4px; left:360.7px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:18.2px; left:380.1px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:380.1px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:18.2px; left:475.1px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:475.1px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:18.2px; left:487px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91.1px; height:15.4px; left:487px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:18.2px; left:582.1px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:582.1px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:18.2px; left:593.9px; top:15.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:593.9px; top:18.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.7px; height:1px; left:4.8px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.3px; height:1px; left:23.5px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.2px; height:1px; left:360.9px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:1px; left:380.1px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:475.1px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:1px; left:487px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:582.1px; top:15.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:1px; left:593.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:355.9px; height:19px; left:4.8px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:355.9px; height:15.4px; left:4.8px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:19px; left:360.7px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:15.4px; left:360.7px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:19px; left:380.1px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:380.1px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:19px; left:475.1px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:475.1px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:19px; left:487px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91.1px; height:15.4px; left:487px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:19px; left:582.1px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:582.1px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:19px; left:593.9px; top:53.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:593.9px; top:56.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.7px; height:17.3px; left:4.8px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.7px; height:15.4px; left:4.8px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.2px; height:17.3px; left:23.5px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.2px; height:15.4px; left:23.5px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:17.3px; left:360.7px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:15.4px; left:360.7px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:17.3px; left:380.1px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:380.1px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17.3px; left:475.1px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:475.1px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:17.3px; left:487px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91.1px; height:15.4px; left:487px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17.3px; left:582.1px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:582.1px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:17.3px; left:593.9px; top:91.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:91px; height:15.4px; left:593.9px; top:93.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:18.7px; height:1px; left:4.8px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.3px; height:1px; left:23.5px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.2px; height:1px; left:360.9px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:1px; left:380.1px; top:91.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:475.1px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:1px; left:487px; top:91.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:582.1px; top:91.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95px; height:1px; left:593.9px; top:91.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:379.1px; top:109.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:486px; top:109.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:592.9px; top:109.2px; background-color:#000000; "> </div>
<div id="TextContainer334" style="position:relative;width:699px;z-index:1;"><div id="a71513" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:413px;top:0px;">2024 </div><div id="a71516" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:520px;top:0px;">2023 </div><div id="a71519" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:627px;top:0px;">2022 </div><div id="a71521" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:19px;">Interest expense, debt </div><div id="a71523" style="position:absolute;font-family:'Arial';font-size:13.28px;left:361px;top:19px;">$ </div><div id="a71525" style="position:absolute;font-family:'Arial';font-size:13.28px;left:430px;top:19px;"><ix:nonFraction id="ID_125" name="us-gaap:InterestExpenseDebt" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">38,385</ix:nonFraction></div><div id="a71527" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:19px;">$ </div><div id="a71529" style="position:absolute;font-family:'Arial';font-size:13.28px;left:537px;top:19px;"><ix:nonFraction id="ID_10" name="us-gaap:InterestExpenseDebt" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">39,617</ix:nonFraction></div><div id="a71531" style="position:absolute;font-family:'Arial';font-size:13.28px;left:582px;top:19px;">$ </div><div id="a71533" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:19px;"><ix:nonFraction id="ID_863" name="us-gaap:InterestExpenseDebt" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">21,983</ix:nonFraction></div><div id="a71535" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:38px;">Finance liabilities interest expense </div><div id="a71538" style="position:absolute;font-family:'Arial';font-size:13.28px;left:438px;top:38px;"><ix:nonFraction id="ID_177" name="us-gaap:FinanceLeaseInterestExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,353</ix:nonFraction></div><div id="a71541" style="position:absolute;font-family:'Arial';font-size:13.28px;left:545px;top:38px;"><ix:nonFraction id="ID_477" name="us-gaap:FinanceLeaseInterestExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,786</ix:nonFraction></div><div id="a71544" style="position:absolute;font-family:'Arial';font-size:13.28px;left:652px;top:38px;"><ix:nonFraction id="ID_864" name="us-gaap:FinanceLeaseInterestExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,735</ix:nonFraction></div><div id="a71546" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:57px;">Amortization of debt and finance liabilities issuance costs </div><div id="a71549" style="position:absolute;font-family:'Arial';font-size:13.28px;left:438px;top:57px;"><ix:nonFraction id="ID_68A" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,372</ix:nonFraction></div><div id="a71552" style="position:absolute;font-family:'Arial';font-size:13.28px;left:545px;top:57px;"><ix:nonFraction id="ID_89A" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,620</ix:nonFraction></div><div id="a71555" style="position:absolute;font-family:'Arial';font-size:13.28px;left:652px;top:57px;"><ix:nonFraction id="ID_792A" name="us-gaap:AmortizationOfFinancingCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">2,286</ix:nonFraction></div><div id="a71557" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:76px;">Loan and other expenses </div><div id="a71560" style="position:absolute;font-family:'Arial';font-size:13.28px;left:449px;top:76px;"><ix:nonFraction id="ID_181" name="us-gaap:DebtRelatedCommitmentFeesAndDebtIssuanceCosts" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">358</ix:nonFraction></div><div id="a71563" style="position:absolute;font-family:'Arial';font-size:13.28px;left:556px;top:76px;"><ix:nonFraction id="ID_26" name="us-gaap:DebtRelatedCommitmentFeesAndDebtIssuanceCosts" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">308</ix:nonFraction></div><div id="a71566" style="position:absolute;font-family:'Arial';font-size:13.28px;left:663px;top:76px;"><ix:nonFraction id="ID_865" name="us-gaap:DebtRelatedCommitmentFeesAndDebtIssuanceCosts" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">415</ix:nonFraction></div><div id="a71569" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:24px;top:94px;">Interest expense and finance costs </div><div id="a71571" style="position:absolute;font-family:'Arial';font-size:13.28px;left:361px;top:94px;">$ </div><div id="a71573" style="position:absolute;font-family:'Arial';font-size:13.28px;left:430px;top:94px;"><ix:nonFraction id="ID_221A" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">47,468</ix:nonFraction></div><div id="a71575" style="position:absolute;font-family:'Arial';font-size:13.28px;left:475px;top:94px;">$ </div><div id="a71577" style="position:absolute;font-family:'Arial';font-size:13.28px;left:537px;top:94px;"><ix:nonFraction id="ID_220A" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,331</ix:nonFraction></div><div id="a71579" style="position:absolute;font-family:'Arial';font-size:13.28px;left:582px;top:94px;">$ </div><div id="a71581" style="position:absolute;font-family:'Arial';font-size:13.28px;left:644px;top:94px;"><ix:nonFraction id="ID_729A" name="us-gaap:InterestExpense" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">27,419</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_338_XBRL_TS_8e685da7710d4485980c2646e04c73d9" style="position:absolute;left:51px;top:669.2px;float:left;"><ix:nonNumeric id="ID_8e685da7710d4485980c2646e04c73d9" name="us-gaap:EarningsPerShareTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_8e685da7710d4485980c2646e04c73d9_1" escape="true"><div id="TextBlockContainer339" style="position:relative;line-height:normal;width:706px;height:307px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:320.2px; background-color:#000000; "> </div>
<div id="TextContainer339" style="position:relative;width:706px;z-index:1;"><div id="a71584" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">14.<div style="display:inline-block;width:16px"> </div>Earnings per Share </div><div id="a71591" style="position:absolute;font-family:'Arial';left:6px;top:35px;">All common<div style="display:inline-block;width:6px"> </div>shares issued<div style="display:inline-block;width:6px"> </div>(including the<div style="display:inline-block;width:6px"> </div>restricted shares<div style="display:inline-block;width:6px"> </div>issued under<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>incentive plans) </div><div id="a71592" style="position:absolute;font-family:'Arial';left:6px;top:52px;">are<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company’s<div style="display:inline-block;width:8px"> </div>common<div style="display:inline-block;width:8px"> </div>stock<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>have<div style="display:inline-block;width:7px"> </div>equal<div style="display:inline-block;width:8px"> </div>rights<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>vote<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>participate<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:8px"> </div>dividends.<div style="display:inline-block;width:7px"> </div>The </div><div id="a71593" style="position:absolute;font-family:'Arial';left:6px;top:69px;">calculation of basic earnings per share does not treat the non-vested shares (not considered participating </div><div id="a71597" style="position:absolute;font-family:'Arial';left:6px;top:86px;">securities) as outstanding until the time/service-based<div style="display:inline-block;width:2px"> </div>vesting restriction has lapsed.</div><div id="a71601" style="position:absolute;font-family:'Arial';left:555px;top:86px;">The dilutive effect on </div><div id="a71602" style="position:absolute;font-family:'Arial';left:6px;top:103px;">unexercised warrants that are<div style="display:inline-block;width:3px"> </div>in-the-money, is computed using the treasury stock<div style="display:inline-block;width:2px"> </div>method which assumes </div><div id="a71607" style="position:absolute;font-family:'Arial';left:6px;top:120px;">that the proceeds<div style="display:inline-block;width:6px"> </div>upon exercise of<div style="display:inline-block;width:5px"> </div>these warrants are<div style="display:inline-block;width:6px"> </div>used to purchase<div style="display:inline-block;width:5px"> </div>common shares at<div style="display:inline-block;width:6px"> </div>the average </div><div id="a71608" style="position:absolute;font-family:'Arial';left:6px;top:136px;">market<div style="display:inline-block;width:6px"> </div>price<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>period.<div style="display:inline-block;width:6px"> </div>Incremental<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>assumed<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the </div><div id="a71618" style="position:absolute;font-family:'Arial';left:6px;top:153px;">treasury stock<div style="display:inline-block;width:6px"> </div>method weighted for<div style="display:inline-block;width:6px"> </div>the periods the<div style="display:inline-block;width:6px"> </div>non-vested shares<div style="display:inline-block;width:6px"> </div>were outstanding. In<div style="display:inline-block;width:6px"> </div>2024, 2023, </div><div id="a71623" style="position:absolute;font-family:'Arial';left:6px;top:170px;">and 2022,<div style="display:inline-block;width:3px"> </div>there were </div><div id="a71623_21_9" style="position:absolute;font-family:'Arial';left:146px;top:170px;"><ix:nonFraction id="ID_397" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,698,994</ix:nonFraction></div><div id="a71623_30_2" style="position:absolute;font-family:'Arial';left:212px;top:170px;">, </div><div id="a71623_32_9" style="position:absolute;font-family:'Arial';left:219px;top:170px;"><ix:nonFraction id="ID_297" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">1,710,513</ix:nonFraction></div><div id="a71623_41_5" style="position:absolute;font-family:'Arial';left:284px;top:170px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a71623_46_9" style="position:absolute;font-family:'Arial';left:316px;top:170px;"><ix:nonFraction id="ID_866" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">3,257,861</ix:nonFraction></div><div id="a71623_55_48" style="position:absolute;font-family:'Arial';left:381px;top:170px;"><div style="display:inline-block;width:4px"> </div>incremental shares<div style="display:inline-block;width:2px"> </div>included in<div style="display:inline-block;width:3px"> </div>the denominator </div><div id="a71629" style="position:absolute;font-family:'Arial';left:6px;top:187px;">of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>diluted<div style="display:inline-block;width:6px"> </div>earnings<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>calculation.<div style="display:inline-block;width:6px"> </div>Securities<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>potentially<div style="display:inline-block;width:6px"> </div>dilute<div style="display:inline-block;width:6px"> </div>basic<div style="display:inline-block;width:6px"> </div>earnings<div style="display:inline-block;width:6px"> </div>per </div><div id="a71632" style="position:absolute;font-family:'Arial';left:6px;top:204px;">share in the future but<div style="display:inline-block;width:5px"> </div>were not included in the computation of<div style="display:inline-block;width:5px"> </div>diluted earnings per share—because their </div><div id="a71635" style="position:absolute;font-family:'Arial';left:6px;top:221px;">inclusion would have<div style="display:inline-block;width:3px"> </div>been anti-dilutive—consist of<div style="display:inline-block;width:2px"> </div>any incremental shares<div style="display:inline-block;width:2px"> </div>from unexercised warrants<div style="display:inline-block;width:2px"> </div>that </div><div id="a71641" style="position:absolute;font-family:'Arial';left:6px;top:238px;">were<div style="display:inline-block;width:6px"> </div>out<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>money<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>reporting<div style="display:inline-block;width:6px"> </div>period<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>any<div style="display:inline-block;width:6px"> </div>incremental shares<div style="display:inline-block;width:7px"> </div>resulting<div style="display:inline-block;width:5px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>non-</div><div id="a71643" style="position:absolute;font-family:'Arial';left:6px;top:254px;">vested<div style="display:inline-block;width:6px"> </div>restricted<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>awards.<div style="display:inline-block;width:6px"> </div>During<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>years<div style="display:inline-block;width:6px"> </div>ended<div style="display:inline-block;width:6px"> </div>December<div style="display:inline-block;width:6px"> </div>31,<div style="display:inline-block;width:6px"> </div>2024<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>number<div style="display:inline-block;width:6px"> </div>of </div><div id="a71649" style="position:absolute;font-family:'Arial';left:6px;top:271px;">common shares that could potentially be<div style="display:inline-block;width:5px"> </div>issued in connection with unexercised warrants that<div style="display:inline-block;width:5px"> </div>were out of </div><div id="a71650" style="position:absolute;font-family:'Arial';left:6px;top:288px;">the<div style="display:inline-block;width:7px"> </div>money<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>portion<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>respective<div style="display:inline-block;width:7px"> </div>period<div style="display:inline-block;width:7px"> </div>was </div><div id="a71650_53_7" style="position:absolute;font-family:'Arial';left:379px;top:288px;"><ix:nonFraction id="ID_1041" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_us-gaap_WarrantMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">390,132</ix:nonFraction></div><div id="a71650_60_6" style="position:absolute;font-family:'Arial';left:432px;top:288px;">,<div style="display:inline-block;width:7px"> </div>and </div><div id="a71650_66_3" style="position:absolute;font-family:'Arial';left:475px;top:288px;-sec-ix-hidden:ID_1022;">nil</div><div id="a71650_69_27" style="position:absolute;font-family:'Arial';left:489px;top:288px;">,<div style="display:inline-block;width:7px"> </div>respectively.<div style="display:inline-block;width:8px"> </div>There<div style="display:inline-block;width:7px"> </div>were </div><div id="a71650_96_2" style="position:absolute;font-family:'Arial';left:674px;top:288px;"><ix:nonFraction id="ID_1023" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_us-gaap_WarrantMember" unitRef="shares" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></div></div></div></ix:nonNumeric></div></div>
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<div id="a71653" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a71655" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a71657" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a71659" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a71666" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-34 </div><div id="div_341_XBRL_TS_8e685da7710d4485980c2646e04c73d9_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_8e685da7710d4485980c2646e04c73d9_1" continuedAt="XBRL_TS_f81f4a0982ff44ec8d0e78b0e974ed3c"><div id="TextBlockContainer342" style="position:relative;line-height:normal;width:704px;height:120px;"><div id="TextContainer342" style="position:relative;width:704px;z-index:1;"><div id="a71670" style="position:absolute;font-family:'Arial';left:5px;top:0px;">outstanding securities<div style="display:inline-block;width:2px"> </div>during the<div style="display:inline-block;width:2px"> </div>year ended<div style="display:inline-block;width:2px"> </div>December 31,<div style="display:inline-block;width:2px"> </div>2022 that<div style="display:inline-block;width:2px"> </div>could potentially<div style="display:inline-block;width:2px"> </div>dilute basic<div style="display:inline-block;width:2px"> </div>earnings </div><div id="a71674" style="position:absolute;font-family:'Arial';left:5px;top:17px;">per share.<div style="display:inline-block;width:6px"> </div>During the<div style="display:inline-block;width:6px"> </div>years ended<div style="display:inline-block;width:6px"> </div>December 31,<div style="display:inline-block;width:6px"> </div>2024, 2023<div style="display:inline-block;width:6px"> </div>and 2022,<div style="display:inline-block;width:6px"> </div>the number<div style="display:inline-block;width:6px"> </div>of common<div style="display:inline-block;width:6px"> </div>shares </div><div id="a71682" style="position:absolute;font-family:'Arial';left:5px;top:34px;">that<div style="display:inline-block;width:7px"> </div>could<div style="display:inline-block;width:7px"> </div>potentially<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>connection<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>non-vested<div style="display:inline-block;width:7px"> </div>restricted<div style="display:inline-block;width:7px"> </div>share<div style="display:inline-block;width:7px"> </div>awards<div style="display:inline-block;width:7px"> </div>was </div><div id="a71682_91_7" style="position:absolute;font-family:'Arial';left:632px;top:34px;"><ix:nonFraction id="ID_1024" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_us-gaap_RestrictedStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">469,525</ix:nonFraction></div><div id="a71682_98_2" style="position:absolute;font-family:'Arial';left:685px;top:34px;">, </div><div id="a71685" style="position:absolute;font-family:'Arial';left:5px;top:51px;"><ix:nonFraction id="ID_1025" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_us-gaap_RestrictedStockMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">109,089</ix:nonFraction></div><div id="a71685_7_5" style="position:absolute;font-family:'Arial';left:59px;top:51px;"><div style="display:inline-block;width:4px"> </div>and </div><div id="a71685_12_3" style="position:absolute;font-family:'Arial';left:91px;top:51px;-sec-ix-hidden:ID_1026;">nil</div><div id="a71685_15_16" style="position:absolute;font-family:'Arial';left:106px;top:51px;">, respectively. </div><div id="a71688" style="position:absolute;font-family:'Arial';left:5px;top:84px;">Net income attributable to common stockholders is adjusted<div style="display:inline-block;width:3px"> </div>by the dividends on Series B Preferred Stock </div><div id="a71693" style="position:absolute;font-family:'Arial';left:5px;top:101px;">and the gain on warrants to calculate the diluted earnings per share.</div></div></div></ix:continuation></div><div id="a71700" style="position:absolute;font-family:'Arial';left:57px;top:251px;"><div style="display:inline-block;width:4px"> </div></div><div id="div_344_XBRL_TS_f81f4a0982ff44ec8d0e78b0e974ed3c" style="position:absolute;left:52px;top:269.2px;float:left;"><ix:continuation id="XBRL_TS_f81f4a0982ff44ec8d0e78b0e974ed3c"><div id="TextBlockContainer348" style="position:relative;line-height:normal;width:724px;height:311px;"><div id="div_345_XBRL_TS_c0d9abf5725449fd832e28b0e0a9f99b" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_424" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer346" style="position:relative;line-height:normal;width:724px;height:311px;"><div style="position:absolute; width:96px; height:1px; left:397.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:15.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:341px; height:17px; left:4.8px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:15.4px; left:4.8px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:17px; left:345.8px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:15.4px; left:345.8px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:385.9px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:385.9px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:397.9px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:397.9px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:493.9px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:505.9px; top:24.1px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:12px; height:17px; left:601.9px; top:24.1px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:96px; height:17px; left:613.9px; top:24.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:613.9px; top:25.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:31.4px; left:4.8px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:15.4px; left:4.8px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:31.4px; left:345.8px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:15.4px; left:345.8px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:31.4px; left:385.9px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:385.9px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:31.4px; left:397.9px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:397.9px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:31.4px; left:493.9px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:31.4px; left:505.9px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:505.9px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:31.4px; left:601.9px; top:58.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:601.9px; top:74.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:31.4px; left:613.9px; top:58.7px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:40px; height:14.9px; left:345.8px; top:139.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:385.9px; top:139.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:14.9px; left:385.9px; top:139.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:14.9px; left:397.9px; top:139.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:14.9px; left:397.9px; top:139.2px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:96px; height:14.9px; left:505.9px; top:139.2px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:96px; height:1px; left:613.9px; top:139px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:96px; height:17px; left:397.9px; top:171.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:397.9px; top:172.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:493.9px; top:171.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:172.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:505.9px; top:171.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:505.9px; top:172.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:601.9px; top:171.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:601.9px; top:172.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:613.9px; top:171.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:613.9px; top:172.8px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:341px; height:15.4px; left:4.8px; top:205.7px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:12px; height:17.4px; left:385.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:385.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.4px; left:397.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:397.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.4px; left:493.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.4px; left:505.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:505.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.4px; left:601.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:601.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.4px; left:613.9px; top:205.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:613.9px; top:207.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:1px; left:4.8px; top:205.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:345.8px; top:205.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:385.9px; top:205.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:205.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:493.9px; top:205.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:205.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:601.9px; top:205.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:205.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:223.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:225.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:223.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:225.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:223.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:225.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:341px; height:17px; left:4.8px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:15.4px; left:4.8px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:17px; left:345.8px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:15.4px; left:345.8px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:385.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:385.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:397.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:397.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:493.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:505.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:505.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17px; left:601.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:601.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17px; left:613.9px; top:233.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:613.9px; top:234.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:17.3px; left:4.8px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:15.4px; left:4.8px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:17.3px; left:345.8px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:15.4px; left:345.8px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:385.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:385.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:397.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:397.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:493.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:493.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:505.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:505.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:17.3px; left:601.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:601.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:17.3px; left:613.9px; top:267.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:92px; height:15.4px; left:613.9px; top:269.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:341px; height:1px; left:4.8px; top:267.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:40px; height:1px; left:345.8px; top:267.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:1px; left:385.9px; top:267.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:267.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:493.9px; top:267.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:267.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:601.9px; top:267.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:267.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:285.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:397.9px; top:287.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:285.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:505.9px; top:287.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:285.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:96px; height:1px; left:613.9px; top:287.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:396.9px; top:309.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:504.9px; top:309.3px; background-color:#000000; "> </div>
<div style="position:absolute; width:97px; height:1px; left:612.9px; top:309.3px; background-color:#000000; "> </div>
<div id="TextContainer346" style="position:relative;width:724px;z-index:1;"><div id="a71705" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:431px;top:0px;">2024 </div><div id="a71708" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:539px;top:0px;">2023 </div><div id="a71711" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:647px;top:0px;">2022 </div><div id="a71721" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:26px;">Net income </div><div id="a71724" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:26px;">$ </div><div id="a71726" style="position:absolute;font-family:'Arial';font-size:13.28px;left:449px;top:26px;"><ix:nonFraction id="ID_257AAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a71728" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:26px;">$ </div><div id="a71730" style="position:absolute;font-family:'Arial';font-size:13.28px;left:557px;top:26px;"><ix:nonFraction id="ID_480AAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a71732" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:26px;">$ </div><div id="a71734" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:26px;"><ix:nonFraction id="ID_104AAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a71736" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:43px;">Dividends on series B preferred shares </div><div id="a71740" style="position:absolute;font-family:'Arial';font-size:13.28px;left:452px;top:43px;display:flex;">(<ix:nonFraction id="ID_460A" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71743" style="position:absolute;font-family:'Arial';font-size:13.28px;left:560px;top:43px;display:flex;">(<ix:nonFraction id="ID_134A" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71746" style="position:absolute;font-family:'Arial';font-size:13.28px;left:668px;top:43px;display:flex;">(<ix:nonFraction id="ID_740A" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71748" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:75px;">Net income attributable to common stockholders </div><div id="a71751" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:75px;">$ </div><div id="a71753" style="position:absolute;font-family:'Arial';font-size:13.28px;left:457px;top:75px;"><ix:nonFraction id="ID_457A" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,977</ix:nonFraction></div><div id="a71755" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:75px;">$ </div><div id="a71757" style="position:absolute;font-family:'Arial';font-size:13.28px;left:557px;top:75px;"><ix:nonFraction id="ID_404A" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">44,075</ix:nonFraction></div><div id="a71759" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:75px;">$ </div><div id="a71761" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:75px;"><ix:nonFraction id="ID_741A" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">113,294</ix:nonFraction></div><div id="a71771" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:102px;">Weighted average number of common shares, basic </div><div id="a71775" style="position:absolute;font-family:'Arial';font-size:13.28px;left:416px;top:102px;"><ix:nonFraction id="ID_472A" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">115,956,249</ix:nonFraction></div><div id="a71778" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:102px;"><ix:nonFraction id="ID_288A" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">100,166,629</ix:nonFraction></div><div id="a71781" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:102px;"><ix:nonFraction id="ID_744A" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">80,061,040</ix:nonFraction></div><div id="a71783" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:121px;">Earnings per share, basic </div><div id="a71786" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:121px;">$ </div><div id="a71788" style="position:absolute;font-family:'Arial';font-size:13.28px;left:464px;top:121px;"><ix:nonFraction id="ID_386A" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="2">0.06</ix:nonFraction></div><div id="a71790" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:121px;">$ </div><div id="a71792" style="position:absolute;font-family:'Arial';font-size:13.28px;left:572px;top:121px;"><ix:nonFraction id="ID_396A" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="2">0.44</ix:nonFraction></div><div id="a71794" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:121px;">$ </div><div id="a71796" style="position:absolute;font-family:'Arial';font-size:13.28px;left:680px;top:121px;"><ix:nonFraction id="ID_742A" name="us-gaap:EarningsPerShareBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">1.42</ix:nonFraction></div><div id="a71806" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:156px;">Net income </div><div id="a71809" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:156px;">$ </div><div id="a71811" style="position:absolute;font-family:'Arial';font-size:13.28px;left:449px;top:156px;"><ix:nonFraction id="ID_257AAAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,746</ix:nonFraction></div><div id="a71813" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:156px;">$ </div><div id="a71815" style="position:absolute;font-family:'Arial';font-size:13.28px;left:557px;top:156px;"><ix:nonFraction id="ID_480AAAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">49,844</ix:nonFraction></div><div id="a71817" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:156px;">$ </div><div id="a71819" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:156px;"><ix:nonFraction id="ID_104AAAAA" name="us-gaap:NetIncomeLoss" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">119,063</ix:nonFraction></div><div id="a71821" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:173px;">Dividends on series B preferred shares </div><div id="a71825" style="position:absolute;font-family:'Arial';font-size:13.28px;left:452px;top:173px;display:flex;">(<ix:nonFraction id="ID_460AA" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71828" style="position:absolute;font-family:'Arial';font-size:13.28px;left:560px;top:173px;display:flex;">(<ix:nonFraction id="ID_134AA" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71831" style="position:absolute;font-family:'Arial';font-size:13.28px;left:668px;top:173px;display:flex;">(<ix:nonFraction id="ID_740AA" name="us-gaap:PreferredStockDividendsIncomeStatementImpact" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">5,769</ix:nonFraction>)</div><div id="a71833" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:190px;">Gain on warrants </div><div id="a71837" style="position:absolute;font-family:'Arial';font-size:13.28px;left:463px;top:190px;display:flex;">(<ix:nonFraction id="ID_92AA" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">719</ix:nonFraction>)</div><div id="a71840" style="position:absolute;font-family:'Arial';font-size:13.28px;left:560px;top:190px;display:flex;">(<ix:nonFraction id="ID_497AA" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3" sign="-">1,583</ix:nonFraction>)</div><div id="a71843" style="position:absolute;font-family:'Arial';font-size:13.28px;left:702px;top:190px;"><ix:nonFraction id="ID_737A" name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a71845" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:206px;">Adjusted net income attributable to common </div><div id="a71846" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:221px;">stockholders </div><div id="a71849" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:208px;">$ </div><div id="a71851" style="position:absolute;font-family:'Arial';font-size:13.28px;left:457px;top:208px;"><ix:nonFraction id="ID_867" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,258</ix:nonFraction></div><div id="a71853" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:208px;">$ </div><div id="a71855" style="position:absolute;font-family:'Arial';font-size:13.28px;left:557px;top:208px;"><ix:nonFraction id="ID_868" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">42,492</ix:nonFraction></div><div id="a71857" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:208px;">$ </div><div id="a71859" style="position:absolute;font-family:'Arial';font-size:13.28px;left:658px;top:208px;"><ix:nonFraction id="ID_869" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">113,294</ix:nonFraction></div><div id="a71869" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:235px;">Weighted average number of common shares, basic </div><div id="a71873" style="position:absolute;font-family:'Arial';font-size:13.28px;left:416px;top:235px;"><ix:nonFraction id="ID_472AA" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">115,956,249</ix:nonFraction></div><div id="a71876" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:235px;"><ix:nonFraction id="ID_288AA" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">100,166,629</ix:nonFraction></div><div id="a71879" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:235px;"><ix:nonFraction id="ID_744AA" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">80,061,040</ix:nonFraction></div><div id="a71881" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:252px;">Incremental shares<div style="display:inline-block;width:4px"> </div></div><div id="a71885" style="position:absolute;font-family:'Arial';font-size:13.28px;left:431px;top:252px;"><ix:nonFraction id="ID_397A" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,698,994</ix:nonFraction></div><div id="a71888" style="position:absolute;font-family:'Arial';font-size:13.28px;left:539px;top:252px;"><ix:nonFraction id="ID_297A" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">1,710,513</ix:nonFraction></div><div id="a71891" style="position:absolute;font-family:'Arial';font-size:13.28px;left:647px;top:252px;"><ix:nonFraction id="ID_866A" name="us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">3,257,861</ix:nonFraction></div><div id="a71893" style="position:absolute;font-family:'Arial';font-size:13.28px;left:5px;top:270px;">Weighted average number of common shares, diluted<div style="display:inline-block;width:5px"> </div></div><div id="a71897" style="position:absolute;font-family:'Arial';font-size:13.28px;left:416px;top:270px;"><ix:nonFraction id="ID_416A" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">118,655,243</ix:nonFraction></div><div id="a71900" style="position:absolute;font-family:'Arial';font-size:13.28px;left:524px;top:270px;"><ix:nonFraction id="ID_431A" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">101,877,142</ix:nonFraction></div><div id="a71903" style="position:absolute;font-family:'Arial';font-size:13.28px;left:639px;top:270px;"><ix:nonFraction id="ID_745A" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="shares" decimals="0" format="ixt:numdotdecimal">83,318,901</ix:nonFraction></div><div id="a71905" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:5px;top:294px;">Earnings per share, diluted </div><div id="a71908" style="position:absolute;font-family:'Arial';font-size:13.28px;left:391px;top:294px;">$ </div><div id="a71910" style="position:absolute;font-family:'Arial';font-size:13.28px;left:464px;top:294px;"><ix:nonFraction id="ID_295A" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" unitRef="EPS" decimals="2">0.05</ix:nonFraction></div><div id="a71912" style="position:absolute;font-family:'Arial';font-size:13.28px;left:499px;top:294px;">$ </div><div id="a71914" style="position:absolute;font-family:'Arial';font-size:13.28px;left:572px;top:294px;"><ix:nonFraction id="ID_316A" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885" unitRef="EPS" decimals="2">0.42</ix:nonFraction></div><div id="a71916" style="position:absolute;font-family:'Arial';font-size:13.28px;left:607px;top:294px;">$ </div><div id="a71918" style="position:absolute;font-family:'Arial';font-size:13.28px;left:680px;top:294px;"><ix:nonFraction id="ID_743A" name="us-gaap:EarningsPerShareDiluted" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">1.36</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="div_350_XBRL_TS_aa969d0480c649c08a744e11993e6af7" style="position:absolute;left:51px;top:614.4px;float:left;"><ix:nonNumeric id="ID_24" name="us-gaap:IncomeTaxDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer351" style="position:relative;line-height:normal;width:704px;height:242px;"><div id="TextContainer351" style="position:relative;width:704px;z-index:1;"><div id="a71921" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">15.<div style="display:inline-block;width:17px"> </div>Income Taxes </div><div id="a71926" style="position:absolute;font-family:'Arial';left:5px;top:38px;">Under<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>laws<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>countries<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>companies’<div style="display:inline-block;width:7px"> </div>incorporation<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>/<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>vessels’<div style="display:inline-block;width:8px"> </div>registration,<div style="display:inline-block;width:8px"> </div>the </div><div id="a71927" style="position:absolute;font-family:'Arial';left:5px;top:55px;">companies are<div style="display:inline-block;width:2px"> </div>not subject<div style="display:inline-block;width:2px"> </div>to tax<div style="display:inline-block;width:3px"> </div>on international<div style="display:inline-block;width:2px"> </div>shipping income;<div style="display:inline-block;width:2px"> </div>however, they are<div style="display:inline-block;width:2px"> </div>subject to<div style="display:inline-block;width:2px"> </div>registration </div><div id="a71928" style="position:absolute;font-family:'Arial';left:5px;top:72px;">and tonnage<div style="display:inline-block;width:6px"> </div>taxes, which<div style="display:inline-block;width:6px"> </div>are included<div style="display:inline-block;width:6px"> </div>in vessel<div style="display:inline-block;width:6px"> </div>operating expenses<div style="display:inline-block;width:6px"> </div>in the<div style="display:inline-block;width:6px"> </div>accompanying consolidated </div><div id="a71931" style="position:absolute;font-family:'Arial';left:5px;top:88px;">statements of income. </div><div id="a71939" style="position:absolute;font-family:'Arial';left:5px;top:122px;">The vessel-owning<div style="display:inline-block;width:6px"> </div>companies with<div style="display:inline-block;width:6px"> </div>vessels that<div style="display:inline-block;width:6px"> </div>have called<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>United States<div style="display:inline-block;width:6px"> </div>are obliged<div style="display:inline-block;width:6px"> </div>to file<div style="display:inline-block;width:6px"> </div>tax </div><div id="a71942" style="position:absolute;font-family:'Arial';left:5px;top:139px;">returns with the Internal Revenue Service. However, pursuant to the Internal Revenue Code of the United </div><div id="a71943" style="position:absolute;font-family:'Arial';left:5px;top:156px;">States, U.S.<div style="display:inline-block;width:6px"> </div>source income from<div style="display:inline-block;width:6px"> </div>the international operations<div style="display:inline-block;width:6px"> </div>of ships<div style="display:inline-block;width:6px"> </div>is generally exempt<div style="display:inline-block;width:6px"> </div>from U.S.<div style="display:inline-block;width:6px"> </div>tax. </div><div id="a71946" style="position:absolute;font-family:'Arial';left:5px;top:173px;">The applicable tax is </div><div id="a71946_22_2" style="position:absolute;font-family:'Arial';left:143px;top:173px;"><ix:nonFraction id="ID_698" name="dsx:UsSourceIncomePercentage" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">50</ix:nonFraction></div><div id="a71946_24_5" style="position:absolute;font-family:'Arial';left:159px;top:173px;">% of </div><div id="a71946_29_1" style="position:absolute;font-family:'Arial';left:192px;top:173px;"><ix:nonFraction id="ID_699" name="dsx:TaxRateOnUsSourceShippingIncome" contextRef="AS_OF_Dec31_2024_Entity_0001318885" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">4</ix:nonFraction></div><div id="a71946_30_75" style="position:absolute;font-family:'Arial';left:200px;top:173px;">% of U.S.-related gross transportation<div style="display:inline-block;width:3px"> </div>income unless an exemption<div style="display:inline-block;width:3px"> </div>applies. </div><div id="a71949" style="position:absolute;font-family:'Arial';left:5px;top:190px;">The Company and each<div style="display:inline-block;width:3px"> </div>of its subsidiaries expects it<div style="display:inline-block;width:3px"> </div>qualifies for this statutory<div style="display:inline-block;width:3px"> </div>tax exemption for the 2024, </div><div id="a71953" style="position:absolute;font-family:'Arial';left:5px;top:206px;">2023 and<div style="display:inline-block;width:6px"> </div>2022 taxable years,<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:5px"> </div>Company takes this<div style="display:inline-block;width:6px"> </div>position for<div style="display:inline-block;width:5px"> </div>United States federal<div style="display:inline-block;width:6px"> </div>income tax </div><div id="a71959" style="position:absolute;font-family:'Arial';left:5px;top:223px;">return reporting purposes.</div></div></div></ix:nonNumeric></div><div id="div_353_XBRL_TS_61b3e3c2df454786a641cb2334596b14" style="position:absolute;left:51px;top:871.5px;float:left;"><ix:nonNumeric id="ID_61b3e3c2df454786a641cb2334596b14" name="us-gaap:FinancialInstrumentsDisclosureTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_61b3e3c2df454786a641cb2334596b14_1" escape="true"><div id="TextBlockContainer354" style="position:relative;line-height:normal;width:706px;height:104px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:117.9px; background-color:#000000; "> </div>
<div id="TextContainer354" style="position:relative;width:706px;z-index:1;"><div id="a71962" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">16.<div style="display:inline-block;width:16px"> </div>Financial Instruments and Fair Value Disclosures </div><div id="a71967" style="position:absolute;font-family:'Arial';font-weight:bold;left:6px;top:35px;">Interest rate risk and concentration of credit risk</div><div id="a71970" style="position:absolute;font-family:'Arial';left:6px;top:69px;">Financial instruments,<div style="display:inline-block;width:6px"> </div>which potentially<div style="display:inline-block;width:6px"> </div>subject the<div style="display:inline-block;width:6px"> </div>Company to<div style="display:inline-block;width:6px"> </div>significant concentrations<div style="display:inline-block;width:6px"> </div>of credit<div style="display:inline-block;width:7px"> </div>risk, </div><div id="a71996" style="position:absolute;font-family:'Arial';left:6px;top:86px;">consist<div style="display:inline-block;width:7px"> </div>principally<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>trade<div style="display:inline-block;width:7px"> </div>accounts<div style="display:inline-block;width:7px"> </div>receivable.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:7px"> </div>ability<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>willingness<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the </div></div></div></ix:nonNumeric></div></div>
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<div id="Page157" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a72028" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a72030" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a72032" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a72034" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a72041" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-35 </div><div id="div_356_XBRL_TS_61b3e3c2df454786a641cb2334596b14_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_61b3e3c2df454786a641cb2334596b14_1" continuedAt="XBRL_TS_36931e5f46fd46fdb77ed057e5ab826c"><div id="TextBlockContainer357" style="position:relative;line-height:normal;width:704px;height:204px;"><div id="TextContainer357" style="position:relative;width:704px;z-index:1;"><div id="a72045" style="position:absolute;font-family:'Arial';left:5px;top:0px;">Company’s counterparties to perform their<div style="display:inline-block;width:6px"> </div>obligations under a contract depend upon a<div style="display:inline-block;width:6px"> </div>number of factors </div><div id="a72075" style="position:absolute;font-family:'Arial';left:5px;top:17px;">that are<div style="display:inline-block;width:3px"> </div>beyond the<div style="display:inline-block;width:2px"> </div>Company’s control<div style="display:inline-block;width:2px"> </div>and may<div style="display:inline-block;width:2px"> </div>include, among<div style="display:inline-block;width:2px"> </div>other things,<div style="display:inline-block;width:2px"> </div>general economic<div style="display:inline-block;width:2px"> </div>conditions, </div><div id="a72105" style="position:absolute;font-family:'Arial';left:5px;top:34px;">the<div style="display:inline-block;width:8px"> </div>state<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>capital<div style="display:inline-block;width:8px"> </div>markets,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>condition<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>shipping<div style="display:inline-block;width:8px"> </div>industry<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>charter<div style="display:inline-block;width:8px"> </div>hire<div style="display:inline-block;width:8px"> </div>rates. The </div><div id="a72139" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting </div><div id="a72169" style="position:absolute;font-family:'Arial';left:5px;top:68px;">mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of </div><div id="a72197" style="position:absolute;font-family:'Arial';left:5px;top:84px;">the relative credit<div style="display:inline-block;width:6px"> </div>standing of those financial<div style="display:inline-block;width:6px"> </div>institutions. The Company limits<div style="display:inline-block;width:6px"> </div>its credit risk<div style="display:inline-block;width:6px"> </div>with accounts </div><div id="a72229" style="position:absolute;font-family:'Arial';left:5px;top:101px;">receivable by performing ongoing<div style="display:inline-block;width:6px"> </div>credit evaluations of its<div style="display:inline-block;width:6px"> </div>customers’ financial condition and by<div style="display:inline-block;width:6px"> </div>receiving </div><div id="a72257" style="position:absolute;font-family:'Arial';left:5px;top:118px;">payments<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>hire<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>advance.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>Company,<div style="display:inline-block;width:9px"> </div>generally,<div style="display:inline-block;width:9px"> </div>does<div style="display:inline-block;width:8px"> </div>not<div style="display:inline-block;width:8px"> </div>require<div style="display:inline-block;width:8px"> </div>collateral<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:8px"> </div>accounts </div><div id="a72287" style="position:absolute;font-family:'Arial';left:5px;top:135px;">receivable and does not have any agreements to mitigate credit risk.<div style="display:inline-block;width:3px"> </div></div><div id="a72311" style="position:absolute;font-family:'Arial';left:5px;top:169px;">In<div style="display:inline-block;width:6px"> </div>2024,<div style="display:inline-block;width:5px"> </div>2023 and<div style="display:inline-block;width:7px"> </div>2022 charterers<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:6px"> </div>individually accounted<div style="display:inline-block;width:6px"> </div>for </div><div id="a72311_66_2" style="position:absolute;font-family:'Arial';left:447px;top:169px;"><ix:nonFraction id="ID_186" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_RangeAxis_srt_MinimumMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" scale="-2"><ix:nonFraction id="ID_380" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_RangeAxis_srt_MinimumMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" scale="-2">10</ix:nonFraction></ix:nonFraction></div><div id="a72311_68_32" style="position:absolute;font-family:'Arial';left:463px;top:169px;">% or<div style="display:inline-block;width:7px"> </div>more<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s time </div><div id="a72346" style="position:absolute;font-family:'Arial';left:5px;top:186px;">charter revenues were as follows:</div></div></div></ix:continuation></div><div id="div_359_XBRL_TS_cd184dc1c16c4d80909663beef480d1e" style="position:absolute;left:52px;top:351.8px;float:left;"><ix:nonNumeric id="ID_292" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer363" style="position:relative;line-height:normal;width:681px;height:103px;"><div id="div_360_XBRL_TS_36931e5f46fd46fdb77ed057e5ab826c" style="position:absolute;left:0px;top:0px;float:left;"><ix:continuation id="XBRL_TS_36931e5f46fd46fdb77ed057e5ab826c" continuedAt="XBRL_TS_6c5f094e282a42928553a397b95f013d"><div id="TextBlockContainer361" style="position:relative;line-height:normal;width:681px;height:103px;"><div style="position:absolute; width:337.2px; height:16.3px; left:4.8px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:331.9px; height:15.4px; left:7.4px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:16.3px; left:342px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:1.4px; height:15.4px; left:359.9px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:16.3px; left:361.3px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.4px; left:363.9px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:16.3px; left:456.3px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:456.3px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:16.3px; left:468.1px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.4px; left:470.8px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:16.3px; left:563px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:563px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:16.3px; left:575px; top:17.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.4px; left:577.6px; top:18.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.2px; height:1px; left:4.8px; top:16.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:19.4px; height:1px; left:342px; top:16.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:1px; left:361.3px; top:16.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:456.3px; top:16.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:95.1px; height:1px; left:468.1px; top:16.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:11.8px; height:1px; left:563.2px; top:16.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:1px; left:575px; top:16.9px; background-color:#000000; "> </div>
<div style="position:absolute; width:337.2px; height:17px; left:4.8px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:331.9px; height:15.2px; left:7.4px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:17px; left:342px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:1.4px; height:15.4px; left:359.9px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:361.3px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.2px; left:363.9px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17px; left:456.3px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.2px; left:456.3px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:468.1px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.2px; left:470.8px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17px; left:563px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.2px; left:563px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:575px; top:50.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.6px; height:15.2px; left:577.6px; top:52.6px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:337.2px; height:17px; left:4.8px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:331.9px; height:13.8px; left:7.4px; top:88.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:19.4px; height:17px; left:342px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:1.4px; height:15.2px; left:359.9px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:361.3px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:15.4px; left:361.3px; top:86.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17px; left:456.3px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:456.3px; top:86.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:468.1px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:15.4px; left:468.1px; top:86.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:17px; left:563px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:11.8px; height:15.4px; left:563px; top:86.5px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:17px; left:575px; top:84.9px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:94.9px; height:15.4px; left:575px; top:86.5px; background-color:#CCEEFF; "> </div>
<div id="TextContainer361" style="position:relative;width:681px;z-index:1;"><div id="a72357" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:7px;top:0px;">Charterer </div><div id="a72360" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:394px;top:0px;">2024 </div><div id="a72363" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:501px;top:0px;">2023 </div><div id="a72366" style="position:absolute;font-family:'Arial';font-size:13.28px;font-weight:bold;left:608px;top:0px;">2022 </div><div id="a72368" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:19px;">Cargill International SA </div><div id="a72371" style="position:absolute;font-family:'Arial';font-size:13.28px;left:449px;top:19px;">* </div><div id="a72374" style="position:absolute;font-family:'Arial';font-size:13.28px;left:534px;top:19px;display:flex;"><ix:nonFraction id="ID_408" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2023_TO_Dec31_2023_Entity_0001318885_srt_MajorCustomersAxis_dsx_CargillInternationalSaMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-4">13</ix:nonFraction>%</div><div id="a72377" style="position:absolute;font-family:'Arial';font-size:13.28px;left:641px;top:19px;display:flex;"><ix:nonFraction id="ID_701" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_srt_MajorCustomersAxis_dsx_CargillInternationalSaMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-4">19</ix:nonFraction>%</div><div id="a72379" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:36px;">Koch Shipping PTE LTD.<div style="display:inline-block;width:5px"> </div>Singapore </div><div id="a72382" style="position:absolute;font-family:'Arial';font-size:13.28px;left:449px;top:36px;">* </div><div id="a72385" style="position:absolute;font-family:'Arial';font-size:13.28px;left:555px;top:36px;">* </div><div id="a72388" style="position:absolute;font-family:'Arial';font-size:13.28px;left:641px;top:36px;display:flex;"><ix:nonFraction id="ID_702" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2022_TO_Dec31_2022_Entity_0001318885_srt_MajorCustomersAxis_dsx_KochShippingPteLtd.SingaporeMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-4">15</ix:nonFraction>%</div><div id="a72390" style="position:absolute;font-family:'Arial';font-size:13.28px;left:7px;top:53px;">Nippon Yusen Kaisha </div><div id="a72393" style="position:absolute;font-family:'Arial';font-size:13.28px;left:427px;top:53px;display:flex;"><ix:nonFraction id="ID_700" name="us-gaap:ConcentrationRiskPercentage1" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885_srt_MajorCustomersAxis_dsx_NipponYusenKaishaMember_us-gaap_ConcentrationRiskByBenchmarkAxis_us-gaap_SalesRevenueNetMember_us-gaap_ConcentrationRiskByTypeAxis_us-gaap_CustomerConcentrationRiskMember" unitRef="pure" decimals="4" format="ixt:numdotdecimal" scale="-4">11</ix:nonFraction>%</div><div id="a72396" style="position:absolute;font-family:'Arial';font-size:13.28px;left:555px;top:53px;">* </div><div id="a72399" style="position:absolute;font-family:'Arial';font-size:13.28px;left:662px;top:53px;">* </div><div id="a72408" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:88px;">*Less than 10%</div></div></div></ix:continuation></div></div></ix:nonNumeric></div><div id="div_365_XBRL_TS_6c5f094e282a42928553a397b95f013d" style="position:absolute;left:51px;top:470.7px;float:left;"><ix:continuation id="XBRL_TS_6c5f094e282a42928553a397b95f013d" continuedAt="XBRL_TS_6c5f094e282a42928553a397b95f013d_1"><div id="TextBlockContainer366" style="position:relative;line-height:normal;width:704px;height:322px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:518.7px; background-color:#000000; "> </div>
<div id="TextContainer366" style="position:relative;width:704px;z-index:1;"><div id="a72417" style="position:absolute;font-family:'Arial';left:5px;top:0px;">The Company<div style="display:inline-block;width:6px"> </div>is exposed<div style="display:inline-block;width:5px"> </div>to interest<div style="display:inline-block;width:6px"> </div>rate fluctuations<div style="display:inline-block;width:6px"> </div>associated with<div style="display:inline-block;width:6px"> </div>its variable<div style="display:inline-block;width:6px"> </div>rate of<div style="display:inline-block;width:6px"> </div>borrowings. On </div><div id="a72421" style="position:absolute;font-family:'Arial';left:5px;top:17px;">July 6,<div style="display:inline-block;width:6px"> </div>2023, the company<div style="display:inline-block;width:6px"> </div>entered into an<div style="display:inline-block;width:6px"> </div>interest rate swap<div style="display:inline-block;width:6px"> </div>with DNB (Note<div style="display:inline-block;width:6px"> </div>8) to<div style="display:inline-block;width:5px"> </div>manage part of<div style="display:inline-block;width:6px"> </div>such </div><div id="a72426" style="position:absolute;font-family:'Arial';left:5px;top:34px;">exposure. Additionally, in 2022 and<div style="display:inline-block;width:6px"> </div>2023, the Company refinanced part of its variable rate debt with fixed </div><div id="a72427" style="position:absolute;font-family:'Arial';left:5px;top:51px;">rate financial liabilities (Note 9). </div><div id="a72430" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:84px;">Fair value of assets and liabilities </div><div id="a72435" style="position:absolute;font-family:'Arial';left:5px;top:118px;">The<div style="display:inline-block;width:9px"> </div>carrying<div style="display:inline-block;width:8px"> </div>values<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:9px"> </div>financial<div style="display:inline-block;width:8px"> </div>assets<div style="display:inline-block;width:9px"> </div>reflected<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>accompanying<div style="display:inline-block;width:8px"> </div>consolidated<div style="display:inline-block;width:8px"> </div>balance<div style="display:inline-block;width:8px"> </div>sheet </div><div id="a72438" style="position:absolute;font-family:'Arial';left:5px;top:135px;">approximate their respective fair values<div style="display:inline-block;width:6px"> </div>due to the short-term nature<div style="display:inline-block;width:6px"> </div>of these financial instruments.<div style="display:inline-block;width:5px"> </div>Cash </div><div id="a72445" style="position:absolute;font-family:'Arial';left:5px;top:152px;">and cash equivalents<div style="display:inline-block;width:2px"> </div>and restricted cash<div style="display:inline-block;width:2px"> </div>are considered Level 1 items<div style="display:inline-block;width:2px"> </div>as they represent<div style="display:inline-block;width:2px"> </div>liquid assets with </div><div id="a72450" style="position:absolute;font-family:'Arial';left:5px;top:169px;">short-term maturities. The fair value of long-term bank loans with<div style="display:inline-block;width:5px"> </div>variable interest rates approximates the </div><div id="a72457" style="position:absolute;font-family:'Arial';left:5px;top:186px;">recorded values, generally due to their variable interest rates.<div style="display:inline-block;width:3px"> </div></div><div id="a72460" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:219px;">Fair value measurements disclosed<div style="display:inline-block;width:39px"> </div></div><div id="a72470" style="position:absolute;font-family:'Arial';left:5px;top:253px;">As of December 31, 2024, the Bond having a fixed interest<div style="display:inline-block;width:3px"> </div>rate and a carrying value of $</div><div id="a72470_88_7" style="position:absolute;font-family:'Arial';left:579px;top:253px;"><ix:nonFraction id="ID_703" name="us-gaap:UnsecuredDebt" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">175,000</ix:nonFraction></div><div id="a72470_95_10" style="position:absolute;font-family:'Arial';left:632px;top:253px;"><div style="display:inline-block;width:4px"> </div>(Note 8) </div><div id="a72476" style="position:absolute;font-family:'Arial';left:5px;top:270px;">had a fair value of $</div><div id="a72476_21_7" style="position:absolute;font-family:'Arial';left:135px;top:270px;"><ix:nonFraction id="ID_704" name="us-gaap:DebtInstrumentFairValue" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_LongtermDebtTypeAxis_dsx_SeniorUnsecuredBond8.375PercentMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">178,938</ix:nonFraction></div><div id="a72476_28_80" style="position:absolute;font-family:'Arial';left:188px;top:270px;"><div style="display:inline-block;width:4px"> </div>determined through the Level 1 input of the fair value hierarchy as defined in </div><div id="a72477" style="position:absolute;font-family:'Arial';left:5px;top:287px;">FASB guidance for Fair Value Measurements. </div></div></div></ix:continuation></div></div>
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<div id="a72480" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a72482" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a72484" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a72486" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a72493" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-36 </div><div id="div_368_XBRL_TS_6c5f094e282a42928553a397b95f013d_1" style="position:absolute;left:51px;top:132.5px;float:left;"><ix:continuation id="XBRL_TS_6c5f094e282a42928553a397b95f013d_1" continuedAt="XBRL_TS_93745d4796de4275821c5b1c4e3cff46"><div id="TextBlockContainer369" style="position:relative;line-height:normal;width:236px;height:18px;"><div id="TextContainer369" style="position:relative;width:236px;z-index:1;"><div id="a72497" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">Other Fair value measurements</div></div></div></ix:continuation></div><div id="div_371_XBRL_TS_93745d4796de4275821c5b1c4e3cff46" style="position:absolute;left:52px;top:175px;float:left;"><ix:continuation id="XBRL_TS_93745d4796de4275821c5b1c4e3cff46" continuedAt="XBRL_TS_fb1f4158c2d045a890d8da93008e484e"><div id="TextBlockContainer375" style="position:relative;line-height:normal;width:706px;height:569px;"><div id="div_372_XBRL_TS_75278bc02d734e10891514960988f06b" style="position:absolute;left:0px;top:0px;float:left;"><ix:nonNumeric id="ID_75278bc02d734e10891514960988f06b" name="us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" continuedAt="XBRL_TS_75d460682701468a9c50d86a9917d4fd" escape="true"><div id="TextBlockContainer373" style="position:relative;line-height:normal;width:706px;height:569px;"><div style="position:absolute; width:263.1px; height:1px; left:4.8px; top:55.1px; background-color:#000000; "> </div>
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<div style="position:absolute; width:12px; height:16px; left:267.7px; top:71.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:267.7px; top:73.3px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:90.1px; height:13.8px; left:279.7px; top:73.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:369.8px; top:71.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:369.8px; top:73.3px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:96px; height:13.8px; left:489.9px; top:73.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:16px; left:585.9px; top:71.1px; background-color:#CCEEFF; "> </div>
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<div style="position:absolute; width:80.6px; height:13.8px; left:282.5px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:369.8px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:372.5px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:381.9px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:384.6px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:477.9px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:480.6px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:489.9px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:492.6px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:15.4px; left:585.9px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:10.6px; height:13.8px; left:588.6px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:601.9px; top:135.7px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:604.6px; top:137.3px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:263.1px; height:1px; left:4.8px; top:135.1px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:267.9px; top:135.1px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.9px; height:1px; left:279.9px; top:135.1px; background-color:#000000; "> </div>
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<div style="position:absolute; width:12px; height:1px; left:267.9px; top:455.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.9px; height:1px; left:279.9px; top:455.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:369.8px; top:455.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:381.9px; top:455.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:477.9px; top:455.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:489.9px; top:455.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:16px; height:1px; left:585.9px; top:455.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:601.9px; top:455.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:263.1px; height:1.3px; left:4.8px; top:471.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:89.9px; height:1.3px; left:279.9px; top:471.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:96px; height:1.3px; left:381.9px; top:471.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:96px; height:1.3px; left:489.9px; top:471.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:96px; height:1.3px; left:601.9px; top:471.8px; border-top: 1.3px dotted #000000; "> </div>
<div style="position:absolute; width:262.9px; height:16px; left:4.8px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:257.8px; height:13.8px; left:7.4px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:267.7px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:267.7px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.1px; height:16px; left:279.7px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.1px; height:13.8px; left:279.7px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:369.8px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:369.8px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:381.9px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:13.8px; left:381.9px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:477.9px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:13.8px; left:477.9px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:489.9px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:13.8px; left:489.9px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:16px; left:585.9px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:13.8px; left:585.9px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:601.9px; top:487.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:13.8px; left:601.9px; top:489.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:262.9px; height:16px; left:4.8px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:257.8px; height:13.8px; left:7.4px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:267.7px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.7px; height:13.8px; left:270.5px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.1px; height:16px; left:279.7px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:80.6px; height:13.8px; left:282.5px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:369.8px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:372.5px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:381.9px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:384.6px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:16px; left:477.9px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:480.6px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:489.9px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:492.6px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:16px; left:585.9px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:13.8px; left:585.9px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:16px; left:601.9px; top:519.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:13.8px; left:601.9px; top:521.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:262.9px; height:15.4px; left:4.8px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:257.8px; height:13.8px; left:7.4px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:267.7px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.7px; height:13.8px; left:270.5px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:90.1px; height:15.4px; left:279.7px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:80.6px; height:13.8px; left:282.5px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:369.8px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:372.5px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:381.9px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:384.6px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:12px; height:15.4px; left:477.9px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:6.6px; height:13.8px; left:480.6px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:489.9px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:86.6px; height:13.8px; left:492.6px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:15.4px; left:585.9px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:16px; height:13.8px; left:585.9px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:15.4px; left:601.9px; top:551.8px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:13.8px; left:601.9px; top:553.4px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:263.1px; height:1px; left:4.8px; top:551.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:267.9px; top:551.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:89.9px; height:1px; left:279.9px; top:551.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:369.8px; top:551.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:381.9px; top:551.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:12px; height:1px; left:477.9px; top:551.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:489.9px; top:551.2px; background-color:#000000; "> </div>
<div style="position:absolute; width:16px; height:1px; left:585.9px; top:551.2px; background-color:#CCEEFF; "> </div>
<div style="position:absolute; width:96px; height:1px; left:601.9px; top:551.2px; background-color:#CCEEFF; "> </div>
<div id="TextContainer373" style="position:relative;width:706px;z-index:1;"><div id="a72509" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:285px;top:28px;">December 31, </div><div id="a72510" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:311px;top:41px;">2023 </div><div id="a72513" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:389px;top:0px;">Quoted Prices </div><div id="a72514" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:405px;top:14px;">in Active </div><div id="a72516" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:407px;top:28px;">Markets </div><div id="a72518" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:405px;top:41px;">(Level 1) </div><div id="a72521" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:507px;top:0px;">Significant </div><div id="a72522" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:521px;top:14px;">Other </div><div id="a72523" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:505px;top:28px;">Observable </div><div id="a72524" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:493px;top:41px;">Inputs (Level 2) </div><div id="a72527" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:619px;top:0px;">Significant </div><div id="a72528" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:634px;top:14px;">Other </div><div id="a72529" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:617px;top:28px;">Observable </div><div id="a72530" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:606px;top:41px;">Inputs (Level 3) </div><div id="a72532" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:57px;">Assets </div><div id="a72542" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:73px;">Recurring fair value measurements </div><div id="a72552" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:89px;">Investments in equity securities </div><div id="a72554" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:89px;">$ </div><div id="a72556" style="position:absolute;font-family:'Arial';font-size:12px;left:326px;top:89px;"><ix:nonFraction id="ID_315" name="us-gaap:EquitySecuritiesFvNi" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,729</ix:nonFraction></div><div id="a72558" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:89px;">$ </div><div id="a72560" style="position:absolute;font-family:'Arial';font-size:12px;left:434px;top:89px;"><ix:nonFraction id="ID_492" name="us-gaap:EquitySecuritiesFvNi" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">20,729</ix:nonFraction></div><div id="a72562" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:89px;">$ </div><div id="a72565" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:89px;">$ </div><div id="a72568" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:105px;">Investments in related party </div><div id="a72571" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:105px;"><ix:nonFraction id="ID_534" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,315</ix:nonFraction></div><div id="a72574" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:105px;"><ix:nonFraction id="ID_564" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">8,138</ix:nonFraction></div><div id="a72579" style="position:absolute;font-family:'Arial';font-size:12px;left:671px;top:105px;"><ix:nonFraction id="ID_536" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">177</ix:nonFraction></div><div id="a72581" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:121px;">Interest rate swap, asset </div><div id="a72584" style="position:absolute;font-family:'Arial';font-size:12px;left:343px;top:121px;"><ix:nonFraction id="ID_563" name="us-gaap:DerivativeAssets" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">129</ix:nonFraction></div><div id="a72589" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:121px;"><ix:nonFraction id="ID_568" name="us-gaap:DerivativeAssets" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">129</ix:nonFraction></div><div id="a72593" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:137px;">Total<div style="display:inline-block;width:5px"> </div>recurring fair value measurements </div><div id="a72595" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:137px;">$ </div><div id="a72597" style="position:absolute;font-family:'Arial';font-size:12px;left:326px;top:137px;"><ix:nonFraction id="ID_553" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">29,173</ix:nonFraction></div><div id="a72599" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:137px;">$ </div><div id="a72601" style="position:absolute;font-family:'Arial';font-size:12px;left:434px;top:137px;"><ix:nonFraction id="ID_557" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">28,867</ix:nonFraction></div><div id="a72603" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:137px;">$ </div><div id="a72605" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:137px;"><ix:nonFraction id="ID_560" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">129</ix:nonFraction></div><div id="a72607" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:137px;">$ </div><div id="a72609" style="position:absolute;font-family:'Arial';font-size:12px;left:671px;top:137px;"><ix:nonFraction id="ID_540" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">177</ix:nonFraction></div><div id="a72620" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:169px;">Non-recurring fair value measurements </div><div id="a72632" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:185px;">Equity method investments(1) </div><div id="a72634" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:185px;">$ </div><div id="a72636" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:185px;"><ix:nonFraction id="ID_77" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,519</ix:nonFraction></div><div id="a72638" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:185px;">$ </div><div id="a72641" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:185px;">$ </div><div id="a72643" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:185px;"><ix:nonFraction id="ID_57" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,519</ix:nonFraction></div><div id="a72647" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:201px;">Long-lived assets held for use(2) </div><div id="a72653" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:201px;"><ix:nonFraction id="ID_1013" name="us-gaap:PropertyPlantAndEquipmentFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a72656" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:201px;"><ix:nonFraction id="ID_1014" name="us-gaap:PropertyPlantAndEquipmentFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a72662" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:217px;">Total<div style="display:inline-block;width:5px"> </div>non-recurring fair value measurements </div><div id="a72666" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:217px;">$ </div><div id="a72668" style="position:absolute;font-family:'Arial';font-size:12px;left:326px;top:217px;"><ix:nonFraction id="ID_459" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">12,328</ix:nonFraction></div><div id="a72670" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:217px;">$ </div><div id="a72672" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:217px;"><ix:nonFraction id="ID_310" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a72674" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:217px;">$ </div><div id="a72676" style="position:absolute;font-family:'Arial';font-size:12px;left:549px;top:217px;"><ix:nonFraction id="ID_490" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,519</ix:nonFraction></div><div id="a72689" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:249px;">Liabilities </div><div id="a72699" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:265px;">Recurring fair value measurements </div><div id="a72709" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:281px;">Warrant liability </div><div id="a72711" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:281px;">$ </div><div id="a72713" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:281px;"><ix:nonFraction id="ID_525" name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,332</ix:nonFraction></div><div id="a72715" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:281px;">$ </div><div id="a72717" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:281px;"><ix:nonFraction id="ID_552" name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,332</ix:nonFraction></div><div id="a72719" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:281px;">$ </div><div id="a72724" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:297px;">Interest rate swap, liability </div><div id="a72727" style="position:absolute;font-family:'Arial';font-size:12px;left:343px;top:297px;"><ix:nonFraction id="ID_524" name="us-gaap:DerivativeLiabilities" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">568</ix:nonFraction></div><div id="a72732" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:297px;"><ix:nonFraction id="ID_537" name="us-gaap:DerivativeLiabilities" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">568</ix:nonFraction></div><div id="a72736" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:313px;">Total<div style="display:inline-block;width:5px"> </div>recurring fair value measurements </div><div id="a72738" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:313px;">$ </div><div id="a72740" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:313px;"><ix:nonFraction id="ID_558" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,900</ix:nonFraction></div><div id="a72742" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:313px;">$ </div><div id="a72744" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:313px;"><ix:nonFraction id="ID_554" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">6,332</ix:nonFraction></div><div id="a72746" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:313px;">$ </div><div id="a72748" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:313px;"><ix:nonFraction id="ID_549" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2023_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">568</ix:nonFraction></div><div id="a72763" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:285px;top:380px;">December 31, </div><div id="a72764" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:311px;top:394px;">2024 </div><div id="a72767" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:389px;top:352px;">Quoted Prices </div><div id="a72768" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:405px;top:366px;">in Active </div><div id="a72769" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:407px;top:380px;">Markets </div><div id="a72771" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:405px;top:394px;">(Level 1) </div><div id="a72774" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:507px;top:352px;">Significant </div><div id="a72775" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:521px;top:366px;">Other </div><div id="a72776" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:505px;top:380px;">Observable </div><div id="a72777" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:493px;top:394px;">Inputs (Level 2) </div><div id="a72780" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:619px;top:352px;">Significant </div><div id="a72781" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:634px;top:366px;">Other </div><div id="a72782" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:617px;top:380px;">Observable </div><div id="a72783" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:606px;top:394px;">Inputs (Level 3) </div><div id="a72785" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:410px;">Assets </div><div id="a72795" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:426px;">Recurring fair value measurements </div><div id="a72806" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:442px;">Investments in related party </div><div id="a72808" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:442px;">$ </div><div id="a72810" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:442px;"><ix:nonFraction id="ID_707" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,415</ix:nonFraction></div><div id="a72812" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:442px;">$ </div><div id="a72814" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:442px;"><ix:nonFraction id="ID_718" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,235</ix:nonFraction></div><div id="a72816" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:442px;">$ </div><div id="a72818" style="position:absolute;font-family:'Arial';font-size:12px;left:575px;top:442px;">- </div><div id="a72820" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:442px;">$ </div><div id="a72822" style="position:absolute;font-family:'Arial';font-size:12px;left:671px;top:442px;"><ix:nonFraction id="ID_708" name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">180</ix:nonFraction></div><div id="a72824" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:458px;">Total<div style="display:inline-block;width:5px"> </div>recurring fair value measurements </div><div id="a72826" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:458px;">$ </div><div id="a72828" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:458px;"><ix:nonFraction id="ID_713" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,415</ix:nonFraction></div><div id="a72830" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:458px;">$ </div><div id="a72832" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:458px;"><ix:nonFraction id="ID_715" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,235</ix:nonFraction></div><div id="a72834" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:458px;">$ </div><div id="a72836" style="position:absolute;font-family:'Arial';font-size:12px;left:575px;top:458px;"><ix:nonFraction id="ID_717" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:zerodash" scale="3">-</ix:nonFraction></div><div id="a72838" style="position:absolute;font-family:'Arial';font-size:12px;left:588px;top:458px;">$ </div><div id="a72840" style="position:absolute;font-family:'Arial';font-size:12px;left:671px;top:458px;"><ix:nonFraction id="ID_710" name="us-gaap:AssetsFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">180</ix:nonFraction></div><div id="a72851" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:490px;">Liabilities </div><div id="a72861" style="position:absolute;font-family:'Arial';font-size:12px;font-weight:bold;left:7px;top:506px;">Recurring fair value measurements </div><div id="a72871" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:522px;">Warrant liability </div><div id="a72873" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:522px;">$ </div><div id="a72875" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:522px;"><ix:nonFraction id="ID_706" name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,802</ix:nonFraction></div><div id="a72877" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:522px;">$ </div><div id="a72879" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:522px;"><ix:nonFraction id="ID_712" name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,802</ix:nonFraction></div><div id="a72881" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:522px;">$ </div><div id="a72883" style="position:absolute;font-family:'Arial';font-size:12px;left:575px;top:522px;">- </div><div id="a72887" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:538px;">Interest rate swap, liability </div><div id="a72890" style="position:absolute;font-family:'Arial';font-size:12px;left:343px;top:538px;"><ix:nonFraction id="ID_705" name="us-gaap:DerivativeLiabilities" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">165</ix:nonFraction></div><div id="a72895" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:538px;"><ix:nonFraction id="ID_709" name="us-gaap:DerivativeLiabilities" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">165</ix:nonFraction></div><div id="a72899" style="position:absolute;font-family:'Arial';font-size:12px;left:7px;top:554px;">Total<div style="display:inline-block;width:5px"> </div>recurring fair value measurements </div><div id="a72901" style="position:absolute;font-family:'Arial';font-size:12px;left:270px;top:554px;">$ </div><div id="a72903" style="position:absolute;font-family:'Arial';font-size:12px;left:333px;top:554px;"><ix:nonFraction id="ID_716" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,967</ix:nonFraction></div><div id="a72905" style="position:absolute;font-family:'Arial';font-size:12px;left:372px;top:554px;">$ </div><div id="a72907" style="position:absolute;font-family:'Arial';font-size:12px;left:441px;top:554px;"><ix:nonFraction id="ID_714" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,802</ix:nonFraction></div><div id="a72909" style="position:absolute;font-family:'Arial';font-size:12px;left:480px;top:554px;">$ </div><div id="a72911" style="position:absolute;font-family:'Arial';font-size:12px;left:559px;top:554px;"><ix:nonFraction id="ID_711" name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AS_OF_Dec31_2024_Entity_0001318885_us-gaap_FairValueByFairValueHierarchyLevelAxis_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsRecurringMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">165</ix:nonFraction></div></div></div></ix:nonNumeric></div></div></ix:continuation></div><div id="a72916" style="position:absolute;font-family:'Arial';left:81px;top:760.6px;">(1) </div><div id="div_377_XBRL_TS_fb1f4158c2d045a890d8da93008e484e" style="position:absolute;left:75px;top:760.6px;float:left;"><ix:continuation id="XBRL_TS_fb1f4158c2d045a890d8da93008e484e"><div id="TextBlockContainer381" style="position:relative;line-height:normal;width:680px;height:187px;"><div id="div_378_XBRL_TS_75d460682701468a9c50d86a9917d4fd" style="position:absolute;left:0px;top:0px;float:left;"><ix:continuation id="XBRL_TS_75d460682701468a9c50d86a9917d4fd"><div id="TextBlockContainer379" style="position:relative;line-height:normal;width:680px;height:187px;"><div style="position:absolute; width:55.4px; height:16.8px; left:29.8px; top:16.7px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:99.5px; height:17px; left:378.9px; top:33.5px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:79px; height:17px; left:424.6px; top:67.2px; background-color:#FFFFFF; "> </div>
<div id="TextContainer379" style="position:relative;width:680px;z-index:1;"><div id="a72916_4_68" style="position:absolute;font-family:'Arial';left:29px;top:0px;">On<div style="display:inline-block;width:6px"> </div>April 28,<div style="display:inline-block;width:7px"> </div>2023, the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:5px"> </div>estimated that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:5px"> </div>value of<div style="display:inline-block;width:7px"> </div>its </div><div id="a72916_72_2" style="position:absolute;font-family:'Arial';left:481px;top:0px;"><ix:nonFraction id="ID_276A" name="us-gaap:LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="pure" decimals="2" format="ixt:numdotdecimal" scale="-2">25</ix:nonFraction></div><div id="a72916_74_25" style="position:absolute;font-family:'Arial';left:497px;top:0px;">%<div style="display:inline-block;width:6px"> </div>interest in<div style="display:inline-block;width:7px"> </div>Bergen was </div><div id="a72922" style="position:absolute;font-family:'Arial';left:29px;top:17px;">$</div><div id="a72922_1_5" style="position:absolute;font-family:'Arial';left:38px;top:17px;"><ix:nonFraction id="ID_250A" name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AS_OF_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">4,519</ix:nonFraction></div><div id="a72922_6_88" style="position:absolute;font-family:'Arial';left:74px;top:17px;">,<div style="display:inline-block;width:6px"> </div>determined<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Level<div style="display:inline-block;width:6px"> </div>2<div style="display:inline-block;width:6px"> </div>inputs<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>hierarchy,<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:6px"> </div>defined<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>FASB </div><div id="a72924" style="position:absolute;font-family:'Arial';left:29px;top:34px;">guidance for Fair<div style="display:inline-block;width:3px"> </div>Value Measurements, and recorded a<div style="display:inline-block;width:3px"> </div>gain of $</div><div id="a72924_62_3" style="position:absolute;font-family:'Arial';left:446px;top:34px;"><ix:nonFraction id="ID_361A" name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="FROM_Apr28_2023_TO_Apr28_2023_Entity_0001318885_srt_OwnershipAxis_dsx_BergenJointVentureMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">844</ix:nonFraction></div><div id="a72924_65_31" style="position:absolute;font-family:'Arial';left:470px;top:34px;">, being the difference<div style="display:inline-block;width:2px"> </div>between </div><div id="a72927" style="position:absolute;font-family:'Arial';left:29px;top:51px;">the fair value<div style="display:inline-block;width:6px"> </div>of the retained noncontrolling<div style="display:inline-block;width:6px"> </div>interest plus the carrying<div style="display:inline-block;width:6px"> </div>value the liabilities assumed </div><div id="a72928" style="position:absolute;font-family:'Arial';left:29px;top:67px;">by Bergen and the carrying value of the assets derecognized<div style="display:inline-block;width:3px"> </div>(Note 3(e)). </div><div id="a72933" style="position:absolute;font-family:'Arial';left:5px;top:101px;">(2)</div><div id="a72934" style="position:absolute;font-family:'Arial';left:23px;top:101px;"><div style="display:inline-block;width:6px"> </div>On January<div style="display:inline-block;width:6px"> </div>30, 2023.<div style="display:inline-block;width:5px"> </div>the Company<div style="display:inline-block;width:5px"> </div>took delivery<div style="display:inline-block;width:6px"> </div>of one<div style="display:inline-block;width:6px"> </div>vessel under<div style="display:inline-block;width:5px"> </div>its master<div style="display:inline-block;width:6px"> </div>agreement with </div><div id="a72967" style="position:absolute;font-family:'Arial';left:29px;top:118px;">Sea Trade, acquired for<div style="display:inline-block;width:3px"> </div>$</div><div id="a72967_25_6" style="position:absolute;font-family:'Arial';left:194px;top:118px;"><ix:nonFraction id="ID_966" name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="FROM_Jan30_2023_TO_Jan30_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_MasterAgreementWithSeaTradeMember_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember_us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_dsx_LongLivedAssetsHeldForUseMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">23,955</ix:nonFraction></div><div id="a72967_31_29" style="position:absolute;font-family:'Arial';left:239px;top:118px;"><div style="display:inline-block;width:4px"> </div>which was paid<div style="display:inline-block;width:3px"> </div>in cash and<div style="display:inline-block;width:3px"> </div>$</div><div id="a72967_60_5" style="position:absolute;font-family:'Arial';left:432px;top:118px;"><ix:nonFraction id="ID_965" name="us-gaap:PropertyPlantAndEquipmentFairValueDisclosure" contextRef="AS_OF_Jan30_2023_Entity_0001318885_us-gaap_AssetAcquisitionAxis_dsx_MasterAgreementWithSeaTradeMember_us-gaap_FairValueByMeasurementFrequencyAxis_us-gaap_FairValueMeasurementsNonrecurringMember_us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_dsx_LongLivedAssetsHeldForUseMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">7,809</ix:nonFraction></div><div id="a72967_65_30" style="position:absolute;font-family:'Arial';left:468px;top:118px;"><div style="display:inline-block;width:4px"> </div>which was paid<div style="display:inline-block;width:3px"> </div>through newly </div><div id="a73002" style="position:absolute;font-family:'Arial';left:29px;top:135px;">issued<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>(Note<div style="display:inline-block;width:6px"> </div>6).<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:5px"> </div>shares<div style="display:inline-block;width:6px"> </div>issued<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:6px"> </div>Sea<div style="display:inline-block;width:6px"> </div>Trade<div style="display:inline-block;width:6px"> </div>was </div><div id="a73036" style="position:absolute;font-family:'Arial';left:29px;top:152px;">determined based<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>closing price<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>Company’s shares<div style="display:inline-block;width:7px"> </div>on the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:5px"> </div>of delivery<div style="display:inline-block;width:6px"> </div>of each </div><div id="a73070" style="position:absolute;font-family:'Arial';left:29px;top:169px;">vessel, which was also the date of issuance of such shares.</div></div></div></ix:continuation></div></div></ix:continuation></div></div>
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<div id="a73093" style="position:absolute;font-family:'Arial';left:322px;top:48px;">DIANA SHIPPING INC. </div><div id="a73095" style="position:absolute;font-family:'Arial';left:209px;top:65px;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </div><div id="a73097" style="position:absolute;font-family:'Arial';left:334px;top:82px;">December 31, 2024 </div><div id="a73099" style="position:absolute;font-family:'Arial';left:84px;top:99px;">(Expressed in thousands of U.S. Dollars – except share, per share<div style="display:inline-block;width:3px"> </div>data, unless otherwise stated) </div><div id="a73106" style="position:absolute;font-family:'Arial';left:384px;top:992px;">F-37 </div><div id="div_383_XBRL_TS_fe620307bb044137b34c3daeef2ff8f9" style="position:absolute;left:51px;top:132.6px;float:left;"><ix:nonNumeric id="ID_1034" name="us-gaap:SubsequentEventsTextBlock" contextRef="FROM_Jan01_2024_TO_Dec31_2024_Entity_0001318885" escape="true"><div id="TextBlockContainer384" style="position:relative;line-height:normal;width:706px;height:578px;"><div style="position:absolute; width:225.8px; height:16.8px; left:39.3px; top:36.5px; background-color:#FFFFFF; "> </div>
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<div id="TextContainer384" style="position:relative;width:706px;z-index:1;"><div id="a73110" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">17.<div style="display:inline-block;width:16px"> </div>Subsequent Events </div><div id="a73115" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:37px;">a)<div style="display:inline-block;width:11px"> </div>Repurchase<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock</div><div id="a73118" style="position:absolute;font-family:'Arial';font-weight:bold;left:254px;top:37px;">: </div><div id="a73119" style="position:absolute;font-family:'Arial';left:265px;top:37px;">On<div style="display:inline-block;width:6px"> </div>January<div style="display:inline-block;width:6px"> </div>7,<div style="display:inline-block;width:6px"> </div>2025,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>tender<div style="display:inline-block;width:6px"> </div>offer<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>had<div style="display:inline-block;width:6px"> </div>commenced<div style="display:inline-block;width:6px"> </div>in </div><div id="a73121" style="position:absolute;font-family:'Arial';left:39px;top:53px;">December 2024 (Note 11)<div style="display:inline-block;width:7px"> </div>was settled and the<div style="display:inline-block;width:6px"> </div>Company purchased a total<div style="display:inline-block;width:6px"> </div>of </div><div id="a73123" style="position:absolute;font-family:'Arial';left:551px;top:53px;letter-spacing:0.53px;"><ix:nonFraction id="ID_1016" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" contextRef="FROM_Jan07_2025_TO_Jan07_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">11,442,645</ix:nonFraction></div><div id="a73124_8_11" style="position:absolute;font-family:'Arial';left:624px;top:53px;"><div style="display:inline-block;width:5px"> </div>shares of </div><div id="a73131" style="position:absolute;font-family:'Arial';left:39px;top:70px;">common stock for an aggregate amount of $</div><div id="a73131_41_6" style="position:absolute;font-family:'Arial';left:327px;top:70px;"><ix:nonFraction id="ID_1015" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" contextRef="FROM_Jan07_2025_TO_Jan07_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">22,885</ix:nonFraction></div><div id="a73131_47_2" style="position:absolute;font-family:'Arial';left:372px;top:70px;">. </div><div id="a73141" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:104px;">b)<div style="display:inline-block;width:10px"> </div>Exercise of<div style="display:inline-block;width:2px"> </div>warrants</div><div id="a73144" style="position:absolute;font-family:'Arial';font-weight:bold;left:181px;top:104px;">: </div><div id="a73145" style="position:absolute;font-family:'Arial';left:189px;top:104px;">From January<div style="display:inline-block;width:2px"> </div>1, 2025<div style="display:inline-block;width:2px"> </div>until March<div style="display:inline-block;width:2px"> </div>21, 2025,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>issued </div><div id="a73145_62_5" style="position:absolute;font-family:'Arial';left:606px;top:104px;"><ix:nonFraction id="ID_198" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="FROM_Jan01_2025_TO_Mar21_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">7,101</ix:nonFraction></div><div id="a73145_67_8" style="position:absolute;font-family:'Arial';left:643px;top:104px;"><div style="display:inline-block;width:3px"> </div>shares </div><div id="a73158" style="position:absolute;font-family:'Arial';left:39px;top:121px;">of common stock, resulting to $</div><div id="a73158_31_2" style="position:absolute;font-family:'Arial';left:242px;top:121px;"><ix:nonFraction id="ID_55" name="us-gaap:ProceedsFromWarrantExercises" contextRef="FROM_Jan01_2025_TO_Mar21_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">17</ix:nonFraction></div><div id="a73158_33_34" style="position:absolute;font-family:'Arial';left:259px;top:121px;"><div style="display:inline-block;width:4px"> </div>of proceeds from the exercise of </div><div id="a73158_67_5" style="position:absolute;font-family:'Arial';left:476px;top:121px;"><ix:nonFraction id="ID_93" name="dsx:NumberOfWarrantsExercised" contextRef="FROM_Jan01_2025_TO_Mar21_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">4,352</ix:nonFraction></div><div id="a73158_72_11" style="position:absolute;font-family:'Arial';left:513px;top:121px;"><div style="display:inline-block;width:4px"> </div>warrants. </div><div id="a73164" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:155px;">c)</div><div id="a73165" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:28px;top:155px;"><div style="display:inline-block;width:11px"> </div>Series B Preferred Stock Dividends</div><div id="a73175" style="position:absolute;font-family:'Arial';left:286px;top:155px;">: On January 15, 2025, the Company paid a quarterly<div style="display:inline-block;width:3px"> </div>dividend </div><div id="a73181" style="position:absolute;font-family:'Arial';left:39px;top:172px;">on its series B preferred stock, amounting to $</div><div id="a73181_47_9" style="position:absolute;font-family:'Arial';left:341px;top:172px;"><ix:nonFraction id="ID_190" name="us-gaap:PreferredStockDividendsPerShareCashPaid" contextRef="FROM_Jan15_2025_TO_Jan15_2025_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="EPS" decimals="INF" format="ixt:numdotdecimal">0.5546875</ix:nonFraction></div><div id="a73181_56_16" style="position:absolute;font-family:'Arial';left:410px;top:172px;"><div style="display:inline-block;width:4px"> </div>per share, or $</div><div id="a73181_72_5" style="position:absolute;font-family:'Arial';left:510px;top:172px;"><ix:nonFraction id="ID_456" name="us-gaap:DividendsPreferredStock" contextRef="FROM_Jan15_2025_TO_Jan15_2025_Entity_0001318885_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesBPreferredStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">1,442</ix:nonFraction></div><div id="a73181_77_25" style="position:absolute;font-family:'Arial';left:547px;top:172px;">, to its stockholders of </div><div id="a73182" style="position:absolute;font-family:'Arial';left:39px;top:189px;">record as of January 14, 2025. </div><div id="a73192" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:222px;">d)</div><div id="a73193" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:29px;top:222px;"><div style="display:inline-block;width:10px"> </div>Sale of Vessel Alcmene:</div><div id="a73195" style="position:absolute;font-family:'Arial';left:209px;top:222px;"><div style="display:inline-block;width:4px"> </div>On February 10, 2025, the Company, through a wholly owned subsidiary, </div><div id="a73197" style="position:absolute;font-family:'Arial';left:39px;top:239px;">entered into an<div style="display:inline-block;width:6px"> </div>agreement with an<div style="display:inline-block;width:6px"> </div>unrelated third party to<div style="display:inline-block;width:6px"> </div>sell the vessel<div style="display:inline-block;width:6px"> </div>Alcmene. The vessel<div style="display:inline-block;width:6px"> </div>was </div><div id="a73201" style="position:absolute;font-family:'Arial';left:39px;top:256px;">delivered to the new owners on March 13, 2025. The Company expects to have a gain from the sale </div><div id="a73204" style="position:absolute;font-family:'Arial';left:39px;top:273px;">of the vessel. </div><div id="a73207" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:307px;">e)</div><div id="a73208" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:28px;top:307px;"><div style="display:inline-block;width:11px"> </div>Restricted share<div style="display:inline-block;width:5px"> </div>awards:</div><div id="a73210" style="position:absolute;font-family:'Arial';left:216px;top:307px;"><div style="display:inline-block;width:5px"> </div>On February<div style="display:inline-block;width:6px"> </div>25, 2025, the<div style="display:inline-block;width:6px"> </div>Company’s Board of<div style="display:inline-block;width:6px"> </div>Directors approved the </div><div id="a73216" style="position:absolute;font-family:'Arial';left:39px;top:323px;">award of </div><div id="a73216_9_9" style="position:absolute;font-family:'Arial';left:100px;top:323px;"><ix:nonFraction id="ID_951" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="FROM_Feb25_2025_TO_Feb25_2025_Entity_0001318885_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="shares" decimals="INF" format="ixt:numdotdecimal">2,000,000</ix:nonFraction></div><div id="a73216_18_77" style="position:absolute;font-family:'Arial';left:165px;top:323px;"><div style="display:inline-block;width:4px"> </div>shares of restricted common stock to executive management and non-executive </div><div id="a73224" style="position:absolute;font-family:'Arial';left:39px;top:340px;">directors, pursuant to<div style="display:inline-block;width:3px"> </div>the Company’s amended plan,<div style="display:inline-block;width:3px"> </div>as annual bonus.<div style="display:inline-block;width:3px"> </div>The fair value of<div style="display:inline-block;width:2px"> </div>the restricted </div><div id="a73225" style="position:absolute;font-family:'Arial';left:39px;top:357px;">shares based<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>closing price<div style="display:inline-block;width:6px"> </div>on the<div style="display:inline-block;width:6px"> </div>date of<div style="display:inline-block;width:6px"> </div>the Board<div style="display:inline-block;width:6px"> </div>of Directors’<div style="display:inline-block;width:6px"> </div>approval was<div style="display:inline-block;width:6px"> </div>$</div><div id="a73225_87_5" style="position:absolute;font-family:'Arial';left:619px;top:357px;"><ix:nonFraction id="ID_952" name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardGross" contextRef="FROM_Feb25_2025_TO_Feb25_2025_Entity_0001318885_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-3" format="ixt:numdotdecimal" scale="3">3,680</ix:nonFraction></div><div id="a73225_92_6" style="position:absolute;font-family:'Arial';left:656px;top:357px;">. The </div><div id="a73231" style="position:absolute;font-family:'Arial';left:39px;top:374px;">cost of these awards<div style="display:inline-block;width:3px"> </div>will be recognized<div style="display:inline-block;width:3px"> </div>ratably over the restricted<div style="display:inline-block;width:3px"> </div>shares vesting period which<div style="display:inline-block;width:2px"> </div>will be </div><div id="a73233" style="position:absolute;font-family:'Arial';left:39px;top:391px;"><ix:nonNumeric id="ID_953" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="FROM_Feb25_2025_TO_Feb25_2025_Entity_0001318885_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" format="ixt-sec:durwordsen">3 years</ix:nonNumeric></div><div id="a73233_7_2" style="position:absolute;font-family:'Arial';left:88px;top:391px;">. </div><div id="a73237" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:425px;">f)</div><div id="a73238" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:25px;top:425px;"><div style="display:inline-block;width:14px"> </div>Common<div style="display:inline-block;width:6px"> </div>Stock<div style="display:inline-block;width:6px"> </div>Dividend:</div><div id="a73241" style="position:absolute;font-family:'Arial';left:221px;top:425px;"><div style="display:inline-block;width:6px"> </div>On<div style="display:inline-block;width:6px"> </div>February 25,<div style="display:inline-block;width:7px"> </div>2025,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>declared<div style="display:inline-block;width:5px"> </div>a<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>dividend<div style="display:inline-block;width:5px"> </div>on<div style="display:inline-block;width:6px"> </div>its </div><div id="a73247" style="position:absolute;font-family:'Arial';left:39px;top:442px;">common stock<div style="display:inline-block;width:6px"> </div>of $</div><div id="a73247_17_4" style="position:absolute;font-family:'Arial';left:166px;top:442px;"><ix:nonFraction id="ID_967" name="us-gaap:DividendsPayableAmountPerShare" contextRef="AS_OF_Feb25_2025_Entity_0001318885_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="EPS" decimals="2" format="ixt:numdotdecimal">0.01</ix:nonFraction></div><div id="a73247_21_75" style="position:absolute;font-family:'Arial';left:194px;top:442px;"><div style="display:inline-block;width:5px"> </div>per share,<div style="display:inline-block;width:6px"> </div>based on<div style="display:inline-block;width:6px"> </div>the Company’s<div style="display:inline-block;width:6px"> </div>results of<div style="display:inline-block;width:6px"> </div>operations during<div style="display:inline-block;width:6px"> </div>the fourth </div><div id="a73251" style="position:absolute;font-family:'Arial';left:39px;top:458px;">quarter<div style="display:inline-block;width:8px"> </div>ended<div style="display:inline-block;width:8px"> </div>December<div style="display:inline-block;width:7px"> </div>31,<div style="display:inline-block;width:8px"> </div>2024.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>cash<div style="display:inline-block;width:7px"> </div>dividend<div style="display:inline-block;width:7px"> </div>will<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:8px"> </div>paid<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>March<div style="display:inline-block;width:8px"> </div>21,<div style="display:inline-block;width:8px"> </div>2025,<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>all </div><div id="a73261" style="position:absolute;font-family:'Arial';left:39px;top:475px;">shareholders of record as of March 12, 2025.<div style="display:inline-block;width:3px"> </div></div><div id="a73269" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:15px;top:509px;">g)</div><div id="a73270" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:29px;top:509px;"><div style="display:inline-block;width:10px"> </div>Joint Venture<div style="display:inline-block;width:7px"> </div>agreement:</div><div id="a73272" style="position:absolute;font-family:'Arial';left:219px;top:509px;"><div style="display:inline-block;width:5px"> </div>On March<div style="display:inline-block;width:6px"> </div>12, 2025,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company,<div style="display:inline-block;width:6px"> </div>through a<div style="display:inline-block;width:6px"> </div>wholly owned<div style="display:inline-block;width:6px"> </div>subsidiary </div><div id="a73275" style="position:absolute;font-family:'Arial';left:39px;top:526px;">Diana Gas<div style="display:inline-block;width:6px"> </div>Inc., entered<div style="display:inline-block;width:6px"> </div>into a<div style="display:inline-block;width:6px"> </div>joint venture<div style="display:inline-block;width:6px"> </div>agreement with<div style="display:inline-block;width:6px"> </div>Ecogas Holding AS,<div style="display:inline-block;width:6px"> </div>pursuant to<div style="display:inline-block;width:6px"> </div>which </div><div id="a73280" style="position:absolute;font-family:'Arial';left:39px;top:543px;">we<div style="display:inline-block;width:6px"> </div>agreed to<div style="display:inline-block;width:7px"> </div>contribute $</div><div id="a73280_25_4" style="position:absolute;font-family:'Arial';left:211px;top:543px;"><ix:nonFraction id="ID_1030" name="us-gaap:EquityMethodInvestments" contextRef="AS_OF_Mar12_2025_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_LpgNewbuildingVesselsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-5" format="ixt:numdotdecimal" scale="6">18.5</ix:nonFraction></div><div id="a73280_29_16" style="position:absolute;font-family:'Arial';left:239px;top:543px;"><div style="display:inline-block;width:5px"> </div>million, being </div><div id="a73280_45_4" style="position:absolute;font-family:'Arial';left:337px;top:543px;"><ix:nonFraction id="ID_1031" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AS_OF_Mar12_2025_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_LpgNewbuildingVesselsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="pure" decimals="3" format="ixt:numdotdecimal" scale="-2">80.0</ix:nonFraction></div><div id="a73280_49_15" style="position:absolute;font-family:'Arial';left:366px;top:543px;">%<div style="display:inline-block;width:6px"> </div>interests of </div><div id="a73280_64_3" style="position:absolute;font-family:'Arial';left:463px;top:543px;"><ix:nonFraction id="ID_1032" name="dsx:NumberOfNewbuildingVessels" contextRef="FROM_Mar12_2025_TO_Mar12_2025_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_LpgNewbuildingVesselsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="Vessels" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></div><div id="a73280_67_30" style="position:absolute;font-family:'Arial';left:486px;top:543px;"><div style="display:inline-block;width:6px"> </div>LPG newbuilding<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:5px"> </div>with </div><div id="a73296" style="position:absolute;font-family:'Arial';left:39px;top:560px;">delivery in 2027 and with the option for </div><div id="a73296_41_3" style="position:absolute;font-family:'Arial';left:295px;top:560px;"><ix:nonFraction id="ID_1033" name="dsx:NumberOfAdditionalOptionalVesselsInAgreement" contextRef="FROM_Mar12_2025_TO_Mar12_2025_Entity_0001318885_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_dsx_LpgNewbuildingVesselsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember" unitRef="Vessels" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></div><div id="a73296_44_6" style="position:absolute;font-family:'Arial';left:317px;top:560px;"><div 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<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CommitmentsAndContingenciesNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/CommitmentsAndContingenciesNarrativeDetails">
<link:definition>040801 - Disclosure - Commitments and Contingencies (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CapitalStockAndChangesInCapitalAccountsNarrativeStocksDetails" roleURI="http://www.dianashippinginc.com/role/CapitalStockAndChangesInCapitalAccountsNarrativeStocksDetails">
<link:definition>040901 - Disclosure - Capital Stock and Changes in Capital Accounts (Narrative Stocks) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CapitalStockAndChangesInCapitalAccountsNarrativeIncentivePlanDetails" roleURI="http://www.dianashippinginc.com/role/CapitalStockAndChangesInCapitalAccountsNarrativeIncentivePlanDetails">
<link:definition>040902 - Disclosure - Capital Stock and Changes in Capital Accounts (Narrative Incentive Plan) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinancialInstrumentsAndFairValueDisclosuresScheduleOfCompanysCharterRevenuesDetails" roleURI="http://www.dianashippinginc.com/role/FinancialInstrumentsAndFairValueDisclosuresScheduleOfCompanysCharterRevenuesDetails">
<link:definition>041402 - Disclosure - Financial Instruments and Fair Value Disclosures (Schedule of Company's Charter Revenues) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinancialInstrumentsAndFairValueDisclosuresNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/FinancialInstrumentsAndFairValueDisclosuresNarrativeDetails">
<link:definition>041401 - Disclosure - Financial Instruments and Fair Value Disclosures (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinancialInstrumentsAndFairValueDisclosuresScheduleOfOtherFairValueMeasurementsDetails" roleURI="http://www.dianashippinginc.com/role/FinancialInstrumentsAndFairValueDisclosuresScheduleOfOtherFairValueMeasurementsDetails">
<link:definition>041403 - Disclosure - Financial Instruments and Fair Value Disclosures (Schedule of Other Fair Value Measurements (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_SubsequentEventsNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/SubsequentEventsNarrativeDetails">
<link:definition>041501 - Disclosure - Subsequent Events (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CONSOLIDATEDBALANCESHEETSParentheticals" roleURI="http://www.dianashippinginc.com/role/StatementConsolidatedBalanceSheetsParentheticals">
<link:definition>000105 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_BasisOfPresentationAndGeneralInformation" roleURI="http://www.dianashippinginc.com/role/DisclosureBasisOfPresentationAndGeneralInformation">
<link:definition>010101 - Disclosure - Basis of Presentation and General Information</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_SignificantAccountingPoliciesAndRecentAccountingPronouncements" roleURI="http://www.dianashippinginc.com/role/SignificantAccountingPoliciesAndRecentAccountingPronouncements">
<link:definition>010201 - Disclosure - Significant Accounting Policies and Recent Accounting Pronouncements</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_TransactionsWithRelatedParties" roleURI="http://www.dianashippinginc.com/role/TransactionsWithRelatedParties">
<link:definition>010301 - Disclosure - Transactions with Related Parties</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_AdvancesForVesselsUnderConstructionAndVesselsNet" roleURI="http://www.dianashippinginc.com/role/AdvancesForVesselsUnderConstructionAndVesselsNet">
<link:definition>010601 - Disclosure - Advances for Vessels Under Construction and Vessels, net</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_PropertyAndEquipmentNet" roleURI="http://www.dianashippinginc.com/role/PropertyAndEquipmentNet">
<link:definition>010701 - Disclosure - Property and Equipment, net</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_LongtermDebt" roleURI="http://www.dianashippinginc.com/role/LongtermDebt">
<link:definition>010801 - Disclosure - Long-term Debt</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CommitmentsAndContingencies" roleURI="http://www.dianashippinginc.com/role/CommitmentsAndContingencies">
<link:definition>011001 - Disclosure - Commitments and Contingencies</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CapitalStockAndChangesInCapitalAccounts" roleURI="http://www.dianashippinginc.com/role/CapitalStockAndChangesInCapitalAccounts">
<link:definition>011101 - Disclosure - Capital Stock and Changes in Capital Accounts</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_VoyageExpenses" roleURI="http://www.dianashippinginc.com/role/VoyageExpenses">
<link:definition>011201 - Disclosure - Voyage Expenses</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InterestAndFinanceCosts" roleURI="http://www.dianashippinginc.com/role/InterestAndFinanceCosts">
<link:definition>011301 - Disclosure - Interest and Finance Costs</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EarningsPerShare" roleURI="http://www.dianashippinginc.com/role/EarningsPerShare">
<link:definition>011401 - Disclosure - Earnings per Share</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_IncomeTaxes" roleURI="http://www.dianashippinginc.com/role/IncomeTaxes">
<link:definition>011501 - Disclosure - Income Taxes</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinancialInstrumentsAndFairValueDisclosures" roleURI="http://www.dianashippinginc.com/role/FinancialInstrumentsAndFairValueDisclosures">
<link:definition>011601 - Disclosure - Financial Instruments and Fair Value Disclosures</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_SubsequentEvents" roleURI="http://www.dianashippinginc.com/role/SubsequentEvents">
<link:definition>011701 - Disclosure - Subsequent Events</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_SignificantAccountingPoliciesAndRecentAccountingPronouncementsPolicy" roleURI="http://www.dianashippinginc.com/role/SignificantAccountingPoliciesAndRecentAccountingPronouncementsPolicy">
<link:definition>020202 - Disclosure - Significant Accounting Policies and Recent Accounting Pronouncements (Policy)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_PropertyAndEquipmentNetTables" roleURI="http://www.dianashippinginc.com/role/PropertyAndEquipmentNetTables">
<link:definition>030703 - Disclosure - Property and Equipment, net (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_LongtermDebtTables" roleURI="http://www.dianashippinginc.com/role/LongtermDebtTables">
<link:definition>030803 - Disclosure - Long-term Debt (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CommitmentsAndContingenciesTables" roleURI="http://www.dianashippinginc.com/role/CommitmentsAndContingenciesTables">
<link:definition>031003 - Disclosure - Commitments and Contingencies (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CapitalStockAndChangesInCapitalAccountsTables" roleURI="http://www.dianashippinginc.com/role/CapitalStockAndChangesInCapitalAccountsTables">
<link:definition>031103 - Disclosure - Capital Stock and Changes in Capital Accounts (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_VoyageExpensesTables" roleURI="http://www.dianashippinginc.com/role/VoyageExpensesTables">
<link:definition>031203 - Disclosure - Voyage Expenses (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InterestAndFinanceCostsTables" roleURI="http://www.dianashippinginc.com/role/InterestAndFinanceCostsTables">
<link:definition>031303 - Disclosure - Interest and Finance Costs (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EarningsPerShareTables" roleURI="http://www.dianashippinginc.com/role/EarningsPerShareTables">
<link:definition>031403 - Disclosure - Earnings per Share (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinancialInstrumentsAndFairValueDisclosuresTables" roleURI="http://www.dianashippinginc.com/role/FinancialInstrumentsAndFairValueDisclosuresTables">
<link:definition>031603 - Disclosure - Financial Instruments and Fair Value Disclosures (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_AdvancesForVesselsUnderConstructionAndVesselsNetScheduleOfVesselsNetInTheAccompanyingConsolidatedBalanceSheetsDetails" roleURI="http://www.dianashippinginc.com/role/AdvancesForVesselsUnderConstructionAndVesselsNetScheduleOfVesselsNetInTheAccompanyingConsolidatedBalanceSheetsDetails">
<link:definition>040402 - Disclosure - Advances for Vessels Under Construction and Vessels, net (Schedule of Vessels, net in the Accompanying Consolidated Balance Sheets) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" roleURI="http://www.dianashippinginc.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails">
<link:definition>040502 - Disclosure - Property and Equipment, net (Schedule of Property and Equipment) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CapitalStockAndChangesInCapitalAccountsScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityDetails" roleURI="http://www.dianashippinginc.com/role/CapitalStockAndChangesInCapitalAccountsScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityDetails">
<link:definition>040904 - Disclosure - Capital Stock and Changes in Capital Accounts (Schedule of Share-based Compensation Restricted Stock and Restricted Stock Units Activity) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_IncomeTaxesNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/IncomeTaxesNarrativeDetails">
<link:definition>041301 - Disclosure - Income Taxes (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinanceLiabilities" roleURI="http://www.dianashippinginc.com/role/FinanceLiabilities">
<link:definition>010901 - Disclosure - Finance Liabilities</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinanceLiabilitiesTables" roleURI="http://www.dianashippinginc.com/role/FinanceLiabilitiesTables">
<link:definition>030903 - Disclosure - Finance Liabilities (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinanceLiabilitiesNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/FinanceLiabilitiesNarrativeDetails">
<link:definition>040701 - Disclosure - Finance Liabilities (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_FinanceLiabilitiesAnnualLeaseLiabilitiesDetails" roleURI="http://www.dianashippinginc.com/role/FinanceLiabilitiesAnnualLeaseLiabilitiesDetails">
<link:definition>040703 - Disclosure - Finance Liabilities (Annual Lease Liabilities) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_BasisOfPresentationAndGeneralInformationPolicy" roleURI="http://www.dianashippinginc.com/role/BasisOfPresentationAndGeneralInformationPolicy">
<link:definition>020102 - Disclosure - Basis of Presentation and General Information (Policy)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EarningsPerShareNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/EarningsPerShareNarrativeDetails">
<link:definition>041201 - Disclosure - Earnings per Share (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EquityMethodInvestments" roleURI="http://www.dianashippinginc.com/role/EquityMethodInvestments">
<link:definition>010401 - Disclosure - Equity Method Investments</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InvestmentsInARelatedPartyAndOther" roleURI="http://www.dianashippinginc.com/role/InvestmentsInARelatedPartyAndOther">
<link:definition>010501 - Disclosure - Investments in a Related Party and Other</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EquityMethodInvestmentsBergenUltraLPNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/EquityMethodInvestmentsBergenUltraLPNarrativeDetails">
<link:definition>040303 - Disclosure - Equity Method Investments (Bergen Ultra LP) (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EquityMethodInvestmentsWindwardNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/EquityMethodInvestmentsWindwardNarrativeDetails">
<link:definition>040304 - Disclosure - Equity Method Investments (Windward) (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_EquityMethodInvestmentsDianaMarinersNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/EquityMethodInvestmentsDianaMarinersNarrativeDetails">
<link:definition>040305 - Disclosure - Equity Method Investments (Diana Mariners) (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InvestmentsInARelatedPartyAndOtherTables" roleURI="http://www.dianashippinginc.com/role/InvestmentsInARelatedPartyAndOtherTables">
<link:definition>030503 - Disclosure - Investments in a Related Party and Other (Tables)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InvestmentsInARelatedPartyAndOtherInvestmentInEquitySecuritiesNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/InvestmentsInARelatedPartyAndOtherInvestmentInEquitySecuritiesNarrativeDetails">
<link:definition>040309 - Disclosure - Investments in a Related Party and Other (Investment in Equity Securities) (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InterestAndFinanceCostsNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/InterestAndFinanceCostsNarrativeDetails">
<link:definition>041101 - Disclosure - Interest and Finance Costs (Narrative) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_ShortTermInvestments" roleURI="http://www.dianashippinginc.com/role/ShortTermInvestments">
<link:definition>010205 - Disclosure - Short-Term Investments</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_Cybersecurity" roleURI="http://www.dianashippinginc.com/role/Cybersecurity">
<link:definition>011801 - Disclosure - Cybersecurity</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_InsiderTradingPoliciesAndProcedures" roleURI="http://www.dianashippinginc.com/role/InsiderTradingPoliciesAndProcedures">
<link:definition>011901 - Disclosure - Insider Trading Policies and Procedures</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CommitmentsAndContingenciesScheduleOfTotalObligationsUnderShipbuildingContractsDetails" roleURI="http://www.dianashippinginc.com/role/CommitmentsAndContingenciesScheduleOfTotalObligationsUnderShipbuildingContractsDetails">
<link:definition>040802 - Disclosure - Commitments and Contingencies (Schedule of Total Obligations Under Shipbuilding Contracts) (Details)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
<link:roleType id="ELRID_CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUITYParenthetical" roleURI="http://www.dianashippinginc.com/role/CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUITYParenthetical">
<link:definition>000405 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)</link:definition>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:presentationLink</link:usedOn>
</link:roleType>
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<xs:element id="dsx_AccountingPoliciesDisclosureTable" abstract="true" nillable="true" name="AccountingPoliciesDisclosureTable" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AccountingPoliciesDisclosureLineItems" abstract="true" nillable="true" name="AccountingPoliciesDisclosureLineItems" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ContractsInEntitysEquityPolicyTextBlock" nillable="true" name="ContractsInEntitysEquityPolicyTextBlock" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock" nillable="true" name="FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ComputerSoftwareAndHardwareMember" abstract="true" nillable="true" name="ComputerSoftwareAndHardwareMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PropertyPlantAndEquipmentResidualValue" nillable="true" name="PropertyPlantAndEquipmentResidualValue" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts" nillable="true" name="CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_UltramaxVesselMember" abstract="true" nillable="true" name="UltramaxVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_LongLivedAssetsHeldForUseMember" abstract="true" nillable="true" name="LongLivedAssetsHeldForUseMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_MasterAgreementWithSeaTradeMember" abstract="true" nillable="true" name="MasterAgreementWithSeaTradeMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AdvancesForVesselAcquisitionsAndVesselsNetMember" abstract="true" nillable="true" name="AdvancesForVesselAcquisitionsAndVesselsNetMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfVesselsUnderNewManagementAgreements" nillable="true" name="NumberOfVesselsUnderNewManagementAgreements" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AtmProgramMember" abstract="true" nillable="true" name="AtmProgramMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfVesselsAcquired" nillable="true" name="NumberOfVesselsAcquired" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_VesselAcquisitionsMember" abstract="true" nillable="true" name="VesselAcquisitionsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_LeonidasPcMember" abstract="true" nillable="true" name="LeonidasPcMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NineUltramaxVesselsMember" abstract="true" nillable="true" name="NineUltramaxVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_EightOfNineUtramaxVesselsMember" abstract="true" nillable="true" name="EightOfNineUtramaxVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NinthOfNineUltramaxVesselsMember" abstract="true" nillable="true" name="NinthOfNineUltramaxVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PropertyEqupmentDisposal" nillable="true" name="PropertyEqupmentDisposal" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment" nillable="true" name="AccumulatedDepreciationAndAmortizationDisposalOfEquipment" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_PropertyEquipmentNetDisposalOfAssets" nillable="true" name="PropertyEquipmentNetDisposalOfAssets" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_Florida2022BuiltCapesizeVesselMember" abstract="true" nillable="true" name="Florida2022BuiltCapesizeVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfSaleAndLeasebackAgreements" nillable="true" name="NumberOfSaleAndLeasebackAgreements" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_SaleAndLeaseAgreementsAggregateAmount" nillable="true" name="SaleAndLeaseAgreementsAggregateAmount" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NewOrleansAndSantaBarbaraVesselsMember" abstract="true" nillable="true" name="NewOrleansAndSantaBarbaraVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NewOrleansVesselMember" abstract="true" nillable="true" name="NewOrleansVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_SantaBarbaraVesselMember" abstract="true" nillable="true" name="SantaBarbaraVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DsiAndromedaMember" abstract="true" nillable="true" name="DsiAndromedaMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DebtInstrumentRedemptionPeriodSixMember" abstract="true" nillable="true" name="DebtInstrumentRedemptionPeriodSixMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AmountOfLoanReclassifiedToCurrentLiabilities" nillable="true" name="AmountOfLoanReclassifiedToCurrentLiabilities" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NewRepaymentsTermsFollowingJuly2022PrepaymentMember" abstract="true" nillable="true" name="NewRepaymentsTermsFollowingJuly2022PrepaymentMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_LoanAgreement9UltramaxVesselsMember" abstract="true" nillable="true" name="LoanAgreement9UltramaxVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfVesselsPriced" nillable="true" name="NumberOfVesselsPriced" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DebtInstrumentPrepayment" nillable="true" name="DebtInstrumentPrepayment" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember" abstract="true" nillable="true" name="FifityPercentShareholderDianaWilhelmsenManagementLimitedMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BaltimoreMember" abstract="true" nillable="true" name="BaltimoreMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_CarMember" abstract="true" nillable="true" name="CarMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember" abstract="true" nillable="true" name="NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfVesselsDeliveredToCompany" nillable="true" name="NumberOfVesselsDeliveredToCompany" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NajasMember" abstract="true" nillable="true" name="NajasMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_FloridaVesselMember" abstract="true" nillable="true" name="FloridaVesselMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived" nillable="true" name="BalanceAmountthroughPreferredSharesSaleConsiderationReceived" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_PercentOfPaidInAdvanceOfPurchasePrice" nillable="true" name="PercentOfPaidInAdvanceOfPurchasePrice" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DividendsPaidInKindPerShare" nillable="true" name="DividendsPaidInKindPerShare" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_FinancialInstrumentsNonCurrentLiabilities" nillable="true" name="FinancialInstrumentsNonCurrentLiabilities" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_WarrantLiabilityNonCurrentLiabilities" nillable="true" name="WarrantLiabilityNonCurrentLiabilities" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_PaymentsToAcquireOtherAssets" nillable="true" name="PaymentsToAcquireOtherAssets" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NoncashDividends" nillable="true" name="NoncashDividends" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_CommissionPaidPercentPerAnnum" nillable="true" name="CommissionPaidPercentPerAnnum" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_BergenMember" abstract="true" nillable="true" name="BergenMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_LoanAgreementWithNordeaMember" abstract="true" nillable="true" name="LoanAgreementWithNordeaMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ConvertibleLoanAgreementMember" abstract="true" nillable="true" name="ConvertibleLoanAgreementMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BergenJointVentureMember" abstract="true" nillable="true" name="BergenJointVentureMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_EcobulkAsMember" abstract="true" nillable="true" name="EcobulkAsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_CommissionOnLoanGuaranteeMember" abstract="true" nillable="true" name="CommissionOnLoanGuaranteeMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AdministrativeServiceAgreementMember" abstract="true" nillable="true" name="AdministrativeServiceAgreementMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BergerJointVentureMember" abstract="true" nillable="true" name="BergerJointVentureMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith" nillable="true" name="NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_WindwardMember" abstract="true" nillable="true" name="WindwardMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfVesselsToBeConstructed" nillable="true" name="NumberOfVesselsToBeConstructed" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_CohenMember" abstract="true" nillable="true" name="CohenMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_GainLossFromConversionOfShares" nillable="true" name="GainLossFromConversionOfShares" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset" nillable="true" name="NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_TradingDaysTermInConvertibleSharesAgreement" nillable="true" name="TradingDaysTermInConvertibleSharesAgreement" substitutionGroup="xbrli:item" type="xbrli:durationItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PercentOfCommonStockOwned" nillable="true" name="PercentOfCommonStockOwned" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_SeriesBAndSeriesCPreferredSharesMember" abstract="true" nillable="true" name="SeriesBAndSeriesCPreferredSharesMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_SeriesCAndSeriesDPreferredSharesMember" abstract="true" nillable="true" name="SeriesCAndSeriesDPreferredSharesMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation" nillable="true" name="PropertyPlantAndEquipmentDisposalDueToDeconsolidation" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_MeliaMember" abstract="true" nillable="true" name="MeliaMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BostonMember" abstract="true" nillable="true" name="BostonMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ScrapRate" nillable="true" name="ScrapRate" substitutionGroup="xbrli:item" type="dtr-types:monetaryPerVolumeItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange" nillable="true" name="IncreaseInNetIncomeFromEstimatedScrapRateChange" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange" nillable="true" name="IncreaseInEarningsPerShareFromEstimatedScrapRateChange" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary" nillable="true" name="PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_CeximMember" abstract="true" nillable="true" name="CeximMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_Nordea200mMember" abstract="true" nillable="true" name="Nordea200mMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_QuarterlyAmortizationAmount" nillable="true" name="QuarterlyAmortizationAmount" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_LiborMember" abstract="true" nillable="true" name="LiborMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders" nillable="true" name="PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders" nillable="true" name="PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_NumberOfWarrantsIssued" nillable="true" name="NumberOfWarrantsIssued" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_WarrantsExercisePricePerWarrant" nillable="true" name="WarrantsExercisePricePerWarrant" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_WarrantsFairValuePerShare" nillable="true" name="WarrantsFairValuePerShare" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_NumberOfWarrantsExercised" nillable="true" name="NumberOfWarrantsExercised" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_InterestIncomeOnDerivativeInstruments" nillable="true" name="InterestIncomeOnDerivativeInstruments" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NumberOfVesselsInAgreementToAcquire" nillable="true" name="NumberOfVesselsInAgreementToAcquire" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ArtemisMember" abstract="true" nillable="true" name="ArtemisMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_HoustonMember" abstract="true" nillable="true" name="HoustonMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_WarrantsToPurchaseCommonStockMember" abstract="true" nillable="true" name="WarrantsToPurchaseCommonStockMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PaymentsForProceedsFromTimeDeposits" nillable="true" name="PaymentsForProceedsFromTimeDeposits" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_CebuMember" abstract="true" nillable="true" name="CebuMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DianaEnergizeMember" abstract="true" nillable="true" name="DianaEnergizeMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PaymentsToJointVentures" nillable="true" name="PaymentsToJointVentures" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_IncreaseDecreaseInEquityFromWarrants" nillable="true" name="IncreaseDecreaseInEquityFromWarrants" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_WarrantsAccountingPolicyPolicyTextBlock" nillable="true" name="WarrantsAccountingPolicyPolicyTextBlock" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_InterestIncomeFromBondRepurchase" nillable="true" name="InterestIncomeFromBondRepurchase" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight" nillable="true" name="ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_IfAllWarrantsAreExercisedMember" abstract="true" nillable="true" name="IfAllWarrantsAreExercisedMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_AdvancesForVesselsUnderConstruction" nillable="true" name="AdvancesForVesselsUnderConstruction" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="instant" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_InvestmentsInRelatedParties" nillable="true" name="InvestmentsInRelatedParties" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_ShortTermInvestmentsDisclosureAbstract" abstract="true" nillable="true" name="ShortTermInvestmentsDisclosureAbstract" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PropertyPlantAndEquipmentTransfersAndChangesNet" nillable="true" name="PropertyPlantAndEquipmentTransfersAndChangesNet" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_PlotOfLand1Member" abstract="true" nillable="true" name="PlotOfLand1Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_PlotOfLand2Member" abstract="true" nillable="true" name="PlotOfLand2Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_SeniorUnsecuredBond875PercentMember" abstract="true" nillable="true" name="SeniorUnsecuredBond875PercentMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_July2027Member" abstract="true" nillable="true" name="July2027Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_January2028Member" abstract="true" nillable="true" name="January2028Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_July2028Member" abstract="true" nillable="true" name="July2028Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_January2029Member" abstract="true" nillable="true" name="January2029Member" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DanishShipFinanceAsNewLoanMember" abstract="true" nillable="true" name="DanishShipFinanceAsNewLoanMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ShipbuildingContractsMember" abstract="true" nillable="true" name="ShipbuildingContractsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NipponYusenKaishaMember" abstract="true" nillable="true" name="NipponYusenKaishaMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_MaturitiesOfTimeDeposits" nillable="true" name="MaturitiesOfTimeDeposits" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_NumberOfVesselsManaged" nillable="true" name="NumberOfVesselsManaged" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_DianaMarinersMember" abstract="true" nillable="true" name="DianaMarinersMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ArtemisAndHoustonMember" abstract="true" nillable="true" name="ArtemisAndHoustonMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_SaleAndLeaseBackAgreementMember" abstract="true" nillable="true" name="SaleAndLeaseBackAgreementMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_EightVesselsMember" abstract="true" nillable="true" name="EightVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_TenderOfferPricePerShare" nillable="true" name="TenderOfferPricePerShare" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType" xbrli:periodType="instant"></xs:element>
<xs:element id="dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements" nillable="true" name="PaymentsForVesselsUnderConstructionAndVesselsImprovements" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="credit"></xs:element>
<xs:element id="dsx_ImpairedBuildingMember" abstract="true" nillable="true" name="ImpairedBuildingMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_CommissionFromSaleAndPurchaseOfAssets" nillable="true" name="CommissionFromSaleAndPurchaseOfAssets" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration" xbrli:balance="debit"></xs:element>
<xs:element id="dsx_DebtInstrumentPriceReceivedAboveParPercentage" nillable="true" name="DebtInstrumentPriceReceivedAboveParPercentage" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_ComissionsMember" abstract="true" nillable="true" name="ComissionsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_BrokerageFeesMember" abstract="true" nillable="true" name="BrokerageFeesMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_FleetAcquisitionsMember" abstract="true" nillable="true" name="FleetAcquisitionsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_LpgNewbuildingVesselsMember" abstract="true" nillable="true" name="LpgNewbuildingVesselsMember" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfAdditionalOptionalVesselsInAgreement" nillable="true" name="NumberOfAdditionalOptionalVesselsInAgreement" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
<xs:element id="dsx_NumberOfNewbuildingVessels" nillable="true" name="NumberOfNewbuildingVessels" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"></xs:element>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>3
<FILENAME>dsx-20241231_cal.xml
<DESCRIPTION>EX-101.CAL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>4
<FILENAME>dsx-20241231_def.xml
<DESCRIPTION>EX-101.DEF
<TEXT>
<XBRL>
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<link:definitionLink xlink:type="extended" xlink:role="http://www.dianashippinginc.com/role/CommitmentsAndContingenciesScheduleOfTotalObligationsUnderShipbuildingContractsDetails">
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>dsx-20241231_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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<link:roleRef xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple"></link:roleRef>
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<link:roleRef xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple"></link:roleRef>
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<link:roleRef xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple"></link:roleRef>
<link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Receivable Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNet_0" xlink:to="lbl_AccountsReceivableNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due from related parties</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNetCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts receivable, trade</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNetCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts receivable, trade (Note 2(f))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetCurrent_0" xlink:to="lbl_AccountsReceivableNetCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNetCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Accounts receivable, trade (Note 2(f))</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNetNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Receivable Net Noncurrent</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccountsReceivableNetNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due from related parties, non-current (Note 4)</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccumulatedOtherComprehensiveIncomeLossNetOfTax_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated other comprehensive income</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation Depletion And Amortization Property Plant And Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Ending balance</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Beginning balance</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireBusinessesAndInterestInAffiliates_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Businesses And Interest In Affiliates</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_0" xlink:to="lbl_PaymentsToAcquireBusinessesAndInterestInAffiliates_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireBusinessesAndInterestInAffiliates_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments to acquire investments (Note 4)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital_0" xlink:to="lbl_AdditionalPaidInCapital_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdditionalPaidInCapital_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Additional paid-in capital</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital_0" xlink:to="lbl_AdditionalPaidInCapital_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdditionalPaidInCapital_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid in capital</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="loc_us-gaap_PaymentsToAcquireProductiveAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireProductiveAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireProductiveAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Productive Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireProductiveAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireProductiveAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for vessel acquisitions</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireProductiveAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireProductiveAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Payments to acquire vessels</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RestrictedStockExpense" xlink:label="loc_us-gaap_RestrictedStockExpense_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockExpense_0" xlink:to="lbl_RestrictedStockExpense_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedStockExpense_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Compensation cost on restricted stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockExpense_0" xlink:to="lbl_RestrictedStockExpense_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedStockExpense_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Compensation cost on restricted stock (Note 11(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockExpense_0" xlink:to="lbl_RestrictedStockExpense_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedStockExpense_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Compensation cost on restricted stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Depreciation_0" xlink:to="lbl_Depreciation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Depreciation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Depreciation_0" xlink:to="lbl_Depreciation_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Depreciation_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Depreciation for the period</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts_0" xlink:to="lbl_AmortizationOfFinancingCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmortizationOfFinancingCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of financing costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts_0" xlink:to="lbl_AmortizationOfFinancingCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmortizationOfFinancingCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of debt issuance costs (Note 13)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts_0" xlink:to="lbl_AmortizationOfFinancingCosts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmortizationOfFinancingCosts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amortization of debt and finance liabilities issuance costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockMember_0" xlink:to="lbl_RestrictedStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RecordedThirdPartyEnvironmentalRecoveriesReceivable" xlink:label="loc_us-gaap_RecordedThirdPartyEnvironmentalRecoveriesReceivable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RecordedThirdPartyEnvironmentalRecoveriesReceivable_0" xlink:to="lbl_RecordedThirdPartyEnvironmentalRecoveriesReceivable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RecordedThirdPartyEnvironmentalRecoveriesReceivable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Recorded Third-Party Environmental Recoveries Receivable</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RecordedThirdPartyEnvironmentalRecoveriesReceivable_0" xlink:to="lbl_RecordedThirdPartyEnvironmentalRecoveriesReceivable_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RecordedThirdPartyEnvironmentalRecoveriesReceivable_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount due from third party</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetImpairmentCharges" xlink:label="loc_us-gaap_AssetImpairmentCharges_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges_0" xlink:to="lbl_AssetImpairmentCharges_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetImpairmentCharges_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Impairment Charges</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges_0" xlink:to="lbl_AssetImpairmentCharges_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetImpairmentCharges_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel impairment charges (Note 2(l))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges_0" xlink:to="lbl_AssetImpairmentCharges_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetImpairmentCharges_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Asset Impairment loss (Note 2(l))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="lbl_StatementOfFinancialPositionAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementOfFinancialPositionAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">CONSOLIDATED BALANCE SHEETS</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic_0" xlink:to="lbl_EarningsPerShareBasic_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareBasic_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share Basic</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic_0" xlink:to="lbl_EarningsPerShareBasic_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareBasic_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per common share, basic (Note 14)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic_0" xlink:to="lbl_EarningsPerShareBasic_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareBasic_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Earnings per share, basic</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BuildingMember" xlink:label="loc_us-gaap_BuildingMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember_0" xlink:to="lbl_BuildingMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BuildingMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Building [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_0" xlink:to="lbl_CashAndCashEquivalentsAtCarryingValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashAndCashEquivalentsAtCarryingValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash and cash equivalents</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_0" xlink:to="lbl_CashAndCashEquivalentsAtCarryingValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashAndCashEquivalentsAtCarryingValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and cash equivalents (Note 2(e))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_0" xlink:to="lbl_CashAndCashEquivalentsPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashAndCashEquivalentsPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents and Restricted Cash</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_0" xlink:to="lbl_CashAndCashEquivalentsPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashAndCashEquivalentsPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash, Cash Equivalents, Time Deposits and Restricted Cash</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashDivestedFromDeconsolidation" xlink:label="loc_us-gaap_CashDivestedFromDeconsolidation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashDivestedFromDeconsolidation_0" xlink:to="lbl_CashDivestedFromDeconsolidation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashDivestedFromDeconsolidation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash Divested from Deconsolidation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashDivestedFromDeconsolidation_0" xlink:to="lbl_CashDivestedFromDeconsolidation_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashDivestedFromDeconsolidation_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cash divested from deconsolidation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaap_InterestPaidNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet_0" xlink:to="lbl_InterestPaidNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestPaidNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest paid, net of amounts capitalized</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_0" xlink:to="lbl_IncreaseDecreaseInAccountsReceivable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccountsReceivable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Accounts Receivable</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_0" xlink:to="lbl_IncreaseDecreaseInAccountsReceivable_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccountsReceivable_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Accounts receivable, trade</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ChangeInAccountingEstimateByTypeAxis" xlink:label="loc_us-gaap_ChangeInAccountingEstimateByTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChangeInAccountingEstimateByTypeAxis_0" xlink:to="lbl_ChangeInAccountingEstimateByTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ChangeInAccountingEstimateByTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Change In Accounting Estimate By Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ChangeInAccountingEstimateDescription" xlink:label="loc_us-gaap_ChangeInAccountingEstimateDescription_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChangeInAccountingEstimateDescription_0" xlink:to="lbl_ChangeInAccountingEstimateDescription_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ChangeInAccountingEstimateDescription_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Change In Accounting Estimate Description</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ChangeInAccountingEstimateTypeDomain" xlink:label="loc_us-gaap_ChangeInAccountingEstimateTypeDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChangeInAccountingEstimateTypeDomain_0" xlink:to="lbl_ChangeInAccountingEstimateTypeDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ChangeInAccountingEstimateTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Change In Accounting Estimate Type [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInventories_0" xlink:to="lbl_IncreaseDecreaseInInventories_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInInventories_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Inventories</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInventories_0" xlink:to="lbl_IncreaseDecreaseInInventories_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInInventories_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Inventories</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_0" xlink:to="lbl_IncreaseDecreaseInOperatingAssetsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOperatingAssetsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">(Increase) / Decrease</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_0" xlink:to="lbl_IncreaseDecreaseInOperatingLiabilitiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOperatingLiabilitiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Operating Liabilities [Abstract]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_0" xlink:to="lbl_IncreaseDecreaseInOperatingLiabilitiesAbstract_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOperatingLiabilitiesAbstract_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase / (Decrease)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidExpense_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidExpense_0" xlink:to="lbl_IncreaseDecreaseInPrepaidExpense_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInPrepaidExpense_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Prepaid expenses and other assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidExpense_0" xlink:to="lbl_IncreaseDecreaseInPrepaidExpense_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInPrepaidExpense_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Prepaid expenses and other assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableTrade_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableTrade_0" xlink:to="lbl_IncreaseDecreaseInAccountsPayableTrade_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccountsPayableTrade_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Accounts Payable, Trade</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableTrade_0" xlink:to="lbl_IncreaseDecreaseInAccountsPayableTrade_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccountsPayableTrade_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable, trade and other</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_0" xlink:to="lbl_IncreaseDecreaseInAccruedLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccruedLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Accrued Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilities_0" xlink:to="lbl_IncreaseDecreaseInAccruedLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInAccruedLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent_0" xlink:to="lbl_IncreaseDecreaseInDueToRelatedPartiesCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInDueToRelatedPartiesCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Due To Related Parties Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent_0" xlink:to="lbl_IncreaseDecreaseInDueToRelatedPartiesCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInDueToRelatedPartiesCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to related parties</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties_0" xlink:to="lbl_IncreaseDecreaseInDueFromRelatedParties_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInDueFromRelatedParties_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Due from Related Parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties_0" xlink:to="lbl_IncreaseDecreaseInDueFromRelatedParties_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInDueFromRelatedParties_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Due from related parties</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_0" xlink:to="lbl_CommitmentsAndContingenciesDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommitmentsAndContingenciesDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_0" xlink:to="lbl_CommitmentsAndContingenciesDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommitmentsAndContingenciesDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and Contingencies</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized_0" xlink:to="lbl_CommonStockSharesAuthorized_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesAuthorized_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares Authorized</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized_0" xlink:to="lbl_CommonStockSharesAuthorized_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesAuthorized_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares authorized</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued_0" xlink:to="lbl_CommonStockSharesIssued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesIssued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued_0" xlink:to="lbl_CommonStockSharesIssued_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesIssued_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares issued</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding_0" xlink:to="lbl_CommonStockSharesOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares Outstanding</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding_0" xlink:to="lbl_CommonStockSharesOutstanding_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockSharesOutstanding_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, shares outstanding</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue_0" xlink:to="lbl_CommonStockValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue_0" xlink:to="lbl_CommonStockValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, $0.01 par value; 1,000,000,000 shares authorized and 125,203,405 and 113,065,725 issued and outstanding on December 31, 2024 and 2023, respectively (Note 11)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CompensatingBalanceDescription" xlink:label="loc_us-gaap_CompensatingBalanceDescription_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensatingBalanceDescription_0" xlink:to="lbl_CompensatingBalanceDescription_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CompensatingBalanceDescription_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Compensating Balance, Description</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_0" xlink:to="lbl_ComprehensiveIncomeNetOfTax_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComprehensiveIncomeNetOfTax_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Comprehensive income / (loss)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_0" xlink:to="lbl_ComprehensiveIncomeNetOfTax_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComprehensiveIncomeNetOfTax_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Comprehensive income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_0" xlink:to="lbl_ConcentrationRiskByTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskByTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_0" xlink:to="lbl_ConcentrationRiskLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTable_0" xlink:to="lbl_ConcentrationRiskTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_0" xlink:to="lbl_ConcentrationRiskTypeDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Type [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DirectOperatingCosts" xlink:label="loc_us-gaap_DirectOperatingCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectOperatingCosts_0" xlink:to="lbl_DirectOperatingCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectOperatingCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Direct Operating Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectOperatingCosts_0" xlink:to="lbl_DirectOperatingCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectOperatingCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectOperatingCosts_0" xlink:to="lbl_DirectOperatingCosts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectOperatingCosts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Voyage expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectOperatingCosts_0" xlink:to="lbl_DirectOperatingCosts_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectOperatingCosts_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DirectOperatingCostsAbstract" xlink:label="loc_us-gaap_DirectOperatingCostsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectOperatingCostsAbstract_0" xlink:to="lbl_DirectOperatingCostsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectOperatingCostsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Voyage Expenses [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FuelCosts" xlink:label="loc_us-gaap_FuelCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FuelCosts_0" xlink:to="lbl_FuelCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FuelCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fuel Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FuelCosts_0" xlink:to="lbl_FuelCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FuelCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss from bunkers</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_0" xlink:to="lbl_DirectCostsOfLeasedAndRentedPropertyOrEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectCostsOfLeasedAndRentedPropertyOrEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Direct Costs of Leased and Rented Property or Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_0" xlink:to="lbl_DirectCostsOfLeasedAndRentedPropertyOrEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectCostsOfLeasedAndRentedPropertyOrEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commissions</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherCostOfOperatingRevenue" xlink:label="loc_us-gaap_OtherCostOfOperatingRevenue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCostOfOperatingRevenue_0" xlink:to="lbl_OtherCostOfOperatingRevenue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherCostOfOperatingRevenue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Cost of Operating Revenue</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCostOfOperatingRevenue_0" xlink:to="lbl_OtherCostOfOperatingRevenue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherCostOfOperatingRevenue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Port expenses and other</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent_0" xlink:to="lbl_LiabilitiesCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total current liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent_0" xlink:to="lbl_LiabilitiesCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Current Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_0" xlink:to="lbl_LiabilitiesCurrentAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesCurrentAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Current Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="loc_us-gaap_CustomerConcentrationRiskMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustomerConcentrationRiskMember_0" xlink:to="lbl_CustomerConcentrationRiskMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CustomerConcentrationRiskMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Customer Concentration Risk</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_us-gaap_DebtDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock_0" xlink:to="lbl_DebtDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock_0" xlink:to="lbl_DebtDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-term Debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentCallFeature" xlink:label="loc_us-gaap_DebtInstrumentCallFeature_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCallFeature_0" xlink:to="lbl_DebtInstrumentCallFeature_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCallFeature_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Call Feature</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCallFeature_0" xlink:to="lbl_DebtInstrumentCallFeature_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCallFeature_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Call feature</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_0" xlink:to="lbl_DebtInstrumentCarryingAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCarryingAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total debt outstanding</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_0" xlink:to="lbl_DebtInstrumentCarryingAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCarryingAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_0" xlink:to="lbl_DebtInstrumentCarryingAmount_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCarryingAmount_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding balance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount_0" xlink:to="lbl_DebtInstrumentFaceAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFaceAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Face Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount_0" xlink:to="lbl_DebtInstrumentFaceAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFaceAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentFairValue" xlink:label="loc_us-gaap_DebtInstrumentFairValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue_0" xlink:to="lbl_DebtInstrumentFairValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFairValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue_0" xlink:to="lbl_DebtInstrumentFairValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFairValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentFeeAmount" xlink:label="loc_us-gaap_DebtInstrumentFeeAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFeeAmount_0" xlink:to="lbl_DebtInstrumentFeeAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFeeAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Fee Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFeeAmount_0" xlink:to="lbl_DebtInstrumentFeeAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFeeAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan fees</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="loc_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_0" xlink:to="lbl_DebtInstrumentFrequencyOfPeriodicPayment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFrequencyOfPeriodicPayment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Frequency of Periodic Payments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_0" xlink:to="lbl_DebtInstrumentFrequencyOfPeriodicPayment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentFrequencyOfPeriodicPayment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Frequency period</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_0" xlink:to="lbl_DebtInstrumentInterestRateStatedPercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentInterestRateStatedPercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Interest Rate, Stated Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_0" xlink:to="lbl_DebtInstrumentInterestRateStatedPercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentInterestRateStatedPercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate, stated percentage</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentMaturityDate_0" xlink:to="lbl_DebtInstrumentMaturityDate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentMaturityDate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Maturity Date</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentMaturityDate_0" xlink:to="lbl_DebtInstrumentMaturityDate_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentMaturityDate_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturity date</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_0" xlink:to="lbl_DebtInstrumentNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentPaymentTerms" xlink:label="loc_us-gaap_DebtInstrumentPaymentTerms_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPaymentTerms_0" xlink:to="lbl_DebtInstrumentPaymentTerms_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPaymentTerms_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Payment Terms</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPaymentTerms_0" xlink:to="lbl_DebtInstrumentPaymentTerms_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPaymentTerms_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment terms</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPaymentPrincipal_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPaymentPrincipal_0" xlink:to="lbl_DebtInstrumentPeriodicPaymentPrincipal_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPeriodicPaymentPrincipal_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Periodic Payment, Principal</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPaymentPrincipal_0" xlink:to="lbl_DebtInstrumentPeriodicPaymentPrincipal_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPeriodicPaymentPrincipal_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Periodic payment, principal</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis_0" xlink:to="lbl_DebtInstrumentAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="lbl_DebtInstrumentLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable_0" xlink:to="lbl_DebtInstrumentTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-term Debt Instruments [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" xlink:label="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0" xlink:to="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commitment fees and other costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0" xlink:to="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan expenses and other</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_0" xlink:to="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtRelatedCommitmentFeesAndDebtIssuanceCosts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loan and other expenses</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDebtRestructuringCosts" xlink:label="loc_us-gaap_PaymentsOfDebtRestructuringCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDebtRestructuringCosts_0" xlink:to="lbl_PaymentsOfDebtRestructuringCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDebtRestructuringCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Debt Restructuring Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDebtRestructuringCosts_0" xlink:to="lbl_PaymentsOfDebtRestructuringCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDebtRestructuringCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fees paid</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredCosts" xlink:label="loc_us-gaap_DeferredCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCosts_0" xlink:to="lbl_DeferredCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred charges, net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCosts_0" xlink:to="lbl_DeferredCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredCostsCurrent" xlink:label="loc_us-gaap_DeferredCostsCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsCurrent_0" xlink:to="lbl_DeferredCostsCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredCostsCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Costs, Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsCurrent_0" xlink:to="lbl_DeferredCostsCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredCostsCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unamortized deferred costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent_0" xlink:to="lbl_DeferredRevenueCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredRevenueCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue, current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent_0" xlink:to="lbl_DeferredRevenueCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredRevenueCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred revenue</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherDepreciationAndAmortization" xlink:label="loc_us-gaap_OtherDepreciationAndAmortization_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDepreciationAndAmortization_0" xlink:to="lbl_OtherDepreciationAndAmortization_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherDepreciationAndAmortization_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation for the year</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDepreciationAndAmortization_0" xlink:to="lbl_OtherDepreciationAndAmortization_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherDepreciationAndAmortization_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Depreciation for the year</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="loc_us-gaap_DerivativeFixedInterestRate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFixedInterestRate_0" xlink:to="lbl_DerivativeFixedInterestRate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeFixedInterestRate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Fixed Interest Rate</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFixedInterestRate_0" xlink:to="lbl_DerivativeFixedInterestRate_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeFixedInterestRate_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fixed interest rate related to the interest rate derivative</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeNotionalAmount" xlink:label="loc_us-gaap_DerivativeNotionalAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount_0" xlink:to="lbl_DerivativeNotionalAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeNotionalAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Notional Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount_0" xlink:to="lbl_DerivativeNotionalAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeNotionalAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Notional amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssetsCurrent" xlink:label="loc_us-gaap_DerivativeAssetsCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsCurrent_0" xlink:to="lbl_DerivativeAssetsCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeAssetsCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Assets Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsCurrent_0" xlink:to="lbl_DerivativeAssetsCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeAssetsCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of derivatives</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsCurrent_0" xlink:to="lbl_DerivativeAssetsCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeAssetsCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fair value of derivatives, assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets_0" xlink:to="lbl_DerivativeAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets_0" xlink:to="lbl_DerivativeAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swap, asset</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilitiesCurrent" xlink:label="loc_us-gaap_DerivativeLiabilitiesCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesCurrent_0" xlink:to="lbl_DerivativeLiabilitiesCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilitiesCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Liabilities Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesCurrent_0" xlink:to="lbl_DerivativeLiabilitiesCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilitiesCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of derivatives</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" xlink:label="loc_us-gaap_DerivativeLiabilitiesNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesNoncurrent_0" xlink:to="lbl_DerivativeLiabilitiesNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilitiesNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Liabilities NonCurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesNoncurrent_0" xlink:to="lbl_DerivativeLiabilitiesNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilitiesNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of derivatives (Note 2 (dd))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesNoncurrent_0" xlink:to="lbl_DerivativeLiabilitiesNoncurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilitiesNoncurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fair value of derivatives, liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock_0" xlink:to="lbl_DerivativesPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativesPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivatives [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock_0" xlink:to="lbl_DerivativesPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativesPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative instruments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:label="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue_0" xlink:to="lbl_GuaranteeObligationsCurrentCarryingValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GuaranteeObligationsCurrentCarryingValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Guarantor Obligations, Current Carrying Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue_0" xlink:to="lbl_GuaranteeObligationsCurrentCarryingValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GuaranteeObligationsCurrentCarryingValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security bond placed</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted_0" xlink:to="lbl_EarningsPerShareDiluted_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareDiluted_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share Diluted</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted_0" xlink:to="lbl_EarningsPerShareDiluted_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareDiluted_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per common share, diluted (Note 14)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted_0" xlink:to="lbl_EarningsPerShareDiluted_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareDiluted_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Earnings per share, diluted</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock_0" xlink:to="lbl_ConsolidationPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConsolidationPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Principles of Consolidation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock_0" xlink:to="lbl_ConsolidationPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConsolidationPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principles of Consolidation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:label="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_0" xlink:to="lbl_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Groups Including Discontinued Operations Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_0" xlink:to="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Group Name [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_0" xlink:to="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_0" xlink:to="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Disposal Groups, Including Discontinued Operations [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_0" xlink:to="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Groups, Including Discontinued Operations [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableAmountPerShare_0" xlink:to="lbl_DividendsPayableAmountPerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPayableAmountPerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable Amount Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableAmountPerShare_0" xlink:to="lbl_DividendsPayableAmountPerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPayableAmountPerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends payable amount per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0" xlink:to="lbl_IncomeLossFromEquityMethodInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeLossFromEquityMethodInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income / (loss) from Equity Method Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0" xlink:to="lbl_IncomeLossFromEquityMethodInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeLossFromEquityMethodInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">(Gain)/loss from equity method investments (Note 4)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0" xlink:to="lbl_IncomeLossFromEquityMethodInvestments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeLossFromEquityMethodInvestments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain/(loss) from equity method investments (Note 4)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0" xlink:to="lbl_IncomeLossFromEquityMethodInvestments_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeLossFromEquityMethodInvestments_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Gain/(loss) from equity method investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_0" xlink:to="lbl_IncomeLossFromEquityMethodInvestments_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeLossFromEquityMethodInvestments_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss on equity method investments (Note 4(d))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments_0" xlink:to="lbl_EquityMethodInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments_0" xlink:to="lbl_EquityMethodInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investments (Note 4)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments_0" xlink:to="lbl_EquityMethodInvestments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Equity method investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_0" xlink:to="lbl_EquityMethodInvestmentOwnershipPercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentOwnershipPercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment, Ownership Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_0" xlink:to="lbl_EquityMethodInvestmentOwnershipPercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentOwnershipPercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investment, ownership percentage</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EscrowDeposit_0" xlink:to="lbl_EscrowDeposit_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EscrowDeposit_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Escrow Deposit</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EscrowDeposit_0" xlink:to="lbl_EscrowDeposit_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EscrowDeposit_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for vessels acquisitions held at an escrow account</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ExtinguishmentOfDebtAmount" xlink:label="loc_us-gaap_ExtinguishmentOfDebtAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExtinguishmentOfDebtAmount_0" xlink:to="lbl_ExtinguishmentOfDebtAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ExtinguishmentOfDebtAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Extinguishment of Debt, Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExtinguishmentOfDebtAmount_0" xlink:to="lbl_ExtinguishmentOfDebtAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ExtinguishmentOfDebtAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt extinguishment, amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfFinancingCosts_0" xlink:to="lbl_PaymentsOfFinancingCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfFinancingCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financing costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfFinancingCosts_0" xlink:to="lbl_PaymentsOfFinancingCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfFinancingCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments of financing costs (Notes 8 and 9)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfFinancingCosts_0" xlink:to="lbl_PaymentsOfFinancingCosts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfFinancingCosts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lease obligation issuance costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_0" xlink:to="lbl_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Foreign Currency Translation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_0" xlink:to="lbl_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Foreign Currency Translation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FurnitureAndFixturesMember_0" xlink:to="lbl_FurnitureAndFixturesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FurnitureAndFixturesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Furniture [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnInvestments" xlink:label="loc_us-gaap_GainLossOnInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments_0" xlink:to="lbl_GainLossOnInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income / (loss) from Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments_0" xlink:to="lbl_GainLossOnInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss on equity method investments (Note 4(d))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments_0" xlink:to="lbl_GainLossOnInvestments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInvestments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loss on related party investments (Note 4(d))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments_0" xlink:to="lbl_GainLossOnInvestments_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInvestments_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">(Gain)/loss on related party investments (Note 5)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments_0" xlink:to="lbl_GainLossOnInvestments_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInvestments_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain/(loss) on related party investments (Note 5(a))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" xlink:label="loc_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0" xlink:to="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0" xlink:to="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain/(loss) from interest rate swap</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0" xlink:to="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Gain/(loss) on derivative instruments (Note 8)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_0" xlink:to="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">(Gain)/loss on derivative instruments (Note 8)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_0" xlink:to="lbl_GainLossOnSaleOfPropertyPlantEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnSaleOfPropertyPlantEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gain Loss On Sale Of Property Plant Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_0" xlink:to="lbl_GainLossOnSaleOfPropertyPlantEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnSaleOfPropertyPlantEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain (loss) from sale of vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_0" xlink:to="lbl_GainLossOnSaleOfPropertyPlantEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnSaleOfPropertyPlantEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Gain on sale of vessels (Notes 6)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_0" xlink:to="lbl_GainLossOnSaleOfPropertyPlantEquipment_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnSaleOfPropertyPlantEquipment_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain (loss) from sale of vessels</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_0" xlink:to="lbl_GainsLossesOnExtinguishmentOfDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainsLossesOnExtinguishmentOfDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss from extinguishment of liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_0" xlink:to="lbl_GainsLossesOnExtinguishmentOfDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainsLossesOnExtinguishmentOfDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain (loss) on extinguishment of Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_0" xlink:to="lbl_GainsLossesOnExtinguishmentOfDebt_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainsLossesOnExtinguishmentOfDebt_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loss on extinguishment of debt (Note 8)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_0" xlink:to="lbl_GainsLossesOnExtinguishmentOfDebt_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainsLossesOnExtinguishmentOfDebt_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss on extinguishment of debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense_0" xlink:to="lbl_GeneralAndAdministrativeExpense_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GeneralAndAdministrativeExpense_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">General and administrative expenses</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies" xlink:label="loc_us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies_0" xlink:to="lbl_GuaranteesIndemnificationsAndWarrantiesPolicies_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GuaranteesIndemnificationsAndWarrantiesPolicies_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Guarantees Indemnifications And Warranties Policies</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies_0" xlink:to="lbl_GuaranteesIndemnificationsAndWarrantiesPolicies_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GuaranteesIndemnificationsAndWarrantiesPolicies_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantees</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_0" xlink:to="lbl_ImpairmentOfLongLivedAssetsHeldForUse_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentOfLongLivedAssetsHeldForUse_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impairment of Long-Lived Assets Held-for-use</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_0" xlink:to="lbl_ImpairmentOfLongLivedAssetsHeldForUse_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentOfLongLivedAssetsHeldForUse_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Impairment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_0" xlink:to="lbl_ImpairmentOfLongLivedAssetsHeldForUse_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentOfLongLivedAssetsHeldForUse_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Impairment</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset" xlink:label="loc_us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_0" xlink:to="lbl_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_0" xlink:to="lbl_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Carrying value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairmentOfInvestments" xlink:label="loc_us-gaap_ImpairmentOfInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfInvestments_0" xlink:to="lbl_ImpairmentOfInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentOfInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other than Temporary Impairment Losses, Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfInvestments_0" xlink:to="lbl_ImpairmentOfInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentOfInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss on write-off of investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedAssetNameDomain" xlink:label="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedAssetNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedAssetNameDomain_0" xlink:to="lbl_ImpairedLongLivedAssetsHeldAndUsedAssetNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedLongLivedAssetsHeldAndUsedAssetNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impaired Long-Lived Assets Held and Used, Asset Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="lbl_IncomeStatementAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeStatementAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">CONSOLIDATED STATEMENTS OF INCOME</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxUncertaintiesAbstract" xlink:label="loc_us-gaap_IncomeTaxUncertaintiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxUncertaintiesAbstract_0" xlink:to="lbl_IncomeTaxUncertaintiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeTaxUncertaintiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax Uncertainties [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock_0" xlink:to="lbl_IncomeTaxDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeTaxDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock_0" xlink:to="lbl_IncomeTaxDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeTaxDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Taxes</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_0" xlink:to="lbl_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Incremental Common Shares Attributable To Share Based Payment Arrangements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_0" xlink:to="lbl_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Incremental shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense_0" xlink:to="lbl_InterestExpense_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestExpense_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest and finance costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense_0" xlink:to="lbl_InterestExpense_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestExpense_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Interest expense and finance costs (Note 13)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense_0" xlink:to="lbl_InterestExpense_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestExpense_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest expense and finance costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseDebt" xlink:label="loc_us-gaap_InterestExpenseDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseDebt_0" xlink:to="lbl_InterestExpenseDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestExpenseDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest expense</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseDebt_0" xlink:to="lbl_InterestExpenseDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestExpenseDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest expense, debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating_0" xlink:to="lbl_InterestIncomeOperating_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeOperating_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income Operating</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating_0" xlink:to="lbl_InterestIncomeOperating_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeOperating_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest and other income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestRateDerivativesAtFairValueNet" xlink:label="loc_us-gaap_InterestRateDerivativesAtFairValueNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateDerivativesAtFairValueNet_0" xlink:to="lbl_InterestRateDerivativesAtFairValueNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestRateDerivativesAtFairValueNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Derivatives At Fair Value Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateDerivativesAtFairValueNet_0" xlink:to="lbl_InterestRateDerivativesAtFairValueNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestRateDerivativesAtFairValueNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swap, fair value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InventoryNet" xlink:label="loc_us-gaap_InventoryNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryNet_0" xlink:to="lbl_InventoryNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InventoryNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Inventory, Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryNet_0" xlink:to="lbl_InventoryNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InventoryNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inventories (Note 2(g))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="loc_us-gaap_InventoryPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryPolicyTextBlock_0" xlink:to="lbl_InventoryPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InventoryPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Inventory, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryPolicyTextBlock_0" xlink:to="lbl_InventoryPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InventoryPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inventories</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="loc_us-gaap_EquityMethodInvestmentsPolicy_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsPolicy_0" xlink:to="lbl_EquityMethodInvestmentsPolicy_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsPolicy_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsPolicy_0" xlink:to="lbl_EquityMethodInvestmentsPolicy_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsPolicy_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" xlink:label="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_0" xlink:to="lbl_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Limited Liability Company L L C Or Limited Partnership L P Members Or Limited Partners Ownership Interest</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_0" xlink:to="lbl_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership interest percent</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LandAndBuildingMember" xlink:label="loc_us-gaap_LandAndBuildingMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandAndBuildingMember_0" xlink:to="lbl_LandAndBuildingMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LandAndBuildingMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Land and Building [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_0" xlink:to="lbl_LiabilitiesAndStockholdersEquity_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesAndStockholdersEquity_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total liabilities and stockholders' equity</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_0" xlink:to="lbl_LiabilitiesAndStockholdersEquity_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesAndStockholdersEquity_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Liabilities and Stockholders' Equity</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_0" xlink:to="lbl_LiabilitiesAndStockholdersEquityAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesAndStockholdersEquityAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">LIABILITIES AND STOCKHOLDERS' EQUITY</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditMember" xlink:label="loc_us-gaap_LineOfCreditMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember_0" xlink:to="lbl_LineOfCreditMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LineOfCreditMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Term loan facility</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaap_LongTermDebtCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent_0" xlink:to="lbl_LongTermDebtCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Current portion of long-term debt, net of deferred financing costs, current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent_0" xlink:to="lbl_LongTermDebtCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Current portion of long term debt, net of deferred financing costs current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent_0" xlink:to="lbl_LongTermDebtCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-term debt, current, net of deferred financing costs (Note 8)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent_0" xlink:to="lbl_LongTermDebtCurrent_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtCurrent_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Less: Current long-term debt, net of deferred financing costs, current</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal After Year Five</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 6 and thereafter</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal In Next Twelve Months</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 1</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal In Year Five</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 5</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal In Year Four</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 4</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal In Year Three</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 3</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt Maturities Repayments Of Principal In Year Two</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_0" xlink:to="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 2</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaap_LongTermDebtNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtNoncurrent_0" xlink:to="lbl_LongTermDebtNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long-term debt, net of current portion and deferred financing costs, non-current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtNoncurrent_0" xlink:to="lbl_LongTermDebtNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-term debt, net of current portion and deferred financing costs (Note 8)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtNoncurrent_0" xlink:to="lbl_LongTermDebtNoncurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebtNoncurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Long-term debt, excluding current maturities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt_0" xlink:to="lbl_LongTermDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total debt, net of deferred financing costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt_0" xlink:to="lbl_LongTermDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Long-term debt, net of deferred financing costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingenciesLineItems" xlink:label="loc_us-gaap_LossContingenciesLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesLineItems_0" xlink:to="lbl_LossContingenciesLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingenciesLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingencies [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingenciesTable" xlink:label="loc_us-gaap_LossContingenciesTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesTable_0" xlink:to="lbl_LossContingenciesTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingenciesTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingencies [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MalpracticeInsuranceMaximumCoveragePerIncident" xlink:label="loc_us-gaap_MalpracticeInsuranceMaximumCoveragePerIncident_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MalpracticeInsuranceMaximumCoveragePerIncident_0" xlink:to="lbl_MalpracticeInsuranceMaximumCoveragePerIncident_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MalpracticeInsuranceMaximumCoveragePerIncident_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Insurance Coverage For Pollution</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MalpracticeInsuranceMaximumCoveragePerIncident_0" xlink:to="lbl_MalpracticeInsuranceMaximumCoveragePerIncident_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MalpracticeInsuranceMaximumCoveragePerIncident_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Insurance maximum amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MaritimeEquipmentMember" xlink:label="loc_us-gaap_MaritimeEquipmentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaritimeEquipmentMember_0" xlink:to="lbl_MaritimeEquipmentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaritimeEquipmentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessels [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MaturitiesOfLongTermDebtAbstract" xlink:label="loc_us-gaap_MaturitiesOfLongTermDebtAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturitiesOfLongTermDebtAbstract_0" xlink:to="lbl_MaturitiesOfLongTermDebtAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaturitiesOfLongTermDebtAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maturities of Long-term Debt [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_0" xlink:to="lbl_RelatedPartyTransactionsByRelatedPartyAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionsByRelatedPartyAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions, by Related Party [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInFinancingActivities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInFinancingActivities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash provided by Financing Activities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInFinancingActivities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInFinancingActivities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Cash Provided by/(Used) in Financing Activities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_0" xlink:to="lbl_NetCashProvidedByUsedInFinancingActivitiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInFinancingActivitiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Financing Activities:</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInInvestingActivities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInInvestingActivities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash used in Investing Activities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInInvestingActivities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInInvestingActivities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Cash Provided By/(Used) in Investing Activities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0" xlink:to="lbl_NetCashProvidedByUsedInInvestingActivitiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInInvestingActivitiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Investing Activities:</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInOperatingActivities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInOperatingActivities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash provided by Operating Activities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_0" xlink:to="lbl_NetCashProvidedByUsedInOperatingActivities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInOperatingActivities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Cash Provided by Operating Activities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_0" xlink:to="lbl_NetCashProvidedByUsedInOperatingActivitiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetCashProvidedByUsedInOperatingActivitiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Operating Activities:</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInTimeDeposits" xlink:label="loc_us-gaap_IncreaseDecreaseInTimeDeposits_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInTimeDeposits_0" xlink:to="lbl_IncreaseDecreaseInTimeDeposits_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInTimeDeposits_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Time Deposits</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInTimeDeposits_0" xlink:to="lbl_IncreaseDecreaseInTimeDeposits_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInTimeDeposits_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in time deposits</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss_0" xlink:to="lbl_NetIncomeLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net income / (loss)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss_0" xlink:to="lbl_NetIncomeLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss_0" xlink:to="lbl_NetIncomeLoss_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLoss_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss_0" xlink:to="lbl_NetIncomeLoss_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLoss_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net comprehensive income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_0" xlink:to="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net income / (loss) attributed to common stockholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_0" xlink:to="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss attributed to common stockholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_0" xlink:to="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLossAvailableToCommonStockholdersBasic_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income attributable to common stockholders</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestAndDebtExpenseAbstract" xlink:label="loc_us-gaap_InterestAndDebtExpenseAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndDebtExpenseAbstract_0" xlink:to="lbl_InterestAndDebtExpenseAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndDebtExpenseAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest and Finance Costs [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsNoncurrent" xlink:label="loc_us-gaap_AssetsNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrent_0" xlink:to="lbl_AssetsNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Assets Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrent_0" xlink:to="lbl_AssetsNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Non-current Assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="loc_us-gaap_LiabilitiesNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrent_0" xlink:to="lbl_LiabilitiesNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrent_0" xlink:to="lbl_LiabilitiesNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Noncurrent Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesNoncurrentAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrentAbstract_0" xlink:to="lbl_LiabilitiesNoncurrentAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesNoncurrentAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Noncurrent [Abstract]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrentAbstract_0" xlink:to="lbl_LiabilitiesNoncurrentAbstract_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesNoncurrentAbstract_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-current Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NonoperatingGainsLosses" xlink:label="loc_us-gaap_NonoperatingGainsLosses_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingGainsLosses_0" xlink:to="lbl_NonoperatingGainsLosses_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NonoperatingGainsLosses_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total other income (expenses), net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingGainsLosses_0" xlink:to="lbl_NonoperatingGainsLosses_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NonoperatingGainsLosses_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other expenses, net</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NonoperatingGainsLossesAbstract" xlink:label="loc_us-gaap_NonoperatingGainsLossesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingGainsLossesAbstract_0" xlink:to="lbl_NonoperatingGainsLossesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NonoperatingGainsLossesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">OTHER INCOME/(EXPENSES)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OfficeEquipmentMember_0" xlink:to="lbl_OfficeEquipmentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OfficeEquipmentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Office Equipment [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss_0" xlink:to="lbl_OperatingIncomeLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingIncomeLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Operating income / (loss)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss_0" xlink:to="lbl_OperatingIncomeLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingIncomeLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Operating income, total</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues_0" xlink:to="lbl_Revenues_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Revenues_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Time Charter Revenues</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues_0" xlink:to="lbl_Revenues_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Revenues_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Time charter revenues</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues_0" xlink:to="lbl_Revenues_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Revenues_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Revenues</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract_0" xlink:to="lbl_RevenuesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RevenuesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">REVENUES:</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_0" xlink:to="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Organization Consolidation And Presentation Of Financial Statements Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_0" xlink:to="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis of Presentation and General Information</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Other Property Plant And Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions in property and equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments to acquire furniture and fixtures (Note 5)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherPropertyPlantAndEquipment_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessels additions and improvements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherShortTermInvestments" xlink:label="loc_us-gaap_OtherShortTermInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherShortTermInvestments_0" xlink:to="lbl_OtherShortTermInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherShortTermInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Short Term Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherShortTermInvestments_0" xlink:to="lbl_OtherShortTermInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherShortTermInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Time deposits</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherShortTermInvestments_0" xlink:to="lbl_OtherShortTermInvestments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherShortTermInvestments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Time deposits (Note 2(e))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock_0" xlink:to="lbl_PaymentsOfDividendsCommonStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsCommonStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Common Stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock_0" xlink:to="lbl_PaymentsOfDividendsCommonStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsCommonStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments of dividends, common stock (Note 11(f))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock_0" xlink:to="lbl_PaymentsOfDividendsCommonStock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsCommonStock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments of dividends, common stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="loc_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_0" xlink:to="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash dividends on preferred stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_0" xlink:to="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments of dividends, preferred stock (Note 11(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_0" xlink:to="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsOfDividendsPreferredStockAndPreferenceStock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash dividends on preferred stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PercentageOfDebtHedgedByInterestRateDerivatives" xlink:label="loc_us-gaap_PercentageOfDebtHedgedByInterestRateDerivatives_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PercentageOfDebtHedgedByInterestRateDerivatives_0" xlink:to="lbl_PercentageOfDebtHedgedByInterestRateDerivatives_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfDebtHedgedByInterestRateDerivatives_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Debt Hedged By Interest Rate Derivatives</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PercentageOfDebtHedgedByInterestRateDerivatives_0" xlink:to="lbl_PercentageOfDebtHedgedByInterestRateDerivatives_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfDebtHedgedByInterestRateDerivatives_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Notional amount, percent of loan</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized_0" xlink:to="lbl_PreferredStockSharesAuthorized_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesAuthorized_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Authorized</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized_0" xlink:to="lbl_PreferredStockSharesAuthorized_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesAuthorized_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, Shares authorized</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued_0" xlink:to="lbl_PreferredStockSharesIssued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesIssued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued_0" xlink:to="lbl_PreferredStockSharesIssued_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesIssued_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of preferred stock, shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding_0" xlink:to="lbl_PreferredStockSharesOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Outstanding</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding_0" xlink:to="lbl_PreferredStockSharesOutstanding_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockSharesOutstanding_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, Shares outstanding</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockVotingRights" xlink:label="loc_us-gaap_PreferredStockVotingRights_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockVotingRights_0" xlink:to="lbl_PreferredStockVotingRights_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockVotingRights_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Voting Rights</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockVotingRights_0" xlink:to="lbl_PreferredStockVotingRights_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockVotingRights_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock voting rights</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare_0" xlink:to="lbl_PreferredStockParOrStatedValuePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockParOrStatedValuePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Par Or Stated Value Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare_0" xlink:to="lbl_PreferredStockParOrStatedValuePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockParOrStatedValuePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Par value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare_0" xlink:to="lbl_PreferredStockParOrStatedValuePerShare_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockParOrStatedValuePerShare_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Preferred stock, Par value per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_0" xlink:to="lbl_ProceedsFromIssuanceOfCommonStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfCommonStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Issuance Of Common Stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_0" xlink:to="lbl_ProceedsFromIssuanceOfCommonStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfCommonStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of common stock, net of expenses (Note 11(e))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="loc_us-gaap_ProceedsFromIssuanceOrSaleOfEquity_0"></link:loc>
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<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOrSaleOfEquity_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance or Sale of Equity</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOrSaleOfEquity_0" xlink:to="lbl_ProceedsFromIssuanceOrSaleOfEquity_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOrSaleOfEquity_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of preferred stock, net of expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOrSaleOfEquity_0" xlink:to="lbl_ProceedsFromIssuanceOrSaleOfEquity_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOrSaleOfEquity_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Proceeds from issuance of stock, net of expenses</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0" xlink:to="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from issuance of preferred stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0" xlink:to="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of preferred stock, net of expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_0" xlink:to="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Proceeds from issuance of preferred stock, value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from long-term debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of long-term debt (Note 7)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebt_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebt_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Aggregate principal amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Issuance Of Long Term Debt And Capital Securities Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of long-term debt and finance liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_0" xlink:to="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Aggregate principal amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:label="loc_us-gaap_ProceedsFromSaleOfProductiveAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfProductiveAssets_0" xlink:to="lbl_ProceedsFromSaleOfProductiveAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfProductiveAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Sale Of Productive Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfProductiveAssets_0" xlink:to="lbl_ProceedsFromSaleOfProductiveAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfProductiveAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from sale of productive assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfOtherInvestments" xlink:label="loc_us-gaap_ProceedsFromSaleOfOtherInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfOtherInvestments_0" xlink:to="lbl_ProceedsFromSaleOfOtherInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfOtherInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Sale Of Other Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfOtherInvestments_0" xlink:to="lbl_ProceedsFromSaleOfOtherInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfOtherInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from sale of related party investment</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_0" xlink:to="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Sale of Property, Plant, and Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_0" xlink:to="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from sale of vessels, net of expenses (Note 6)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_0" xlink:to="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromSaleOfPropertyPlantAndEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cash proceeds from sale of vessels</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfSecuredDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfSecuredDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Issuance Of Secured Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfSecuredDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfSecuredDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of secured debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfUnsecuredDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfUnsecuredDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Unsecured Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_0" xlink:to="lbl_ProceedsFromIssuanceOfUnsecuredDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromIssuanceOfUnsecuredDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of unsecured debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross_0" xlink:to="lbl_PropertyPlantAndEquipmentGross_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentGross_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross_0" xlink:to="lbl_PropertyPlantAndEquipmentGross_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentGross_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross_0" xlink:to="lbl_PropertyPlantAndEquipmentGross_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentGross_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentImpairment" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentImpairment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentImpairment_0" xlink:to="lbl_PropertyPlantAndEquipmentImpairment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentImpairment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impairment of Long-Lived Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentImpairment_0" xlink:to="lbl_PropertyPlantAndEquipmentImpairment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentImpairment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Impairment of Long-Lived Assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessels' net book value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel">Vessels, net (Note 6)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Property and equipment, net (Note 5)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_0" xlink:to="lbl_PropertyPlantAndEquipmentNet_5"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNet_5" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Property and equipment, net (Note 5)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAbstract_0" xlink:to="lbl_PropertyPlantAndEquipmentAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Advances for Vessels Under Construction and Vessels, net [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessel Cost</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Cost</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts_0" xlink:to="lbl_ProvisionForDoubtfulAccounts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProvisionForDoubtfulAccounts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Provision for Doubtful Accounts</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts_0" xlink:to="lbl_ProvisionForDoubtfulAccounts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProvisionForDoubtfulAccounts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Provision for credit loss and write offs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts_0" xlink:to="lbl_ProvisionForDoubtfulAccounts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProvisionForDoubtfulAccounts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Provision for credit loss</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProvisionForLoanLossesExpensed" xlink:label="loc_us-gaap_ProvisionForLoanLossesExpensed_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanLossesExpensed_0" xlink:to="lbl_ProvisionForLoanLossesExpensed_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProvisionForLoanLossesExpensed_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Provision For Loan Losses Expensed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanLossesExpensed_0" xlink:to="lbl_ProvisionForLoanLossesExpensed_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProvisionForLoanLossesExpensed_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit loss recorded</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForConstructionInProcess" xlink:label="loc_us-gaap_PaymentsForConstructionInProcess_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForConstructionInProcess_0" xlink:to="lbl_PaymentsForConstructionInProcess_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForConstructionInProcess_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Construction In Process</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForConstructionInProcess_0" xlink:to="lbl_PaymentsForConstructionInProcess_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForConstructionInProcess_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase price of vessels</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireOtherProductiveAssets" xlink:label="loc_us-gaap_PaymentsToAcquireOtherProductiveAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireOtherProductiveAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherProductiveAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Other Productive Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireOtherProductiveAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherProductiveAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments to acquire property, furniture and fixtures (Note 7))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireOtherProductiveAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherProductiveAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions in property and equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireOtherProductiveAssets_0" xlink:to="lbl_PaymentsToAcquireOtherProductiveAssets_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherProductiveAssets_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessels additions and improvements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquirePropertyPlantAndEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquirePropertyPlantAndEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Property, Plant, and Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquirePropertyPlantAndEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquirePropertyPlantAndEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payments to acquire vessels and vessel improvements (Notes 6 and 4(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquirePropertyPlantAndEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquirePropertyPlantAndEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advance payment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_0" xlink:to="lbl_PaymentsToAcquirePropertyPlantAndEquipment_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquirePropertyPlantAndEquipment_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Purchase price</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireShortTermInvestments_0" xlink:to="lbl_PaymentsToAcquireShortTermInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireShortTermInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Short Term Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireShortTermInvestments_0" xlink:to="lbl_PaymentsToAcquireShortTermInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireShortTermInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Short-term investment placements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy_0" xlink:to="lbl_TradeAndOtherAccountsReceivablePolicy_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradeAndOtherAccountsReceivablePolicy_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Receivable, Trade</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy_0" xlink:to="lbl_TradeAndOtherAccountsReceivablePolicy_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradeAndOtherAccountsReceivablePolicy_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts Receivable, Trade</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain_0" xlink:to="lbl_RelatedPartyDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_0" xlink:to="lbl_RelatedPartyTransactionAmountsOfTransaction_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAmountsOfTransaction_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Amounts of Transaction</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_0" xlink:to="lbl_RelatedPartyTransactionAmountsOfTransaction_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAmountsOfTransaction_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related party, transaction amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionRate" xlink:label="loc_us-gaap_RelatedPartyTransactionRate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionRate_0" xlink:to="lbl_RelatedPartyTransactionRate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionRate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction Rate</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionRate_0" xlink:to="lbl_RelatedPartyTransactionRate_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionRate_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related party transaction, rate</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="lbl_RelatedPartyTransactionLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_0" xlink:to="lbl_RelatedPartyTransactionsDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionsDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_0" xlink:to="lbl_RelatedPartyTransactionsDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionsDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transactions with related parties</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_0" xlink:to="lbl_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities_0" xlink:to="lbl_RepaymentsOfLongTermDebtAndCapitalSecurities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepaymentsOfLongTermDebtAndCapitalSecurities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Long-term Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities_0" xlink:to="lbl_RepaymentsOfLongTermDebtAndCapitalSecurities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepaymentsOfLongTermDebtAndCapitalSecurities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repayments of long-term debt and finance liabilities (Notes 8 and 9)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfSecuredDebt_0" xlink:to="lbl_RepaymentsOfSecuredDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepaymentsOfSecuredDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Repayment of secured loan agreement</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_0" xlink:to="lbl_PaymentsForRepurchaseOfCommonStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForRepurchaseOfCommonStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments for Repurchase of Common Stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_0" xlink:to="lbl_PaymentsForRepurchaseOfCommonStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForRepurchaseOfCommonStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payments for repurchase of common stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_0" xlink:to="lbl_PaymentsForRepurchaseOfCommonStock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForRepurchaseOfCommonStock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments for repurchase of common stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit_0" xlink:to="lbl_RetainedEarningsAccumulatedDeficit_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RetainedEarningsAccumulatedDeficit_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Retained earnings</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_SalvageValueMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Salvage Value [Member]</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsTextBlock_0" xlink:to="lbl_EquityMethodInvestmentsTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Method Investments</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonmonetaryTransactionsDisclosureTextBlock_0" xlink:to="lbl_NonmonetaryTransactionsDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NonmonetaryTransactionsDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Nonmonetary Transactions Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonmonetaryTransactionsDisclosureTextBlock_0" xlink:to="lbl_NonmonetaryTransactionsDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NonmonetaryTransactionsDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-monetary transactions and spinoffs</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock_0" xlink:to="lbl_ScheduleOfDebtInstrumentsTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfDebtInstrumentsTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-term Debt Instruments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock_0"></link:loc>
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<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Schedule of Vessels, net in the Accompanying Consolidated Balance Sheets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_0" xlink:to="lbl_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_0" xlink:to="lbl_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Company's Charter Revenues</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuredDebtMember" xlink:label="loc_us-gaap_SecuredDebtMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebtMember_0" xlink:to="lbl_SecuredDebtMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecuredDebtMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebt_0" xlink:to="lbl_SecuredDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecuredDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebt_0" xlink:to="lbl_SecuredDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecuredDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured long-term debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesBPreferredStockMember_0" xlink:to="lbl_SeriesBPreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesBPreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series B Preferred Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesCPreferredStockMember_0" xlink:to="lbl_SeriesCPreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesCPreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series C Preferred Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesDPreferredStockMember" xlink:label="loc_us-gaap_SeriesDPreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesDPreferredStockMember_0" xlink:to="lbl_SeriesDPreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesDPreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series D Preferred Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesAPreferredStockMember_0" xlink:to="lbl_SeriesAPreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesAPreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series A Participating Preferred Stock</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Restricted common stock granted in period</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granted</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average Grant Date Fair Value, Granted</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Non vested restricted common stock, ending balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Non vested restricted common stock, beginning balance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Weighted Average Grant Date Fair Value, ending balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Weighted Average Grant Date Fair Value, beginning balance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vested</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vested</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfStockIssuanceCosts_0" xlink:to="lbl_PaymentsOfStockIssuanceCosts_1"></link:labelArc>
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<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquityAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stockholders' Equity</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightOutstanding_0" xlink:to="lbl_ClassOfWarrantOrRightOutstanding_1"></link:labelArc>
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<link:label xlink:type="resource" xlink:label="lbl_SubsequentEventTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Axis]</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_SubsequentEventLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Line Items]</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_SubsequentEventTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Table]</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_SubsequentEventTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Domain]</link:label>
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<link:label xlink:type="resource" xlink:label="lbl_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of common stock owned</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_0" xlink:to="lbl_SupplementalCashFlowInformationAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SupplementalCashFlowInformationAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">SUPPLEMENTAL CASH FLOW INFORMATION</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent_0" xlink:to="lbl_AssetsCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total current assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent_0" xlink:to="lbl_AssetsCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Current Assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrentAbstract_0" xlink:to="lbl_AssetsCurrentAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsCurrentAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Current Assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:label="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare_0" xlink:to="lbl_TreasuryStockAcquiredAverageCostPerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockAcquiredAverageCostPerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock Acquired, Average Cost Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare_0" xlink:to="lbl_TreasuryStockAcquiredAverageCostPerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockAcquiredAverageCostPerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchase price per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnsecuredDebt" xlink:label="loc_us-gaap_UnsecuredDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnsecuredDebt_0" xlink:to="lbl_UnsecuredDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnsecuredDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Unsecured Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnsecuredDebt_0" xlink:to="lbl_UnsecuredDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnsecuredDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior unsecured bond</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnsecuredDebt_0" xlink:to="lbl_UnsecuredDebt_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnsecuredDebt_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VehiclesMember" xlink:label="loc_us-gaap_VehiclesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VehiclesMember_0" xlink:to="lbl_VehiclesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VehiclesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vehicles [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WarrantMember" xlink:label="loc_us-gaap_WarrantMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantMember_0" xlink:to="lbl_WarrantMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrant [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WarrantsAndRightsOutstanding" xlink:label="loc_us-gaap_WarrantsAndRightsOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantsAndRightsOutstanding_0" xlink:to="lbl_WarrantsAndRightsOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAndRightsOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrants And Rights Outstanding</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantsAndRightsOutstanding_0" xlink:to="lbl_WarrantsAndRightsOutstanding_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAndRightsOutstanding_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants, fair value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantsAndRightsOutstanding_0" xlink:to="lbl_WarrantsAndRightsOutstanding_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAndRightsOutstanding_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Warrant liability</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0" xlink:to="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Weighted average number of common shares, diluted</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0" xlink:to="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average number of common shares outstanding, diluted (Note 14)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0" xlink:to="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfDilutedSharesOutstanding_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Weighted average number of common shares, diluted</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0" xlink:to="lbl_WeightedAverageNumberOfSharesOutstandingBasic_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfSharesOutstandingBasic_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Weighted average number of common shares, basic</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0" xlink:to="lbl_WeightedAverageNumberOfSharesOutstandingBasic_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfSharesOutstandingBasic_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average number of common shares outstanding, basic (Note 14)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0" xlink:to="lbl_WeightedAverageNumberOfSharesOutstandingBasic_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WeightedAverageNumberOfSharesOutstandingBasic_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted average number of common shares, basic</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_0" xlink:to="lbl_RestrictedCashAndCashEquivalentsNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedCashAndCashEquivalentsNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Restricted cash, non-current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_0" xlink:to="lbl_RestrictedCashAndCashEquivalentsNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedCashAndCashEquivalentsNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash, non-current (Note 2(e) and 8)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_0" xlink:to="lbl_RestrictedCashAndCashEquivalentsNoncurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RestrictedCashAndCashEquivalentsNoncurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Minimum cash deposits required to be maintained</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvesteeMember" xlink:label="loc_us-gaap_EquityMethodInvesteeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvesteeMember_0" xlink:to="lbl_EquityMethodInvesteeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvesteeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investee [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember_0" xlink:to="lbl_CommonStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember_0" xlink:to="lbl_CommonStockMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Property and Equipment, net</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_0" xlink:to="lbl_PropertyPlantAndEquipmentTypeDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Type [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAdditions_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAdditions_0" xlink:to="lbl_PropertyPlantAndEquipmentAdditions_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAdditions_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Additions</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAdditions_0" xlink:to="lbl_PropertyPlantAndEquipmentAdditions_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAdditions_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel acquisition cost</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAdditions_0" xlink:to="lbl_PropertyPlantAndEquipmentAdditions_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAdditions_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Additions for vessel acquisitions and improvements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAdditions_0" xlink:to="lbl_PropertyPlantAndEquipmentAdditions_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAdditions_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments to acquire property and equipment (Note 6)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentDisposals" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisposals_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisposals_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposals_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposals_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Disposals</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisposals_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposals_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposals_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vessel disposals</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisposals_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposals_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposals_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of vessels</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_0" xlink:to="lbl_PropertyPlantAndEquipmentNetAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fixed Assets:</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockMember" xlink:label="loc_us-gaap_PreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember_0" xlink:to="lbl_PreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember_0" xlink:to="lbl_PreferredStockMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets_0" xlink:to="lbl_Assets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Assets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets_0" xlink:to="lbl_Assets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Assets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_0" xlink:to="lbl_AllowanceForDoubtfulAccountsReceivable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AllowanceForDoubtfulAccountsReceivable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Receivable, Allowance for Credit Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_0" xlink:to="lbl_AllowanceForDoubtfulAccountsReceivable_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AllowanceForDoubtfulAccountsReceivable_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts receivable, provision for doubtful accounts</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_0" xlink:to="lbl_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Trading Securities And Other Trading Assets [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentIncomeDividend" xlink:label="loc_us-gaap_InvestmentIncomeDividend_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeDividend_0" xlink:to="lbl_InvestmentIncomeDividend_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentIncomeDividend_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investment Income, Dividend</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeDividend_0" xlink:to="lbl_InvestmentIncomeDividend_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentIncomeDividend_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividend income (Note 5(a))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeDividend_0" xlink:to="lbl_InvestmentIncomeDividend_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentIncomeDividend_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherLiabilitiesCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesCurrent_0" xlink:to="lbl_OtherLiabilitiesCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherLiabilitiesCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesCurrent_0" xlink:to="lbl_OtherLiabilitiesCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherLiabilitiesCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to related parties (Note 3)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesCurrent_0" xlink:to="lbl_OtherLiabilitiesCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherLiabilitiesCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Due to related parties, current</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent_0" xlink:to="lbl_OtherLiabilitiesNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherLiabilitiesNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Liabilities Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent_0" xlink:to="lbl_OtherLiabilitiesNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherLiabilitiesNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other non-current liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_0" xlink:to="lbl_ConcentrationRiskByBenchmarkAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskByBenchmarkAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Benchmark [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain_0" xlink:to="lbl_ConcentrationRiskBenchmarkDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskBenchmarkDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk Benchmark [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockRedemptionPricePerShare" xlink:label="loc_us-gaap_PreferredStockRedemptionPricePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockRedemptionPricePerShare_0" xlink:to="lbl_PreferredStockRedemptionPricePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockRedemptionPricePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Redemption Price Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockRedemptionPricePerShare_0" xlink:to="lbl_PreferredStockRedemptionPricePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockRedemptionPricePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, Redemption price per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_0" xlink:to="lbl_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MovementInPropertyPlantAndEquipmentRollForward" xlink:label="loc_us-gaap_MovementInPropertyPlantAndEquipmentRollForward_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInPropertyPlantAndEquipmentRollForward_0" xlink:to="lbl_MovementInPropertyPlantAndEquipmentRollForward_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MovementInPropertyPlantAndEquipmentRollForward_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Movement in Property, Plant and Equipment [Roll Forward]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInPropertyPlantAndEquipmentRollForward_0" xlink:to="lbl_MovementInPropertyPlantAndEquipmentRollForward_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MovementInPropertyPlantAndEquipmentRollForward_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Cost</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward" xlink:label="loc_us-gaap_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_0" xlink:to="lbl_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_0" xlink:to="lbl_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MovementInAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentRollForward_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated Depreciation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable_0" xlink:to="lbl_StatementTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Statement [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesNameDomain" xlink:label="loc_us-gaap_AntidilutiveSecuritiesNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesNameDomain_0" xlink:to="lbl_AntidilutiveSecuritiesNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AntidilutiveSecuritiesNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Antidilutive Securities Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_0" xlink:to="lbl_InvestmentsFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investments, Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_0" xlink:to="lbl_InvestmentsFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment in related party</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0" xlink:to="lbl_EquityMethodInvestmentsFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0" xlink:to="lbl_EquityMethodInvestmentsFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvestmentsFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract_0" xlink:to="lbl_AssetsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">ASSETS</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems_0" xlink:to="lbl_StatementLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightAxis" xlink:label="loc_us-gaap_ClassOfWarrantOrRightAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightAxis_0" xlink:to="lbl_ClassOfWarrantOrRightAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightDomain" xlink:label="loc_us-gaap_ClassOfWarrantOrRightDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightDomain_0" xlink:to="lbl_ClassOfWarrantOrRightDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_us-gaap_FairValueInputsLevel1Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member_0" xlink:to="lbl_FairValueInputsLevel1Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueInputsLevel1Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Level 1 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_us-gaap_FairValueInputsLevel2Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member_0" xlink:to="lbl_FairValueInputsLevel2Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueInputsLevel2Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Level 2 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member_0" xlink:to="lbl_FairValueInputsLevel3Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueInputsLevel3Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Level 3 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_0" xlink:to="lbl_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurements, Nonrecurring [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_0" xlink:to="lbl_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Other Fair Value Measurements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentFairValueDisclosure" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure_0" xlink:to="lbl_PropertyPlantAndEquipmentFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant, and Equipment, Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure_0" xlink:to="lbl_PropertyPlantAndEquipmentFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels, fair value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure_0" xlink:to="lbl_PropertyPlantAndEquipmentFairValueDisclosure_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentFairValueDisclosure_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fair value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure_0" xlink:to="lbl_PropertyPlantAndEquipmentFairValueDisclosure_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentFairValueDisclosure_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/netLabel">Long-lived assets held for use</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_0" xlink:to="lbl_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_0" xlink:to="lbl_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments, fair value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsAllOtherInvestmentsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsAllOtherInvestmentsAbstract_0" xlink:to="lbl_InvestmentsAllOtherInvestmentsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsAllOtherInvestmentsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investments All Other</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="loc_us-gaap_PreferredStockLiquidationPreference_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockLiquidationPreference_0" xlink:to="lbl_PreferredStockLiquidationPreference_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockLiquidationPreference_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Liquidation Preference Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockLiquidationPreference_0" xlink:to="lbl_PreferredStockLiquidationPreference_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockLiquidationPreference_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock liquidation preference per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireLandHeldForUse" xlink:label="loc_us-gaap_PaymentsToAcquireLandHeldForUse_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLandHeldForUse_0" xlink:to="lbl_PaymentsToAcquireLandHeldForUse_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireLandHeldForUse_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Land Held For Use</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLandHeldForUse_0" xlink:to="lbl_PaymentsToAcquireLandHeldForUse_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireLandHeldForUse_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment to acquire plot of land</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain_0" xlink:to="lbl_ClassOfStockDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfStockDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Stock Domain</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightUnissued" xlink:label="loc_us-gaap_ClassOfWarrantOrRightUnissued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightUnissued_0" xlink:to="lbl_ClassOfWarrantOrRightUnissued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightUnissued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Unissued</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermPurchaseCommitmentAmount" xlink:label="loc_us-gaap_LongTermPurchaseCommitmentAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentAmount_0" xlink:to="lbl_LongTermPurchaseCommitmentAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermPurchaseCommitmentAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Purchase Commitment Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentAmount_0" xlink:to="lbl_LongTermPurchaseCommitmentAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongTermPurchaseCommitmentAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitment amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentNetByTypeAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetByTypeAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetByTypeAbstract_0" xlink:to="lbl_PropertyPlantAndEquipmentNetByTypeAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetByTypeAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Net, by Type [Abstract]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetByTypeAbstract_0" xlink:to="lbl_PropertyPlantAndEquipmentNetByTypeAbstract_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetByTypeAbstract_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net Book Value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet_0" xlink:to="lbl_DeferredFinanceCostsNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredFinanceCostsNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Finance Costs, Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet_0" xlink:to="lbl_DeferredFinanceCostsNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredFinanceCostsNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Deferred financing costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet_0" xlink:to="lbl_DeferredFinanceCostsNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredFinanceCostsNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt issuance costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_0" xlink:to="lbl_IncreaseDecreaseInDeferredRevenue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInDeferredRevenue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsNoncurrent_0" xlink:to="lbl_OtherAssetsNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherAssetsNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsNoncurrent_0" xlink:to="lbl_OtherAssetsNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherAssetsNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other non-current assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareDilutedAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDilutedAbstract_0" xlink:to="lbl_EarningsPerShareDilutedAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareDilutedAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_0" xlink:to="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_0" xlink:to="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Denominator of the diluted earnings per share calculation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_0" xlink:to="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Antidilutive Securities Excluded From Computation Of Earnings Per Share By Antidilutive Securities [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_0" xlink:to="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="lbl_EarningsPerShareAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings per Share [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:label="loc_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_0" xlink:to="lbl_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock_0" xlink:to="lbl_EarningsPerSharePolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerSharePolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings / (loss) per Common Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock_0" xlink:to="lbl_EarningsPerSharePolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerSharePolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings / (loss) per Common Share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InsuredEventGainLoss" xlink:label="loc_us-gaap_InsuredEventGainLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuredEventGainLoss_0" xlink:to="lbl_InsuredEventGainLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuredEventGainLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Insured Event Gain Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuredEventGainLoss_0" xlink:to="lbl_InsuredEventGainLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuredEventGainLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Insurance recoveries (Note 8(a))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuredEventGainLoss_0" xlink:to="lbl_InsuredEventGainLoss_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuredEventGainLoss_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain from insurance recoveries</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_0" xlink:to="lbl_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Trading Securities And Other Trading Assets [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable_0" xlink:to="lbl_ScheduleOfEquityMethodInvestmentsTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfEquityMethodInvestmentsTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Equity Method Investments [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_0" xlink:to="lbl_ScheduleOfEquityMethodInvestmentsLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfEquityMethodInvestmentsLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Equity Method Investments [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis_0" xlink:to="lbl_StatementClassOfStockAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementClassOfStockAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Statement Class Of Stock [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_0" xlink:to="lbl_ScheduleOfPropertyPlantAndEquipmentTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfPropertyPlantAndEquipmentTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Property, Plant and Equipment [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_0" xlink:to="lbl_PropertyPlantAndEquipmentTransfersAndChanges_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTransfersAndChanges_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Transfers and Changes</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_0" xlink:to="lbl_PropertyPlantAndEquipmentTransfersAndChanges_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTransfersAndChanges_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions for improvements reclassified from other non-current assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongLivedAssetsHeldForSaleNameDomain" xlink:label="loc_us-gaap_LongLivedAssetsHeldForSaleNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongLivedAssetsHeldForSaleNameDomain_0" xlink:to="lbl_LongLivedAssetsHeldForSaleNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForSaleNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held-for-sale, Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare_0" xlink:to="lbl_CommonStockParOrStatedValuePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockParOrStatedValuePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Par Or Stated Value Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare_0" xlink:to="lbl_CommonStockParOrStatedValuePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockParOrStatedValuePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, par value per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="loc_us-gaap_DeferredChargesPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredChargesPolicyTextBlock_0" xlink:to="lbl_DeferredChargesPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredChargesPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Charges, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredChargesPolicyTextBlock_0" xlink:to="lbl_DeferredChargesPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeferredChargesPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred Costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_0" xlink:to="lbl_PropertyPlantAndEquipmentByTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentByTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment by Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_0" xlink:to="lbl_PropertyPlantAndEquipmentLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis" xlink:label="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_0" xlink:to="lbl_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impaired Long-Lived Assets Held and Used by Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xlink:label="loc_us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_0" xlink:to="lbl_LongLivedAssetsHeldForSaleByAssetTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForSaleByAssetTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held-for-sale by Asset Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:label="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_0" xlink:to="lbl_CommonStockCapitalSharesReservedForFutureIssuance_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockCapitalSharesReservedForFutureIssuance_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Capital Shares Reserved For Future Issuance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_0" xlink:to="lbl_CommonStockCapitalSharesReservedForFutureIssuance_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockCapitalSharesReservedForFutureIssuance_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock capital shares reserved for future issuance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="loc_us-gaap_DebtPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtPolicyTextBlock_0" xlink:to="lbl_DebtPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financing Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtPolicyTextBlock_0" xlink:to="lbl_DebtPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing Costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InsuranceRecoveries" xlink:label="loc_us-gaap_InsuranceRecoveries_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceRecoveries_0" xlink:to="lbl_InsuranceRecoveries_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuranceRecoveries_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Insurance Recoveries</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceRecoveries_0" xlink:to="lbl_InsuranceRecoveries_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuranceRecoveries_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Insurance recoveries</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceRecoveries_0" xlink:to="lbl_InsuranceRecoveries_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsuranceRecoveries_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain from insurance recoveries</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="loc_us-gaap_OperatingCostsAndExpenses_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpenses_0" xlink:to="lbl_OperatingCostsAndExpenses_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingCostsAndExpenses_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessel operating expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpenses_0" xlink:to="lbl_OperatingCostsAndExpenses_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingCostsAndExpenses_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel operating expenses</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpenses_0" xlink:to="lbl_OperatingCostsAndExpenses_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingCostsAndExpenses_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Management fees to related party (Note 3(c))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpenses_0" xlink:to="lbl_OperatingCostsAndExpenses_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OperatingCostsAndExpenses_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/netLabel">Management fees to related party</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity_0" xlink:to="lbl_StockholdersEquity_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquity_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total stockholders' equity</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity_0" xlink:to="lbl_StockholdersEquity_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquity_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity_0" xlink:to="lbl_StockholdersEquity_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquity_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity_0" xlink:to="lbl_StockholdersEquity_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquity_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Stockholders' Equity</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestCostsCapitalized" xlink:label="loc_us-gaap_InterestCostsCapitalized_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsCapitalized_0" xlink:to="lbl_InterestCostsCapitalized_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestCostsCapitalized_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Costs Capitalized</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsCapitalized_0" xlink:to="lbl_InterestCostsCapitalized_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestCostsCapitalized_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels under construction, capitalized interest</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue_0" xlink:to="lbl_PreferredStockValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue_0" xlink:to="lbl_PreferredStockValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock (Note 11)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="loc_us-gaap_CommonStockDividendsPerShareCashPaid_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareCashPaid_0" xlink:to="lbl_CommonStockDividendsPerShareCashPaid_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockDividendsPerShareCashPaid_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Cash Paid</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareCashPaid_0" xlink:to="lbl_CommonStockDividendsPerShareCashPaid_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockDividendsPerShareCashPaid_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend paid on common stock per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities_0" xlink:to="lbl_DerivativeLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities_0" xlink:to="lbl_DerivativeLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DerivativeLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swap, liability</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_0" xlink:to="lbl_StatementEquityComponentsAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementEquityComponentsAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Statement Equity Components [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember_0" xlink:to="lbl_AdditionalPaidInCapitalMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdditionalPaidInCapitalMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid-in Capital [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember_0" xlink:to="lbl_AdditionalPaidInCapitalMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdditionalPaidInCapitalMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional Paid-in Capital [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember_0" xlink:to="lbl_RetainedEarningsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RetainedEarningsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Deficit [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_0" xlink:to="lbl_AccumulatedOtherComprehensiveIncomeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedOtherComprehensiveIncomeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Comprehensive Income [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain_0" xlink:to="lbl_EquityComponentDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityComponentDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Component [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodValueNewIssues_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueNewIssues_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Value New Issues</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodValueNewIssues_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueNewIssues_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodValueNewIssues_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueNewIssues_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of common stock (Note 11(e))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_0" xlink:to="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardGross_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardGross_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Value Restricted Stock Award Gross</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_0" xlink:to="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardGross_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardGross_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Value of restriced shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_0" xlink:to="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Issuance of restricted stock and compensation cost, value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_0" xlink:to="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of restricted stock and compensation cost (Note 11(h))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchased and Retired During Period, Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Stock repurchased and retired (Note 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodValue_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodValue_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchased shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodSharesNewIssues_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesNewIssues_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares New Issues</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodSharesNewIssues_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesNewIssues_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/netLabel">Number of shares issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodSharesNewIssues_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesNewIssues_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of stock, shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodSharesNewIssues_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesNewIssues_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of new shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0" xlink:to="lbl_StockIssuedDuringPeriodSharesNewIssues_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesNewIssues_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Issuance of stock (in shares)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_0" xlink:to="lbl_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Issuance of restricted stock and compensation cost, shares (Note 11(h))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_0" xlink:to="lbl_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of restricted awards</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodShares_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodShares_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock repurchased and retired, shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodShares_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodShares_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Stock repurchased and retired, shares (Note 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodShares_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodShares_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares purchased in tender offer</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0" xlink:to="lbl_StockRepurchasedAndRetiredDuringPeriodShares_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchasedAndRetiredDuringPeriodShares_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Stock repurchased shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired_0" xlink:to="lbl_TreasuryStockSharesAcquired_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockSharesAcquired_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock Shares Acquired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired_0" xlink:to="lbl_TreasuryStockSharesAcquired_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockSharesAcquired_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchased shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityPolicyTextBlock" xlink:label="loc_us-gaap_StockholdersEquityPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityPolicyTextBlock_0" xlink:to="lbl_StockholdersEquityPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquityPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stockholders' Equity, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityPolicyTextBlock_0" xlink:to="lbl_StockholdersEquityPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockholdersEquityPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares repurchased and retired</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_0" xlink:to="lbl_NetIncomeLossAvailableToCommonStockholdersDiluted_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLossAvailableToCommonStockholdersDiluted_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Net Income Loss Available To Common Stockholders Diluted</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_0" xlink:to="lbl_NetIncomeLossAvailableToCommonStockholdersDiluted_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NetIncomeLossAvailableToCommonStockholdersDiluted_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjusted net income attributable to common stockholders</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_us-gaap_CostsAndExpensesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_0" xlink:to="lbl_CostsAndExpensesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CostsAndExpensesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">OPERATING EXPENSES</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_0" xlink:to="lbl_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Unrecorded Unconditional Purchase Obligation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_0" xlink:to="lbl_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate amount of unrecognized unconditional purchase obligations</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_0" xlink:to="lbl_TreasuryStockValueAcquiredCostMethod_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockValueAcquiredCostMethod_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock Value Acquired Cost Method</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_0" xlink:to="lbl_TreasuryStockValueAcquiredCostMethod_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TreasuryStockValueAcquiredCostMethod_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate purchase price</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPreferredStock" xlink:label="loc_us-gaap_DividendsPreferredStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStock_0" xlink:to="lbl_DividendsPreferredStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPreferredStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Preferred Stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharesIssued" xlink:label="loc_us-gaap_SharesIssued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesIssued_0" xlink:to="lbl_SharesIssued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesIssued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Shares, Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesIssued_0" xlink:to="lbl_SharesIssued_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesIssued_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares exchanged for working capital contribution</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_us-gaap_EarningsPerShareTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock_0" xlink:to="lbl_EarningsPerShareTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock_0" xlink:to="lbl_EarningsPerShareTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EarningsPerShareTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per Share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss_0" xlink:to="lbl_ProfitLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProfitLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Profit Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss_0" xlink:to="lbl_ProfitLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProfitLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivableCurrent_0" xlink:to="lbl_InterestReceivableCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestReceivableCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Receivable Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivableCurrent_0" xlink:to="lbl_InterestReceivableCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestReceivableCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization_0" xlink:to="lbl_DepreciationDepletionAndAmortization_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DepreciationDepletionAndAmortization_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation and amortization of deferred charges</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization_0" xlink:to="lbl_DepreciationDepletionAndAmortization_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DepreciationDepletionAndAmortization_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization of deferred charges</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization_0" xlink:to="lbl_DepreciationDepletionAndAmortization_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DepreciationDepletionAndAmortization_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Depreciation and amortization of deferred charges</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems_0" xlink:to="lbl_ClassOfStockLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfStockLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Stock [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies_0" xlink:to="lbl_CommitmentsAndContingencies_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommitmentsAndContingencies_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commitments And Contingencies</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies_0" xlink:to="lbl_CommitmentsAndContingencies_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommitmentsAndContingencies_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and contingencies (Note 10)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash_0" xlink:to="lbl_DividendsCommonStockCash_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockCash_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock, Cash</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash_0" xlink:to="lbl_DividendsCommonStockCash_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockCash_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends on common stock (Note 11(f))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash_0" xlink:to="lbl_DividendsCommonStockCash_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockCash_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash dividend</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash_0" xlink:to="lbl_DividendsCommonStockCash_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockCash_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amount of dividend paid on common stock</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsCommonStockStock" xlink:label="loc_us-gaap_DividendsCommonStockStock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockStock_0" xlink:to="lbl_DividendsCommonStockStock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockStock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock, Stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockStock_0" xlink:to="lbl_DividendsCommonStockStock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockStock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">OceanPal Inc. spin-off (Note 11(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockStock_0" xlink:to="lbl_DividendsCommonStockStock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockStock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends in stock, value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsCommonStockPaidinkind" xlink:label="loc_us-gaap_DividendsCommonStockPaidinkind_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockPaidinkind_0" xlink:to="lbl_DividendsCommonStockPaidinkind_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockPaidinkind_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Common Stock Paidinkind</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockPaidinkind_0" xlink:to="lbl_DividendsCommonStockPaidinkind_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsCommonStockPaidinkind_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends in kind</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="loc_us-gaap_DividendsPreferredStockCash_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStockCash_0" xlink:to="lbl_DividendsPreferredStockCash_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPreferredStockCash_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends on series B preferred stock</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStockCash_0" xlink:to="lbl_DividendsPreferredStockCash_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPreferredStockCash_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends on series B preferred stock ($2.21875) (Note 11(d))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPaidinkind" xlink:label="loc_us-gaap_DividendsPaidinkind_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPaidinkind_0" xlink:to="lbl_DividendsPaidinkind_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidinkind_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Paid-in-kind</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPaidinkind_0" xlink:to="lbl_DividendsPaidinkind_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidinkind_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends in kind (Note 9(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPaidinkind_0" xlink:to="lbl_DividendsPaidinkind_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidinkind_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends in kind</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeconsolidationGainOrLossAmount" xlink:label="loc_us-gaap_DeconsolidationGainOrLossAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeconsolidationGainOrLossAmount_0" xlink:to="lbl_DeconsolidationGainOrLossAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeconsolidationGainOrLossAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Deconsolidation Gain Or Loss Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeconsolidationGainOrLossAmount_0" xlink:to="lbl_DeconsolidationGainOrLossAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeconsolidationGainOrLossAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain on deconsolidation of subsidiary</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeconsolidationGainOrLossAmount_0" xlink:to="lbl_DeconsolidationGainOrLossAmount_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DeconsolidationGainOrLossAmount_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain on deconsolidation of subsidiary</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_0" xlink:to="lbl_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Adjustments to reconcile net income to cash provided by operating activities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_0" xlink:to="lbl_LongtermDebtTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongtermDebtTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Term Debt [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NatureOfOperations" xlink:label="loc_us-gaap_NatureOfOperations_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations_0" xlink:to="lbl_NatureOfOperations_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NatureOfOperations_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Nature Of Operations</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations_0" xlink:to="lbl_NatureOfOperations_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NatureOfOperations_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nature of Operations</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_0" xlink:to="lbl_DividendsPayableCurrentAndNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPayableCurrentAndNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable Current And Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_0" xlink:to="lbl_DividendsPayableCurrentAndNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPayableCurrentAndNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends payable</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent_0" xlink:to="lbl_AccountsPayableCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountsPayableCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable, Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent_0" xlink:to="lbl_AccountsPayableCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountsPayableCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrent_0" xlink:to="lbl_AccruedLiabilitiesCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccruedLiabilitiesCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accrued liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_0" xlink:to="lbl_LongtermDebtTypeDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongtermDebtTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Type [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireLimitedPartnershipInterests" xlink:label="loc_us-gaap_PaymentsToAcquireLimitedPartnershipInterests_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLimitedPartnershipInterests_0" xlink:to="lbl_PaymentsToAcquireLimitedPartnershipInterests_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireLimitedPartnershipInterests_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Limited Partnership Interests</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLimitedPartnershipInterests_0" xlink:to="lbl_PaymentsToAcquireLimitedPartnershipInterests_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireLimitedPartnershipInterests_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments to acquire limited partnership interest</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0" xlink:to="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Collection Of Long-term Loans To Related Parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0" xlink:to="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from convertible loan with limited partnership (Note 4(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties_0" xlink:to="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromCollectionOfLongtermLoansToRelatedParties_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Proceeds from convertible loan with limited partnership</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_0" xlink:to="lbl_PrepaidExpenseAndOtherAssetsCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PrepaidExpenseAndOtherAssetsCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Prepaid Expense and Other Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_0" xlink:to="lbl_PrepaidExpenseAndOtherAssetsCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PrepaidExpenseAndOtherAssetsCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prepaid expenses and other assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_0" xlink:to="lbl_AssetsFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Assets, Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_0" xlink:to="lbl_AssetsFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total assets contributed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_0" xlink:to="lbl_AssetsFairValueDisclosure_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsFairValueDisclosure_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total fair value measurements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_0" xlink:to="lbl_LiabilitiesFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_0" xlink:to="lbl_LiabilitiesFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total recurring fair value measurements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_0" xlink:to="lbl_DebtInstrumentDescriptionOfVariableRateBasis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentDescriptionOfVariableRateBasis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Description of Variable Rate Basis</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_0" xlink:to="lbl_DebtInstrumentDescriptionOfVariableRateBasis_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentDescriptionOfVariableRateBasis_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Description of variable rate basis</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_0" xlink:to="lbl_FairValueMeasurementFrequencyDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementFrequencyDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Domain]</link:label>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_0" xlink:to="lbl_FairValueMeasurementsFairValueHierarchyDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementsFairValueHierarchyDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember_0" xlink:to="lbl_FairValueMeasurementsRecurringMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementsRecurringMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurements Recurring [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember_0" xlink:to="lbl_FairValueMeasurementsRecurringMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementsRecurringMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recurring fair value measurements [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsNonrecurringMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsNonrecurringMember_0" xlink:to="lbl_FairValueMeasurementsNonrecurringMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementsNonrecurringMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Non recurring fair value measurements [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingencyDamagesSoughtValue" xlink:label="loc_us-gaap_LossContingencyDamagesSoughtValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesSoughtValue_0" xlink:to="lbl_LossContingencyDamagesSoughtValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyDamagesSoughtValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingency Damages Sought Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesSoughtValue_0" xlink:to="lbl_LossContingencyDamagesSoughtValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyDamagesSoughtValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss contingency damages sought value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockDividendsShares" xlink:label="loc_us-gaap_CommonStockDividendsShares_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsShares_0" xlink:to="lbl_CommonStockDividendsShares_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonStockDividendsShares_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Dividends, Shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="loc_us-gaap_ProceedsFromWarrantExercises_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromWarrantExercises_0" xlink:to="lbl_ProceedsFromWarrantExercises_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromWarrantExercises_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Warrant Exercises</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromWarrantExercises_0" xlink:to="lbl_ProceedsFromWarrantExercises_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProceedsFromWarrantExercises_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from warrant exercises</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestAndOtherIncome" xlink:label="loc_us-gaap_InterestAndOtherIncome_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndOtherIncome_0" xlink:to="lbl_InterestAndOtherIncome_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndOtherIncome_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest and other income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndOtherIncome_0" xlink:to="lbl_InterestAndOtherIncome_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndOtherIncome_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest and other income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0" xlink:to="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Basis of Presentation and General Information [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage_0" xlink:to="lbl_PreferredStockDividendRatePercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendRatePercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Dividend Rate Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage_0" xlink:to="lbl_PreferredStockDividendRatePercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendRatePercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock dividend rate percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage_0" xlink:to="lbl_PreferredStockDividendRatePercentage_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendRatePercentage_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cumulative preferred dividend accruing rate</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockDividendRatePerDollarAmount" xlink:label="loc_us-gaap_PreferredStockDividendRatePerDollarAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePerDollarAmount_0" xlink:to="lbl_PreferredStockDividendRatePerDollarAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendRatePerDollarAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Dividend Rate Per Dollar Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePerDollarAmount_0" xlink:to="lbl_PreferredStockDividendRatePerDollarAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendRatePerDollarAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock dividend rate per dollar amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding_0" xlink:to="lbl_SharesOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding_0" xlink:to="lbl_SharesOutstanding_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesOutstanding_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance, shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding_0" xlink:to="lbl_SharesOutstanding_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesOutstanding_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance, shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfDebt" xlink:label="loc_us-gaap_RepaymentsOfDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfDebt_0" xlink:to="lbl_RepaymentsOfDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepaymentsOfDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Repayments Of Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfDebt_0" xlink:to="lbl_RepaymentsOfDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepaymentsOfDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, prepayment</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_0" xlink:to="lbl_FairValueByFairValueHierarchyLevelAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueByFairValueHierarchyLevelAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Hierarchy [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_0" xlink:to="lbl_FairValueByMeasurementFrequencyAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueByMeasurementFrequencyAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_0" xlink:to="lbl_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Maturities of Long-term Debt</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Value Purchase Of Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of common stock for vessel acquisitions (Notes 6 and 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodValuePurchaseOfAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of common stock for vessel acquisitions</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Purchase Of Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of common stock for vessel acquisitions, shares (Notes 6 and 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_0" xlink:to="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssuedDuringPeriodSharesPurchaseOfAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of common stock, shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0" xlink:to="lbl_CommitmentsAndContingenciesDisclosureAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommitmentsAndContingenciesDisclosureAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_0" xlink:to="lbl_IncomeTaxDisclosureAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncomeTaxDisclosureAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Income Taxes [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock_0" xlink:to="lbl_SubsequentEventsTextBlock_0"></link:labelArc>
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<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_0" xlink:to="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Noncash or Part Noncash Acquisition, Investments Acquired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_0" xlink:to="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-cash investments acquired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_0" xlink:to="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Noncash or Part Noncash Acquisition, Investments Acquired</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_0" xlink:to="lbl_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_0" xlink:to="lbl_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-cash acquisition of assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:label="loc_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_0" xlink:to="lbl_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Noncash Or Part Noncash Divestiture Amount Of Consideration Received 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_0" xlink:to="lbl_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-cash investment acquired</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherReceivablesNetCurrent" xlink:label="loc_us-gaap_OtherReceivablesNetCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivablesNetCurrent_0" xlink:to="lbl_OtherReceivablesNetCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherReceivablesNetCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Receivables Net Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivablesNetCurrent_0" xlink:to="lbl_OtherReceivablesNetCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherReceivablesNetCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due from related parties (Note 4)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivablesNetCurrent_0" xlink:to="lbl_OtherReceivablesNetCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherReceivablesNetCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Due from related parties</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_0" xlink:to="lbl_IncreaseDecreaseInOtherNoncurrentAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOtherNoncurrentAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other non-current assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_0" xlink:to="lbl_IncreaseDecreaseInOtherNoncurrentAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOtherNoncurrentAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other non-current assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_0" xlink:to="lbl_IncreaseDecreaseInOtherNoncurrentLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOtherNoncurrentLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Other Noncurrent Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_0" xlink:to="lbl_IncreaseDecreaseInOtherNoncurrentLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInOtherNoncurrentLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other non-current liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnrealizedGainLossOnInvestments" xlink:label="loc_us-gaap_UnrealizedGainLossOnInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnInvestments_0" xlink:to="lbl_UnrealizedGainLossOnInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnrealizedGainLossOnInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Unrealized Gain Loss On Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnInvestments_0" xlink:to="lbl_UnrealizedGainLossOnInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UnrealizedGainLossOnInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Difference between book value</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAssumed1" xlink:label="loc_us-gaap_LiabilitiesAssumed1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAssumed1_0" xlink:to="lbl_LiabilitiesAssumed1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesAssumed1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Assumed1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAssumed1_0" xlink:to="lbl_LiabilitiesAssumed1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiabilitiesAssumed1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-cash finance liability</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssued1" xlink:label="loc_us-gaap_StockIssued1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssued1_0" xlink:to="lbl_StockIssued1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssued1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssued1_0" xlink:to="lbl_StockIssued1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockIssued1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock issued in noncash financing activities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock" xlink:label="loc_us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock_0" xlink:to="lbl_CashCashEquivalentsAndShortTermInvestmentsTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsAndShortTermInvestmentsTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash Cash Equivalents And Short Term Investments [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock_0" xlink:to="lbl_CashCashEquivalentsAndShortTermInvestmentsTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsAndShortTermInvestmentsTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Short-Term Investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockDividendsPerShareCashPaid" xlink:label="loc_us-gaap_PreferredStockDividendsPerShareCashPaid_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsPerShareCashPaid_0" xlink:to="lbl_PreferredStockDividendsPerShareCashPaid_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendsPerShareCashPaid_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dividends, Per Share, Cash Paid</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsPerShareCashPaid_0" xlink:to="lbl_PreferredStockDividendsPerShareCashPaid_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendsPerShareCashPaid_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock, Dividends per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_0" xlink:to="lbl_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Earnings Per Share, Basic and Diluted</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_0" xlink:to="lbl_PreferredStockDividendsIncomeStatementImpact_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendsIncomeStatementImpact_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends on series B preferred shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_0" xlink:to="lbl_PreferredStockDividendsIncomeStatementImpact_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendsIncomeStatementImpact_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends on series B preferred shares (Notes 11(b) and 14)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_0" xlink:to="lbl_PreferredStockDividendsIncomeStatementImpact_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockDividendsIncomeStatementImpact_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Dividends on series B preferred shares</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MaintenanceCostPolicyPolicyTextBlock" xlink:label="loc_us-gaap_MaintenanceCostPolicyPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaintenanceCostPolicyPolicyTextBlock_0" xlink:to="lbl_MaintenanceCostPolicyPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaintenanceCostPolicyPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Repairs and Maintenance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaintenanceCostPolicyPolicyTextBlock_0" xlink:to="lbl_MaintenanceCostPolicyPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaintenanceCostPolicyPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repairs and Maintenance</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_0" xlink:to="lbl_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_0" xlink:to="lbl_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Share-based Compensation Restricted Stock and Restricted Stock Units Activity</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0" xlink:to="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Unrecognized cost for unvested restricted shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0" xlink:to="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrecognized cost for unvested restricted shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_0" xlink:to="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fair value of approved awards</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:label="loc_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock_0" xlink:to="lbl_ComprehensiveIncomePolicyPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComprehensiveIncomePolicyPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Comprehensive Income, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock_0" xlink:to="lbl_ComprehensiveIncomePolicyPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComprehensiveIncomePolicyPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Comprehensive Income / (Loss)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_us-gaap_FinancialInstrumentAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis_0" xlink:to="lbl_FinancialInstrumentAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinancialInstrumentAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instrument [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis_0" xlink:to="lbl_PlanNameAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PlanNameAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain_0" xlink:to="lbl_PlanNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PlanNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name Domain</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis_0" xlink:to="lbl_AwardTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AwardTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Award Type and Plan Name [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingencyDamagesPaidValue" xlink:label="loc_us-gaap_LossContingencyDamagesPaidValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesPaidValue_0" xlink:to="lbl_LossContingencyDamagesPaidValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyDamagesPaidValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingency, Damages Paid, Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesPaidValue_0" xlink:to="lbl_LossContingencyDamagesPaidValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyDamagesPaidValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total amount of fine</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember_0" xlink:to="lbl_SubsequentEventMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SubsequentEventMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock_0" xlink:to="lbl_DepreciationDepletionAndAmortizationPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DepreciationDepletionAndAmortizationPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessel Depreciation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock_0" xlink:to="lbl_DepreciationDepletionAndAmortizationPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DepreciationDepletionAndAmortizationPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Depreciation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_0" xlink:to="lbl_NewAccountingPronouncementsPolicyPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewAccountingPronouncementsPolicyPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_0" xlink:to="lbl_NewAccountingPronouncementsPolicyPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewAccountingPronouncementsPolicyPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">New Accounting Pronouncements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnRepurchaseOfDebtInstrument" xlink:label="loc_us-gaap_GainLossOnRepurchaseOfDebtInstrument_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnRepurchaseOfDebtInstrument_0" xlink:to="lbl_GainLossOnRepurchaseOfDebtInstrument_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnRepurchaseOfDebtInstrument_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gain (Loss) on Repurchase of Debt Instrument</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnRepurchaseOfDebtInstrument_0" xlink:to="lbl_GainLossOnRepurchaseOfDebtInstrument_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnRepurchaseOfDebtInstrument_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain (Loss) on repurchase of debt instrument</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRepurchaseAmount" xlink:label="loc_us-gaap_DebtInstrumentRepurchaseAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRepurchaseAmount_0" xlink:to="lbl_DebtInstrumentRepurchaseAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRepurchaseAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Repurchase Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRepurchaseAmount_0" xlink:to="lbl_DebtInstrumentRepurchaseAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRepurchaseAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repurchased bonds</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="loc_us-gaap_ConcentrationRiskCreditRisk_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskCreditRisk_0" xlink:to="lbl_ConcentrationRiskCreditRisk_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskCreditRisk_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration of Credit Risk</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskCreditRisk_0" xlink:to="lbl_ConcentrationRiskCreditRisk_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskCreditRisk_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Concentration of Credit Risk</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis_0" xlink:to="lbl_CreditFacilityAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CreditFacilityAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain_0" xlink:to="lbl_CreditFacilityDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CreditFacilityDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRepurchasedFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentRepurchasedFaceAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRepurchasedFaceAmount_0" xlink:to="lbl_DebtInstrumentRepurchasedFaceAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRepurchasedFaceAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Repurchased Face Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRepurchasedFaceAmount_0" xlink:to="lbl_DebtInstrumentRepurchasedFaceAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRepurchasedFaceAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nominal value of bond repurchased</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_0" xlink:to="lbl_PropertyPlantAndEquipmentUsefulLife_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentUsefulLife_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Estimated Useful Lives</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_0" xlink:to="lbl_PropertyPlantAndEquipmentUsefulLife_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentUsefulLife_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property and equipment, estimated useful lives</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_0" xlink:to="lbl_ScheduleOfRelatedPartyTransactionsTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfRelatedPartyTransactionsTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Related Party Transactions [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_0" xlink:to="lbl_ScheduleOfRelatedPartyTransactionsTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfRelatedPartyTransactionsTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Investment in Related Party</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0" xlink:to="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting period (in years)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_0" xlink:to="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total Compensation Cost Not yet Recognized, Period for Recognition</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_0" xlink:to="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total compensation cost not yet recognized, Period for recognition</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentIssuanceDate1" xlink:label="loc_us-gaap_DebtInstrumentIssuanceDate1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentIssuanceDate1_0" xlink:to="lbl_DebtInstrumentIssuanceDate1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentIssuanceDate1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Issuance Date</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentIssuanceDate1_0" xlink:to="lbl_DebtInstrumentIssuanceDate1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentIssuanceDate1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, issuance date</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NumberOfReportableSegments" xlink:label="loc_us-gaap_NumberOfReportableSegments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfReportableSegments_0" xlink:to="lbl_NumberOfReportableSegments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfReportableSegments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number of Reportable Segments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PurchaseObligationDueInNextTwelveMonths" xlink:label="loc_us-gaap_PurchaseObligationDueInNextTwelveMonths_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInNextTwelveMonths_0" xlink:to="lbl_PurchaseObligationDueInNextTwelveMonths_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInNextTwelveMonths_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Obligation Due In Next Twelve Months</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInNextTwelveMonths_0" xlink:to="lbl_PurchaseObligationDueInNextTwelveMonths_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInNextTwelveMonths_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 1</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PurchaseObligationDueInSecondYear" xlink:label="loc_us-gaap_PurchaseObligationDueInSecondYear_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInSecondYear_0" xlink:to="lbl_PurchaseObligationDueInSecondYear_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInSecondYear_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Obligation Due In Second Year</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInSecondYear_0" xlink:to="lbl_PurchaseObligationDueInSecondYear_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInSecondYear_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 2</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PurchaseObligationDueInThirdYear" xlink:label="loc_us-gaap_PurchaseObligationDueInThirdYear_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInThirdYear_0" xlink:to="lbl_PurchaseObligationDueInThirdYear_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInThirdYear_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Obligation Due In Third Year</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInThirdYear_0" xlink:to="lbl_PurchaseObligationDueInThirdYear_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInThirdYear_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 3</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PurchaseObligationDueInFourthYear" xlink:label="loc_us-gaap_PurchaseObligationDueInFourthYear_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInFourthYear_0" xlink:to="lbl_PurchaseObligationDueInFourthYear_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInFourthYear_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Obligation Due In Fourth Year</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligationDueInFourthYear_0" xlink:to="lbl_PurchaseObligationDueInFourthYear_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligationDueInFourthYear_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 4</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PurchaseObligation" xlink:label="loc_us-gaap_PurchaseObligation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligation_0" xlink:to="lbl_PurchaseObligation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Obligation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligation_0" xlink:to="lbl_PurchaseObligation_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligation_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lease obligation to purchase vessel</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseObligation_0" xlink:to="lbl_PurchaseObligation_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PurchaseObligation_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TransferToInvestments" xlink:label="loc_us-gaap_TransferToInvestments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferToInvestments_0" xlink:to="lbl_TransferToInvestments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TransferToInvestments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Transfer To Investments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferToInvestments_0" xlink:to="lbl_TransferToInvestments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TransferToInvestments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transfer to investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1_0" xlink:to="lbl_ConcentrationRiskPercentage1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskPercentage1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Concentration Risk, Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1_0" xlink:to="lbl_ConcentrationRiskPercentage1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConcentrationRiskPercentage1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of charter revenues</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingencyAccrualProvision" xlink:label="loc_us-gaap_LossContingencyAccrualProvision_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualProvision_0" xlink:to="lbl_LossContingencyAccrualProvision_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyAccrualProvision_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingency Accrual, Provision</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualProvision_0" xlink:to="lbl_LossContingencyAccrualProvision_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LossContingencyAccrualProvision_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Provisions included in operating expenses</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCollateralAmount_0" xlink:to="lbl_DebtInstrumentCollateralAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCollateralAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Collateral Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCollateralAmount_0" xlink:to="lbl_DebtInstrumentCollateralAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentCollateralAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral amount</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_0" xlink:to="lbl_OtherComprehensiveIncomeLossNetOfTax_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherComprehensiveIncomeLossNetOfTax_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other comprehensive income/(loss)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_0" xlink:to="lbl_OtherComprehensiveIncomeLossNetOfTax_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherComprehensiveIncomeLossNetOfTax_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other comprehensive income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_0" xlink:to="lbl_OtherComprehensiveIncomeLossNetOfTax_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherComprehensiveIncomeLossNetOfTax_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Other comprehensive income - Defined benefit plan</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_0" xlink:to="lbl_FairValueMeasurementPolicyPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementPolicyPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_0" xlink:to="lbl_FairValueMeasurementPolicyPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueMeasurementPolicyPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurements</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityFairValueDisclosure" xlink:label="loc_us-gaap_EquityFairValueDisclosure_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityFairValueDisclosure_0" xlink:to="lbl_EquityFairValueDisclosure_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityFairValueDisclosure_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Fair Value Disclosure</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityFairValueDisclosure_0" xlink:to="lbl_EquityFairValueDisclosure_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityFairValueDisclosure_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityFairValueDisclosure_0" xlink:to="lbl_EquityFairValueDisclosure_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityFairValueDisclosure_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Investments in equity securities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentTextBlock" xlink:label="loc_us-gaap_InvestmentTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTextBlock_0" xlink:to="lbl_InvestmentTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investment [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTextBlock_0" xlink:to="lbl_InvestmentTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in a Related Party and Other</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_0" xlink:to="lbl_DebtInstrumentBasisSpreadOnVariableRate1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentBasisSpreadOnVariableRate1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread On Variable Rate 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_0" xlink:to="lbl_DebtInstrumentBasisSpreadOnVariableRate1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentBasisSpreadOnVariableRate1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan margin percent</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueNetMember_0" xlink:to="lbl_SalesRevenueNetMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SalesRevenueNetMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Revenue Benchmark</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" xlink:label="loc_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_0" xlink:to="lbl_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_0" xlink:to="lbl_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares permitted to purchase from warrants</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="loc_us-gaap_SharesIssuedPricePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesIssuedPricePerShare_0" xlink:to="lbl_SharesIssuedPricePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesIssuedPricePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued Price Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesIssuedPricePerShare_0" xlink:to="lbl_SharesIssuedPricePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SharesIssuedPricePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Shares issued price per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPricePercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPricePercentage_0" xlink:to="lbl_DebtInstrumentRedemptionPricePercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPricePercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Redemption Price, Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPricePercentage_0" xlink:to="lbl_DebtInstrumentRedemptionPricePercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPricePercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redemption price, percentage</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodAxis_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Redemption, Period [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodDomain_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Redemption, Period [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodOneMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodOneMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodOneMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodOneMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">In three years [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodTwoMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodTwoMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">In four years [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodThreeMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodThreeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodThreeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">In four and a half years [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodFourMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodFourMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFourMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodFourMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodFourMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Redemption Period Four [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFourMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodFourMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodFourMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">June 2024 to May 2025 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodFiveMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodFiveMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodFiveMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Redemption Period Five [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodFiveMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodFiveMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">June 2025 to December 2025 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueAdjustmentOfWarrants" xlink:label="loc_us-gaap_FairValueAdjustmentOfWarrants_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Adjustment Of Warrants</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Unrealized gain on warrants (Note 11(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain on warrants (Note 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Gain on warrants</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Gain on warrants (Note 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAdjustmentOfWarrants_0" xlink:to="lbl_FairValueAdjustmentOfWarrants_5"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueAdjustmentOfWarrants_5" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel">Gain on warrants</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis_0" xlink:to="lbl_RelatedPartyTransactionAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_0" xlink:to="lbl_RelatedPartyTransactionDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction Domain</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis_0" xlink:to="lbl_VariableRateAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VariableRateAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Variable Rate [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain_0" xlink:to="lbl_VariableRateDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VariableRateDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">variable</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_0" xlink:to="lbl_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Balloon Payment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_0" xlink:to="lbl_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Balloon installments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Group Including Discontinued Operation Consideration</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase price of vessel</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationConsideration_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Sale price of vessel</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="loc_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_0" xlink:to="lbl_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_0" xlink:to="lbl_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Price per share</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis_0" xlink:to="lbl_DisposalGroupClassificationAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupClassificationAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Group Classification [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationDomain_0" xlink:to="lbl_DisposalGroupClassificationDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupClassificationDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Group Classification [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember" xlink:label="loc_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember_0" xlink:to="lbl_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Discontinued Operations, Disposed of by Means Other than Sale [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember" xlink:label="loc_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_0" xlink:to="lbl_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Spin-Off [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation Depletion And Amortization Reclassifications From Property Plant And Equipment 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions for improvements reclassified from other non-current assets</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel disposals</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubleaseIncome" xlink:label="loc_us-gaap_SubleaseIncome_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubleaseIncome_0" xlink:to="lbl_SubleaseIncome_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SubleaseIncome_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Sublease Income</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeDisclosureAbstract" xlink:label="loc_us-gaap_LesseeDisclosureAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeDisclosureAbstract_0" xlink:to="lbl_LesseeDisclosureAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeDisclosureAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Liabilities [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash, Cash Equivalents and Restricted Cash, Period Increase/(Decrease)</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash, Cash Equivalents and Restricted Cash, Ending Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash, Cash Equivalents and Restricted Cash, Beginning Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash, Cash Equivalents and Restricted Cash, Total</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash, Cash Equivalents and Restricted Cash, Total</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_0" xlink:to="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:label="loc_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent_0" xlink:to="lbl_FinanceLeaseWeightedAverageDiscountRatePercent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseWeightedAverageDiscountRatePercent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Weighted Average Discount Rate Percent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent_0" xlink:to="lbl_FinanceLeaseWeightedAverageDiscountRatePercent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseWeightedAverageDiscountRatePercent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Average interest rate</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor Operating Lease Payments To Be Received Next Twelve Months</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 1</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceived_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceived_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payments to be Received</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceived_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceived_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedThreeYears_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedThreeYears_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor Operating Lease Payments To Be Received Year Three</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedThreeYears_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedThreeYears_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 3</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedTwoYears_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedTwoYears_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor Operating Lease Payments To Be Received Year Two</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedTwoYears_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedTwoYears_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 2</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_0" xlink:to="lbl_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fixed Non Cancelable Time Charter Contracts</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiability" xlink:label="loc_us-gaap_FinanceLeaseLiability_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability_0" xlink:to="lbl_FinanceLeaseLiability_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiability_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability_0" xlink:to="lbl_FinanceLeaseLiability_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiability_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Finance liabilities, net of deferred financing costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability_0" xlink:to="lbl_FinanceLeaseLiability_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiability_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance lease liability</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability_0" xlink:to="lbl_FinanceLeaseLiability_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiability_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Finance liabilities, net of deferred financing costs</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityCurrent" xlink:label="loc_us-gaap_FinanceLeaseLiabilityCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityCurrent_0" xlink:to="lbl_FinanceLeaseLiabilityCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityCurrent_0" xlink:to="lbl_FinanceLeaseLiabilityCurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityCurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance liabilities, current (Note 9)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityCurrent_0" xlink:to="lbl_FinanceLeaseLiabilityCurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityCurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Current finance liabilities, net of deferred financing costs, current</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityCurrent_0" xlink:to="lbl_FinanceLeaseLiabilityCurrent_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityCurrent_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Finance liabilities, current</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:label="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_0" xlink:to="lbl_FinanceLeaseLiabilityNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_0" xlink:to="lbl_FinanceLeaseLiabilityNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance liabilities, net of current portion (Note 9)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_0" xlink:to="lbl_FinanceLeaseLiabilityNoncurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityNoncurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Finance liabilities, excluding current maturities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total finance liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDue_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDue_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueAfterYearFive_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueAfterYearFive_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due After Year Five</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueAfterYearFive_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueAfterYearFive_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 6 and thereafter</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due Next Twelve Months</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 1</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearFive_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearFive_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due Year Five</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearFive_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearFive_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 5</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearFour_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearFour_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due Year Four</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearFour_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearFour_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 4</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearThree_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearThree_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due Year Three</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearThree_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearThree_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 3</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearTwo_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearTwo_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Payments Due Year Two</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_0" xlink:to="lbl_FinanceLeaseLiabilityPaymentsDueYearTwo_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityPaymentsDueYearTwo_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year 2</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:label="loc_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock_0" xlink:to="lbl_FinanceLeaseLiabilityMaturityTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityMaturityTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Maturity [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock_0" xlink:to="lbl_FinanceLeaseLiabilityMaturityTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityMaturityTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Annual Lease Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseInterestExpense" xlink:label="loc_us-gaap_FinanceLeaseInterestExpense_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseInterestExpense_0" xlink:to="lbl_FinanceLeaseInterestExpense_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseInterestExpense_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Interest Expense</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseInterestExpense_0" xlink:to="lbl_FinanceLeaseInterestExpense_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseInterestExpense_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Interest income from bond repurchase</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseInterestExpense_0" xlink:to="lbl_FinanceLeaseInterestExpense_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseInterestExpense_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance liabilities interest expense</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_0" xlink:to="lbl_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeFinanceLeasesTextBlock" xlink:label="loc_us-gaap_LesseeFinanceLeasesTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeasesTextBlock_0" xlink:to="lbl_LesseeFinanceLeasesTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeFinanceLeasesTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessee Finance Leases [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeasesTextBlock_0" xlink:to="lbl_LesseeFinanceLeasesTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeFinanceLeasesTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Finance Liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeLeasesPolicyTextBlock" xlink:label="loc_us-gaap_LesseeLeasesPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock_0" xlink:to="lbl_LesseeLeasesPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeLeasesPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessee Leases [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock_0" xlink:to="lbl_LesseeLeasesPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeLeasesPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale and leaseback</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_0" xlink:to="lbl_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_0" xlink:to="lbl_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pension and other postretirement benefits</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:label="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_0" xlink:to="lbl_FinanceLeaseWeightedAverageRemainingLeaseTerm1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseWeightedAverageRemainingLeaseTerm1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Weighted Average Remaining Lease Term 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_0" xlink:to="lbl_FinanceLeaseWeightedAverageRemainingLeaseTerm1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseWeightedAverageRemainingLeaseTerm1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average remaining lease term</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeFinanceLeaseTermOfContract1" xlink:label="loc_us-gaap_LesseeFinanceLeaseTermOfContract1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeaseTermOfContract1_0" xlink:to="lbl_LesseeFinanceLeaseTermOfContract1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeFinanceLeaseTermOfContract1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Lessee Finance Lease Term Of Contract 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeaseTermOfContract1_0" xlink:to="lbl_LesseeFinanceLeaseTermOfContract1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LesseeFinanceLeaseTermOfContract1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Term for bareboat charter party</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock" xlink:label="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock_0" xlink:to="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValuePolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments, Investment-Equity Securities, Recognition and Measurement</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" xlink:label="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0" xlink:to="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Without Readily Determinable Fair Value Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0" xlink:to="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred shares, par value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_0" xlink:to="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Investments in related party (Note 5(a))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNi" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi_0" xlink:to="lbl_EquitySecuritiesFvNi_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNi_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi_0" xlink:to="lbl_EquitySecuritiesFvNi_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNi_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in equity securities (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi_0" xlink:to="lbl_EquitySecuritiesFvNi_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNi_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Acquired equity securities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi_0" xlink:to="lbl_EquitySecuritiesFvNi_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNi_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Investments in equity securities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiCost" xlink:label="loc_us-gaap_EquitySecuritiesFvNiCost_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCost_0" xlink:to="lbl_EquitySecuritiesFvNiCost_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiCost_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Cost</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCost_0" xlink:to="lbl_EquitySecuritiesFvNiCost_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiCost_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity securities cost</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiRealizedGain" xlink:label="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv-Ni Realized Gain</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGain_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGain_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain on related party investments (Note 5(a))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGain_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGain_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain on stock distribution (Note 3(f))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGain_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGain_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Gain/(loss) on related parties investments (Note 5)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGain_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGain_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net gain recognized</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiRealizedGainLoss" xlink:label="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGainLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGainLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Realized Gain Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGainLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGainLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain/(loss) on equity securities (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedGainLoss_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedGainLoss_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Gain/(loss) on equity securities (Note 5(b))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiRealizedLoss" xlink:label="loc_us-gaap_EquitySecuritiesFvNiRealizedLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedLoss_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Realized Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiRealizedLoss_0" xlink:to="lbl_EquitySecuritiesFvNiRealizedLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiRealizedLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Realized loss</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiUnrealizedGain" xlink:label="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Unrealized Gain</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGain_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGain_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized gain on equity investments (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGain_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGain_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Unrealized gain on equity investments (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGain_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGain_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGain_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unrealized gain on equity investment</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss" xlink:label="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Unrealized Gain Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain/(loss) on equity securities (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain/(loss) on equity securities (Note 5(b))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedGainLoss_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unrealized gain on equity investment</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiUnrealizedLoss" xlink:label="loc_us-gaap_EquitySecuritiesFvNiUnrealizedLoss_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedLoss_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedLoss_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Unrealized Loss</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiUnrealizedLoss_0" xlink:to="lbl_EquitySecuritiesFvNiUnrealizedLoss_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiUnrealizedLoss_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized loss on investments</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi" xlink:label="loc_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi_0" xlink:to="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Equity Securities Fv Ni</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi_0" xlink:to="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Investments in equity securities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi_0" xlink:to="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquitySecuritiesFvNi_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity securities cost</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:label="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_0" xlink:to="lbl_CreditLossFinancialInstrumentPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CreditLossFinancialInstrumentPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Credit Loss, Financial Instrument [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_0" xlink:to="lbl_CreditLossFinancialInstrumentPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CreditLossFinancialInstrumentPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instruments, credit losses</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:label="loc_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_0" xlink:to="lbl_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">SOFR [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFVNINoncurrent" xlink:label="loc_us-gaap_EquitySecuritiesFVNINoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFVNINoncurrent_0" xlink:to="lbl_EquitySecuritiesFVNINoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFVNINoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities F V N I Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFVNINoncurrent_0" xlink:to="lbl_EquitySecuritiesFVNINoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFVNINoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in a related party (Notes 2(aa) and 5(a))</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquitySecuritiesFvNiCurrentAndNoncurrent" xlink:label="loc_us-gaap_EquitySecuritiesFvNiCurrentAndNoncurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCurrentAndNoncurrent_0" xlink:to="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities Fv Ni Current And Noncurrent</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCurrentAndNoncurrent_0" xlink:to="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Securities, fair value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCurrentAndNoncurrent_0" xlink:to="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesFvNiCurrentAndNoncurrent_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Investments in equity securities</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionTable" xlink:label="loc_us-gaap_AssetAcquisitionTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionTable_0" xlink:to="lbl_AssetAcquisitionTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionAxis" xlink:label="loc_us-gaap_AssetAcquisitionAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionAxis_0" xlink:to="lbl_AssetAcquisitionAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionDomain" xlink:label="loc_us-gaap_AssetAcquisitionDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionDomain_0" xlink:to="lbl_AssetAcquisitionDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionLineItems" xlink:label="loc_us-gaap_AssetAcquisitionLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionLineItems_0" xlink:to="lbl_AssetAcquisitionLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable" xlink:label="loc_us-gaap_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total amount of equity interest</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionConsiderationTransferredTransactionCost" xlink:label="loc_us-gaap_AssetAcquisitionConsiderationTransferredTransactionCost_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferredTransactionCost_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferredTransactionCost_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferredTransactionCost_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition, Consideration Transferred, Transaction Cost</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferredTransactionCost_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferredTransactionCost_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferredTransactionCost_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional predelivery expenses.</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionConsiderationTransferred" xlink:label="loc_us-gaap_AssetAcquisitionConsiderationTransferred_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferred_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferred_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferred_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition Consideration Transferred</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferred_0" xlink:to="lbl_AssetAcquisitionConsiderationTransferred_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionConsiderationTransferred_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase price of vessel acquired</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionIndemnificationAssetAmount" xlink:label="loc_us-gaap_AssetAcquisitionIndemnificationAssetAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionIndemnificationAssetAmount_0" xlink:to="lbl_AssetAcquisitionIndemnificationAssetAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionIndemnificationAssetAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition Indemnification Asset Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionIndemnificationAssetAmount_0" xlink:to="lbl_AssetAcquisitionIndemnificationAssetAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionIndemnificationAssetAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount to be paid in cash</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetAcquisitionPriceOfAcquisitionExpected" xlink:label="loc_us-gaap_AssetAcquisitionPriceOfAcquisitionExpected_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionPriceOfAcquisitionExpected_0" xlink:to="lbl_AssetAcquisitionPriceOfAcquisitionExpected_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionPriceOfAcquisitionExpected_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Asset Acquisition Price Of Acquisition Expected</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionPriceOfAcquisitionExpected_0" xlink:to="lbl_AssetAcquisitionPriceOfAcquisitionExpected_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetAcquisitionPriceOfAcquisitionExpected_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset acquisition price of acquisition expected</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockConvertibleConversionPrice" xlink:label="loc_us-gaap_PreferredStockConvertibleConversionPrice_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockConvertibleConversionPrice_0" xlink:to="lbl_PreferredStockConvertibleConversionPrice_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockConvertibleConversionPrice_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Convertible, Conversion Price</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockConvertibleConversionPrice_0" xlink:to="lbl_PreferredStockConvertibleConversionPrice_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockConvertibleConversionPrice_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Conversion price</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration" xlink:label="loc_us-gaap_ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration_0" xlink:to="lbl_ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyMember" xlink:label="loc_us-gaap_RelatedPartyMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyMember_0" xlink:to="lbl_RelatedPartyMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:label="loc_dei_CoverAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract_0" xlink:to="lbl_CoverAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CoverAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType_0" xlink:to="lbl_DocumentType_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentType_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document type</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAnnualReport" xlink:label="loc_dei_DocumentAnnualReport_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport_0" xlink:to="lbl_DocumentAnnualReport_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentAnnualReport_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document annual report</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentTransitionReport" xlink:label="loc_dei_DocumentTransitionReport_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport_0" xlink:to="lbl_DocumentTransitionReport_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentTransitionReport_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document transition report</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_dei_DocumentShellCompanyReport_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentShellCompanyReport_0" xlink:to="lbl_DocumentShellCompanyReport_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentShellCompanyReport_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document shell company report</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="loc_dei_DocumentFinStmtErrorCorrectionFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFinStmtErrorCorrectionFlag_0" xlink:to="lbl_DocumentFinStmtErrorCorrectionFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentFinStmtErrorCorrectionFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document Fin Stmt Error Correction Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_dei_EntityInteractiveDataCurrent_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent_0" xlink:to="lbl_EntityInteractiveDataCurrent_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityInteractiveDataCurrent_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity interactive data current</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_dei_DocumentRegistrationStatement_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentRegistrationStatement_0" xlink:to="lbl_DocumentRegistrationStatement_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentRegistrationStatement_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document registration statement</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAccountingStandard" xlink:label="loc_dei_DocumentAccountingStandard_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAccountingStandard_0" xlink:to="lbl_DocumentAccountingStandard_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentAccountingStandard_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document accounting standard</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag_0" xlink:to="lbl_AmendmentFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmendmentFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Amendment flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="loc_dei_IcfrAuditorAttestationFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag_0" xlink:to="lbl_IcfrAuditorAttestationFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IcfrAuditorAttestationFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">ICFR auditor attestation flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus_0" xlink:to="lbl_DocumentFiscalYearFocus_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentFiscalYearFocus_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document fiscal year focus</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus_0" xlink:to="lbl_DocumentFiscalPeriodFocus_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentFiscalPeriodFocus_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document fiscal period focus</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate_0" xlink:to="lbl_DocumentPeriodEndDate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DocumentPeriodEndDate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document period end date</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntitiesTable" xlink:label="loc_dei_EntitiesTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitiesTable_0" xlink:to="lbl_EntitiesTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntitiesTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entities [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis_0" xlink:to="lbl_LegalEntityAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LegalEntityAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Legal Entity [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain_0" xlink:to="lbl_EntityDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInformationLineItems" xlink:label="loc_dei_EntityInformationLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInformationLineItems_0" xlink:to="lbl_EntityInformationLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityInformationLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Information [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName_0" xlink:to="lbl_EntityRegistrantName_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityRegistrantName_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity registrant name</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey_0" xlink:to="lbl_EntityCentralIndexKey_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityCentralIndexKey_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity central index key</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber_0" xlink:to="lbl_EntityFileNumber_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityFileNumber_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity file number</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode_0" xlink:to="lbl_EntityIncorporationStateCountryCode_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityIncorporationStateCountryCode_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity incorporation state country code</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate_0" xlink:to="lbl_CurrentFiscalYearEndDate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CurrentFiscalYearEndDate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Current fiscal year end date</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer_0" xlink:to="lbl_EntityWellKnownSeasonedIssuer_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityWellKnownSeasonedIssuer_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity well known seasoned issuer</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers_0" xlink:to="lbl_EntityVoluntaryFilers_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityVoluntaryFilers_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity voluntary filers</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus_0" xlink:to="lbl_EntityCurrentReportingStatus_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityCurrentReportingStatus_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity current reporting status</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityShellCompany" xlink:label="loc_dei_EntityShellCompany_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany_0" xlink:to="lbl_EntityShellCompany_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityShellCompany_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity shell company</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory_0" xlink:to="lbl_EntityFilerCategory_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityFilerCategory_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity filer category</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany_0" xlink:to="lbl_EntityEmergingGrowthCompany_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityEmergingGrowthCompany_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity emerging growth company</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="loc_dei_EntityIncorporationDateOfIncorporation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationDateOfIncorporation_0" xlink:to="lbl_EntityIncorporationDateOfIncorporation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityIncorporationDateOfIncorporation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation, Date of Incorporation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationDateOfIncorporation_0" xlink:to="lbl_EntityIncorporationDateOfIncorporation_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityIncorporationDateOfIncorporation_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Date of incorporation</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="loc_dei_EntityAddressesAddressTypeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressesAddressTypeAxis_0" xlink:to="lbl_EntityAddressesAddressTypeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressesAddressTypeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Addresses, Address Type [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AddressTypeDomain" xlink:label="loc_dei_AddressTypeDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AddressTypeDomain_0" xlink:to="lbl_AddressTypeDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AddressTypeDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Address Type [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_BusinessContactMember" xlink:label="loc_dei_BusinessContactMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_BusinessContactMember_0" xlink:to="lbl_BusinessContactMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BusinessContactMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Business Contact [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelName" xlink:label="loc_dei_ContactPersonnelName_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_ContactPersonnelName_0" xlink:to="lbl_ContactPersonnelName_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContactPersonnelName_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Contact personnel name</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelEmailAddress" xlink:label="loc_dei_ContactPersonnelEmailAddress_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_ContactPersonnelEmailAddress_0" xlink:to="lbl_ContactPersonnelEmailAddress_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContactPersonnelEmailAddress_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Contact personnel email address</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelFaxNumber" xlink:label="loc_dei_ContactPersonnelFaxNumber_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_ContactPersonnelFaxNumber_0" xlink:to="lbl_ContactPersonnelFaxNumber_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContactPersonnelFaxNumber_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Contact personnel fax number</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1_0" xlink:to="lbl_EntityAddressAddressLine1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressAddressLine1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity address, address line one</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_dei_EntityAddressAddressLine2_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2_0" xlink:to="lbl_EntityAddressAddressLine2_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressAddressLine2_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity address, address line two</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown_0" xlink:to="lbl_EntityAddressCityOrTown_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressCityOrTown_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity address, city or town</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="loc_dei_EntityAddressCountry_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCountry_0" xlink:to="lbl_EntityAddressCountry_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressCountry_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity address, country</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode_0" xlink:to="lbl_EntityAddressPostalZipCode_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityAddressPostalZipCode_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity address, postal zip code</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CountryRegion" xlink:label="loc_dei_CountryRegion_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CountryRegion_0" xlink:to="lbl_CountryRegion_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CountryRegion_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Country Region</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode_0" xlink:to="lbl_CityAreaCode_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CityAreaCode_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">City area code</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber_0" xlink:to="lbl_LocalPhoneNumber_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LocalPhoneNumber_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Local phone number</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityListingsTable" xlink:label="loc_dei_EntityListingsTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityListingsTable_0" xlink:to="lbl_EntityListingsTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityListingsTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Listings [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityListingsLineItems" xlink:label="loc_dei_EntityListingsLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityListingsLineItems_0" xlink:to="lbl_EntityListingsLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityListingsLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Listings [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle_0" xlink:to="lbl_Security12bTitle_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Security12bTitle_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Title of 12(b) security</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol_0" xlink:to="lbl_TradingSymbol_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradingSymbol_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Trading symbol</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName_0" xlink:to="lbl_SecurityExchangeName_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecurityExchangeName_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Security exchange name</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding_0" xlink:to="lbl_EntityCommonStockSharesOutstanding_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EntityCommonStockSharesOutstanding_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity common stock shares outstanding</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorName" xlink:label="loc_dei_AuditorName_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorName_0" xlink:to="lbl_AuditorName_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AuditorName_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Auditor name</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorFirmId" xlink:label="loc_dei_AuditorFirmId_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorFirmId_0" xlink:to="lbl_AuditorFirmId_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AuditorFirmId_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Auditor firm ID</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorLocation" xlink:label="loc_dei_AuditorLocation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorLocation_0" xlink:to="lbl_AuditorLocation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AuditorLocation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Auditor location</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTradingPoliciesProcLineItems" xlink:label="loc_ecd_InsiderTradingPoliciesProcLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTradingPoliciesProcLineItems_0" xlink:to="lbl_InsiderTradingPoliciesProcLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsiderTradingPoliciesProcLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Insider Trading Policies Proc [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:label="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag_0" xlink:to="lbl_InsiderTrdPoliciesProcAdoptedFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InsiderTrdPoliciesProcAdoptedFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Insider Trd Policies Proc Adopted Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:label="loc_cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_0" xlink:to="lbl_CybersecurityRiskManagementStrategyAndGovernanceAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementStrategyAndGovernanceAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Strategy And Governance [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:label="loc_cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_0" xlink:to="lbl_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes For Assessing Identifying And Managing Threats [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedFlag" xlink:label="loc_cyd_CybersecurityRiskManagementProcessesIntegratedFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementProcessesIntegratedFlag_0" xlink:to="lbl_CybersecurityRiskManagementProcessesIntegratedFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementProcessesIntegratedFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock" xlink:label="loc_cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_0" xlink:to="lbl_CybersecurityRiskManagementProcessesIntegratedTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementProcessesIntegratedTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:label="loc_cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_0" xlink:to="lbl_CybersecurityRiskManagementThirdPartyEngagedFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementThirdPartyEngagedFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Third Party Engaged Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:label="loc_cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_0" xlink:to="lbl_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Third Party Oversight And Identification Processes Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" xlink:label="loc_cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_0" xlink:to="lbl_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" xlink:label="loc_cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_0" xlink:to="lbl_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock" xlink:label="loc_cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock_0" xlink:to="lbl_CybersecurityRiskBoardOfDirectorsOversightTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskBoardOfDirectorsOversightTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board Of Directors Oversight [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" xlink:label="loc_cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0" xlink:to="lbl_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board Committee Or Subcommittee Responsible For Oversight [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" xlink:label="loc_cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0" xlink:to="lbl_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process For Informing Board Committee Or Subcommittee Responsible For Oversight [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskRoleOfManagementTextBlock" xlink:label="loc_cyd_CybersecurityRiskRoleOfManagementTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskRoleOfManagementTextBlock_0" xlink:to="lbl_CybersecurityRiskRoleOfManagementTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskRoleOfManagementTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Role Of Management [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:label="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_0" xlink:to="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions Or Committees Responsible Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" xlink:label="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_0" xlink:to="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions Or Committees Responsible [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" xlink:label="loc_cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_0" xlink:to="lbl_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Expertise Of Management Responsible [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock" xlink:label="loc_cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_0" xlink:to="lbl_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process For Informing Management Or Committees Responsible [Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" xlink:label="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_0" xlink:to="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions Or Committees Responsible Report To Board Flag</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain_0" xlink:to="lbl_TitleOfIndividualWithRelationshipToEntityDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TitleOfIndividualWithRelationshipToEntityDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Title of Individual [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_NameOfMajorCustomerDomain" xlink:label="loc_srt_NameOfMajorCustomerDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_NameOfMajorCustomerDomain_0" xlink:to="lbl_NameOfMajorCustomerDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NameOfMajorCustomerDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Customer [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_EquityMethodInvesteeNameDomain" xlink:label="loc_srt_EquityMethodInvesteeNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EquityMethodInvesteeNameDomain_0" xlink:to="lbl_EquityMethodInvesteeNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityMethodInvesteeNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investee Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScenarioUnspecifiedDomain" xlink:label="loc_srt_ScenarioUnspecifiedDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain_0" xlink:to="lbl_ScenarioUnspecifiedDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScenarioUnspecifiedDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Scenario Unspecified [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScenarioForecastMember" xlink:label="loc_srt_ScenarioForecastMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember_0" xlink:to="lbl_ScenarioForecastMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScenarioForecastMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Scenario Forecast [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementScenarioAxis" xlink:label="loc_srt_StatementScenarioAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementScenarioAxis_0" xlink:to="lbl_StatementScenarioAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StatementScenarioAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Scenario [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_0" xlink:to="lbl_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Equity Method Investment Equity Method Investee Name [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MajorCustomersAxis" xlink:label="loc_srt_MajorCustomersAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MajorCustomersAxis_0" xlink:to="lbl_MajorCustomersAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MajorCustomersAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Customer [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:label="loc_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_0" xlink:to="lbl_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchase Program Number Of Shares Authorized To Be Repurchased</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_0" xlink:to="lbl_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tender offer, share to purchase</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeAxis" xlink:label="loc_srt_RangeAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis_0" xlink:to="lbl_RangeAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RangeAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeMember" xlink:label="loc_srt_RangeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember_0" xlink:to="lbl_RangeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RangeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MaximumMember" xlink:label="loc_srt_MaximumMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember_0" xlink:to="lbl_MaximumMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maximum [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MinimumMember" xlink:label="loc_srt_MinimumMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember_0" xlink:to="lbl_MinimumMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MinimumMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Minimum</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CounterpartyNameAxis" xlink:label="loc_srt_CounterpartyNameAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CounterpartyNameAxis_0" xlink:to="lbl_CounterpartyNameAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CounterpartyNameAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:label="loc_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_0" xlink:to="lbl_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_0" xlink:to="lbl_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Total Obligations Under Shipbuilding Contracts</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RepurchaseAgreementCounterpartyNameDomain_0" xlink:to="lbl_RepurchaseAgreementCounterpartyNameDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RepurchaseAgreementCounterpartyNameDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srt_TitleOfIndividualAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualAxis_0" xlink:to="lbl_TitleOfIndividualAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TitleOfIndividualAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Title of Individual [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_srt_StockRepurchaseProgramAuthorizedAmount1_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StockRepurchaseProgramAuthorizedAmount1_0" xlink:to="lbl_StockRepurchaseProgramAuthorizedAmount1_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchaseProgramAuthorizedAmount1_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchase Program Authorized Amount 1</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StockRepurchaseProgramAuthorizedAmount1_0" xlink:to="lbl_StockRepurchaseProgramAuthorizedAmount1_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_StockRepurchaseProgramAuthorizedAmount1_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tender offer, shares to be purchased</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_OwnershipAxis" xlink:label="loc_srt_OwnershipAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipAxis_0" xlink:to="lbl_OwnershipAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OwnershipAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_OwnershipDomain" xlink:label="loc_srt_OwnershipDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipDomain_0" xlink:to="lbl_OwnershipDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OwnershipDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srt_ProductsAndServicesDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain_0" xlink:to="lbl_ProductsAndServicesDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProductsAndServicesDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Products And Services [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ProductOrServiceAxis" xlink:label="loc_srt_ProductOrServiceAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis_0" xlink:to="lbl_ProductOrServiceAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ProductOrServiceAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Product Or Service [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TotalFixedAssets" xlink:label="loc_dsx_TotalFixedAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TotalFixedAssets_0" xlink:to="lbl_TotalFixedAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TotalFixedAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Sum of carrying amounts as of the balance sheet date of assets under construction and acquisition, tangible assets held by the entity for use in the production or supply of goods and services, net of depreciation and furniture and fixtures net of depreciation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TotalFixedAssets_0" xlink:to="lbl_TotalFixedAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TotalFixedAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Total Fixed Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TotalFixedAssets_0" xlink:to="lbl_TotalFixedAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TotalFixedAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total fixed assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_OtherNonCurrentAssetsAbstract" xlink:label="loc_dsx_OtherNonCurrentAssetsAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OtherNonCurrentAssetsAbstract_0" xlink:to="lbl_OtherNonCurrentAssetsAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherNonCurrentAssetsAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Other Non Current Assets [Abstract]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OtherNonCurrentAssetsAbstract_0" xlink:to="lbl_OtherNonCurrentAssetsAbstract_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OtherNonCurrentAssetsAbstract_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Noncurrent Assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyAndEquipmentAbstract" xlink:label="loc_dsx_PropertyAndEquipmentAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentAbstract_0" xlink:to="lbl_PropertyAndEquipmentAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property and Equipment, net [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_InterestAndFinanceCostsTextBlock" xlink:label="loc_dsx_InterestAndFinanceCostsTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestAndFinanceCostsTextBlock_0" xlink:to="lbl_InterestAndFinanceCostsTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndFinanceCostsTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of interest and finance costs and amortization.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestAndFinanceCostsTextBlock_0" xlink:to="lbl_InterestAndFinanceCostsTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndFinanceCostsTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest and finance costs [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestAndFinanceCostsTextBlock_0" xlink:to="lbl_InterestAndFinanceCostsTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestAndFinanceCostsTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest and Finance Costs</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_OfficePropertyAndEquipmentPolicyTextBlock" xlink:label="loc_dsx_OfficePropertyAndEquipmentPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OfficePropertyAndEquipmentPolicyTextBlock_0" xlink:to="lbl_OfficePropertyAndEquipmentPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OfficePropertyAndEquipmentPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Describes the policy regarding the estimated useful life for the office building, furniture, equipment, software and their depreciation methods.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OfficePropertyAndEquipmentPolicyTextBlock_0" xlink:to="lbl_OfficePropertyAndEquipmentPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OfficePropertyAndEquipmentPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Office Property And Equipment [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OfficePropertyAndEquipmentPolicyTextBlock_0" xlink:to="lbl_OfficePropertyAndEquipmentPolicyTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OfficePropertyAndEquipmentPolicyTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property and equipment</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_RevenueRecognitionAndRelatedExpensesPolicyTextBlock" xlink:label="loc_dsx_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0" xlink:to="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for revenue recognition and recognition of related expenses. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0" xlink:to="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Revenue Recognition And Related Expenses Policy [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_0" xlink:to="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RevenueRecognitionAndRelatedExpensesPolicyTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounting for Revenues and Expenses</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:label="loc_dsx_ScheduleOfInterestAndFinanceCostsTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScheduleOfInterestAndFinanceCostsTableTextBlock_0" xlink:to="lbl_ScheduleOfInterestAndFinanceCostsTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfInterestAndFinanceCostsTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of analysis of interest and finance costs.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScheduleOfInterestAndFinanceCostsTableTextBlock_0" xlink:to="lbl_ScheduleOfInterestAndFinanceCostsTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfInterestAndFinanceCostsTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Interest And Finance Costs</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AltairTravelAgencySaMember" xlink:label="loc_dsx_AltairTravelAgencySaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AltairTravelAgencySaMember_0" xlink:to="lbl_AltairTravelAgencySaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AltairTravelAgencySaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Altair Travel Agency SA is an an affiliated travel agent controlled by the Company's Chairman.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AltairTravelAgencySaMember_0" xlink:to="lbl_AltairTravelAgencySaMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AltairTravelAgencySaMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Altair Travel Agency S.A. [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment" xlink:label="loc_dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The accumulated depreciation and amortization relating to buildings, office furniture, vehicles, computer software and hardware.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation And Amortization Property And Equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Accumulated Depreciation, Property and Equipment, Ending Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationPropertyAndEquipment_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Accumulated Depreciation, Property and Equipment, Beginning Balance</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_UsSourceIncomePercentage" xlink:label="loc_dsx_UsSourceIncomePercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_UsSourceIncomePercentage_0" xlink:to="lbl_UsSourceIncomePercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UsSourceIncomePercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of Company's shipping income that would be treated as being United States source income.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_UsSourceIncomePercentage_0" xlink:to="lbl_UsSourceIncomePercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UsSourceIncomePercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Us Source Income Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_UsSourceIncomePercentage_0" xlink:to="lbl_UsSourceIncomePercentage_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UsSourceIncomePercentage_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shipping income percentage</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsCollateralForDebt" xlink:label="loc_dsx_NumberOfVesselsCollateralForDebt_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsCollateralForDebt_0" xlink:to="lbl_NumberOfVesselsCollateralForDebt_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsCollateralForDebt_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of vessels mortgaged to a bank for securing the debt with that bank.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsCollateralForDebt_0" xlink:to="lbl_NumberOfVesselsCollateralForDebt_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsCollateralForDebt_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Collateral For Debt</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsCollateralForDebt_0" xlink:to="lbl_NumberOfVesselsCollateralForDebt_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsCollateralForDebt_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels collateral for debt</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TaxRateOnUsSourceShippingIncome" xlink:label="loc_dsx_TaxRateOnUsSourceShippingIncome_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TaxRateOnUsSourceShippingIncome_0" xlink:to="lbl_TaxRateOnUsSourceShippingIncome_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TaxRateOnUsSourceShippingIncome_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Tax rate applied by the tax authorities on US source shipping income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TaxRateOnUsSourceShippingIncome_0" xlink:to="lbl_TaxRateOnUsSourceShippingIncome_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TaxRateOnUsSourceShippingIncome_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Tax Rate On Us Source Shipping Income</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TaxRateOnUsSourceShippingIncome_0" xlink:to="lbl_TaxRateOnUsSourceShippingIncome_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TaxRateOnUsSourceShippingIncome_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax rate on US source shipping income</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ManagementAgreementsMember" xlink:label="loc_dsx_ManagementAgreementsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ManagementAgreementsMember_0" xlink:to="lbl_ManagementAgreementsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ManagementAgreementsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Management Agreements [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EquityIncentivePlan2014Member" xlink:label="loc_dsx_EquityIncentivePlan2014Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EquityIncentivePlan2014Member_0" xlink:to="lbl_EquityIncentivePlan2014Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquityIncentivePlan2014Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2014</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ExportImportBankOfChinaMember" xlink:label="loc_dsx_ExportImportBankOfChinaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ExportImportBankOfChinaMember_0" xlink:to="lbl_ExportImportBankOfChinaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ExportImportBankOfChinaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Export-Import Bank of China [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DebtInstrumentNumberOfInstallments" xlink:label="loc_dsx_DebtInstrumentNumberOfInstallments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentNumberOfInstallments_0" xlink:to="lbl_DebtInstrumentNumberOfInstallments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentNumberOfInstallments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of required installments under the debt agreement.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentNumberOfInstallments_0" xlink:to="lbl_DebtInstrumentNumberOfInstallments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentNumberOfInstallments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Number of installments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentNumberOfInstallments_0" xlink:to="lbl_DebtInstrumentNumberOfInstallments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentNumberOfInstallments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of installments</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DianaWilhelmsenManagementLimitedMember" xlink:label="loc_dsx_DianaWilhelmsenManagementLimitedMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DianaWilhelmsenManagementLimitedMember_0" xlink:to="lbl_DianaWilhelmsenManagementLimitedMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DianaWilhelmsenManagementLimitedMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Diana Wilhelmsen Management Limited [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PerformanceShippingIncMember" xlink:label="loc_dsx_PerformanceShippingIncMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PerformanceShippingIncMember_0" xlink:to="lbl_PerformanceShippingIncMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PerformanceShippingIncMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Performance Shipping Inc</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NordeaBankMember" xlink:label="loc_dsx_NordeaBankMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NordeaBankMember_0" xlink:to="lbl_NordeaBankMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NordeaBankMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Nordea Bank AB, London Branch [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NordeaBankMember_0" xlink:to="lbl_NordeaBankMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NordeaBankMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nordea Loan [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NordeaBankMember_0" xlink:to="lbl_NordeaBankMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NordeaBankMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Nordea [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AbnAmroBankNvMember" xlink:label="loc_dsx_AbnAmroBankNvMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AbnAmroBankNvMember_0" xlink:to="lbl_AbnAmroBankNvMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AbnAmroBankNvMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">ABN AMRO Bank N.V. [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AbnAmroBankNvMember_0" xlink:to="lbl_AbnAmroBankNvMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AbnAmroBankNvMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ABN [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DanishShipFinanceMember" xlink:label="loc_dsx_DanishShipFinanceMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DanishShipFinanceMember_0" xlink:to="lbl_DanishShipFinanceMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DanishShipFinanceMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Danish Ship Finance A/S [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DanishShipFinanceMember_0" xlink:to="lbl_DanishShipFinanceMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DanishShipFinanceMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">DANISH [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_IngBankNvMember" xlink:label="loc_dsx_IngBankNvMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IngBankNvMember_0" xlink:to="lbl_IngBankNvMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IngBankNvMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">ING Bank N.V. [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DNBBankASAMember" xlink:label="loc_dsx_DNBBankASAMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DNBBankASAMember_0" xlink:to="lbl_DNBBankASAMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DNBBankASAMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">DNB Bank ASA [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DNBBankASAMember_0" xlink:to="lbl_DNBBankASAMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DNBBankASAMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">DNB [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsImpaired" xlink:label="loc_dsx_NumberOfVesselsImpaired_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsImpaired_0" xlink:to="lbl_NumberOfVesselsImpaired_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsImpaired_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of vessels that their value was written down from their carrying value to their fair value.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsImpaired_0" xlink:to="lbl_NumberOfVesselsImpaired_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsImpaired_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Impaired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsImpaired_0" xlink:to="lbl_NumberOfVesselsImpaired_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsImpaired_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number Of Vessels Impaired</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EmporikiBankOfGreeceSaMember" xlink:label="loc_dsx_EmporikiBankOfGreeceSaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EmporikiBankOfGreeceSaMember_0" xlink:to="lbl_EmporikiBankOfGreeceSaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EmporikiBankOfGreeceSaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Emporiki Bank of Greece S.A. [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BnpParibasMember" xlink:label="loc_dsx_BnpParibasMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BnpParibasMember_0" xlink:to="lbl_BnpParibasMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BnpParibasMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">BNP Paribas [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BnpParibasMember_0" xlink:to="lbl_BnpParibasMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BnpParibasMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">BNP [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ImpairedVesselsMember" xlink:label="loc_dsx_ImpairedVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ImpairedVesselsMember_0" xlink:to="lbl_ImpairedVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impaired Vessels</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PreferredStockNumberOfVotingRights" xlink:label="loc_dsx_PreferredStockNumberOfVotingRights_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PreferredStockNumberOfVotingRights_0" xlink:to="lbl_PreferredStockNumberOfVotingRights_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockNumberOfVotingRights_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of voting rights of nonredeemable preferred stock per share owned.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PreferredStockNumberOfVotingRights_0" xlink:to="lbl_PreferredStockNumberOfVotingRights_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockNumberOfVotingRights_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Number Of Voting Rights</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PreferredStockNumberOfVotingRights_0" xlink:to="lbl_PreferredStockNumberOfVotingRights_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PreferredStockNumberOfVotingRights_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock number of voting rights</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_GoingConcernPolicyTextBlock" xlink:label="loc_dsx_GoingConcernPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GoingConcernPolicyTextBlock_0" xlink:to="lbl_GoingConcernPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GoingConcernPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date).</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GoingConcernPolicyTextBlock_0" xlink:to="lbl_GoingConcernPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GoingConcernPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Going Concern Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GoingConcernPolicyTextBlock_0" xlink:to="lbl_GoingConcernPolicyTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GoingConcernPolicyTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Going concern</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsToBeDisposed" xlink:label="loc_dsx_NumberOfVesselsToBeDisposed_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeDisposed_0" xlink:to="lbl_NumberOfVesselsToBeDisposed_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeDisposed_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of vessels to be disposed.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeDisposed_0" xlink:to="lbl_NumberOfVesselsToBeDisposed_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeDisposed_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels To Be Disposed</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CreditAgricoleCorporateAndInvestmentBankMember" xlink:label="loc_dsx_CreditAgricoleCorporateAndInvestmentBankMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CreditAgricoleCorporateAndInvestmentBankMember_0" xlink:to="lbl_CreditAgricoleCorporateAndInvestmentBankMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CreditAgricoleCorporateAndInvestmentBankMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Credit Agricole Corporate and Investment Bank [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CommonWealthBankOfAustraliaLondonBranchMember" xlink:label="loc_dsx_CommonWealthBankOfAustraliaLondonBranchMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommonWealthBankOfAustraliaLondonBranchMember_0" xlink:to="lbl_CommonWealthBankOfAustraliaLondonBranchMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommonWealthBankOfAustraliaLondonBranchMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commonwealth Bank of Australia, London Branch [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TitleOfIndividualsAxis" xlink:label="loc_dsx_TitleOfIndividualsAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TitleOfIndividualsAxis_0" xlink:to="lbl_TitleOfIndividualsAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TitleOfIndividualsAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Title Of Individuals [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TitleOfIndividualsWithRelationshipToEntityDomain" xlink:label="loc_dsx_TitleOfIndividualsWithRelationshipToEntityDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TitleOfIndividualsWithRelationshipToEntityDomain_0" xlink:to="lbl_TitleOfIndividualsWithRelationshipToEntityDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TitleOfIndividualsWithRelationshipToEntityDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Title Of Individuals With Relationship To Entity [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DirectorsAndOfficersMember" xlink:label="loc_dsx_DirectorsAndOfficersMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DirectorsAndOfficersMember_0" xlink:to="lbl_DirectorsAndOfficersMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DirectorsAndOfficersMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Officers And Directors</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FirstTrancheMember" xlink:label="loc_dsx_FirstTrancheMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FirstTrancheMember_0" xlink:to="lbl_FirstTrancheMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FirstTrancheMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">First Tranche [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SecondTrancheMember" xlink:label="loc_dsx_SecondTrancheMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SecondTrancheMember_0" xlink:to="lbl_SecondTrancheMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecondTrancheMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Second Tranche [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ThirdTrancheMember" xlink:label="loc_dsx_ThirdTrancheMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ThirdTrancheMember_0" xlink:to="lbl_ThirdTrancheMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ThirdTrancheMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Third Agreement [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LoanAmountSecuredByCashPledgeInFavorOfBankMember" xlink:label="loc_dsx_LoanAmountSecuredByCashPledgeInFavorOfBankMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LoanAmountSecuredByCashPledgeInFavorOfBankMember_0" xlink:to="lbl_LoanAmountSecuredByCashPledgeInFavorOfBankMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LoanAmountSecuredByCashPledgeInFavorOfBankMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loan Amount Secured by Cash Pledge in Favor of the Bank [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SecondAgreementMember" xlink:label="loc_dsx_SecondAgreementMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SecondAgreementMember_0" xlink:to="lbl_SecondAgreementMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SecondAgreementMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Second Agreement [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DianaWilhelmsenManagementLimitedDwmMember" xlink:label="loc_dsx_DianaWilhelmsenManagementLimitedDwmMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DianaWilhelmsenManagementLimitedDwmMember_0" xlink:to="lbl_DianaWilhelmsenManagementLimitedDwmMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DianaWilhelmsenManagementLimitedDwmMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Diana Wilhelmsen Management Limited (DWM)</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember" xlink:label="loc_dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember_0" xlink:to="lbl_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series B Cumulative Redeemable Perpetual Preferred Shares at 8.875% [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ExecutiveManagementAndNonExecutiveDirectorsMember" xlink:label="loc_dsx_ExecutiveManagementAndNonExecutiveDirectorsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ExecutiveManagementAndNonExecutiveDirectorsMember_0" xlink:to="lbl_ExecutiveManagementAndNonExecutiveDirectorsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ExecutiveManagementAndNonExecutiveDirectorsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Executive Management And Non-Executive Directors</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PaymentsForDrydocking" xlink:label="loc_dsx_PaymentsForDrydocking_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForDrydocking_0" xlink:to="lbl_PaymentsForDrydocking_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForDrydocking_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The payments for drydock costs of the entity.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForDrydocking_0" xlink:to="lbl_PaymentsForDrydocking_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForDrydocking_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments for Dry Docking</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForDrydocking_0" xlink:to="lbl_PaymentsForDrydocking_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForDrydocking_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Drydock cost</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_Mrs.SemiramisPaliouMember" xlink:label="loc_dsx_Mrs.SemiramisPaliouMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_Mrs.SemiramisPaliouMember_0" xlink:to="lbl_Mrs.SemiramisPaliouMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Mrs.SemiramisPaliouMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Mrs. Semiramis Paliou ,affiliate of its Chief Executive Officer.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_Mrs.SemiramisPaliouMember_0" xlink:to="lbl_Mrs.SemiramisPaliouMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Mrs.SemiramisPaliouMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Mrs. Semiramis Paliou</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeniorUnsecuredBond8.375Member" xlink:label="loc_dsx_SeniorUnsecuredBond8.375Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond8.375Member_0" xlink:to="lbl_SeniorUnsecuredBond8.375Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond8.375Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to 8.375% Senior Unsecured Bond.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond8.375Member_0" xlink:to="lbl_SeniorUnsecuredBond8.375Member_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond8.375Member_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">8.375% Senior Unsecured Bond [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeniorUnsecuredBond9.5Member" xlink:label="loc_dsx_SeniorUnsecuredBond9.5Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond9.5Member_0" xlink:to="lbl_SeniorUnsecuredBond9.5Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond9.5Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to 9.5% Senior Unsecured Bond.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond9.5Member_0" xlink:to="lbl_SeniorUnsecuredBond9.5Member_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond9.5Member_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">9.5% Senior Unsecured Bond</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CargillInternationalSaMember" xlink:label="loc_dsx_CargillInternationalSaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CargillInternationalSaMember_0" xlink:to="lbl_CargillInternationalSaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CargillInternationalSaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Cargill International SA.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CargillInternationalSaMember_0" xlink:to="lbl_CargillInternationalSaMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CargillInternationalSaMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cargill International SA</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_KochShippingPteLtd.SingaporeMember" xlink:label="loc_dsx_KochShippingPteLtd.SingaporeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_KochShippingPteLtd.SingaporeMember_0" xlink:to="lbl_KochShippingPteLtd.SingaporeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_KochShippingPteLtd.SingaporeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Koch Shipping PTE LTD. Singapore</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_KochShippingPteLtd.SingaporeMember_0" xlink:to="lbl_KochShippingPteLtd.SingaporeMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_KochShippingPteLtd.SingaporeMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Koch Shipping PTE LTD. Singapore</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SwissmarinePte.LtdMember" xlink:label="loc_dsx_SwissmarinePte.LtdMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SwissmarinePte.LtdMember_0" xlink:to="lbl_SwissmarinePte.LtdMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SwissmarinePte.LtdMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Swissmarine Pte. Ltd.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SwissmarinePte.LtdMember_0" xlink:to="lbl_SwissmarinePte.LtdMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SwissmarinePte.LtdMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Swissmarine Pte. Ltd</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeniorUnsecuredBond8.375PercentMember" xlink:label="loc_dsx_SeniorUnsecuredBond8.375PercentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond8.375PercentMember_0" xlink:to="lbl_SeniorUnsecuredBond8.375PercentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond8.375PercentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to 8.375% Senior Unsecured Bond.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond8.375PercentMember_0" xlink:to="lbl_SeniorUnsecuredBond8.375PercentMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond8.375PercentMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">8.375% Senior Unsecured Bond.</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SupplementalRefinancingAgreementWithNordeaMember" xlink:label="loc_dsx_SupplementalRefinancingAgreementWithNordeaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SupplementalRefinancingAgreementWithNordeaMember_0" xlink:to="lbl_SupplementalRefinancingAgreementWithNordeaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SupplementalRefinancingAgreementWithNordeaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to supplemental agreement with Nordea.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SupplementalRefinancingAgreementWithNordeaMember_0" xlink:to="lbl_SupplementalRefinancingAgreementWithNordeaMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SupplementalRefinancingAgreementWithNordeaMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Refinancing Agreement</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentDeadweightTonnage" xlink:label="loc_dsx_PropertyPlantAndEquipmentDeadweightTonnage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDeadweightTonnage_0" xlink:to="lbl_PropertyPlantAndEquipmentDeadweightTonnage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDeadweightTonnage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Mass of vessels that was purchased/sold within the specified time period.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDeadweightTonnage_0" xlink:to="lbl_PropertyPlantAndEquipmentDeadweightTonnage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDeadweightTonnage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Dead Weight Tonnage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDeadweightTonnage_0" xlink:to="lbl_PropertyPlantAndEquipmentDeadweightTonnage_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDeadweightTonnage_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">DWT (in tonnes)</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_GrossProceedsFromIssuanceOfEquity" xlink:label="loc_dsx_GrossProceedsFromIssuanceOfEquity_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GrossProceedsFromIssuanceOfEquity_0" xlink:to="lbl_GrossProceedsFromIssuanceOfEquity_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GrossProceedsFromIssuanceOfEquity_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Gross cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GrossProceedsFromIssuanceOfEquity_0" xlink:to="lbl_GrossProceedsFromIssuanceOfEquity_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GrossProceedsFromIssuanceOfEquity_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gross Proceeds from Issuance of Equity</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GrossProceedsFromIssuanceOfEquity_0" xlink:to="lbl_GrossProceedsFromIssuanceOfEquity_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GrossProceedsFromIssuanceOfEquity_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross purchase price</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GrossProceedsFromIssuanceOfEquity_0" xlink:to="lbl_GrossProceedsFromIssuanceOfEquity_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GrossProceedsFromIssuanceOfEquity_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Gross proceeds from issuance of equity</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DebtRefinancedAmountExcludingExtinguishment" xlink:label="loc_dsx_DebtRefinancedAmountExcludingExtinguishment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtRefinancedAmountExcludingExtinguishment_0" xlink:to="lbl_DebtRefinancedAmountExcludingExtinguishment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtRefinancedAmountExcludingExtinguishment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt refinanced, notional amount excluding extinguishment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtRefinancedAmountExcludingExtinguishment_0" xlink:to="lbl_DebtRefinancedAmountExcludingExtinguishment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtRefinancedAmountExcludingExtinguishment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt refinanced, amount excluding extinguishment</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_GlencoreAgricultureB.v.RotterdamMember" xlink:label="loc_dsx_GlencoreAgricultureB.v.RotterdamMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GlencoreAgricultureB.v.RotterdamMember_0" xlink:to="lbl_GlencoreAgricultureB.v.RotterdamMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GlencoreAgricultureB.v.RotterdamMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Glencore Agriculture B.V., Rotterdam.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GlencoreAgricultureB.v.RotterdamMember_0" xlink:to="lbl_GlencoreAgricultureB.v.RotterdamMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GlencoreAgricultureB.v.RotterdamMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Glencore Agriculture B.V., Rotterdam</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentDisposalsNet" xlink:label="loc_dsx_PropertyPlantAndEquipmentDisposalsNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalsNet_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalsNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalsNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount after accumulated depreciation, depletion and amortization, of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalsNet_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalsNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalsNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Disposals Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalsNet_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalsNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalsNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vessel disposal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AdvancesForVesselAcqusitions" xlink:label="loc_dsx_AdvancesForVesselAcqusitions_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcqusitions_0" xlink:to="lbl_AdvancesForVesselAcqusitions_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcqusitions_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value of capitalized payments made in advance for vessel acquisitions that is expected to be received within one year or the normal operating cycle, if longer.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcqusitions_0" xlink:to="lbl_AdvancesForVesselAcqusitions_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcqusitions_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessel Acqusitions</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcqusitions_0" xlink:to="lbl_AdvancesForVesselAcqusitions_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcqusitions_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for vessel acquisitions (Note 6)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcqusitions_0" xlink:to="lbl_AdvancesForVesselAcqusitions_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcqusitions_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Advances for vessel acquisitions</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_VoyageExpensesDisclosureTextBlock" xlink:label="loc_dsx_VoyageExpensesDisclosureTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VoyageExpensesDisclosureTextBlock_0" xlink:to="lbl_VoyageExpensesDisclosureTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VoyageExpensesDisclosureTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure of Voyage expenses.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VoyageExpensesDisclosureTextBlock_0" xlink:to="lbl_VoyageExpensesDisclosureTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VoyageExpensesDisclosureTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Voyage Expenses Disclosure [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VoyageExpensesDisclosureTextBlock_0" xlink:to="lbl_VoyageExpensesDisclosureTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VoyageExpensesDisclosureTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage Expenses</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ScheduleOfVoyageExpensesAnalysisTableTextBlock" xlink:label="loc_dsx_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0" xlink:to="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The tabular disclosure of voyage expenses analysis.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0" xlink:to="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Voyage Expenses Analysis [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScheduleOfVoyageExpensesAnalysisTableTextBlock_0" xlink:to="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScheduleOfVoyageExpensesAnalysisTableTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Voyage Expenses Analysis</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EnvironmentalLossProbationPeriod" xlink:label="loc_dsx_EnvironmentalLossProbationPeriod_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EnvironmentalLossProbationPeriod_0" xlink:to="lbl_EnvironmentalLossProbationPeriod_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EnvironmentalLossProbationPeriod_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Period of environmental loss probation period, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EnvironmentalLossProbationPeriod_0" xlink:to="lbl_EnvironmentalLossProbationPeriod_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EnvironmentalLossProbationPeriod_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Environmental Loss Probation Period</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EnvironmentalLossProbationPeriod_0" xlink:to="lbl_EnvironmentalLossProbationPeriod_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EnvironmentalLossProbationPeriod_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Environmental loss probation period</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentageOfAdvanceAmountPaidForPurchaseOfVessel" xlink:label="loc_dsx_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0" xlink:to="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of advance amount paid for purchase of vessels.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0" xlink:to="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Advance Amount Paid For Purchase Of Vessel</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_0" xlink:to="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfAdvanceAmountPaidForPurchaseOfVessel_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of advance amount paid</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentVesselsContributedToSpinOff" xlink:label="loc_dsx_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount property plant and equipment Vessels cost contributed to spin-off.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Vessels contributed To Spin-Off</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentVesselsContributedToSpinOff_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vessels contributed to OceanPal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff" xlink:label="loc_dsx_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount property plant and equipment Vessels accumulated depreciation contributed to spin-offl.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation Depletion And Amortization Vessels Contributed To Spin-Off</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_0" xlink:to="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationDepletionAndAmortizationVesselsContributedToSpinOff_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels contributed to OceanPal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff" xlink:label="loc_dsx_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of net book value Vessels contributed to spin-off.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Net Book Value Vessels Contributed To Spin-Off</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_0" xlink:to="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentNetBookValueVesselsContributedToSpinOff_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vessels contributed to OceanPal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_OceanpalMember" xlink:label="loc_dsx_OceanpalMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OceanpalMember_0" xlink:to="lbl_OceanpalMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OceanpalMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to OceanPal.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_OceanpalMember_0" xlink:to="lbl_OceanpalMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_OceanpalMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">OceanPal [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued" xlink:label="loc_dsx_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0" xlink:to="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Related Party Transaction, Aggregate Price of Preferred Shares Issued.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0" xlink:to="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Aggregate Price of Preferred Shares Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_0" xlink:to="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_RelatedPartyTransactionAggregatePriceOfPreferredSharesIssued_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate price of preferred shares issued</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments" xlink:label="loc_dsx_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_0" xlink:to="lbl_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Period for measurement of time charter rates, input for calculation of vessel impairments, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_0" xlink:to="lbl_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TimePeriodForMeasurementOfTimeCharterRateInputForCalculationOfVesselImpairments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Time period for measurement of time charter rate, input for calculation of vessel impairments</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates" xlink:label="loc_dsx_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_0" xlink:to="lbl_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Period for measurement of number of years exclued from calculation of average time charter rates, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_0" xlink:to="lbl_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfYearsExcludedFromCalculationOfAverageTimeCharterRates_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number of years excluded from calculation of average time charter rates</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock" xlink:label="loc_dsx_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for property plant and equipment assets held for sale.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Assets Held For Sale [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_0" xlink:to="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentAssetsHeldForSalePolicyTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels held for sale</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SteamshipShipbrokingEnterprisesMember" xlink:label="loc_dsx_SteamshipShipbrokingEnterprisesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SteamshipShipbrokingEnterprisesMember_0" xlink:to="lbl_SteamshipShipbrokingEnterprisesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SteamshipShipbrokingEnterprisesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Diana Enterprises Inc. renamed to Steamship Shipbroking Enterprises Inc. is a company controlled by the Company's Chairman.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SteamshipShipbrokingEnterprisesMember_0" xlink:to="lbl_SteamshipShipbrokingEnterprisesMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SteamshipShipbrokingEnterprisesMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Steamship Shipbroking Enterprises [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_GainLossOnFuel" xlink:label="loc_dsx_GainLossOnFuel_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossOnFuel_0" xlink:to="lbl_GainLossOnFuel_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnFuel_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of gain or loss from bunkers.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossOnFuel_0" xlink:to="lbl_GainLossOnFuel_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnFuel_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gain Loss On Fuel</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossOnFuel_0" xlink:to="lbl_GainLossOnFuel_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossOnFuel_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss/(gain) from bunkers</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock" xlink:label="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0" xlink:to="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for advances for vessel acquisitions and Vessels, net.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0" xlink:to="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessel Acquisitions And Vessels, Net [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_0" xlink:to="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcquisitionsAndVesselsNetTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for Vessels Under Construction and Vessels, net</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyAndEquipmentGross" xlink:label="loc_dsx_PropertyAndEquipmentGross_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentGross_0" xlink:to="lbl_PropertyAndEquipmentGross_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentGross_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentGross_0" xlink:to="lbl_PropertyAndEquipmentGross_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentGross_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property And Equipment Gross</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentGross_0" xlink:to="lbl_PropertyAndEquipmentGross_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentGross_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Property and Equipment, Ending Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentGross_0" xlink:to="lbl_PropertyAndEquipmentGross_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentGross_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Property and Equipment, Beginning Balance</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyAndEquipmentNet" xlink:label="loc_dsx_PropertyAndEquipmentNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Real estate, furniture and fixtures net of depreciation.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property And Equipment Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Property And Equipment Net, Ending Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Property And Equipment Net, Beginning Balance</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_4"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_4" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Property and equipment, net (Note 5)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_5"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_5" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel">Vessels, net (Note 4)</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyAndEquipmentNet_0" xlink:to="lbl_PropertyAndEquipmentNet_6"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyAndEquipmentNet_6" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Property and equipment, net (Note 7)</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeriesCConvertiblePreferredStockMember" xlink:label="loc_dsx_SeriesCConvertiblePreferredStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeriesCConvertiblePreferredStockMember_0" xlink:to="lbl_SeriesCConvertiblePreferredStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesCConvertiblePreferredStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Series C Convertible Preferred Stock.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeriesCConvertiblePreferredStockMember_0" xlink:to="lbl_SeriesCConvertiblePreferredStockMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesCConvertiblePreferredStockMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series C Convertible Preferred Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare" xlink:label="loc_dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">attributable to disposal group held for sale or disposed of.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Disposal Group Including Discontinued Operation, Spinoff Transaction, Dividend Distribution to Shareholders per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends to shareholders per share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_0" xlink:to="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DisposalGroupIncludingDiscontinuedOperationSpinoffTransactionDividendDistributionToShareholdersPerShare_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Shares distributed to shareholders</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties" xlink:label="loc_dsx_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0" xlink:to="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the number of vessels to be acquired from unaffiliated third parties.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0" xlink:to="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number of Vessels to be Acquired from Unaffiliated Third Parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_0" xlink:to="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeAcquiredFromUnaffiliatedThirdParties_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels acquired</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EquitySecuritiesInvestmentInOceanpalMember" xlink:label="loc_dsx_EquitySecuritiesInvestmentInOceanpalMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EquitySecuritiesInvestmentInOceanpalMember_0" xlink:to="lbl_EquitySecuritiesInvestmentInOceanpalMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesInvestmentInOceanpalMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining Equity Securities, Investment In Oceanpal</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EquitySecuritiesInvestmentInOceanpalMember_0" xlink:to="lbl_EquitySecuritiesInvestmentInOceanpalMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EquitySecuritiesInvestmentInOceanpalMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities, Investment In Oceanpal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LongLivedAssetsHeldForUseExcludingCalipsoMember" xlink:label="loc_dsx_LongLivedAssetsHeldForUseExcludingCalipsoMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseExcludingCalipsoMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseExcludingCalipsoMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseExcludingCalipsoMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Long Lived Assets Held For Use, Excluding Calipso.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseExcludingCalipsoMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseExcludingCalipsoMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseExcludingCalipsoMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held For Use, Excluding Calipso</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LongLivedAssetsHeldForUseCalipsoMember" xlink:label="loc_dsx_LongLivedAssetsHeldForUseCalipsoMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseCalipsoMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseCalipsoMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseCalipsoMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Long Lived Assets Held For Use, Calipso.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseCalipsoMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseCalipsoMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseCalipsoMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held For Use, Calipso</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LongLivedAssetsHeldForSaleMember" xlink:label="loc_dsx_LongLivedAssetsHeldForSaleMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForSaleMember_0" xlink:to="lbl_LongLivedAssetsHeldForSaleMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForSaleMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to Long Lived Assets Held For sale.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForSaleMember_0" xlink:to="lbl_LongLivedAssetsHeldForSaleMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForSaleMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held For Sale</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVotesOfStockholders" xlink:label="loc_dsx_NumberOfVotesOfStockholders_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVotesOfStockholders_0" xlink:to="lbl_NumberOfVotesOfStockholders_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVotesOfStockholders_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">The number Votes</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVotesOfStockholders_0" xlink:to="lbl_NumberOfVotesOfStockholders_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVotesOfStockholders_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Votes Of The Stockholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVotesOfStockholders_0" xlink:to="lbl_NumberOfVotesOfStockholders_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVotesOfStockholders_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of votes of stockholders</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselOwningSubsidiarySharesCapitalContribution" xlink:label="loc_dsx_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0" xlink:to="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of vessel owning subsidiary shares as capital contribution.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0" xlink:to="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number of Vessel Owning Subsidiary Shares, Capital Contribution</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselOwningSubsidiarySharesCapitalContribution_0" xlink:to="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselOwningSubsidiarySharesCapitalContribution_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessel owing subsidiary shares as capital contribution</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WorkingCapitalInExchangeOfShares" xlink:label="loc_dsx_WorkingCapitalInExchangeOfShares_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WorkingCapitalInExchangeOfShares_0" xlink:to="lbl_WorkingCapitalInExchangeOfShares_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WorkingCapitalInExchangeOfShares_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Working capital as capital contribution in exchange of shares.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WorkingCapitalInExchangeOfShares_0" xlink:to="lbl_WorkingCapitalInExchangeOfShares_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WorkingCapitalInExchangeOfShares_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Working Capital in Exchange of Shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WorkingCapitalInExchangeOfShares_0" xlink:to="lbl_WorkingCapitalInExchangeOfShares_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WorkingCapitalInExchangeOfShares_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Working capital</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentageOfCommonSharesToBeExchanged" xlink:label="loc_dsx_PercentageOfCommonSharesToBeExchanged_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfCommonSharesToBeExchanged_0" xlink:to="lbl_PercentageOfCommonSharesToBeExchanged_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfCommonSharesToBeExchanged_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of common shares to be exchanged.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfCommonSharesToBeExchanged_0" xlink:to="lbl_PercentageOfCommonSharesToBeExchanged_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfCommonSharesToBeExchanged_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percentage of Common Shares to be Exchanged</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentageOfCommonSharesToBeExchanged_0" xlink:to="lbl_PercentageOfCommonSharesToBeExchanged_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentageOfCommonSharesToBeExchanged_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of common stock to be exchanged</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SpinOffTransactionsAxis" xlink:label="loc_dsx_SpinOffTransactionsAxis_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffTransactionsAxis_0" xlink:to="lbl_SpinOffTransactionsAxis_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffTransactionsAxis_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Information by Spin Off Transactions.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffTransactionsAxis_0" xlink:to="lbl_SpinOffTransactionsAxis_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffTransactionsAxis_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Spin-Off Transactions [Axis]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SpinOffTransactionsDomain" xlink:label="loc_dsx_SpinOffTransactionsDomain_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffTransactionsDomain_0" xlink:to="lbl_SpinOffTransactionsDomain_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffTransactionsDomain_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Information by Spin Off Transactions.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffTransactionsDomain_0" xlink:to="lbl_SpinOffTransactionsDomain_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffTransactionsDomain_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Spin-Off Transactions [Domain]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SpinOffsMember" xlink:label="loc_dsx_SpinOffsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffsMember_0" xlink:to="lbl_SpinOffsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining to spin-off.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SpinOffsMember_0" xlink:to="lbl_SpinOffsMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SpinOffsMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Spin Off [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FairValueOfAssetsContributedAsDividends" xlink:label="loc_dsx_FairValueOfAssetsContributedAsDividends_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FairValueOfAssetsContributedAsDividends_0" xlink:to="lbl_FairValueOfAssetsContributedAsDividends_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueOfAssetsContributedAsDividends_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value of assets contributed as dividends</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FairValueOfAssetsContributedAsDividends_0" xlink:to="lbl_FairValueOfAssetsContributedAsDividends_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FairValueOfAssetsContributedAsDividends_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fair value of assets contributed as dividends</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MaximumPercentageOfVotesAsPercentageOfTotalVotes" xlink:label="loc_dsx_MaximumPercentageOfVotesAsPercentageOfTotalVotes_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumPercentageOfVotesAsPercentageOfTotalVotes_0" xlink:to="lbl_MaximumPercentageOfVotesAsPercentageOfTotalVotes_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumPercentageOfVotesAsPercentageOfTotalVotes_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum percentage of votes as a percentage of total votes</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumPercentageOfVotesAsPercentageOfTotalVotes_0" xlink:to="lbl_MaximumPercentageOfVotesAsPercentageOfTotalVotes_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumPercentageOfVotesAsPercentageOfTotalVotes_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maximum percentage of votes as a percentage of total votes</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MaximumAnnualIncreaseDecreaseToBasisRate" xlink:label="loc_dsx_MaximumAnnualIncreaseDecreaseToBasisRate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumAnnualIncreaseDecreaseToBasisRate_0" xlink:to="lbl_MaximumAnnualIncreaseDecreaseToBasisRate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumAnnualIncreaseDecreaseToBasisRate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum annual increase (decrease) to basis rate</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumAnnualIncreaseDecreaseToBasisRate_0" xlink:to="lbl_MaximumAnnualIncreaseDecreaseToBasisRate_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumAnnualIncreaseDecreaseToBasisRate_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maximum annual increase (decrease) to basis rate</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_InvestmentsInRelatedPartiesMember" xlink:label="loc_dsx_InvestmentsInRelatedPartiesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedPartiesMember_0" xlink:to="lbl_InvestmentsInRelatedPartiesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedPartiesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments in related parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedPartiesMember_0" xlink:to="lbl_InvestmentsInRelatedPartiesMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedPartiesMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investments in related parties [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedPartiesMember_0" xlink:to="lbl_InvestmentsInRelatedPartiesMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedPartiesMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments in related parties</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity" xlink:label="loc_dsx_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_0" xlink:to="lbl_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum total number of votes entitled to vote, including common stock or any other voting security</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_0" xlink:to="lbl_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaximumTotalNumberOfVotesEntitledToVoteIncludingCommonStockOrAnyOtherVotingSecurity_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maximum total number of votes entitled to vote, including common stock or any other voting security</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AssetsHeldForSaleMember" xlink:label="loc_dsx_AssetsHeldForSaleMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AssetsHeldForSaleMember_0" xlink:to="lbl_AssetsHeldForSaleMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsHeldForSaleMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the information pertaining assets held for sale</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AssetsHeldForSaleMember_0" xlink:to="lbl_AssetsHeldForSaleMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsHeldForSaleMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Assets held for sale [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AssetsHeldForSaleMember_0" xlink:to="lbl_AssetsHeldForSaleMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AssetsHeldForSaleMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Assets held for sale</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_VesselsWithIndicatorsOfImpairmentMember" xlink:label="loc_dsx_VesselsWithIndicatorsOfImpairmentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselsWithIndicatorsOfImpairmentMember_0" xlink:to="lbl_VesselsWithIndicatorsOfImpairmentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselsWithIndicatorsOfImpairmentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">This member pertains to information about vessels with indicators of impairment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselsWithIndicatorsOfImpairmentMember_0" xlink:to="lbl_VesselsWithIndicatorsOfImpairmentMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselsWithIndicatorsOfImpairmentMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessels with indicators of impairment [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselsWithIndicatorsOfImpairmentMember_0" xlink:to="lbl_VesselsWithIndicatorsOfImpairmentMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselsWithIndicatorsOfImpairmentMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels with indicators of impairment</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AccountingPoliciesDisclosureTable" xlink:label="loc_dsx_AccountingPoliciesDisclosureTable_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccountingPoliciesDisclosureTable_0" xlink:to="lbl_AccountingPoliciesDisclosureTable_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountingPoliciesDisclosureTable_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies Disclosure [Table]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AccountingPoliciesDisclosureLineItems" xlink:label="loc_dsx_AccountingPoliciesDisclosureLineItems_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccountingPoliciesDisclosureLineItems_0" xlink:to="lbl_AccountingPoliciesDisclosureLineItems_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccountingPoliciesDisclosureLineItems_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies Disclosure [Line Items]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ContractsInEntitysEquityPolicyTextBlock" xlink:label="loc_dsx_ContractsInEntitysEquityPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ContractsInEntitysEquityPolicyTextBlock_0" xlink:to="lbl_ContractsInEntitysEquityPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContractsInEntitysEquityPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Contracts In Entity's Equity Policy [Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ContractsInEntitysEquityPolicyTextBlock_0" xlink:to="lbl_ContractsInEntitysEquityPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ContractsInEntitysEquityPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contracts in Entity's Equity</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock" xlink:label="loc_dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0" xlink:to="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Finance Lease Liability Shown In Balance Sheets [Table Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0" xlink:to="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Analysis of Finance Liabilities on Balance Sheets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_0" xlink:to="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinanceLeaseLiabilityShownInBalanceSheetsTableTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Finance Lease Liability Shown In Balance Sheets [Table Text Block]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ComputerSoftwareAndHardwareMember" xlink:label="loc_dsx_ComputerSoftwareAndHardwareMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ComputerSoftwareAndHardwareMember_0" xlink:to="lbl_ComputerSoftwareAndHardwareMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComputerSoftwareAndHardwareMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Computer Software and Hardware [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentResidualValue" xlink:label="loc_dsx_PropertyPlantAndEquipmentResidualValue_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentResidualValue_0" xlink:to="lbl_PropertyPlantAndEquipmentResidualValue_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentResidualValue_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Residual Value</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentResidualValue_0" xlink:to="lbl_PropertyPlantAndEquipmentResidualValue_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentResidualValue_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property and equipment, residual value</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts" xlink:label="loc_dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0" xlink:to="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Carrying Value Of Veessels For Which Impairment Indicators Exist, Including Unamortized Deferred Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0" xlink:to="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying Value Of Veessels For Which Impairment Indicators Exist, Including Unamortized Deferred Costs</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_0" xlink:to="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CarryingValueOfVeesselsForWhichImpairmentIndicatorsExistIncludingUnamortizedDeferredCosts_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Carrying value of vessels for which impairment indicators exist, including unamortized deferred costs</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_UltramaxVesselMember" xlink:label="loc_dsx_UltramaxVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_UltramaxVesselMember_0" xlink:to="lbl_UltramaxVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_UltramaxVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ultramax [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LongLivedAssetsHeldForUseMember" xlink:label="loc_dsx_LongLivedAssetsHeldForUseMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Long Lived Assets Held For Use [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LongLivedAssetsHeldForUseMember_0" xlink:to="lbl_LongLivedAssetsHeldForUseMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LongLivedAssetsHeldForUseMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long Lived Assets Held For Use</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MasterAgreementWithSeaTradeMember" xlink:label="loc_dsx_MasterAgreementWithSeaTradeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MasterAgreementWithSeaTradeMember_0" xlink:to="lbl_MasterAgreementWithSeaTradeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MasterAgreementWithSeaTradeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Master Agreement With Sea Trade [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AdvancesForVesselAcquisitionsAndVesselsNetMember" xlink:label="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselAcquisitionsAndVesselsNetMember_0" xlink:to="lbl_AdvancesForVesselAcquisitionsAndVesselsNetMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselAcquisitionsAndVesselsNetMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessel Acquisitions And Vessels, Net [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsUnderNewManagementAgreements" xlink:label="loc_dsx_NumberOfVesselsUnderNewManagementAgreements_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsUnderNewManagementAgreements_0" xlink:to="lbl_NumberOfVesselsUnderNewManagementAgreements_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsUnderNewManagementAgreements_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Under New Management Agreements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsUnderNewManagementAgreements_0" xlink:to="lbl_NumberOfVesselsUnderNewManagementAgreements_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsUnderNewManagementAgreements_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels Under New Management Agreements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsUnderNewManagementAgreements_0" xlink:to="lbl_NumberOfVesselsUnderNewManagementAgreements_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsUnderNewManagementAgreements_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels under new management agreements</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AtmProgramMember" xlink:label="loc_dsx_AtmProgramMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AtmProgramMember_0" xlink:to="lbl_AtmProgramMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AtmProgramMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">ATM Program [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsAcquired" xlink:label="loc_dsx_NumberOfVesselsAcquired_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsAcquired_0" xlink:to="lbl_NumberOfVesselsAcquired_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsAcquired_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels Acquired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsAcquired_0" xlink:to="lbl_NumberOfVesselsAcquired_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsAcquired_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels acquired</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsAcquired_0" xlink:to="lbl_NumberOfVesselsAcquired_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsAcquired_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Acquired</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_VesselAcquisitionsMember" xlink:label="loc_dsx_VesselAcquisitionsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselAcquisitionsMember_0" xlink:to="lbl_VesselAcquisitionsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselAcquisitionsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Vessel Acquisitions [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselAcquisitionsMember_0" xlink:to="lbl_VesselAcquisitionsMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselAcquisitionsMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Acquisitions</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_VesselAcquisitionsMember_0" xlink:to="lbl_VesselAcquisitionsMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_VesselAcquisitionsMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Vessel Acquisitions</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LeonidasPcMember" xlink:label="loc_dsx_LeonidasPcMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LeonidasPcMember_0" xlink:to="lbl_LeonidasPcMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LeonidasPcMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Leonidas P.C. [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LeonidasPcMember_0" xlink:to="lbl_LeonidasPcMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LeonidasPcMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Leonidas P.C.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LeonidasPcMember_0" xlink:to="lbl_LeonidasPcMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LeonidasPcMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Leonidas P.C.</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NineUltramaxVesselsMember" xlink:label="loc_dsx_NineUltramaxVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NineUltramaxVesselsMember_0" xlink:to="lbl_NineUltramaxVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NineUltramaxVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ultramax vessels [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NineUltramaxVesselsMember_0" xlink:to="lbl_NineUltramaxVesselsMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NineUltramaxVesselsMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nine Ultramax vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NineUltramaxVesselsMember_0" xlink:to="lbl_NineUltramaxVesselsMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NineUltramaxVesselsMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Ultramax vessels</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EightOfNineUtramaxVesselsMember" xlink:label="loc_dsx_EightOfNineUtramaxVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EightOfNineUtramaxVesselsMember_0" xlink:to="lbl_EightOfNineUtramaxVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EightOfNineUtramaxVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Eight of nine Utramax vessels [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EightOfNineUtramaxVesselsMember_0" xlink:to="lbl_EightOfNineUtramaxVesselsMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EightOfNineUtramaxVesselsMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Eight of nine Utramax vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EightOfNineUtramaxVesselsMember_0" xlink:to="lbl_EightOfNineUtramaxVesselsMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EightOfNineUtramaxVesselsMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Eight of nine Utramax vessels</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NinthOfNineUltramaxVesselsMember" xlink:label="loc_dsx_NinthOfNineUltramaxVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NinthOfNineUltramaxVesselsMember_0" xlink:to="lbl_NinthOfNineUltramaxVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NinthOfNineUltramaxVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ninth of nine Ultramax vessels [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NinthOfNineUltramaxVesselsMember_0" xlink:to="lbl_NinthOfNineUltramaxVesselsMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NinthOfNineUltramaxVesselsMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ninth of nine Ultramax vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NinthOfNineUltramaxVesselsMember_0" xlink:to="lbl_NinthOfNineUltramaxVesselsMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NinthOfNineUltramaxVesselsMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Ninth of nine Ultramax vessels</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyEqupmentDisposal" xlink:label="loc_dsx_PropertyEqupmentDisposal_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEqupmentDisposal_0" xlink:to="lbl_PropertyEqupmentDisposal_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEqupmentDisposal_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Disposal of assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEqupmentDisposal_0" xlink:to="lbl_PropertyEqupmentDisposal_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEqupmentDisposal_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Property Equpment Disposal</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEqupmentDisposal_0" xlink:to="lbl_PropertyEqupmentDisposal_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEqupmentDisposal_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Equpment Disposal</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment" xlink:label="loc_dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation And Amortization Disposal Of equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Disposal of assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Accumulated Depreciation And Amortization Disposal Of equipment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_0" xlink:to="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AccumulatedDepreciationAndAmortizationDisposalOfEquipment_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Disposal of assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyEquipmentNetDisposalOfAssets" xlink:label="loc_dsx_PropertyEquipmentNetDisposalOfAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEquipmentNetDisposalOfAssets_0" xlink:to="lbl_PropertyEquipmentNetDisposalOfAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEquipmentNetDisposalOfAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Equipment Net Disposal of Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEquipmentNetDisposalOfAssets_0" xlink:to="lbl_PropertyEquipmentNetDisposalOfAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEquipmentNetDisposalOfAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Property Equipment Net Disposal of Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyEquipmentNetDisposalOfAssets_0" xlink:to="lbl_PropertyEquipmentNetDisposalOfAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyEquipmentNetDisposalOfAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Disposal of assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_Florida2022BuiltCapesizeVesselMember" xlink:label="loc_dsx_Florida2022BuiltCapesizeVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_Florida2022BuiltCapesizeVesselMember_0" xlink:to="lbl_Florida2022BuiltCapesizeVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Florida2022BuiltCapesizeVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Florida 2022 Built Capesize Vessel [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfSaleAndLeasebackAgreements" xlink:label="loc_dsx_NumberOfSaleAndLeasebackAgreements_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSaleAndLeasebackAgreements_0" xlink:to="lbl_NumberOfSaleAndLeasebackAgreements_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSaleAndLeasebackAgreements_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Sale And Leaseback Agreements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSaleAndLeasebackAgreements_0" xlink:to="lbl_NumberOfSaleAndLeasebackAgreements_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSaleAndLeasebackAgreements_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Sale And Leaseback Agreements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSaleAndLeasebackAgreements_0" xlink:to="lbl_NumberOfSaleAndLeasebackAgreements_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSaleAndLeasebackAgreements_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of sale and leaseback agreements</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SaleAndLeaseAgreementsAggregateAmount" xlink:label="loc_dsx_SaleAndLeaseAgreementsAggregateAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SaleAndLeaseAgreementsAggregateAmount_0" xlink:to="lbl_SaleAndLeaseAgreementsAggregateAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SaleAndLeaseAgreementsAggregateAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Sale And Lease Agreements, Aggregate Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SaleAndLeaseAgreementsAggregateAmount_0" xlink:to="lbl_SaleAndLeaseAgreementsAggregateAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SaleAndLeaseAgreementsAggregateAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Sale And Lease Agreements, Aggregate Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SaleAndLeaseAgreementsAggregateAmount_0" xlink:to="lbl_SaleAndLeaseAgreementsAggregateAmount_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SaleAndLeaseAgreementsAggregateAmount_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale and lease agreements, aggregate amount</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NewOrleansAndSantaBarbaraVesselsMember" xlink:label="loc_dsx_NewOrleansAndSantaBarbaraVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NewOrleansAndSantaBarbaraVesselsMember_0" xlink:to="lbl_NewOrleansAndSantaBarbaraVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewOrleansAndSantaBarbaraVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">New Orleans And Santa Barbara Vessels [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NewOrleansVesselMember" xlink:label="loc_dsx_NewOrleansVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NewOrleansVesselMember_0" xlink:to="lbl_NewOrleansVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewOrleansVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">New Orleans Vessel [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SantaBarbaraVesselMember" xlink:label="loc_dsx_SantaBarbaraVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SantaBarbaraVesselMember_0" xlink:to="lbl_SantaBarbaraVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SantaBarbaraVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Santa Barbara Vessel [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DsiAndromedaMember" xlink:label="loc_dsx_DsiAndromedaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DsiAndromedaMember_0" xlink:to="lbl_DsiAndromedaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DsiAndromedaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">DSI Andromeda [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DebtInstrumentRedemptionPeriodSixMember" xlink:label="loc_dsx_DebtInstrumentRedemptionPeriodSixMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentRedemptionPeriodSixMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodSixMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodSixMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Redemption Period Six [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentRedemptionPeriodSixMember_0" xlink:to="lbl_DebtInstrumentRedemptionPeriodSixMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentRedemptionPeriodSixMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">After December 2025 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AmountOfLoanReclassifiedToCurrentLiabilities" xlink:label="loc_dsx_AmountOfLoanReclassifiedToCurrentLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AmountOfLoanReclassifiedToCurrentLiabilities_0" xlink:to="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Amount Of Loan Reclassified To Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AmountOfLoanReclassifiedToCurrentLiabilities_0" xlink:to="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount Of Loan Reclassified To Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AmountOfLoanReclassifiedToCurrentLiabilities_0" xlink:to="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AmountOfLoanReclassifiedToCurrentLiabilities_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amount of loan reclassified to current liabilities</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NewRepaymentsTermsFollowingJuly2022PrepaymentMember" xlink:label="loc_dsx_NewRepaymentsTermsFollowingJuly2022PrepaymentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NewRepaymentsTermsFollowingJuly2022PrepaymentMember_0" xlink:to="lbl_NewRepaymentsTermsFollowingJuly2022PrepaymentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewRepaymentsTermsFollowingJuly2022PrepaymentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">New Repayments Terms Following July2022 Prepayment [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LoanAgreement9UltramaxVesselsMember" xlink:label="loc_dsx_LoanAgreement9UltramaxVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LoanAgreement9UltramaxVesselsMember_0" xlink:to="lbl_LoanAgreement9UltramaxVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LoanAgreement9UltramaxVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loan Agreement - 9 Ultramax Vessels [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsPriced" xlink:label="loc_dsx_NumberOfVesselsPriced_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsPriced_0" xlink:to="lbl_NumberOfVesselsPriced_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsPriced_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Priced</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsPriced_0" xlink:to="lbl_NumberOfVesselsPriced_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsPriced_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels Priced</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsPriced_0" xlink:to="lbl_NumberOfVesselsPriced_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsPriced_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels priced</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DebtInstrumentPrepayment" xlink:label="loc_dsx_DebtInstrumentPrepayment_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPrepayment_0" xlink:to="lbl_DebtInstrumentPrepayment_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPrepayment_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Prepayment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPrepayment_0" xlink:to="lbl_DebtInstrumentPrepayment_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPrepayment_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Prepayment</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPrepayment_0" xlink:to="lbl_DebtInstrumentPrepayment_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPrepayment_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, prepayment</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember" xlink:label="loc_dsx_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember_0" xlink:to="lbl_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FifityPercentShareholderDianaWilhelmsenManagementLimitedMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Each 50% Shareholder of DWM [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BaltimoreMember" xlink:label="loc_dsx_BaltimoreMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BaltimoreMember_0" xlink:to="lbl_BaltimoreMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BaltimoreMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Baltimore [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BaltimoreMember_0" xlink:to="lbl_BaltimoreMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BaltimoreMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Baltimore</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BaltimoreMember_0" xlink:to="lbl_BaltimoreMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BaltimoreMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Baltimore</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CarMember" xlink:label="loc_dsx_CarMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CarMember_0" xlink:to="lbl_CarMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CarMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Car [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember" xlink:label="loc_dsx_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember_0" xlink:to="lbl_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NewlyIssuedCommonSharesIssuableOnDeliveryOfEachVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Newly Issued Common Shares, Issuable On Delivery Of Each Vessel [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsDeliveredToCompany" xlink:label="loc_dsx_NumberOfVesselsDeliveredToCompany_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsDeliveredToCompany_0" xlink:to="lbl_NumberOfVesselsDeliveredToCompany_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsDeliveredToCompany_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Delivered To Company</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsDeliveredToCompany_0" xlink:to="lbl_NumberOfVesselsDeliveredToCompany_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsDeliveredToCompany_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels Delivered To Company</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsDeliveredToCompany_0" xlink:to="lbl_NumberOfVesselsDeliveredToCompany_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsDeliveredToCompany_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number Of Vessels Delivered To Company</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NajasMember" xlink:label="loc_dsx_NajasMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NajasMember_0" xlink:to="lbl_NajasMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NajasMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Najas [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NajasMember_0" xlink:to="lbl_NajasMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NajasMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Najas</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NajasMember_0" xlink:to="lbl_NajasMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NajasMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Najas</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FloridaVesselMember" xlink:label="loc_dsx_FloridaVesselMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FloridaVesselMember_0" xlink:to="lbl_FloridaVesselMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FloridaVesselMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Florida [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FloridaVesselMember_0" xlink:to="lbl_FloridaVesselMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FloridaVesselMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Florida</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FloridaVesselMember_0" xlink:to="lbl_FloridaVesselMember_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FloridaVesselMember_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Vessel Florida</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived" xlink:label="loc_dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0" xlink:to="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Balance Amount Through Preferred Shares, Sale Consideration Received</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0" xlink:to="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Balance Amount Through Preferred Shares, Sale Consideration Received</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_0" xlink:to="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BalanceAmountthroughPreferredSharesSaleConsiderationReceived_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Balance amount through preferred shares, sale consideration received</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentOfPaidInAdvanceOfPurchasePrice" xlink:label="loc_dsx_PercentOfPaidInAdvanceOfPurchasePrice_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfPaidInAdvanceOfPurchasePrice_0" xlink:to="lbl_PercentOfPaidInAdvanceOfPurchasePrice_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfPaidInAdvanceOfPurchasePrice_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percent Of Paid In Advance Of Purchase Price</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfPaidInAdvanceOfPurchasePrice_0" xlink:to="lbl_PercentOfPaidInAdvanceOfPurchasePrice_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfPaidInAdvanceOfPurchasePrice_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Percent Of Paid In Advance Of Purchase Price</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfPaidInAdvanceOfPurchasePrice_0" xlink:to="lbl_PercentOfPaidInAdvanceOfPurchasePrice_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfPaidInAdvanceOfPurchasePrice_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of paid in advance of purchase price</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DividendsPaidInKindPerShare" xlink:label="loc_dsx_DividendsPaidInKindPerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DividendsPaidInKindPerShare_0" xlink:to="lbl_DividendsPaidInKindPerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidInKindPerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Paid-in-kind, Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DividendsPaidInKindPerShare_0" xlink:to="lbl_DividendsPaidInKindPerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidInKindPerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividends Paid-in-kind, Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DividendsPaidInKindPerShare_0" xlink:to="lbl_DividendsPaidInKindPerShare_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DividendsPaidInKindPerShare_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends Paid-in-kind, per share</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FinancialInstrumentsNonCurrentLiabilities" xlink:label="loc_dsx_FinancialInstrumentsNonCurrentLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinancialInstrumentsNonCurrentLiabilities_0" xlink:to="lbl_FinancialInstrumentsNonCurrentLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinancialInstrumentsNonCurrentLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments, Non-Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinancialInstrumentsNonCurrentLiabilities_0" xlink:to="lbl_FinancialInstrumentsNonCurrentLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinancialInstrumentsNonCurrentLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Financial Instruments, Non-Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FinancialInstrumentsNonCurrentLiabilities_0" xlink:to="lbl_FinancialInstrumentsNonCurrentLiabilities_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FinancialInstrumentsNonCurrentLiabilities_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instruments</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WarrantLiabilityNonCurrentLiabilities" xlink:label="loc_dsx_WarrantLiabilityNonCurrentLiabilities_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantLiabilityNonCurrentLiabilities_0" xlink:to="lbl_WarrantLiabilityNonCurrentLiabilities_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantLiabilityNonCurrentLiabilities_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrant Liability, Non-Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantLiabilityNonCurrentLiabilities_0" xlink:to="lbl_WarrantLiabilityNonCurrentLiabilities_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantLiabilityNonCurrentLiabilities_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Warrant Liability, Non-Current Liabilities</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantLiabilityNonCurrentLiabilities_0" xlink:to="lbl_WarrantLiabilityNonCurrentLiabilities_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantLiabilityNonCurrentLiabilities_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrant liability (Note 11(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantLiabilityNonCurrentLiabilities_0" xlink:to="lbl_WarrantLiabilityNonCurrentLiabilities_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantLiabilityNonCurrentLiabilities_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Warrant liability</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PaymentsToAcquireOtherAssets" xlink:label="loc_dsx_PaymentsToAcquireOtherAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToAcquireOtherAssets_0" xlink:to="lbl_PaymentsToAcquireOtherAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Other Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToAcquireOtherAssets_0" xlink:to="lbl_PaymentsToAcquireOtherAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Payments To Acquire Other Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToAcquireOtherAssets_0" xlink:to="lbl_PaymentsToAcquireOtherAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToAcquireOtherAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payments to acquire other assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NoncashDividends" xlink:label="loc_dsx_NoncashDividends_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NoncashDividends_0" xlink:to="lbl_NoncashDividends_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashDividends_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Noncash Dividends</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NoncashDividends_0" xlink:to="lbl_NoncashDividends_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashDividends_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Noncash Dividends</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NoncashDividends_0" xlink:to="lbl_NoncashDividends_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashDividends_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncash dividend (Note 11(f) and 11(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NoncashDividends_0" xlink:to="lbl_NoncashDividends_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NoncashDividends_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Noncash dividend</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CommissionPaidPercentPerAnnum" xlink:label="loc_dsx_CommissionPaidPercentPerAnnum_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionPaidPercentPerAnnum_0" xlink:to="lbl_CommissionPaidPercentPerAnnum_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionPaidPercentPerAnnum_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commission Paid Percent, Per Annum</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionPaidPercentPerAnnum_0" xlink:to="lbl_CommissionPaidPercentPerAnnum_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionPaidPercentPerAnnum_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Commission Paid Percent, Per Annum</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionPaidPercentPerAnnum_0" xlink:to="lbl_CommissionPaidPercentPerAnnum_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionPaidPercentPerAnnum_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commission paid percent, per annum</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BergenMember" xlink:label="loc_dsx_BergenMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BergenMember_0" xlink:to="lbl_BergenMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BergenMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Bergen [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LoanAgreementWithNordeaMember" xlink:label="loc_dsx_LoanAgreementWithNordeaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LoanAgreementWithNordeaMember_0" xlink:to="lbl_LoanAgreementWithNordeaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LoanAgreementWithNordeaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Loan Agreement With Nordea [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ConvertibleLoanAgreementMember" xlink:label="loc_dsx_ConvertibleLoanAgreementMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ConvertibleLoanAgreementMember_0" xlink:to="lbl_ConvertibleLoanAgreementMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ConvertibleLoanAgreementMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Convertible Loan Agreement [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BergenJointVentureMember" xlink:label="loc_dsx_BergenJointVentureMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BergenJointVentureMember_0" xlink:to="lbl_BergenJointVentureMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BergenJointVentureMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Bergen Joint Venture [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EcobulkAsMember" xlink:label="loc_dsx_EcobulkAsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EcobulkAsMember_0" xlink:to="lbl_EcobulkAsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EcobulkAsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Ecobulk AS [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CommissionOnLoanGuaranteeMember" xlink:label="loc_dsx_CommissionOnLoanGuaranteeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionOnLoanGuaranteeMember_0" xlink:to="lbl_CommissionOnLoanGuaranteeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionOnLoanGuaranteeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commission On Loan Guarantee [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AdministrativeServiceAgreementMember" xlink:label="loc_dsx_AdministrativeServiceAgreementMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdministrativeServiceAgreementMember_0" xlink:to="lbl_AdministrativeServiceAgreementMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdministrativeServiceAgreementMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Administrative Service Agreement [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BergerJointVentureMember" xlink:label="loc_dsx_BergerJointVentureMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BergerJointVentureMember_0" xlink:to="lbl_BergerJointVentureMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BergerJointVentureMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Berger Joint Venture [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith" xlink:label="loc_dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0" xlink:to="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Unrelated Companies Entered Into Joint Venture With</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0" xlink:to="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Unrelated Companies Entered Into Joint Venture With</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_0" xlink:to="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfUnrelatedCompaniesEnteredIntoJointVentureWith_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of unrelated companies entered into joint venture with</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WindwardMember" xlink:label="loc_dsx_WindwardMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WindwardMember_0" xlink:to="lbl_WindwardMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WindwardMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Windward [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsToBeConstructed" xlink:label="loc_dsx_NumberOfVesselsToBeConstructed_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeConstructed_0" xlink:to="lbl_NumberOfVesselsToBeConstructed_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeConstructed_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels To Be Constructed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeConstructed_0" xlink:to="lbl_NumberOfVesselsToBeConstructed_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeConstructed_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels To Be Constructed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsToBeConstructed_0" xlink:to="lbl_NumberOfVesselsToBeConstructed_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsToBeConstructed_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels to be constructed</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CohenMember" xlink:label="loc_dsx_CohenMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CohenMember_0" xlink:to="lbl_CohenMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CohenMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cohen [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_GainLossFromConversionOfShares" xlink:label="loc_dsx_GainLossFromConversionOfShares_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossFromConversionOfShares_0" xlink:to="lbl_GainLossFromConversionOfShares_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossFromConversionOfShares_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Gain (Loss) From Conversion Of Shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossFromConversionOfShares_0" xlink:to="lbl_GainLossFromConversionOfShares_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossFromConversionOfShares_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Gain (Loss) From Conversion Of Shares</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_GainLossFromConversionOfShares_0" xlink:to="lbl_GainLossFromConversionOfShares_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_GainLossFromConversionOfShares_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain (loss) from conversion of shares</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset" xlink:label="loc_dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0" xlink:to="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Shares Acquired, Part Of Consideration Provided From Sale Asset</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0" xlink:to="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Shares Acquired, Part Of Consideration Provided From Sale Asset</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_0" xlink:to="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfSharesAcquiredPartOfConsiderationProvidedFromSaleAsset_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares acquired, part of consideration provided from sale asset</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TradingDaysTermInConvertibleSharesAgreement" xlink:label="loc_dsx_TradingDaysTermInConvertibleSharesAgreement_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TradingDaysTermInConvertibleSharesAgreement_0" xlink:to="lbl_TradingDaysTermInConvertibleSharesAgreement_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradingDaysTermInConvertibleSharesAgreement_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Trading Days, Term In Convertible Shares Agreement</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TradingDaysTermInConvertibleSharesAgreement_0" xlink:to="lbl_TradingDaysTermInConvertibleSharesAgreement_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradingDaysTermInConvertibleSharesAgreement_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Trading Days, Term In Convertible Shares Agreement</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TradingDaysTermInConvertibleSharesAgreement_0" xlink:to="lbl_TradingDaysTermInConvertibleSharesAgreement_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TradingDaysTermInConvertibleSharesAgreement_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading days, term in convertible shares agreement</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentOfCommonStockOwned" xlink:label="loc_dsx_PercentOfCommonStockOwned_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfCommonStockOwned_0" xlink:to="lbl_PercentOfCommonStockOwned_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfCommonStockOwned_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percent Of Common Stock Owned</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfCommonStockOwned_0" xlink:to="lbl_PercentOfCommonStockOwned_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfCommonStockOwned_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Percent Of Common Stock Owned</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfCommonStockOwned_0" xlink:to="lbl_PercentOfCommonStockOwned_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfCommonStockOwned_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of common stock owned</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeriesBAndSeriesCPreferredSharesMember" xlink:label="loc_dsx_SeriesBAndSeriesCPreferredSharesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeriesBAndSeriesCPreferredSharesMember_0" xlink:to="lbl_SeriesBAndSeriesCPreferredSharesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesBAndSeriesCPreferredSharesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series B and Series C Preferred Shares [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeriesCAndSeriesDPreferredSharesMember" xlink:label="loc_dsx_SeriesCAndSeriesDPreferredSharesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeriesCAndSeriesDPreferredSharesMember_0" xlink:to="lbl_SeriesCAndSeriesDPreferredSharesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeriesCAndSeriesDPreferredSharesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Series C and Series D [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation" xlink:label="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant, And Equipment, Disposal Due To Deconsolidation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Property, Plant, And Equipment, Disposal Due To Deconsolidation</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidation_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels disposal due to deconsolidation of subsidiary</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MeliaMember" xlink:label="loc_dsx_MeliaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MeliaMember_0" xlink:to="lbl_MeliaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MeliaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Melia [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MeliaMember_0" xlink:to="lbl_MeliaMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MeliaMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Melia</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BostonMember" xlink:label="loc_dsx_BostonMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BostonMember_0" xlink:to="lbl_BostonMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BostonMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Boston [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ScrapRate" xlink:label="loc_dsx_ScrapRate_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScrapRate_0" xlink:to="lbl_ScrapRate_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScrapRate_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Scrap Rate</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScrapRate_0" xlink:to="lbl_ScrapRate_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScrapRate_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Scrap rate</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ScrapRate_0" xlink:to="lbl_ScrapRate_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ScrapRate_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Scrap rate</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange" xlink:label="loc_dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase In Net Income From Estimated Scrap Rate Change</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Increase In Net Income From Estimated Scrap Rate Change</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInNetIncomeFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInNetIncomeFromEstimatedScrapRateChange_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in net income from estimated scrap rate change</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange" xlink:label="loc_dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase In Earnings Per Share From Estimated Scrap Rate Change</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Increase In Earnings Per Share From Estimated Scrap Rate Change</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_0" xlink:to="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseInEarningsPerShareFromEstimatedScrapRateChange_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in earnings per share from estimated scrap rate change</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary" xlink:label="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant And Equipment, Disposal Due To Deconsolidation Of Subsidiary</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Property, Plant And Equipment, Disposal Due To Deconsolidation Of Subsidiary</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_0" xlink:to="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentDisposalDueToDeconsolidationOfSubsidiary_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Vessel disposal due to deconsolidation of subsidiary</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CeximMember" xlink:label="loc_dsx_CeximMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CeximMember_0" xlink:to="lbl_CeximMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CeximMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cexim [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_Nordea200mMember" xlink:label="loc_dsx_Nordea200mMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_Nordea200mMember_0" xlink:to="lbl_Nordea200mMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_Nordea200mMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Nordea $200M [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_QuarterlyAmortizationAmount" xlink:label="loc_dsx_QuarterlyAmortizationAmount_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_QuarterlyAmortizationAmount_0" xlink:to="lbl_QuarterlyAmortizationAmount_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_QuarterlyAmortizationAmount_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Quarterly Amortization Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_QuarterlyAmortizationAmount_0" xlink:to="lbl_QuarterlyAmortizationAmount_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_QuarterlyAmortizationAmount_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Quarterly Amortization Amount</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_QuarterlyAmortizationAmount_0" xlink:to="lbl_QuarterlyAmortizationAmount_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_QuarterlyAmortizationAmount_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Quarterly amortization amount</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LiborMember" xlink:label="loc_dsx_LiborMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LiborMember_0" xlink:to="lbl_LiborMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LiborMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">LIBOR [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders" xlink:label="loc_dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percent Of Total Number Of Votes Entitled To Vote On Any Matter Put To Shareholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Percent Of Total Number Of Votes Entitled To Vote On Any Matter Put To Shareholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToVoteOnAnyMatterPutToShareholders_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of total number of votes entitled to vote on any matter put to shareholders</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders" xlink:label="loc_dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Percent Of Total Number Of Votes Entitled To Be Cast On Matters Out To Shareholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Percent Of Total Number Of Votes Entitled To Be Cast On Matters Out To Shareholders</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_0" xlink:to="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PercentOfTotalNumberOfVotesEntitledToBeCastOnMattersOutToShareholders_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of total number of votes entitled to be cast on matters out to shareholders</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfWarrantsIssued" xlink:label="loc_dsx_NumberOfWarrantsIssued_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsIssued_0" xlink:to="lbl_NumberOfWarrantsIssued_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsIssued_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Warrants Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsIssued_0" xlink:to="lbl_NumberOfWarrantsIssued_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsIssued_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Warrants Issued</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsIssued_0" xlink:to="lbl_NumberOfWarrantsIssued_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsIssued_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of warrants issued</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WarrantsExercisePricePerWarrant" xlink:label="loc_dsx_WarrantsExercisePricePerWarrant_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsExercisePricePerWarrant_0" xlink:to="lbl_WarrantsExercisePricePerWarrant_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsExercisePricePerWarrant_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrants, Exercise Price Per Warrant</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsExercisePricePerWarrant_0" xlink:to="lbl_WarrantsExercisePricePerWarrant_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsExercisePricePerWarrant_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Warrants, Exercise Price Per Warrant</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsExercisePricePerWarrant_0" xlink:to="lbl_WarrantsExercisePricePerWarrant_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsExercisePricePerWarrant_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants, Exercise Price Per Warrant</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WarrantsFairValuePerShare" xlink:label="loc_dsx_WarrantsFairValuePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsFairValuePerShare_0" xlink:to="lbl_WarrantsFairValuePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsFairValuePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrants, Fair Value, Per Warrant</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsFairValuePerShare_0" xlink:to="lbl_WarrantsFairValuePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsFairValuePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Warrants, Fair Value, Per Warrant</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsFairValuePerShare_0" xlink:to="lbl_WarrantsFairValuePerShare_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsFairValuePerShare_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants, fair value, per warrant</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfWarrantsExercised" xlink:label="loc_dsx_NumberOfWarrantsExercised_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsExercised_0" xlink:to="lbl_NumberOfWarrantsExercised_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsExercised_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Warrants Exercised</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsExercised_0" xlink:to="lbl_NumberOfWarrantsExercised_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsExercised_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Warrants Exercised</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfWarrantsExercised_0" xlink:to="lbl_NumberOfWarrantsExercised_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfWarrantsExercised_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of warrants exercised</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_InterestIncomeOnDerivativeInstruments" xlink:label="loc_dsx_InterestIncomeOnDerivativeInstruments_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeOnDerivativeInstruments_0" xlink:to="lbl_InterestIncomeOnDerivativeInstruments_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeOnDerivativeInstruments_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income On Derivative Instruments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeOnDerivativeInstruments_0" xlink:to="lbl_InterestIncomeOnDerivativeInstruments_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeOnDerivativeInstruments_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Interest income on derivative instruments</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeOnDerivativeInstruments_0" xlink:to="lbl_InterestIncomeOnDerivativeInstruments_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeOnDerivativeInstruments_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest income on derivative instruments</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsInAgreementToAcquire" xlink:label="loc_dsx_NumberOfVesselsInAgreementToAcquire_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsInAgreementToAcquire_0" xlink:to="lbl_NumberOfVesselsInAgreementToAcquire_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsInAgreementToAcquire_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels In Agreement To Acquire</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsInAgreementToAcquire_0" xlink:to="lbl_NumberOfVesselsInAgreementToAcquire_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsInAgreementToAcquire_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels In Agreement To Acquire</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsInAgreementToAcquire_0" xlink:to="lbl_NumberOfVesselsInAgreementToAcquire_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsInAgreementToAcquire_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels in agreement to acquire</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ArtemisMember" xlink:label="loc_dsx_ArtemisMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ArtemisMember_0" xlink:to="lbl_ArtemisMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ArtemisMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Artemis [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_HoustonMember" xlink:label="loc_dsx_HoustonMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_HoustonMember_0" xlink:to="lbl_HoustonMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_HoustonMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Houston [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WarrantsToPurchaseCommonStockMember" xlink:label="loc_dsx_WarrantsToPurchaseCommonStockMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsToPurchaseCommonStockMember_0" xlink:to="lbl_WarrantsToPurchaseCommonStockMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsToPurchaseCommonStockMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrants To Purchase Common Stock [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PaymentsForProceedsFromTimeDeposits" xlink:label="loc_dsx_PaymentsForProceedsFromTimeDeposits_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForProceedsFromTimeDeposits_0" xlink:to="lbl_PaymentsForProceedsFromTimeDeposits_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForProceedsFromTimeDeposits_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Proceeds From Time Deposits</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForProceedsFromTimeDeposits_0" xlink:to="lbl_PaymentsForProceedsFromTimeDeposits_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForProceedsFromTimeDeposits_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Time deposits (Note 2(e))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForProceedsFromTimeDeposits_0" xlink:to="lbl_PaymentsForProceedsFromTimeDeposits_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForProceedsFromTimeDeposits_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount from time deposits.</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CebuMember" xlink:label="loc_dsx_CebuMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CebuMember_0" xlink:to="lbl_CebuMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CebuMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Cebu [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DianaEnergizeMember" xlink:label="loc_dsx_DianaEnergizeMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DianaEnergizeMember_0" xlink:to="lbl_DianaEnergizeMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DianaEnergizeMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Diana Energize [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PaymentsToJointVentures" xlink:label="loc_dsx_PaymentsToJointVentures_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToJointVentures_0" xlink:to="lbl_PaymentsToJointVentures_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToJointVentures_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Joint Ventures</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToJointVentures_0" xlink:to="lbl_PaymentsToJointVentures_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToJointVentures_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments to joint ventures</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsToJointVentures_0" xlink:to="lbl_PaymentsToJointVentures_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsToJointVentures_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments to acquire interest joint venture</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_IncreaseDecreaseInEquityFromWarrants" xlink:label="loc_dsx_IncreaseDecreaseInEquityFromWarrants_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseDecreaseInEquityFromWarrants_0" xlink:to="lbl_IncreaseDecreaseInEquityFromWarrants_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquityFromWarrants_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Equity Amount From Warrants</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseDecreaseInEquityFromWarrants_0" xlink:to="lbl_IncreaseDecreaseInEquityFromWarrants_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquityFromWarrants_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants (Note 11(g))</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseDecreaseInEquityFromWarrants_0" xlink:to="lbl_IncreaseDecreaseInEquityFromWarrants_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquityFromWarrants_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of increase decrease in equity from warrants.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IncreaseDecreaseInEquityFromWarrants_0" xlink:to="lbl_IncreaseDecreaseInEquityFromWarrants_3"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IncreaseDecreaseInEquityFromWarrants_3" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Value of warrants</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_WarrantsAccountingPolicyPolicyTextBlock" xlink:label="loc_dsx_WarrantsAccountingPolicyPolicyTextBlock_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsAccountingPolicyPolicyTextBlock_0" xlink:to="lbl_WarrantsAccountingPolicyPolicyTextBlock_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAccountingPolicyPolicyTextBlock_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Warrants Accounting Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsAccountingPolicyPolicyTextBlock_0" xlink:to="lbl_WarrantsAccountingPolicyPolicyTextBlock_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAccountingPolicyPolicyTextBlock_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Warrants Accounting Policy [Policy Text Block]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_WarrantsAccountingPolicyPolicyTextBlock_0" xlink:to="lbl_WarrantsAccountingPolicyPolicyTextBlock_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_WarrantsAccountingPolicyPolicyTextBlock_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants Accounting</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_InterestIncomeFromBondRepurchase" xlink:label="loc_dsx_InterestIncomeFromBondRepurchase_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeFromBondRepurchase_0" xlink:to="lbl_InterestIncomeFromBondRepurchase_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeFromBondRepurchase_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income From Bond Repurchase</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeFromBondRepurchase_0" xlink:to="lbl_InterestIncomeFromBondRepurchase_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeFromBondRepurchase_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Interest Income From Bond Repurchase</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InterestIncomeFromBondRepurchase_0" xlink:to="lbl_InterestIncomeFromBondRepurchase_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InterestIncomeFromBondRepurchase_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest income from bond repurchase</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight" xlink:label="loc_dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0" xlink:to="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Additional Number Of Securities Called By Each Warrant Or Right</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0" xlink:to="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Class Of Warrant Or Right Additional Number Of Securities Called By Each Warrant Or Right</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_0" xlink:to="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ClassOfWarrantOrRightAdditionalNumberOfSecuritiesCalledByEachWarrantOrRight_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional bonus share amount</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_IfAllWarrantsAreExercisedMember" xlink:label="loc_dsx_IfAllWarrantsAreExercisedMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_IfAllWarrantsAreExercisedMember_0" xlink:to="lbl_IfAllWarrantsAreExercisedMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_IfAllWarrantsAreExercisedMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">If All Warrants Are Exercised [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_AdvancesForVesselsUnderConstruction" xlink:label="loc_dsx_AdvancesForVesselsUnderConstruction_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselsUnderConstruction_0" xlink:to="lbl_AdvancesForVesselsUnderConstruction_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselsUnderConstruction_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Under Construction</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselsUnderConstruction_0" xlink:to="lbl_AdvancesForVesselsUnderConstruction_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselsUnderConstruction_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value of capitalized payments made for vessel under construction that is expected to be received within one year or the normal operating cycle, if longer.</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_AdvancesForVesselsUnderConstruction_0" xlink:to="lbl_AdvancesForVesselsUnderConstruction_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_AdvancesForVesselsUnderConstruction_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for vessels under construction (Note 6)</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_InvestmentsInRelatedParties" xlink:label="loc_dsx_InvestmentsInRelatedParties_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedParties_0" xlink:to="lbl_InvestmentsInRelatedParties_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedParties_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Investments In Related Parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedParties_0" xlink:to="lbl_InvestmentsInRelatedParties_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedParties_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments In Related Parties</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_InvestmentsInRelatedParties_0" xlink:to="lbl_InvestmentsInRelatedParties_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_InvestmentsInRelatedParties_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Investments in related parties</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ShortTermInvestmentsDisclosureAbstract" xlink:label="loc_dsx_ShortTermInvestmentsDisclosureAbstract_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ShortTermInvestmentsDisclosureAbstract_0" xlink:to="lbl_ShortTermInvestmentsDisclosureAbstract_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShortTermInvestmentsDisclosureAbstract_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Short-Term Investments [Abstract]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PropertyPlantAndEquipmentTransfersAndChangesNet" xlink:label="loc_dsx_PropertyPlantAndEquipmentTransfersAndChangesNet_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentTransfersAndChangesNet_0" xlink:to="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Transfers And Changes Net</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentTransfersAndChangesNet_0" xlink:to="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions for improvements reclassified from other non-current assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PropertyPlantAndEquipmentTransfersAndChangesNet_0" xlink:to="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PropertyPlantAndEquipmentTransfersAndChangesNet_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Property Plant And Equipment Transfers And Changes Net</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PlotOfLand1Member" xlink:label="loc_dsx_PlotOfLand1Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PlotOfLand1Member_0" xlink:to="lbl_PlotOfLand1Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PlotOfLand1Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Plot Of Land 1 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PlotOfLand2Member" xlink:label="loc_dsx_PlotOfLand2Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PlotOfLand2Member_0" xlink:to="lbl_PlotOfLand2Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PlotOfLand2Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Plot Of Land 2 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SeniorUnsecuredBond875PercentMember" xlink:label="loc_dsx_SeniorUnsecuredBond875PercentMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SeniorUnsecuredBond875PercentMember_0" xlink:to="lbl_SeniorUnsecuredBond875PercentMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SeniorUnsecuredBond875PercentMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">8.75% Senior Unsecured Bond [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_July2027Member" xlink:label="loc_dsx_July2027Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_July2027Member_0" xlink:to="lbl_July2027Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_July2027Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">July 2027 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_January2028Member" xlink:label="loc_dsx_January2028Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_January2028Member_0" xlink:to="lbl_January2028Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_January2028Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">January 2028 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_July2028Member" xlink:label="loc_dsx_July2028Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_July2028Member_0" xlink:to="lbl_July2028Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_July2028Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">July 2028 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_January2029Member" xlink:label="loc_dsx_January2029Member_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_January2029Member_0" xlink:to="lbl_January2029Member_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_January2029Member_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">January 2029 [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DanishShipFinanceAsNewLoanMember" xlink:label="loc_dsx_DanishShipFinanceAsNewLoanMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DanishShipFinanceAsNewLoanMember_0" xlink:to="lbl_DanishShipFinanceAsNewLoanMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DanishShipFinanceAsNewLoanMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Danish Ship Finance A/S New Loan [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ShipbuildingContractsMember" xlink:label="loc_dsx_ShipbuildingContractsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ShipbuildingContractsMember_0" xlink:to="lbl_ShipbuildingContractsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ShipbuildingContractsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Shipbuilding Contracts [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NipponYusenKaishaMember" xlink:label="loc_dsx_NipponYusenKaishaMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NipponYusenKaishaMember_0" xlink:to="lbl_NipponYusenKaishaMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NipponYusenKaishaMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Nippon Yusen Kaisha [Member]</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NipponYusenKaishaMember_0" xlink:to="lbl_NipponYusenKaishaMember_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NipponYusenKaishaMember_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nippon Yusen Kaisha</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_MaturitiesOfTimeDeposits" xlink:label="loc_dsx_MaturitiesOfTimeDeposits_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaturitiesOfTimeDeposits_0" xlink:to="lbl_MaturitiesOfTimeDeposits_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaturitiesOfTimeDeposits_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Maturities Of Time Deposits</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaturitiesOfTimeDeposits_0" xlink:to="lbl_MaturitiesOfTimeDeposits_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaturitiesOfTimeDeposits_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Maturities Of Time Deposits</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_MaturitiesOfTimeDeposits_0" xlink:to="lbl_MaturitiesOfTimeDeposits_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_MaturitiesOfTimeDeposits_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturities of time deposits</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfVesselsManaged" xlink:label="loc_dsx_NumberOfVesselsManaged_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsManaged_0" xlink:to="lbl_NumberOfVesselsManaged_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsManaged_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Vessels Managed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsManaged_0" xlink:to="lbl_NumberOfVesselsManaged_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsManaged_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Vessels Managed</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfVesselsManaged_0" xlink:to="lbl_NumberOfVesselsManaged_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfVesselsManaged_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of vessels managed</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DianaMarinersMember" xlink:label="loc_dsx_DianaMarinersMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DianaMarinersMember_0" xlink:to="lbl_DianaMarinersMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DianaMarinersMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Diana Mariners [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ArtemisAndHoustonMember" xlink:label="loc_dsx_ArtemisAndHoustonMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ArtemisAndHoustonMember_0" xlink:to="lbl_ArtemisAndHoustonMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ArtemisAndHoustonMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Artemis And Houston [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_SaleAndLeaseBackAgreementMember" xlink:label="loc_dsx_SaleAndLeaseBackAgreementMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_SaleAndLeaseBackAgreementMember_0" xlink:to="lbl_SaleAndLeaseBackAgreementMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_SaleAndLeaseBackAgreementMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Sale And Lease Back Agreement [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_EightVesselsMember" xlink:label="loc_dsx_EightVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_EightVesselsMember_0" xlink:to="lbl_EightVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_EightVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Eight Vessels [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_TenderOfferPricePerShare" xlink:label="loc_dsx_TenderOfferPricePerShare_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TenderOfferPricePerShare_0" xlink:to="lbl_TenderOfferPricePerShare_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TenderOfferPricePerShare_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Tender Offer, Price Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TenderOfferPricePerShare_0" xlink:to="lbl_TenderOfferPricePerShare_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TenderOfferPricePerShare_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Tender Offer, Price Per Share</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_TenderOfferPricePerShare_0" xlink:to="lbl_TenderOfferPricePerShare_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_TenderOfferPricePerShare_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tender offer, price per share</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements" xlink:label="loc_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0" xlink:to="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Vessels Under Construction And Vessels Improvements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0" xlink:to="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Payments For Vessels Under Construction And Vessels Improvements</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements_0" xlink:to="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_PaymentsForVesselsUnderConstructionAndVesselsImprovements_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payments for vessels under construction and vessel improvements</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ImpairedBuildingMember" xlink:label="loc_dsx_ImpairedBuildingMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ImpairedBuildingMember_0" xlink:to="lbl_ImpairedBuildingMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ImpairedBuildingMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Impaired Building</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_CommissionFromSaleAndPurchaseOfAssets" xlink:label="loc_dsx_CommissionFromSaleAndPurchaseOfAssets_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionFromSaleAndPurchaseOfAssets_0" xlink:to="lbl_CommissionFromSaleAndPurchaseOfAssets_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionFromSaleAndPurchaseOfAssets_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Commission From Sale And Purchase Of Assets</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionFromSaleAndPurchaseOfAssets_0" xlink:to="lbl_CommissionFromSaleAndPurchaseOfAssets_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionFromSaleAndPurchaseOfAssets_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commission paid</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_CommissionFromSaleAndPurchaseOfAssets_0" xlink:to="lbl_CommissionFromSaleAndPurchaseOfAssets_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_CommissionFromSaleAndPurchaseOfAssets_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount from commission of sale and purchase of assets</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_DebtInstrumentPriceReceivedAboveParPercentage" xlink:label="loc_dsx_DebtInstrumentPriceReceivedAboveParPercentage_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPriceReceivedAboveParPercentage_0" xlink:to="lbl_DebtInstrumentPriceReceivedAboveParPercentage_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPriceReceivedAboveParPercentage_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Price Received Above Par, Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPriceReceivedAboveParPercentage_0" xlink:to="lbl_DebtInstrumentPriceReceivedAboveParPercentage_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPriceReceivedAboveParPercentage_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Price Received Above Par, Percentage</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_DebtInstrumentPriceReceivedAboveParPercentage_0" xlink:to="lbl_DebtInstrumentPriceReceivedAboveParPercentage_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_DebtInstrumentPriceReceivedAboveParPercentage_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Price received above par, percentage</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_ComissionsMember" xlink:label="loc_dsx_ComissionsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_ComissionsMember_0" xlink:to="lbl_ComissionsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_ComissionsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Comissions [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_BrokerageFeesMember" xlink:label="loc_dsx_BrokerageFeesMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_BrokerageFeesMember_0" xlink:to="lbl_BrokerageFeesMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_BrokerageFeesMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Brokerage Fees [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_FleetAcquisitionsMember" xlink:label="loc_dsx_FleetAcquisitionsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_FleetAcquisitionsMember_0" xlink:to="lbl_FleetAcquisitionsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_FleetAcquisitionsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Fleet Acquisitions [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_LpgNewbuildingVesselsMember" xlink:label="loc_dsx_LpgNewbuildingVesselsMember_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_LpgNewbuildingVesselsMember_0" xlink:to="lbl_LpgNewbuildingVesselsMember_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_LpgNewbuildingVesselsMember_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">LPG Newbuilding Vessels [Member]</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfAdditionalOptionalVesselsInAgreement" xlink:label="loc_dsx_NumberOfAdditionalOptionalVesselsInAgreement_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfAdditionalOptionalVesselsInAgreement_0" xlink:to="lbl_NumberOfAdditionalOptionalVesselsInAgreement_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfAdditionalOptionalVesselsInAgreement_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Additional Optional Vessels In Agreement</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfAdditionalOptionalVesselsInAgreement_0" xlink:to="lbl_NumberOfAdditionalOptionalVesselsInAgreement_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfAdditionalOptionalVesselsInAgreement_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Additional Optional Vessels In Agreement</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfAdditionalOptionalVesselsInAgreement_0" xlink:to="lbl_NumberOfAdditionalOptionalVesselsInAgreement_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfAdditionalOptionalVesselsInAgreement_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of additional optional vessels in agreement</link:label>
<link:loc xlink:type="locator" xlink:href="dsx-20241231.xsd#dsx_NumberOfNewbuildingVessels" xlink:label="loc_dsx_NumberOfNewbuildingVessels_0"></link:loc>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfNewbuildingVessels_0" xlink:to="lbl_NumberOfNewbuildingVessels_0"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfNewbuildingVessels_0" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Newbuilding Vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfNewbuildingVessels_0" xlink:to="lbl_NumberOfNewbuildingVessels_1"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfNewbuildingVessels_1" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Newbuilding Vessels</link:label>
<link:labelArc xlink:type="arc" priority="0" order="0.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dsx_NumberOfNewbuildingVessels_0" xlink:to="lbl_NumberOfNewbuildingVessels_2"></link:labelArc>
<link:label xlink:type="resource" xlink:label="lbl_NumberOfNewbuildingVessels_2" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of newbuilding vessels</link:label>
</link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>dsx-20241231_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CONSOLIDATEDBALANCESHEETS" roleURI="http://www.dianashippinginc.com/role/StatementConsolidatedBalanceSheets" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CONSOLIDATEDSTATEMENTSOFINCOME" roleURI="http://www.dianashippinginc.com/role/CONSOLIDATEDSTATEMENTSOFINCOME" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME" roleURI="http://www.dianashippinginc.com/role/CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CONSOLIDATEDSTATEMENTSOFCASHFLOWS" roleURI="http://www.dianashippinginc.com/role/StatementConsolidatedStatementsOfCashFlows" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_LongtermDebtScheduleOfLongtermDebtInstrumentsDetails" roleURI="http://www.dianashippinginc.com/role/LongtermDebtScheduleOfLongtermDebtInstrumentsDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_LongtermDebtScheduleOfMaturitiesOfLongtermDebtDetails" roleURI="http://www.dianashippinginc.com/role/LongtermDebtScheduleOfMaturitiesOfLongtermDebtDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CommitmentsAndContingenciesScheduleOfFixedNonCancelableTimeCharterContractsDetails" roleURI="http://www.dianashippinginc.com/role/CommitmentsAndContingenciesScheduleOfFixedNonCancelableTimeCharterContractsDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_VoyageExpensesScheduleOfVoyageExpensesAnalysisDetails" roleURI="http://www.dianashippinginc.com/role/VoyageExpensesScheduleOfVoyageExpensesAnalysisDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_InterestAndFinanceCostsScheduleOfInterestAndFinanceCostsDetails" roleURI="http://www.dianashippinginc.com/role/InterestAndFinanceCostsScheduleOfInterestAndFinanceCostsDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_EarningsPerShareScheduleOfEarningsPerShareBasicAndDilutedDetails" roleURI="http://www.dianashippinginc.com/role/EarningsPerShareScheduleOfEarningsPerShareBasicAndDilutedDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_Cover" roleURI="http://www.dianashippinginc.com/role/Cover" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUITY" roleURI="http://www.dianashippinginc.com/role/StatementConsolidatedStatementsOfStockholdersEquity" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_AdvancesForVesselUnderConstructionAndVesselsNetTables" roleURI="http://www.dianashippinginc.com/role/AdvancesForVesselUnderConstructionAndVesselsNetTables" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_BasisOfPresentationAndGeneralInformationNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/BasisOfPresentationAndGeneralInformationNarrativeDetails" xlink:type="simple"></link:roleRef>
<link:roleRef xlink:href="dsx-20241231.xsd#ELRID_SignificantAccountingPoliciesAndRecentAccountingPronouncementsNarrativeDetails" roleURI="http://www.dianashippinginc.com/role/SignificantAccountingPoliciesAndRecentAccountingPronouncementsNarrativeDetails" xlink:type="simple"></link:roleRef>
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<TYPE>EX-2.8
<SEQUENCE>7
<FILENAME>exhibit28.htm
<DESCRIPTION>EX-2.8
<TEXT>
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<div id="a3" style="position:absolute;font-family:'Times New Roman';left:124.35px;top:115px;">DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT<div style="display:inline-block;width:4.96px"> </div>TO SECTION 12 </div><div id="a5" style="position:absolute;font-family:'Times New Roman';left:266.95px;top:130px;">OF THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a8" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:161px;">As of December<div style="display:inline-block;width:1.94px"> </div>31, 2024, Diana<div style="display:inline-block;width:1.73px"> </div>Shipping Inc. (the<div style="display:inline-block;width:1.91px"> </div>“Company”) had five classes<div style="display:inline-block;width:1.33px"> </div>of securities registered under<div style="display:inline-block;width:1.86px"> </div>Section </div><div id="a14" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:176px;">12 of the Securities Exchange Act of 1934, as amended: </div><div id="a17" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:207px;">1)</div><div id="a19" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:207px;">Common stock, $0.01 par value (the “common shares”) ; </div><div id="a24" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:222px;">2)</div><div id="a26" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:222px;">Preferred stock purchase rights (the “Preferred Stock Purchase Rights”) ; </div><div id="a29" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:237px;">3)</div><div id="a31" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:237px;">Series C Preferred Shares; </div><div id="a33" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:253px;">4)</div><div id="a35" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:253px;">Series D Preferred Shares; </div><div id="a37" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:268px;">5)</div><div id="a39" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:268px;">8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value (the “Series Preferred </div><div id="a43" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:283px;">Shares”); and </div><div id="a45" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:299px;">6)</div><div id="a47" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:299px;">Warrants to purchase common stock. The following description<div style="display:inline-block;width:1.87px"> </div>sets forth certain material<div style="display:inline-block;width:1.8px"> </div>provisions of these </div><div id="a48" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:314px;">securities. The following<div style="display:inline-block;width:5.56px"> </div>summary does<div style="display:inline-block;width:4.67px"> </div>not purport to<div style="display:inline-block;width:5.21px"> </div>be complete and<div style="display:inline-block;width:5.3px"> </div>is subject to,<div style="display:inline-block;width:5.08px"> </div>and is qualified<div style="display:inline-block;width:5.17px"> </div>in its </div><div id="a52" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:329px;">entirety by reference to, the applicable provisions of<div style="display:inline-block;width:4.3px"> </div></div><div id="a58" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:360px;">(i)<div style="display:inline-block;width:7.79px"> </div>the<div style="display:inline-block;width:7.78px"> </div>Company’s<div style="display:inline-block;width:8.78px"> </div>Amended<div style="display:inline-block;width:7.89px"> </div>and<div style="display:inline-block;width:7.87px"> </div>Restated<div style="display:inline-block;width:7.71px"> </div>Articles<div style="display:inline-block;width:7.88px"> </div>of<div style="display:inline-block;width:7.82px"> </div>Incorporation,<div style="display:inline-block;width:8.08px"> </div>as<div style="display:inline-block;width:7.66px"> </div>amended<div style="display:inline-block;width:8.07px"> </div>(the<div style="display:inline-block;width:7.67px"> </div>“Articles<div style="display:inline-block;width:7.86px"> </div>of </div><div id="a61" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:375px;">Incorporation”) and </div><div id="a64" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:406px;">(ii)<div style="display:inline-block;width:6.34px"> </div>the<div style="display:inline-block;width:6.34px"> </div>Company’s<div style="display:inline-block;width:7.18px"> </div>Amended<div style="display:inline-block;width:6.45px"> </div>and<div style="display:inline-block;width:6.43px"> </div>Restated<div style="display:inline-block;width:6.27px"> </div>Bylaws<div style="display:inline-block;width:6.24px"> </div>(the<div style="display:inline-block;width:6.39px"> </div>“Bylaws”),<div style="display:inline-block;width:6.39px"> </div>each<div style="display:inline-block;width:6.4px"> </div>of<div style="display:inline-block;width:6.38px"> </div>which<div style="display:inline-block;width:6.27px"> </div>is<div style="display:inline-block;width:6.18px"> </div>incorporated<div style="display:inline-block;width:6.6px"> </div>by </div><div id="a66" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:421px;">reference as an exhibit to the Annual Report on Form 20-F of<div style="display:inline-block;width:1.85px"> </div>which this Exhibit is a part. We encourage you </div><div id="a72" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:437px;">to refer to our<div style="display:inline-block;width:1.98px"> </div>Articles of Incorporation and Bylaws<div style="display:inline-block;width:1.69px"> </div>for additional information. Please note in<div style="display:inline-block;width:1.51px"> </div>this description </div><div id="a75" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:452px;">of securities, “we”,<div style="display:inline-block;width:5.27px"> </div>“us”, “our” and<div style="display:inline-block;width:5.14px"> </div>“the Company” all<div style="display:inline-block;width:5.07px"> </div>refer to Diana<div style="display:inline-block;width:5.21px"> </div>Shipping. and its<div style="display:inline-block;width:5.07px"> </div>subsidiaries, unless </div><div id="a78" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:467px;">the context requires otherwise.<div style="display:inline-block;width:3.97px"> </div></div><div id="a81" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:498px;">DESCRIPTION OF COMMON SHARES </div><div id="a84" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:529px;">The respective number of common shares issued and outstanding as of the last day of the fiscal year for annual report </div><div id="a88" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:544px;">on Form 20-F to which this description is<div style="display:inline-block;width:1.85px"> </div>attached or incorporated by reference as an exhibit, is<div style="display:inline-block;width:1.8px"> </div>provided on the cover </div><div id="a91" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:559px;">page of such annual report on Form 20-</div><div id="a93" style="position:absolute;font-family:'Times New Roman';left:307.75px;top:559px;">F. </div><div id="a96" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:590px;">Each<div style="display:inline-block;width:6.1px"> </div>outstanding<div style="display:inline-block;width:6.03px"> </div>share<div style="display:inline-block;width:5.9px"> </div>of<div style="display:inline-block;width:6.06px"> </div>common<div style="display:inline-block;width:6.01px"> </div>stock<div style="display:inline-block;width:5.89px"> </div>entitles<div style="display:inline-block;width:5.96px"> </div>the<div style="display:inline-block;width:6.02px"> </div>holder<div style="display:inline-block;width:5.91px"> </div>to<div style="display:inline-block;width:5.83px"> </div>one<div style="display:inline-block;width:5.95px"> </div>vote<div style="display:inline-block;width:5.94px"> </div>on<div style="display:inline-block;width:5.92px"> </div>all<div style="display:inline-block;width:5.77px"> </div>matters<div style="display:inline-block;width:6.03px"> </div>submitted<div style="display:inline-block;width:6.18px"> </div>to<div style="display:inline-block;width:5.83px"> </div>a<div style="display:inline-block;width:5.79px"> </div>vote<div style="display:inline-block;width:6.04px"> </div>of </div><div id="a98" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:605px;">stockholders.<div style="display:inline-block;width:4.91px"> </div>Subject to<div style="display:inline-block;width:5.88px"> </div>preferences that<div style="display:inline-block;width:5.82px"> </div>may<div style="display:inline-block;width:4.66px"> </div>be applicable<div style="display:inline-block;width:5.9px"> </div>to any<div style="display:inline-block;width:5.9px"> </div>outstanding<div style="display:inline-block;width:4.75px"> </div>shares of<div style="display:inline-block;width:5.87px"> </div>preferred<div style="display:inline-block;width:4.79px"> </div>stockholders<div style="display:inline-block;width:4.71px"> </div>of </div><div id="a100" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:621px;">shares of common stock<div style="display:inline-block;width:4.88px"> </div>are entitled to receive ratably<div style="display:inline-block;width:4.99px"> </div>all dividends, if any,<div style="display:inline-block;width:5.5px"> </div>declared by our board of<div style="display:inline-block;width:4.99px"> </div>directors out of </div><div id="a101" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:636px;">funds legally available<div style="display:inline-block;width:5.23px"> </div>for dividends. Upon<div style="display:inline-block;width:4.96px"> </div>our dissolution or<div style="display:inline-block;width:5.02px"> </div>liquidation or the<div style="display:inline-block;width:4.85px"> </div>sale of all<div style="display:inline-block;width:4.7px"> </div>or substantially all<div style="display:inline-block;width:4.93px"> </div>of our </div><div id="a103" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:651px;">assets, after payment in full of all<div style="display:inline-block;width:1.98px"> </div>amounts required to be paid to creditors and to<div style="display:inline-block;width:1.93px"> </div>the holders of preferred stock having </div><div id="a104" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:667px;">liquidation<div style="display:inline-block;width:4.7px"> </div>preferences,<div style="display:inline-block;width:4.77px"> </div>if any,<div style="display:inline-block;width:6.46px"> </div>the holders<div style="display:inline-block;width:5.88px"> </div>of our<div style="display:inline-block;width:5.68px"> </div>common stock<div style="display:inline-block;width:5.72px"> </div>will be<div style="display:inline-block;width:5.73px"> </div>entitled to<div style="display:inline-block;width:5.72px"> </div>receive pro<div style="display:inline-block;width:5.77px"> </div>rata our<div style="display:inline-block;width:5.64px"> </div>remaining </div><div id="a110" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:682px;">assets available for<div style="display:inline-block;width:5.21px"> </div>distribution. Holders of<div style="display:inline-block;width:5.29px"> </div>common stock do<div style="display:inline-block;width:4.97px"> </div>not have conversion,<div style="display:inline-block;width:5.12px"> </div>redemption or<div style="display:inline-block;width:4.66px"> </div>preemptive rights </div><div id="a114" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:697px;">to subscribe to any of our securities. The rights, preferences and privileges of holders of common stock are subject to </div><div id="a115" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:713px;">the rights of the holders of our preferred stock. </div><div id="a118" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:743px;">Voting<div style="display:inline-block;width:5.1px"> </div>Rights </div><div id="a121" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:774px;">Each outstanding common share entitles<div style="display:inline-block;width:4.88px"> </div>the holder to one vote on<div style="display:inline-block;width:4.8px"> </div>all matters submitted to a vote<div style="display:inline-block;width:4.91px"> </div>of shareholders. At </div><div id="a124" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:789px;">any annual or<div style="display:inline-block;width:4.84px"> </div>special general meeting<div style="display:inline-block;width:4.72px"> </div>of shareholders where<div style="display:inline-block;width:4.82px"> </div>there is a quorum,<div style="display:inline-block;width:5.3px"> </div>the affirmative vote<div style="display:inline-block;width:5px"> </div>of a majority<div style="display:inline-block;width:4.69px"> </div>of </div><div id="a128" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:805px;">the votes cast by holders of shares of stock represented at the meeting shall be<div style="display:inline-block;width:4.78px"> </div>the act of the shareholders. (Under the </div><div id="a129" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:820px;">Bylaws, at all meetings<div style="display:inline-block;width:5.04px"> </div>of shareholders except otherwise<div style="display:inline-block;width:5.1px"> </div>expressly provided by law,<div style="display:inline-block;width:5.92px"> </div>there must be present<div style="display:inline-block;width:4.71px"> </div>in person </div><div id="a131" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:836px;">or proxy shareholders<div style="display:inline-block;width:5.16px"> </div>of record holding<div style="display:inline-block;width:5.08px"> </div>at least 33<div style="display:inline-block;width:4.88px"> </div>1/3% of the<div style="display:inline-block;width:4.92px"> </div>shares issued and<div style="display:inline-block;width:5.08px"> </div>outstanding and entitled<div style="display:inline-block;width:5.03px"> </div>to vote at </div><div id="a132" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:851px;">such meeting in order to constitute a quorum.) </div><div id="a135" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:881px;">Our Bylaws do not confer any conversion, redemption or preemptive rights<div style="display:inline-block;width:4.81px"> </div>attached to our common shares. </div><div id="a139" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:912px;">Dividend Rights </div></div>
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<div id="a144" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:96px;">Subject<div style="display:inline-block;width:5.13px"> </div>to<div style="display:inline-block;width:4.87px"> </div>preferences<div style="display:inline-block;width:5.21px"> </div>that<div style="display:inline-block;width:4.89px"> </div>may<div style="display:inline-block;width:4.98px"> </div>be<div style="display:inline-block;width:4.91px"> </div>applicable<div style="display:inline-block;width:5.11px"> </div>to<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:4.99px"> </div>outstanding<div style="display:inline-block;width:5.07px"> </div>preferred<div style="display:inline-block;width:5.11px"> </div>shares,<div style="display:inline-block;width:4.93px"> </div>holders<div style="display:inline-block;width:5.07px"> </div>of<div style="display:inline-block;width:4.94px"> </div>common<div style="display:inline-block;width:5.21px"> </div>shares<div style="display:inline-block;width:4.89px"> </div>are </div><div id="a145" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">entitled to<div style="display:inline-block;width:4.92px"> </div>receive ratably<div style="display:inline-block;width:5.16px"> </div>all dividends,<div style="display:inline-block;width:5.08px"> </div>if any,<div style="display:inline-block;width:5.66px"> </div>declared by<div style="display:inline-block;width:4.99px"> </div>our board<div style="display:inline-block;width:5.06px"> </div>of directors<div style="display:inline-block;width:4.92px"> </div>out of<div style="display:inline-block;width:4.97px"> </div>funds legally<div style="display:inline-block;width:5.11px"> </div>available for </div><div id="a146" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:127px;">dividends. </div><div id="a149" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:158px;">Liquidation Rights </div><div id="a152" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:188px;">Upon<div style="display:inline-block;width:4.89px"> </div>our<div style="display:inline-block;width:4.7px"> </div>dissolution<div style="display:inline-block;width:4.91px"> </div>or<div style="display:inline-block;width:4.78px"> </div>liquidation<div style="display:inline-block;width:4.86px"> </div>or<div style="display:inline-block;width:4.78px"> </div>the<div style="display:inline-block;width:4.74px"> </div>sale of<div style="display:inline-block;width:6.09px"> </div>all or<div style="display:inline-block;width:6.1px"> </div>substantially<div style="display:inline-block;width:4.71px"> </div>all of<div style="display:inline-block;width:6.1px"> </div>our<div style="display:inline-block;width:4.86px"> </div>assets, after<div style="display:inline-block;width:6.21px"> </div>payment<div style="display:inline-block;width:4.99px"> </div>in<div style="display:inline-block;width:4.71px"> </div>full<div style="display:inline-block;width:4.7px"> </div>of<div style="display:inline-block;width:4.78px"> </div>all </div><div id="a155" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:204px;">amounts required<div style="display:inline-block;width:4.72px"> </div>to be paid<div style="display:inline-block;width:5.07px"> </div>to creditors and<div style="display:inline-block;width:5.08px"> </div>to the holders<div style="display:inline-block;width:4.83px"> </div>of our preferred<div style="display:inline-block;width:5.22px"> </div>shares having liquidation<div style="display:inline-block;width:5.21px"> </div>preferences, if </div><div id="a156" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:219px;">any,<div style="display:inline-block;width:7.33px"> </div>the<div style="display:inline-block;width:6.02px"> </div>holders<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.22px"> </div>our<div style="display:inline-block;width:6.3px"> </div>common<div style="display:inline-block;width:6.33px"> </div>shares<div style="display:inline-block;width:6.17px"> </div>will<div style="display:inline-block;width:6.22px"> </div>be<div style="display:inline-block;width:6.19px"> </div>entitled<div style="display:inline-block;width:6.25px"> </div>to<div style="display:inline-block;width:6.31px"> </div>receive<div style="display:inline-block;width:6.31px"> </div>pro<div style="display:inline-block;width:6.14px"> </div>rata<div style="display:inline-block;width:6.18px"> </div>our<div style="display:inline-block;width:6.3px"> </div>remaining<div style="display:inline-block;width:6.58px"> </div>assets<div style="display:inline-block;width:6.14px"> </div>available<div style="display:inline-block;width:6.31px"> </div>for </div><div id="a160" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:234px;">distribution. </div><div id="a163" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:265px;">Variation<div style="display:inline-block;width:5.12px"> </div>of Rights </div><div id="a166" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:296px;">Generally,<div style="display:inline-block;width:5.67px"> </div>the rights<div style="display:inline-block;width:5.89px"> </div>or privileges<div style="display:inline-block;width:5.73px"> </div>attached<div style="display:inline-block;width:4.72px"> </div>to our<div style="display:inline-block;width:5.93px"> </div>common shares<div style="display:inline-block;width:5.82px"> </div>may<div style="display:inline-block;width:4.66px"> </div>be varied<div style="display:inline-block;width:6px"> </div>or abrogated<div style="display:inline-block;width:5.9px"> </div>by the<div style="display:inline-block;width:5.84px"> </div>rights of<div style="display:inline-block;width:5.93px"> </div>the </div><div id="a170" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:311px;">holders of<div style="display:inline-block;width:5.24px"> </div>our preferred<div style="display:inline-block;width:5.37px"> </div>shares, including<div style="display:inline-block;width:5.37px"> </div>our existing<div style="display:inline-block;width:5.25px"> </div>classes of<div style="display:inline-block;width:5.06px"> </div>preferred shares<div style="display:inline-block;width:5.4px"> </div>and any<div style="display:inline-block;width:5.12px"> </div>preferred shares<div style="display:inline-block;width:5.44px"> </div>we may </div><div id="a174" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:326px;">issue in the future. </div><div id="a177" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:357px;">Limitations on Ownership </div><div id="a180" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:388px;">Under Marshall Islands law generally,<div style="display:inline-block;width:4.71px"> </div>there are no limitations on the right of non-residents of the Marshall Islands or </div><div id="a186" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:403px;">owners who are not citizens of the Marshall Islands to hold or vote our common<div style="display:inline-block;width:4.72px"> </div>shares. </div><div id="a189" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:434px;">Anti-takeover Effect of Certain Provisions of our Amended and<div style="display:inline-block;width:4.82px"> </div>Restated Articles of In Company and Bylaws </div><div id="a194" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:464px;">Several provisions of our amended and restated articles of incorporation<div style="display:inline-block;width:4.81px"> </div>and bylaws may have anti-takeover effects. </div><div id="a200" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:495px;">These provisions, which are summarized below, are intended to avoid costly takeover battles, lessen our vulnerability </div><div id="a203" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:510px;">to<div style="display:inline-block;width:4.87px"> </div>a<div style="display:inline-block;width:4.83px"> </div>hostile<div style="display:inline-block;width:4.91px"> </div>change<div style="display:inline-block;width:4.96px"> </div>of<div style="display:inline-block;width:4.94px"> </div>control<div style="display:inline-block;width:4.78px"> </div>and<div style="display:inline-block;width:4.99px"> </div>enhance<div style="display:inline-block;width:4.98px"> </div>the<div style="display:inline-block;width:4.9px"> </div>ability<div style="display:inline-block;width:4.79px"> </div>of<div style="display:inline-block;width:4.94px"> </div>our<div style="display:inline-block;width:4.86px"> </div>board<div style="display:inline-block;width:4.96px"> </div>of<div style="display:inline-block;width:4.78px"> </div>directors<div style="display:inline-block;width:4.9px"> </div>to<div style="display:inline-block;width:4.93px"> </div>maximize<div style="display:inline-block;width:4.92px"> </div>stockholder<div style="display:inline-block;width:5.12px"> </div>value<div style="display:inline-block;width:5px"> </div>in </div><div id="a207" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:526px;">connection with<div style="display:inline-block;width:5.05px"> </div>any unsolicited<div style="display:inline-block;width:4.99px"> </div>offer to<div style="display:inline-block;width:5.11px"> </div>acquire us.<div style="display:inline-block;width:4.88px"> </div>However,<div style="display:inline-block;width:4.7px"> </div>these anti-takeover<div style="display:inline-block;width:5.17px"> </div>provisions could<div style="display:inline-block;width:5px"> </div>also discourage, </div><div id="a212" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:541px;">delay or prevent (I) the<div style="display:inline-block;width:4.94px"> </div>merger or acquisition of<div style="display:inline-block;width:4.76px"> </div>our company by means<div style="display:inline-block;width:4.68px"> </div>of tender offer,<div style="display:inline-block;width:5.05px"> </div>a proxy contest or otherwise </div><div id="a218" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:556px;">that a stockholder may consider in its best interest and (ii) the removal of<div style="display:inline-block;width:4.73px"> </div>incumbent officers and directors. </div><div id="a224" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:587px;">Business Combinations </div><div id="a227" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:618px;">Our amended<div style="display:inline-block;width:5.21px"> </div>and restated<div style="display:inline-block;width:5.17px"> </div>articles of<div style="display:inline-block;width:5.04px"> </div>incorporation generally<div style="display:inline-block;width:5.33px"> </div>prohibit us<div style="display:inline-block;width:5.06px"> </div>from entering<div style="display:inline-block;width:5.12px"> </div>into a<div style="display:inline-block;width:4.95px"> </div>business combination </div><div id="a230" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:633px;">with an<div style="display:inline-block;width:1.98px"> </div>"interested shareholder" for<div style="display:inline-block;width:1.63px"> </div>a period<div style="display:inline-block;width:1.82px"> </div>of three<div style="display:inline-block;width:1.96px"> </div>years following the<div style="display:inline-block;width:1.48px"> </div>date on<div style="display:inline-block;width:1.92px"> </div>which the<div style="display:inline-block;width:1.98px"> </div>person became an<div style="display:inline-block;width:1.39px"> </div>interested </div><div id="a234" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:648px;">shareholder.<div style="display:inline-block;width:5.23px"> </div>Interested shareholder<div style="display:inline-block;width:5.26px"> </div>is defined,<div style="display:inline-block;width:5px"> </div>with certain<div style="display:inline-block;width:4.79px"> </div>exceptions, as<div style="display:inline-block;width:5.25px"> </div>a person<div style="display:inline-block;width:4.98px"> </div>who (i)<div style="display:inline-block;width:4.96px"> </div>owns more<div style="display:inline-block;width:5.03px"> </div>than 15%<div style="display:inline-block;width:4.99px"> </div>of </div><div id="a238" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:664px;">our<div style="display:inline-block;width:4.7px"> </div>outstanding<div style="display:inline-block;width:4.75px"> </div>voting<div style="display:inline-block;width:4.78px"> </div>stock, or<div style="display:inline-block;width:5.79px"> </div>(ii) is<div style="display:inline-block;width:5.68px"> </div>an affiliate<div style="display:inline-block;width:6.14px"> </div>or associate<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:4.68px"> </div>the Company<div style="display:inline-block;width:6.09px"> </div>that owned<div style="display:inline-block;width:5.84px"> </div>more<div style="display:inline-block;width:4.71px"> </div>than<div style="display:inline-block;width:4.66px"> </div>15% of<div style="display:inline-block;width:5.92px"> </div>our </div><div id="a242" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:679px;">outstanding stock at any<div style="display:inline-block;width:4.88px"> </div>time in the prior three<div style="display:inline-block;width:4.81px"> </div>years from the date the<div style="display:inline-block;width:4.78px"> </div>determination is being made<div style="display:inline-block;width:4.85px"> </div>as to whether he </div><div id="a246" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:694px;">or she is an interested shareholder. </div><div id="a249" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:725px;">This<div style="display:inline-block;width:4.87px"> </div>prohibition<div style="display:inline-block;width:5.14px"> </div>does<div style="display:inline-block;width:4.94px"> </div>not<div style="display:inline-block;width:4.95px"> </div>apply<div style="display:inline-block;width:4.74px"> </div>in<div style="display:inline-block;width:4.87px"> </div>certain<div style="display:inline-block;width:5px"> </div>circumstances<div style="display:inline-block;width:5.1px"> </div>such<div style="display:inline-block;width:4.78px"> </div>as<div style="display:inline-block;width:4.78px"> </div>if<div style="display:inline-block;width:4.85px"> </div>(i)<div style="display:inline-block;width:4.91px"> </div>prior<div style="display:inline-block;width:5.07px"> </div>to<div style="display:inline-block;width:4.71px"> </div>the<div style="display:inline-block;width:4.9px"> </div>person<div style="display:inline-block;width:4.92px"> </div>becoming<div style="display:inline-block;width:5.17px"> </div>an<div style="display:inline-block;width:4.91px"> </div>interested </div><div id="a252" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:740px;">shareholder, our board of directors approved the business combination<div style="display:inline-block;width:4.77px"> </div>or the transaction which resulted in the person </div><div id="a256" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:756px;">becoming an interested shareholder, or (ii) the person became an interested shareholder<div style="display:inline-block;width:4.78px"> </div>prior to the Company's initial </div><div id="a260" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:771px;">public offering. </div><div id="a263" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:802px;">Blank Check Preferred<div style="display:inline-block;width:4.72px"> </div>Stock </div><div id="a266" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:832px;">Under the<div style="display:inline-block;width:4.87px"> </div>terms of our<div style="display:inline-block;width:5.33px"> </div>amended and<div style="display:inline-block;width:4.77px"> </div>restated articles<div style="display:inline-block;width:4.73px"> </div>of incorporation,<div style="display:inline-block;width:4.83px"> </div>our board<div style="display:inline-block;width:4.74px"> </div>of directors has<div style="display:inline-block;width:5.44px"> </div>authority,<div style="display:inline-block;width:4.96px"> </div>without </div><div id="a269" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:848px;">any further<div style="display:inline-block;width:4.73px"> </div>vote or action<div style="display:inline-block;width:5.07px"> </div>by our stockholders,<div style="display:inline-block;width:5.37px"> </div>to issue up<div style="display:inline-block;width:5.11px"> </div>to 25,000,000<div style="display:inline-block;width:4.67px"> </div>shares of blank<div style="display:inline-block;width:5.11px"> </div>check preferred<div style="display:inline-block;width:4.94px"> </div>stock. Our </div><div id="a273" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:863px;">board of directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of </div><div id="a274" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:878px;">control of our company or the removal of our management. </div><div id="a277" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:909px;">Classified Board of Directors </div></div>
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<div id="Page3" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a282" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:96px;">Our amended and restated articles of incorporation provide for the division of our board of directors into three classes </div><div id="a286" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">of directors, with each<div style="display:inline-block;width:1.9px"> </div>class as nearly equal<div style="display:inline-block;width:1.62px"> </div>in number as<div style="display:inline-block;width:1.96px"> </div>possible, serving staggered, three-year terms. Approximately </div><div id="a290" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:127px;">one-third of our board of directors is elected each year.<div style="display:inline-block;width:5.24px"> </div>This classified board provision could discourage a third party </div><div id="a296" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:142px;">from making a tender<div style="display:inline-block;width:5px"> </div>offer for our<div style="display:inline-block;width:4.69px"> </div>shares or attempting to<div style="display:inline-block;width:4.74px"> </div>obtain control of us.<div style="display:inline-block;width:4.94px"> </div>It could also delay<div style="display:inline-block;width:4.83px"> </div>stockholders who </div><div id="a299" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:158px;">do not<div style="display:inline-block;width:5.15px"> </div>agree with<div style="display:inline-block;width:4.96px"> </div>the policies<div style="display:inline-block;width:5.07px"> </div>of our<div style="display:inline-block;width:5.04px"> </div>board of<div style="display:inline-block;width:4.98px"> </div>directors from<div style="display:inline-block;width:5.05px"> </div>removing a<div style="display:inline-block;width:5.17px"> </div>majority of<div style="display:inline-block;width:4.94px"> </div>our board<div style="display:inline-block;width:5.06px"> </div>of directors<div style="display:inline-block;width:5.08px"> </div>for two </div><div id="a300" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:173px;">years. </div><div id="a303" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:204px;">Election and Removal of Directors </div><div id="a306" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:234px;">Our<div style="display:inline-block;width:5.91px"> </div>amended<div style="display:inline-block;width:6.15px"> </div>and<div style="display:inline-block;width:5.79px"> </div>restated<div style="display:inline-block;width:5.91px"> </div>articles<div style="display:inline-block;width:5.66px"> </div>of<div style="display:inline-block;width:5.9px"> </div>incorporation<div style="display:inline-block;width:6.22px"> </div>prohibit<div style="display:inline-block;width:5.79px"> </div>cumulative<div style="display:inline-block;width:6.12px"> </div>voting<div style="display:inline-block;width:6.06px"> </div>in<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.86px"> </div>election<div style="display:inline-block;width:5.81px"> </div>of<div style="display:inline-block;width:6px"> </div>directors.<div style="display:inline-block;width:6.06px"> </div>Our </div><div id="a309" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:250px;">amended<div style="display:inline-block;width:5.67px"> </div>and<div style="display:inline-block;width:5.47px"> </div>restated<div style="display:inline-block;width:5.43px"> </div>bylaws<div style="display:inline-block;width:5.58px"> </div>require<div style="display:inline-block;width:5.44px"> </div>parties<div style="display:inline-block;width:5.56px"> </div>other<div style="display:inline-block;width:5.51px"> </div>than<div style="display:inline-block;width:5.46px"> </div>the<div style="display:inline-block;width:5.38px"> </div>board<div style="display:inline-block;width:5.44px"> </div>of<div style="display:inline-block;width:5.42px"> </div>directors<div style="display:inline-block;width:5.54px"> </div>to<div style="display:inline-block;width:5.35px"> </div>give<div style="display:inline-block;width:5.46px"> </div>advance<div style="display:inline-block;width:5.73px"> </div>written<div style="display:inline-block;width:5.58px"> </div>notice<div style="display:inline-block;width:5.47px"> </div>of </div><div id="a313" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:265px;">nominations<div style="display:inline-block;width:4.9px"> </div>for the<div style="display:inline-block;width:5.77px"> </div>election of<div style="display:inline-block;width:5.83px"> </div>directors.<div style="display:inline-block;width:4.78px"> </div>Our amended<div style="display:inline-block;width:6.01px"> </div>and restated<div style="display:inline-block;width:5.65px"> </div>articles of<div style="display:inline-block;width:5.84px"> </div>incorporation<div style="display:inline-block;width:5.04px"> </div>also provide<div style="display:inline-block;width:6.08px"> </div>that our </div><div id="a317" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:280px;">directors may be removed only for cause and only upon the<div style="display:inline-block;width:1.93px"> </div>affirmative vote of a majority of the outstanding shares of </div><div id="a321" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:296px;">our capital stock<div style="display:inline-block;width:5.19px"> </div>entitled to vote<div style="display:inline-block;width:4.98px"> </div>for those directors.<div style="display:inline-block;width:5.18px"> </div>These provisions may<div style="display:inline-block;width:5.11px"> </div>discourage, delay or<div style="display:inline-block;width:5.02px"> </div>prevent the removal </div><div id="a324" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:311px;">of incumbent officers and directors. The Articles prohibit the use<div style="display:inline-block;width:4.71px"> </div>of cumulative voting to elect Directors. </div><div id="a330" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:342px;">Limited Actions by Stockholders </div><div id="a333" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:372px;">Our amended and restated articles of incorporation and bylaws provide that special meetings of the shareholders may </div><div id="a337" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:388px;">be<div style="display:inline-block;width:4.75px"> </div>called by<div style="display:inline-block;width:6.1px"> </div>the Board<div style="display:inline-block;width:5.92px"> </div>of Directors<div style="display:inline-block;width:5.97px"> </div>who<div style="display:inline-block;width:4.81px"> </div>shall<div style="display:inline-block;width:4.68px"> </div>state the<div style="display:inline-block;width:5.88px"> </div>purpose<div style="display:inline-block;width:4.68px"> </div>or purposes<div style="display:inline-block;width:6.08px"> </div>of the<div style="display:inline-block;width:5.94px"> </div>proposed<div style="display:inline-block;width:4.76px"> </div>special<div style="display:inline-block;width:4.77px"> </div>meeting.<div style="display:inline-block;width:4.78px"> </div>The </div><div id="a341" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:403px;">business transacted at any special<div style="display:inline-block;width:1.94px"> </div>meeting shall be limited to<div style="display:inline-block;width:1.89px"> </div>the purposes stated in the<div style="display:inline-block;width:1.98px"> </div>notice of such meeting. If there </div><div id="a345" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:418px;">is a failure<div style="display:inline-block;width:4.92px"> </div>to hold the<div style="display:inline-block;width:4.8px"> </div>annual meeting within<div style="display:inline-block;width:5.08px"> </div>a period of<div style="display:inline-block;width:4.72px"> </div>ninety (90) days<div style="display:inline-block;width:5.12px"> </div>after the date<div style="display:inline-block;width:4.78px"> </div>designated therefor,<div style="display:inline-block;width:5.16px"> </div>or if no </div><div id="a349" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:434px;">date has been designated for a period of thirteen (13) months after<div style="display:inline-block;width:4.83px"> </div>the organization of the Corporation or after<div style="display:inline-block;width:4.82px"> </div>its last </div><div id="a353" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:449px;">annual<div style="display:inline-block;width:4.92px"> </div>meeting, holders<div style="display:inline-block;width:6.05px"> </div>of not<div style="display:inline-block;width:5.93px"> </div>less than<div style="display:inline-block;width:6.06px"> </div>one-fifth<div style="display:inline-block;width:4.87px"> </div>of the<div style="display:inline-block;width:6.03px"> </div>shares entitled<div style="display:inline-block;width:6.09px"> </div>to vote<div style="display:inline-block;width:6.05px"> </div>in an<div style="display:inline-block;width:5.82px"> </div>election<div style="display:inline-block;width:4.69px"> </div>of directors<div style="display:inline-block;width:6.04px"> </div>may,<div style="display:inline-block;width:5.56px"> </div>in </div><div id="a359" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:464px;">writing, demand the call of a special<div style="display:inline-block;width:1.7px"> </div>meeting in lieu of the annual<div style="display:inline-block;width:1.97px"> </div>meeting specifying the time thereof, which shall<div style="display:inline-block;width:1.94px"> </div>not </div><div id="a363" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:480px;">be less than two (2) nor more than three(3) months from the date of such call.<div style="display:inline-block;width:1.88px"> </div>The Chairman, Chief Executive Officer </div><div id="a364" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:495px;">or Secretary of<div style="display:inline-block;width:5.1px"> </div>the Corporation upon<div style="display:inline-block;width:4.99px"> </div>receiving the written<div style="display:inline-block;width:5px"> </div>demand shall promptly<div style="display:inline-block;width:5.07px"> </div>give notice of<div style="display:inline-block;width:5.07px"> </div>such meeting, or<div style="display:inline-block;width:4.82px"> </div>if </div><div id="a368" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:510px;">the<div style="display:inline-block;width:5.86px"> </div>Chairman,<div style="display:inline-block;width:5.91px"> </div>Chief<div style="display:inline-block;width:5.86px"> </div>Executive<div style="display:inline-block;width:5.95px"> </div>Officer<div style="display:inline-block;width:6.06px"> </div>or<div style="display:inline-block;width:5.74px"> </div>Secretary<div style="display:inline-block;width:5.86px"> </div>fails<div style="display:inline-block;width:5.78px"> </div>to<div style="display:inline-block;width:5.83px"> </div>do<div style="display:inline-block;width:5.76px"> </div>so<div style="display:inline-block;width:5.79px"> </div>within<div style="display:inline-block;width:5.74px"> </div>five<div style="display:inline-block;width:5.75px"> </div>(5)<div style="display:inline-block;width:5.8px"> </div>business<div style="display:inline-block;width:5.55px"> </div>days<div style="display:inline-block;width:5.9px"> </div>thereafter,<div style="display:inline-block;width:6.67px"> </div>any </div><div id="a369" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:526px;">shareholder signing such<div style="display:inline-block;width:1.88px"> </div>demand may give<div style="display:inline-block;width:1.75px"> </div>such notice. Such<div style="display:inline-block;width:1.41px"> </div>notice shall state<div style="display:inline-block;width:1.73px"> </div>the purpose or<div style="display:inline-block;width:1.63px"> </div>purposes of the<div style="display:inline-block;width:1.58px"> </div>proposed </div><div id="a373" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:541px;">special meeting.<div style="display:inline-block;width:3.39px"> </div>The business transacted at any special meeting shall be limited to the purposes stated in the notice of </div><div id="a377" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:556px;">such meeting. </div><div id="a380" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:587px;">Advance Notice Requirements for Stockholder<div style="display:inline-block;width:4.8px"> </div>Proposals and Director Nominations </div><div id="a383" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:618px;">Our amended and<div style="display:inline-block;width:5.12px"> </div>restated bylaws provide<div style="display:inline-block;width:5.08px"> </div>that stockholders seeking<div style="display:inline-block;width:4.95px"> </div>to nominate candidates<div style="display:inline-block;width:4.93px"> </div>for election as<div style="display:inline-block;width:5.04px"> </div>directors </div><div id="a386" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:633px;">or to bring business before an annual<div style="display:inline-block;width:4.84px"> </div>meeting of stockholders must provide<div style="display:inline-block;width:4.76px"> </div>timely notice of their proposal in<div style="display:inline-block;width:4.7px"> </div>writing </div><div id="a390" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:648px;">to the corporate<div style="display:inline-block;width:4.67px"> </div>secretary.<div style="display:inline-block;width:4.66px"> </div>Generally,<div style="display:inline-block;width:4.71px"> </div>to be timely,<div style="display:inline-block;width:5.31px"> </div>a stockholder's notice must<div style="display:inline-block;width:4.99px"> </div>be received at our<div style="display:inline-block;width:4.83px"> </div>principal executive </div><div id="a394" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:664px;">offices not<div style="display:inline-block;width:4.94px"> </div>less than 90<div style="display:inline-block;width:5.14px"> </div>days nor<div style="display:inline-block;width:4.88px"> </div>more than 120<div style="display:inline-block;width:5.37px"> </div>days prior to<div style="display:inline-block;width:5.19px"> </div>the date on<div style="display:inline-block;width:5.26px"> </div>which we first<div style="display:inline-block;width:5.37px"> </div>mailed our<div style="display:inline-block;width:4.76px"> </div>proxy materials </div><div id="a398" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:679px;">for<div style="display:inline-block;width:5.8px"> </div>the<div style="display:inline-block;width:5.54px"> </div>preceding<div style="display:inline-block;width:5.72px"> </div>year's<div style="display:inline-block;width:5.59px"> </div>annual<div style="display:inline-block;width:5.72px"> </div>meeting.<div style="display:inline-block;width:5.9px"> </div>Our<div style="display:inline-block;width:5.59px"> </div>bylaws<div style="display:inline-block;width:5.58px"> </div>also<div style="display:inline-block;width:5.68px"> </div>specify<div style="display:inline-block;width:5.81px"> </div>requirements<div style="display:inline-block;width:5.9px"> </div>as<div style="display:inline-block;width:5.58px"> </div>to<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.54px"> </div>form<div style="display:inline-block;width:5.71px"> </div>and<div style="display:inline-block;width:5.63px"> </div>content<div style="display:inline-block;width:5.71px"> </div>of<div style="display:inline-block;width:5.74px"> </div>a </div><div id="a402" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:694px;">stockholder's notice. These provisions may impede<div style="display:inline-block;width:4.75px"> </div>stockholders' ability to bring matters before an annual meeting<div style="display:inline-block;width:4.94px"> </div>of </div><div id="a405" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:710px;">stockholders or make nominations for directors at annual meeting<div style="display:inline-block;width:4.72px"> </div>of stockholders. </div><div id="a411" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:740px;">DESCRIPTION OF THE SERIES B PREFERRED SHARES </div><div id="a414" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:771px;">On<div style="display:inline-block;width:6.17px"> </div>February<div style="display:inline-block;width:6.3px"> </div>3,<div style="display:inline-block;width:6.04px"> </div>2014,<div style="display:inline-block;width:6.28px"> </div>we<div style="display:inline-block;width:6.12px"> </div>filed<div style="display:inline-block;width:6.06px"> </div>a<div style="display:inline-block;width:6.11px"> </div>Prospectus<div style="display:inline-block;width:6.3px"> </div>Statement<div style="display:inline-block;width:6.25px"> </div>for<div style="display:inline-block;width:6.12px"> </div>the<div style="display:inline-block;width:6.18px"> </div>registration<div style="display:inline-block;width:6.24px"> </div>of<div style="display:inline-block;width:6.06px"> </div>2,400,000<div style="display:inline-block;width:6.4px"> </div>of<div style="display:inline-block;width:6.06px"> </div>our<div style="display:inline-block;width:6.14px"> </div>8.875%<div style="display:inline-block;width:6.36px"> </div>Series </div><div id="a417" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:786px;">Cumulative Redeemable Perpetual Preferred Shares,<div style="display:inline-block;width:1.65px"> </div>par value $0.01<div style="display:inline-block;width:1.92px"> </div>per share, with<div style="display:inline-block;width:1.93px"> </div>a liquidation preference of<div style="display:inline-block;width:1.71px"> </div>$25.00 </div><div id="a421" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:802px;">per share. </div><div id="a424" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:832px;">We have<div style="display:inline-block;width:4.97px"> </div>summarized the material terms<div style="display:inline-block;width:4.87px"> </div>and conditions of the<div style="display:inline-block;width:4.73px"> </div>rights of these Series B<div style="display:inline-block;width:4.81px"> </div>Preferred Shares below.<div style="display:inline-block;width:5.75px"> </div>For a </div><div id="a428" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:848px;">complete<div style="display:inline-block;width:6.21px"> </div>description<div style="display:inline-block;width:6.27px"> </div>of<div style="display:inline-block;width:6.06px"> </div>the<div style="display:inline-block;width:5.86px"> </div>rights,<div style="display:inline-block;width:6.27px"> </div>we<div style="display:inline-block;width:6.12px"> </div>encourage<div style="display:inline-block;width:6.08px"> </div>you<div style="display:inline-block;width:6.16px"> </div>to<div style="display:inline-block;width:5.99px"> </div>read<div style="display:inline-block;width:6.11px"> </div>the<div style="display:inline-block;width:6.02px"> </div>“Description<div style="display:inline-block;width:6.23px"> </div>of<div style="display:inline-block;width:6.06px"> </div>Registrant’s<div style="display:inline-block;width:7.06px"> </div>Securities<div style="display:inline-block;width:6.19px"> </div>to<div style="display:inline-block;width:5.99px"> </div>be </div><div id="a432" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:863px;">Registered”, which we have filed as an exhibit to the Form 8-A on February 13,<div style="display:inline-block;width:4.72px"> </div>2014. </div><div id="a437" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:894px;">Dividends<div style="display:inline-block;width:3.59px"> </div></div><div id="a440" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:924px;">Under the<div style="display:inline-block;width:4.87px"> </div>Agreement, we declared<div style="display:inline-block;width:5.47px"> </div>a dividend payment<div style="display:inline-block;width:5.34px"> </div>of 8.875%<div style="display:inline-block;width:4.68px"> </div>per annum<div style="display:inline-block;width:4.7px"> </div>per $25.00 liquidation<div style="display:inline-block;width:5.54px"> </div>preference per </div><div id="a441" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:940px;">share (equal to $2.21875 per annum per share). These dividends accrue and are cumulative from the date the Series B </div></div>
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<div id="a447" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:96px;">Cumulative shares<div style="display:inline-block;width:5.05px"> </div>are originally<div style="display:inline-block;width:5.15px"> </div>issued. The<div style="display:inline-block;width:4.95px"> </div>dividends are<div style="display:inline-block;width:5.15px"> </div>payable, as<div style="display:inline-block;width:5px"> </div>and if<div style="display:inline-block;width:4.98px"> </div>declared by<div style="display:inline-block;width:4.83px"> </div>the Board<div style="display:inline-block;width:4.96px"> </div>on January<div style="display:inline-block;width:5.14px"> </div>15, </div><div id="a451" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">April 15, July 15 and October 15 of each year. </div><div id="a454" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:142px;">Liquidation Preference<div style="display:inline-block;width:4.75px"> </div></div><div id="a457" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:173px;">Holders of the<div style="display:inline-block;width:4.67px"> </div>Series B Preferred Shares<div style="display:inline-block;width:5.05px"> </div>are entitled to a<div style="display:inline-block;width:4.66px"> </div>liquidation preference. Upon<div style="display:inline-block;width:4.73px"> </div>the occurrence of<div style="display:inline-block;width:4.74px"> </div>liquidation, </div><div id="a460" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:188px;">dissolution or<div style="display:inline-block;width:5.08px"> </div>winding up<div style="display:inline-block;width:4.83px"> </div>of the affairs<div style="display:inline-block;width:5.68px"> </div>of the<div style="display:inline-block;width:4.75px"> </div>Company,<div style="display:inline-block;width:4.94px"> </div>whether voluntary<div style="display:inline-block;width:5.09px"> </div>or involuntary<div style="display:inline-block;width:4.87px"> </div>(a “Liquidation<div style="display:inline-block;width:5.01px"> </div>Event”), </div><div id="a464" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:204px;">Holders of Series B Preferred Shares shall be entitled to receive out of the assets of<div style="display:inline-block;width:4.68px"> </div>the Company or proceeds thereof </div><div id="a468" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:219px;">legally<div style="display:inline-block;width:5.46px"> </div>available<div style="display:inline-block;width:5.51px"> </div>for<div style="display:inline-block;width:5.48px"> </div>distribution<div style="display:inline-block;width:5.48px"> </div>to<div style="display:inline-block;width:5.35px"> </div>stockholders<div style="display:inline-block;width:5.67px"> </div>of<div style="display:inline-block;width:5.42px"> </div>the<div style="display:inline-block;width:5.38px"> </div>Company,<div style="display:inline-block;width:6.38px"> </div>(I)<div style="display:inline-block;width:5.52px"> </div>aftersatisfaction<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.42px"> </div>all<div style="display:inline-block;width:5.29px"> </div>liabilities,<div style="display:inline-block;width:5.5px"> </div>if<div style="display:inline-block;width:5.33px"> </div>any,<div style="display:inline-block;width:6.37px"> </div>to </div><div id="a471" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:234px;">creditors of the<div style="display:inline-block;width:5.21px"> </div>Company,<div style="display:inline-block;width:4.78px"> </div>(ii) after all<div style="display:inline-block;width:4.98px"> </div>applicable distributions<div style="display:inline-block;width:4.67px"> </div>of such assets<div style="display:inline-block;width:4.95px"> </div>or proceeds being<div style="display:inline-block;width:5.28px"> </div>made to or<div style="display:inline-block;width:4.97px"> </div>set aside </div><div id="a475" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:250px;">for the holders of any Senior Stock<div style="display:inline-block;width:4.75px"> </div>then outstanding in respect of such Liquidation<div style="display:inline-block;width:5.05px"> </div>Event, (iii) concurrently with any </div><div id="a480" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:265px;">applicable<div style="display:inline-block;width:4.79px"> </div>distributions<div style="display:inline-block;width:4.79px"> </div>of such<div style="display:inline-block;width:5.6px"> </div>assets or<div style="display:inline-block;width:5.71px"> </div>proceeds<div style="display:inline-block;width:4.81px"> </div>being made<div style="display:inline-block;width:5.78px"> </div>to or<div style="display:inline-block;width:5.85px"> </div>set aside<div style="display:inline-block;width:5.68px"> </div>for holders<div style="display:inline-block;width:5.62px"> </div>of any<div style="display:inline-block;width:5.96px"> </div>Parity Stock<div style="display:inline-block;width:5.91px"> </div>then </div><div id="a484" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:280px;">outstanding in<div style="display:inline-block;width:4.7px"> </div>respect of such<div style="display:inline-block;width:5.03px"> </div>Liquidation Event<div style="display:inline-block;width:4.86px"> </div>and (iv) before<div style="display:inline-block;width:5.1px"> </div>any distribution of<div style="display:inline-block;width:5.24px"> </div>such assets or<div style="display:inline-block;width:4.73px"> </div>proceeds is<div style="display:inline-block;width:4.7px"> </div>made </div><div id="a489" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:296px;">to or set aside for the holders of Common Stock and any<div style="display:inline-block;width:1.91px"> </div>other classes or series of Junior Stock as to such distribution, </div><div id="a494" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:311px;">a liquidating distribution or payment in full redemption of such Series B Preferred Shares in an amount initially equal </div><div id="a499" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:326px;">to $25.00 per<div style="display:inline-block;width:4.91px"> </div>share in cash, plus<div style="display:inline-block;width:4.88px"> </div>an amount equal<div style="display:inline-block;width:4.87px"> </div>to accumulated and<div style="display:inline-block;width:4.92px"> </div>unpaid dividends thereon<div style="display:inline-block;width:4.95px"> </div>to the date<div style="display:inline-block;width:4.79px"> </div>fixed for </div><div id="a505" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:342px;">payment of such amount (whether or not declared). </div><div id="a509" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:372px;">Voting<div style="display:inline-block;width:5.1px"> </div>Rights </div><div id="a512" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:403px;">In<div style="display:inline-block;width:4.78px"> </div>the<div style="display:inline-block;width:4.74px"> </div>event<div style="display:inline-block;width:4.84px"> </div>that six<div style="display:inline-block;width:5.91px"> </div>quarterly<div style="display:inline-block;width:4.87px"> </div>dividends,<div style="display:inline-block;width:5.04px"> </div>whether<div style="display:inline-block;width:4.75px"> </div>consecutive<div style="display:inline-block;width:4.84px"> </div>or<div style="display:inline-block;width:4.78px"> </div>not,<div style="display:inline-block;width:4.67px"> </div>payable<div style="display:inline-block;width:4.79px"> </div>on<div style="display:inline-block;width:4.8px"> </div>the<div style="display:inline-block;width:4.74px"> </div>Series B<div style="display:inline-block;width:5.77px"> </div>Preferred<div style="display:inline-block;width:5.1px"> </div>Shares<div style="display:inline-block;width:4.76px"> </div>in </div><div id="a516" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:418px;">arrears, the<div style="display:inline-block;width:5.02px"> </div>Holders of<div style="display:inline-block;width:4.69px"> </div>Series B Preferred<div style="display:inline-block;width:5.69px"> </div>Shares shall<div style="display:inline-block;width:4.83px"> </div>have the<div style="display:inline-block;width:4.67px"> </div>right, voting<div style="display:inline-block;width:4.9px"> </div>as a<div style="display:inline-block;width:4.68px"> </div>class together<div style="display:inline-block;width:4.9px"> </div>with holders<div style="display:inline-block;width:4.7px"> </div>of any </div><div id="a520" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:434px;">Parity Stock upon<div style="display:inline-block;width:1.79px"> </div>which like voting<div style="display:inline-block;width:1.61px"> </div>rights have been<div style="display:inline-block;width:1.61px"> </div>conferred and are<div style="display:inline-block;width:1.5px"> </div>exercisable, at the<div style="display:inline-block;width:1.69px"> </div>next meeting of<div style="display:inline-block;width:1.66px"> </div>stockholders </div><div id="a524" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:449px;">called for the<div style="display:inline-block;width:1.63px"> </div>election of directors,<div style="display:inline-block;width:1.69px"> </div>to elect one<div style="display:inline-block;width:1.35px"> </div>member of the<div style="display:inline-block;width:1.6px"> </div>Board of Directors,<div style="display:inline-block;width:1.65px"> </div>and the size<div style="display:inline-block;width:1.48px"> </div>of the Board<div style="display:inline-block;width:1.46px"> </div>of Directors </div><div id="a528" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:464px;">shall be increased as needed to accommodate such change. </div><div id="a531" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:495px;">Unless the Company<div style="display:inline-block;width:5.18px"> </div>shall have received<div style="display:inline-block;width:5.12px"> </div>the affirmative<div style="display:inline-block;width:4.75px"> </div>vote or consents<div style="display:inline-block;width:4.9px"> </div>of the Holders<div style="display:inline-block;width:4.83px"> </div>of at least<div style="display:inline-block;width:5.02px"> </div>two-thirds of the </div><div id="a534" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:510px;">outstanding<div style="display:inline-block;width:4.91px"> </div>Series B<div style="display:inline-block;width:5.61px"> </div>Preferred<div style="display:inline-block;width:4.68px"> </div>Shares, voting<div style="display:inline-block;width:5.94px"> </div>as a<div style="display:inline-block;width:5.64px"> </div>single class,<div style="display:inline-block;width:5.74px"> </div>the Company<div style="display:inline-block;width:6.09px"> </div>may<div style="display:inline-block;width:4.66px"> </div>not adopt<div style="display:inline-block;width:5.83px"> </div>an amendment<div style="display:inline-block;width:5.87px"> </div>to the </div><div id="a538" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:526px;">Articles of Incorporation that adversely alters the preferences, powers or<div style="display:inline-block;width:4.8px"> </div>rights of the Series B Preferred Shares. </div><div id="a544" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:556px;">Unless the<div style="display:inline-block;width:4.95px"> </div>Company shall<div style="display:inline-block;width:5.08px"> </div>have received<div style="display:inline-block;width:5.2px"> </div>the affirmative<div style="display:inline-block;width:5.39px"> </div>vote or<div style="display:inline-block;width:4.67px"> </div>consent of<div style="display:inline-block;width:5.05px"> </div>the Holders<div style="display:inline-block;width:4.97px"> </div>of at<div style="display:inline-block;width:4.67px"> </div>least two-thirds<div style="display:inline-block;width:5.22px"> </div>of the </div><div id="a549" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:572px;">outstanding Series<div style="display:inline-block;width:4.81px"> </div>B Preferred Shares,<div style="display:inline-block;width:5.18px"> </div>voting as a<div style="display:inline-block;width:5.02px"> </div>class together with<div style="display:inline-block;width:5.23px"> </div>holders of any<div style="display:inline-block;width:5.15px"> </div>other Parity<div style="display:inline-block;width:4.65px"> </div>Stock upon<div style="display:inline-block;width:4.67px"> </div>which </div><div id="a553" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:587px;">like voting<div style="display:inline-block;width:5.71px"> </div>rights have<div style="display:inline-block;width:5.68px"> </div>been conferred<div style="display:inline-block;width:5.7px"> </div>and are<div style="display:inline-block;width:5.61px"> </div>exercisable, the<div style="display:inline-block;width:5.57px"> </div>Company<div style="display:inline-block;width:4.68px"> </div>may not<div style="display:inline-block;width:5.65px"> </div>(x) issue<div style="display:inline-block;width:5.58px"> </div>any Parity<div style="display:inline-block;width:5.66px"> </div>Stock if<div style="display:inline-block;width:5.52px"> </div>the </div><div id="a557" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:602px;">cumulative dividends payable on outstanding Series B Preferred Shares are in arrears or(y) create or<div style="display:inline-block;width:4.78px"> </div>issue any Senior </div><div id="a558" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:618px;">Stock. </div><div id="a561" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:648px;">Redemption Rights </div><div id="a564" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:679px;">The Company shall have the right at any time on or after February 14, 2019, to redeem the Series B Preferred Shares, </div><div id="a568" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:694px;">in whole or from time to time in part, from any funds available for such purpose. Any such redemption shall occur on </div><div id="a572" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:710px;">a date set by the Company. </div><div id="a575" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:740px;">DESCRIPTION OF THE SERIES C PREFERRED SHARES </div><div id="a578" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:771px;">We<div style="display:inline-block;width:4.71px"> </div>filed a statement<div style="display:inline-block;width:4.88px"> </div>of designations with<div style="display:inline-block;width:4.93px"> </div>the Marshall Islands<div style="display:inline-block;width:4.95px"> </div>registry establishing our<div style="display:inline-block;width:5.09px"> </div>Series C Preferred<div style="display:inline-block;width:4.99px"> </div>Stock, of </div><div id="a581" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:786px;">which 10,675 are<div style="display:inline-block;width:4.97px"> </div>issued and outstanding,<div style="display:inline-block;width:4.81px"> </div>par value $0.01 per<div style="display:inline-block;width:5.01px"> </div>share. The Series<div style="display:inline-block;width:4.76px"> </div>C Preferred Stock<div style="display:inline-block;width:4.92px"> </div>will vote with<div style="display:inline-block;width:4.67px"> </div>the </div><div id="a585" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:802px;">common<div style="display:inline-block;width:4.73px"> </div>shares of<div style="display:inline-block;width:5.71px"> </div>the Company,<div style="display:inline-block;width:6.68px"> </div>and each<div style="display:inline-block;width:5.66px"> </div>share of<div style="display:inline-block;width:5.6px"> </div>the Series<div style="display:inline-block;width:5.6px"> </div>C Preferred<div style="display:inline-block;width:5.94px"> </div>Stock shall<div style="display:inline-block;width:5.73px"> </div>entitle the<div style="display:inline-block;width:5.71px"> </div>holder thereof<div style="display:inline-block;width:5.95px"> </div>to </div><div id="a589" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:817px;">1,000 votes on all matters<div style="display:inline-block;width:4.89px"> </div>submitted to a vote of<div style="display:inline-block;width:4.99px"> </div>the stockholders of the Company.<div style="display:inline-block;width:6.05px"> </div>The Series C Preferred Stock<div style="display:inline-block;width:4.95px"> </div>has </div><div id="a593" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:832px;">no dividend or liquidation rights and cannot be transferred without the consent of the Company<div style="display:inline-block;width:4.74px"> </div>except to the holder's </div><div id="a597" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:848px;">affiliates and immediate family members. </div><div id="a600" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:878px;">For<div style="display:inline-block;width:6.19px"> </div>a<div style="display:inline-block;width:6.11px"> </div>complete<div style="display:inline-block;width:6.37px"> </div>description<div style="display:inline-block;width:6.27px"> </div>of<div style="display:inline-block;width:6.06px"> </div>the<div style="display:inline-block;width:6.18px"> </div>rights,<div style="display:inline-block;width:6.27px"> </div>we<div style="display:inline-block;width:6.12px"> </div>encourage<div style="display:inline-block;width:6.4px"> </div>you<div style="display:inline-block;width:6.16px"> </div>to<div style="display:inline-block;width:6.15px"> </div>read<div style="display:inline-block;width:6.27px"> </div>the<div style="display:inline-block;width:6.02px"> </div>“Certificate<div style="display:inline-block;width:6.23px"> </div>of<div style="display:inline-block;width:6.22px"> </div>Designation<div style="display:inline-block;width:6.38px"> </div>of<div style="display:inline-block;width:6.22px"> </div>Rights, </div><div id="a601" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:894px;">Preferences, and<div style="display:inline-block;width:5.21px"> </div>Privileges of<div style="display:inline-block;width:4.66px"> </div>Series C Preferred<div style="display:inline-block;width:5.69px"> </div>Stock of<div style="display:inline-block;width:4.97px"> </div>the Company”,<div style="display:inline-block;width:4.88px"> </div>which we<div style="display:inline-block;width:4.9px"> </div>have filed<div style="display:inline-block;width:4.72px"> </div>as exhibit<div style="display:inline-block;width:4.89px"> </div>3.1 to<div style="display:inline-block;width:4.89px"> </div>the </div><div id="a604" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:909px;">Form 6-K on February 6, 2019. </div><div id="a609" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:940px;">DESCRIPTION OF THE SERIES D PREFERRED SHARES </div></div>
</div>
<div style="padding: 7px">
<div id="Page5" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a614" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">We<div style="display:inline-block;width:4.71px"> </div>filed a statement<div style="display:inline-block;width:4.72px"> </div>of designations with<div style="display:inline-block;width:4.93px"> </div>the Marshall Islands<div style="display:inline-block;width:4.79px"> </div>registry establishing our<div style="display:inline-block;width:4.93px"> </div>Series D Preferred<div style="display:inline-block;width:4.8px"> </div>Stock, of </div><div id="a615" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:127px;">which 400<div style="display:inline-block;width:5.59px"> </div>are issued<div style="display:inline-block;width:5.35px"> </div>and outstanding,<div style="display:inline-block;width:5.65px"> </div>par value<div style="display:inline-block;width:5.37px"> </div>$0.01 per<div style="display:inline-block;width:5.2px"> </div>share. The<div style="display:inline-block;width:5.49px"> </div>Series D<div style="display:inline-block;width:5.36px"> </div>Preferred Stock<div style="display:inline-block;width:5.62px"> </div>has no<div style="display:inline-block;width:5.22px"> </div>dividend or </div><div id="a619" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:142px;">liquidation rights. The Series D Preferred Stock votes with the common shares of the Company, and each share of the </div><div id="a622" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:158px;">Series D Preferred<div style="display:inline-block;width:4.8px"> </div>Stock shall entitle<div style="display:inline-block;width:4.68px"> </div>the holder thereof<div style="display:inline-block;width:4.97px"> </div>to up to 200,000<div style="display:inline-block;width:5.16px"> </div>votes, on all<div style="display:inline-block;width:4.73px"> </div>matters submitted to<div style="display:inline-block;width:4.68px"> </div>a vote of </div><div id="a625" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:173px;">the stockholders of<div style="display:inline-block;width:4.87px"> </div>the Company,<div style="display:inline-block;width:5.24px"> </div>notwithstanding any other<div style="display:inline-block;width:4.87px"> </div>provision of the<div style="display:inline-block;width:4.73px"> </div>Statement of Designation<div style="display:inline-block;width:4.85px"> </div>of the Series </div><div id="a629" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:188px;">D Preferred<div style="display:inline-block;width:5.85px"> </div>Stock,<div style="display:inline-block;width:4.67px"> </div>to the<div style="display:inline-block;width:5.49px"> </div>extent that<div style="display:inline-block;width:5.76px"> </div>the total<div style="display:inline-block;width:5.69px"> </div>number of<div style="display:inline-block;width:5.69px"> </div>votes one<div style="display:inline-block;width:5.63px"> </div>or more<div style="display:inline-block;width:5.69px"> </div>holders of<div style="display:inline-block;width:5.88px"> </div>Series D<div style="display:inline-block;width:5.52px"> </div>Preferred<div style="display:inline-block;width:4.68px"> </div>Stock is </div><div id="a633" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:204px;">entitled to vote (including any<div style="display:inline-block;width:1.7px"> </div>voting power of such holders<div style="display:inline-block;width:1.77px"> </div>derived from Series D Preferred<div style="display:inline-block;width:1.8px"> </div>Stock, shares of common </div><div id="a637" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:219px;">stock or any other voting<div style="display:inline-block;width:4.83px"> </div>security of the Company issued<div style="display:inline-block;width:4.75px"> </div>and outstanding as of the<div style="display:inline-block;width:4.67px"> </div>date hereof or that may be<div style="display:inline-block;width:4.67px"> </div>issued </div><div id="a641" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:234px;">in the<div style="display:inline-block;width:5.81px"> </div>future) on<div style="display:inline-block;width:5.83px"> </div>any matter<div style="display:inline-block;width:5.82px"> </div>submitted to<div style="display:inline-block;width:5.85px"> </div>a vote<div style="display:inline-block;width:5.52px"> </div>of stockholders<div style="display:inline-block;width:5.85px"> </div>of the<div style="display:inline-block;width:5.87px"> </div>Company<div style="display:inline-block;width:4.68px"> </div>would exceed<div style="display:inline-block;width:5.82px"> </div>36.0% of<div style="display:inline-block;width:5.72px"> </div>the total </div><div id="a645" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:250px;">number of votes eligible to<div style="display:inline-block;width:4.74px"> </div>be cast on such matter,<div style="display:inline-block;width:4.89px"> </div>the total number of votes that holders<div style="display:inline-block;width:4.82px"> </div>of Series D Preferred Stock </div><div id="a649" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:265px;">may exercise derived from the Series<div style="display:inline-block;width:1.76px"> </div>D Preferred Stock together with Common Shares<div style="display:inline-block;width:1.92px"> </div>and any other voting securities </div><div id="a653" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:280px;">of the Company beneficially owned by such holder,<div style="display:inline-block;width:4.73px"> </div>shall be reduced to 36% of the total number of votes that may be </div><div id="a659" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:296px;">cast on such matter submitted to a vote of stockholders. </div><div id="a662" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:326px;">For<div style="display:inline-block;width:6.35px"> </div>a<div style="display:inline-block;width:6.27px"> </div>complete<div style="display:inline-block;width:6.53px"> </div>description<div style="display:inline-block;width:6.43px"> </div>of<div style="display:inline-block;width:6.38px"> </div>the<div style="display:inline-block;width:6.34px"> </div>rights,<div style="display:inline-block;width:6.43px"> </div>we<div style="display:inline-block;width:6.28px"> </div>encourage<div style="display:inline-block;width:6.4px"> </div>you<div style="display:inline-block;width:6.48px"> </div>to<div style="display:inline-block;width:6.31px"> </div>read<div style="display:inline-block;width:6.27px"> </div>the<div style="display:inline-block;width:6.34px"> </div>“Statement<div style="display:inline-block;width:6.44px"> </div>of<div style="display:inline-block;width:6.38px"> </div>Designation<div style="display:inline-block;width:6.54px"> </div>of<div style="display:inline-block;width:6.48px"> </div>Rights, </div><div id="a664" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:342px;">Preferences and<div style="display:inline-block;width:5.17px"> </div>Privileges of<div style="display:inline-block;width:4.82px"> </div>Series D<div style="display:inline-block;width:4.72px"> </div>Preferred Stock<div style="display:inline-block;width:5.19px"> </div>of the<div style="display:inline-block;width:4.75px"> </div>Company”, which<div style="display:inline-block;width:5.29px"> </div>we have filed<div style="display:inline-block;width:5.43px"> </div>as Exhibit<div style="display:inline-block;width:4.92px"> </div>3.1 to<div style="display:inline-block;width:5.06px"> </div>the </div><div id="a669" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:357px;">Form 6-K on September 8, 2023. </div><div id="a674" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:388px;">DESCRIPTION OF WARRANTS </div><div id="a677" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:418px;">On December 14,<div style="display:inline-block;width:4.85px"> </div>2023, we issued warrants<div style="display:inline-block;width:5.11px"> </div>to purchase common<div style="display:inline-block;width:4.88px"> </div>shares (the “Warrants”)<div style="display:inline-block;width:5.79px"> </div>to the holders<div style="display:inline-block;width:4.77px"> </div>of record of </div><div id="a681" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:434px;">Common Stock<div style="display:inline-block;width:5.79px"> </div>as of<div style="display:inline-block;width:5.44px"> </div>the close<div style="display:inline-block;width:5.33px"> </div>of business<div style="display:inline-block;width:5.57px"> </div>on December<div style="display:inline-block;width:5.8px"> </div>6, 2023<div style="display:inline-block;width:5.44px"> </div>(the “Record<div style="display:inline-block;width:5.55px"> </div>Date”) on<div style="display:inline-block;width:5.45px"> </div>the terms<div style="display:inline-block;width:5.62px"> </div>and conditions </div><div id="a685" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:449px;">described in the Warrant Agreement (as defined below and attached as exhibit 2.10 to this<div style="display:inline-block;width:1.82px"> </div>annual report). Each holder </div><div id="a686" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:464px;">received one<div style="display:inline-block;width:4.7px"> </div>Warrant<div style="display:inline-block;width:4.93px"> </div>for every five<div style="display:inline-block;width:4.86px"> </div>shares of issued<div style="display:inline-block;width:5.03px"> </div>and outstanding shares<div style="display:inline-block;width:5.17px"> </div>of common stock<div style="display:inline-block;width:5.07px"> </div>held as of<div style="display:inline-block;width:4.85px"> </div>the Record </div><div id="a690" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:480px;">Date (rounded<div style="display:inline-block;width:6.07px"> </div>down<div style="display:inline-block;width:4.73px"> </div>to the<div style="display:inline-block;width:5.65px"> </div>nearest whole<div style="display:inline-block;width:5.82px"> </div>number<div style="display:inline-block;width:4.87px"> </div>for any<div style="display:inline-block;width:5.7px"> </div>fractional<div style="display:inline-block;width:4.8px"> </div>Warrant).<div style="display:inline-block;width:5.82px"> </div>Each<div style="display:inline-block;width:4.66px"> </div>Warrant<div style="display:inline-block;width:5.57px"> </div>entitles the<div style="display:inline-block;width:5.78px"> </div>holder<div style="display:inline-block;width:4.79px"> </div>to </div><div id="a691" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:495px;">purchase,<div style="display:inline-block;width:4.69px"> </div>at the<div style="display:inline-block;width:5.43px"> </div>holder’s<div style="display:inline-block;width:4.72px"> </div>sole and<div style="display:inline-block;width:5.39px"> </div>exclusive election,<div style="display:inline-block;width:5.82px"> </div>at the<div style="display:inline-block;width:5.15px"> </div>exercise price,<div style="display:inline-block;width:5.75px"> </div>one share<div style="display:inline-block;width:5.49px"> </div>of common<div style="display:inline-block;width:5.7px"> </div>stock plus,<div style="display:inline-block;width:5.43px"> </div>to the </div><div id="a695" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:510px;">extent, described below,<div style="display:inline-block;width:5.56px"> </div>the Bonus Share Fraction.<div style="display:inline-block;width:4.94px"> </div>A Bonus Share Fraction<div style="display:inline-block;width:4.81px"> </div>entitles a holder to receive<div style="display:inline-block;width:5.01px"> </div>an additional </div><div id="a696" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:526px;">0.5 of<div style="display:inline-block;width:5.82px"> </div>a share<div style="display:inline-block;width:5.49px"> </div>of common<div style="display:inline-block;width:5.86px"> </div>stock for<div style="display:inline-block;width:5.64px"> </div>each Warrant<div style="display:inline-block;width:6.88px"> </div>exercised (the<div style="display:inline-block;width:5.74px"> </div>“Bonus Share<div style="display:inline-block;width:5.8px"> </div>Fraction”) without<div style="display:inline-block;width:5.95px"> </div>payment<div style="display:inline-block;width:4.67px"> </div>of any </div><div id="a698" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:541px;">additional exercise<div style="display:inline-block;width:5.04px"> </div>price. Since<div style="display:inline-block;width:4.68px"> </div>the dividend<div style="display:inline-block;width:4.86px"> </div>ex-Date on<div style="display:inline-block;width:4.77px"> </div>March 12, 202<div style="display:inline-block;width:1.49px"> </div>5, the<div style="display:inline-block;width:4.74px"> </div>Bonus Share<div style="display:inline-block;width:4.66px"> </div>Fraction was<div style="display:inline-block;width:4.89px"> </div>adjusted to </div><div id="a705" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:556px;">0.54827 of a share of common stock for each Warrant<div style="display:inline-block;width:5.33px"> </div>exercised. </div><div id="a713" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:587px;">The<div style="display:inline-block;width:5.59px"> </div>right<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:5.35px"> </div>receive<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.54px"> </div>Bonus<div style="display:inline-block;width:5.41px"> </div>Share<div style="display:inline-block;width:5.6px"> </div>Fraction<div style="display:inline-block;width:5.66px"> </div>will<div style="display:inline-block;width:5.42px"> </div>expire<div style="display:inline-block;width:5.54px"> </div>at<div style="display:inline-block;width:5.46px"> </div>5:00<div style="display:inline-block;width:5.51px"> </div>p.m.<div style="display:inline-block;width:5.67px"> </div>New<div style="display:inline-block;width:5.48px"> </div>York<div style="display:inline-block;width:6.84px"> </div>City<div style="display:inline-block;width:5.44px"> </div>time<div style="display:inline-block;width:5.52px"> </div>(the<div style="display:inline-block;width:5.59px"> </div>“Bonus<div style="display:inline-block;width:5.54px"> </div>Share </div><div id="a715" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:602px;">Expiration<div style="display:inline-block;width:4.9px"> </div>Date”) upon<div style="display:inline-block;width:5.93px"> </div>the earlier<div style="display:inline-block;width:5.75px"> </div>of (I)<div style="display:inline-block;width:5.99px"> </div>the date<div style="display:inline-block;width:5.86px"> </div>specified by<div style="display:inline-block;width:5.87px"> </div>the Registrant<div style="display:inline-block;width:5.87px"> </div>upon<div style="display:inline-block;width:4.8px"> </div>not less<div style="display:inline-block;width:5.55px"> </div>than<div style="display:inline-block;width:4.66px"> </div>20<div style="display:inline-block;width:4.71px"> </div>business days</div><div id="a721" style="position:absolute;font-family:'Times New Roman';left:715.65px;top:602px;letter-spacing:1.04px;">’ </div><div id="a722" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:618px;">notice and (ii) the first business day<div style="display:inline-block;width:4.96px"> </div>following the last day of the first 30<div style="display:inline-block;width:4.8px"> </div>consecutive trading day period in<div style="display:inline-block;width:4.75px"> </div>which the </div><div id="a723" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:633px;">daily VWAP<div style="display:inline-block;width:5.3px"> </div>of the shares of common stock<div style="display:inline-block;width:4.8px"> </div>has been at least equal to<div style="display:inline-block;width:4.74px"> </div>the then applicable trigger price for<div style="display:inline-block;width:4.86px"> </div>at least 20 </div><div id="a727" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:648px;">trading days (whether or<div style="display:inline-block;width:1.83px"> </div>not consecutive) (the “Bonus<div style="display:inline-block;width:1.8px"> </div>Price Condition”). Any Warrant exercised with an<div style="display:inline-block;width:1.64px"> </div>exercise date </div><div id="a728" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:664px;">after the<div style="display:inline-block;width:5.09px"> </div>Bonus Share<div style="display:inline-block;width:5.14px"> </div>Expiration Date<div style="display:inline-block;width:5.15px"> </div>will not<div style="display:inline-block;width:4.81px"> </div>be entitled<div style="display:inline-block;width:5.12px"> </div>to any<div style="display:inline-block;width:4.94px"> </div>Bonus Share<div style="display:inline-block;width:5.04px"> </div>Fraction. The<div style="display:inline-block;width:5.1px"> </div>Company will<div style="display:inline-block;width:5.02px"> </div>make a </div><div id="a731" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:679px;">public announcement of<div style="display:inline-block;width:5.11px"> </div>the Bonus Share Expiration<div style="display:inline-block;width:5.26px"> </div>Date (I) at least<div style="display:inline-block;width:4.86px"> </div>20 business days<div style="display:inline-block;width:4.84px"> </div>prior to such<div style="display:inline-block;width:4.71px"> </div>date, in the case </div><div id="a736" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:694px;">of the Company<div style="display:inline-block;width:5.31px"> </div>setting a Bonus<div style="display:inline-block;width:4.83px"> </div>Share Expiration<div style="display:inline-block;width:4.79px"> </div>Date and (ii)<div style="display:inline-block;width:4.96px"> </div>prior to market<div style="display:inline-block;width:5.15px"> </div>open on the<div style="display:inline-block;width:4.92px"> </div>Bonus Share<div style="display:inline-block;width:4.66px"> </div>Expiration </div><div id="a739" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:710px;">Date<div style="display:inline-block;width:5.17px"> </div>in<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:5.22px"> </div>case<div style="display:inline-block;width:5.31px"> </div>of<div style="display:inline-block;width:5.26px"> </div>a<div style="display:inline-block;width:5.15px"> </div>Bonus<div style="display:inline-block;width:5.41px"> </div>Price<div style="display:inline-block;width:5.23px"> </div>Condition.<div style="display:inline-block;width:5.47px"> </div>Unless<div style="display:inline-block;width:5.13px"> </div>earlier<div style="display:inline-block;width:5.45px"> </div>redeemed,<div style="display:inline-block;width:5.55px"> </div>the<div style="display:inline-block;width:5.22px"> </div>Warrants<div style="display:inline-block;width:6.32px"> </div>will<div style="display:inline-block;width:5.1px"> </div>expire<div style="display:inline-block;width:5.38px"> </div>and<div style="display:inline-block;width:5.31px"> </div>cease<div style="display:inline-block;width:5.17px"> </div>to<div style="display:inline-block;width:5.19px"> </div>be </div><div id="a743" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:725px;">exercisable at 5:00 p.m.<div style="display:inline-block;width:5.04px"> </div>New York<div style="display:inline-block;width:5.48px"> </div>City time on December<div style="display:inline-block;width:4.68px"> </div>14, 2026 (the “Expiration<div style="display:inline-block;width:5.08px"> </div>Date”). In connection<div style="display:inline-block;width:4.69px"> </div>with the </div><div id="a744" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:740px;">Warrant<div style="display:inline-block;width:6.21px"> </div>distribution,<div style="display:inline-block;width:5.2px"> </div>we<div style="display:inline-block;width:5px"> </div>filed<div style="display:inline-block;width:4.94px"> </div>a<div style="display:inline-block;width:4.99px"> </div>prospectus<div style="display:inline-block;width:5.12px"> </div>supplement,<div style="display:inline-block;width:5.21px"> </div>dated<div style="display:inline-block;width:5px"> </div>December<div style="display:inline-block;width:5.12px"> </div>14,<div style="display:inline-block;width:5px"> </div>2023,<div style="display:inline-block;width:5.06px"> </div>pursuant<div style="display:inline-block;width:4.99px"> </div>to<div style="display:inline-block;width:5.07px"> </div>ashelf<div style="display:inline-block;width:4.93px"> </div>registration </div><div id="a749" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:756px;">statement on Form F-3 declared effective on July 9, 2021, registering up to 33,919,605 shares of common stock to be </div><div id="a752" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:771px;">issued upon exercise<div style="display:inline-block;width:4.98px"> </div>of the Warrants<div style="display:inline-block;width:5.99px"> </div>under the Securities<div style="display:inline-block;width:4.93px"> </div>Act of 1933,<div style="display:inline-block;width:4.92px"> </div>as amended. The<div style="display:inline-block;width:4.86px"> </div>shelf registration statement </div><div id="a754" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:786px;">on Form F-3 declared effective on July 9, 2021 expired and the Warrant<div style="display:inline-block;width:5.09px"> </div>distribution is now being offered pursuant to </div><div id="a757" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:802px;">our<div style="display:inline-block;width:6.46px"> </div>existing<div style="display:inline-block;width:6.43px"> </div>shelf<div style="display:inline-block;width:6.35px"> </div>registration<div style="display:inline-block;width:6.4px"> </div>statement<div style="display:inline-block;width:6.39px"> </div>on<div style="display:inline-block;width:6.4px"> </div>Form<div style="display:inline-block;width:6.42px"> </div>F-3<div style="display:inline-block;width:6.39px"> </div>declared<div style="display:inline-block;width:6.39px"> </div>effective<div style="display:inline-block;width:6.76px"> </div>on<div style="display:inline-block;width:6.4px"> </div>September<div style="display:inline-block;width:6.25px"> </div>9,<div style="display:inline-block;width:6.36px"> </div>2024.<div style="display:inline-block;width:6.51px"> </div>The<div style="display:inline-block;width:6.39px"> </div>Warrants </div><div id="a762" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:817px;">commenced trading on the New York<div style="display:inline-block;width:5.36px"> </div>Stock Exchange under the ticker “DSX WS” on December 14, 2023. </div><div id="a768" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:848px;">DESCRIPTION OF PREFERRED STOCK PURCHASE RIGHTS </div><div id="a771" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:878px;">On February 2, 2024, we entered into an Amended and<div style="display:inline-block;width:1.79px"> </div>Restated Stockholders Rights Agreement with Computershare </div><div id="a774" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:894px;">Trust Company,<div style="display:inline-block;width:5.9px"> </div>N.A., as Rights Agent,<div style="display:inline-block;width:5.14px"> </div>to amend and<div style="display:inline-block;width:4.94px"> </div>restate the Stockholders<div style="display:inline-block;width:4.88px"> </div>Rights Agreement, dated<div style="display:inline-block;width:5.08px"> </div>January 15, </div><div id="a777" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:909px;">2016. </div></div>
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<div id="a782" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:96px;">Under the Rights Agreement, we declared a dividend payable of one preferred stock purchase right,<div style="display:inline-block;width:4.8px"> </div>or right, for each </div><div id="a787" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">share of<div style="display:inline-block;width:5.12px"> </div>common stock<div style="display:inline-block;width:5.05px"> </div>outstanding at<div style="display:inline-block;width:5.12px"> </div>the close<div style="display:inline-block;width:4.85px"> </div>of business<div style="display:inline-block;width:5.09px"> </div>on January<div style="display:inline-block;width:4.98px"> </div>26, 2016.<div style="display:inline-block;width:5.08px"> </div>Each Right<div style="display:inline-block;width:5.05px"> </div>entitles the<div style="display:inline-block;width:4.98px"> </div>registered </div><div id="a791" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:127px;">holder to purchase<div style="display:inline-block;width:4.95px"> </div>from us one<div style="display:inline-block;width:4.72px"> </div>one-thousandth of<div style="display:inline-block;width:4.67px"> </div>a share of Series<div style="display:inline-block;width:4.93px"> </div>A Participating Preferred<div style="display:inline-block;width:5.26px"> </div>Stock, par value<div style="display:inline-block;width:5px"> </div>$0.01 </div><div id="a796" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:142px;">per<div style="display:inline-block;width:4.8px"> </div>share,<div style="display:inline-block;width:4.82px"> </div>at<div style="display:inline-block;width:4.66px"> </div>an<div style="display:inline-block;width:4.75px"> </div>exercise<div style="display:inline-block;width:4.82px"> </div>price<div style="display:inline-block;width:4.82px"> </div>of<div style="display:inline-block;width:4.78px"> </div>$25.00<div style="display:inline-block;width:4.92px"> </div>per<div style="display:inline-block;width:4.8px"> </div>share.<div style="display:inline-block;width:4.82px"> </div>The<div style="display:inline-block;width:4.79px"> </div>Rights<div style="display:inline-block;width:4.68px"> </div>will<div style="display:inline-block;width:4.78px"> </div>separate<div style="display:inline-block;width:4.82px"> </div>from<div style="display:inline-block;width:4.97px"> </div>the<div style="display:inline-block;width:4.74px"> </div>common<div style="display:inline-block;width:5.09px"> </div>stock<div style="display:inline-block;width:4.77px"> </div>and<div style="display:inline-block;width:4.67px"> </div>become </div><div id="a800" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:158px;">exercisable only if a<div style="display:inline-block;width:4.7px"> </div>person or group acquires<div style="display:inline-block;width:4.67px"> </div>beneficial ownership of 15%<div style="display:inline-block;width:4.68px"> </div>or more of our common<div style="display:inline-block;width:4.93px"> </div>stock (including </div><div id="a801" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:173px;">through entry into<div style="display:inline-block;width:1.86px"> </div>certain derivative positions) in<div style="display:inline-block;width:1.3px"> </div>a transaction not<div style="display:inline-block;width:1.74px"> </div>approved by our<div style="display:inline-block;width:1.61px"> </div>board of directors.<div style="display:inline-block;width:1.8px"> </div>In that situation, </div><div id="a805" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:188px;">each holder of<div style="display:inline-block;width:4.85px"> </div>a Right (other than<div style="display:inline-block;width:5.02px"> </div>the acquiring person,<div style="display:inline-block;width:4.94px"> </div>whose Rights will become<div style="display:inline-block;width:5.1px"> </div>void and will not<div style="display:inline-block;width:4.99px"> </div>be exercisable) </div><div id="a809" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:204px;">will have the right to<div style="display:inline-block;width:4.88px"> </div>purchase, upon payment of<div style="display:inline-block;width:4.81px"> </div>the exercise price, a number<div style="display:inline-block;width:4.92px"> </div>of shares of our common<div style="display:inline-block;width:4.95px"> </div>stock having </div><div id="a813" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:219px;">a then-current market<div style="display:inline-block;width:5.07px"> </div>value equal to<div style="display:inline-block;width:4.75px"> </div>twice the exercise<div style="display:inline-block;width:4.72px"> </div>price. In addition,<div style="display:inline-block;width:5.27px"> </div>if the Company<div style="display:inline-block;width:4.74px"> </div>is acquired in<div style="display:inline-block;width:4.78px"> </div>a merger or </div><div id="a819" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:234px;">other business combination after an acquiring<div style="display:inline-block;width:4.87px"> </div>person acquires 15% or more of our<div style="display:inline-block;width:4.82px"> </div>common stock, each holder of the </div><div id="a820" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:250px;">Right will thereafter<div style="display:inline-block;width:5.28px"> </div>have the right<div style="display:inline-block;width:5.11px"> </div>to purchase, upon<div style="display:inline-block;width:5.16px"> </div>payment of the<div style="display:inline-block;width:4.99px"> </div>exercise price, a<div style="display:inline-block;width:5.15px"> </div>number of shares<div style="display:inline-block;width:5.18px"> </div>of common </div><div id="a824" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:265px;">stock<div style="display:inline-block;width:4.93px"> </div>of<div style="display:inline-block;width:4.77px"> </div>the<div style="display:inline-block;width:4.9px"> </div>acquiring<div style="display:inline-block;width:4.73px"> </div>person<div style="display:inline-block;width:4.92px"> </div>having<div style="display:inline-block;width:4.98px"> </div>a<div style="display:inline-block;width:4.67px"> </div>then-current<div style="display:inline-block;width:5.07px"> </div>market<div style="display:inline-block;width:4.73px"> </div>value<div style="display:inline-block;width:4.84px"> </div>equal<div style="display:inline-block;width:4.84px"> </div>to<div style="display:inline-block;width:4.87px"> </div>twice<div style="display:inline-block;width:4.84px"> </div>the<div style="display:inline-block;width:4.74px"> </div>exercise<div style="display:inline-block;width:4.82px"> </div>price.<div style="display:inline-block;width:5.02px"> </div>The<div style="display:inline-block;width:4.79px"> </div>acquiring </div><div id="a830" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:280px;">person will not be entitled to exercise<div style="display:inline-block;width:1.97px"> </div>these Rights. Until a Right is exercised, the<div style="display:inline-block;width:1.9px"> </div>holder of a Right will<div style="display:inline-block;width:1.98px"> </div>have no rights </div><div id="a835" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:296px;">to vote or receive dividends or any other stockholder rights. The Rights may<div style="display:inline-block;width:4.79px"> </div>have anti-takeover effects.<div style="display:inline-block;width:4.06px"> </div></div><div id="a843" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:326px;">The Rights will<div style="display:inline-block;width:4.73px"> </div>cause substantial dilution<div style="display:inline-block;width:5.11px"> </div>to any person<div style="display:inline-block;width:4.93px"> </div>or group that<div style="display:inline-block;width:4.74px"> </div>attempts to acquire<div style="display:inline-block;width:4.88px"> </div>us without the<div style="display:inline-block;width:4.75px"> </div>approval of </div><div id="a847" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:342px;">our board of<div style="display:inline-block;width:4.76px"> </div>directors. As a result,<div style="display:inline-block;width:4.86px"> </div>the overall effect<div style="display:inline-block;width:5.01px"> </div>of the Rights may<div style="display:inline-block;width:4.95px"> </div>be to render<div style="display:inline-block;width:4.74px"> </div>more difficult or<div style="display:inline-block;width:4.79px"> </div>discourage any </div><div id="a851" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:357px;">attempt to<div style="display:inline-block;width:5.88px"> </div>acquire us.<div style="display:inline-block;width:5.68px"> </div>Because our<div style="display:inline-block;width:5.61px"> </div>board of<div style="display:inline-block;width:5.66px"> </div>directors approve<div style="display:inline-block;width:5.85px"> </div>a redemption<div style="display:inline-block;width:5.67px"> </div>of the<div style="display:inline-block;width:5.55px"> </div>Rights or<div style="display:inline-block;width:5.65px"> </div>a permitted<div style="display:inline-block;width:5.66px"> </div>offer,<div style="display:inline-block;width:5.25px"> </div>the </div><div id="a855" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:372px;">Rights should not interfere with a merger or other business combination<div style="display:inline-block;width:4.86px"> </div>approved by our board of directors. </div><div id="a861" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:403px;">We have summarized the material terms and conditions of the<div style="display:inline-block;width:1.52px"> </div>Rights Agreement and the Rights below. Fora complete </div><div id="a862" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:418px;">description of<div style="display:inline-block;width:4.85px"> </div>the Rights, we<div style="display:inline-block;width:4.93px"> </div>encourage you<div style="display:inline-block;width:4.76px"> </div>to read the<div style="display:inline-block;width:5.08px"> </div>Rights Agreement,<div style="display:inline-block;width:4.8px"> </div>which we have<div style="display:inline-block;width:5.05px"> </div>filed as an<div style="display:inline-block;width:5.15px"> </div>exhibit to<div style="display:inline-block;width:4.67px"> </div>the </div><div id="a866" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:434px;">registration statement filed with the Commission on February 2, 2024.<div style="display:inline-block;width:4.63px"> </div></div><div id="a869" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:464px;">Detachment of the Rights </div><div id="a872" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:495px;">The<div style="display:inline-block;width:4.79px"> </div>Rights<div style="display:inline-block;width:4.68px"> </div>are<div style="display:inline-block;width:4.75px"> </div>attached<div style="display:inline-block;width:4.88px"> </div>to all<div style="display:inline-block;width:5.88px"> </div>certificates<div style="display:inline-block;width:4.8px"> </div>representing<div style="display:inline-block;width:4.92px"> </div>our<div style="display:inline-block;width:4.7px"> </div>currently<div style="display:inline-block;width:4.87px"> </div>outstanding<div style="display:inline-block;width:4.91px"> </div>common<div style="display:inline-block;width:4.73px"> </div>stock,<div style="display:inline-block;width:4.81px"> </div>or,<div style="display:inline-block;width:5.19px"> </div>in<div style="display:inline-block;width:4.81px"> </div>the case<div style="display:inline-block;width:5.93px"> </div>of </div><div id="a876" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:510px;">uncertificated common shares registered in book entry form, which<div style="display:inline-block;width:4.78px"> </div>we refer to as "book entry shares, “by notation in </div><div id="a880" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:526px;">book entry accounts<div style="display:inline-block;width:4.89px"> </div>reflecting ownership, and<div style="display:inline-block;width:4.98px"> </div>will attach to all<div style="display:inline-block;width:4.8px"> </div>common stock certificates<div style="display:inline-block;width:4.93px"> </div>and book entry<div style="display:inline-block;width:4.82px"> </div>shares we </div><div id="a881" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:541px;">issue prior to the Rights distribution date that we describe below.<div style="display:inline-block;width:4.72px"> </div>The Rights are not exercisable until after the Rights </div><div id="a885" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:556px;">distribution<div style="display:inline-block;width:4.84px"> </div>date and<div style="display:inline-block;width:5.63px"> </div>will expire<div style="display:inline-block;width:5.72px"> </div>at the<div style="display:inline-block;width:5.75px"> </div>close of<div style="display:inline-block;width:5.69px"> </div>business on<div style="display:inline-block;width:5.59px"> </div>January 14,2026,<div style="display:inline-block;width:6.02px"> </div>unless we<div style="display:inline-block;width:5.6px"> </div>redeem<div style="display:inline-block;width:4.76px"> </div>or exchange<div style="display:inline-block;width:5.88px"> </div>them </div><div id="a886" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:572px;">earlier as we<div style="display:inline-block;width:5.07px"> </div>describe below.<div style="display:inline-block;width:5.52px"> </div>The Rights will<div style="display:inline-block;width:5.05px"> </div>separate from<div style="display:inline-block;width:4.84px"> </div>the common<div style="display:inline-block;width:4.73px"> </div>stock and a<div style="display:inline-block;width:5.06px"> </div>Rights distribution<div style="display:inline-block;width:4.76px"> </div>date would </div><div id="a890" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:587px;">occur, subject to specified exceptions, on<div style="display:inline-block;width:4.85px"> </div>the earlier of the following two dates: </div><div id="a896" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:622px;">●</div><div id="a898" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:622px;">the 10th day after public announcement that a person or group has acquired ownership of 15%or more of the </div><div id="a901" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:637px;">Company's common stock; or </div><div id="a903" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:653px;">●</div><div id="a905" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:653px;">the 10th business<div style="display:inline-block;width:4.84px"> </div>day (or such<div style="display:inline-block;width:4.76px"> </div>later date as determined<div style="display:inline-block;width:5.37px"> </div>by the Company's<div style="display:inline-block;width:4.81px"> </div>board of directors)<div style="display:inline-block;width:5.02px"> </div>after a person </div><div id="a906" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:669px;">or group<div style="display:inline-block;width:4.88px"> </div>announces a<div style="display:inline-block;width:4.81px"> </div>tender or<div style="display:inline-block;width:4.76px"> </div>exchange offer<div style="display:inline-block;width:5.14px"> </div>which would<div style="display:inline-block;width:4.79px"> </div>result in<div style="display:inline-block;width:4.85px"> </div>that person<div style="display:inline-block;width:4.72px"> </div>or group<div style="display:inline-block;width:4.72px"> </div>holding 15%<div style="display:inline-block;width:4.88px"> </div>or </div><div id="a907" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:684px;">more of the Company's common stock. </div><div id="a910" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:715px;">"Acquiring person" is generally defined in<div style="display:inline-block;width:1.93px"> </div>the Rights Agreement as any<div style="display:inline-block;width:1.78px"> </div>person, together with all affiliate’s associates, </div><div id="a915" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:730px;">who beneficially owns 15% or more of the Company's common<div style="display:inline-block;width:4.72px"> </div>stock. However, the Company,<div style="display:inline-block;width:5.53px"> </div>any subsidiary of the </div><div id="a919" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:745px;">Company or any employee benefit plan<div style="display:inline-block;width:4.8px"> </div>of the Company or of any subsidiary<div style="display:inline-block;width:4.74px"> </div>of the Company,<div style="display:inline-block;width:4.93px"> </div>or any person holding </div><div id="a920" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:761px;">shares of common stock for<div style="display:inline-block;width:4.8px"> </div>or pursuant to the terms of any<div style="display:inline-block;width:4.95px"> </div>such plan, are excluded from<div style="display:inline-block;width:4.7px"> </div>the definition of "acquiring </div><div id="a924" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:776px;">person." In<div style="display:inline-block;width:5.47px"> </div>addition, persons<div style="display:inline-block;width:5.26px"> </div>who beneficially<div style="display:inline-block;width:5.53px"> </div>own 15%<div style="display:inline-block;width:5.15px"> </div>or more<div style="display:inline-block;width:5.25px"> </div>of the<div style="display:inline-block;width:5.26px"> </div>Company's common<div style="display:inline-block;width:5.4px"> </div>stock on<div style="display:inline-block;width:5.29px"> </div>the effective </div><div id="a928" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:791px;">date of<div style="display:inline-block;width:5.58px"> </div>the Rights<div style="display:inline-block;width:5.45px"> </div>Agreement are<div style="display:inline-block;width:5.63px"> </div>excluded from<div style="display:inline-block;width:5.69px"> </div>the definition<div style="display:inline-block;width:5.65px"> </div>of "acquiring<div style="display:inline-block;width:5.57px"> </div>person" unless<div style="display:inline-block;width:5.37px"> </div>and until<div style="display:inline-block;width:5.64px"> </div>such time<div style="display:inline-block;width:5.53px"> </div>as </div><div id="a932" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:807px;">such Person shall become the Beneficial Owner of an aggregate of 18.5% or<div style="display:inline-block;width:1.93px"> </div>more of the Company’s then outstanding </div><div id="a933" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:822px;">Common Stock, (excluding shares acquired pursuant to a grant under a Company equity incentive plan, a dividend or </div><div id="a937" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:837px;">distribution paid or<div style="display:inline-block;width:5.07px"> </div>made by the<div style="display:inline-block;width:4.7px"> </div>Company on the<div style="display:inline-block;width:5.01px"> </div>outstanding shares of<div style="display:inline-block;width:4.9px"> </div>Common Stock in<div style="display:inline-block;width:4.94px"> </div>shares of Common<div style="display:inline-block;width:4.95px"> </div>Stock </div><div id="a938" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:853px;">or securities convertible<div style="display:inline-block;width:4.89px"> </div>into shares of Common<div style="display:inline-block;width:5.13px"> </div>Stock or pursuant to<div style="display:inline-block;width:4.98px"> </div>a split or subdivision<div style="display:inline-block;width:4.96px"> </div>of the outstanding<div style="display:inline-block;width:4.74px"> </div>shares </div><div id="a942" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:868px;">of Common<div style="display:inline-block;width:4.66px"> </div>Stock), and provided<div style="display:inline-block;width:4.99px"> </div>further, that<div style="display:inline-block;width:4.89px"> </div>Tuscany Shipping<div style="display:inline-block;width:5.15px"> </div>Corp. individually or<div style="display:inline-block;width:5.03px"> </div>together with one<div style="display:inline-block;width:4.93px"> </div>or more of </div><div id="a948" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:883px;">its Affiliates shall not be or become an “Acquiring Person” as defined<div style="display:inline-block;width:4.8px"> </div>herein. </div><div id="a951" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:914px;">Our board of<div style="display:inline-block;width:1.49px"> </div>directors may defer<div style="display:inline-block;width:1.4px"> </div>the Rights<div style="display:inline-block;width:1.93px"> </div>distribution date in<div style="display:inline-block;width:1.75px"> </div>some circumstances, and<div style="display:inline-block;width:1.69px"> </div>some inadvertent acquisitions </div><div id="a954" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:929px;">will not result in a<div style="display:inline-block;width:4.8px"> </div>person becoming an<div style="display:inline-block;width:4.73px"> </div>acquiring person if the person<div style="display:inline-block;width:5.1px"> </div>promptly divests itself of<div style="display:inline-block;width:4.87px"> </div>sufficient number of </div><div id="a958" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:945px;">shares of common stock. </div></div>
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<div id="a963" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:112px;">Until the Rights distribution date: </div><div id="a966" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:143px;">●</div><div id="a968" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:143px;">our<div style="display:inline-block;width:5.98px"> </div>common<div style="display:inline-block;width:6.01px"> </div>stock<div style="display:inline-block;width:5.89px"> </div>certificates<div style="display:inline-block;width:5.76px"> </div>and<div style="display:inline-block;width:5.95px"> </div>book<div style="display:inline-block;width:5.92px"> </div>entry<div style="display:inline-block;width:5.99px"> </div>shares<div style="display:inline-block;width:5.69px"> </div>will<div style="display:inline-block;width:5.74px"> </div>evidence<div style="display:inline-block;width:6.09px"> </div>the<div style="display:inline-block;width:5.86px"> </div>Rights,<div style="display:inline-block;width:5.83px"> </div>and<div style="display:inline-block;width:5.95px"> </div>the<div style="display:inline-block;width:5.65px"> </div>Rights<div style="display:inline-block;width:5.79px"> </div>will<div style="display:inline-block;width:5.74px"> </div>be </div><div id="a972" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:159px;">transferable only with those certificates; and </div><div id="a975" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:190px;">●</div><div id="a977" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:190px;">any new common<div style="display:inline-block;width:5.11px"> </div>stock will be<div style="display:inline-block;width:4.77px"> </div>issued with Rights<div style="display:inline-block;width:5.07px"> </div>and new certificates<div style="display:inline-block;width:4.86px"> </div>or book entry<div style="display:inline-block;width:5.04px"> </div>shares, as applicable, </div><div id="a981" style="position:absolute;font-family:'Times New Roman';left:144.03px;top:206px;">will contain a notation incorporating the Rights Agreement by reference. </div><div id="a984" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:236px;">As soon as practicable after the Rights distribution date, the<div style="display:inline-block;width:1.88px"> </div>Rights agent will mail certificates representing the Rights </div><div id="a985" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:252px;">to holders<div style="display:inline-block;width:5.5px"> </div>of record<div style="display:inline-block;width:5.3px"> </div>of common<div style="display:inline-block;width:5.54px"> </div>stock at<div style="display:inline-block;width:5.3px"> </div>the close<div style="display:inline-block;width:5.33px"> </div>of business<div style="display:inline-block;width:5.25px"> </div>on that<div style="display:inline-block;width:5.41px"> </div>date. After<div style="display:inline-block;width:5.46px"> </div>the Rights<div style="display:inline-block;width:5.35px"> </div>distribution date,<div style="display:inline-block;width:5.56px"> </div>only </div><div id="a989" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:267px;">separate Rights certificates will represent the Rights. </div><div id="a992" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:298px;">We will not issue Rights with<div style="display:inline-block;width:1.95px"> </div>any shares of common<div style="display:inline-block;width:1.9px"> </div>stock we issue after<div style="display:inline-block;width:1.72px"> </div>the Rights distribution date,<div style="display:inline-block;width:1.84px"> </div>except our board </div><div id="a996" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:313px;">of directors may otherwise determine. </div><div id="a999" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:96.03px;top:344px;">Flip-In Event </div><div id="a1004" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:374px;">A<div style="display:inline-block;width:4.97px"> </div>"flip-in<div style="display:inline-block;width:5.22px"> </div>event"<div style="display:inline-block;width:5.18px"> </div>will<div style="display:inline-block;width:4.94px"> </div>occur<div style="display:inline-block;width:5.07px"> </div>under<div style="display:inline-block;width:5.28px"> </div>the<div style="display:inline-block;width:5.06px"> </div>Rights<div style="display:inline-block;width:4.99px"> </div>Agreement<div style="display:inline-block;width:5.16px"> </div>when<div style="display:inline-block;width:5.16px"> </div>a<div style="display:inline-block;width:4.99px"> </div>person<div style="display:inline-block;width:5.08px"> </div>becomes<div style="display:inline-block;width:5.22px"> </div>an<div style="display:inline-block;width:5.07px"> </div>acquiring<div style="display:inline-block;width:5.05px"> </div>person<div style="display:inline-block;width:5.34px"> </div>other<div style="display:inline-block;width:5.03px"> </div>than </div><div id="a1009" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:390px;">pursuant to certain<div style="display:inline-block;width:1.97px"> </div>kinds of permitted<div style="display:inline-block;width:1.67px"> </div>offers. An offer is<div style="display:inline-block;width:1.66px"> </div>permitted under the<div style="display:inline-block;width:1.93px"> </div>Rights Agreement if<div style="display:inline-block;width:1.91px"> </div>a person will<div style="display:inline-block;width:1.64px"> </div>become </div><div id="a1013" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:405px;">an<div style="display:inline-block;width:5.07px"> </div>acquiring<div style="display:inline-block;width:5.05px"> </div>person<div style="display:inline-block;width:5.08px"> </div>pursuant<div style="display:inline-block;width:4.99px"> </div>to<div style="display:inline-block;width:5.03px"> </div>a<div style="display:inline-block;width:4.83px"> </div>merger<div style="display:inline-block;width:5.36px"> </div>or<div style="display:inline-block;width:4.94px"> </div>other<div style="display:inline-block;width:5.03px"> </div>acquisition<div style="display:inline-block;width:5.08px"> </div>agreement<div style="display:inline-block;width:5.18px"> </div>that<div style="display:inline-block;width:4.89px"> </div>has<div style="display:inline-block;width:4.92px"> </div>been<div style="display:inline-block;width:5.01px"> </div>approved<div style="display:inline-block;width:5.19px"> </div>by<div style="display:inline-block;width:4.96px"> </div>our<div style="display:inline-block;width:5.02px"> </div>board<div style="display:inline-block;width:4.96px"> </div>of </div><div id="a1017" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:420px;">directors prior to that person becoming an acquiring person. </div><div id="a1020" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:451px;">If a flip-in event occurs and we<div style="display:inline-block;width:1.59px"> </div>have not previously redeemed the Rights as described<div style="display:inline-block;width:1.87px"> </div>under the heading “Redemption </div><div id="a1025" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:466px;">of Rights" below or,<div style="display:inline-block;width:5.69px"> </div>if the acquiring person<div style="display:inline-block;width:4.79px"> </div>acquires less than 50%<div style="display:inline-block;width:4.91px"> </div>of our outstanding<div style="display:inline-block;width:4.77px"> </div>common stock and we<div style="display:inline-block;width:4.92px"> </div>do not </div><div id="a1029" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:482px;">exchange the<div style="display:inline-block;width:5.36px"> </div>Rights as<div style="display:inline-block;width:5.01px"> </div>described under<div style="display:inline-block;width:5.16px"> </div>the heading<div style="display:inline-block;width:5.14px"> </div>"Exchange of<div style="display:inline-block;width:5.12px"> </div>Rights" below,<div style="display:inline-block;width:5.98px"> </div>each Right,<div style="display:inline-block;width:5.12px"> </div>other than<div style="display:inline-block;width:5.09px"> </div>any Right </div><div id="a1030" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:497px;">that has<div style="display:inline-block;width:5.14px"> </div>become void,<div style="display:inline-block;width:5.26px"> </div>as we<div style="display:inline-block;width:4.85px"> </div>describe below,<div style="display:inline-block;width:6.16px"> </div>will become<div style="display:inline-block;width:4.97px"> </div>exercisable at<div style="display:inline-block;width:5.29px"> </div>the time<div style="display:inline-block;width:5.08px"> </div>it is<div style="display:inline-block;width:4.92px"> </div>no longer<div style="display:inline-block;width:5.15px"> </div>redeemable for<div style="display:inline-block;width:5.12px"> </div>the </div><div id="a1034" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:512px;">number of shares<div style="display:inline-block;width:1.98px"> </div>of common stock, or, in<div style="display:inline-block;width:1.65px"> </div>some cases, cash,<div style="display:inline-block;width:1.79px"> </div>property or other of<div style="display:inline-block;width:1.62px"> </div>our securities, having a<div style="display:inline-block;width:1.47px"> </div>current market </div><div id="a1038" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:528px;">price equal to two times the exercise price of such right. </div><div id="a1041" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:558px;">When a<div style="display:inline-block;width:5.16px"> </div>flip-in event<div style="display:inline-block;width:5.12px"> </div>occurs, all<div style="display:inline-block;width:4.95px"> </div>Rights that<div style="display:inline-block;width:5.12px"> </div>then are,<div style="display:inline-block;width:5.16px"> </div>or in<div style="display:inline-block;width:4.89px"> </div>some circumstances<div style="display:inline-block;width:5.43px"> </div>that were,<div style="display:inline-block;width:5.08px"> </div>beneficially owned<div style="display:inline-block;width:5.43px"> </div>by or </div><div id="a1047" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:574px;">transferred<div style="display:inline-block;width:5.85px"> </div>to<div style="display:inline-block;width:5.51px"> </div>an<div style="display:inline-block;width:5.39px"> </div>acquiring<div style="display:inline-block;width:5.69px"> </div>person<div style="display:inline-block;width:5.56px"> </div>or<div style="display:inline-block;width:5.58px"> </div>specified<div style="display:inline-block;width:5.67px"> </div>related<div style="display:inline-block;width:5.48px"> </div>parties<div style="display:inline-block;width:5.4px"> </div>will<div style="display:inline-block;width:5.42px"> </div>become<div style="display:inline-block;width:5.75px"> </div>void<div style="display:inline-block;width:5.67px"> </div>in<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.6px"> </div>circumstances<div style="display:inline-block;width:5.74px"> </div>the<div style="display:inline-block;width:5.58px"> </div>Rights </div><div id="a1051" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:589px;">Agreement specifies. </div><div id="a1054" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:96.03px;top:620px;">Transfer of Shares </div><div id="a1057" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:650px;">The Board of Directors has the power and authority to make such rules and regulations<div style="display:inline-block;width:4.77px"> </div>as they may deem expedient </div><div id="a1060" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:666px;">concerning the issuance, registration and transfer of shares of the Company’s<div style="display:inline-block;width:5.59px"> </div>stock, and may appoint transfer agents </div><div id="a1064" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:681px;">and registrars thereof. </div><div id="a1067" style="position:absolute;font-family:'Times New Roman';left:96.03px;top:712px;">Comparison of Marshall Island Law to Delaware Law </div><div id="a1070" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:742px;">Marshall Islands</div><div id="a1073" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:414.95px;top:742px;">Delaware</div><div id="a1075" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:758px;">Shareholder Meetings </div><div id="a1079" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:774px;">Held at a time and place as designated in the </div><div id="a1080" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:790px;">bylaws. </div><div id="a1083" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:820px;">Special meetings of the shareholders may be called </div><div id="a1084" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:836px;">by the board of directors or by such person or </div><div id="a1085" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:851px;">persons as may be authorized by the articles of </div><div id="a1086" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:866px;">incorporation or by the bylaws. </div><div id="a1090" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:774px;">May be held at such time or place as </div><div id="a1092" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:790px;">designated in the certificate of incorporation. </div><div id="a1095" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:805px;">or the bylaws, or if not so designated, as </div><div id="a1097" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:820px;">determined by the board of directors. Special </div><div id="a1099" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:836px;">meetings of the shareholders may be called by </div><div id="a1101" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:851px;"><div style="display:inline-block;width:3.36px"> </div>the board of directors or by such person or </div><div id="a1104" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:866px;">persons as may be authorized by the </div><div id="a1106" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:882px;">certificate of incorporation or by the bylaws. </div><div id="a1109" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:912px;">May be held within or without the Marshall </div><div id="a1110" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:928px;">Islands. </div><div id="a1114" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:912px;">May be held within or without Delaware. </div></div>
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<div id="a1118" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:96px;">Notice: </div><div id="a1121" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:127px;">Whenever shareholders are required to take any </div><div id="a1122" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:142px;">action at a meeting, written notice of the meeting </div><div id="a1123" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:158px;">shall be given which shall state the place, date and </div><div id="a1124" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:173px;">hour of the meeting and, unless it is an annual </div><div id="a1128" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:188px;">meeting, indicate that it </div><div id="a1130" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:204px;">is being issued by or at the direction of the person </div><div id="a1131" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:219px;">calling the meeting. Notice of a </div><div id="a1133" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:234px;">special meeting shall also state the purpose for </div><div id="a1134" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:250px;">which the meeting is called. </div><div id="a1137" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:280px;">A copy of the notice of any meeting shall be given </div><div id="a1138" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:296px;">personally, sent by mail<div style="display:inline-block;width:4.75px"> </div>or by </div><div id="a1140" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:311px;">electronic mail not less than 15 nor more than 60 </div><div id="a1141" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:326px;">days before the meeting. </div><div id="a1146" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:96px;">Notice: </div><div id="a1149" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:127px;">Whenever shareholders are required to take any action </div><div id="a1153" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:142px;">at a meeting, a written notice of the meeting shall be </div><div id="a1157" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:158px;">given which shall state the place, if any,<div style="display:inline-block;width:4.92px"> </div>date and hour </div><div id="a1160" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:173px;">of the meeting, and the means of remote </div><div id="a1164" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:188px;">communication, if any. </div><div id="a1169" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:219px;">Written notice shall be given not less than 10nor<div style="display:inline-block;width:4.91px"> </div>more </div><div id="a1170" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:234px;">than 60 days before the meeting. </div><div id="a1172" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:372px;">Shareholders’ Voting<div style="display:inline-block;width:5.17px"> </div>Rights</div><div id="a1176" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:388px;">Unless otherwise provided in the articles of </div><div id="a1178" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:404px;">incorporation,<div style="display:inline-block;width:3.78px"> </div>any action required to be taken at a </div><div id="a1183" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:419px;">meeting of shareholders may be taken without a </div><div id="a1187" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:434px;">meeting, without prior notice and without a vote, if </div><div id="a1188" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:450px;">a consent in writing, setting forth the action so </div><div id="a1192" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:465px;">taken, is signed by all the shareholders entitled to </div><div id="a1196" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:480px;">vote with respect to the subject matter thereof, or if </div><div id="a1200" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:496px;">the articles of incorporation so provide, by the </div><div id="a1201" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:511px;">holders of outstanding shares having not less than </div><div id="a1202" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:526px;">the minimum number of votes that would be </div><div id="a1204" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:542px;">necessary to authorize or take such action at a </div><div id="a1208" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:557px;">meeting at which all shares entitled to vote thereon </div><div id="a1213" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:572px;">were present and voted. </div><div id="a1216" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:603px;">Any person authorized to vote may authorize </div><div id="a1218" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:618px;">another person or persons to act for him by proxy. </div><div id="a1223" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:649px;">Unless otherwise provided in the articles of </div><div id="a1225" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:664px;">incorporation or bylaws, a majority of shares </div><div id="a1229" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:680px;">entitled to vote constitutes a quorum. In no event </div><div id="a1234" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:695px;">shall a quorum consist of fewer than one-third of </div><div id="a1238" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:710px;">the shares entitled to vote at a meeting. </div><div id="a1243" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:741px;">When a quorum is once present to organize a </div><div id="a1245" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:756px;">meeting,<div style="display:inline-block;width:3.58px"> </div>it is not broken by the subsequent </div><div id="a1248" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:772px;">withdrawal of any shareholders. </div><div id="a1253" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:802px;">The articles of incorporation may provide for </div><div id="a1255" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:818px;">cumulative voting in the election of directors. </div><div id="a1260" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:388px;">Any action required to be taken at a meeting of </div><div id="a1263" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:404px;">shareholders may be taken without a meeting if a </div><div id="a1267" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:419px;">consent for such action is inwriting and is signed by </div><div id="a1268" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:434px;">shareholders having not fewer than the minimum </div><div id="a1271" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:450px;">number of votes that would be necessary to authorize </div><div id="a1272" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:465px;">or take </div><div id="a1274" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:480px;">such action at a meeting at which all shares </div><div id="a1276" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:496px;">entitled to vote thereon were present and </div><div id="a1278" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:511px;">voted. </div><div id="a1280" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:526px;"><div style="display:inline-block;width:3.36px"> </div></div><div id="a1282" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:542px;">Any person authorized to vote may authorize </div><div id="a1284" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:557px;">another person or persons to act for him by </div><div id="a1286" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:572px;">proxy. </div><div id="a1289" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:603px;">For stock corporations, the certificate of </div><div id="a1291" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:618px;">incorporation or bylaws may specify the </div><div id="a1293" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:634px;">number of shares required to constitute a </div><div id="a1295" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:649px;">quorum but in no event shall a quorum consist </div><div id="a1297" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:664px;">of less than one-third of shares entitled to vote </div><div id="a1301" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:680px;">at a meeting. In the absence of such </div><div id="a1303" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:695px;">specifications, a majority of shares entitled to </div><div id="a1305" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:710px;">vote shall constitute a quorum. </div><div id="a1308" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:741px;">When a quorum is once present to organize a </div><div id="a1310" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:756px;">meeting, it is not broken by the subsequent </div><div id="a1312" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:772px;">withdrawal of any shareholders. </div><div id="a1315" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:802px;">The certificate of incorporation may provide </div><div id="a1317" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:818px;">for cumulative voting in the election of </div><div id="a1319" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:833px;">directors. </div><div id="a1322" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:864px;">Marshall Islands Merger or Consolidation</div><div id="a1326" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:880px;">Any two or more domestic corporations may </div><div id="a1328" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:895px;">merge into a single corporation if approved by the </div><div id="a1334" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:910px;">board and if authorized by a majority vote of the </div><div id="a1338" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:926px;">holders of outstanding shares at shareholder </div><div id="a1341" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:941px;">meeting. </div><div id="a1344" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:880px;">Any two or more corporations existing under the laws </div><div id="a1348" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:895px;">of the state may merge into a single corporation </div><div id="a1351" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:910px;">pursuant to a board resolution and upon the majority </div><div id="a1355" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:926px;">vote by shareholders of each constituent corporation at </div><div id="a1359" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:941px;">an annual or special meeting. </div></div>
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<div id="a1366" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:96px;">Any sale, lease, exchange or other disposition of </div><div id="a1369" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:112px;">all or substantially all the assets of a corporation, if </div><div id="a1372" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:127px;">not made in the corporation’s usual<div style="display:inline-block;width:4.74px"> </div>or regular </div><div id="a1376" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:142px;">course of business, once approved by the board, </div><div id="a1380" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:158px;">shall be authorized by the affirmative vote of two-</div><div id="a1385" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:173px;">thirds of the shares of those entitled to vote at a </div><div id="a1389" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:188px;">shareholder meeting. </div><div id="a1392" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:96px;">Every corporation may at any meeting of the board </div><div id="a1395" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:112px;">sell, lease or exchange all or substantially all of its </div><div id="a1399" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:127px;">property and assets board deems expedient and for the </div><div id="a1400" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:142px;">best interests of the corporation when so authorized by </div><div id="a1406" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:158px;">a resolution adopted by the holders of a majority of the </div><div id="a1410" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:173px;">outstanding stock of the corporation entitled to vote. </div><div id="a1415" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:204px;">Any domestic corporation owning at least </div><div id="a1417" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:219px;">90% of the outstanding shares of each class of </div><div id="a1419" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:234px;">another domestic corporation may merge such </div><div id="a1420" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:250px;">other corporation into itself without the </div><div id="a1422" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:265px;">authorization of the shareholders of any </div><div id="a1424" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:280px;">corporation. </div><div id="a1427" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:311px;">Any mortgage, pledge of or creation of a </div><div id="a1429" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:326px;">security interest in all or any part of the </div><div id="a1431" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:342px;">corporate property may be authorized without </div><div id="a1433" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:357px;">the vote or consent of the shareholders, unless </div><div id="a1435" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:372px;">otherwise provided for in the articles of </div><div id="a1437" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:388px;">incorporation. </div><div id="a1442" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:204px;">Any corporation owning at least 90% of the </div><div id="a1444" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:219px;">outstanding shares of each class of another corporation </div><div id="a1445" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:234px;">may merge the other corporation into itself and assume </div><div id="a1448" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:250px;">all of its obligations without the vote or consent of </div><div id="a1451" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:265px;">shareholders; however, in case the parent<div style="display:inline-block;width:4.85px"> </div>corporation is </div><div id="a1454" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:280px;">not the surviving corporation, the proposed merger </div><div id="a1459" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:296px;">shall be approved by a majority of the outstanding </div><div id="a1462" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:311px;">stock of the parent corporation entitled to vote at a duly </div><div id="a1465" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:326px;">called shareholder meeting. Any mortgage or pledge of </div><div id="a1468" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:342px;">a corporation’s property and assets may be<div style="display:inline-block;width:4.76px"> </div>authorized </div><div id="a1473" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:357px;">without the vote or consent of shareholders, except to </div><div id="a1476" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:372px;">the extent that the certificate of incorporation otherwise </div><div id="a1480" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:388px;">provides. </div><div id="a1482" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:434px;">Directors</div><div id="a1486" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:450px;">The board of directors must consist of at least </div><div id="a1489" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:465px;">one member. </div><div id="a1493" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:450px;">The board of directors must consist of at least </div><div id="a1495" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:465px;">one member. </div><div id="a1498" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:496px;">The number of board members may be </div><div id="a1500" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:511px;">changed by an amendment to the bylaws, by </div><div id="a1502" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:526px;">the shareholders, or by action of the board </div><div id="a1504" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:542px;">under the specific provisions of a bylaw. </div><div id="a1508" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:572px;">If the board is authorized to change the </div><div id="a1510" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:588px;">number of directors, it can only do so by a </div><div id="a1512" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:603px;">majority of the entire board and so long as no </div><div id="a1514" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:618px;">decrease in the number shall shorten the term </div><div id="a1516" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:634px;">of any incumbent director. </div><div id="a1520" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:496px;">The number of board members shall be fixed </div><div id="a1522" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:511px;">by, or in a manner provided<div style="display:inline-block;width:4.67px"> </div>by, the bylaws, </div><div id="a1524" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:526px;">unless the certificate of incorporation fixes </div><div id="a1526" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:542px;">the number of directors, in which case a </div><div id="a1528" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:557px;">change in the number shall be made only by </div><div id="a1530" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:572px;">an amendment to the certificate of </div><div id="a1532" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:588px;">incorporation. </div><div id="a1535" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:618px;">If the number of directors is fixed by the </div><div id="a1538" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:634px;">certificate of incorporation, a change in the </div><div id="a1540" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:649px;">number shall be made only by an amendment </div><div id="a1542" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:664px;">of the certificate. </div><div id="a1545" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:695px;">Removal: </div><div id="a1547" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:710px;">Any or all of the directors may be removed </div><div id="a1549" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:726px;">for cause by vote of the shareholders. </div><div id="a1552" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:756px;">If the articles of incorporation or the bylaws </div><div id="a1554" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:772px;">so provide, any or all of the directors may be </div><div id="a1556" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:787px;">removed without cause by vote of the </div><div id="a1558" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:802px;">shareholders. </div><div id="a1562" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:695px;">Removal: </div><div id="a1564" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:710px;">Any or all of the directors may be removed, </div><div id="a1566" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:726px;">with or without cause, by the holders of a </div><div id="a1568" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:741px;">majority of the shares entitled to vote unless </div><div id="a1570" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:756px;">the certificate of incorporation otherwise </div><div id="a1572" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:772px;">provides. </div><div id="a1575" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:802px;">In the case of a classified board, shareholders </div><div id="a1577" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:818px;">may effect removal of any or all directors </div><div id="a1579" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:833px;">only for cause. </div><div id="a1581" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:848px;"><div style="display:inline-block;width:3.36px"> </div></div><div id="a1583" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:864px;">Appraisal rights shall be available for the </div><div id="a1585" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:879px;">shares of any class or series of stock of a </div><div id="a1587" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:894px;">corporation in a merger or consolidation, </div><div id="a1589" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:910px;">subject to limited exceptions, such as a merger or </div><div id="a1590" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:925px;">consolidation of corporations listed </div><div id="a1592" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:940px;">on a national securities exchange in which </div></div>
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<div id="a1596" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:96px;">listed stock is offered for consideration is (I) </div><div id="a1600" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:112px;">listed on a national securities exchange or (ii) </div><div id="a1602" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:127px;">held of record by more than 2,000 holders. </div><div id="a1605" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:158px;">Dissenters’ Rights of Appraisal</div><div id="a1609" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:174px;">Shareholders have a right to dissent from any </div><div id="a1611" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:189px;">plan of merger, consolidation or<div style="display:inline-block;width:4.82px"> </div>sale of all or </div><div id="a1613" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:204px;">substantially all assets not made in the usual </div><div id="a1615" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:220px;">course of business, and receive payment of </div><div id="a1617" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:235px;">the fair value of their shares. However, the </div><div id="a1619" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:250px;">right of a dissenting shareholder under the </div><div id="a1621" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:266px;">BCA to receive payment of the appraised fair </div><div id="a1623" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:281px;">value of his shares shall not be available for </div><div id="a1625" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:296px;">the shares of any class or series of stock, </div><div id="a1627" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:312px;">which shares or depository receipts in respect </div><div id="a1629" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:327px;">thereof, at the record date fixed to determine </div><div id="a1631" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:342px;">the shareholders entitled to receive notice of </div><div id="a1633" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:358px;">and to vote at the meeting of the shareholders </div><div id="a1635" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:373px;">to act upon the agreement of merger or </div><div id="a1637" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:388px;">consolidation, were either (i) listed on a </div><div id="a1639" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:404px;">securities exchange or admitted for trading on </div><div id="a1641" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:419px;">an interdealer quotation system or (ii) held of </div><div id="a1643" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:434px;">record by more than 2,000 holders. The right </div><div id="a1645" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:450px;">of a dissenting shareholder to receive </div><div id="a1647" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:465px;">payment of the fair value of his or her shares </div><div id="a1649" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:480px;">shall not be available for any shares of stock </div><div id="a1651" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:496px;">of the constituent corporation surviving a </div><div id="a1653" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:511px;">merger if the merger did not require for its </div><div id="a1655" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:526px;">approval the vote of the shareholders of the </div><div id="a1657" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:542px;">surviving corporation. </div><div id="a1661" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:174px;">In any derivative suit instituted by a </div><div id="a1663" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:189px;">shareholder of a corporation, it shall be </div><div id="a1665" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:204px;">averred in the complaint that the plaintiff was </div><div id="a1667" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:220px;">a shareholder of the corporation at the time of </div><div id="a1669" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:235px;">the transaction of which he complains or that </div><div id="a1671" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:250px;">such shareholder’s stock thereafter devolved </div><div id="a1673" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:266px;">upon such shareholder by operation of law. </div><div id="a1677" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:312px;">Other requirements regarding derivative suits </div><div id="a1679" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:327px;">have been created by judicial decision, </div><div id="a1681" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:342px;">including that a shareholder may not bring a </div><div id="a1683" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:358px;">derivative suit unless he or she first demands </div><div id="a1685" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:373px;">that the corporation sue on its own behalf and </div><div id="a1687" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:388px;">that demand is refused (unless it is shown that </div><div id="a1689" style="position:absolute;font-family:'Times New Roman';left:414.95px;top:404px;">such demand would have been futile). </div><div id="a1692" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:572px;">A holder of any adversely affected shares </div><div id="a1694" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:588px;">who does not vote on or consent in writing to </div><div id="a1696" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:603px;">an amendment to the articles of incorporation </div><div id="a1699" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:618px;">has the right to dissent and to receive </div><div id="a1701" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:634px;">payment for such shares if the amendment: </div><div id="a1704" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:664px;">• Alters or abolishes any preferential </div><div id="a1706" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:680px;">right of any outstanding shares having </div><div id="a1708" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:695px;">preference; or </div><div id="a1711" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:726px;">• Creates, alters, or abolishes any </div><div id="a1713" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:741px;">provision or right in respect to the </div><div id="a1715" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:756px;">redemption of any outstanding shares; or </div><div id="a1718" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:787px;">• Alters or abolishes any preemptive </div><div id="a1720" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:802px;">right of such holder to acquire shares </div><div id="a1722" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:818px;">or other securities; or </div><div id="a1725" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:848px;">• Excludes or limits the right of such </div><div id="a1727" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:864px;">holder to vote on any matter, except </div><div id="a1729" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:879px;">as such right may be limited by the </div><div id="a1731" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:894px;">voting rights given to new shares then </div><div id="a1733" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:910px;">being authorized of any existing or </div><div id="a1735" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:925px;">new class. </div></div>
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<div id="a1745" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:103.23px;top:142px;">Shareholder’s Derivative Actions</div><div id="a1749" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:158px;">An action may be brought in the right of a </div><div id="a1751" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:174px;">corporation to procure a judgment in its favor, </div><div id="a1753" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:189px;">by a holder of shares or of voting trust </div><div id="a1755" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:204px;">certificates or of a beneficial interest in such </div><div id="a1757" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:220px;">shares or certificates. It shall be made to </div><div id="a1759" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:235px;">appear that the plaintiff is such a holder at the </div><div id="a1761" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:250px;">time of bringing the action and that he was </div><div id="a1763" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:266px;">such a holder at the time of the transaction of </div><div id="a1765" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:281px;">which he complains, or that his shares or his </div><div id="a1767" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:296px;">interest therein devolved upon him by </div><div id="a1769" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:312px;">operation of law.<div style="display:inline-block;width:4.72px"> </div>A complaint shall set forth </div><div id="a1771" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:327px;">with particularity the efforts of the plaintiff<div style="display:inline-block;width:4.79px"> </div>to </div><div id="a1773" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:342px;">secure the initiation of such action by the </div><div id="a1775" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:358px;">board or the reasons for not making such </div><div id="a1777" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:373px;">effort. </div><div id="a1780" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:404px;">Such action shall not be discontinued, </div><div id="a1782" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:419px;">compromised or settled, without the approval </div><div id="a1784" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:434px;">of the High Court of the Republic of the </div><div id="a1786" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:450px;">Marshall Islands. </div><div id="a1789" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:480px;">Reasonable expenses including attorney’s </div><div id="a1791" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:496px;">fees may be awarded if the action is </div><div id="a1793" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:511px;">successful. </div><div id="a1796" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:542px;">A corporation may require a plaintiff bringing </div><div id="a1798" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:557px;">a derivative suit to give security for </div><div id="a1800" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:572px;">reasonable expenses if the plaintiff owns less </div><div id="a1802" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:588px;">than 5% of any class of outstanding shares or </div><div id="a1804" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:603px;">holds voting trust certificates or a beneficial </div><div id="a1806" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:618px;">interest in shares representing less than 5% of </div><div id="a1808" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:634px;">any class of such shares and the shares, voting </div><div id="a1810" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:649px;">trust certificates or beneficial interest of such </div><div id="a1812" style="position:absolute;font-family:'Times New Roman';left:103.23px;top:664px;">plaintiff has a fair value of $50,000 or less </div></div>
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<TYPE>EX-8.1
<SEQUENCE>8
<FILENAME>exhibit81.htm
<DESCRIPTION>EX-8.1
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<div id="a3" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:245.47px;top:112px;">SUBSIDIARIES AS AT DECEMBER<div style="display:inline-block;width:5.01px"> </div>31, 2024 </div><div id="a8" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:45.28px;top:143px;">Subsidiary </div><div id="a11" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:360.55px;top:143px;">Country of Incorporation </div><div id="a14" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:159px;">Aerik Shipping Company Inc. </div><div id="a17" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:159px;">The Republic of the Marshall Islands </div><div id="a20" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:175px;">Arorae Shipping Company Inc. </div><div id="a24" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:175px;">The Republic of the Marshall Islands </div><div id="a27" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:191px;">Aster Shipping Company Inc. </div><div id="a29" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:191px;">The Republic of the Marshall Islands </div><div id="a32" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:207px;">Beru Shipping Company Inc. </div><div id="a34" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:207px;">The Republic of the Marshall Islands </div><div id="a36" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:223px;">Bikati Shipping Company Inc. </div><div id="a38" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:223px;">The Republic of the Marshall Islands<div style="display:inline-block;width:3.97px"> </div></div><div id="a41" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:239px;">Bikini Shipping Company Inc. </div><div id="a43" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:239px;">The Republic of the Marshall Islands </div><div id="a46" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:255px;">Bonriki Shipping Company Inc. </div><div id="a48" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:255px;">The Republic of the Marshall Islands </div><div id="a50" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:271px;">Bulk Carriers (USA) LLC </div><div id="a52" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:271px;">United States (State of Delaware) </div><div id="a56" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:287px;">Cebu Shipping Company Inc. </div><div id="a58" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:287px;">The Republic of the Marshall Islands </div><div id="a60" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:303px;">Cerada International S.A. </div><div id="a62" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:303px;">Republic of Panama </div><div id="a64" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:319px;">Diana Energize Inc. </div><div id="a66" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:319px;">The Republic of the Marshall Islands </div><div id="a68" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:335px;">Diana General Partner Inc. </div><div id="a70" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:335px;">The Republic of the Marshall Islands </div><div id="a73" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:351px;">Diana Ship Management Inc. </div><div id="a75" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:351px;">The Republic of the Marshall Islands </div><div id="a77" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:367px;">Diana Shipping Services S.A. </div><div id="a79" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:367px;">Republic of Panama </div><div id="a81" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:383px;">Ebadon Shipping Company Inc. </div><div id="a83" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:383px;">The Republic of the Marshall Islands </div><div id="a85" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:399px;">Ejite Shipping Company Inc. </div><div id="a87" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:399px;">The Republic of the Marshall Islands </div><div id="a89" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:415px;">Erikub Shipping Company Inc. </div><div id="a91" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:415px;">The Republic of the Marshall Islands </div><div id="a93" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:431px;">Fayo Shipping Company Inc. </div><div id="a95" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:431px;">The Republic of the Marshall Islands </div><div id="a97" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:447px;">Gala Properties Inc. </div><div id="a99" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:447px;">The Republic of the Marshall Islands </div><div id="a101" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:463px;">Guam Shipping Company Inc. </div><div id="a103" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:463px;">The Republic of the Marshall Islands </div><div id="a105" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:479px;">Jabat Shipping Company Inc. </div><div id="a107" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:479px;">The Republic of the Marshall Islands </div><div id="a109" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:495px;">Jabwot Shipping Company Inc. </div><div id="a111" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:495px;">The Republic of the Marshall Islands </div><div id="a113" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:511px;">Jemo Shipping Company Inc. </div><div id="a115" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:511px;">The Republic of the Marshall Islands </div><div id="a118" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:527px;">Kaben Shipping Company Inc. </div><div id="a120" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:527px;">The Republic of the Marshall Islands </div><div id="a123" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:543px;">Kili Shipping Company Inc. </div><div id="a125" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:543px;">The Republic of the Marshall Islands </div><div id="a128" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:559px;">Kiribati Shipping Company Inc. </div><div id="a130" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:559px;">The Republic of the Marshall Islands </div><div id="a133" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:575px;">Komi Shipping Company Inc. </div><div id="a137" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:575px;">The Republic of the Marshall Islands </div><div id="a140" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:591px;">Lae Shipping Company Inc. </div><div id="a142" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:591px;">The Republic of the Marshall Islands </div><div id="a145" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:607px;">Lakeba Shipping Company Inc. </div><div id="a147" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:607px;">The Republic of the Marshall Islands </div><div id="a150" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:623px;">Lelu Shipping Company Inc. </div><div id="a152" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:623px;">The Republic of the Marshall Islands </div><div id="a155" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:639px;">Lib Shipping Company Inc. </div><div id="a157" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:639px;">The Republic of the Marshall Islands </div><div id="a160" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:655px;">Majuro Shipping Company Inc. </div><div id="a162" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:655px;">The Republic of the Marshall Islands </div><div id="a165" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:671px;">Makur Shipping Company Inc. </div><div id="a167" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:671px;">The Republic of the Marshall Islands </div><div id="a170" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:687px;">Manra Shipping Company Inc. </div><div id="a172" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:687px;">The Republic of the Marshall Islands </div><div id="a175" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:703px;">Mejato Shipping Company Inc. </div><div id="a177" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:703px;">The Republic of the Marshall Islands </div><div id="a180" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:719px;">Monu Shipping Company Inc. </div><div id="a182" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:719px;">The Republic of the Marshall Islands </div><div id="a185" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:735px;">Namorik Shipping Company Inc. </div><div id="a187" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:735px;">The Republic of the Marshall Islands </div><div id="a190" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:751px;">Namu Shipping Company Inc. </div><div id="a192" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:751px;">The Republic of the Marshall Islands </div><div id="a195" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:767px;">Palau Shipping Company Inc. </div><div id="a197" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:767px;">The Republic of the Marshall Islands </div><div id="a200" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:783px;">Pulap Shipping Company Inc. </div><div id="a202" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:783px;">The Republic of the Marshall Islands </div><div id="a205" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:799px;">Rairok Shipping Company Inc. </div><div id="a207" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:799px;">The Republic of the Marshall Islands </div><div id="a210" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:815px;">Rakaru Shipping Company Inc. </div><div id="a212" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:815px;">The Republic of the Marshall Islands </div><div id="a215" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:831px;">Silver Chandra Shipping Company Limited </div><div id="a217" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:831px;">Republic of Cyprus </div><div id="a219" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:847px;">Tamana Shipping<div style="display:inline-block;width:4.76px"> </div>Company Inc. </div><div id="a221" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:847px;">The Republic of the Marshall Islands </div><div id="a224" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:863px;">Taongi Shipping<div style="display:inline-block;width:4.79px"> </div>Company Inc. </div><div id="a226" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:863px;">The Republic of the Marshall Islands </div><div id="a229" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:879px;">Taroa Shipping<div style="display:inline-block;width:4.72px"> </div>Company Inc. </div><div id="a231" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:879px;">The Republic of the Marshall Islands </div><div id="a234" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:895px;">Toku Shipping<div style="display:inline-block;width:4.77px"> </div>Company Inc. </div><div id="a236" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:895px;">The Republic of the Marshall Islands </div><div id="a239" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:911px;">Tuvalu Shipping Company Inc. </div><div id="a241" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:911px;">The Republic of the Marshall Islands </div><div id="a244" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:927px;">Ujae Shipping Company Inc. </div><div id="a246" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:927px;">The Republic of the Marshall Islands </div><div id="a249" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:943px;">Wake Shipping<div style="display:inline-block;width:4.86px"> </div>Company Inc. </div><div id="a251" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:943px;">The Republic of the Marshall Islands </div></div>
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<div id="a256" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:97px;">Weno Shipping<div style="display:inline-block;width:4.91px"> </div>Company Inc. </div><div id="a258" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:97px;">The Republic of the Marshall Islands </div><div id="a261" style="position:absolute;font-family:'Times New Roman';left:45.28px;top:113px;">Wotho Shipping<div style="display:inline-block;width:4.95px"> </div>Company Inc. </div><div id="a263" style="position:absolute;font-family:'Times New Roman';left:357.19px;top:113px;">The Republic of the Marshall Islands </div></div>
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<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>9
<FILENAME>exhibit111.htm
<DESCRIPTION>EX-11.1
<TEXT>
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<div id="a3" style="position:absolute;font-family:'Times New Roman';font-size:18.72px;font-weight:bold;left:328.23px;top:133px;">CODE OF ETHICS</div><div id="a5" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:173px;">The Board of Directors of Diana Shipping Inc. (the "Company") has adopted<div style="display:inline-block;width:5.39px"> </div>this Code of </div><div id="a6" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:192px;">Ethics<div style="display:inline-block;width:6.25px"> </div>(the<div style="display:inline-block;width:6.16px"> </div>"Code")<div style="display:inline-block;width:6.24px"> </div>for<div style="display:inline-block;width:6.3px"> </div>all<div style="display:inline-block;width:6.25px"> </div>of<div style="display:inline-block;width:6.23px"> </div>the<div style="display:inline-block;width:6.21px"> </div>Company's<div style="display:inline-block;width:6.27px"> </div>employees,<div style="display:inline-block;width:6.3px"> </div>directors,<div style="display:inline-block;width:6.1px"> </div>officers<div style="display:inline-block;width:6.63px"> </div>and<div style="display:inline-block;width:6.34px"> </div>agents </div><div id="a9" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:210px;">("Employees"). All Employees are<div style="display:inline-block;width:5.48px"> </div>required to be<div style="display:inline-block;width:5.39px"> </div>familiar with the<div style="display:inline-block;width:5.37px"> </div>Code, comply with its </div><div id="a10" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:228px;">provisions and<div style="display:inline-block;width:6.23px"> </div>report any<div style="display:inline-block;width:6.06px"> </div>suspected violations<div style="display:inline-block;width:6.21px"> </div>as described<div style="display:inline-block;width:5.85px"> </div>below in<div style="display:inline-block;width:6.21px"> </div>the section<div style="display:inline-block;width:6.01px"> </div>entitled </div><div id="a11" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:247px;">"Internal Reporting". </div><div id="a13" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:284px;">This Code outlines<div style="display:inline-block;width:6px"> </div>the ethical<div style="display:inline-block;width:5.49px"> </div>principles that<div style="display:inline-block;width:5.43px"> </div>are to<div style="display:inline-block;width:5.49px"> </div>govern the decisions<div style="display:inline-block;width:6.08px"> </div>and behavior<div style="display:inline-block;width:5.44px"> </div>of </div><div id="a19" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:302px;">the Company’s<div style="display:inline-block;width:5.48px"> </div>Employees and is designed to<div style="display:inline-block;width:5.37px"> </div>help Employees conduct business honestly, </div><div id="a21" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:321px;">respectfully and<div style="display:inline-block;width:5.53px"> </div>with integrity.<div style="display:inline-block;width:6.74px"> </div>This Code<div style="display:inline-block;width:5.62px"> </div>outlines the<div style="display:inline-block;width:5.66px"> </div>core values<div style="display:inline-block;width:5.51px"> </div>of the<div style="display:inline-block;width:5.68px"> </div>Company,<div style="display:inline-block;width:5.9px"> </div>with </div><div id="a32" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:339px;">respect to<div style="display:inline-block;width:2.56px"> </div>how Employees are<div style="display:inline-block;width:2.02px"> </div>generally supposed to<div style="display:inline-block;width:2.08px"> </div>approach problems.<div style="display:inline-block;width:2.49px"> </div>For the avoidance </div><div id="a39" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:358px;">of doubt, this Code does not purport to describe all of the Company’s policies in detail.<div style="display:inline-block;width:4.84px"> </div></div><div id="a47" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:395px;">I. Conflicts of Interest</div><div id="a51" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:432px;">A conflict<div style="display:inline-block;width:2.3px"> </div>of interest<div style="display:inline-block;width:2.3px"> </div>occurs when<div style="display:inline-block;width:2.47px"> </div>an Employee's<div style="display:inline-block;width:2.44px"> </div>private interests<div style="display:inline-block;width:2.26px"> </div>interfere, or<div style="display:inline-block;width:2.41px"> </div>even appears </div><div id="a52" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:450px;">to<div style="display:inline-block;width:6.11px"> </div>interfere,<div style="display:inline-block;width:5.98px"> </div>with<div style="display:inline-block;width:6.11px"> </div>the<div style="display:inline-block;width:6.05px"> </div>interests<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:6.03px"> </div>the<div style="display:inline-block;width:6.05px"> </div>Company<div style="display:inline-block;width:6.26px"> </div>as<div style="display:inline-block;width:6.19px"> </div>a<div style="display:inline-block;width:6.02px"> </div>whole.<div style="display:inline-block;width:10.08px"> </div>While<div style="display:inline-block;width:6.03px"> </div>it<div style="display:inline-block;width:6.15px"> </div>is<div style="display:inline-block;width:6.13px"> </div>not<div style="display:inline-block;width:6.31px"> </div>possible<div style="display:inline-block;width:6.11px"> </div>to </div><div id="a57" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:469px;">describe every<div style="display:inline-block;width:5.72px"> </div>situation in<div style="display:inline-block;width:6.21px"> </div>which a<div style="display:inline-block;width:5.8px"> </div>conflict of<div style="display:inline-block;width:5.96px"> </div>interest may<div style="display:inline-block;width:5.84px"> </div>arise, Employees<div style="display:inline-block;width:6.06px"> </div>must never </div><div id="a58" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:487px;">use or attempt<div style="display:inline-block;width:2.48px"> </div>to use their<div style="display:inline-block;width:2.35px"> </div>position with the<div style="display:inline-block;width:2.53px"> </div>Company to obtain<div style="display:inline-block;width:2.46px"> </div>improper personal benefits. </div><div id="a59" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:505px;">Any Employee who is aware of a conflict of<div style="display:inline-block;width:5.34px"> </div>interest, or is concerned that a conflict might </div><div id="a61" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:524px;">develop, should discuss<div style="display:inline-block;width:5.89px"> </div>the matter with<div style="display:inline-block;width:5.86px"> </div>the Audit Committee<div style="display:inline-block;width:6.03px"> </div>or counsel to<div style="display:inline-block;width:5.83px"> </div>the Company </div><div id="a62" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:542px;">immediately. </div><div id="a64" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:579px;">II. Corporate Opportunities</div><div id="a68" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:616px;">Employees<div style="display:inline-block;width:6.99px"> </div>owe<div style="display:inline-block;width:7.1px"> </div>a<div style="display:inline-block;width:6.98px"> </div>duty<div style="display:inline-block;width:7.23px"> </div>to<div style="display:inline-block;width:7.07px"> </div>advance<div style="display:inline-block;width:6.95px"> </div>the<div style="display:inline-block;width:7.01px"> </div>legitimate<div style="display:inline-block;width:7.06px"> </div>interests<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6.99px"> </div>the<div style="display:inline-block;width:7.17px"> </div>Company<div style="display:inline-block;width:7.06px"> </div>when<div style="display:inline-block;width:6.94px"> </div>the </div><div id="a69" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:635px;">opportunities<div style="display:inline-block;width:10.28px"> </div>to<div style="display:inline-block;width:10.27px"> </div>do<div style="display:inline-block;width:10.24px"> </div>so<div style="display:inline-block;width:10.09px"> </div>arise.<div style="display:inline-block;width:10.12px"> </div>Employees<div style="display:inline-block;width:10.19px"> </div>may<div style="display:inline-block;width:10.37px"> </div>not<div style="display:inline-block;width:10.27px"> </div>take<div style="display:inline-block;width:10.15px"> </div>for<div style="display:inline-block;width:10.14px"> </div>themselves<div style="display:inline-block;width:10.35px"> </div>personally </div><div id="a70" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:653px;">opportunities<div style="display:inline-block;width:6.12px"> </div>that<div style="display:inline-block;width:6.09px"> </div>are<div style="display:inline-block;width:6.07px"> </div>discovered<div style="display:inline-block;width:6.06px"> </div>through<div style="display:inline-block;width:6.07px"> </div>the<div style="display:inline-block;width:6.05px"> </div>use<div style="display:inline-block;width:6.19px"> </div>of<div style="display:inline-block;width:6.19px"> </div>corporate<div style="display:inline-block;width:5.99px"> </div>property,<div style="display:inline-block;width:7.32px"> </div>information<div style="display:inline-block;width:6.06px"> </div>or </div><div id="a71" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:671px;">position. </div><div id="a74" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:709px;">III. Confidentiality and Personal Data Privacy</div><div id="a78" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:746px;">It<div style="display:inline-block;width:8.47px"> </div>is<div style="display:inline-block;width:8.69px"> </div>important<div style="display:inline-block;width:8.67px"> </div>that<div style="display:inline-block;width:8.65px"> </div>Employees<div style="display:inline-block;width:8.43px"> </div>protect<div style="display:inline-block;width:8.54px"> </div>the<div style="display:inline-block;width:8.61px"> </div>confidentiality<div style="display:inline-block;width:8.78px"> </div>of<div style="display:inline-block;width:8.59px"> </div>Company<div style="display:inline-block;width:8.5px"> </div>information. </div><div id="a79" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:764px;">Employees<div style="display:inline-block;width:5.71px"> </div>may<div style="display:inline-block;width:5.73px"> </div>have<div style="display:inline-block;width:5.64px"> </div>access<div style="display:inline-block;width:5.7px"> </div>to<div style="display:inline-block;width:5.79px"> </div>proprietary<div style="display:inline-block;width:5.56px"> </div>and<div style="display:inline-block;width:5.7px"> </div>confidential<div style="display:inline-block;width:5.83px"> </div>information<div style="display:inline-block;width:5.74px"> </div>concerning<div style="display:inline-block;width:5.56px"> </div>the </div><div id="a80" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:782px;">Company's business,<div style="display:inline-block;width:5.65px"> </div>clients and<div style="display:inline-block;width:5.53px"> </div>suppliers.<div style="display:inline-block;width:8.82px"> </div>Confidential information<div style="display:inline-block;width:5.6px"> </div>includes such<div style="display:inline-block;width:5.51px"> </div>items </div><div id="a85" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:801px;">as<div style="display:inline-block;width:8.43px"> </div>non-public<div style="display:inline-block;width:8.43px"> </div>information<div style="display:inline-block;width:8.62px"> </div>concerning<div style="display:inline-block;width:8.44px"> </div>the<div style="display:inline-block;width:8.45px"> </div>Company's<div style="display:inline-block;width:8.67px"> </div>business,<div style="display:inline-block;width:8.49px"> </div>financial<div style="display:inline-block;width:8.67px"> </div>results<div style="display:inline-block;width:8.47px"> </div>and </div><div id="a88" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:819px;">prospects<div style="display:inline-block;width:7.89px"> </div>and<div style="display:inline-block;width:7.94px"> </div>potential<div style="display:inline-block;width:8.18px"> </div>corporate<div style="display:inline-block;width:7.91px"> </div>transactions.<div style="display:inline-block;width:8.06px"> </div>Employees<div style="display:inline-block;width:7.95px"> </div>are<div style="display:inline-block;width:7.83px"> </div>required<div style="display:inline-block;width:8.14px"> </div>to<div style="display:inline-block;width:8.03px"> </div>keep<div style="display:inline-block;width:7.88px"> </div>such </div><div id="a89" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:838px;">information confidential during employment as well as thereafter, and not to use,<div style="display:inline-block;width:2.6px"> </div>disclose, </div><div id="a91" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:856px;">or communicate<div style="display:inline-block;width:2.56px"> </div>that confidential information<div style="display:inline-block;width:2.13px"> </div>other than<div style="display:inline-block;width:2.62px"> </div>in the course<div style="display:inline-block;width:1.93px"> </div>of employment.<div style="display:inline-block;width:6.95px"> </div>The </div><div id="a95" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:874px;">consequences to the<div style="display:inline-block;width:5.81px"> </div>Company and<div style="display:inline-block;width:5.4px"> </div>the Employee<div style="display:inline-block;width:5.35px"> </div>concerned can<div style="display:inline-block;width:5.34px"> </div>be severe where<div style="display:inline-block;width:5.91px"> </div>there is </div><div id="a96" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:893px;">unauthorized disclosure of any non-public, privileged or proprietary information.<div style="display:inline-block;width:4.18px"> </div></div></div>
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<div id="a103" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:96px;">To<div style="display:inline-block;width:6.7px"> </div>ensure<div style="display:inline-block;width:5.6px"> </div>the<div style="display:inline-block;width:5.57px"> </div>confidentiality<div style="display:inline-block;width:5.9px"> </div>of<div style="display:inline-block;width:5.55px"> </div>any<div style="display:inline-block;width:5.54px"> </div>personal<div style="display:inline-block;width:5.64px"> </div>information<div style="display:inline-block;width:5.74px"> </div>collected<div style="display:inline-block;width:5.62px"> </div>and<div style="display:inline-block;width:5.54px"> </div>to<div style="display:inline-block;width:5.79px"> </div>comply<div style="display:inline-block;width:5.61px"> </div>with </div><div id="a104" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:115px;">applicable laws,<div style="display:inline-block;width:2.53px"> </div>any Employee in<div style="display:inline-block;width:2.15px"> </div>possession of non-public,<div style="display:inline-block;width:2.08px"> </div>personal information about<div style="display:inline-block;width:2.07px"> </div>the </div><div id="a108" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:133px;">Company's<div style="display:inline-block;width:7.71px"> </div>customers,<div style="display:inline-block;width:7.6px"> </div>potential<div style="display:inline-block;width:7.86px"> </div>customers,<div style="display:inline-block;width:7.6px"> </div>or<div style="display:inline-block;width:7.79px"> </div>Employees,<div style="display:inline-block;width:7.79px"> </div>must<div style="display:inline-block;width:7.76px"> </div>maintain<div style="display:inline-block;width:7.7px"> </div>the<div style="display:inline-block;width:7.65px"> </div>highest </div><div id="a109" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:152px;">degree<div style="display:inline-block;width:10.65px"> </div>of<div style="display:inline-block;width:10.83px"> </div>confidentiality<div style="display:inline-block;width:10.86px"> </div>and<div style="display:inline-block;width:10.66px"> </div>must<div style="display:inline-block;width:10.8px"> </div>not<div style="display:inline-block;width:10.75px"> </div>disclose<div style="display:inline-block;width:10.85px"> </div>any<div style="display:inline-block;width:10.66px"> </div>personal<div style="display:inline-block;width:10.76px"> </div>information<div style="display:inline-block;width:11.02px"> </div>unless </div><div id="a110" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:170px;">authorization is obtained. </div><div id="a112" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:207px;">The Company respects and takes<div style="display:inline-block;width:2.36px"> </div>seriously the protection of the<div style="display:inline-block;width:2.44px"> </div>personal data of all natural </div><div id="a115" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:225px;">persons who<div style="display:inline-block;width:2.28px"> </div>use the<div style="display:inline-block;width:2.32px"> </div>Company’s facilities, services<div style="display:inline-block;width:2.29px"> </div>and websites.<div style="display:inline-block;width:2.3px"> </div>The Company<div style="display:inline-block;width:2.39px"> </div>also strives </div><div id="a123" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:244px;">to<div style="display:inline-block;width:7.87px"> </div>take<div style="display:inline-block;width:7.75px"> </div>all<div style="display:inline-block;width:7.85px"> </div>appropriate<div style="display:inline-block;width:7.95px"> </div>technical<div style="display:inline-block;width:7.7px"> </div>and<div style="display:inline-block;width:7.98px"> </div>organizational<div style="display:inline-block;width:8.16px"> </div>measures<div style="display:inline-block;width:7.83px"> </div>required<div style="display:inline-block;width:7.98px"> </div>to<div style="display:inline-block;width:7.87px"> </div>protect<div style="display:inline-block;width:7.74px"> </div>the </div><div id="a128" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:262px;">personal data it collects and processes. </div><div id="a130" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:297px;">The<div style="display:inline-block;width:7.6px"> </div>restriction<div style="display:inline-block;width:7.61px"> </div>on<div style="display:inline-block;width:7.68px"> </div>disclosing<div style="display:inline-block;width:7.59px"> </div>confidential<div style="display:inline-block;width:7.59px"> </div>information<div style="display:inline-block;width:7.66px"> </div>is<div style="display:inline-block;width:7.73px"> </div>not<div style="display:inline-block;width:7.55px"> </div>intended<div style="display:inline-block;width:7.47px"> </div>to<div style="display:inline-block;width:7.71px"> </div>prevent<div style="display:inline-block;width:7.54px"> </div>any </div><div id="a131" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:315px;">Employee from reporting<div style="display:inline-block;width:2.5px"> </div>to the Company’s senior<div style="display:inline-block;width:2.58px"> </div>management or directors,<div style="display:inline-block;width:2.39px"> </div>a government </div><div id="a132" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:333px;">body<div style="display:inline-block;width:6.24px"> </div>or<div style="display:inline-block;width:6.19px"> </div>a<div style="display:inline-block;width:6.18px"> </div>regulator,<div style="display:inline-block;width:6.73px"> </div>concerns<div style="display:inline-block;width:6.02px"> </div>of<div style="display:inline-block;width:6.19px"> </div>any<div style="display:inline-block;width:6.18px"> </div>known<div style="display:inline-block;width:6.21px"> </div>or<div style="display:inline-block;width:6.19px"> </div>suspected<div style="display:inline-block;width:6.12px"> </div>violation<div style="display:inline-block;width:6.32px"> </div>of<div style="display:inline-block;width:6.19px"> </div>this<div style="display:inline-block;width:6.16px"> </div>Code,<div style="display:inline-block;width:6.23px"> </div>or<div style="display:inline-block;width:6.19px"> </div>to </div><div id="a134" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:352px;">prevent any Employee from reporting retaliation for reporting such concerns. It is also not </div><div id="a135" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:370px;">this Code’s<div style="display:inline-block;width:5.88px"> </div>intention to prevent any<div style="display:inline-block;width:5.51px"> </div>Employee from responding<div style="display:inline-block;width:5.57px"> </div>truthfully to questions<div style="display:inline-block;width:5.39px"> </div>or </div><div id="a136" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:389px;">requests from a government body, a regulator or as required by applicable law. </div><div id="a140" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:426px;">IV.<div style="display:inline-block;width:6.04px"> </div>Honest and Fair Dealing</div><div id="a144" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:463px;">Employees<div style="display:inline-block;width:7.79px"> </div>must<div style="display:inline-block;width:7.92px"> </div>endeavor<div style="display:inline-block;width:7.61px"> </div>to<div style="display:inline-block;width:7.87px"> </div>deal<div style="display:inline-block;width:7.75px"> </div>honestly,<div style="display:inline-block;width:8.9px"> </div>ethically<div style="display:inline-block;width:7.63px"> </div>and<div style="display:inline-block;width:7.78px"> </div>fairly<div style="display:inline-block;width:7.75px"> </div>with<div style="display:inline-block;width:7.87px"> </div>the<div style="display:inline-block;width:7.65px"> </div>Company's </div><div id="a145" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:481px;">customers, suppliers, competitors and other<div style="display:inline-block;width:5.55px"> </div>Employees.<div style="display:inline-block;width:8.29px"> </div>No Employee should take unfair </div><div id="a151" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:500px;">advantage of anyone through manipulation, concealment, abuse of<div style="display:inline-block;width:2.49px"> </div>privileged information, </div><div id="a152" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:518px;">misrepresentation of material facts, or<div style="display:inline-block;width:2.58px"> </div>any other unfair-dealing practice. Honest conduct is </div><div id="a155" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:536px;">considered to<div style="display:inline-block;width:2.25px"> </div>be conduct<div style="display:inline-block;width:2.57px"> </div>that is<div style="display:inline-block;width:2.49px"> </div>free from<div style="display:inline-block;width:2.28px"> </div>fraud or<div style="display:inline-block;width:2.35px"> </div>deception.<div style="display:inline-block;width:7.11px"> </div>Ethical conduct<div style="display:inline-block;width:2.44px"> </div>is considered </div><div id="a160" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:555px;">to be conduct conforming to accepted professional standards of conduct.<div style="display:inline-block;width:8.05px"> </div></div><div id="a164" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:592px;">V.<div style="display:inline-block;width:6.03px"> </div>Freedom from discrimination and harassment </div><div id="a166" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:629px;">Our Company is committed to creating<div style="display:inline-block;width:2.46px"> </div>an environment in which all individuals<div style="display:inline-block;width:2.5px"> </div>are able to </div><div id="a168" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:647px;">make<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.89px"> </div>best<div style="display:inline-block;width:5.91px"> </div>of<div style="display:inline-block;width:5.87px"> </div>their<div style="display:inline-block;width:5.88px"> </div>skills,<div style="display:inline-block;width:6.05px"> </div>free<div style="display:inline-block;width:5.7px"> </div>from<div style="display:inline-block;width:5.86px"> </div>discrimination<div style="display:inline-block;width:5.97px"> </div>or<div style="display:inline-block;width:5.87px"> </div>harassment<div style="display:inline-block;width:5.78px"> </div>and<div style="display:inline-block;width:6.02px"> </div>bullying.<div style="display:inline-block;width:6.02px"> </div>The </div><div id="a169" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:666px;">Company<div style="display:inline-block;width:7.06px"> </div>is<div style="display:inline-block;width:7.09px"> </div>committed<div style="display:inline-block;width:6.93px"> </div>to<div style="display:inline-block;width:7.07px"> </div>providing<div style="display:inline-block;width:7.06px"> </div>a<div style="display:inline-block;width:6.98px"> </div>working<div style="display:inline-block;width:6.99px"> </div>environment<div style="display:inline-block;width:6.97px"> </div>free<div style="display:inline-block;width:6.98px"> </div>from<div style="display:inline-block;width:7.14px"> </div>discrimination </div><div id="a170" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:684px;">against staff on the basis of<div style="display:inline-block;width:2.62px"> </div>sex or sexual orientation, marital<div style="display:inline-block;width:2.64px"> </div>or civil partner status, gender </div><div id="a172" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:702px;">reassignment, race (which<div style="display:inline-block;width:5.48px"> </div>includes colour,<div style="display:inline-block;width:5.49px"> </div>nationality,<div style="display:inline-block;width:5.57px"> </div>ethnic or national origin),<div style="display:inline-block;width:5.77px"> </div>religion </div><div id="a173" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:721px;">or<div style="display:inline-block;width:6.19px"> </div>belief,<div style="display:inline-block;width:6.14px"> </div>disability,<div style="display:inline-block;width:7.4px"> </div>age<div style="display:inline-block;width:6.28px"> </div>and<div style="display:inline-block;width:6.18px"> </div>pregnancy<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:6.19px"> </div>maternity<div style="display:inline-block;width:6.53px"> </div>(collectively<div style="display:inline-block;width:6.18px"> </div>known<div style="display:inline-block;width:6.37px"> </div>as<div style="display:inline-block;width:6.19px"> </div>“protected </div><div id="a175" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:739px;">characteristics”), as<div style="display:inline-block;width:5.46px"> </div>well as<div style="display:inline-block;width:5.52px"> </div>one where harassment<div style="display:inline-block;width:6.32px"> </div>and bullying<div style="display:inline-block;width:5.64px"> </div>does not<div style="display:inline-block;width:5.43px"> </div>occur.<div style="display:inline-block;width:5.51px"> </div>It should </div><div id="a176" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:758px;">be noted that all<div style="display:inline-block;width:5.52px"> </div>Employees are required to<div style="display:inline-block;width:5.54px"> </div>work in a manner<div style="display:inline-block;width:5.67px"> </div>that facilitates the fostering </div><div id="a181" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:776px;">of such<div style="display:inline-block;width:2.3px"> </div>a working<div style="display:inline-block;width:2.29px"> </div>environment and<div style="display:inline-block;width:2.31px"> </div>to report<div style="display:inline-block;width:2.31px"> </div>any known<div style="display:inline-block;width:2.14px"> </div>or suspected<div style="display:inline-block;width:2.23px"> </div>breaches or<div style="display:inline-block;width:2.23px"> </div>violations </div><div id="a186" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:794px;">as described<div style="display:inline-block;width:2.65px"> </div>below in the<div style="display:inline-block;width:2.51px"> </div>section entitled "Internal<div style="display:inline-block;width:2.25px"> </div>Reporting". Discrimination, harassment </div><div id="a187" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:813px;">and<div style="display:inline-block;width:6.98px"> </div>bullying<div style="display:inline-block;width:7.14px"> </div>are<div style="display:inline-block;width:7.03px"> </div>violations<div style="display:inline-block;width:7.13px"> </div>of<div style="display:inline-block;width:6.99px"> </div>the<div style="display:inline-block;width:7.01px"> </div>Company’s<div style="display:inline-block;width:8.29px"> </div>ethical<div style="display:inline-block;width:6.96px"> </div>principles,<div style="display:inline-block;width:7.15px"> </div>and<div style="display:inline-block;width:7.14px"> </div>may<div style="display:inline-block;width:7.01px"> </div>subject<div style="display:inline-block;width:7.04px"> </div>the </div><div id="a192" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:831px;">Company and any Employee<div style="display:inline-block;width:5.43px"> </div>guilty of such behaviors<div style="display:inline-block;width:5.64px"> </div>to liability,<div style="display:inline-block;width:5.86px"> </div>both criminal and civil. </div><div id="a195" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:850px;">Complaints<div style="display:inline-block;width:7.34px"> </div>of<div style="display:inline-block;width:6.99px"> </div>discrimination,<div style="display:inline-block;width:7.09px"> </div>harassment<div style="display:inline-block;width:7.06px"> </div>and<div style="display:inline-block;width:7.14px"> </div>bullying<div style="display:inline-block;width:7.3px"> </div>will<div style="display:inline-block;width:7.11px"> </div>be<div style="display:inline-block;width:7.14px"> </div>investigated<div style="display:inline-block;width:7.01px"> </div>promptly, </div><div id="a196" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:868px;">sensitively and confidentially. </div></div>
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<div id="a200" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:96px;">VI. Health and Safety </div><div id="a203" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:133px;">The Company strives to provide its Employees with a safe<div style="display:inline-block;width:2.65px"> </div>and healthy work environment. </div><div id="a209" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:152px;">Each<div style="display:inline-block;width:5.94px"> </div>Employee<div style="display:inline-block;width:6.01px"> </div>has<div style="display:inline-block;width:6.07px"> </div>the<div style="display:inline-block;width:6.21px"> </div>responsibility<div style="display:inline-block;width:6.17px"> </div>to<div style="display:inline-block;width:5.95px"> </div>maintain<div style="display:inline-block;width:6.1px"> </div>a<div style="display:inline-block;width:6.02px"> </div>safe<div style="display:inline-block;width:5.92px"> </div>and<div style="display:inline-block;width:6.02px"> </div>healthy<div style="display:inline-block;width:6.03px"> </div>workplace<div style="display:inline-block;width:6.01px"> </div>for<div style="display:inline-block;width:6.14px"> </div>all </div><div id="a215" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:170px;">Employees by following all<div style="display:inline-block;width:2.57px"> </div>applicable safety and health<div style="display:inline-block;width:2.34px"> </div>rules, regulations and laws<div style="display:inline-block;width:2.56px"> </div>and by </div><div id="a226" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:188px;">reporting accidents, injuries and unsafe equipment, practices or conditions.<div style="display:inline-block;width:4.22px"> </div></div><div id="a228" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:225px;">Threats<div style="display:inline-block;width:8.34px"> </div>or<div style="display:inline-block;width:8.43px"> </div>acts<div style="display:inline-block;width:8.4px"> </div>of<div style="display:inline-block;width:8.43px"> </div>violence<div style="display:inline-block;width:8.36px"> </div>and<div style="display:inline-block;width:8.42px"> </div>physical<div style="display:inline-block;width:8.44px"> </div>intimidation<div style="display:inline-block;width:8.66px"> </div>are<div style="display:inline-block;width:8.31px"> </div>not<div style="display:inline-block;width:8.51px"> </div>permitted.<div style="display:inline-block;width:8.55px"> </div>As<div style="display:inline-block;width:8.46px"> </div>further </div><div id="a230" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:244px;">explained<div style="display:inline-block;width:6.92px"> </div>in<div style="display:inline-block;width:7.07px"> </div>the<div style="display:inline-block;width:7.01px"> </div>section<div style="display:inline-block;width:7px"> </div>below,<div style="display:inline-block;width:8.02px"> </div>the<div style="display:inline-block;width:7.05px"> </div>use<div style="display:inline-block;width:6.99px"> </div>of<div style="display:inline-block;width:6.99px"> </div>illegal<div style="display:inline-block;width:6.9px"> </div>drugs<div style="display:inline-block;width:7.01px"> </div>in<div style="display:inline-block;width:7.07px"> </div>the<div style="display:inline-block;width:7.01px"> </div>workplace<div style="display:inline-block;width:6.65px"> </div>will<div style="display:inline-block;width:7.11px"> </div>not<div style="display:inline-block;width:7.07px"> </div>be </div><div id="a232" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:262px;">tolerated. </div><div id="a234" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:299px;">VII. Drugs and Alcohol </div><div id="a238" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:336px;">Company<div style="display:inline-block;width:10.74px"> </div>policy<div style="display:inline-block;width:10.73px"> </div>prohibits<div style="display:inline-block;width:10.95px"> </div>the<div style="display:inline-block;width:10.69px"> </div>illegal<div style="display:inline-block;width:10.74px"> </div>use,<div style="display:inline-block;width:10.67px"> </div>sale,<div style="display:inline-block;width:10.8px"> </div>purchase,<div style="display:inline-block;width:10.82px"> </div>transfer,<div style="display:inline-block;width:11.46px"> </div>possession<div style="display:inline-block;width:10.75px"> </div>or </div><div id="a239" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:354px;">consumption of controlled substances, other than medically prescribed<div style="display:inline-block;width:2.49px"> </div>drugs, while on the </div><div id="a240" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:373px;">Company<div style="display:inline-block;width:6.42px"> </div>premises.<div style="display:inline-block;width:6.32px"> </div>Company<div style="display:inline-block;width:6.58px"> </div>policy<div style="display:inline-block;width:6.57px"> </div>also<div style="display:inline-block;width:6.39px"> </div>prohibits<div style="display:inline-block;width:6.63px"> </div>the<div style="display:inline-block;width:6.37px"> </div>use,<div style="display:inline-block;width:6.35px"> </div>sale,<div style="display:inline-block;width:6.48px"> </div>purchase,<div style="display:inline-block;width:6.5px"> </div>transfer<div style="display:inline-block;width:6.5px"> </div>or </div><div id="a242" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:391px;">possession of<div style="display:inline-block;width:5.9px"> </div>alcoholic beverages<div style="display:inline-block;width:5.88px"> </div>by Employees<div style="display:inline-block;width:6.19px"> </div>while on<div style="display:inline-block;width:5.89px"> </div>Company premises,<div style="display:inline-block;width:6.03px"> </div>except as </div><div id="a243" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:410px;">authorized by the Company. This policy requires<div style="display:inline-block;width:2.34px"> </div>the Company to abide<div style="display:inline-block;width:2.66px"> </div>by applicable laws </div><div id="a244" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:428px;">and regulations relative<div style="display:inline-block;width:2.32px"> </div>to the use of<div style="display:inline-block;width:2.15px"> </div>alcohol or other<div style="display:inline-block;width:2.54px"> </div>controlled substances. The Company, </div><div id="a246" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:446px;">in its<div style="display:inline-block;width:6.68px"> </div>discretion, reserves<div style="display:inline-block;width:6.41px"> </div>the right<div style="display:inline-block;width:6.55px"> </div>to randomly<div style="display:inline-block;width:6.55px"> </div>test Employees<div style="display:inline-block;width:6.37px"> </div>for the<div style="display:inline-block;width:6.44px"> </div>use<div style="display:inline-block;width:5.39px"> </div>of alcohol<div style="display:inline-block;width:6.46px"> </div>or </div><div id="a247" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:465px;">other controlled substances unless prohibited by prevailing local law. </div><div id="a250" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:502px;">VIII. Modern Slavery</div><div id="a255" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:539px;">Modern Slavery involves<div style="display:inline-block;width:5.93px"> </div>the deprivation of<div style="display:inline-block;width:5.94px"> </div>a person’s<div style="display:inline-block;width:6.29px"> </div>liberty by another<div style="display:inline-block;width:5.94px"> </div>to exploit<div style="display:inline-block;width:5.36px"> </div>them </div><div id="a256" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:557px;">for gain either personally or commercially. The Company<div style="display:inline-block;width:3.54px"> </div>is committed to a zero tolerance </div><div id="a262" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:576px;">approach towards modern slavery in its business dealings and relationships. </div><div id="a264" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:613px;">IX. Environmental Compliance </div><div id="a268" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:649px;">All<div style="display:inline-block;width:6.59px"> </div>Employees<div style="display:inline-block;width:6.5px"> </div>hereby<div style="display:inline-block;width:6.75px"> </div>agree<div style="display:inline-block;width:6.65px"> </div>to<div style="display:inline-block;width:6.59px"> </div>comply<div style="display:inline-block;width:6.73px"> </div>with<div style="display:inline-block;width:6.59px"> </div>the<div style="display:inline-block;width:6.69px"> </div>Company’s<div style="display:inline-block;width:7.46px"> </div>policy<div style="display:inline-block;width:6.73px"> </div>for<div style="display:inline-block;width:6.78px"> </div>environmental </div><div id="a278" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:668px;">compliance<div style="display:inline-block;width:12.98px"> </div>and<div style="display:inline-block;width:12.89px"> </div>to<div style="display:inline-block;width:13.03px"> </div>work<div style="display:inline-block;width:13.04px"> </div>towards<div style="display:inline-block;width:13.02px"> </div>achieving<div style="display:inline-block;width:13.03px"> </div>continual<div style="display:inline-block;width:12.94px"> </div>environmental<div style="display:inline-block;width:13.19px"> </div>protection </div><div id="a284" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:686px;">improvement. No violation of prevailing<div style="display:inline-block;width:2.65px"> </div>local or national environmental rules, regulations </div><div id="a286" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:705px;">or laws whatsoever is<div style="display:inline-block;width:5.81px"> </div>to the benefit<div style="display:inline-block;width:5.35px"> </div>of the Company<div style="display:inline-block;width:5.55px"> </div>and therefore the Company<div style="display:inline-block;width:5.95px"> </div>has zero </div><div id="a293" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:723px;">tolerance against any such violations. </div><div id="a299" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:770px;">X. Anti-corruption, Gifts and Hospitality </div><div id="a304" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:817px;">The<div style="display:inline-block;width:6.96px"> </div>Company<div style="display:inline-block;width:7.06px"> </div>is<div style="display:inline-block;width:7.09px"> </div>committed<div style="display:inline-block;width:6.93px"> </div>to<div style="display:inline-block;width:7.11px"> </div>complying<div style="display:inline-block;width:7.08px"> </div>with<div style="display:inline-block;width:6.75px"> </div>all<div style="display:inline-block;width:7.05px"> </div>applicable<div style="display:inline-block;width:6.9px"> </div>anti-corruption<div style="display:inline-block;width:7.26px"> </div>laws,<div style="display:inline-block;width:7.03px"> </div>to </div><div id="a315" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:835px;">denying any<div style="display:inline-block;width:5.83px"> </div>form of<div style="display:inline-block;width:5.97px"> </div>bribery and<div style="display:inline-block;width:6.1px"> </div>to conducting<div style="display:inline-block;width:5.93px"> </div>its worldwide<div style="display:inline-block;width:6.05px"> </div>business in<div style="display:inline-block;width:6.13px"> </div>an ethical,<div style="display:inline-block;width:5.94px"> </div>fair </div><div id="a326" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:853px;">and transparent manner. </div><div id="a328" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:877px;">It is strictly<div style="display:inline-block;width:6px"> </div>prohibited for<div style="display:inline-block;width:5.5px"> </div>Employees to<div style="display:inline-block;width:5.42px"> </div>offer to<div style="display:inline-block;width:5.88px"> </div>pay,<div style="display:inline-block;width:5.62px"> </div>pay,<div style="display:inline-block;width:5.78px"> </div>authorize payment<div style="display:inline-block;width:5.38px"> </div>or promise </div><div id="a329" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:895px;">to<div style="display:inline-block;width:6.27px"> </div>pay<div style="display:inline-block;width:6.18px"> </div>money<div style="display:inline-block;width:6.21px"> </div>or<div style="display:inline-block;width:6.19px"> </div>anything<div style="display:inline-block;width:6.25px"> </div>of<div style="display:inline-block;width:6.19px"> </div>value,<div style="display:inline-block;width:6.15px"> </div>directly<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:6.19px"> </div>indirectly,<div style="display:inline-block;width:7.25px"> </div>to<div style="display:inline-block;width:6.27px"> </div>a<div style="display:inline-block;width:6.24px"> </div>government<div style="display:inline-block;width:6.14px"> </div>official,<div style="display:inline-block;width:6.45px"> </div>an </div><div id="a332" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:914px;">existing or potential business partner or any<div style="display:inline-block;width:2.46px"> </div>other party, when such payment is intended to </div></div>
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<div id="a335" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:96px;">influence<div style="display:inline-block;width:6.72px"> </div>latter’s<div style="display:inline-block;width:7.39px"> </div>act<div style="display:inline-block;width:6.79px"> </div>or<div style="display:inline-block;width:7.15px"> </div>decision,<div style="display:inline-block;width:6.84px"> </div>to<div style="display:inline-block;width:6.91px"> </div>award<div style="display:inline-block;width:6.83px"> </div>or<div style="display:inline-block;width:6.99px"> </div>retain<div style="display:inline-block;width:7.1px"> </div>business,<div style="display:inline-block;width:6.89px"> </div>or<div style="display:inline-block;width:6.83px"> </div>to<div style="display:inline-block;width:6.91px"> </div>induce<div style="display:inline-block;width:6.95px"> </div>or<div style="display:inline-block;width:6.99px"> </div>reward </div><div id="a336" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:115px;">unethical or illegal behavior or a breach of duty. </div><div id="a338" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:138px;">Employees are<div style="display:inline-block;width:2.17px"> </div>not to<div style="display:inline-block;width:2.51px"> </div>request, receive,<div style="display:inline-block;width:2.02px"> </div>solicit, agree<div style="display:inline-block;width:2.42px"> </div>to receive,<div style="display:inline-block;width:2.17px"> </div>directly or<div style="display:inline-block;width:2.28px"> </div>indirectly, money </div><div id="a343" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:156px;">or anything of<div style="display:inline-block;width:1.99px"> </div>value that may<div style="display:inline-block;width:2.29px"> </div>reasonably be regarded<div style="display:inline-block;width:2.19px"> </div>as a bribe<div style="display:inline-block;width:2.22px"> </div>or as an<div style="display:inline-block;width:2.08px"> </div>improper incentive </div><div id="a344" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:175px;">for the Company’s business activities. </div><div id="a346" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:198px;">Gifts<div style="display:inline-block;width:7.52px"> </div>and<div style="display:inline-block;width:7.46px"> </div>hospitality<div style="display:inline-block;width:7.65px"> </div>must<div style="display:inline-block;width:7.44px"> </div>never<div style="display:inline-block;width:7.35px"> </div>be<div style="display:inline-block;width:7.46px"> </div>offered<div style="display:inline-block;width:7.86px"> </div>or<div style="display:inline-block;width:7.63px"> </div>provided<div style="display:inline-block;width:7.44px"> </div>with<div style="display:inline-block;width:7.55px"> </div>a<div style="display:inline-block;width:7.46px"> </div>purpose<div style="display:inline-block;width:7.58px"> </div>of<div style="display:inline-block;width:7.47px"> </div>trying<div style="display:inline-block;width:7.54px"> </div>to </div><div id="a347" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:217px;">improperly influence business conduct. </div><div id="a349" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:254px;">XI. Protection and Proper Use of Company Assets</div><div id="a355" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:291px;">The<div style="display:inline-block;width:5.36px"> </div>Company's<div style="display:inline-block;width:5.47px"> </div>assets<div style="display:inline-block;width:5.39px"> </div>are<div style="display:inline-block;width:5.59px"> </div>only<div style="display:inline-block;width:5.47px"> </div>to<div style="display:inline-block;width:5.47px"> </div>be<div style="display:inline-block;width:5.38px"> </div>used<div style="display:inline-block;width:5.39px"> </div>for<div style="display:inline-block;width:5.5px"> </div>legitimate<div style="display:inline-block;width:5.62px"> </div>business<div style="display:inline-block;width:5.45px"> </div>purposes<div style="display:inline-block;width:5.36px"> </div>and<div style="display:inline-block;width:5.38px"> </div>only<div style="display:inline-block;width:5.47px"> </div>by </div><div id="a356" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:309px;">authorized<div style="display:inline-block;width:5.6px"> </div>Employees<div style="display:inline-block;width:5.71px"> </div>or<div style="display:inline-block;width:5.87px"> </div>their<div style="display:inline-block;width:5.72px"> </div>designees.<div style="display:inline-block;width:5.64px"> </div>This<div style="display:inline-block;width:5.79px"> </div>applies<div style="display:inline-block;width:5.56px"> </div>to<div style="display:inline-block;width:5.63px"> </div>tangible<div style="display:inline-block;width:5.74px"> </div>assets<div style="display:inline-block;width:5.71px"> </div>(such<div style="display:inline-block;width:5.5px"> </div>as<div style="display:inline-block;width:5.71px"> </div>office </div><div id="a357" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:328px;">equipment, telephone, copy machines,<div style="display:inline-block;width:2.58px"> </div>etc.) and intangible assets<div style="display:inline-block;width:2.65px"> </div>(such as trade secrets and </div><div id="a359" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:346px;">confidential information). Employees<div style="display:inline-block;width:2.02px"> </div>have a responsibility<div style="display:inline-block;width:2.63px"> </div>to protect<div style="display:inline-block;width:2.65px"> </div>the Company's assets </div><div id="a360" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:365px;">from theft and loss and<div style="display:inline-block;width:5.44px"> </div>to ensure their efficient<div style="display:inline-block;width:5.55px"> </div>use.<div style="display:inline-block;width:8.49px"> </div>Theft, carelessness and waste have<div style="display:inline-block;width:5.59px"> </div>a </div><div id="a364" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:383px;">direct impact<div style="display:inline-block;width:2.28px"> </div>on the<div style="display:inline-block;width:2.53px"> </div>Company's profitability. If<div style="display:inline-block;width:2.62px"> </div>you become<div style="display:inline-block;width:2.57px"> </div>aware of<div style="display:inline-block;width:2.47px"> </div>theft, waste<div style="display:inline-block;width:2.41px"> </div>or misuse </div><div id="a366" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:401px;">of the Company's assets you should report this to your manager. </div><div id="a368" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:438px;">XII. Compliance with Laws, Rules and Regulations</div><div id="a374" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:475px;">It is the Company's<div style="display:inline-block;width:5.8px"> </div>policy to comply<div style="display:inline-block;width:5.49px"> </div>with all applicable laws,<div style="display:inline-block;width:5.61px"> </div>rules and regulations.<div style="display:inline-block;width:9.68px"> </div>It is </div><div id="a378" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:494px;">the<div style="display:inline-block;width:5.41px"> </div>personal<div style="display:inline-block;width:5.48px"> </div>responsibility<div style="display:inline-block;width:5.53px"> </div>of<div style="display:inline-block;width:5.39px"> </div>each<div style="display:inline-block;width:5.42px"> </div>Employee<div style="display:inline-block;width:5.53px"> </div>to<div style="display:inline-block;width:5.63px"> </div>adhere<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.47px"> </div>the<div style="display:inline-block;width:5.41px"> </div>standards<div style="display:inline-block;width:5.81px"> </div>and<div style="display:inline-block;width:5.38px"> </div>restrictions </div><div id="a379" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:512px;">imposed by those<div style="display:inline-block;width:2.09px"> </div>laws, rules<div style="display:inline-block;width:2.61px"> </div>and regulations,<div style="display:inline-block;width:2.6px"> </div>and in particular,<div style="display:inline-block;width:2.52px"> </div>those relating to<div style="display:inline-block;width:2.26px"> </div>accounting </div><div id="a381" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:531px;">and auditing matters. </div><div id="a383" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:568px;">Any<div style="display:inline-block;width:7.81px"> </div>Employee<div style="display:inline-block;width:7.77px"> </div>who<div style="display:inline-block;width:7.81px"> </div>is<div style="display:inline-block;width:8.05px"> </div>unsure<div style="display:inline-block;width:7.74px"> </div>whether<div style="display:inline-block;width:7.83px"> </div>a<div style="display:inline-block;width:7.94px"> </div>situation<div style="display:inline-block;width:7.93px"> </div>violates<div style="display:inline-block;width:7.83px"> </div>any<div style="display:inline-block;width:7.78px"> </div>applicable<div style="display:inline-block;width:7.86px"> </div>law,<div style="display:inline-block;width:8.82px"> </div>rule, </div><div id="a384" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:586px;">regulation or Company policy should contact the Company's outside legal counsel. </div><div id="a386" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:623px;">XIII. Corporate communications policy </div><div id="a391" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:660px;">Only<div style="display:inline-block;width:7.36px"> </div>certain<div style="display:inline-block;width:7.36px"> </div>designated<div style="display:inline-block;width:7.42px"> </div>Employees<div style="display:inline-block;width:7.31px"> </div>may<div style="display:inline-block;width:7.33px"> </div>discuss<div style="display:inline-block;width:7.53px"> </div>the<div style="display:inline-block;width:7.33px"> </div>Company<div style="display:inline-block;width:7.38px"> </div>with<div style="display:inline-block;width:7.39px"> </div>the<div style="display:inline-block;width:7.49px"> </div>news<div style="display:inline-block;width:7.28px"> </div>media, </div><div id="a392" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:678px;">securities analysts<div style="display:inline-block;width:5.63px"> </div>and investors.<div style="display:inline-block;width:5.68px"> </div>All inquiries<div style="display:inline-block;width:5.64px"> </div>from regulatory<div style="display:inline-block;width:5.87px"> </div>authorities or<div style="display:inline-block;width:5.79px"> </div>government </div><div id="a394" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:697px;">representatives<div style="display:inline-block;width:6.45px"> </div>should<div style="display:inline-block;width:6.61px"> </div>be<div style="display:inline-block;width:6.5px"> </div>referred<div style="display:inline-block;width:6.34px"> </div>to<div style="display:inline-block;width:6.59px"> </div>the<div style="display:inline-block;width:6.53px"> </div>appropriate<div style="display:inline-block;width:6.57px"> </div>designated<div style="display:inline-block;width:6.46px"> </div>Employee.<div style="display:inline-block;width:6.49px"> </div>Employees </div><div id="a399" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:715px;">exposed to media contact during<div style="display:inline-block;width:2.34px"> </div>their course of employment<div style="display:inline-block;width:2.65px"> </div>must not comment on<div style="display:inline-block;width:2.5px"> </div>rumors </div><div id="a403" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:733px;">or speculation regarding the Company’s activities. </div><div id="a406" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:770px;">XIV.<div style="display:inline-block;width:6px"> </div>Electronic communication </div><div id="a411" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:807px;">“Electronic<div style="display:inline-block;width:15.48px"> </div>communications”<div style="display:inline-block;width:15.62px"> </div>include<div style="display:inline-block;width:15.47px"> </div>all<div style="display:inline-block;width:15.53px"> </div>aspects<div style="display:inline-block;width:15.56px"> </div>of<div style="display:inline-block;width:15.47px"> </div>voice,<div style="display:inline-block;width:15.59px"> </div>video,<div style="display:inline-block;width:15.65px"> </div>and<div style="display:inline-block;width:15.46px"> </div>data </div><div id="a412" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:826px;">communications,<div style="display:inline-block;width:6.88px"> </div>such<div style="display:inline-block;width:6.83px"> </div>as<div style="display:inline-block;width:6.83px"> </div>voice<div style="display:inline-block;width:6.79px"> </div>mail,<div style="display:inline-block;width:6.92px"> </div>e-mail,<div style="display:inline-block;width:6.85px"> </div>fax,<div style="display:inline-block;width:6.77px"> </div>and<div style="display:inline-block;width:6.82px"> </div>Internet.<div style="display:inline-block;width:6.73px"> </div>Employees<div style="display:inline-block;width:6.83px"> </div>should<div style="display:inline-block;width:6.93px"> </div>use </div><div id="a415" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:844px;">electronic communications<div style="display:inline-block;width:5.73px"> </div>for business<div style="display:inline-block;width:5.68px"> </div>purposes and<div style="display:inline-block;width:5.78px"> </div>refrain from<div style="display:inline-block;width:5.63px"> </div>personal use<div style="display:inline-block;width:5.75px"> </div>while on </div><div id="a416" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:862px;">Company premises or when performing<div style="display:inline-block;width:2.54px"> </div>Company duties. Among other things, Employees </div><div id="a423" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:881px;">should<div style="display:inline-block;width:6.77px"> </div>not<div style="display:inline-block;width:6.75px"> </div>participate<div style="display:inline-block;width:6.56px"> </div>in<div style="display:inline-block;width:6.91px"> </div>any<div style="display:inline-block;width:6.66px"> </div>online<div style="display:inline-block;width:6.73px"> </div>forum<div style="display:inline-block;width:6.66px"> </div>where<div style="display:inline-block;width:6.83px"> </div>the<div style="display:inline-block;width:6.69px"> </div>business<div style="display:inline-block;width:6.73px"> </div>of<div style="display:inline-block;width:6.67px"> </div>the<div style="display:inline-block;width:6.85px"> </div>Company<div style="display:inline-block;width:6.74px"> </div>or<div style="display:inline-block;width:6.67px"> </div>its </div><div id="a424" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:899px;">customers or suppliers<div style="display:inline-block;width:5.94px"> </div>is discussed;<div style="display:inline-block;width:5.51px"> </div>such participation<div style="display:inline-block;width:5.52px"> </div>may give<div style="display:inline-block;width:5.39px"> </div>rise to<div style="display:inline-block;width:5.41px"> </div>a violation<div style="display:inline-block;width:5.46px"> </div>of the </div><div id="a430" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:918px;">Company’s<div style="display:inline-block;width:5.51px"> </div>confidentiality policy or<div style="display:inline-block;width:5.85px"> </div>subject the Company<div style="display:inline-block;width:6.03px"> </div>to legal action<div style="display:inline-block;width:5.85px"> </div>for defamation. </div><div id="a431" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:936px;">The Company reserves<div style="display:inline-block;width:2.41px"> </div>the right to<div style="display:inline-block;width:2.59px"> </div>inspect all electronic<div style="display:inline-block;width:2.34px"> </div>communications involving the<div style="display:inline-block;width:2.64px"> </div>use </div></div>
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<div id="a434" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:96px;">of the Company’s equipment, software, systems, or other facilities (“Systems”) within the </div><div id="a435" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:115px;">confines of applicable local law and Employees should not have an expectation of privacy </div><div id="a436" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:133px;">when using Company Systems. </div><div id="a438" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:170px;">XV.<div style="display:inline-block;width:5.99px"> </div>Securities Trading</div><div id="a442" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:207px;">Because<div style="display:inline-block;width:6.06px"> </div>we<div style="display:inline-block;width:6.3px"> </div>are<div style="display:inline-block;width:6.23px"> </div>a<div style="display:inline-block;width:6.18px"> </div>public<div style="display:inline-block;width:6.41px"> </div>company<div style="display:inline-block;width:6.15px"> </div>we<div style="display:inline-block;width:6.3px"> </div>are<div style="display:inline-block;width:6.07px"> </div>subject<div style="display:inline-block;width:6.52px"> </div>to<div style="display:inline-block;width:6.27px"> </div>a<div style="display:inline-block;width:6.18px"> </div>number<div style="display:inline-block;width:6.16px"> </div>of<div style="display:inline-block;width:6.19px"> </div>laws<div style="display:inline-block;width:6.19px"> </div>concerning<div style="display:inline-block;width:6.2px"> </div>the </div><div id="a443" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:226px;">purchase<div style="display:inline-block;width:6.5px"> </div>of<div style="display:inline-block;width:6.51px"> </div>our<div style="display:inline-block;width:6.67px"> </div>shares<div style="display:inline-block;width:6.74px"> </div>and<div style="display:inline-block;width:6.5px"> </div>other<div style="display:inline-block;width:6.48px"> </div>publicly<div style="display:inline-block;width:6.6px"> </div>traded<div style="display:inline-block;width:6.74px"> </div>securities.<div style="display:inline-block;width:6.46px"> </div>Company<div style="display:inline-block;width:6.58px"> </div>policy<div style="display:inline-block;width:6.73px"> </div>prohibits </div><div id="a444" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:244px;">Employees<div style="display:inline-block;width:7.79px"> </div>and<div style="display:inline-block;width:7.78px"> </div>their<div style="display:inline-block;width:7.8px"> </div>family<div style="display:inline-block;width:7.83px"> </div>members<div style="display:inline-block;width:7.75px"> </div>from<div style="display:inline-block;width:7.78px"> </div>trading<div style="display:inline-block;width:7.64px"> </div>securities<div style="display:inline-block;width:7.74px"> </div>while<div style="display:inline-block;width:7.81px"> </div>in<div style="display:inline-block;width:7.71px"> </div>possession<div style="display:inline-block;width:7.87px"> </div>of </div><div id="a445" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:262px;">material, non-public<div style="display:inline-block;width:2.26px"> </div>information relating<div style="display:inline-block;width:2.63px"> </div>to the<div style="display:inline-block;width:2.41px"> </div>Company or<div style="display:inline-block;width:2.53px"> </div>any other<div style="display:inline-block;width:2.42px"> </div>Company, including </div><div id="a449" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:281px;">a customer or supplier that has a significant relationship with the Company. </div><div id="a451" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:318px;">Information is "material"<div style="display:inline-block;width:5.67px"> </div>when there is<div style="display:inline-block;width:5.58px"> </div>a substantial likelihood<div style="display:inline-block;width:5.82px"> </div>that a reasonable<div style="display:inline-block;width:5.62px"> </div>investor </div><div id="a452" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:336px;">would<div style="display:inline-block;width:8.48px"> </div>consider<div style="display:inline-block;width:8.36px"> </div>the<div style="display:inline-block;width:8.45px"> </div>information<div style="display:inline-block;width:8.46px"> </div>important<div style="display:inline-block;width:8.51px"> </div>in<div style="display:inline-block;width:8.35px"> </div>deciding<div style="display:inline-block;width:8.43px"> </div>whether<div style="display:inline-block;width:8.31px"> </div>to<div style="display:inline-block;width:8.51px"> </div>buy,<div style="display:inline-block;width:9.52px"> </div>hold<div style="display:inline-block;width:8.51px"> </div>or<div style="display:inline-block;width:8.43px"> </div>sell </div><div id="a453" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:355px;">securities.<div style="display:inline-block;width:8.53px"> </div>In short, any information<div style="display:inline-block;width:5.95px"> </div>that could reasonably<div style="display:inline-block;width:5.56px"> </div>affect the price<div style="display:inline-block;width:5.64px"> </div>of securities is </div><div id="a458" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:373px;">material.<div style="display:inline-block;width:5.35px"> </div>Information is<div style="display:inline-block;width:6.67px"> </div>considered to<div style="display:inline-block;width:6.57px"> </div>be "public"<div style="display:inline-block;width:6.72px"> </div>only when<div style="display:inline-block;width:6.5px"> </div>it<div style="display:inline-block;width:5.35px"> </div>has<div style="display:inline-block;width:5.39px"> </div>been<div style="display:inline-block;width:5.48px"> </div>released to<div style="display:inline-block;width:6.51px"> </div>the </div><div id="a459" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:392px;">public through appropriate channels and enough<div style="display:inline-block;width:2.56px"> </div>time has elapsed to permit the investment </div><div id="a460" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:410px;">market to<div style="display:inline-block;width:5.53px"> </div>absorb and<div style="display:inline-block;width:5.44px"> </div>evaluate the<div style="display:inline-block;width:5.56px"> </div>information.<div style="display:inline-block;width:8.84px"> </div>If you<div style="display:inline-block;width:5.5px"> </div>have any<div style="display:inline-block;width:5.42px"> </div>doubt as<div style="display:inline-block;width:5.59px"> </div>to whether<div style="display:inline-block;width:5.46px"> </div>you </div><div id="a465" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:428px;">possess material<div style="display:inline-block;width:5.82px"> </div>nonpublic information,<div style="display:inline-block;width:5.91px"> </div>you should<div style="display:inline-block;width:5.97px"> </div>contact a<div style="display:inline-block;width:5.74px"> </div>manager and<div style="display:inline-block;width:5.98px"> </div>the advice<div style="display:inline-block;width:5.74px"> </div>of </div><div id="a466" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:447px;">legal counsel may be sought. </div><div id="a468" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:484px;">XVI. Disclosure </div><div id="a474" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:521px;">Employees<div style="display:inline-block;width:6.67px"> </div>are<div style="display:inline-block;width:6.87px"> </div>responsible<div style="display:inline-block;width:6.8px"> </div>for<div style="display:inline-block;width:6.78px"> </div>ensuring<div style="display:inline-block;width:6.66px"> </div>that<div style="display:inline-block;width:6.89px"> </div>the<div style="display:inline-block;width:6.69px"> </div>disclosure<div style="display:inline-block;width:6.8px"> </div>in<div style="display:inline-block;width:6.75px"> </div>the<div style="display:inline-block;width:6.69px"> </div>Company's<div style="display:inline-block;width:6.91px"> </div>periodic </div><div id="a475" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:539px;">reports is full, fair, accurate,<div style="display:inline-block;width:2.4px"> </div>timely and understandable.<div style="display:inline-block;width:6.91px"> </div>In doing so,<div style="display:inline-block;width:2.56px"> </div>Employees shall take </div><div id="a479" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:558px;">such action<div style="display:inline-block;width:2.3px"> </div>as is<div style="display:inline-block;width:2.56px"> </div>reasonably appropriate<div style="display:inline-block;width:2.32px"> </div>to (i)<div style="display:inline-block;width:2.53px"> </div>establish and<div style="display:inline-block;width:2.51px"> </div>comply with<div style="display:inline-block;width:2.44px"> </div>disclosure controls </div><div id="a481" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:576px;">and<div style="display:inline-block;width:6.66px"> </div>procedures<div style="display:inline-block;width:6.61px"> </div>and<div style="display:inline-block;width:6.66px"> </div>accounting<div style="display:inline-block;width:6.92px"> </div>and<div style="display:inline-block;width:6.66px"> </div>financial<div style="display:inline-block;width:6.59px"> </div>controls<div style="display:inline-block;width:6.85px"> </div>that<div style="display:inline-block;width:6.73px"> </div>are<div style="display:inline-block;width:6.55px"> </div>designed<div style="display:inline-block;width:6.64px"> </div>to<div style="display:inline-block;width:6.75px"> </div>ensure<div style="display:inline-block;width:6.56px"> </div>that </div><div id="a482" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:594px;">material information relating to the Company is made<div style="display:inline-block;width:2.37px"> </div>known to them; (ii) confirm that the </div><div id="a483" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:613px;">Company's<div style="display:inline-block;width:5.63px"> </div>periodic<div style="display:inline-block;width:5.5px"> </div>reports<div style="display:inline-block;width:5.65px"> </div>comply<div style="display:inline-block;width:5.61px"> </div>with<div style="display:inline-block;width:5.63px"> </div>applicable<div style="display:inline-block;width:5.62px"> </div>law,<div style="display:inline-block;width:6.58px"> </div>rules<div style="display:inline-block;width:5.7px"> </div>and<div style="display:inline-block;width:5.6px"> </div>regulations;<div style="display:inline-block;width:5.74px"> </div>and<div style="display:inline-block;width:5.54px"> </div>(iii) </div><div id="a485" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:631px;">ensure that<div style="display:inline-block;width:5.45px"> </div>information contained<div style="display:inline-block;width:5.47px"> </div>in the<div style="display:inline-block;width:5.61px"> </div>Company's periodic<div style="display:inline-block;width:5.37px"> </div>reports fairly<div style="display:inline-block;width:5.4px"> </div>presents in<div style="display:inline-block;width:5.52px"> </div>all </div><div id="a486" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:650px;">material respects the financial condition and results of operations of the Company. </div><div id="a488" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:687px;">Employees will<div style="display:inline-block;width:6.58px"> </div>not knowingly<div style="display:inline-block;width:6.63px"> </div>(i) make,<div style="display:inline-block;width:6.41px"> </div>or permit<div style="display:inline-block;width:6.83px"> </div>or direct<div style="display:inline-block;width:6.41px"> </div>another to<div style="display:inline-block;width:6.62px"> </div>make, materially </div><div id="a489" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:705px;">false or misleading<div style="display:inline-block;width:2.1px"> </div>entries in the<div style="display:inline-block;width:2.32px"> </div>Company's, or any<div style="display:inline-block;width:2.32px"> </div>of its subsidiaries,<div style="display:inline-block;width:2.31px"> </div>financial statements </div><div id="a492" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:724px;">or<div style="display:inline-block;width:7.31px"> </div>records;<div style="display:inline-block;width:7.35px"> </div>(ii)<div style="display:inline-block;width:7.33px"> </div>fail<div style="display:inline-block;width:7.32px"> </div>to<div style="display:inline-block;width:7.39px"> </div>correct<div style="display:inline-block;width:7.27px"> </div>materially<div style="display:inline-block;width:7.46px"> </div>false<div style="display:inline-block;width:7.4px"> </div>and<div style="display:inline-block;width:7.46px"> </div>misleading<div style="display:inline-block;width:7.39px"> </div>financial<div style="display:inline-block;width:7.39px"> </div>statements<div style="display:inline-block;width:7.34px"> </div>or </div><div id="a493" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:742px;">records; (iii)<div style="display:inline-block;width:6.4px"> </div>sign, or<div style="display:inline-block;width:6.56px"> </div>permit another<div style="display:inline-block;width:6.42px"> </div>to sign,<div style="display:inline-block;width:6.48px"> </div>a document<div style="display:inline-block;width:6.28px"> </div>containing materially<div style="display:inline-block;width:6.48px"> </div>false and </div><div id="a494" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:760px;">misleading information; or<div style="display:inline-block;width:5.44px"> </div>(iv) falsely respond,<div style="display:inline-block;width:5.51px"> </div>or fail to<div style="display:inline-block;width:5.61px"> </div>respond, to specific<div style="display:inline-block;width:5.71px"> </div>inquiries of </div><div id="a496" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:779px;">the Company's independent auditor or outside legal counsel. </div><div id="a498" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:816px;">XVII. Procedures Regarding Waivers</div><div id="a505" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:853px;">Because of<div style="display:inline-block;width:6.01px"> </div>the importance<div style="display:inline-block;width:6.24px"> </div>of the<div style="display:inline-block;width:6.16px"> </div>matters involved<div style="display:inline-block;width:6.19px"> </div>in this<div style="display:inline-block;width:6.2px"> </div>Code, waivers<div style="display:inline-block;width:6.07px"> </div>will be<div style="display:inline-block;width:6.25px"> </div>granted </div><div id="a506" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:871px;">only<div style="display:inline-block;width:12.19px"> </div>in<div style="display:inline-block;width:12.19px"> </div>limited<div style="display:inline-block;width:12.27px"> </div>circumstances<div style="display:inline-block;width:11.93px"> </div>and<div style="display:inline-block;width:12.26px"> </div>where<div style="display:inline-block;width:12.11px"> </div>such<div style="display:inline-block;width:12.27px"> </div>circumstances<div style="display:inline-block;width:12.09px"> </div>would<div style="display:inline-block;width:12.32px"> </div>support<div style="display:inline-block;width:12.16px"> </div>a </div><div id="a507" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:890px;">waiver.<div style="display:inline-block;width:10.95px"> </div>Waivers<div style="display:inline-block;width:7.5px"> </div>of<div style="display:inline-block;width:6.19px"> </div>the<div style="display:inline-block;width:6.21px"> </div>Code<div style="display:inline-block;width:6.23px"> </div>may<div style="display:inline-block;width:6.21px"> </div>only<div style="display:inline-block;width:6.27px"> </div>be<div style="display:inline-block;width:6.18px"> </div>made<div style="display:inline-block;width:5.99px"> </div>by<div style="display:inline-block;width:6.24px"> </div>the<div style="display:inline-block;width:6.21px"> </div>Audit<div style="display:inline-block;width:6.11px"> </div>Committee<div style="display:inline-block;width:6.02px"> </div>and<div style="display:inline-block;width:6.18px"> </div>will<div style="display:inline-block;width:6.31px"> </div>be </div><div id="a511" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:908px;">disclosed by the Company. </div></div>
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<div id="a517" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:96px;">XVIII. Internal Reporting</div><div id="a523" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:133px;">Employees<div style="display:inline-block;width:6.99px"> </div>shall<div style="display:inline-block;width:7.06px"> </div>take<div style="display:inline-block;width:6.95px"> </div>all<div style="display:inline-block;width:7.05px"> </div>appropriate<div style="display:inline-block;width:6.83px"> </div>action<div style="display:inline-block;width:6.99px"> </div>to<div style="display:inline-block;width:7.07px"> </div>stop<div style="display:inline-block;width:7.09px"> </div>any<div style="display:inline-block;width:6.98px"> </div>known<div style="display:inline-block;width:7.07px"> </div>misconduct<div style="display:inline-block;width:6.87px"> </div>by<div style="display:inline-block;width:7.04px"> </div>fellow </div><div id="a525" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:152px;">Employees or<div style="display:inline-block;width:2.46px"> </div>other Company<div style="display:inline-block;width:2.51px"> </div>personnel that<div style="display:inline-block;width:2.44px"> </div>violate this<div style="display:inline-block;width:2.62px"> </div>Code.<div style="display:inline-block;width:7.25px"> </div>Employees shall report<div style="display:inline-block;width:1.92px"> </div>any </div><div id="a529" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:170px;">known or<div style="display:inline-block;width:2.64px"> </div>suspected misconduct to<div style="display:inline-block;width:2.15px"> </div>the Chairman<div style="display:inline-block;width:2.64px"> </div>of the<div style="display:inline-block;width:2.64px"> </div>Audit Committee or<div style="display:inline-block;width:2px"> </div>the Company's </div><div id="a530" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:189px;">outside legal counsel.<div style="display:inline-block;width:6.65px"> </div>The Company will not<div style="display:inline-block;width:2.29px"> </div>retaliate or allow retaliation<div style="display:inline-block;width:2.3px"> </div>for reports made </div><div id="a535" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:207px;">in good faith.</div><div id="a537" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:120.03px;top:244px;">XIX. Ethics Hotline and Whistleblower Program </div><div id="a541" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:281px;">Employees may<div style="display:inline-block;width:6px"> </div>call the<div style="display:inline-block;width:6px"> </div>following number<div style="display:inline-block;width:5.87px"> </div>+30-210-9470195 and<div style="display:inline-block;width:5.97px"> </div>leave a<div style="display:inline-block;width:6.19px"> </div>voice message </div><div id="a546" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:300px;">with<div style="display:inline-block;width:7.23px"> </div>our<div style="display:inline-block;width:7.15px"> </div>whistleblower<div style="display:inline-block;width:7.11px"> </div>hotline<div style="display:inline-block;width:7.24px"> </div>answering<div style="display:inline-block;width:7.04px"> </div>service<div style="display:inline-block;width:7.18px"> </div>if<div style="display:inline-block;width:7.19px"> </div>they<div style="display:inline-block;width:7.17px"> </div>wish<div style="display:inline-block;width:7.21px"> </div>to<div style="display:inline-block;width:7.23px"> </div>ask<div style="display:inline-block;width:7.15px"> </div>questions,<div style="display:inline-block;width:7.07px"> </div>seek </div><div id="a547" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:318px;">guidance on specific situations or<div style="display:inline-block;width:5.52px"> </div>report violations of this Code,<div style="display:inline-block;width:5.59px"> </div>including but not limited </div><div id="a549" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:336px;">to<div style="display:inline-block;width:5.63px"> </div>accounting,<div style="display:inline-block;width:5.48px"> </div>internal<div style="display:inline-block;width:5.85px"> </div>controls<div style="display:inline-block;width:5.73px"> </div>and<div style="display:inline-block;width:5.54px"> </div>auditing<div style="display:inline-block;width:5.64px"> </div>matters.<div style="display:inline-block;width:5.71px"> </div>Employees<div style="display:inline-block;width:5.71px"> </div>may<div style="display:inline-block;width:5.73px"> </div>choose<div style="display:inline-block;width:5.65px"> </div>to<div style="display:inline-block;width:5.63px"> </div>remain </div><div id="a550" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:355px;">anonymous<div style="display:inline-block;width:6.87px"> </div>but<div style="display:inline-block;width:6.91px"> </div>even<div style="display:inline-block;width:6.76px"> </div>if<div style="display:inline-block;width:6.87px"> </div>they<div style="display:inline-block;width:6.85px"> </div>identify<div style="display:inline-block;width:6.87px"> </div>themselves,<div style="display:inline-block;width:6.83px"> </div>their<div style="display:inline-block;width:6.84px"> </div>contact<div style="display:inline-block;width:6.76px"> </div>with<div style="display:inline-block;width:6.91px"> </div>the<div style="display:inline-block;width:6.85px"> </div>whistleblower </div><div id="a551" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:373px;">hotline will remain strictly confidential. </div><div id="a553" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:410px;">Employees<div style="display:inline-block;width:10.35px"> </div>may<div style="display:inline-block;width:10.37px"> </div>also<div style="display:inline-block;width:10.39px"> </div>report<div style="display:inline-block;width:10.28px"> </div>violations<div style="display:inline-block;width:10.49px"> </div>in<div style="display:inline-block;width:10.43px"> </div>writing<div style="display:inline-block;width:10.26px"> </div>to<div style="display:inline-block;width:10.43px"> </div>the<div style="display:inline-block;width:10.37px"> </div>following<div style="display:inline-block;width:10.1px"> </div>email<div style="display:inline-block;width:10.38px"> </div>address </div><div id="a554" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:429px;">whistleblower@dianashippinginc.com<div style="display:inline-block;width:14.27px"> </div>or<div style="display:inline-block;width:14.19px"> </div>through<div style="display:inline-block;width:14.23px"> </div>the<div style="display:inline-block;width:14.21px"> </div>Company’s<div style="display:inline-block;width:15.14px"> </div>Whistleblowing </div><div id="a558" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:447px;">Channel, on its website</div><div id="a561" style="position:absolute;font-family:'Times New Roman';color:#000066;left:269.83px;top:447px;">. </div><div id="a563" style="position:absolute;font-family:'Times New Roman';left:277.99px;top:447px;">Employees may choose to be anonymous, however,<div style="display:inline-block;width:5.64px"> </div>it will not be </div><div id="a564" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:465px;">possible<div style="display:inline-block;width:6.43px"> </div>to<div style="display:inline-block;width:6.43px"> </div>obtain<div style="display:inline-block;width:6.41px"> </div>follow-up<div style="display:inline-block;width:6.21px"> </div>details<div style="display:inline-block;width:6.39px"> </div>necessary<div style="display:inline-block;width:6.29px"> </div>to<div style="display:inline-block;width:6.59px"> </div>investigate<div style="display:inline-block;width:6.37px"> </div>the<div style="display:inline-block;width:6.37px"> </div>matter.<div style="display:inline-block;width:7.38px"> </div>In<div style="display:inline-block;width:6.35px"> </div>either<div style="display:inline-block;width:6.3px"> </div>case, </div><div id="a567" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:484px;">employee information will be kept<div style="display:inline-block;width:2.44px"> </div>strictly confidential, thus there should<div style="display:inline-block;width:2.63px"> </div>be no fear of any </div><div id="a570" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:502px;">form<div style="display:inline-block;width:8.42px"> </div>of<div style="display:inline-block;width:8.43px"> </div>retaliation.<div style="display:inline-block;width:8.42px"> </div>The<div style="display:inline-block;width:8.56px"> </div>whistleblower<div style="display:inline-block;width:8.39px"> </div>hotline<div style="display:inline-block;width:8.52px"> </div>answering<div style="display:inline-block;width:8.32px"> </div>service<div style="display:inline-block;width:8.46px"> </div>and<div style="display:inline-block;width:8.58px"> </div>email<div style="display:inline-block;width:8.46px"> </div>will<div style="display:inline-block;width:8.55px"> </div>be </div><div id="a571" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:521px;">accessible<div style="display:inline-block;width:6.67px"> </div>only<div style="display:inline-block;width:6.75px"> </div>to<div style="display:inline-block;width:6.75px"> </div>the<div style="display:inline-block;width:6.69px"> </div>Chairman<div style="display:inline-block;width:6.83px"> </div>of<div style="display:inline-block;width:6.67px"> </div>the<div style="display:inline-block;width:6.85px"> </div>Audit<div style="display:inline-block;width:6.75px"> </div>Committee<div style="display:inline-block;width:6.82px"> </div>and<div style="display:inline-block;width:6.66px"> </div>the<div style="display:inline-block;width:6.69px"> </div>Company’s<div style="display:inline-block;width:7.75px"> </div>Internal </div><div id="a572" style="position:absolute;font-family:'Times New Roman';left:120.03px;top:539px;">Auditor.</div></div>
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<DOCUMENT>
<TYPE>EX-11.2
<SEQUENCE>10
<FILENAME>exhibit112.htm
<DESCRIPTION>EX-11.2
<TEXT>
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<div id="a3" style="position:absolute;font-family:'Verdana';font-size:24px;left:130.59px;top:130px;">Policies and Procedures to Detect and Prevent </div><div id="a4" style="position:absolute;font-family:'Verdana';font-size:24px;left:317.67px;top:159px;">Insider Trading </div><div id="a6" style="position:absolute;font-family:'Arial';font-weight:bold;left:337.99px;top:208px;">DIANA SHIPPING INC. </div><div id="a9" style="position:absolute;font-family:'Arial';font-weight:bold;left:290.63px;top:239px;">FOURTH AMENDED AND RESTATED</div><div id="a13" style="position:absolute;font-family:'Arial';font-weight:bold;left:255.75px;top:255px;">POLICIES AND PROCEDURES TO DETECT AND</div><div id="a15" style="position:absolute;font-family:'Arial';font-weight:bold;left:315.43px;top:270px;">PREVENT INSIDER TRADING </div><div id="a18" style="position:absolute;font-family:'Arial';left:289.19px;top:300px;">REVISED AS OF NOVEMBER 20,<div style="display:inline-block;width:4.37px"> </div>2024 </div><div id="a23" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:326px;">GENERAL </div><div id="a25" style="position:absolute;font-family:'Arial';left:120.03px;top:354px;">The Securities<div style="display:inline-block;width:5.68px"> </div>Exchange Act<div style="display:inline-block;width:5.74px"> </div>of 1934<div style="display:inline-block;width:5.61px"> </div>prohibits the<div style="display:inline-block;width:5.73px"> </div>misuse of<div style="display:inline-block;width:5.57px"> </div>material, non-public<div style="display:inline-block;width:6.09px"> </div>information. In </div><div id="a28" style="position:absolute;font-family:'Arial';left:120.03px;top:370px;">order<div style="display:inline-block;width:5.8px"> </div>to<div style="display:inline-block;width:5.72px"> </div>avoid<div style="display:inline-block;width:6.01px"> </div>even<div style="display:inline-block;width:5.76px"> </div>the<div style="display:inline-block;width:5.86px"> </div>appearance<div style="display:inline-block;width:6.01px"> </div>of<div style="display:inline-block;width:5.88px"> </div>impropriety,<div style="display:inline-block;width:7.14px"> </div>the<div style="display:inline-block;width:5.7px"> </div>Company<div style="display:inline-block;width:6.04px"> </div>has<div style="display:inline-block;width:5.95px"> </div>instituted<div style="display:inline-block;width:5.89px"> </div>procedures<div style="display:inline-block;width:6.04px"> </div>to </div><div id="a29" style="position:absolute;font-family:'Arial';left:120.03px;top:385px;">prevent the misuse of non-public information. </div><div id="a34" style="position:absolute;font-family:'Arial';left:120.03px;top:416px;">Although "insider trading"<div style="display:inline-block;width:2.08px"> </div>is not<div style="display:inline-block;width:2.34px"> </div>defined in the<div style="display:inline-block;width:1.86px"> </div>securities laws, it<div style="display:inline-block;width:1.88px"> </div>is generally thought<div style="display:inline-block;width:2.11px"> </div>to be<div style="display:inline-block;width:2.3px"> </div>described </div><div id="a35" style="position:absolute;font-family:'Arial';left:120.03px;top:431px;">as trading<div style="display:inline-block;width:5.2px"> </div>either personally<div style="display:inline-block;width:5.44px"> </div>or on<div style="display:inline-block;width:5.09px"> </div>behalf of<div style="display:inline-block;width:5.21px"> </div>others on<div style="display:inline-block;width:5.11px"> </div>the basis<div style="display:inline-block;width:5.25px"> </div>of material<div style="display:inline-block;width:5.2px"> </div>non-public information </div><div id="a38" style="position:absolute;font-family:'Arial';left:120.03px;top:446px;">or communicating material non-public information to others<div style="display:inline-block;width:5.04px"> </div>in violation of the law. </div><div id="a43" style="position:absolute;font-family:'Arial';left:120.03px;top:462px;">This policy (the "Policy")<div style="display:inline-block;width:5.41px"> </div>will be administered and<div style="display:inline-block;width:5.21px"> </div>supervised by the Company’s<div style="display:inline-block;width:5.72px"> </div>Chief Accounting </div><div id="a44" style="position:absolute;font-family:'Arial';left:120.03px;top:477px;">Officer. Please<div style="display:inline-block;width:5.08px"> </div>pay special attention to the "Blackout"<div style="display:inline-block;width:5.32px"> </div>and "Trading Window" policies<div style="display:inline-block;width:5.29px"> </div>discussed in </div><div id="a45" style="position:absolute;font-family:'Arial';left:120.03px;top:492px;">this memorandum. </div><div id="a47" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:518px;">WHOM DOES THE POLICY COVER? </div><div id="a49" style="position:absolute;font-family:'Arial';left:120.03px;top:546px;">The Policy<div style="display:inline-block;width:5.84px"> </div>covers all<div style="display:inline-block;width:5.67px"> </div>of the<div style="display:inline-block;width:5.81px"> </div>Company’s officers,<div style="display:inline-block;width:6.43px"> </div>directors and<div style="display:inline-block;width:5.79px"> </div>employees ("insiders"),<div style="display:inline-block;width:6.45px"> </div>as well<div style="display:inline-block;width:5.49px"> </div>as </div><div id="a50" style="position:absolute;font-family:'Arial';left:120.03px;top:561px;">any transactions in any Company securities (“securities”) participated in by family members, trusts </div><div id="a55" style="position:absolute;font-family:'Arial';left:120.03px;top:577px;">or<div style="display:inline-block;width:7.23px"> </div>corporations<div style="display:inline-block;width:7.4px"> </div>directly<div style="display:inline-block;width:7.38px"> </div>or<div style="display:inline-block;width:7.39px"> </div>indirectly<div style="display:inline-block;width:7.28px"> </div>controlled<div style="display:inline-block;width:7.38px"> </div>by<div style="display:inline-block;width:7.41px"> </div>insiders.<div style="display:inline-block;width:7.35px"> </div>In<div style="display:inline-block;width:7.16px"> </div>addition,<div style="display:inline-block;width:7.39px"> </div>the<div style="display:inline-block;width:7.3px"> </div>Policy<div style="display:inline-block;width:7.3px"> </div>applies<div style="display:inline-block;width:7.36px"> </div>to </div><div id="a56" style="position:absolute;font-family:'Arial';left:120.03px;top:592px;">transactions engaged in by<div style="display:inline-block;width:2.23px"> </div>corporations in which the<div style="display:inline-block;width:2.06px"> </div>insider is an<div style="display:inline-block;width:2.26px"> </div>officer, director or 10% or greater </div><div id="a57" style="position:absolute;font-family:'Arial';left:120.03px;top:607px;">stockholder and a partnership<div style="display:inline-block;width:5.67px"> </div>of which the insider<div style="display:inline-block;width:5.36px"> </div>is a partner,<div style="display:inline-block;width:5.65px"> </div>unless the insider<div style="display:inline-block;width:5.13px"> </div>has no direct or </div><div id="a59" style="position:absolute;font-family:'Arial';left:120.03px;top:623px;">indirect control over the partnership. </div><div id="a62" style="position:absolute;font-family:'Arial';left:120.03px;top:653px;">The Company forbids<div style="display:inline-block;width:5.36px"> </div>any insider from<div style="display:inline-block;width:5.37px"> </div>trading, either<div style="display:inline-block;width:5.04px"> </div>for his or<div style="display:inline-block;width:5.3px"> </div>her personal account<div style="display:inline-block;width:5.41px"> </div>or on behalf </div><div id="a63" style="position:absolute;font-family:'Arial';left:120.03px;top:669px;">of others, while<div style="display:inline-block;width:5.72px"> </div>in possession<div style="display:inline-block;width:5.14px"> </div>of material<div style="display:inline-block;width:5.04px"> </div>non-public information,<div style="display:inline-block;width:5.52px"> </div>or communicating<div style="display:inline-block;width:5.27px"> </div>material non-</div><div id="a67" style="position:absolute;font-family:'Arial';left:120.03px;top:684px;">public information<div style="display:inline-block;width:5.68px"> </div>to others<div style="display:inline-block;width:5.6px"> </div>in violation<div style="display:inline-block;width:5.57px"> </div>of the<div style="display:inline-block;width:5.65px"> </div>law.<div style="display:inline-block;width:5.28px"> </div>This prohibited<div style="display:inline-block;width:5.7px"> </div>conduct is<div style="display:inline-block;width:5.65px"> </div>often referred<div style="display:inline-block;width:5.56px"> </div>to as </div><div id="a69" style="position:absolute;font-family:'Arial';left:120.03px;top:699px;">"insider trading". </div><div id="a71" style="position:absolute;font-family:'Arial';left:144.03px;top:723px;">●</div><div id="a72" style="position:absolute;font-family:'Arial';left:150.11px;top:723px;"><div style="display:inline-block;width:17.92px"> </div>The<div style="display:inline-block;width:6.08px"> </div>Policy<div style="display:inline-block;width:6.02px"> </div>extends<div style="display:inline-block;width:6.29px"> </div>to<div style="display:inline-block;width:6.04px"> </div>each<div style="display:inline-block;width:6.08px"> </div>insider’s<div style="display:inline-block;width:5.92px"> </div>activities<div style="display:inline-block;width:6.2px"> </div>within<div style="display:inline-block;width:6.21px"> </div>and<div style="display:inline-block;width:6.16px"> </div>outside<div style="display:inline-block;width:6.14px"> </div>his/her<div style="display:inline-block;width:6.22px"> </div>duties<div style="display:inline-block;width:6.16px"> </div>at<div style="display:inline-block;width:5.88px"> </div>the </div><div id="a74" style="position:absolute;font-family:'Arial';left:168.03px;top:738px;">Company. Each<div style="display:inline-block;width:5.06px"> </div>insider must read and retain this statement. </div><div id="a77" style="position:absolute;font-family:'Arial';left:144.03px;top:761px;">●</div><div id="a78" style="position:absolute;font-family:'Arial';left:150.11px;top:761px;"><div style="display:inline-block;width:17.92px"> </div>Failure<div style="display:inline-block;width:5.49px"> </div>to<div style="display:inline-block;width:5.56px"> </div>comply<div style="display:inline-block;width:5.78px"> </div>with<div style="display:inline-block;width:5.66px"> </div>the<div style="display:inline-block;width:5.7px"> </div>Policy<div style="display:inline-block;width:5.7px"> </div>may<div style="display:inline-block;width:5.47px"> </div>cause<div style="display:inline-block;width:5.84px"> </div>an<div style="display:inline-block;width:5.55px"> </div>employee<div style="display:inline-block;width:5.62px"> </div>to<div style="display:inline-block;width:5.72px"> </div>be<div style="display:inline-block;width:5.39px"> </div>subject<div style="display:inline-block;width:5.76px"> </div>to<div style="display:inline-block;width:5.56px"> </div>disciplinary </div><div id="a80" style="position:absolute;font-family:'Arial';left:168.03px;top:777px;">action. </div><div id="a82" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:802px;">WHAT IS INSIDER TRADING? </div><div id="a84" style="position:absolute;font-family:'Arial';left:120.03px;top:830px;">The term "insider trading" generally<div style="display:inline-block;width:5.07px"> </div>is used to refer to trading while<div style="display:inline-block;width:5.23px"> </div>in possession of material non-</div><div id="a86" style="position:absolute;font-family:'Arial';left:120.03px;top:845px;">public information<div style="display:inline-block;width:5.52px"> </div>(whether or<div style="display:inline-block;width:5.64px"> </div>not one<div style="display:inline-block;width:5.29px"> </div>is an<div style="display:inline-block;width:5.39px"> </div>"insider") and/or<div style="display:inline-block;width:5.69px"> </div>to communications<div style="display:inline-block;width:5.77px"> </div>of material<div style="display:inline-block;width:5.36px"> </div>non-</div><div id="a88" style="position:absolute;font-family:'Arial';left:120.03px;top:861px;">public information to<div style="display:inline-block;width:5.47px"> </div>others. The law<div style="display:inline-block;width:5.37px"> </div>in this area<div style="display:inline-block;width:5.44px"> </div>is generally understood<div style="display:inline-block;width:5.63px"> </div>to prohibit, among<div style="display:inline-block;width:5.38px"> </div>other </div><div id="a90" style="position:absolute;font-family:'Arial';left:120.03px;top:876px;">things: </div><div id="a92" style="position:absolute;font-family:'Arial';left:144.03px;top:899px;">●</div><div id="a93" style="position:absolute;font-family:'Arial';left:150.11px;top:899px;"><div style="display:inline-block;width:17.92px"> </div>trading by an insider while in possession of material non<div style="display:inline-block;width:1.42px"> </div>-public information; </div></div>
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<div id="a101" style="position:absolute;font-family:'Arial';left:144.03px;top:97px;">●</div><div id="a102" style="position:absolute;font-family:'Arial';left:150.11px;top:97px;"><div style="display:inline-block;width:17.92px"> </div>trading by a non-insider<div style="display:inline-block;width:5.26px"> </div>while in possession of<div style="display:inline-block;width:5.38px"> </div>material non-public information,<div style="display:inline-block;width:5.16px"> </div>where the </div><div id="a108" style="position:absolute;font-family:'Arial';left:168.03px;top:112px;">information either was disclosed<div style="display:inline-block;width:5.12px"> </div>to the non-insider in violation<div style="display:inline-block;width:5.39px"> </div>of an insider’s duty to keep </div><div id="a111" style="position:absolute;font-family:'Arial';left:168.03px;top:128px;">it confidential or the information was misappropriated; </div><div id="a113" style="position:absolute;font-family:'Arial';left:144.03px;top:151px;">●</div><div id="a114" style="position:absolute;font-family:'Arial';left:150.11px;top:151px;"><div style="display:inline-block;width:17.92px"> </div>trading while<div style="display:inline-block;width:6.08px"> </div>in possession<div style="display:inline-block;width:6.42px"> </div>of material<div style="display:inline-block;width:6px"> </div>non-public<div style="display:inline-block;width:5.19px"> </div>information<div style="display:inline-block;width:5.03px"> </div>concerning<div style="display:inline-block;width:5.11px"> </div>a tender<div style="display:inline-block;width:6.15px"> </div>offer; </div><div id="a118" style="position:absolute;font-family:'Arial';left:168.03px;top:166px;">and </div><div id="a120" style="position:absolute;font-family:'Arial';left:144.03px;top:190px;">●</div><div id="a121" style="position:absolute;font-family:'Arial';left:150.11px;top:190px;"><div style="display:inline-block;width:17.92px"> </div>wrongfully communicating, or "tipping", material<div style="display:inline-block;width:2.29px"> </div>non-public information to others or making </div><div id="a127" style="position:absolute;font-family:'Arial';left:168.03px;top:205px;">any<div style="display:inline-block;width:8.99px"> </div>recommendations<div style="display:inline-block;width:9.49px"> </div>or<div style="display:inline-block;width:8.99px"> </div>expressing<div style="display:inline-block;width:9.22px"> </div>opinions<div style="display:inline-block;width:9.25px"> </div>on<div style="display:inline-block;width:9.07px"> </div>the<div style="display:inline-block;width:9.06px"> </div>basis<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9.08px"> </div>material<div style="display:inline-block;width:9.35px"> </div>non-public </div><div id="a132" style="position:absolute;font-family:'Arial';left:168.03px;top:220px;">information<div style="display:inline-block;width:7.91px"> </div>as<div style="display:inline-block;width:7.73px"> </div>to<div style="display:inline-block;width:7.64px"> </div>trading<div style="display:inline-block;width:8.04px"> </div>in<div style="display:inline-block;width:7.58px"> </div>Company<div style="display:inline-block;width:7.96px"> </div>securities<div style="display:inline-block;width:7.91px"> </div>unless<div style="display:inline-block;width:7.85px"> </div>such<div style="display:inline-block;width:7.79px"> </div>disclosure<div style="display:inline-block;width:7.89px"> </div>is<div style="display:inline-block;width:7.8px"> </div>made<div style="display:inline-block;width:7.9px"> </div>in </div><div id="a135" style="position:absolute;font-family:'Arial';left:168.03px;top:236px;">accordance<div style="display:inline-block;width:8.94px"> </div>with<div style="display:inline-block;width:8.86px"> </div>Company<div style="display:inline-block;width:9.24px"> </div>policies<div style="display:inline-block;width:8.83px"> </div>regarding<div style="display:inline-block;width:8.85px"> </div>the<div style="display:inline-block;width:9.06px"> </div>protection<div style="display:inline-block;width:8.88px"> </div>or<div style="display:inline-block;width:8.83px"> </div>authorized<div style="display:inline-block;width:9.29px"> </div>external </div><div id="a138" style="position:absolute;font-family:'Arial';left:168.03px;top:251px;">disclosure of<div style="display:inline-block;width:5.13px"> </div>information. This<div style="display:inline-block;width:5.2px"> </div>prohibition applies<div style="display:inline-block;width:5.27px"> </div>whether or<div style="display:inline-block;width:5.26px"> </div>not the<div style="display:inline-block;width:5.05px"> </div>insider receives<div style="display:inline-block;width:5.34px"> </div>any </div><div id="a141" style="position:absolute;font-family:'Arial';left:168.03px;top:266px;">benefit from the use of that information by the other person<div style="display:inline-block;width:5.13px"> </div>or entity.</div><div id="a147" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:320px;">THE INSIDER CONCEPT </div><div id="a149" style="position:absolute;font-family:'Arial';left:120.03px;top:348px;">As a general guide for our directors, officers and employees,<div style="display:inline-block;width:5.26px"> </div>components of what amounts to </div><div id="a150" style="position:absolute;font-family:'Arial';left:120.03px;top:364px;">"insider trading" are described below: </div><div id="a153" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:394px;">Who is an insider? </div><div id="a156" style="position:absolute;font-family:'Arial';left:120.03px;top:425px;">The<div style="display:inline-block;width:6.08px"> </div>concept<div style="display:inline-block;width:6.29px"> </div>of<div style="display:inline-block;width:6.04px"> </div>"insider"<div style="display:inline-block;width:6.33px"> </div>is<div style="display:inline-block;width:6.09px"> </div>broad.<div style="display:inline-block;width:6.03px"> </div>It<div style="display:inline-block;width:6.22px"> </div>includes<div style="display:inline-block;width:6.16px"> </div>officers,<div style="display:inline-block;width:6.55px"> </div>directors,<div style="display:inline-block;width:6.19px"> </div>trustees,<div style="display:inline-block;width:6.19px"> </div>and<div style="display:inline-block;width:6.16px"> </div>employees<div style="display:inline-block;width:6.34px"> </div>of<div style="display:inline-block;width:6.2px"> </div>a </div><div id="a157" style="position:absolute;font-family:'Arial';left:120.03px;top:440px;">company.<div style="display:inline-block;width:6.61px"> </div>In<div style="display:inline-block;width:5.56px"> </div>addition,<div style="display:inline-block;width:5.79px"> </div>a<div style="display:inline-block;width:5.41px"> </div>person<div style="display:inline-block;width:5.8px"> </div>can<div style="display:inline-block;width:5.63px"> </div>be<div style="display:inline-block;width:5.55px"> </div>a<div style="display:inline-block;width:5.41px"> </div>"temporary<div style="display:inline-block;width:5.91px"> </div>insider"<div style="display:inline-block;width:5.61px"> </div>if<div style="display:inline-block;width:5.52px"> </div>he<div style="display:inline-block;width:5.55px"> </div>or<div style="display:inline-block;width:5.47px"> </div>she<div style="display:inline-block;width:5.63px"> </div>enters<div style="display:inline-block;width:5.81px"> </div>into<div style="display:inline-block;width:5.63px"> </div>a<div style="display:inline-block;width:5.41px"> </div>special </div><div id="a158" style="position:absolute;font-family:'Arial';left:120.03px;top:456px;">confidential relationship<div style="display:inline-block;width:6.33px"> </div>in the<div style="display:inline-block;width:5.59px"> </div>conduct of<div style="display:inline-block;width:6.08px"> </div>a company’s<div style="display:inline-block;width:6.49px"> </div>affairs<div style="display:inline-block;width:5.1px"> </div>and as<div style="display:inline-block;width:5.89px"> </div>a result<div style="display:inline-block;width:6.05px"> </div>is given<div style="display:inline-block;width:5.85px"> </div>access to </div><div id="a160" style="position:absolute;font-family:'Arial';left:120.03px;top:471px;">information solely for<div style="display:inline-block;width:5.64px"> </div>the company’s<div style="display:inline-block;width:5.33px"> </div>purposes. A<div style="display:inline-block;width:5.13px"> </div>temporary insider<div style="display:inline-block;width:5.09px"> </div>can include,<div style="display:inline-block;width:5.13px"> </div>among others,<div style="display:inline-block;width:5.03px"> </div>a </div><div id="a161" style="position:absolute;font-family:'Arial';left:120.03px;top:486px;">company’s attorneys, accountants, consultants, bank lending officers, and the employees of those </div><div id="a162" style="position:absolute;font-family:'Arial';left:120.03px;top:502px;">organizations. </div><div id="a165" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:532px;">What information is material? </div><div id="a168" style="position:absolute;font-family:'Arial';left:120.03px;top:563px;">Trading on information that<div style="display:inline-block;width:2.26px"> </div>is "material" is<div style="display:inline-block;width:2.09px"> </div>prohibited. Information generally is<div style="display:inline-block;width:1.96px"> </div>considered "material" </div><div id="a170" style="position:absolute;font-family:'Arial';left:120.03px;top:578px;">if: </div><div id="a172" style="position:absolute;font-family:'Arial';left:144.03px;top:602px;">●</div><div id="a173" style="position:absolute;font-family:'Arial';left:150.11px;top:602px;"><div style="display:inline-block;width:17.92px"> </div>there is a substantial<div style="display:inline-block;width:5.72px"> </div>likelihood that a<div style="display:inline-block;width:5.15px"> </div>reasonable investor<div style="display:inline-block;width:5.06px"> </div>would consider the<div style="display:inline-block;width:5.43px"> </div>information </div><div id="a175" style="position:absolute;font-family:'Arial';left:168.03px;top:617px;">important in making an investment decision, or </div><div id="a177" style="position:absolute;font-family:'Arial';left:144.03px;top:640px;">●</div><div id="a178" style="position:absolute;font-family:'Arial';left:150.11px;top:640px;"><div style="display:inline-block;width:17.92px"> </div>the<div style="display:inline-block;width:6.66px"> </div>information<div style="display:inline-block;width:6.95px"> </div>is<div style="display:inline-block;width:6.57px"> </div>reasonably<div style="display:inline-block;width:6.87px"> </div>certain<div style="display:inline-block;width:6.86px"> </div>to<div style="display:inline-block;width:6.68px"> </div>have<div style="display:inline-block;width:6.72px"> </div>a<div style="display:inline-block;width:6.69px"> </div>substantial<div style="display:inline-block;width:6.91px"> </div>effect<div style="display:inline-block;width:6.96px"> </div>on<div style="display:inline-block;width:6.67px"> </div>the<div style="display:inline-block;width:6.82px"> </div>price<div style="display:inline-block;width:6.74px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the </div><div id="a182" style="position:absolute;font-family:'Arial';left:168.03px;top:656px;">Company’s securities. </div><div id="a186" style="position:absolute;font-family:'Arial';left:120.03px;top:686px;">Information that should be considered material includes: dividend changes, earnings<div style="display:inline-block;width:2.35px"> </div>estimates not </div><div id="a187" style="position:absolute;font-family:'Arial';left:120.03px;top:702px;">previously disseminated,<div style="display:inline-block;width:6.43px"> </div>material changes<div style="display:inline-block;width:6.39px"> </div>in previously<div style="display:inline-block;width:1.47px"> </div>-released earnings<div style="display:inline-block;width:6.33px"> </div>estimates,<div style="display:inline-block;width:5.08px"> </div>significant </div><div id="a190" style="position:absolute;font-family:'Arial';left:120.03px;top:717px;">merger<div style="display:inline-block;width:10.42px"> </div>or<div style="display:inline-block;width:10.43px"> </div>acquisition<div style="display:inline-block;width:10.69px"> </div>proposals<div style="display:inline-block;width:10.74px"> </div>or<div style="display:inline-block;width:10.43px"> </div>agreements,<div style="display:inline-block;width:10.66px"> </div>major<div style="display:inline-block;width:10.47px"> </div>litigation,<div style="display:inline-block;width:10.69px"> </div>liquidity<div style="display:inline-block;width:10.59px"> </div>problems,<div style="display:inline-block;width:10.49px"> </div>and </div><div id="a192" style="position:absolute;font-family:'Arial';left:120.03px;top:732px;">extraordinary management developments. </div><div id="a195" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:763px;">What information is non-public?</div><div id="a200" style="position:absolute;font-family:'Arial';left:120.03px;top:794px;">Information<div style="display:inline-block;width:6.69px"> </div>is<div style="display:inline-block;width:6.41px"> </div>non-public<div style="display:inline-block;width:6.88px"> </div>until<div style="display:inline-block;width:6.52px"> </div>it<div style="display:inline-block;width:6.48px"> </div>has<div style="display:inline-block;width:6.43px"> </div>been<div style="display:inline-block;width:6.62px"> </div>effectively<div style="display:inline-block;width:7.11px"> </div>communicated<div style="display:inline-block;width:6.6px"> </div>to<div style="display:inline-block;width:6.52px"> </div>the<div style="display:inline-block;width:6.66px"> </div>market<div style="display:inline-block;width:6.61px"> </div>place.<div style="display:inline-block;width:6.48px"> </div>For </div><div id="a203" style="position:absolute;font-family:'Arial';left:120.03px;top:809px;">example, information<div style="display:inline-block;width:6.49px"> </div>found<div style="display:inline-block;width:5.17px"> </div>in a<div style="display:inline-block;width:6.11px"> </div>report filed<div style="display:inline-block;width:6.38px"> </div>with<div style="display:inline-block;width:5.02px"> </div>the U.S.<div style="display:inline-block;width:6.32px"> </div>Securities<div style="display:inline-block;width:5.21px"> </div>and<div style="display:inline-block;width:5.04px"> </div>Exchange<div style="display:inline-block;width:5.09px"> </div>Commission </div><div id="a205" style="position:absolute;font-family:'Arial';left:120.03px;top:824px;">(the<div style="display:inline-block;width:5.12px"> </div>“SEC”),<div style="display:inline-block;width:5.33px"> </div>or<div style="display:inline-block;width:5.15px"> </div>appearing<div style="display:inline-block;width:5.41px"> </div>in<div style="display:inline-block;width:5.18px"> </div>Dow<div style="display:inline-block;width:5.11px"> </div>Jones,<div style="display:inline-block;width:5.35px"> </div>Reuters,<div style="display:inline-block;width:5.49px"> </div>The<div style="display:inline-block;width:5.28px"> </div>Wall<div style="display:inline-block;width:5.71px"> </div>Street<div style="display:inline-block;width:5.21px"> </div>Journal,<div style="display:inline-block;width:5.4px"> </div>on<div style="display:inline-block;width:5.39px"> </div>Bloomberg<div style="display:inline-block;width:5.38px"> </div>or<div style="display:inline-block;width:5.15px"> </div>in </div><div id="a209" style="position:absolute;font-family:'Arial';left:120.03px;top:840px;">other publications of<div style="display:inline-block;width:2.26px"> </div>general circulation ordinarily would<div style="display:inline-block;width:2.03px"> </div>be considered public.<div style="display:inline-block;width:2.34px"> </div>In addition, in<div style="display:inline-block;width:2.12px"> </div>certain </div><div id="a210" style="position:absolute;font-family:'Arial';left:120.03px;top:855px;">circumstances, information disseminated to certain<div style="display:inline-block;width:2.13px"> </div>segments of the investment community<div style="display:inline-block;width:2.25px"> </div>may be </div><div id="a212" style="position:absolute;font-family:'Arial';left:120.03px;top:870px;">deemed<div style="display:inline-block;width:11.69px"> </div>"public",<div style="display:inline-block;width:12.02px"> </div>for<div style="display:inline-block;width:11.7px"> </div>example,<div style="display:inline-block;width:11.88px"> </div>research<div style="display:inline-block;width:12.01px"> </div>communicated<div style="display:inline-block;width:12.04px"> </div>through<div style="display:inline-block;width:11.92px"> </div>institutional<div style="display:inline-block;width:12.12px"> </div>information </div><div id="a213" style="position:absolute;font-family:'Arial';left:120.03px;top:886px;">dissemination services such as First Call. (However, the fact that research has been disseminated </div><div id="a214" style="position:absolute;font-family:'Arial';left:120.03px;top:901px;">through such a service<div style="display:inline-block;width:5.27px"> </div>does not automatically<div style="display:inline-block;width:5.18px"> </div>mean that it is<div style="display:inline-block;width:5.33px"> </div>public.) Remember,<div style="display:inline-block;width:5.5px"> </div>it takes time for </div><div id="a216" style="position:absolute;font-family:'Arial';left:120.03px;top:916px;">information<div style="display:inline-block;width:5.51px"> </div>to<div style="display:inline-block;width:5.4px"> </div>become<div style="display:inline-block;width:5.56px"> </div>public.<div style="display:inline-block;width:5.45px"> </div>The<div style="display:inline-block;width:5.6px"> </div>amount<div style="display:inline-block;width:5.47px"> </div>of<div style="display:inline-block;width:5.4px"> </div>time<div style="display:inline-block;width:5.47px"> </div>since<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.54px"> </div>information<div style="display:inline-block;width:5.51px"> </div>was<div style="display:inline-block;width:5.5px"> </div>first<div style="display:inline-block;width:5.49px"> </div>disseminated </div><div id="a217" style="position:absolute;font-family:'Arial';left:120.03px;top:932px;">ordinarily is a factor regarding whether the information<div style="display:inline-block;width:5.06px"> </div>is considered "public". </div></div>
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<div id="a221" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:96px;">PENALTIES FOR INSIDER TRADING </div><div id="a223" style="position:absolute;font-family:'Arial';left:120.03px;top:125px;">Penalties<div style="display:inline-block;width:6.97px"> </div>for<div style="display:inline-block;width:6.9px"> </div>insider<div style="display:inline-block;width:6.96px"> </div>trading<div style="display:inline-block;width:7.08px"> </div>are<div style="display:inline-block;width:6.89px"> </div>severe<div style="display:inline-block;width:7.02px"> </div>both<div style="display:inline-block;width:6.79px"> </div>for<div style="display:inline-block;width:6.9px"> </div>the<div style="display:inline-block;width:7.14px"> </div>individuals<div style="display:inline-block;width:6.95px"> </div>involved<div style="display:inline-block;width:6.96px"> </div>as<div style="display:inline-block;width:6.93px"> </div>well<div style="display:inline-block;width:6.88px"> </div>as<div style="display:inline-block;width:6.93px"> </div>for<div style="display:inline-block;width:6.9px"> </div>their </div><div id="a224" style="position:absolute;font-family:'Arial';left:120.03px;top:140px;">employers. A person<div style="display:inline-block;width:5.09px"> </div>can be subject<div style="display:inline-block;width:5.08px"> </div>to some or<div style="display:inline-block;width:5.1px"> </div>all of the penalties<div style="display:inline-block;width:5.75px"> </div>listed below,<div style="display:inline-block;width:5.41px"> </div>even if he or<div style="display:inline-block;width:5.31px"> </div>she </div><div id="a225" style="position:absolute;font-family:'Arial';left:120.03px;top:155px;">does not personally benefit from the violation. Penalties<div style="display:inline-block;width:5.09px"> </div>may include: </div><div id="a228" style="position:absolute;font-family:'Arial';left:144.03px;top:179px;">●</div><div id="a229" style="position:absolute;font-family:'Arial';left:150.11px;top:179px;"><div style="display:inline-block;width:17.92px"> </div>Jail sentences; </div><div id="a232" style="position:absolute;font-family:'Arial';left:144.03px;top:202px;">●</div><div id="a233" style="position:absolute;font-family:'Arial';left:150.11px;top:202px;"><div style="display:inline-block;width:17.92px"> </div>Civil injunctions; </div><div id="a236" style="position:absolute;font-family:'Arial';left:144.03px;top:225px;">●</div><div id="a237" style="position:absolute;font-family:'Arial';left:150.11px;top:225px;"><div style="display:inline-block;width:17.92px"> </div>Civil treble (3x) damages; </div><div id="a240" style="position:absolute;font-family:'Arial';left:144.03px;top:248px;">●</div><div id="a241" style="position:absolute;font-family:'Arial';left:150.11px;top:248px;"><div style="display:inline-block;width:17.92px"> </div>Disgorgement of profits; </div><div id="a244" style="position:absolute;font-family:'Arial';left:144.03px;top:271px;">●</div><div id="a245" style="position:absolute;font-family:'Arial';left:150.11px;top:271px;"><div style="display:inline-block;width:17.92px"> </div>Criminal<div style="display:inline-block;width:5.22px"> </div>fines<div style="display:inline-block;width:5.23px"> </div>of<div style="display:inline-block;width:5.08px"> </div>up<div style="display:inline-block;width:5.07px"> </div>to<div style="display:inline-block;width:5.08px"> </div>three<div style="display:inline-block;width:5.25px"> </div>times<div style="display:inline-block;width:5.07px"> </div>the<div style="display:inline-block;width:5.22px"> </div>profit<div style="display:inline-block;width:5.2px"> </div>gained<div style="display:inline-block;width:5.24px"> </div>or<div style="display:inline-block;width:5.31px"> </div>loss<div style="display:inline-block;width:5.18px"> </div>avoided, whether<div style="display:inline-block;width:6.7px"> </div>or<div style="display:inline-block;width:5.15px"> </div>not<div style="display:inline-block;width:5.06px"> </div>the </div><div id="a247" style="position:absolute;font-family:'Arial';left:168.03px;top:287px;">person actually benefited; and </div><div id="a249" style="position:absolute;font-family:'Arial';left:144.03px;top:310px;">●</div><div id="a250" style="position:absolute;font-family:'Arial';left:150.11px;top:310px;"><div style="display:inline-block;width:17.92px"> </div>Fines for the<div style="display:inline-block;width:2.03px"> </div>employers or other<div style="display:inline-block;width:2.25px"> </div>controlling person of<div style="display:inline-block;width:2.33px"> </div>up to the<div style="display:inline-block;width:1.91px"> </div>greater of $1<div style="display:inline-block;width:2.14px"> </div>million or three </div><div id="a252" style="position:absolute;font-family:'Arial';left:168.03px;top:325px;">times the amount of the profit gained or loss avoided. </div><div id="a255" style="position:absolute;font-family:'Arial';left:120.03px;top:363px;">Clearly, it is in the Company’s and<div style="display:inline-block;width:1.9px"> </div>your best interests for the<div style="display:inline-block;width:1.84px"> </div>Company to put into<div style="display:inline-block;width:2.11px"> </div>place procedures </div><div id="a257" style="position:absolute;font-family:'Arial';left:120.03px;top:378px;">to prevent improper trading by its insiders. </div><div id="a260" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:422px;">PROCEDURES TO PREVENT INSIDER TRADING</div><div id="a262" style="position:absolute;font-family:'Arial';left:120.03px;top:451px;">The following procedures have been established to aid<div style="display:inline-block;width:5.14px"> </div>in the prevention of insider trading. Every </div><div id="a265" style="position:absolute;font-family:'Arial';left:120.03px;top:466px;">insider must follow these procedures or risk sanctions,<div style="display:inline-block;width:5.04px"> </div>including: dismissal, substantial personal </div><div id="a266" style="position:absolute;font-family:'Arial';left:120.03px;top:481px;">liability and criminal penalties. </div><div id="a269" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:512px;">Questions to Ask</div><div id="a272" style="position:absolute;font-family:'Arial';left:120.03px;top:543px;">Prior<div style="display:inline-block;width:5.08px"> </div>to<div style="display:inline-block;width:5.24px"> </div>trading<div style="display:inline-block;width:5.32px"> </div>in<div style="display:inline-block;width:5.18px"> </div>the<div style="display:inline-block;width:5.22px"> </div>Company’s<div style="display:inline-block;width:5.69px"> </div>securities,<div style="display:inline-block;width:5.42px"> </div>and<div style="display:inline-block;width:5.2px"> </div>if<div style="display:inline-block;width:5.04px"> </div>you<div style="display:inline-block;width:5.47px"> </div>think<div style="display:inline-block;width:5.23px"> </div>you<div style="display:inline-block;width:5.31px"> </div>may<div style="display:inline-block;width:5.15px"> </div>have<div style="display:inline-block;width:5.28px"> </div>material<div style="display:inline-block;width:5.41px"> </div>non-public </div><div id="a277" style="position:absolute;font-family:'Arial';left:120.03px;top:558px;">information, ask yourself the following questions: </div><div id="a279" style="position:absolute;font-family:'Arial';left:144.03px;top:581px;">●</div><div id="a280" style="position:absolute;font-family:'Arial';left:150.11px;top:581px;"><div style="display:inline-block;width:17.92px"> </div>Is the information material?<div style="display:inline-block;width:5.63px"> </div>- Is this information<div style="display:inline-block;width:5.26px"> </div>that an investor<div style="display:inline-block;width:5.04px"> </div>would consider important </div><div id="a285" style="position:absolute;font-family:'Arial';left:168.03px;top:596px;">in making<div style="display:inline-block;width:5.08px"> </div>an investment<div style="display:inline-block;width:5.48px"> </div>decision? Would<div style="display:inline-block;width:5.68px"> </div>you take<div style="display:inline-block;width:5.16px"> </div>it into<div style="display:inline-block;width:5.22px"> </div>account in<div style="display:inline-block;width:5.22px"> </div>deciding whether<div style="display:inline-block;width:5.36px"> </div>to </div><div id="a286" style="position:absolute;font-family:'Arial';left:168.03px;top:612px;">buy or<div style="display:inline-block;width:2.13px"> </div>sell? Is<div style="display:inline-block;width:2.03px"> </div>this information that<div style="display:inline-block;width:1.55px"> </div>would affect the<div style="display:inline-block;width:1.94px"> </div>market price<div style="display:inline-block;width:2.3px"> </div>of the<div style="display:inline-block;width:2.2px"> </div>securities if generally </div><div id="a288" style="position:absolute;font-family:'Arial';left:168.03px;top:627px;">disclosed? </div><div id="a290" style="position:absolute;font-family:'Arial';left:144.03px;top:650px;">●</div><div id="a291" style="position:absolute;font-family:'Arial';left:150.11px;top:650px;"><div style="display:inline-block;width:17.92px"> </div>Is the information<div style="display:inline-block;width:5.66px"> </div>non-public -<div style="display:inline-block;width:5.21px"> </div>To<div style="display:inline-block;width:5.81px"> </div>whom has<div style="display:inline-block;width:5.08px"> </div>this information<div style="display:inline-block;width:5.15px"> </div>been provided?<div style="display:inline-block;width:5.24px"> </div>Has it been </div><div id="a298" style="position:absolute;font-family:'Arial';left:168.03px;top:666px;">effectively communicated to the marketplace? Has<div style="display:inline-block;width:5.16px"> </div>enough time gone by? </div><div id="a301" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:696px;">Action Required</div><div id="a304" style="position:absolute;font-family:'Arial';left:120.03px;top:727px;">If you are at all uncertain as to whether any information you have is "inside information", you must: </div><div id="a307" style="position:absolute;font-family:'Arial';left:144.03px;top:750px;">●</div><div id="a308" style="position:absolute;font-family:'Arial';left:150.11px;top:750px;"><div style="display:inline-block;width:17.92px"> </div>Immediately report the matter to the Chief Accounting Officer; </div><div id="a311" style="position:absolute;font-family:'Arial';left:144.03px;top:773px;">●</div><div id="a312" style="position:absolute;font-family:'Arial';left:150.11px;top:773px;"><div style="display:inline-block;width:17.92px"> </div>Refrain from purchasing or selling the securities;<div style="display:inline-block;width:4.75px"> </div>and </div><div id="a317" style="position:absolute;font-family:'Arial';left:144.03px;top:797px;">●</div><div id="a318" style="position:absolute;font-family:'Arial';left:150.11px;top:797px;"><div style="display:inline-block;width:17.92px"> </div>Not communicate the information inside or outside the<div style="display:inline-block;width:5.03px"> </div>Company. </div><div id="a322" style="position:absolute;font-family:'Arial';left:120.03px;top:827px;">After the employee<div style="display:inline-block;width:5.65px"> </div>and the Chief<div style="display:inline-block;width:5.64px"> </div>Accounting Officer<div style="display:inline-block;width:5.5px"> </div>have reviewed<div style="display:inline-block;width:5.09px"> </div>the issue<div style="display:inline-block;width:5.09px"> </div>and consulted with </div><div id="a323" style="position:absolute;font-family:'Arial';left:120.03px;top:843px;">outside counsel to<div style="display:inline-block;width:5.59px"> </div>the extent appropriate,<div style="display:inline-block;width:5.67px"> </div>the insider<div style="display:inline-block;width:5.13px"> </div>will be instructed<div style="display:inline-block;width:5.51px"> </div>as to whether<div style="display:inline-block;width:5.55px"> </div>he/she may </div><div id="a324" style="position:absolute;font-family:'Arial';left:120.03px;top:858px;">trade and/or communicate that information. </div><div id="a327" style="position:absolute;font-family:'Arial';font-weight:bold;left:120.03px;top:889px;">Blackout Policy and Trading<div style="display:inline-block;width:5.22px"> </div>Window</div><div id="a330" style="position:absolute;font-family:'Arial';left:120.03px;top:919px;">To assure compliance with the Policy and applicable securities laws, the Company requires that all </div><div id="a331" style="position:absolute;font-family:'Arial';left:120.03px;top:935px;">insiders<div style="display:inline-block;width:6.08px"> </div>refrain<div style="display:inline-block;width:6.04px"> </div>from<div style="display:inline-block;width:6.08px"> </div>conducting<div style="display:inline-block;width:6.33px"> </div>transactions<div style="display:inline-block;width:6.32px"> </div>involving<div style="display:inline-block;width:6.09px"> </div>the<div style="display:inline-block;width:6.18px"> </div>purchase<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:5.95px"> </div>sale<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:6.14px"> </div>the<div style="display:inline-block;width:6.02px"> </div>Company's </div></div>
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<div id="a336" style="position:absolute;font-family:'Arial';left:120.03px;top:96px;">securities other than during<div style="display:inline-block;width:5.41px"> </div>the period commencing at<div style="display:inline-block;width:5.28px"> </div>the open of the<div style="display:inline-block;width:5.06px"> </div>New York<div style="display:inline-block;width:5.74px"> </div>Stock Exchange </div><div id="a341" style="position:absolute;font-family:'Arial';left:120.03px;top:112px;">trading market on<div style="display:inline-block;width:5.45px"> </div>the second business<div style="display:inline-block;width:5.8px"> </div>day following the<div style="display:inline-block;width:5.55px"> </div>date of public<div style="display:inline-block;width:5.64px"> </div>disclosure of the<div style="display:inline-block;width:5.38px"> </div>financial </div><div id="a343" style="position:absolute;font-family:'Arial';left:120.03px;top:127px;">results for<div style="display:inline-block;width:5.22px"> </div>a particular<div style="display:inline-block;width:5.19px"> </div>fiscal quarter<div style="display:inline-block;width:5.42px"> </div>or year<div style="display:inline-block;width:5.07px"> </div>and continuing<div style="display:inline-block;width:5.45px"> </div>until the<div style="display:inline-block;width:5.17px"> </div>close of<div style="display:inline-block;width:5.33px"> </div>the New<div style="display:inline-block;width:5.36px"> </div>York<div style="display:inline-block;width:5.59px"> </div>Stock </div><div id="a346" style="position:absolute;font-family:'Arial';left:120.03px;top:142px;">Exchange on the fourteenth<div style="display:inline-block;width:5.79px"> </div>(14</div><div id="a351" style="position:absolute;font-family:'Arial';font-size:8.64px;left:308.23px;top:142px;">th</div><div id="a352" style="position:absolute;font-family:'Arial';left:315.43px;top:142px;">) day<div style="display:inline-block;width:5.04px"> </div>after the<div style="display:inline-block;width:5.04px"> </div>last day of<div style="display:inline-block;width:5.55px"> </div>the current fiscal<div style="display:inline-block;width:5.17px"> </div>quarter (the "Trading </div><div id="a355" style="position:absolute;font-family:'Arial';left:120.03px;top:158px;">Window").<div style="display:inline-block;width:5.06px"> </div>In addition,<div style="display:inline-block;width:6.39px"> </div>from<div style="display:inline-block;width:5.28px"> </div>time to<div style="display:inline-block;width:6.23px"> </div>time material<div style="display:inline-block;width:6.39px"> </div>non-public<div style="display:inline-block;width:5.34px"> </div>information<div style="display:inline-block;width:5.19px"> </div>regarding<div style="display:inline-block;width:5.17px"> </div>the Company </div><div id="a358" style="position:absolute;font-family:'Arial';left:120.03px;top:173px;">may be pending. While<div style="display:inline-block;width:2.03px"> </div>such information is pending, the<div style="display:inline-block;width:2.09px"> </div>Company may impose a<div style="display:inline-block;width:2.09px"> </div>special "blackout" </div><div id="a360" style="position:absolute;font-family:'Arial';left:120.03px;top:188px;">period during which the same prohibitions and recommendations<div style="display:inline-block;width:5.2px"> </div>shall apply. </div><div id="a365" style="position:absolute;font-family:'Arial';left:120.03px;top:219px;">Remember:<div style="display:inline-block;width:8.87px"> </div>Even<div style="display:inline-block;width:8.61px"> </div>during<div style="display:inline-block;width:8.84px"> </div>the<div style="display:inline-block;width:8.58px"> </div>Trading<div style="display:inline-block;width:9.39px"> </div>Window,<div style="display:inline-block;width:9.49px"> </div>any<div style="display:inline-block;width:8.83px"> </div>person<div style="display:inline-block;width:8.67px"> </div>possessing<div style="display:inline-block;width:8.92px"> </div>material<div style="display:inline-block;width:8.77px"> </div>non-public </div><div id="a368" style="position:absolute;font-family:'Arial';left:120.03px;top:234px;">information<div style="display:inline-block;width:5.51px"> </div>concerning<div style="display:inline-block;width:5.59px"> </div>the<div style="display:inline-block;width:5.54px"> </div>Company,<div style="display:inline-block;width:6.54px"> </div>should<div style="display:inline-block;width:5.51px"> </div>not<div style="display:inline-block;width:5.38px"> </div>engage<div style="display:inline-block;width:5.61px"> </div>in<div style="display:inline-block;width:5.34px"> </div>any<div style="display:inline-block;width:5.47px"> </div>transactions<div style="display:inline-block;width:5.68px"> </div>in<div style="display:inline-block;width:5.6px"> </div>the<div style="display:inline-block;width:5.38px"> </div>Company's </div><div id="a371" style="position:absolute;font-family:'Arial';left:120.03px;top:250px;">securities until such information has been made public and<div style="display:inline-block;width:5.07px"> </div>absorbed by the market. </div><div id="a376" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:120.03px;top:280px;">Trading According to a Pre-established Plan (10b5<div style="display:inline-block;width:1.5px"> </div>-1)</div><div id="a383" style="position:absolute;font-family:'Arial';left:120.03px;top:311px;">The<div style="display:inline-block;width:6.08px"> </div>SEC<div style="display:inline-block;width:6.13px"> </div>has<div style="display:inline-block;width:6.27px"> </div>adopted<div style="display:inline-block;width:6.24px"> </div>Rule<div style="display:inline-block;width:6.13px"> </div>10b5-1,<div style="display:inline-block;width:6.35px"> </div>as<div style="display:inline-block;width:6.13px"> </div>amended,<div style="display:inline-block;width:6.37px"> </div>under<div style="display:inline-block;width:6.2px"> </div>which<div style="display:inline-block;width:6.37px"> </div>insider<div style="display:inline-block;width:6.16px"> </div>trading<div style="display:inline-block;width:6.28px"> </div>liability<div style="display:inline-block;width:6.23px"> </div>can<div style="display:inline-block;width:6.11px"> </div>be </div><div id="a386" style="position:absolute;font-family:'Arial';left:120.03px;top:326px;">avoided<div style="display:inline-block;width:5.64px"> </div>if<div style="display:inline-block;width:5.52px"> </div>insiders<div style="display:inline-block;width:5.6px"> </div>follow<div style="display:inline-block;width:5.73px"> </div>very<div style="display:inline-block;width:5.63px"> </div>specific<div style="display:inline-block;width:5.64px"> </div>procedures.<div style="display:inline-block;width:5.71px"> </div>In<div style="display:inline-block;width:5.72px"> </div>general,<div style="display:inline-block;width:5.61px"> </div>such<div style="display:inline-block;width:5.71px"> </div>procedures<div style="display:inline-block;width:5.72px"> </div>involve<div style="display:inline-block;width:5.54px"> </div>trading </div><div id="a387" style="position:absolute;font-family:'Arial';left:120.03px;top:342px;">according<div style="display:inline-block;width:5.78px"> </div>to<div style="display:inline-block;width:5.72px"> </div>pre-established<div style="display:inline-block;width:6.15px"> </div>instructions,<div style="display:inline-block;width:5.95px"> </div>plans<div style="display:inline-block;width:5.85px"> </div>or<div style="display:inline-block;width:5.63px"> </div>programs<div style="display:inline-block;width:5.83px"> </div>(a<div style="display:inline-block;width:5.79px"> </div>“10b5-1<div style="display:inline-block;width:5.93px"> </div>Plan”)<div style="display:inline-block;width:5.86px"> </div>after<div style="display:inline-block;width:5.75px"> </div>a<div style="display:inline-block;width:5.73px"> </div>required </div><div id="a392" style="position:absolute;font-family:'Arial';left:120.03px;top:357px;">“cooling off” period described below.<div style="display:inline-block;width:5.46px"> </div>10b5-1 Plans must: </div><div id="a399" style="position:absolute;font-family:'Arial';left:144.03px;top:389px;">●</div><div id="a401" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:389px;">Be documented<div style="display:inline-block;width:6.18px"> </div>by a<div style="display:inline-block;width:5.94px"> </div>contract,<div style="display:inline-block;width:5.23px"> </div>written plan,<div style="display:inline-block;width:6.16px"> </div>or formal<div style="display:inline-block;width:6.33px"> </div>instruction which<div style="display:inline-block;width:6.15px"> </div>provides that<div style="display:inline-block;width:6.2px"> </div>the </div><div id="a402" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:404px;">trade<div style="display:inline-block;width:5.73px"> </div>take<div style="display:inline-block;width:5.78px"> </div>place<div style="display:inline-block;width:6.01px"> </div>in<div style="display:inline-block;width:5.66px"> </div>the<div style="display:inline-block;width:5.86px"> </div>future:<div style="display:inline-block;width:9.56px"> </div></div><div id="a403" style="position:absolute;font-family:'Arial';left:362.31px;top:404px;">For<div style="display:inline-block;width:5.84px"> </div>example,<div style="display:inline-block;width:5.8px"> </div>an<div style="display:inline-block;width:5.87px"> </div>insider<div style="display:inline-block;width:6px"> </div>can<div style="display:inline-block;width:5.79px"> </div>contract<div style="display:inline-block;width:5.88px"> </div>to<div style="display:inline-block;width:5.72px"> </div>sell<div style="display:inline-block;width:5.83px"> </div>his<div style="display:inline-block;width:6.06px"> </div>or<div style="display:inline-block;width:5.79px"> </div>her </div><div id="a404" style="position:absolute;font-family:'Arial';left:168.03px;top:419px;">securities on a specific date, or simply<div style="display:inline-block;width:2.28px"> </div>delegate such decisions to an investment manager, </div><div id="a407" style="position:absolute;font-family:'Arial';left:168.03px;top:435px;">401(k) plan administrator or<div style="display:inline-block;width:2.26px"> </div>similar third party. This documentation must be<div style="display:inline-block;width:1.85px"> </div>provided to the </div><div id="a408" style="position:absolute;font-family:'Arial';left:168.03px;top:450px;">Company’s Chief Financial Officer and Corporate<div style="display:inline-block;width:5.26px"> </div>Secretary; </div><div id="a411" style="position:absolute;font-family:'Arial';left:144.03px;top:481px;">●</div><div id="a413" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:481px;">Include<div style="display:inline-block;width:5.98px"> </div>in<div style="display:inline-block;width:5.82px"> </div>its<div style="display:inline-block;width:5.92px"> </div>documentation<div style="display:inline-block;width:6.16px"> </div>the<div style="display:inline-block;width:6.02px"> </div>specific<div style="display:inline-block;width:5.96px"> </div>amount,<div style="display:inline-block;width:6.1px"> </div>price<div style="display:inline-block;width:5.94px"> </div>and<div style="display:inline-block;width:6px"> </div>timing<div style="display:inline-block;width:6.02px"> </div>of<div style="display:inline-block;width:5.88px"> </div>the<div style="display:inline-block;width:5.86px"> </div>trade,<div style="display:inline-block;width:5.88px"> </div>or<div style="display:inline-block;width:5.95px"> </div>the </div><div id="a415" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:497px;">formula for determining the<div style="display:inline-block;width:5.14px"> </div>amount, price and timing</div><div id="a416" style="position:absolute;font-family:'Arial';left:478.49px;top:497px;">. For example, the insider<div style="display:inline-block;width:5.05px"> </div>can buy or </div><div id="a419" style="position:absolute;font-family:'Arial';left:168.03px;top:512px;">sell securities<div style="display:inline-block;width:5.57px"> </div>in a<div style="display:inline-block;width:5.31px"> </div>specific amount<div style="display:inline-block;width:5.81px"> </div>and on<div style="display:inline-block;width:5.46px"> </div>a specific<div style="display:inline-block;width:5.44px"> </div>date each<div style="display:inline-block;width:5.51px"> </div>month, or<div style="display:inline-block;width:5.66px"> </div>according to<div style="display:inline-block;width:5.57px"> </div>a </div><div id="a423" style="position:absolute;font-family:'Arial';left:168.03px;top:527px;">pre-established percentage (of<div style="display:inline-block;width:5.47px"> </div>the insider’s salary,<div style="display:inline-block;width:6.11px"> </div>for example) each<div style="display:inline-block;width:5.23px"> </div>time that the<div style="display:inline-block;width:5.16px"> </div>share </div><div id="a426" style="position:absolute;font-family:'Arial';left:168.03px;top:543px;">price falls or rises to<div style="display:inline-block;width:2.08px"> </div>pre-established levels. In the case where<div style="display:inline-block;width:2.27px"> </div>trading decisions have been </div><div id="a430" style="position:absolute;font-family:'Arial';left:168.03px;top:558px;">delegated (i.e., to<div style="display:inline-block;width:5.06px"> </div>a third party<div style="display:inline-block;width:5.08px"> </div>broker or money<div style="display:inline-block;width:5.07px"> </div>manager), the specific<div style="display:inline-block;width:5.19px"> </div>amount, price and </div><div id="a431" style="position:absolute;font-family:'Arial';left:168.03px;top:573px;">timing need not be provided; </div><div id="a438" style="position:absolute;font-family:'Arial';left:144.03px;top:605px;">●</div><div id="a440" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:605px;">Be<div style="display:inline-block;width:8.88px"> </div>implemented<div style="display:inline-block;width:9.25px"> </div>at<div style="display:inline-block;width:8.92px"> </div>a<div style="display:inline-block;width:8.93px"> </div>time<div style="display:inline-block;width:9.15px"> </div>when<div style="display:inline-block;width:9.05px"> </div>the<div style="display:inline-block;width:9.06px"> </div>insider<div style="display:inline-block;width:9.04px"> </div>does not possess<div style="display:inline-block;width:9.52px"> </div>material<div style="display:inline-block;width:8.93px"> </div>non-public </div><div id="a447" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:620px;">information.</div><div id="a448" style="position:absolute;font-family:'Arial';left:237.63px;top:620px;"><div style="display:inline-block;width:3.68px"> </div>As a<div style="display:inline-block;width:6.07px"> </div>practical<div style="display:inline-block;width:5.11px"> </div>matter,<div style="display:inline-block;width:5.65px"> </div>for restricted<div style="display:inline-block;width:6.36px"> </div>insiders<div style="display:inline-block;width:5.12px"> </div>this means<div style="display:inline-block;width:6.03px"> </div>that<div style="display:inline-block;width:5.05px"> </div>the insider<div style="display:inline-block;width:6.25px"> </div>may </div><div id="a450" style="position:absolute;font-family:'Arial';left:168.03px;top:636px;">set up 10b5-1<div style="display:inline-block;width:5.5px"> </div>Plans, or delegate<div style="display:inline-block;width:5.59px"> </div>trading discretion, only during<div style="display:inline-block;width:5.65px"> </div>an open Trading<div style="display:inline-block;width:6.17px"> </div>Window </div><div id="a457" style="position:absolute;font-family:'Arial';left:168.03px;top:651px;">and outside a “blackout” period (discussed<div style="display:inline-block;width:2.33px"> </div>above), assuming the restricted insider is not<div style="display:inline-block;width:2.09px"> </div>in </div><div id="a458" style="position:absolute;font-family:'Arial';left:168.03px;top:666px;">possession of material non-public information; </div><div id="a463" style="position:absolute;font-family:'Arial';left:144.03px;top:698px;">●</div><div id="a465" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:698px;">Remain beyond<div style="display:inline-block;width:5.54px"> </div>the scope<div style="display:inline-block;width:5.77px"> </div>of the<div style="display:inline-block;width:5.49px"> </div>insider’s influence<div style="display:inline-block;width:5.39px"> </div>after implementation</div><div id="a466" style="position:absolute;font-family:'Arial';left:601.73px;top:698px;">. In general,<div style="display:inline-block;width:5.56px"> </div>the </div><div id="a470" style="position:absolute;font-family:'Arial';left:168.03px;top:713px;">insider must allow<div style="display:inline-block;width:5.5px"> </div>the 10b5-1 Plan<div style="display:inline-block;width:5.47px"> </div>to be executed<div style="display:inline-block;width:5.52px"> </div>without changes to<div style="display:inline-block;width:5.58px"> </div>the accompanying </div><div id="a473" style="position:absolute;font-family:'Arial';left:168.03px;top:728px;">instructions,<div style="display:inline-block;width:5.47px"> </div>and<div style="display:inline-block;width:5.52px"> </div>the<div style="display:inline-block;width:5.38px"> </div>insider<div style="display:inline-block;width:5.52px"> </div>cannot<div style="display:inline-block;width:5.41px"> </div>later<div style="display:inline-block;width:5.37px"> </div>execute<div style="display:inline-block;width:5.65px"> </div>a<div style="display:inline-block;width:5.25px"> </div>hedge<div style="display:inline-block;width:5.47px"> </div>transaction<div style="display:inline-block;width:5.6px"> </div>that<div style="display:inline-block;width:5.37px"> </div>modifies<div style="display:inline-block;width:5.59px"> </div>the </div><div id="a474" style="position:absolute;font-family:'Arial';left:168.03px;top:744px;">effect of the 10b5-1<div style="display:inline-block;width:5.52px"> </div>Plan. Insiders should be<div style="display:inline-block;width:5.3px"> </div>aware that the termination<div style="display:inline-block;width:5.52px"> </div>or modification of </div><div id="a478" style="position:absolute;font-family:'Arial';left:168.03px;top:759px;">a 10b5-1 Plan after trades have been undertaken under such plan could negate the 10b5-</div><div id="a486" style="position:absolute;font-family:'Arial';left:168.03px;top:775px;">1<div style="display:inline-block;width:7.49px"> </div>affirmative<div style="display:inline-block;width:8.11px"> </div>defense<div style="display:inline-block;width:7.78px"> </div>afforded<div style="display:inline-block;width:8.15px"> </div>by<div style="display:inline-block;width:7.57px"> </div>such<div style="display:inline-block;width:7.79px"> </div>program<div style="display:inline-block;width:7.83px"> </div>for<div style="display:inline-block;width:7.7px"> </div>all<div style="display:inline-block;width:7.51px"> </div>such<div style="display:inline-block;width:7.79px"> </div>prior<div style="display:inline-block;width:7.67px"> </div>trades.<div style="display:inline-block;width:7.88px"> </div>As<div style="display:inline-block;width:7.7px"> </div>such, </div><div id="a487" style="position:absolute;font-family:'Arial';left:168.03px;top:790px;">termination or modification of a 10b-5<div style="display:inline-block;width:5.16px"> </div>Plan should only be undertaken in consultation<div style="display:inline-block;width:5.25px"> </div>with </div><div id="a490" style="position:absolute;font-family:'Arial';left:168.03px;top:805px;">your legal counsel.<div style="display:inline-block;width:5.31px"> </div>If the insider<div style="display:inline-block;width:5.42px"> </div>has delegated decision<div style="display:inline-block;width:1.45px"> </div>-making authority<div style="display:inline-block;width:5.02px"> </div>to a third<div style="display:inline-block;width:5.13px"> </div>party, </div><div id="a494" style="position:absolute;font-family:'Arial';left:168.03px;top:821px;">the insider<div style="display:inline-block;width:5.45px"> </div>cannot subsequently<div style="display:inline-block;width:5.54px"> </div>influence the<div style="display:inline-block;width:5.49px"> </div>third party<div style="display:inline-block;width:5.75px"> </div>in any<div style="display:inline-block;width:5.2px"> </div>way and<div style="display:inline-block;width:5.42px"> </div>such third<div style="display:inline-block;width:5.63px"> </div>party </div><div id="a495" style="position:absolute;font-family:'Arial';left:168.03px;top:836px;">must not possess material non-public information at the time of<div style="display:inline-block;width:5.13px"> </div>any of the trades; </div><div id="a500" style="position:absolute;font-family:'Arial';left:144.03px;top:868px;">●</div><div id="a502" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:868px;">Be subject to<div style="display:inline-block;width:2.27px"> </div>a “cooling off” period.</div><div id="a503" style="position:absolute;font-family:'Arial';left:370.63px;top:868px;"><div style="display:inline-block;width:3.2px"> </div>Rule 10b5-1 contains a<div style="display:inline-block;width:2.01px"> </div>“cooling-off period” for directors </div><div id="a509" style="position:absolute;font-family:'Arial';left:168.03px;top:883px;">and officers that prohibit such insiders from trading in a<div style="display:inline-block;width:5.12px"> </div>10b5-1 Plan until the later of (i) 90 </div><div id="a512" style="position:absolute;font-family:'Arial';left:168.03px;top:898px;">days following<div style="display:inline-block;width:6.03px"> </div>the plan’s<div style="display:inline-block;width:6.27px"> </div>adoption or<div style="display:inline-block;width:6.03px"> </div>modification<div style="display:inline-block;width:5.14px"> </div>or (ii)<div style="display:inline-block;width:5.92px"> </div>two business<div style="display:inline-block;width:6.11px"> </div>days following<div style="display:inline-block;width:6.03px"> </div>the </div><div id="a513" style="position:absolute;font-family:'Arial';left:168.03px;top:913px;">Company’s disclosure<div style="display:inline-block;width:5.22px"> </div>(via a report<div style="display:inline-block;width:5.31px"> </div>filed with the<div style="display:inline-block;width:5.38px"> </div>SEC) of its<div style="display:inline-block;width:5.18px"> </div>financial results for<div style="display:inline-block;width:5.45px"> </div>the fiscal </div><div id="a516" style="position:absolute;font-family:'Arial';left:168.03px;top:929px;">quarter in which the plan was adopted or modified; and </div></div>
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<div id="Page5" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a521" style="position:absolute;font-family:'Arial';left:144.03px;top:97px;">●</div><div id="a523" style="position:absolute;font-family:'Arial';font-style:italic;left:168.03px;top:97px;">Contain Insider<div style="display:inline-block;width:5.56px"> </div>certifications.</div><div id="a524" style="position:absolute;font-family:'Arial';left:340.87px;top:97px;"><div style="display:inline-block;width:4.48px"> </div>Directors and<div style="display:inline-block;width:5.51px"> </div>officers are<div style="display:inline-block;width:5.75px"> </div>required to<div style="display:inline-block;width:5.47px"> </div>include a<div style="display:inline-block;width:5.4px"> </div>certification </div><div id="a526" style="position:absolute;font-family:'Arial';left:168.03px;top:112px;">in their 10b5-1 Plans to certify<div style="display:inline-block;width:5.12px"> </div>that at the time the plan<div style="display:inline-block;width:5.21px"> </div>is adopted or modified: (i) they<div style="display:inline-block;width:5.21px"> </div>are </div><div id="a529" style="position:absolute;font-family:'Arial';left:168.03px;top:128px;">not aware<div style="display:inline-block;width:5.68px"> </div>of material<div style="display:inline-block;width:5.68px"> </div>non-public information<div style="display:inline-block;width:6.02px"> </div>about the<div style="display:inline-block;width:5.74px"> </div>Company or<div style="display:inline-block;width:5.75px"> </div>its securities<div style="display:inline-block;width:5.82px"> </div>and (ii) </div><div id="a532" style="position:absolute;font-family:'Arial';left:168.03px;top:143px;">they are<div style="display:inline-block;width:6.26px"> </div>adopting<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:5.06px"> </div>10b5-1<div style="display:inline-block;width:5.25px"> </div>Plan in<div style="display:inline-block;width:6.28px"> </div>good faith<div style="display:inline-block;width:6.47px"> </div>and<div style="display:inline-block;width:5.04px"> </div>not<div style="display:inline-block;width:5.06px"> </div>as part<div style="display:inline-block;width:6.28px"> </div>of<div style="display:inline-block;width:5.08px"> </div>a plan<div style="display:inline-block;width:6.38px"> </div>or scheme<div style="display:inline-block;width:6.32px"> </div>to </div><div id="a536" style="position:absolute;font-family:'Arial';left:168.03px;top:159px;">evade the anti-fraud provisions of the U.S. Securities Exchange<div style="display:inline-block;width:5.22px"> </div>Act of 1934. </div><div id="a546" style="position:absolute;font-family:'Arial';left:120.03px;top:189px;">In addition, insiders are<div style="display:inline-block;width:2.05px"> </div>prohibited from having multiple overlapping<div style="display:inline-block;width:2.16px"> </div>10b5-1 Plans or more<div style="display:inline-block;width:2.12px"> </div>than one </div><div id="a549" style="position:absolute;font-family:'Arial';left:120.03px;top:204px;">plan in<div style="display:inline-block;width:5.83px"> </div>any given<div style="display:inline-block;width:6.03px"> </div>year and<div style="display:inline-block;width:6.24px"> </div>a modification<div style="display:inline-block;width:6.06px"> </div>relating to<div style="display:inline-block;width:6.16px"> </div>amount, price<div style="display:inline-block;width:6.1px"> </div>and timing<div style="display:inline-block;width:5.93px"> </div>of trades<div style="display:inline-block;width:6.09px"> </div>under a </div><div id="a550" style="position:absolute;font-family:'Arial';left:120.03px;top:220px;">10b5-1 Plan is<div style="display:inline-block;width:5.17px"> </div>deemed a plan<div style="display:inline-block;width:5.26px"> </div>termination and the<div style="display:inline-block;width:5.51px"> </div>adoption of a<div style="display:inline-block;width:5.35px"> </div>new 10b5-1 Plan<div style="display:inline-block;width:5.61px"> </div>which requires </div><div id="a556" style="position:absolute;font-family:'Arial';left:120.03px;top:235px;">a new cooling off period. </div><div id="a559" style="position:absolute;font-family:'Arial';font-weight:bold;left:120.03px;top:266px;">Pre-Clearance of Trades<div style="display:inline-block;width:5.12px"> </div>and 10b5-1 Plans </div><div id="a568" style="position:absolute;font-family:'Arial';left:120.03px;top:296px;">All<div style="display:inline-block;width:5.56px"> </div>insiders<div style="display:inline-block;width:5.76px"> </div>must<div style="display:inline-block;width:5.78px"> </div>refrain<div style="display:inline-block;width:5.72px"> </div>from<div style="display:inline-block;width:5.76px"> </div>trading<div style="display:inline-block;width:5.8px"> </div>in<div style="display:inline-block;width:5.66px"> </div>Company<div style="display:inline-block;width:5.72px"> </div>securities,<div style="display:inline-block;width:5.88px"> </div>even<div style="display:inline-block;width:5.76px"> </div>during<div style="display:inline-block;width:5.8px"> </div>the<div style="display:inline-block;width:5.54px"> </div>Trading<div style="display:inline-block;width:6.35px"> </div>Window, </div><div id="a571" style="position:absolute;font-family:'Arial';left:120.03px;top:312px;">without<div style="display:inline-block;width:5.76px"> </div>first<div style="display:inline-block;width:5.97px"> </div>complying<div style="display:inline-block;width:5.97px"> </div>with<div style="display:inline-block;width:5.98px"> </div>the<div style="display:inline-block;width:5.86px"> </div>Company's<div style="display:inline-block;width:6.15px"> </div>"pre-clearance"<div style="display:inline-block;width:6.21px"> </div>process.<div style="display:inline-block;width:5.97px"> </div>Each<div style="display:inline-block;width:5.89px"> </div>such<div style="display:inline-block;width:5.87px"> </div>person<div style="display:inline-block;width:5.95px"> </div>should </div><div id="a574" style="position:absolute;font-family:'Arial';left:120.03px;top:327px;">contact<div style="display:inline-block;width:7.42px"> </div>the<div style="display:inline-block;width:7.46px"> </div>Company's<div style="display:inline-block;width:7.75px"> </div>Chief<div style="display:inline-block;width:7.56px"> </div>Accounting<div style="display:inline-block;width:7.57px"> </div>Officer<div style="display:inline-block;width:7.85px"> </div>prior<div style="display:inline-block;width:7.51px"> </div>to<div style="display:inline-block;width:7.32px"> </div>commencing<div style="display:inline-block;width:7.76px"> </div>any<div style="display:inline-block;width:7.55px"> </div>trade.<div style="display:inline-block;width:7.32px"> </div>The<div style="display:inline-block;width:7.52px"> </div>Chief </div><div id="a575" style="position:absolute;font-family:'Arial';left:120.03px;top:343px;">Accounting<div style="display:inline-block;width:7.09px"> </div>Officer<div style="display:inline-block;width:7.53px"> </div>will<div style="display:inline-block;width:7px"> </div>consult<div style="display:inline-block;width:7.2px"> </div>as<div style="display:inline-block;width:7.09px"> </div>necessary<div style="display:inline-block;width:7.35px"> </div>with<div style="display:inline-block;width:6.94px"> </div>senior<div style="display:inline-block;width:7.35px"> </div>management<div style="display:inline-block;width:7.29px"> </div>and/or<div style="display:inline-block;width:7.15px"> </div>counsel<div style="display:inline-block;width:7.03px"> </div>to<div style="display:inline-block;width:7px"> </div>the </div><div id="a577" style="position:absolute;font-family:'Arial';left:120.03px;top:358px;">Company before clearing any proposed trade. </div><div id="a580" style="position:absolute;font-family:'Arial';left:120.03px;top:388px;">Each<div style="display:inline-block;width:5.89px"> </div>insider<div style="display:inline-block;width:6.16px"> </div>is<div style="display:inline-block;width:5.93px"> </div>solely<div style="display:inline-block;width:5.89px"> </div>responsible<div style="display:inline-block;width:6.16px"> </div>for<div style="display:inline-block;width:5.94px"> </div>compliance<div style="display:inline-block;width:6.11px"> </div>with<div style="display:inline-block;width:6.14px"> </div>all<div style="display:inline-block;width:5.91px"> </div>applicable<div style="display:inline-block;width:6.11px"> </div>securities<div style="display:inline-block;width:6.15px"> </div>laws,<div style="display:inline-block;width:6.06px"> </div>rules<div style="display:inline-block;width:5.94px"> </div>and </div><div id="a581" style="position:absolute;font-family:'Arial';left:120.03px;top:404px;">regulations related to<div style="display:inline-block;width:2.05px"> </div>any trading of<div style="display:inline-block;width:1.93px"> </div>Company securities by such<div style="display:inline-block;width:1.99px"> </div>insider, including without limitation </div><div id="a585" style="position:absolute;font-family:'Arial';left:120.03px;top:419px;">the timely filing<div style="display:inline-block;width:5.29px"> </div>of any and<div style="display:inline-block;width:5.5px"> </div>all forms, schedules<div style="display:inline-block;width:5.53px"> </div>and other filings<div style="display:inline-block;width:5.44px"> </div>required by Rule<div style="display:inline-block;width:5.6px"> </div>144 of the<div style="display:inline-block;width:5.25px"> </div>U.S. </div><div id="a586" style="position:absolute;font-family:'Arial';left:120.03px;top:435px;">Securities<div style="display:inline-block;width:5.69px"> </div>Act<div style="display:inline-block;width:5.45px"> </div>of<div style="display:inline-block;width:5.4px"> </div>1933,<div style="display:inline-block;width:5.65px"> </div>as<div style="display:inline-block;width:5.49px"> </div>amended,<div style="display:inline-block;width:5.57px"> </div>Sections<div style="display:inline-block;width:5.71px"> </div>13<div style="display:inline-block;width:5.39px"> </div>and<div style="display:inline-block;width:5.68px"> </div>16,<div style="display:inline-block;width:5.54px"> </div>as<div style="display:inline-block;width:5.49px"> </div>applicable,<div style="display:inline-block;width:5.63px"> </div>of<div style="display:inline-block;width:5.4px"> </div>the<div style="display:inline-block;width:5.7px"> </div>U.S.<div style="display:inline-block;width:5.53px"> </div>Securities </div><div id="a587" style="position:absolute;font-family:'Arial';left:120.03px;top:450px;">Exchange Act<div style="display:inline-block;width:5.42px"> </div>of 1934,<div style="display:inline-block;width:5.44px"> </div>as amended,<div style="display:inline-block;width:5.46px"> </div>and any<div style="display:inline-block;width:5.38px"> </div>other applicable<div style="display:inline-block;width:5.6px"> </div>securities laws.<div style="display:inline-block;width:10.12px"> </div>The clearance<div style="display:inline-block;width:5.45px"> </div>of </div><div id="a589" style="position:absolute;font-family:'Arial';left:120.03px;top:465px;">any<div style="display:inline-block;width:5.63px"> </div>proposed<div style="display:inline-block;width:5.9px"> </div>trade<div style="display:inline-block;width:5.89px"> </div>may,<div style="display:inline-block;width:6.77px"> </div>at<div style="display:inline-block;width:5.56px"> </div>the<div style="display:inline-block;width:5.86px"> </div>discretion<div style="display:inline-block;width:5.88px"> </div>of<div style="display:inline-block;width:5.56px"> </div>the<div style="display:inline-block;width:5.86px"> </div>Company,<div style="display:inline-block;width:6.86px"> </div>be<div style="display:inline-block;width:5.71px"> </div>conditioned<div style="display:inline-block;width:5.99px"> </div>on<div style="display:inline-block;width:5.71px"> </div>the<div style="display:inline-block;width:5.7px"> </div>Company’s </div><div id="a590" style="position:absolute;font-family:'Arial';left:120.03px;top:480px;">review and reasonable satisfaction with such filings or other compliance<div style="display:inline-block;width:5.24px"> </div>requirements.<div style="display:inline-block;width:4.35px"> </div></div><div id="a594" style="position:absolute;font-family:'Arial';left:120.03px;top:511px;">Additionally, Rule 10b5-1 Plans and any<div style="display:inline-block;width:2.15px"> </div>amendments thereto must be<div style="display:inline-block;width:2.15px"> </div>approved by the Company’s </div><div id="a597" style="position:absolute;font-family:'Arial';left:120.03px;top:527px;">Chief<div style="display:inline-block;width:8.04px"> </div>Financial<div style="display:inline-block;width:8.13px"> </div>Officer<div style="display:inline-block;width:8.33px"> </div>or<div style="display:inline-block;width:8.19px"> </div>Corporate<div style="display:inline-block;width:8.15px"> </div>Secretary<div style="display:inline-block;width:8.29px"> </div>and<div style="display:inline-block;width:8.08px"> </div>meet<div style="display:inline-block;width:7.92px"> </div>the<div style="display:inline-block;width:8.1px"> </div>requirements<div style="display:inline-block;width:8.42px"> </div>of<div style="display:inline-block;width:7.96px"> </div>Rule<div style="display:inline-block;width:8.05px"> </div>10b5-1 </div><div id="a600" style="position:absolute;font-family:'Arial';left:120.03px;top:542px;">guidelines<div style="display:inline-block;width:6.76px"> </div>detailed<div style="display:inline-block;width:6.6px"> </div>in<div style="display:inline-block;width:6.62px"> </div>this<div style="display:inline-block;width:6.69px"> </div>Policy.<div style="display:inline-block;width:7.63px"> </div>Any<div style="display:inline-block;width:6.56px"> </div>Rule<div style="display:inline-block;width:6.61px"> </div>10b5-1<div style="display:inline-block;width:6.87px"> </div>Plan<div style="display:inline-block;width:6.54px"> </div>must<div style="display:inline-block;width:6.58px"> </div>be<div style="display:inline-block;width:6.51px"> </div>submitted<div style="display:inline-block;width:6.9px"> </div>for<div style="display:inline-block;width:6.58px"> </div>approval<div style="display:inline-block;width:6.66px"> </div>five </div><div id="a604" style="position:absolute;font-family:'Arial';left:120.03px;top:557px;">business days prior to the entry into the Rule 10b5-1 Plan.<div style="display:inline-block;width:8.92px"> </div></div><div id="a609" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:120.03px;top:601px;">QUESTIONS OR CONCERNS </div><div id="a611" style="position:absolute;font-family:'Arial';left:120.03px;top:629px;">Any questions<div style="display:inline-block;width:2.34px"> </div>or concerns regarding<div style="display:inline-block;width:1.86px"> </div>the Company’s Policies<div style="display:inline-block;width:2.21px"> </div>and Procedures to<div style="display:inline-block;width:1.72px"> </div>detect and prevent </div><div id="a612" style="position:absolute;font-family:'Arial';left:120.03px;top:645px;">insider trading should be directed to the Chief Accounting Officer, or, if such questions or concerns </div><div id="a613" style="position:absolute;font-family:'Arial';left:120.03px;top:660px;">involve the Chief Accounting Officer,<div style="display:inline-block;width:6.11px"> </div>to the Chief Financial Officer.<div style="display:inline-block;width:6.11px"> </div>The Chief Accounting Officer’s </div><div id="a615" style="position:absolute;font-family:'Arial';left:120.03px;top:675px;">personal trading activity will be reviewed by the Chief Financial<div style="display:inline-block;width:5.04px"> </div>Officer. </div><div id="a617" style="position:absolute;font-family:'Arial';left:120.03px;top:691px;"><div style="display:inline-block;width:3.68px"> </div></div></div>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>11
<FILENAME>exhibit121.htm
<DESCRIPTION>EX-12.1
<TEXT>
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<div id="a2" style="position:absolute;font-family:'Arial';font-weight:bold;left:646.05px;top:96px;">Exhibit 12.1 </div><div id="a4" style="position:absolute;font-family:'Arial';font-weight:bold;left:221.63px;top:112px;">CERTIFICATION OF<div style="display:inline-block;width:5.12px"> </div>THE PRINCIPAL<div style="display:inline-block;width:5.09px"> </div>EXECUTIVE OFFICER </div><div id="a7" style="position:absolute;font-family:'Arial';left:96.03px;top:142px;">I, Semiramis Paliou, certify that: </div><div id="a11" style="position:absolute;font-family:'Arial';left:96.03px;top:173px;">1.</div><div id="a12" style="position:absolute;font-family:'Arial';left:107.07px;top:173px;"><div style="display:inline-block;width:12.96px"> </div>I have reviewed this annual report on Form 20-F of Diana Shipping Inc. for the year ended December </div><div id="a16" style="position:absolute;font-family:'Arial';left:120.03px;top:188px;">31, 2024; </div><div id="a21" style="position:absolute;font-family:'Arial';left:96.03px;top:219px;">2.</div><div id="a22" style="position:absolute;font-family:'Arial';left:107.07px;top:219px;"><div style="display:inline-block;width:12.96px"> </div>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit </div><div id="a24" style="position:absolute;font-family:'Arial';left:120.03px;top:234px;">to state a material fact necessary to make the statements made,<div style="display:inline-block;width:5.14px"> </div>in light of the circumstances under </div><div id="a25" style="position:absolute;font-family:'Arial';left:120.03px;top:250px;">which such statements were made, not misleading with respect<div style="display:inline-block;width:5.16px"> </div>to the period covered by this report; </div><div id="a29" style="position:absolute;font-family:'Arial';left:96.03px;top:280px;">3.</div><div id="a30" style="position:absolute;font-family:'Arial';left:107.07px;top:280px;"><div style="display:inline-block;width:12.96px"> </div>Based on my knowledge, the financial statements, and other financial information included in this </div><div id="a32" style="position:absolute;font-family:'Arial';left:120.03px;top:296px;">report, fairly present in all material respects the financial<div style="display:inline-block;width:5.03px"> </div>condition, results of operations and cash </div><div id="a33" style="position:absolute;font-family:'Arial';left:120.03px;top:311px;">flows of the company as of, and for,<div style="display:inline-block;width:5.22px"> </div>the periods presented in this report; </div><div id="a37" style="position:absolute;font-family:'Arial';left:96.03px;top:342px;">4.</div><div id="a38" style="position:absolute;font-family:'Arial';left:107.07px;top:342px;"><div style="display:inline-block;width:12.96px"> </div>The company’s other certifying officer(s) and I are responsible for establishing and maintaining </div><div id="a40" style="position:absolute;font-family:'Arial';left:120.03px;top:357px;">disclosure controls and procedures (as defined in Exchange<div style="display:inline-block;width:5.03px"> </div>Act Rules 13a-15(e) and 15d-15(e)) and </div><div id="a45" style="position:absolute;font-family:'Arial';left:120.03px;top:372px;">internal control over financial reporting (as defined in Exch<div style="display:inline-block;width:1.53px"> </div>ange Act Rules 13a-15(f) and 15d-15(f)) for </div><div id="a51" style="position:absolute;font-family:'Arial';left:120.03px;top:388px;">the company and have: </div><div id="a54" style="position:absolute;font-family:'Arial';left:96.03px;top:418px;">(a)</div><div id="a55" style="position:absolute;font-family:'Arial';left:112.35px;top:418px;"><div style="display:inline-block;width:7.68px"> </div>Designed such disclosure controls and procedures, or caused such disclosure controls and </div><div id="a57" style="position:absolute;font-family:'Arial';left:120.03px;top:434px;">procedures to be designed under our supervision, to ensure<div style="display:inline-block;width:5.12px"> </div>that material information relating to the </div><div id="a59" style="position:absolute;font-family:'Arial';left:120.03px;top:449px;">company, including<div style="display:inline-block;width:5.06px"> </div>its consolidated subsidiaries, is made known to us by<div style="display:inline-block;width:5.05px"> </div>others within those entities, </div><div id="a60" style="position:absolute;font-family:'Arial';left:120.03px;top:464px;">particularly during the period in which this report is being prepared; </div><div id="a63" style="position:absolute;font-family:'Arial';left:96.03px;top:495px;">(b)</div><div id="a64" style="position:absolute;font-family:'Arial';left:112.35px;top:495px;"><div style="display:inline-block;width:7.68px"> </div>Designed such internal control over financial reporting, or caused such internal control over financial </div><div id="a66" style="position:absolute;font-family:'Arial';left:120.03px;top:510px;">reporting to be designed under our supervision, to provide<div style="display:inline-block;width:5.03px"> </div>reasonable assurance regarding the </div><div id="a67" style="position:absolute;font-family:'Arial';left:120.03px;top:526px;">reliability of financial reporting and the preparation of financial statements<div style="display:inline-block;width:5.33px"> </div>for external purposes in </div><div id="a69" style="position:absolute;font-family:'Arial';left:120.03px;top:541px;">accordance with generally accepted accounting principles; </div><div id="a72" style="position:absolute;font-family:'Arial';left:96.03px;top:572px;">(c)</div><div id="a73" style="position:absolute;font-family:'Arial';left:111.55px;top:572px;"><div style="display:inline-block;width:8.48px"> </div>Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in </div><div id="a75" style="position:absolute;font-family:'Arial';left:120.03px;top:587px;">this report our conclusions about the effectiveness<div style="display:inline-block;width:5.17px"> </div>of the disclosure controls and procedures, as of </div><div id="a76" style="position:absolute;font-family:'Arial';left:120.03px;top:602px;">the end of the period covered by this report based on such<div style="display:inline-block;width:5.18px"> </div>evaluation; and </div><div id="a81" style="position:absolute;font-family:'Arial';left:96.03px;top:633px;">(d)</div><div id="a82" style="position:absolute;font-family:'Arial';left:112.35px;top:633px;"><div style="display:inline-block;width:7.68px"> </div>Disclosed in this report any change in the company’s internal control over financial reporting that </div><div id="a84" style="position:absolute;font-family:'Arial';left:120.03px;top:648px;">occurred during the period covered by the annual report<div style="display:inline-block;width:5.08px"> </div>that has materially affected, or is reasonably </div><div id="a85" style="position:absolute;font-family:'Arial';left:120.03px;top:664px;">likely to materially affect, the company’s<div style="display:inline-block;width:5.12px"> </div>internal control over financial reporting; and </div><div id="a89" style="position:absolute;font-family:'Arial';left:96.03px;top:694px;">5.</div><div id="a90" style="position:absolute;font-family:'Arial';left:107.07px;top:694px;"><div style="display:inline-block;width:12.96px"> </div>The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation </div><div id="a92" style="position:absolute;font-family:'Arial';left:120.03px;top:710px;">of internal control over financial reporting, to the company’s<div style="display:inline-block;width:5.26px"> </div>auditors and the audit committee of the </div><div id="a93" style="position:absolute;font-family:'Arial';left:120.03px;top:725px;">company’s board of directors (or persons performing<div style="display:inline-block;width:5.2px"> </div>the equivalent functions): </div><div id="a97" style="position:absolute;font-family:'Arial';left:96.03px;top:756px;">(a)</div><div id="a98" style="position:absolute;font-family:'Arial';left:112.35px;top:756px;"><div style="display:inline-block;width:7.68px"> </div>All significant deficiencies and material weaknesses in the design or operation of internal control over </div><div id="a100" style="position:absolute;font-family:'Arial';left:120.03px;top:771px;">financial reporting which are reasonably likely to adversely<div style="display:inline-block;width:5.06px"> </div>affect the company’s ability to record, </div><div id="a101" style="position:absolute;font-family:'Arial';left:120.03px;top:786px;">process, summarize and report financial information; and </div><div id="a105" style="position:absolute;font-family:'Arial';left:96.03px;top:817px;">(b)</div><div id="a106" style="position:absolute;font-family:'Arial';left:112.35px;top:817px;"><div style="display:inline-block;width:7.68px"> </div>Any fraud, whether or not material, that involves management or other employees who have a </div><div id="a109" style="position:absolute;font-family:'Arial';left:120.03px;top:832px;">significant role in the company’s internal control<div style="display:inline-block;width:5.12px"> </div>over financial reporting. </div><div id="a112" style="position:absolute;font-family:'Arial';left:96.03px;top:863px;">Date: March 21, 2025 </div><div id="a116" style="position:absolute;font-family:'Arial';left:96.03px;top:894px;">/s/ Semiramis Paliou<div style="display:inline-block;width:4.26px"> </div></div><div id="a120" style="position:absolute;font-family:'Arial';left:96.03px;top:924px;">Semiramis Paliou </div><div id="a122" style="position:absolute;font-family:'Arial';left:96.03px;top:940px;">Chief Executive Officer (Principal Executive Officer) </div></div>
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<TYPE>EX-12.2
<SEQUENCE>12
<FILENAME>exhibit122.htm
<DESCRIPTION>EX-12.2
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<div id="a2" style="position:absolute;font-family:'Arial';font-weight:bold;left:646.05px;top:96px;">Exhibit 12.2 </div><div id="a5" style="position:absolute;font-family:'Arial';font-weight:bold;left:235.55px;top:127px;">CERTIFICATION OF<div style="display:inline-block;width:5.12px"> </div>THE PRINCIPAL FINANCIAL<div style="display:inline-block;width:5.21px"> </div>OFFICER </div><div id="a8" style="position:absolute;font-family:'Arial';left:96.03px;top:158px;">I, Maria Dede, and I, Ioannis Zafirakis, each a Co-Chief<div style="display:inline-block;width:5.03px"> </div>Financial Officer of the Company certify that: </div><div id="a25" style="position:absolute;font-family:'Arial';left:96.03px;top:188px;">1.</div><div id="a26" style="position:absolute;font-family:'Arial';left:107.07px;top:188px;"><div style="display:inline-block;width:12.96px"> </div>I have reviewed this<div style="display:inline-block;width:5.03px"> </div>annual report on Form<div style="display:inline-block;width:5.25px"> </div>20-F of Diana Shipping<div style="display:inline-block;width:5.32px"> </div>Inc. for the year<div style="display:inline-block;width:5.17px"> </div>ended December </div><div id="a30" style="position:absolute;font-family:'Arial';left:120.03px;top:204px;">31, 2024; </div><div id="a33" style="position:absolute;font-family:'Arial';left:96.03px;top:234px;">2.</div><div id="a34" style="position:absolute;font-family:'Arial';left:107.07px;top:234px;"><div style="display:inline-block;width:12.96px"> </div>Based on my knowledge, this report does not contain any untrue statement of a<div style="display:inline-block;width:2.24px"> </div>material fact or omit to </div><div id="a36" style="position:absolute;font-family:'Arial';left:120.03px;top:250px;">state a material fact<div style="display:inline-block;width:2.2px"> </div>necessary to make the<div style="display:inline-block;width:2.24px"> </div>statements made, in light<div style="display:inline-block;width:2.29px"> </div>of the circumstances under which </div><div id="a37" style="position:absolute;font-family:'Arial';left:120.03px;top:265px;">such statements were made, not misleading with respect<div style="display:inline-block;width:5.21px"> </div>to the period covered by this report; </div><div id="a41" style="position:absolute;font-family:'Arial';left:96.03px;top:296px;">3.</div><div id="a42" style="position:absolute;font-family:'Arial';left:107.07px;top:296px;"><div style="display:inline-block;width:12.96px"> </div>Based on<div style="display:inline-block;width:1.96px"> </div>my knowledge,<div style="display:inline-block;width:2.14px"> </div>the financial<div style="display:inline-block;width:2.25px"> </div>statements, and<div style="display:inline-block;width:2.31px"> </div>other financial<div style="display:inline-block;width:2.12px"> </div>information included in<div style="display:inline-block;width:1.52px"> </div>this report, </div><div id="a44" style="position:absolute;font-family:'Arial';left:120.03px;top:311px;">fairly present in all material respects the financial condition, results of operations and cash flows of the </div><div id="a46" style="position:absolute;font-family:'Arial';left:120.03px;top:326px;">company as of, and for, the<div style="display:inline-block;width:5.11px"> </div>periods presented in this report; </div><div id="a49" style="position:absolute;font-family:'Arial';left:96.03px;top:357px;">4.</div><div id="a50" style="position:absolute;font-family:'Arial';left:107.07px;top:357px;"><div style="display:inline-block;width:12.96px"> </div>The<div style="display:inline-block;width:7.36px"> </div>company’s<div style="display:inline-block;width:7.8px"> </div>other<div style="display:inline-block;width:7.49px"> </div>certifying<div style="display:inline-block;width:7.5px"> </div>officer(s)<div style="display:inline-block;width:7.95px"> </div>and<div style="display:inline-block;width:7.28px"> </div>I<div style="display:inline-block;width:7.35px"> </div>are<div style="display:inline-block;width:7.37px"> </div>responsible<div style="display:inline-block;width:7.44px"> </div>for<div style="display:inline-block;width:7.38px"> </div>establishing<div style="display:inline-block;width:7.63px"> </div>and<div style="display:inline-block;width:7.44px"> </div>maintaining </div><div id="a52" style="position:absolute;font-family:'Arial';left:120.03px;top:372px;">disclosure controls<div style="display:inline-block;width:5.07px"> </div>and procedures (as<div style="display:inline-block;width:5.58px"> </div>defined in Exchange<div style="display:inline-block;width:5.73px"> </div>Act Rules 13a-15(e)<div style="display:inline-block;width:5.64px"> </div>and 15d-15(e)) and </div><div id="a57" style="position:absolute;font-family:'Arial';left:120.03px;top:388px;">internal control over financial reporting (as<div style="display:inline-block;width:5.2px"> </div>defined in Exchange Act Rules 13a-15(f)<div style="display:inline-block;width:5.42px"> </div>and 15d-15(f)) for </div><div id="a63" style="position:absolute;font-family:'Arial';left:120.03px;top:403px;">the company and have: </div><div id="a66" style="position:absolute;font-family:'Arial';left:96.03px;top:434px;">(a)</div><div id="a67" style="position:absolute;font-family:'Arial';left:112.35px;top:434px;"><div style="display:inline-block;width:7.68px"> </div>Designed such disclosure controls<div style="display:inline-block;width:2.17px"> </div>and procedures, or<div style="display:inline-block;width:2.29px"> </div>caused such disclosure controls<div style="display:inline-block;width:2.17px"> </div>and procedures </div><div id="a69" style="position:absolute;font-family:'Arial';left:120.03px;top:449px;">to<div style="display:inline-block;width:5.4px"> </div>be<div style="display:inline-block;width:5.55px"> </div>designed<div style="display:inline-block;width:5.78px"> </div>under<div style="display:inline-block;width:5.56px"> </div>our<div style="display:inline-block;width:5.64px"> </div>supervision,<div style="display:inline-block;width:5.62px"> </div>to<div style="display:inline-block;width:5.56px"> </div>ensure<div style="display:inline-block;width:5.64px"> </div>that<div style="display:inline-block;width:5.69px"> </div>material<div style="display:inline-block;width:5.57px"> </div>information<div style="display:inline-block;width:5.67px"> </div>relating<div style="display:inline-block;width:5.72px"> </div>to<div style="display:inline-block;width:5.56px"> </div>the<div style="display:inline-block;width:5.54px"> </div>company, </div><div id="a71" style="position:absolute;font-family:'Arial';left:120.03px;top:464px;">including its consolidated subsidiaries, is made known to us by others within those entities, particularly </div><div id="a72" style="position:absolute;font-family:'Arial';left:120.03px;top:480px;">during the period in which this report is being prepared; </div><div id="a75" style="position:absolute;font-family:'Arial';left:96.03px;top:510px;">(b)</div><div id="a76" style="position:absolute;font-family:'Arial';left:112.35px;top:510px;"><div style="display:inline-block;width:7.68px"> </div>Designed such<div style="display:inline-block;width:5.59px"> </div>internal control<div style="display:inline-block;width:5.7px"> </div>over financial<div style="display:inline-block;width:5.75px"> </div>reporting, or<div style="display:inline-block;width:5.68px"> </div>caused such<div style="display:inline-block;width:5.76px"> </div>internal control<div style="display:inline-block;width:5.7px"> </div>over financial </div><div id="a78" style="position:absolute;font-family:'Arial';left:120.03px;top:526px;">reporting<div style="display:inline-block;width:7.27px"> </div>to<div style="display:inline-block;width:7.16px"> </div>be<div style="display:inline-block;width:7.15px"> </div>designed<div style="display:inline-block;width:7.54px"> </div>under<div style="display:inline-block;width:7.16px"> </div>our<div style="display:inline-block;width:7.21px"> </div>supervision,<div style="display:inline-block;width:7.38px"> </div>to<div style="display:inline-block;width:7.32px"> </div>provide<div style="display:inline-block;width:7.16px"> </div>reasonable<div style="display:inline-block;width:7.57px"> </div>assurance<div style="display:inline-block;width:7.21px"> </div>regarding<div style="display:inline-block;width:7.41px"> </div>the </div><div id="a79" style="position:absolute;font-family:'Arial';left:120.03px;top:541px;">reliability<div style="display:inline-block;width:5.78px"> </div>of<div style="display:inline-block;width:5.72px"> </div>financial<div style="display:inline-block;width:5.84px"> </div>reporting<div style="display:inline-block;width:5.83px"> </div>and<div style="display:inline-block;width:5.68px"> </div>the<div style="display:inline-block;width:5.86px"> </div>preparation<div style="display:inline-block;width:5.94px"> </div>of<div style="display:inline-block;width:5.78px"> </div>financial<div style="display:inline-block;width:5.84px"> </div>statements<div style="display:inline-block;width:5.93px"> </div>for<div style="display:inline-block;width:5.78px"> </div>external<div style="display:inline-block;width:5.88px"> </div>purposes<div style="display:inline-block;width:5.85px"> </div>in </div><div id="a81" style="position:absolute;font-family:'Arial';left:120.03px;top:556px;">accordance with generally accepted accounting principles; </div><div id="a84" style="position:absolute;font-family:'Arial';left:96.03px;top:587px;">(c)</div><div id="a85" style="position:absolute;font-family:'Arial';left:111.55px;top:587px;"><div style="display:inline-block;width:8.48px"> </div>Evaluated the effectiveness of the company’s disclosure controls<div style="display:inline-block;width:2.24px"> </div>and procedures and presented in this </div><div id="a87" style="position:absolute;font-family:'Arial';left:120.03px;top:602px;">report our conclusions about the effectiveness of the disclosure controls and procedures, as of<div style="display:inline-block;width:2.27px"> </div>the end </div><div id="a88" style="position:absolute;font-family:'Arial';left:120.03px;top:618px;">of the period covered by this report based on such evaluation;<div style="display:inline-block;width:5.08px"> </div>and </div><div id="a93" style="position:absolute;font-family:'Arial';left:96.03px;top:648px;">(d)</div><div id="a94" style="position:absolute;font-family:'Arial';left:112.35px;top:648px;"><div style="display:inline-block;width:7.68px"> </div>Disclosed<div style="display:inline-block;width:6.27px"> </div>in<div style="display:inline-block;width:5.98px"> </div>this<div style="display:inline-block;width:6.21px"> </div>report<div style="display:inline-block;width:6.11px"> </div>any<div style="display:inline-block;width:6.43px"> </div>change<div style="display:inline-block;width:6.03px"> </div>in<div style="display:inline-block;width:6.14px"> </div>the<div style="display:inline-block;width:6.18px"> </div>company’s<div style="display:inline-block;width:6.68px"> </div>internal<div style="display:inline-block;width:6.04px"> </div>control<div style="display:inline-block;width:6.22px"> </div>over<div style="display:inline-block;width:6.17px"> </div>financial<div style="display:inline-block;width:6.16px"> </div>reporting<div style="display:inline-block;width:6.31px"> </div>that </div><div id="a96" style="position:absolute;font-family:'Arial';left:120.03px;top:664px;">occurred during the<div style="display:inline-block;width:5.26px"> </div>period covered<div style="display:inline-block;width:5.11px"> </div>by the annual<div style="display:inline-block;width:5.22px"> </div>report that has<div style="display:inline-block;width:5.41px"> </div>materially affected,<div style="display:inline-block;width:5.27px"> </div>or is reasonably </div><div id="a97" style="position:absolute;font-family:'Arial';left:120.03px;top:679px;">likely to materially affect, the company’s<div style="display:inline-block;width:5.12px"> </div>internal control over financial reporting; and </div><div id="a101" style="position:absolute;font-family:'Arial';left:96.03px;top:710px;">5.</div><div id="a102" style="position:absolute;font-family:'Arial';left:107.07px;top:710px;"><div style="display:inline-block;width:12.96px"> </div>The company’s other certifying officer(s) and<div style="display:inline-block;width:5.06px"> </div>I have disclosed, based on our most recent evaluation of </div><div id="a105" style="position:absolute;font-family:'Arial';left:120.03px;top:725px;">internal<div style="display:inline-block;width:6.04px"> </div>control<div style="display:inline-block;width:6.06px"> </div>over<div style="display:inline-block;width:6.01px"> </div>financial<div style="display:inline-block;width:6.32px"> </div>reporting,<div style="display:inline-block;width:6.14px"> </div>to<div style="display:inline-block;width:6.04px"> </div>the<div style="display:inline-block;width:6.02px"> </div>company’s<div style="display:inline-block;width:6.52px"> </div>auditors<div style="display:inline-block;width:6.2px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6.02px"> </div>audit<div style="display:inline-block;width:6.08px"> </div>committee<div style="display:inline-block;width:6.11px"> </div>of<div style="display:inline-block;width:6.04px"> </div>the </div><div id="a106" style="position:absolute;font-family:'Arial';left:120.03px;top:740px;">company’s board of directors (or persons performing<div style="display:inline-block;width:5.2px"> </div>the equivalent functions): </div><div id="a109" style="position:absolute;font-family:'Arial';left:96.03px;top:771px;">(a)</div><div id="a110" style="position:absolute;font-family:'Arial';left:112.35px;top:771px;"><div style="display:inline-block;width:7.68px"> </div>All significant deficiencies<div style="display:inline-block;width:5.26px"> </div>and material weaknesses<div style="display:inline-block;width:5.35px"> </div>in the design or<div style="display:inline-block;width:5.51px"> </div>operation of internal<div style="display:inline-block;width:5.17px"> </div>control over </div><div id="a112" style="position:absolute;font-family:'Arial';left:120.03px;top:786px;">financial<div style="display:inline-block;width:6.32px"> </div>reporting<div style="display:inline-block;width:6.31px"> </div>which<div style="display:inline-block;width:6.37px"> </div>are<div style="display:inline-block;width:6.41px"> </div>reasonably<div style="display:inline-block;width:6.39px"> </div>likely<div style="display:inline-block;width:6.32px"> </div>to<div style="display:inline-block;width:6.2px"> </div>adversely<div style="display:inline-block;width:6.52px"> </div>affect<div style="display:inline-block;width:6.48px"> </div>the<div style="display:inline-block;width:6.18px"> </div>company’s<div style="display:inline-block;width:6.84px"> </div>ability<div style="display:inline-block;width:6.21px"> </div>to<div style="display:inline-block;width:6.3px"> </div>record, </div><div id="a114" style="position:absolute;font-family:'Arial';left:120.03px;top:802px;">process, summarize and report financial information; and </div><div id="a117" style="position:absolute;font-family:'Arial';left:96.03px;top:832px;">(b)</div><div id="a118" style="position:absolute;font-family:'Arial';left:112.35px;top:832px;"><div style="display:inline-block;width:7.68px"> </div>Any<div style="display:inline-block;width:7.04px"> </div>fraud,<div style="display:inline-block;width:7.16px"> </div>whether<div style="display:inline-block;width:7.16px"> </div>or<div style="display:inline-block;width:7.07px"> </div>not<div style="display:inline-block;width:7.3px"> </div>material,<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7.29px"> </div>involves<div style="display:inline-block;width:7.22px"> </div>management<div style="display:inline-block;width:7.29px"> </div>or<div style="display:inline-block;width:7.07px"> </div>other<div style="display:inline-block;width:7.17px"> </div>employees<div style="display:inline-block;width:7.3px"> </div>who<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7.2px"> </div>a </div><div id="a120" style="position:absolute;font-family:'Arial';left:120.03px;top:848px;">significant role in the company’s internal control<div style="display:inline-block;width:5.12px"> </div>over financial reporting. </div><div id="a123" style="position:absolute;font-family:'Arial';left:96.03px;top:878px;">Date: March 21, 2025 </div><div id="a127" style="position:absolute;font-family:'Arial';left:96.03px;top:909px;">/s/ Maria Dede </div><div id="a130" style="position:absolute;font-family:'Arial';left:96.03px;top:924px;">Maria Dede<div style="display:inline-block;width:4px"> </div></div><div id="a132" style="position:absolute;font-family:'Arial';left:96.03px;top:940px;">Co-Chief Financial Officer (Co-Principal Financial<div style="display:inline-block;width:5.09px"> </div>Officer) </div></div>
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<div id="a141" style="position:absolute;font-family:'Arial';left:96.03px;top:96px;">/s/ Ioannis Zafirakis </div><div id="a144" style="position:absolute;font-family:'Arial';left:96.03px;top:112px;">Ioannis Zafirakis<div style="display:inline-block;width:4.12px"> </div></div><div id="a147" style="position:absolute;font-family:'Arial';left:96.03px;top:127px;">Co-Chief Financial Officer (Co-Principal Financial<div style="display:inline-block;width:5.09px"> </div>Officer) </div></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>13
<FILENAME>exhibit131.htm
<DESCRIPTION>EX-13.1
<TEXT>
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<div id="a2" style="position:absolute;font-family:'Arial';left:96.03px;top:96px;"><div style="display:inline-block;width:3.68px"> </div></div><div id="a4" style="position:absolute;font-family:'Arial';font-weight:bold;left:646.05px;top:112px;">Exhibit 13.1 </div><div id="a7" style="position:absolute;font-family:'Arial';font-weight:bold;left:248.03px;top:142px;">PRINCIPAL EXECUTIVE<div style="display:inline-block;width:5.34px"> </div>OFFICER CERTIFICATION </div><div id="a9" style="position:absolute;font-family:'Arial';font-weight:bold;left:281.03px;top:158px;">PURSUANT TO 18 U.S.C. SECTION 1350 </div><div id="a12" style="position:absolute;font-family:'Arial';left:96.03px;top:188px;">In connection<div style="display:inline-block;width:5.48px"> </div>with this<div style="display:inline-block;width:5.47px"> </div>Annual Report<div style="display:inline-block;width:5.66px"> </div>of Diana<div style="display:inline-block;width:5.42px"> </div>Shipping Inc.<div style="display:inline-block;width:5.46px"> </div>(the “Company”)<div style="display:inline-block;width:5.88px"> </div>on Form<div style="display:inline-block;width:5.28px"> </div>20-F for<div style="display:inline-block;width:5.45px"> </div>the year </div><div id="a15" style="position:absolute;font-family:'Arial';left:96.03px;top:204px;">ended December 31, 2024 as filed with the Securities<div style="display:inline-block;width:5.13px"> </div>and Exchange Commission (the “SEC”) on or about </div><div id="a19" style="position:absolute;font-family:'Arial';left:96.03px;top:219px;">the<div style="display:inline-block;width:6.66px"> </div>date<div style="display:inline-block;width:6.63px"> </div>hereof<div style="display:inline-block;width:6.67px"> </div>(the<div style="display:inline-block;width:6.72px"> </div>“Report”),<div style="display:inline-block;width:7.02px"> </div>I,<div style="display:inline-block;width:6.7px"> </div>Semiramis<div style="display:inline-block;width:6.88px"> </div>Paliou,<div style="display:inline-block;width:6.76px"> </div>Chief<div style="display:inline-block;width:6.76px"> </div>Executive<div style="display:inline-block;width:6.75px"> </div>Officer<div style="display:inline-block;width:7.05px"> </div>of<div style="display:inline-block;width:6.68px"> </div>the<div style="display:inline-block;width:6.66px"> </div>Company,<div style="display:inline-block;width:7.82px"> </div>certify, </div><div id="a20" style="position:absolute;font-family:'Arial';left:96.03px;top:234px;">pursuant<div style="display:inline-block;width:5.12px"> </div>to<div style="display:inline-block;width:5.24px"> </div>18<div style="display:inline-block;width:5.07px"> </div>U.S.C.<div style="display:inline-block;width:5.37px"> </div>Section<div style="display:inline-block;width:5.31px"> </div>1350,<div style="display:inline-block;width:5.17px"> </div>as<div style="display:inline-block;width:5.17px"> </div>adopted<div style="display:inline-block;width:5.28px"> </div>pursuant<div style="display:inline-block;width:5.28px"> </div>to<div style="display:inline-block;width:5.24px"> </div>Section<div style="display:inline-block;width:5.15px"> </div>906<div style="display:inline-block;width:5.2px"> </div>of<div style="display:inline-block;width:5.08px"> </div>the<div style="display:inline-block;width:5.4px"> </div>Sarbanes-Oxley<div style="display:inline-block;width:5.46px"> </div>Act<div style="display:inline-block;width:5.13px"> </div>of </div><div id="a24" style="position:absolute;font-family:'Arial';left:96.03px;top:250px;">2002, that: </div><div id="a27" style="position:absolute;font-family:'Arial';left:120.03px;top:280px;">(1)</div><div id="a28" style="position:absolute;font-family:'Arial';left:136.35px;top:280px;"><div style="display:inline-block;width:7.68px"> </div>The<div style="display:inline-block;width:7.04px"> </div>Report<div style="display:inline-block;width:7.18px"> </div>fully<div style="display:inline-block;width:7.1px"> </div>complies<div style="display:inline-block;width:7.44px"> </div>with<div style="display:inline-block;width:7.1px"> </div>the<div style="display:inline-block;width:6.98px"> </div>requirements<div style="display:inline-block;width:7.46px"> </div>of<div style="display:inline-block;width:7.16px"> </div>Section<div style="display:inline-block;width:7.07px"> </div>13(a)<div style="display:inline-block;width:7.24px"> </div>or<div style="display:inline-block;width:7.07px"> </div>15(d)<div style="display:inline-block;width:7.24px"> </div>of<div style="display:inline-block;width:7.16px"> </div>the<div style="display:inline-block;width:7.14px"> </div>Securities </div><div id="a30" style="position:absolute;font-family:'Arial';left:144.03px;top:296px;">Exchange Act of 1934; and </div><div id="a33" style="position:absolute;font-family:'Arial';left:120.03px;top:326px;">(2)</div><div id="a34" style="position:absolute;font-family:'Arial';left:136.35px;top:326px;"><div style="display:inline-block;width:7.68px"> </div>The<div style="display:inline-block;width:6.56px"> </div>information<div style="display:inline-block;width:6.79px"> </div>contained<div style="display:inline-block;width:6.89px"> </div>in<div style="display:inline-block;width:6.46px"> </div>the<div style="display:inline-block;width:6.5px"> </div>Report<div style="display:inline-block;width:6.7px"> </div>fairly<div style="display:inline-block;width:6.68px"> </div>presents,<div style="display:inline-block;width:6.82px"> </div>in<div style="display:inline-block;width:6.46px"> </div>all<div style="display:inline-block;width:6.55px"> </div>material<div style="display:inline-block;width:6.69px"> </div>respects,<div style="display:inline-block;width:6.92px"> </div>the<div style="display:inline-block;width:6.5px"> </div>financial </div><div id="a36" style="position:absolute;font-family:'Arial';left:144.03px;top:342px;">condition and results of operations of the Company. </div><div id="a39" style="position:absolute;font-family:'Arial';left:96.03px;top:372px;">A signed original<div style="display:inline-block;width:5.81px"> </div>of this<div style="display:inline-block;width:5.05px"> </div>written statement<div style="display:inline-block;width:5.28px"> </div>has been<div style="display:inline-block;width:5.2px"> </div>provided to<div style="display:inline-block;width:5.17px"> </div>the Company<div style="display:inline-block;width:5.33px"> </div>and will be<div style="display:inline-block;width:5.73px"> </div>retained by<div style="display:inline-block;width:5.17px"> </div>the </div><div id="a40" style="position:absolute;font-family:'Arial';left:96.03px;top:388px;">Company and furnished to the SEC or its staff<div style="display:inline-block;width:5.01px"> </div>upon request. </div><div id="a43" style="position:absolute;font-family:'Arial';left:96.03px;top:418px;">Date: March 21, 2025 </div><div id="a47" style="position:absolute;font-family:'Arial';left:96.03px;top:449px;">/s/ Semiramis Paliou </div><div id="a51" style="position:absolute;font-family:'Arial';left:96.03px;top:480px;">Semiramis Paliou </div><div id="a53" style="position:absolute;font-family:'Arial';left:96.03px;top:495px;">Chief Executive Officer (Principal Executive Officer) </div></div>
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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>14
<FILENAME>exhibit132.htm
<DESCRIPTION>EX-13.2
<TEXT>
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<div id="a2" style="position:absolute;font-family:'Arial';font-weight:bold;left:646.05px;top:96px;">Exhibit 13.2 </div><div id="a5" style="position:absolute;font-family:'Arial';font-weight:bold;left:249.79px;top:127px;">PRINCIPAL FINANCIAL<div style="display:inline-block;width:5.06px"> </div>OFFICER CERTIFICATION </div><div id="a7" style="position:absolute;font-family:'Arial';font-weight:bold;left:281.03px;top:142px;">PURSUANT TO 18 U.S.C. SECTION 1350 </div><div id="a10" style="position:absolute;font-family:'Arial';left:96.03px;top:173px;">In connection<div style="display:inline-block;width:5.48px"> </div>with this<div style="display:inline-block;width:5.47px"> </div>Annual Report<div style="display:inline-block;width:5.66px"> </div>of Diana<div style="display:inline-block;width:5.42px"> </div>Shipping Inc.<div style="display:inline-block;width:5.46px"> </div>(the “Company”)<div style="display:inline-block;width:5.88px"> </div>on Form<div style="display:inline-block;width:5.28px"> </div>20-F for<div style="display:inline-block;width:5.45px"> </div>the year </div><div id="a13" style="position:absolute;font-family:'Arial';left:96.03px;top:188px;">ended December 31, 2024 as filed with the Securities<div style="display:inline-block;width:5.13px"> </div>and Exchange Commission (the “SEC”) on or about </div><div id="a17" style="position:absolute;font-family:'Arial';left:96.03px;top:204px;">the date hereof (the “Report”),<div style="display:inline-block;width:5.34px"> </div>I, Maria Dede, and I, Ioannis<div style="display:inline-block;width:5.36px"> </div>Zafirakis,<div style="display:inline-block;width:3.97px"> </div>each a Co-Chief Financial<div style="display:inline-block;width:5.12px"> </div>Officer of </div><div id="a26" style="position:absolute;font-family:'Arial';left:96.03px;top:219px;">the<div style="display:inline-block;width:5.54px"> </div>Company,<div style="display:inline-block;width:6.86px"> </div>certify,<div style="display:inline-block;width:6.68px"> </div>pursuant<div style="display:inline-block;width:5.6px"> </div>to<div style="display:inline-block;width:5.56px"> </div>18<div style="display:inline-block;width:5.71px"> </div>U.S.C.<div style="display:inline-block;width:5.69px"> </div>Section<div style="display:inline-block;width:5.79px"> </div>1350,<div style="display:inline-block;width:5.65px"> </div>as<div style="display:inline-block;width:5.65px"> </div>adopted<div style="display:inline-block;width:5.6px"> </div>pursuant<div style="display:inline-block;width:5.92px"> </div>to<div style="display:inline-block;width:5.56px"> </div>Section<div style="display:inline-block;width:5.63px"> </div>906<div style="display:inline-block;width:5.68px"> </div>of<div style="display:inline-block;width:5.56px"> </div>the </div><div id="a27" style="position:absolute;font-family:'Arial';left:96.03px;top:234px;">Sarbanes-Oxley Act of 2002, that: </div><div id="a32" style="position:absolute;font-family:'Arial';left:120.03px;top:265px;">(1)</div><div id="a33" style="position:absolute;font-family:'Arial';left:136.35px;top:265px;"><div style="display:inline-block;width:7.68px"> </div>The<div style="display:inline-block;width:7.04px"> </div>Report<div style="display:inline-block;width:7.18px"> </div>fully<div style="display:inline-block;width:7.1px"> </div>complies<div style="display:inline-block;width:7.44px"> </div>with<div style="display:inline-block;width:7.1px"> </div>the<div style="display:inline-block;width:6.98px"> </div>requirements<div style="display:inline-block;width:7.46px"> </div>of<div style="display:inline-block;width:7.16px"> </div>Section<div style="display:inline-block;width:7.07px"> </div>13(a)<div style="display:inline-block;width:7.24px"> </div>or<div style="display:inline-block;width:7.07px"> </div>15(d)<div style="display:inline-block;width:7.24px"> </div>of<div style="display:inline-block;width:7.16px"> </div>the<div style="display:inline-block;width:7.14px"> </div>Securities </div><div id="a35" style="position:absolute;font-family:'Arial';left:144.03px;top:280px;">Exchange Act of 1934; and </div><div id="a38" style="position:absolute;font-family:'Arial';left:120.03px;top:311px;">(2)</div><div id="a39" style="position:absolute;font-family:'Arial';left:136.35px;top:311px;"><div style="display:inline-block;width:7.68px"> </div>The<div style="display:inline-block;width:6.56px"> </div>information<div style="display:inline-block;width:6.79px"> </div>contained<div style="display:inline-block;width:6.89px"> </div>in<div style="display:inline-block;width:6.46px"> </div>the<div style="display:inline-block;width:6.5px"> </div>Report<div style="display:inline-block;width:6.7px"> </div>fairly<div style="display:inline-block;width:6.68px"> </div>presents,<div style="display:inline-block;width:6.82px"> </div>in<div style="display:inline-block;width:6.46px"> </div>all<div style="display:inline-block;width:6.55px"> </div>material<div style="display:inline-block;width:6.69px"> </div>respects,<div style="display:inline-block;width:6.92px"> </div>the<div style="display:inline-block;width:6.5px"> </div>financial </div><div id="a41" style="position:absolute;font-family:'Arial';left:144.03px;top:326px;">condition and results of operations of the Company. </div><div id="a44" style="position:absolute;font-family:'Arial';left:96.03px;top:357px;letter-spacing:0.68px;">A </div><div id="a45" style="position:absolute;font-family:'Arial';left:109.15px;top:357px;">signed original<div style="display:inline-block;width:5.24px"> </div>of this<div style="display:inline-block;width:5.05px"> </div>written statement<div style="display:inline-block;width:5.28px"> </div>has been<div style="display:inline-block;width:5.2px"> </div>provided to<div style="display:inline-block;width:5.17px"> </div>the Company<div style="display:inline-block;width:5.33px"> </div>and will be<div style="display:inline-block;width:5.73px"> </div>retained by<div style="display:inline-block;width:5.17px"> </div>the </div><div id="a46" style="position:absolute;font-family:'Arial';left:96.03px;top:372px;">Company and furnished to the SEC or its staff<div style="display:inline-block;width:5.01px"> </div>upon request. </div><div id="a49" style="position:absolute;font-family:'Arial';left:96.03px;top:403px;">Date: March 21, 2025 </div><div id="a53" style="position:absolute;font-family:'Arial';left:96.03px;top:434px;">/s/ Maria Dede </div><div id="a56" style="position:absolute;font-family:'Arial';left:96.03px;top:449px;">Maria Dede </div><div id="a58" style="position:absolute;font-family:'Arial';left:96.03px;top:464px;">Co-Chief Financial Officer (Co-Principal Financial<div style="display:inline-block;width:5.09px"> </div>Officer) </div><div id="a66" style="position:absolute;font-family:'Arial';left:96.03px;top:495px;">/s/ Ioannis Zafirakis<div style="display:inline-block;width:4.18px"> </div></div><div id="a70" style="position:absolute;font-family:'Arial';left:96.03px;top:510px;">Ioannis Zafirakis<div style="display:inline-block;width:4.12px"> </div></div><div id="a73" style="position:absolute;font-family:'Arial';left:96.03px;top:526px;">Co-Chief Financial Officer (Co-Principal Financial<div style="display:inline-block;width:5.09px"> </div>Officer) </div></div>
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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>15
<FILENAME>exhibit151.htm
<DESCRIPTION>EX-15.1
<TEXT>
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<div id="a2" style="position:absolute;font-family:'Calibri';left:83.23px;top:190px;">CONSENT OF INDEPENDENT REGISTERED<div style="display:inline-block;width:4.4px"> </div>PUBLIC ACCOUNTING FIRM </div><div id="a5" style="position:absolute;font-family:'Calibri';left:83.23px;top:225px;">We consent to the incorporation<div style="display:inline-block;width:4.95px"> </div>by reference in the<div style="display:inline-block;width:4.39px"> </div>Registration Statement<div style="display:inline-block;width:1.8px"> </div>s<div style="display:inline-block;width:3.02px"> </div>Nos. 333-280693 and 333-266999 on Form </div><div id="a21" style="position:absolute;font-family:'Calibri';left:83.23px;top:242px;">F-3 of our reports dated March 21, 2025, relating<div style="display:inline-block;width:4.69px"> </div>to the consolidated financial statements<div style="display:inline-block;width:5.12px"> </div>of Diana Shipping Inc. and the </div><div id="a31" style="position:absolute;font-family:'Calibri';left:83.23px;top:260px;">effectiveness of Diana Shipping<div style="display:inline-block;width:4.39px"> </div>Inc.’s<div style="display:inline-block;width:4.83px"> </div>internal control over<div style="display:inline-block;width:4.42px"> </div>financial reporting,<div style="display:inline-block;width:3.54px"> </div>appearing in this Annual Report on Form </div><div id="a42" style="position:absolute;font-family:'Calibri';left:83.23px;top:277px;">20-F for the year ended December 31, 2024.<div style="display:inline-block;width:4.3px"> </div></div><div id="a53" style="position:absolute;font-family:'Calibri';left:83.23px;top:345px;">/s/ Deloitte Certified Public Accountants<div style="display:inline-block;width:4.94px"> </div>S.A. </div><div id="a55" style="position:absolute;font-family:'Calibri';left:83.23px;top:362px;">Athens, Greece </div><div id="a57" style="position:absolute;font-family:'Calibri';left:83.23px;top:378px;">March 21, 2025 </div></div>
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<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>16
<FILENAME>exhibit152.htm
<DESCRIPTION>EX-15.2
<TEXT>
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<div id="a3" style="position:absolute;font-family:'Calibri';font-weight:bold;left:228.83px;top:143px;">Consent of Independent Registered Public Accounting Firm </div><div id="a6" style="position:absolute;font-family:'Calibri';left:94.59px;top:179px;">We consent to the incorporation by reference<div style="display:inline-block;width:4.73px"> </div>in the following Registration Statements:<div style="display:inline-block;width:4.04px"> </div></div><div id="a8" style="position:absolute;font-family:'Calibri';left:94.59px;top:197px;"><div style="display:inline-block;width:3.36px"> </div></div><div id="a10" style="position:absolute;font-family:'Calibri';left:94.59px;top:215px;">(1) Registration Statement (Form F-3 No. 333-280693)<div style="display:inline-block;width:3.7px"> </div>of Diana Shipping Inc., and </div><div id="a25" style="position:absolute;font-family:'Calibri';left:94.59px;top:243px;">(2) Registration Statement (Form F-3 No. 333-266999) of Diana Shipping Inc.; </div><div id="a34" style="position:absolute;font-family:'Calibri';left:94.59px;top:290px;">of our report dated April 4, 2024, with respect to the consolidated financial statements of Diana Shipping </div><div id="a35" style="position:absolute;font-family:'Calibri';left:94.59px;top:308px;">Inc., included<div style="display:inline-block;width:4.7px"> </div>in this<div style="display:inline-block;width:4.72px"> </div>Annual Report (Form<div style="display:inline-block;width:5.46px"> </div>20-F) of<div style="display:inline-block;width:4.68px"> </div>Diana Shipping Inc.<div style="display:inline-block;width:5.21px"> </div>for the<div style="display:inline-block;width:4.89px"> </div>year ended<div style="display:inline-block;width:4.83px"> </div>December 31, </div><div id="a45" style="position:absolute;font-family:'Calibri';left:94.59px;top:326px;">2024. </div><div id="a49" style="position:absolute;font-family:'Calibri';left:94.59px;top:362px;">/s/ Ernst & Young (Hellas) Certified Auditors Accountants S.A. </div><div id="a52" style="position:absolute;font-family:'Calibri';left:94.59px;top:397px;">Athens, Greece<div style="display:inline-block;width:3.48px"> </div></div><div id="a54" style="position:absolute;font-family:'Calibri';left:94.59px;top:415px;">March 21, 2025<div style="display:inline-block;width:3.16px"> </div></div></div>
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<DOCUMENT>
<TYPE>EX-16.1
<SEQUENCE>17
<FILENAME>exhibit161.htm
<DESCRIPTION>EX-16.1
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<div id="a3" style="position:absolute;font-family:'Arial';left:56.8px;top:108px;">Exhibit 16.1 </div><div id="a6" style="position:absolute;font-family:'Arial';left:56.8px;top:166px;">March 21, 2025 </div><div id="a9" style="position:absolute;font-family:'Arial';left:56.8px;top:224px;">Securities and Exchange Commission </div><div id="a11" style="position:absolute;font-family:'Arial';left:56.8px;top:253px;">100 F Street, N.E. </div><div id="a13" style="position:absolute;font-family:'Arial';left:56.8px;top:281px;">Washington, DC 20549 </div><div id="a16" style="position:absolute;font-family:'Arial';left:56.8px;top:339px;">Commissioners: </div><div id="a19" style="position:absolute;font-family:'Arial';left:56.8px;top:368px;">We have read Item 16F of Form 20-F dated March 21, 2025, of Diana Shipping<div style="display:inline-block;width:2.51px"> </div>Inc. and are in agreement </div><div id="a26" style="position:absolute;font-family:'Arial';left:56.8px;top:386px;">with the statements contained in paragraphs two and four therein. We have no basis to agree or disagree </div><div id="a27" style="position:absolute;font-family:'Arial';left:56.8px;top:404px;">with other statements of the registrant contained therein. </div><div id="a29" style="position:absolute;font-family:'Arial';left:56.8px;top:433px;">/s/ Ernst & Young (Hellas) Certified<div style="display:inline-block;width:2.25px"> </div>Auditors Accountants S.A. </div><div id="a35" style="position:absolute;font-family:'Arial';left:56.8px;top:462px;">Athens, Greece </div></div>
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<DOCUMENT>
<TYPE>EX-4.09
<SEQUENCE>18
<FILENAME>exhibit409.htm
<DESCRIPTION>EX-4.09
<TEXT>
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<div id="a3" style="position:absolute;font-family:'Arial';font-weight:bold;left:56.8px;top:97px;letter-spacing:-0.44px;"><div style="display:inline-block;width:3.68px"> </div>STEAMSHIP SHIPBROKING ENTERPRISES INC.<div style="display:inline-block;width:2.81px"> </div></div><div id="a8" style="position:absolute;font-family:'Arial';font-weight:bold;left:56.8px;top:139px;letter-spacing:-0.24px;"><div style="display:inline-block;width:48.03px"> </div>THIS<div style="display:inline-block;width:5.76px"> </div>AGREEMENT </div><div id="a10" style="position:absolute;font-family:'Arial';left:240.99px;top:139px;letter-spacing:-0.24px;">dated<div style="display:inline-block;width:5.76px"> </div>this<div style="display:inline-block;width:5.92px"> </div>25</div><div id="a14" style="position:absolute;font-family:'Arial';font-size:9.28px;left:325.99px;top:139px;">th</div><div id="a15" style="position:absolute;font-family:'Arial';left:333.19px;top:139px;letter-spacing:-0.25px;"><div style="display:inline-block;width:5.92px"> </div>day<div style="display:inline-block;width:5.92px"> </div>of<div style="display:inline-block;width:5.92px"> </div>February<div style="display:inline-block;width:5.76px"> </div>2025<div style="display:inline-block;width:5.57px"> </div>by<div style="display:inline-block;width:5.76px"> </div>and<div style="display:inline-block;width:5.76px"> </div>between<div style="display:inline-block;width:5.92px"> </div>Diana<div style="display:inline-block;width:5.92px"> </div>Shipping<div style="display:inline-block;width:5.8px"> </div>Inc.,<div style="display:inline-block;width:5.92px"> </div>a </div><div id="a27" style="position:absolute;font-family:'Arial';left:56.8px;top:156px;letter-spacing:-0.23px;">Marshall Islands<div style="display:inline-block;width:6.47px"> </div>company<div style="display:inline-block;width:5.44px"> </div>having<div style="display:inline-block;width:5.44px"> </div>its registered<div style="display:inline-block;width:6.47px"> </div>office<div style="display:inline-block;width:5.44px"> </div>at<div style="display:inline-block;width:5.44px"> </div>Trust Company<div style="display:inline-block;width:6.63px"> </div>Complex, Ajeltake<div style="display:inline-block;width:6.63px"> </div>Road, Ajeltake </div><div id="a28" style="position:absolute;font-family:'Arial';left:56.8px;top:173px;letter-spacing:-0.29px;">Island,<div style="display:inline-block;width:5.76px"> </div>Majuro,<div style="display:inline-block;width:5.76px"> </div>Marshall<div style="display:inline-block;width:5.76px"> </div>Islands<div style="display:inline-block;width:5.76px"> </div>MH96960<div style="display:inline-block;width:5.76px"> </div>(the<div style="display:inline-block;width:5.92px"> </div>"Company")<div style="display:inline-block;width:5.76px"> </div>and<div style="display:inline-block;width:5.79px"> </div>Steamship<div style="display:inline-block;width:5.76px"> </div>Shipbroking<div style="display:inline-block;width:5.76px"> </div>Enterprises<div style="display:inline-block;width:5.76px"> </div>Inc. </div><div id="a36" style="position:absolute;font-family:'Arial';left:732.93px;top:173px;letter-spacing:-0.51px;">a </div><div id="a37" style="position:absolute;font-family:'Arial';left:56.8px;top:189px;letter-spacing:-0.23px;">Marshall Islands<div style="display:inline-block;width:6.47px"> </div>company<div style="display:inline-block;width:5.44px"> </div>having<div style="display:inline-block;width:5.44px"> </div>its registered<div style="display:inline-block;width:6.54px"> </div>office<div style="display:inline-block;width:5.44px"> </div>at<div style="display:inline-block;width:5.44px"> </div>Trust Company<div style="display:inline-block;width:6.63px"> </div>Complex, Ajeltake<div style="display:inline-block;width:6.63px"> </div>Road, Ajeltake </div><div id="a39" style="position:absolute;font-family:'Arial';left:56.8px;top:206px;letter-spacing:-0.22px;">Island, Majuro, Marshall Islands MH96960 (the<div style="display:inline-block;width:2.75px"> </div>"Broker"). </div><div id="a45" style="position:absolute;font-family:'Arial';left:56.8px;top:246px;letter-spacing:-0.24px;"><div style="display:inline-block;width:48.03px"> </div>BY<div style="display:inline-block;width:5.44px"> </div>WHICH,<div style="display:inline-block;width:5.6px"> </div>in<div style="display:inline-block;width:5.6px"> </div>consideration<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.44px"> </div>mutual<div style="display:inline-block;width:5.44px"> </div>covenants<div style="display:inline-block;width:5.44px"> </div>and<div style="display:inline-block;width:5.6px"> </div>agreements<div style="display:inline-block;width:5.6px"> </div>set<div style="display:inline-block;width:5.6px"> </div>forth<div style="display:inline-block;width:5.6px"> </div>herein,<div style="display:inline-block;width:5.7px"> </div>the<div style="display:inline-block;width:5.44px"> </div>parties </div><div id="a49" style="position:absolute;font-family:'Arial';left:56.8px;top:262px;letter-spacing:-0.3px;">hereto agree as follows: </div><div id="a51" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:299px;">1.</div><div id="a53" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:301px;"><div style="display:inline-block;width:23.99px"> </div>The Company.</div><div id="a55" style="position:absolute;font-family:'Arial';left:252.03px;top:301px;"><div style="display:inline-block;width:4.52px"> </div>Diana Shipping<div style="display:inline-block;width:5.44px"> </div>Inc. is a<div style="display:inline-block;width:5.92px"> </div>leading global<div style="display:inline-block;width:5.63px"> </div>provider of<div style="display:inline-block;width:5.65px"> </div>shipping transportation </div><div id="a57" style="position:absolute;font-family:'Arial';left:56.8px;top:318px;">services<div style="display:inline-block;width:5.69px"> </div>through<div style="display:inline-block;width:5.76px"> </div>its<div style="display:inline-block;width:5.6px"> </div>ownership<div style="display:inline-block;width:5.86px"> </div>of<div style="display:inline-block;width:5.48px"> </div>dry<div style="display:inline-block;width:5.63px"> </div>bulk<div style="display:inline-block;width:5.64px"> </div>vessels.<div style="display:inline-block;width:5.71px"> </div>The<div style="display:inline-block;width:5.68px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:5.8px"> </div>are<div style="display:inline-block;width:5.61px"> </div>employed<div style="display:inline-block;width:5.78px"> </div>primarily<div style="display:inline-block;width:5.83px"> </div>on </div><div id="a58" style="position:absolute;font-family:'Arial';left:56.8px;top:335px;">medium<div style="display:inline-block;width:10.05px"> </div>to<div style="display:inline-block;width:10.12px"> </div>long-term<div style="display:inline-block;width:10.17px"> </div>time<div style="display:inline-block;width:10.11px"> </div>charters<div style="display:inline-block;width:10.35px"> </div>and<div style="display:inline-block;width:10px"> </div>transport<div style="display:inline-block;width:10.23px"> </div>a<div style="display:inline-block;width:9.89px"> </div>range<div style="display:inline-block;width:10.19px"> </div>of<div style="display:inline-block;width:9.96px"> </div>dry<div style="display:inline-block;width:10.27px"> </div>bulk<div style="display:inline-block;width:9.96px"> </div>cargoes,<div style="display:inline-block;width:10.42px"> </div>including<div style="display:inline-block;width:10.22px"> </div>such </div><div id="a61" style="position:absolute;font-family:'Arial';left:56.8px;top:352px;">commodities as iron ore, coal,<div style="display:inline-block;width:5.43px"> </div>grain and other materials along<div style="display:inline-block;width:5.55px"> </div>worldwide shipping routes.<div style="display:inline-block;width:5.39px"> </div></div><div id="a63" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:388px;">2.</div><div id="a65" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:390px;letter-spacing:-0.17px;"><div style="display:inline-block;width:23.99px"> </div>Engagement. </div><div id="a67" style="position:absolute;font-family:'Arial';left:248.35px;top:390px;letter-spacing:-0.18px;">The Company<div style="display:inline-block;width:5.83px"> </div>hereby engages<div style="display:inline-block;width:5.83px"> </div>the Broker<div style="display:inline-block;width:5.9px"> </div>to act<div style="display:inline-block;width:5.83px"> </div>as broker<div style="display:inline-block;width:5.83px"> </div>for the<div style="display:inline-block;width:5.51px"> </div>Company </div><div id="a75" style="position:absolute;font-family:'Arial';left:56.8px;top:407px;letter-spacing:-0.22px;">and<div style="display:inline-block;width:7.04px"> </div>for<div style="display:inline-block;width:6.88px"> </div>any<div style="display:inline-block;width:6.91px"> </div>of<div style="display:inline-block;width:7.04px"> </div>its<div style="display:inline-block;width:6.88px"> </div>affiliated<div style="display:inline-block;width:6.88px"> </div>companies<div style="display:inline-block;width:6.88px"> </div>that<div style="display:inline-block;width:6.88px"> </div>own<div style="display:inline-block;width:6.88px"> </div>vessels<div style="display:inline-block;width:6.88px"> </div>managed<div style="display:inline-block;width:6.88px"> </div>by<div style="display:inline-block;width:7.04px"> </div>Diana<div style="display:inline-block;width:7.04px"> </div>Shipping<div style="display:inline-block;width:7.04px"> </div>Services<div style="display:inline-block;width:6.88px"> </div>S.A.<div style="display:inline-block;width:7.11px"> </div>as </div><div id="a83" style="position:absolute;font-family:'Arial';left:56.8px;top:424px;">directed<div style="display:inline-block;width:6.51px"> </div>by<div style="display:inline-block;width:6.53px"> </div>the<div style="display:inline-block;width:6.42px"> </div>Company<div style="display:inline-block;width:6.63px"> </div>to<div style="display:inline-block;width:6.44px"> </div>assist<div style="display:inline-block;width:6.53px"> </div>the<div style="display:inline-block;width:6.42px"> </div>Company<div style="display:inline-block;width:6.6px"> </div>in<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.42px"> </div>provision<div style="display:inline-block;width:6.69px"> </div>of<div style="display:inline-block;width:6.44px"> </div>the<div style="display:inline-block;width:6.58px"> </div>Services<div style="display:inline-block;width:6.44px"> </div>by<div style="display:inline-block;width:6.53px"> </div>providing<div style="display:inline-block;width:6.77px"> </div>to<div style="display:inline-block;width:6.44px"> </div>the </div><div id="a88" style="position:absolute;font-family:'Arial';left:56.8px;top:441px;letter-spacing:-0.27px;">Company<div style="display:inline-block;width:5.95px"> </div>or<div style="display:inline-block;width:5.44px"> </div>to<div style="display:inline-block;width:5.44px"> </div>an<div style="display:inline-block;width:5.6px"> </div>entity<div style="display:inline-block;width:5.44px"> </div>designated<div style="display:inline-block;width:5.44px"> </div>by<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.44px"> </div>Company<div style="display:inline-block;width:5.44px"> </div>from<div style="display:inline-block;width:5.44px"> </div>time<div style="display:inline-block;width:5.44px"> </div>to<div style="display:inline-block;width:5.44px"> </div>time,<div style="display:inline-block;width:5.44px"> </div>brokerage<div style="display:inline-block;width:5.44px"> </div>services<div style="display:inline-block;width:5.44px"> </div>relating<div style="display:inline-block;width:5.44px"> </div>to<div style="display:inline-block;width:5.44px"> </div>the </div><div id="a90" style="position:absolute;font-family:'Arial';left:56.8px;top:458px;letter-spacing:-0.3px;">purchase, sale<div style="display:inline-block;width:5.83px"> </div>or chartering<div style="display:inline-block;width:5.83px"> </div>of vessels,<div style="display:inline-block;width:5.9px"> </div>brokerage services<div style="display:inline-block;width:5.99px"> </div>relating to<div style="display:inline-block;width:5.83px"> </div>the repairs<div style="display:inline-block;width:6.02px"> </div>and other<div style="display:inline-block;width:5.83px"> </div>maintenance of </div><div id="a96" style="position:absolute;font-family:'Arial';left:56.8px;top:475px;letter-spacing:-0.3px;">vessels, and<div style="display:inline-block;width:6.18px"> </div>any relevant<div style="display:inline-block;width:6.15px"> </div>consulting services<div style="display:inline-block;width:6.15px"> </div>permitted by<div style="display:inline-block;width:6.15px"> </div>Greek laws<div style="display:inline-block;width:6.31px"> </div>or the<div style="display:inline-block;width:6.18px"> </div>Broker's Law<div style="display:inline-block;width:6.19px"> </div>27/1975 license </div><div id="a110" style="position:absolute;font-family:'Arial';left:56.8px;top:491px;letter-spacing:-0.29px;">(collectively the “Brokerage Services”), and the<div style="display:inline-block;width:2.63px"> </div>Broker hereby accepts such appointment. </div><div id="a117" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:528px;">3.</div><div id="a119" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:530px;"><div style="display:inline-block;width:23.99px"> </div>Duration. </div><div id="a121" style="position:absolute;font-family:'Arial';left:224.67px;top:530px;">The<div style="display:inline-block;width:7.12px"> </div>duration<div style="display:inline-block;width:7.45px"> </div>of<div style="display:inline-block;width:7.08px"> </div>the<div style="display:inline-block;width:7.06px"> </div>engagement<div style="display:inline-block;width:7.12px"> </div>shall<div style="display:inline-block;width:7.17px"> </div>be<div style="display:inline-block;width:6.99px"> </div>for<div style="display:inline-block;width:7.14px"> </div>a<div style="display:inline-block;width:7.01px"> </div>term<div style="display:inline-block;width:7.2px"> </div>of<div style="display:inline-block;width:7.19px"> </div>twelve<div style="display:inline-block;width:6.92px"> </div>(12)<div style="display:inline-block;width:7.26px"> </div>months </div><div id="a129" style="position:absolute;font-family:'Arial';left:56.8px;top:547px;letter-spacing:-0.2px;">commencing the<div style="display:inline-block;width:5.7px"> </div>1</div><div id="a131" style="position:absolute;font-family:'Arial';font-size:9.28px;left:175.71px;top:546px;letter-spacing:-0.16px;">st</div><div id="a132" style="position:absolute;font-family:'Arial';left:182.43px;top:547px;"><div style="display:inline-block;width:4.96px"> </div>day of January 2025 and ending (unless<div style="display:inline-block;width:2.67px"> </div>terminated<div style="display:inline-block;width:2.61px"> </div>earlier on the basis<div style="display:inline-block;width:7.53px"> </div>of<div style="display:inline-block;width:6.44px"> </div>any<div style="display:inline-block;width:6.83px"> </div>other </div><div id="a141" style="position:absolute;font-family:'Arial';left:56.8px;top:564px;letter-spacing:0.43px;">provision of this<div style="display:inline-block;width:5.58px"> </div>Agreement) on the<div style="display:inline-block;width:5.49px"> </div>31</div><div id="a144" style="position:absolute;font-family:'Arial';font-size:9.28px;left:322.79px;top:563px;letter-spacing:0.47px;">st </div><div id="a145" style="position:absolute;font-family:'Arial';left:333.99px;top:564px;">day<div style="display:inline-block;width:5.55px"> </div>of December 2025 (the said period<div style="display:inline-block;width:5.53px"> </div>as it may be extended </div><div id="a153" style="position:absolute;font-family:'Arial';left:56.8px;top:580px;">being hereinafter referred<div style="display:inline-block;width:2.24px"> </div>to as<div style="display:inline-block;width:2.33px"> </div>the "Term"). </div><div id="a156" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:617px;">4.</div><div id="a158" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:619px;"><div style="display:inline-block;width:23.99px"> </div>Representations<div style="display:inline-block;width:6.74px"> </div>of<div style="display:inline-block;width:6.31px"> </div>Broker. </div><div id="a162" style="position:absolute;font-family:'Arial';left:352.39px;top:619px;">The Broker represents<div style="display:inline-block;width:6.86px"> </div>that<div style="display:inline-block;width:6.01px"> </div>it<div style="display:inline-block;width:6.08px"> </div>has<div style="display:inline-block;width:6.03px"> </div>personnel<div style="display:inline-block;width:5.75px"> </div>fully<div style="display:inline-block;width:5.98px"> </div>qualified, </div><div id="a168" style="position:absolute;font-family:'Arial';left:56.8px;top:636px;letter-spacing:-0.35px;">without the benefit<div style="display:inline-block;width:6.06px"> </div>of any further<div style="display:inline-block;width:5.9px"> </div>training or<div style="display:inline-block;width:5.51px"> </div>experience and has<div style="display:inline-block;width:6.06px"> </div>obtained all necessary<div style="display:inline-block;width:6.19px"> </div>permits and<div style="display:inline-block;width:5.83px"> </div>licenses, </div><div id="a170" style="position:absolute;font-family:'Arial';left:56.8px;top:653px;letter-spacing:-0.17px;">to perform the Brokerage Services. The duties of the<div style="display:inline-block;width:5.55px"> </div>Broker shall be offered on a<div style="display:inline-block;width:5.47px"> </div>worldwide basis. Broker's </div><div id="a181" style="position:absolute;font-family:'Arial';left:56.8px;top:670px;">duties<div style="display:inline-block;width:2.32px"> </div>and responsibilities<div style="display:inline-block;width:0px;margin-left:-2.13px"> </div>hereunder<div style="display:inline-block;width:6.97px"> </div>shall<div style="display:inline-block;width:6.21px"> </div>always<div style="display:inline-block;width:6.37px"> </div>be subject<div style="display:inline-block;width:7.94px"> </div>to<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.62px"> </div>policies<div style="display:inline-block;width:7.07px"> </div>and<div style="display:inline-block;width:5.52px"> </div>directives<div style="display:inline-block;width:7.43px"> </div>of the<div style="display:inline-block;width:6.96px"> </div>board </div><div id="a184" style="position:absolute;font-family:'Arial';left:56.8px;top:687px;">of<div style="display:inline-block;width:5.8px"> </div>directors<div style="display:inline-block;width:7.56px"> </div>of<div style="display:inline-block;width:5.64px"> </div>the<div style="display:inline-block;width:6.26px"> </div>Company<div style="display:inline-block;width:6.79px"> </div>as<div style="display:inline-block;width:5.93px"> </div>communicated<div style="display:inline-block;width:0.92px"> </div>from time to time<div style="display:inline-block;width:2.72px"> </div>to the Broker.<div style="display:inline-block;width:8.15px"> </div>Subject to the above, the </div><div id="a191" style="position:absolute;font-family:'Arial';left:56.8px;top:703px;letter-spacing:-0.3px;">precise duties, responsibilities and<div style="display:inline-block;width:5.65px"> </div>authority of the Broker may be<div style="display:inline-block;width:5.54px"> </div>expanded, limited or modified, from time to </div><div id="a195" style="position:absolute;font-family:'Arial';left:56.8px;top:720px;letter-spacing:-0.25px;">time, at the discretion of the<div style="display:inline-block;width:2.62px"> </div>board of directors of the Company.<div style="display:inline-block;width:3.51px"> </div></div><div id="a201" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:756px;">5.</div><div id="a203" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:759px;letter-spacing:-0.36px;"><div style="display:inline-block;width:23.99px"> </div>Commission. </div><div id="a206" style="position:absolute;font-family:'Arial';left:246.27px;top:759px;letter-spacing:-0.36px;">Because of<div style="display:inline-block;width:5.71px"> </div>their permanent<div style="display:inline-block;width:5.51px"> </div>relation the<div style="display:inline-block;width:5.67px"> </div>Company shall<div style="display:inline-block;width:5.83px"> </div>pay the<div style="display:inline-block;width:5.71px"> </div>Broker </div><div id="a211" style="position:absolute;font-family:'Arial';left:697.57px;top:759px;letter-spacing:-0.51px;">a </div><div id="a212" style="position:absolute;font-family:'Arial';left:710.21px;top:759px;letter-spacing:-0.38px;">lump </div><div id="a213" style="position:absolute;font-family:'Arial';left:56.8px;top:776px;letter-spacing:-0.26px;">sum<div style="display:inline-block;width:6.4px"> </div>commission<div style="display:inline-block;width:6.4px"> </div>in<div style="display:inline-block;width:6.24px"> </div>the<div style="display:inline-block;width:6.24px"> </div>amount<div style="display:inline-block;width:6.4px"> </div>of<div style="display:inline-block;width:6.4px"> </div>United<div style="display:inline-block;width:6.44px"> </div>States<div style="display:inline-block;width:6.72px"> </div>Dollars<div style="display:inline-block;width:6.43px"> </div>$325,000<div style="display:inline-block;width:6.4px"> </div>per<div style="display:inline-block;width:6.56px"> </div>month,<div style="display:inline-block;width:6.72px"> </div>starting<div style="display:inline-block;width:6.72px"> </div>on<div style="display:inline-block;width:6.72px"> </div>the<div style="display:inline-block;width:6.72px"> </div>1</div><div id="a226" style="position:absolute;font-family:'Arial';font-size:9.28px;left:684.45px;top:775px;">st</div><div id="a227" style="position:absolute;font-family:'Arial';left:691.49px;top:776px;"><div style="display:inline-block;width:6.72px"> </div>day<div style="display:inline-block;width:6.51px"> </div>of </div><div id="a229" style="position:absolute;font-family:'Arial';left:56.8px;top:793px;letter-spacing:-0.22px;">January 2025<div style="display:inline-block;width:5.86px"> </div>payable quarterly<div style="display:inline-block;width:5.83px"> </div>in advance,<div style="display:inline-block;width:5.51px"> </div>subject to required deductions<div style="display:inline-block;width:5.97px"> </div>and withholdings. Commissions </div><div id="a240" style="position:absolute;font-family:'Arial';left:56.8px;top:809px;letter-spacing:-0.37px;">on a percentage basis for<div style="display:inline-block;width:2.52px"> </div>specific deals may be agreed<div style="display:inline-block;width:2.68px"> </div>by separate agreements in writing. </div><div id="a242" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:846px;">6.</div><div id="a245" style="position:absolute;font-family:'Arial';font-weight:bold;left:152.83px;top:848px;letter-spacing:-0.17px;">Expenses</div><div id="a246" style="position:absolute;font-family:'Arial';left:220.03px;top:848px;">.<div style="display:inline-block;width:9.67px"> </div>The<div style="display:inline-block;width:9.2px"> </div>Company<div style="display:inline-block;width:8.68px"> </div>shall<div style="display:inline-block;width:8.77px"> </div>pay<div style="display:inline-block;width:9.23px"> </div>or<div style="display:inline-block;width:9.47px"> </div>reimburse<div style="display:inline-block;width:8.32px"> </div>the<div style="display:inline-block;width:9.36px"> </div>Broker<div style="display:inline-block;width:8.65px"> </div>for<div style="display:inline-block;width:9.22px"> </div>any<div style="display:inline-block;width:9.23px"> </div>out-of<div style="display:inline-block;width:8.8px"> </div>pocket </div><div id="a253" style="position:absolute;font-family:'Arial';left:56.8px;top:865px;letter-spacing:0.21px;">expenses as such expenses<div style="display:inline-block;width:5.49px"> </div>are not included in<div style="display:inline-block;width:5.56px"> </div>the commission paid to the<div style="display:inline-block;width:5.56px"> </div>Broker. </div><div id="a262" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:901px;">7.</div><div id="a264" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:904px;"><div style="display:inline-block;width:23.99px"> </div>Termination. </div><div id="a266" style="position:absolute;font-family:'Arial';left:248.03px;top:904px;">This<div style="display:inline-block;width:6.75px"> </div>Agreement,<div style="display:inline-block;width:6.95px"> </div>unless<div style="display:inline-block;width:6.73px"> </div>otherwise<div style="display:inline-block;width:7.08px"> </div>agreed<div style="display:inline-block;width:6.81px"> </div>in<div style="display:inline-block;width:6.62px"> </div>writing<div style="display:inline-block;width:6.74px"> </div>between<div style="display:inline-block;width:6.75px"> </div>the<div style="display:inline-block;width:6.68px"> </div>parties, </div><div id="a268" style="position:absolute;font-family:'Arial';left:56.8px;top:920px;letter-spacing:-0.29px;">shall be terminated as follows: </div></div>
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<div id="Page2" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a272" style="position:absolute;font-family:'Arial';font-size:18.08px;left:104.83px;top:79px;">(a)</div><div id="a274" style="position:absolute;font-family:'Arial';left:133.63px;top:82px;">At the end of the Term<div style="display:inline-block;width:2.47px"> </div>,<div style="display:inline-block;width:4.23px"> </div>unless extended by mutual agreement<div style="display:inline-block;width:5.46px"> </div>in writing. </div><div id="a279" style="position:absolute;font-family:'Arial';font-size:18.08px;left:104.83px;top:120px;">(b)</div><div id="a281" style="position:absolute;font-family:'Arial';left:133.63px;top:123px;letter-spacing:-0.37px;">The parties, by mutual agreement,<div style="display:inline-block;width:2.52px"> </div>may terminate this Agreement at any<div style="display:inline-block;width:2.43px"> </div>time. </div><div id="a283" style="position:absolute;font-family:'Arial';font-size:18.08px;left:104.83px;top:162px;">(c)</div><div id="a285" style="position:absolute;font-family:'Arial';left:133.63px;top:165px;letter-spacing:-0.17px;">Either<div style="display:inline-block;width:5.6px"> </div>party<div style="display:inline-block;width:5.44px"> </div>may<div style="display:inline-block;width:5.6px"> </div>terminate<div style="display:inline-block;width:5.6px"> </div>this<div style="display:inline-block;width:5.6px"> </div>Agreement<div style="display:inline-block;width:5.6px"> </div>for<div style="display:inline-block;width:5.6px"> </div>any<div style="display:inline-block;width:5.6px"> </div>material<div style="display:inline-block;width:5.6px"> </div>breach<div style="display:inline-block;width:5.67px"> </div>by<div style="display:inline-block;width:5.6px"> </div>the<div style="display:inline-block;width:5.6px"> </div>other<div style="display:inline-block;width:5.6px"> </div>party<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.48px"> </div>their </div><div id="a288" style="position:absolute;font-family:'Arial';left:56.8px;top:182px;letter-spacing:-0.29px;">respective obligations under this Agreement. </div><div id="a290" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:218px;">8.</div><div id="a293" style="position:absolute;font-family:'Arial';font-weight:bold;left:152.83px;top:220px;">Change of Control. </div><div id="a295" style="position:absolute;font-family:'Arial';left:104.83px;top:259px;letter-spacing:-0.28px;">(a)<div style="display:inline-block;width:11.83px"> </div>In the event<div style="display:inline-block;width:6.06px"> </div>of a "Change<div style="display:inline-block;width:6.06px"> </div>in Control" (as<div style="display:inline-block;width:6.06px"> </div>defined herein)<div style="display:inline-block;width:5.51px"> </div>within<div style="display:inline-block;width:9.6px"> </div>the duration<div style="display:inline-block;width:5.62px"> </div>of this<div style="display:inline-block;width:6.31px"> </div>Agreement, </div><div id="a300" style="position:absolute;font-family:'Arial';left:56.8px;top:276px;">the<div style="display:inline-block;width:6.77px"> </div>Broker<div style="display:inline-block;width:6.72px"> </div>has<div style="display:inline-block;width:6.67px"> </div>the<div style="display:inline-block;width:6.74px"> </div>option<div style="display:inline-block;width:6.77px"> </div>to<div style="display:inline-block;width:6.76px"> </div>terminate<div style="display:inline-block;width:6.96px"> </div>this<div style="display:inline-block;width:6.85px"> </div>Agreement<div style="display:inline-block;width:6.94px"> </div>within six<div style="display:inline-block;width:5.73px"> </div>(6) months<div style="display:inline-block;width:5.81px"> </div>following such Change in </div><div id="a305" style="position:absolute;font-family:'Arial';left:56.8px;top:293px;letter-spacing:-0.37px;">Control, and<div style="display:inline-block;width:6.47px"> </div>shall be<div style="display:inline-block;width:6.63px"> </div>eligible to<div style="display:inline-block;width:6.47px"> </div>receive the<div style="display:inline-block;width:6.54px"> </div>payment specified<div style="display:inline-block;width:6.31px"> </div>in sub-paragraph<div style="display:inline-block;width:6.31px"> </div>(c), below,<div style="display:inline-block;width:6.31px"> </div>provided that<div style="display:inline-block;width:6.15px"> </div>the </div><div id="a309" style="position:absolute;font-family:'Arial';left:56.8px;top:310px;letter-spacing:-0.35px;">conditions of said paragraph are<div style="display:inline-block;width:2.71px"> </div>satisfied. </div><div id="a312" style="position:absolute;font-family:'Arial';left:104.83px;top:348px;">(b)<div style="display:inline-block;width:10.8px"> </div>For purposes of this Agreement, the term "Change of Control" shall<div style="display:inline-block;width:2.47px"> </div>mean the: </div><div id="a316" style="position:absolute;font-family:'Arial';left:152.83px;top:382px;letter-spacing:-1.32px;">(i)<div style="display:inline-block;width:2.72px"> </div></div><div id="a319" style="position:absolute;font-family:'Arial';left:200.83px;top:382px;letter-spacing:-0.24px;">acquisition<div style="display:inline-block;width:6.56px"> </div>by<div style="display:inline-block;width:6.72px"> </div>any<div style="display:inline-block;width:6.72px"> </div>individual,<div style="display:inline-block;width:6.56px"> </div>entity<div style="display:inline-block;width:6.56px"> </div>or<div style="display:inline-block;width:6.72px"> </div>group<div style="display:inline-block;width:6.72px"> </div>of<div style="display:inline-block;width:6.56px"> </div>beneficial<div style="display:inline-block;width:6.72px"> </div>ownership<div style="display:inline-block;width:6.72px"> </div>of<div style="display:inline-block;width:6.72px"> </div>twenty-five </div><div id="a324" style="position:absolute;font-family:'Arial';left:152.83px;top:399px;letter-spacing:-0.33px;">percent<div style="display:inline-block;width:7.04px"> </div>(25%)<div style="display:inline-block;width:7.04px"> </div>or<div style="display:inline-block;width:7.04px"> </div>more<div style="display:inline-block;width:7.04px"> </div>of<div style="display:inline-block;width:7.04px"> </div>either<div style="display:inline-block;width:7.04px"> </div>(A)<div style="display:inline-block;width:7.04px"> </div>the<div style="display:inline-block;width:7.04px"> </div>then-outstanding<div style="display:inline-block;width:7.04px"> </div>shares<div style="display:inline-block;width:7.04px"> </div>of<div style="display:inline-block;width:6.88px"> </div>common<div style="display:inline-block;width:6.88px"> </div>stock<div style="display:inline-block;width:6.88px"> </div>of<div style="display:inline-block;width:6.88px"> </div>the </div><div id="a328" style="position:absolute;font-family:'Arial';left:152.83px;top:415px;letter-spacing:-0.41px;">Company<div style="display:inline-block;width:7.84px"> </div>(B)</div><div id="a331" style="position:absolute;font-family:'Arial';left:246.59px;top:415px;letter-spacing:-0.39px;">the<div style="display:inline-block;width:7.84px"> </div>combined<div style="display:inline-block;width:8px"> </div>voting<div style="display:inline-block;width:7.84px"> </div>power<div style="display:inline-block;width:7.84px"> </div>of<div style="display:inline-block;width:7.84px"> </div>the<div style="display:inline-block;width:7.91px"> </div>then-outstanding<div style="display:inline-block;width:7.84px"> </div>voting<div style="display:inline-block;width:8px"> </div>securities<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:7.84px"> </div>the </div><div id="a335" style="position:absolute;font-family:'Arial';left:152.83px;top:432px;letter-spacing:-0.36px;">Company entitled<div style="display:inline-block;width:6.47px"> </div>to vote<div style="display:inline-block;width:6.31px"> </div>generally </div><div id="a337" style="position:absolute;font-family:'Arial';color:#151515;left:378.47px;top:432px;">in the<div style="display:inline-block;width:6.23px"> </div>election of<div style="display:inline-block;width:5.86px"> </div>directors; provided, however,<div style="display:inline-block;width:6.38px"> </div>that this </div><div id="a338" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:449px;letter-spacing:-0.31px;">Clause 8(b)(i) shall<div style="display:inline-block;width:5.62px"> </div>not apply to an individual, entity or<div style="display:inline-block;width:5.54px"> </div>group that beneficially owns twenty-five </div><div id="a342" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:466px;">percent<div style="display:inline-block;width:5.94px"> </div>(25%)<div style="display:inline-block;width:5.85px"> </div>or<div style="display:inline-block;width:5.79px"> </div>more<div style="display:inline-block;width:5.82px"> </div>as<div style="display:inline-block;width:6.05px"> </div>of<div style="display:inline-block;width:5.8px"> </div>the<div style="display:inline-block;width:6.1px"> </div>date<div style="display:inline-block;width:5.75px"> </div>the<div style="display:inline-block;width:6px"> </div>Company's<div style="display:inline-block;width:5.55px"> </div>common<div style="display:inline-block;width:5.8px"> </div>shares<div style="display:inline-block;width:5.74px"> </div>are<div style="display:inline-block;width:6.09px"> </div>approved<div style="display:inline-block;width:5.66px"> </div>for </div><div id="a344" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:483px;">listing on the NYSE. </div><div id="a346" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:516px;">(ii)<div style="display:inline-block;width:31.66px"> </div>consummation of a<div style="display:inline-block;width:5.72px"> </div>reorganization, merger<div style="display:inline-block;width:5.67px"> </div>or consolidation<div style="display:inline-block;width:5.54px"> </div>of the Company<div style="display:inline-block;width:5.79px"> </div>or the </div><div id="a350" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:533px;">sale or other disposition<div style="display:inline-block;width:1.97px"> </div>of all or substantially<div style="display:inline-block;width:2.32px"> </div>all of the assets<div style="display:inline-block;width:2.68px"> </div>of the Company and/or of the </div><div id="a352" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:550px;">Affiliates; or </div><div id="a354" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:584px;">(iii)<div style="display:inline-block;width:28.39px"> </div>approval<div style="display:inline-block;width:9.78px"> </div>by<div style="display:inline-block;width:9.73px"> </div>the<div style="display:inline-block;width:9.82px"> </div>shareholders<div style="display:inline-block;width:9.62px"> </div>of<div style="display:inline-block;width:9.8px"> </div>the<div style="display:inline-block;width:9.78px"> </div>Company<div style="display:inline-block;width:9.64px"> </div>of<div style="display:inline-block;width:9.8px"> </div>a<div style="display:inline-block;width:9.89px"> </div>complete<div style="display:inline-block;width:9.71px"> </div>liquidation<div style="display:inline-block;width:9.55px"> </div>or </div><div id="a358" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:601px;">dissolution of the Company. </div><div id="a360" style="position:absolute;font-family:'Arial';color:#151515;left:104.83px;top:639px;letter-spacing:0.21px;">(c)<div style="display:inline-block;width:30.07px"> </div>If<div style="display:inline-block;width:6.56px"> </div>the<div style="display:inline-block;width:6.72px"> </div>Broker<div style="display:inline-block;width:6.56px"> </div>terminates<div style="display:inline-block;width:6.56px"> </div>this<div style="display:inline-block;width:6.72px"> </div>Agreement<div style="display:inline-block;width:6.56px"> </div>within<div style="display:inline-block;width:6.72px"> </div>six<div style="display:inline-block;width:6.56px"> </div>(6)<div style="display:inline-block;width:6.56px"> </div>months<div style="display:inline-block;width:6.56px"> </div>following<div style="display:inline-block;width:6.72px"> </div>a<div style="display:inline-block;width:6.83px"> </div>Change<div style="display:inline-block;width:6.56px"> </div>of </div><div id="a367" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:656px;letter-spacing:0.16px;">Control, the<div style="display:inline-block;width:6.5px"> </div>Broker shall<div style="display:inline-block;width:6.47px"> </div>receive a<div style="display:inline-block;width:6.47px"> </div>payment equal<div style="display:inline-block;width:6.51px"> </div>to five<div style="display:inline-block;width:6.47px"> </div>(5) years' </div><div id="a378" style="position:absolute;font-family:'Arial';color:#151515;left:515.13px;top:656px;letter-spacing:0.75px;">annual<div style="display:inline-block;width:5.92px"> </div>commission.<div style="display:inline-block;width:5.92px"> </div>Receipt<div style="display:inline-block;width:5.92px"> </div>of </div><div id="a381" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:673px;letter-spacing:0.77px;">the foregoing<div style="display:inline-block;width:5.99px"> </div>shall be<div style="display:inline-block;width:5.99px"> </div>contingent upon<div style="display:inline-block;width:5.99px"> </div>the </div><div id="a382" style="position:absolute;font-family:'Arial';color:#151515;left:369.51px;top:673px;letter-spacing:0.29px;">Broker's execution and<div style="display:inline-block;width:5.74px"> </div>non-revocation of a<div style="display:inline-block;width:5.74px"> </div>Release of </div><div id="a386" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:690px;">Claims<div style="display:inline-block;width:10.06px"> </div>in<div style="display:inline-block;width:8.86px"> </div>favor<div style="display:inline-block;width:9.84px"> </div>of<div style="display:inline-block;width:8.84px"> </div>the<div style="display:inline-block;width:9.16px"> </div>Company<div style="display:inline-block;width:7.08px"> </div>and<div style="display:inline-block;width:7.44px"> </div>the<div style="display:inline-block;width:7.7px"> </div>Affiliates<div style="display:inline-block;width:7.19px"> </div>in<div style="display:inline-block;width:7.58px"> </div>a<div style="display:inline-block;width:7.65px"> </div>form<div style="display:inline-block;width:7.52px"> </div>that<div style="display:inline-block;width:7.61px"> </div>is<div style="display:inline-block;width:7.45px"> </div>reasonably<div style="display:inline-block;width:7.03px"> </div>satisfactory<div style="display:inline-block;width:6.68px"> </div>to<div style="display:inline-block;width:7.72px"> </div>the </div><div id="a388" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:707px;">Company and its counsel. </div><div id="a391" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;color:#151515;left:104.83px;top:743px;">9.</div><div id="a394" style="position:absolute;font-family:'Arial';font-weight:bold;left:152.83px;top:745px;letter-spacing:-0.37px;">Notices</div><div id="a395" style="position:absolute;font-family:'Arial';font-weight:bold;color:#151515;left:202.91px;top:745px;letter-spacing:0.71px;">. </div><div id="a396" style="position:absolute;font-family:'Arial';color:#151515;left:219.87px;top:745px;letter-spacing:0.56px;">Every<div style="display:inline-block;width:12px"> </div>notice,<div style="display:inline-block;width:12px"> </div>request,<div style="display:inline-block;width:12.16px"> </div>demand<div style="display:inline-block;width:12px"> </div>or<div style="display:inline-block;width:12.16px"> </div>other<div style="display:inline-block;width:12px"> </div>communication<div style="display:inline-block;width:12px"> </div>under<div style="display:inline-block;width:12px"> </div>this </div><div id="a397" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:762px;">Agreement shall: </div><div id="a399" style="position:absolute;font-family:'Arial';color:#151515;left:104.83px;top:801px;letter-spacing:-0.27px;">(a)<div style="display:inline-block;width:30.87px"> </div>be in writing delivered<div style="display:inline-block;width:5.65px"> </div>personally or by courier<div style="display:inline-block;width:5.65px"> </div>or by fax or<div style="display:inline-block;width:5.65px"> </div>shall be served through<div style="display:inline-block;width:5.81px"> </div>a process </div><div id="a403" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:817px;">server; </div><div id="a405" style="position:absolute;font-family:'Arial';color:#151515;left:104.83px;top:856px;">(b)<div style="display:inline-block;width:30px"> </div>be deemed to have been received,<div style="display:inline-block;width:5.63px"> </div>subject as otherwise provided<div style="display:inline-block;width:5.6px"> </div>in this Agreement in the </div><div id="a408" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:873px;">case<div style="display:inline-block;width:6.83px"> </div>of<div style="display:inline-block;width:6.76px"> </div>fax<div style="display:inline-block;width:6.92px"> </div>upon<div style="display:inline-block;width:6.77px"> </div>receipt<div style="display:inline-block;width:7.18px"> </div>of<div style="display:inline-block;width:6.76px"> </div>a<div style="display:inline-block;width:6.69px"> </div>successful<div style="display:inline-block;width:7.12px"> </div>transmission<div style="display:inline-block;width:7.3px"> </div>report<div style="display:inline-block;width:6.99px"> </div>(or<div style="display:inline-block;width:6.9px"> </div>—if<div style="display:inline-block;width:6.88px"> </div>sent<div style="display:inline-block;width:6.9px"> </div>after<div style="display:inline-block;width:6.91px"> </div>business hours—<div style="display:inline-block;width:5.95px"> </div>the </div><div id="a415" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:890px;letter-spacing:-0.17px;">following business day) and in the case of a letter when delivered personally or through courier or served<div style="display:inline-block;width:5.61px"> </div>at </div><div id="a417" style="position:absolute;font-family:'Arial';color:#151515;left:56.8px;top:907px;">the address below; and </div><div id="a419" style="position:absolute;font-family:'Arial';color:#151515;left:104.83px;top:945px;letter-spacing:1.44px;">(c)<div style="display:inline-block;width:26.55px"> </div>be<div style="display:inline-block;width:5.6px"> </div>sent: </div></div>
</div>
<div style="padding: 7px">
<div id="Page3" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a425" style="position:absolute;font-family:'Arial';font-size:17.28px;color:#151515;left:152.83px;top:79px;letter-spacing:0.54px;">(i)</div><div id="a427" style="position:absolute;font-family:'Arial';color:#151515;left:176.83px;top:81px;letter-spacing:0.82px;">If to<div style="display:inline-block;width:5.83px"> </div>the Company,<div style="display:inline-block;width:5.67px"> </div>to: </div><div id="a429" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:100px;">c/o Diana Shipping Services S.A.<div style="display:inline-block;width:3.39px"> </div></div><div id="a433" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:120px;">Pendelis 16, Palaio Faliro, 175 64<div style="display:inline-block;width:3.44px"> </div></div><div id="a439" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:139px;">Athens, Greece </div><div id="a443" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:156px;">Telephone:<div style="display:inline-block;width:2.37px"> </div>+30 210<div style="display:inline-block;width:1.78px"> </div>9470000 </div><div id="a447" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:173px;">Telefax: +30 210 9424975 </div><div id="a452" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:192px;">Attn: Director and President<div style="display:inline-block;width:3.54px"> </div></div><div id="a459" style="position:absolute;font-family:'Arial';font-size:17.28px;color:#151515;left:152.83px;top:227px;letter-spacing:0.6px;">(ii)</div><div id="a461" style="position:absolute;font-family:'Arial';color:#151515;left:176.83px;top:230px;letter-spacing:0.96px;">If to<div style="display:inline-block;width:5.99px"> </div>the Broker,<div style="display:inline-block;width:5.99px"> </div>to: </div><div id="a465" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:249px;">c/o Steamship Shipbroking Enterprises Inc. </div><div id="a470" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:268px;">Pendelis 26, Palaio Faliro, 175 64 </div><div id="a475" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:287px;">Athens, Greece </div><div id="a477" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:307px;">Telephone:<div style="display:inline-block;width:5.57px"> </div>+30 210 9485360<div style="display:inline-block;width:3.59px"> </div></div><div id="a481" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:326px;">Telefax:<div style="display:inline-block;width:5.59px"> </div>+30 210 9401810<div style="display:inline-block;width:3.59px"> </div></div><div id="a485" style="position:absolute;font-family:'Arial';color:#151515;left:152.83px;top:345px;">Attn: Director and President </div><div id="a488" style="position:absolute;font-family:'Arial';left:56.8px;top:384px;">or to<div style="display:inline-block;width:6.39px"> </div>such other<div style="display:inline-block;width:5.83px"> </div>person, address or<div style="display:inline-block;width:6.39px"> </div>telefax, as<div style="display:inline-block;width:5.86px"> </div>is notified<div style="display:inline-block;width:5.65px"> </div>by the<div style="display:inline-block;width:6.3px"> </div>relevant Party to<div style="display:inline-block;width:6.58px"> </div>the other<div style="display:inline-block;width:5.9px"> </div>Party to<div style="display:inline-block;width:5.92px"> </div>this </div><div id="a489" style="position:absolute;font-family:'Arial';left:56.8px;top:401px;">Agreement<div style="display:inline-block;width:7.36px"> </div>and<div style="display:inline-block;width:7.92px"> </div>such<div style="display:inline-block;width:7.95px"> </div>notification<div style="display:inline-block;width:7.07px"> </div>shall<div style="display:inline-block;width:7.81px"> </div>not<div style="display:inline-block;width:8.02px"> </div>become<div style="display:inline-block;width:7.63px"> </div>effective<div style="display:inline-block;width:7.69px"> </div>until<div style="display:inline-block;width:7.81px"> </div>notice<div style="display:inline-block;width:8.08px"> </div>of<div style="display:inline-block;width:8.2px"> </div>such<div style="display:inline-block;width:8.27px"> </div>change<div style="display:inline-block;width:8.03px"> </div>is<div style="display:inline-block;width:8.09px"> </div>actually </div><div id="a491" style="position:absolute;font-family:'Arial';left:56.8px;top:417px;">received<div style="display:inline-block;width:6.12px"> </div>by<div style="display:inline-block;width:6.05px"> </div>the<div style="display:inline-block;width:6.26px"> </div>other<div style="display:inline-block;width:5.97px"> </div>Party.<div style="display:inline-block;width:7.13px"> </div>Until<div style="display:inline-block;width:6.07px"> </div>such<div style="display:inline-block;width:6.03px"> </div>change<div style="display:inline-block;width:5.95px"> </div>of<div style="display:inline-block;width:6.35px"> </div>person<div style="display:inline-block;width:5.55px"> </div>or<div style="display:inline-block;width:5.95px"> </div>address is<div style="display:inline-block;width:7.15px"> </div>notified, any<div style="display:inline-block;width:7.18px"> </div>notification to<div style="display:inline-block;width:6.86px"> </div>the </div><div id="a493" style="position:absolute;font-family:'Arial';left:56.8px;top:434px;letter-spacing:-0.23px;">above addresses and fax numbers are agreed to be validly effected<div style="display:inline-block;width:2.69px"> </div>for the purposes of this Agreement. </div><div id="a496" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:471px;">10.</div><div id="a498" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:473px;letter-spacing:-0.44px;"><div style="display:inline-block;width:23.99px"> </div>Entire<div style="display:inline-block;width:8px"> </div>Agreement. </div><div id="a500" style="position:absolute;font-family:'Arial';left:284.55px;top:473px;letter-spacing:-0.43px;">This<div style="display:inline-block;width:8px"> </div>Agreement<div style="display:inline-block;width:8px"> </div>supersedes<div style="display:inline-block;width:8px"> </div>all<div style="display:inline-block;width:8px"> </div>prior<div style="display:inline-block;width:8px"> </div>agreements<div style="display:inline-block;width:8px"> </div>written<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:8px"> </div>oral,<div style="display:inline-block;width:8.23px"> </div>with </div><div id="a502" style="position:absolute;font-family:'Arial';left:56.8px;top:490px;letter-spacing:-0.29px;">respect thereto. </div><div id="a504" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:526px;">11.</div><div id="a507" style="position:absolute;font-family:'Arial';font-weight:bold;left:152.83px;top:528px;letter-spacing:-0.56px;">Amendments. </div><div id="a508" style="position:absolute;font-family:'Arial';left:248.51px;top:528px;letter-spacing:-0.57px;">This Agreement may<div style="display:inline-block;width:5.58px"> </div>be amended, superseded, canceled,<div style="display:inline-block;width:5.81px"> </div>renewed or </div><div id="a509" style="position:absolute;font-family:'Arial';left:681.41px;top:528px;letter-spacing:-0.17px;">extended </div><div id="a510" style="position:absolute;font-family:'Arial';left:56.8px;top:545px;letter-spacing:-0.19px;">and the terms hereof may be waived, only by a written instrument signed by the<div style="display:inline-block;width:2.51px"> </div>parties. </div><div id="a513" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:581px;">12.</div><div id="a515" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:584px;letter-spacing:-0.46px;"><div style="display:inline-block;width:23.99px"> </div>Independent Contractor. </div><div id="a517" style="position:absolute;font-family:'Arial';left:316.55px;top:584px;letter-spacing:-0.51px;">All services provided hereunder shall be provided by the </div><div id="a518" style="position:absolute;font-family:'Arial';left:661.09px;top:584px;letter-spacing:-0.41px;">Broker as an </div><div id="a521" style="position:absolute;font-family:'Arial';left:56.8px;top:601px;letter-spacing:-0.29px;">independent<div style="display:inline-block;width:5.92px"> </div>contractor.<div style="display:inline-block;width:5.76px"> </div>No<div style="display:inline-block;width:5.92px"> </div>employment<div style="display:inline-block;width:5.92px"> </div>contract,<div style="display:inline-block;width:5.92px"> </div>partnership<div style="display:inline-block;width:5.92px"> </div>or<div style="display:inline-block;width:5.92px"> </div>joint<div style="display:inline-block;width:6.01px"> </div>venture<div style="display:inline-block;width:6.08px"> </div>between<div style="display:inline-block;width:6.08px"> </div>the<div style="display:inline-block;width:6.12px"> </div>Broker<div style="display:inline-block;width:6.08px"> </div>and<div style="display:inline-block;width:6.08px"> </div>the </div><div id="a527" style="position:absolute;font-family:'Arial';left:56.8px;top:617px;">Company has<div style="display:inline-block;width:2.23px"> </div>been created<div style="display:inline-block;width:2.07px"> </div>in or by this<div style="display:inline-block;width:2.01px"> </div>Agreement<div style="display:inline-block;width:2.56px"> </div>or as a result<div style="display:inline-block;width:1.79px"> </div>of services<div style="display:inline-block;width:2.13px"> </div>provided<div style="display:inline-block;width:2.68px"> </div>hereunder. </div><div id="a531" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:654px;">13.</div><div id="a533" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:656px;letter-spacing:0.3px;"><div style="display:inline-block;width:23.99px"> </div>Assignment. </div><div id="a535" style="position:absolute;font-family:'Arial';left:249.31px;top:656px;letter-spacing:0.27px;">This Agreement,<div style="display:inline-block;width:5.51px"> </div>and the<div style="display:inline-block;width:5.55px"> </div>Broker's rights<div style="display:inline-block;width:5.51px"> </div>and obligations<div style="display:inline-block;width:5.55px"> </div>hereunder, may </div><div id="a539" style="position:absolute;font-family:'Arial';left:56.8px;top:673px;">not<div style="display:inline-block;width:5.62px"> </div>be assigned<div style="display:inline-block;width:7.65px"> </div>by the<div style="display:inline-block;width:7.13px"> </div>Broker;<div style="display:inline-block;width:6.1px"> </div>any<div style="display:inline-block;width:5.55px"> </div>purported<div style="display:inline-block;width:6.59px"> </div>assignment<div style="display:inline-block;width:6.81px"> </div>in<div style="display:inline-block;width:5.53px"> </div>violation<div style="display:inline-block;width:1.51px"> </div>hereof<div style="display:inline-block;width:2.42px"> </div>shall be<div style="display:inline-block;width:2.54px"> </div>null and<div style="display:inline-block;width:2.52px"> </div>void.<div style="display:inline-block;width:7.35px"> </div>This </div><div id="a545" style="position:absolute;font-family:'Arial';left:56.8px;top:690px;letter-spacing:-0.31px;">Agreement,<div style="display:inline-block;width:6.24px"> </div>and<div style="display:inline-block;width:6.24px"> </div>the<div style="display:inline-block;width:6.24px"> </div>Company's<div style="display:inline-block;width:6.08px"> </div>rights<div style="display:inline-block;width:6.24px"> </div>and<div style="display:inline-block;width:6.31px"> </div>obligations<div style="display:inline-block;width:6.24px"> </div>hereunder,<div style="display:inline-block;width:6.24px"> </div>may<div style="display:inline-block;width:6.4px"> </div>not<div style="display:inline-block;width:6.24px"> </div>be<div style="display:inline-block;width:6.4px"> </div>assigned<div style="display:inline-block;width:6.24px"> </div>by<div style="display:inline-block;width:6.24px"> </div>the<div style="display:inline-block;width:6.24px"> </div>Company; </div><div id="a547" style="position:absolute;font-family:'Arial';left:56.8px;top:707px;">provided,<div style="display:inline-block;width:1.21px"> </div>however,<div style="display:inline-block;width:2.2px"> </div>that in<div style="display:inline-block;width:2.17px"> </div>the event of any sale, transfer or other disposition of all or substantially all of the </div><div id="a549" style="position:absolute;font-family:'Arial';left:56.8px;top:723px;">Company's<div style="display:inline-block;width:2.67px"> </div>assets and<div style="display:inline-block;width:2.73px"> </div>business,<div style="display:inline-block;width:2.45px"> </div>whether by<div style="display:inline-block;width:2.72px"> </div>merger, consolidation<div style="display:inline-block;width:1.52px"> </div>or otherwise,<div style="display:inline-block;width:2.29px"> </div>the Company shall<div style="display:inline-block;width:2.66px"> </div>assign </div><div id="a551" style="position:absolute;font-family:'Arial';left:56.8px;top:740px;letter-spacing:-0.15px;">this Agreement and its rights hereunder to the successor to its assets and business. </div><div id="a554" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:777px;">14.</div><div id="a556" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:779px;letter-spacing:-0.17px;"><div style="display:inline-block;width:23.99px"> </div>Binding Effect. </div><div id="a558" style="position:absolute;font-family:'Arial';left:259.27px;top:779px;letter-spacing:-0.23px;">This Agreement shall be<div style="display:inline-block;width:5.65px"> </div>binding upon and inure<div style="display:inline-block;width:5.65px"> </div>to the benefit of<div style="display:inline-block;width:5.72px"> </div>the parties </div><div id="a560" style="position:absolute;font-family:'Arial';left:56.8px;top:796px;letter-spacing:-0.4px;">and their respective successors,<div style="display:inline-block;width:2.45px"> </div>permitted assigns, heirs, executors and<div style="display:inline-block;width:2.52px"> </div>legal representative. </div><div id="a563" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:832px;">15.</div><div id="a565" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:834px;letter-spacing:-0.35px;"><div style="display:inline-block;width:23.99px"> </div>Counterparts. </div><div id="a567" style="position:absolute;font-family:'Arial';left:255.91px;top:834px;letter-spacing:-0.36px;">This<div style="display:inline-block;width:11.04px"> </div>Agreement<div style="display:inline-block;width:10.88px"> </div>may<div style="display:inline-block;width:10.88px"> </div>be<div style="display:inline-block;width:11.04px"> </div>executed<div style="display:inline-block;width:11.04px"> </div>by<div style="display:inline-block;width:10.88px"> </div>the<div style="display:inline-block;width:11.04px"> </div>parties<div style="display:inline-block;width:11.04px"> </div>hereto<div style="display:inline-block;width:11.04px"> </div>in<div style="display:inline-block;width:11.04px"> </div>separate </div><div id="a568" style="position:absolute;font-family:'Arial';left:56.8px;top:851px;">counterparts,<div style="display:inline-block;width:0.97px"> </div>each of which when<div style="display:inline-block;width:2.55px"> </div>so executed<div style="display:inline-block;width:2.7px"> </div>and delivered<div style="display:inline-block;width:2.02px"> </div>shall be an original<div style="display:inline-block;width:2.21px"> </div>but all such<div style="display:inline-block;width:6.95px"> </div>counterparts </div><div id="a570" style="position:absolute;font-family:'Arial';left:56.8px;top:868px;">together<div style="display:inline-block;width:9.51px"> </div>shall<div style="display:inline-block;width:8.29px"> </div>constitute<div style="display:inline-block;width:10.11px"> </div>one<div style="display:inline-block;width:7.6px"> </div>and<div style="display:inline-block;width:7.44px"> </div>the<div style="display:inline-block;width:7.54px"> </div>same<div style="display:inline-block;width:8.01px"> </div>instrument.<div style="display:inline-block;width:10.39px"> </div>Each<div style="display:inline-block;width:7.98px"> </div>counterpart may consist of<div style="display:inline-block;width:5.77px"> </div>two copies </div><div id="a572" style="position:absolute;font-family:'Arial';left:56.8px;top:885px;letter-spacing:-0.23px;">hereof each signed by one of the parties<div style="display:inline-block;width:2.57px"> </div>hereto. </div><div id="a574" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:921px;">16.</div><div id="a576" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:924px;"><div style="display:inline-block;width:23.99px"> </div>Headings. </div><div id="a578" style="position:absolute;font-family:'Arial';left:228.19px;top:924px;">The headings<div style="display:inline-block;width:5.68px"> </div>in this<div style="display:inline-block;width:6.03px"> </div>Agreement are<div style="display:inline-block;width:5.51px"> </div>for reference<div style="display:inline-block;width:5.99px"> </div>only and<div style="display:inline-block;width:5.79px"> </div>shall not<div style="display:inline-block;width:5.92px"> </div>affect the </div><div id="a580" style="position:absolute;font-family:'Arial';left:56.8px;top:940px;letter-spacing:-0.3px;">interpretation of this Agreement. </div></div>
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<div id="a584" style="position:absolute;font-family:'Arial';font-size:17.28px;font-weight:bold;left:104.83px;top:79px;">17.</div><div id="a586" style="position:absolute;font-family:'Arial';font-weight:bold;left:128.83px;top:81px;letter-spacing:0.37px;"><div style="display:inline-block;width:23.99px"> </div>Governing Law and Jurisdiction. </div><div id="a589" style="position:absolute;font-family:'Arial';left:104.83px;top:120px;">(a)<div style="display:inline-block;width:30px"> </div>This Agreement shall<div style="display:inline-block;width:2.21px"> </div>be governed by and<div style="display:inline-block;width:2.35px"> </div>construed in accordance<div style="display:inline-block;width:1.86px"> </div>with English Law. </div><div id="a594" style="position:absolute;font-family:'Arial';left:104.83px;top:158px;letter-spacing:-0.24px;">(b)<div style="display:inline-block;width:30.87px"> </div>Any dispute arising out of or in<div style="display:inline-block;width:5.54px"> </div>connection with this Agreement<div style="display:inline-block;width:5.49px"> </div>shall be referred to<div style="display:inline-block;width:5.65px"> </div>arbitration </div><div id="a607" style="position:absolute;font-family:'Arial';left:56.8px;top:175px;letter-spacing:-0.16px;">in London in accordance with<div style="display:inline-block;width:5.56px"> </div>the Arbitration Act 1996 or any<div style="display:inline-block;width:5.63px"> </div>statutory modification or re-enactment thereof </div><div id="a610" style="position:absolute;font-family:'Arial';left:56.8px;top:192px;letter-spacing:-0.16px;">save to the extent necessary to give effect to the provisions of this clause.<div style="display:inline-block;width:2.67px"> </div></div><div id="a613" style="position:absolute;font-family:'Arial';left:61.6px;top:245px;letter-spacing:-0.35px;"><div style="display:inline-block;width:43.23px"> </div>IN WITNESS WHEREOF, the parties<div style="display:inline-block;width:2.68px"> </div>hereto have signed their names<div style="display:inline-block;width:2.52px"> </div>as of the day<div style="display:inline-block;width:3.03px"> </div></div><div id="a616" style="position:absolute;font-family:'Arial';left:61.6px;top:370px;letter-spacing:-0.31px;">and year first above written. </div><div id="a619" style="position:absolute;font-family:'Arial';left:56.8px;top:458px;letter-spacing:0.28px;">DIANA SHIPPING INC. </div><div id="a625" style="position:absolute;font-family:'Arial';left:56.8px;top:509px;letter-spacing:0.24px;">___________________________ </div><div id="a627" style="position:absolute;font-family:'Arial';left:56.8px;top:526px;letter-spacing:0.24px;">By: Anastasios Margaronis </div><div id="a630" style="position:absolute;font-family:'Arial';left:56.8px;top:543px;letter-spacing:0.25px;">Title: Director and President </div><div id="a643" style="position:absolute;font-family:'Arial';left:56.8px;top:644px;letter-spacing:0.23px;">STEAMSHIP SHIPBROKING ENTERPRISES INC. </div><div id="a649" style="position:absolute;font-family:'Arial';left:56.8px;top:695px;letter-spacing:0.24px;">___________________________ </div><div id="a651" style="position:absolute;font-family:'Arial';left:56.8px;top:711px;letter-spacing:0.23px;">By:<div style="display:inline-block;width:4.61px"> </div>Symeon Palios </div><div id="a657" style="position:absolute;font-family:'Arial';left:56.8px;top:728px;letter-spacing:0.25px;">Title: Director and President </div></div>
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<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>19
<FILENAME>exhibit412.htm
<DESCRIPTION>EX-4.12
<TEXT>
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<div id="a2" style="position:absolute;font-family:'Calibri';font-weight:bold;left:362.31px;top:94px;">Dated [●] 2024 </div><div id="a10" style="position:absolute;font-family:'Calibri';font-weight:bold;left:303.43px;top:166px;">MEJATO<div style="display:inline-block;width:5.03px"> </div>SHIPPING COMPANY INC. </div><div id="a12" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.95px;top:184px;">RAKARU SHIPPING COMPANY INC. </div><div id="a16" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.31px;top:202px;">EBADON SHIPPING COMPANY INC. </div><div id="a19" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.71px;top:220px;">PULAP SHIPPING COMPANY INC. </div><div id="a22" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.87px;top:238px;">WENO SHIPPING COMPANY INC. </div><div id="a25" style="position:absolute;font-family:'Calibri';font-weight:bold;left:306.31px;top:256px;">ERIKUB SHIPPING COMPANY INC. </div><div id="a28" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.07px;top:274px;">WOTHO SHIPPING COMPANY INC. </div><div id="a31" style="position:absolute;font-family:'Calibri';left:317.83px;top:291px;">as joint and several Borrowers </div><div id="a33" style="position:absolute;font-family:'Calibri';left:396.87px;top:325px;">and </div><div id="a35" style="position:absolute;font-family:'Calibri';font-weight:bold;left:342.47px;top:359px;">DIANA SHIPPING INC. </div><div id="a38" style="position:absolute;font-family:'Calibri';left:347.75px;top:377px;">as Parent Guarantor </div><div id="a40" style="position:absolute;font-family:'Calibri';left:396.87px;top:411px;">and </div><div id="a42" style="position:absolute;font-family:'Calibri';font-weight:bold;left:327.27px;top:445px;">DANISH SHIP FINANCE A/S </div><div id="a44" style="position:absolute;font-family:'Calibri';left:354.47px;top:463px;">as Original Lender </div><div id="a47" style="position:absolute;font-family:'Calibri';font-weight:bold;left:263.11px;top:691px;">AMENDMENT AND RESTATEMENT<div style="display:inline-block;width:5.23px"> </div>AGREEMENT</div><div id="a49" style="position:absolute;font-family:'Calibri';left:256.07px;top:717px;">relating to a facility agreement dated 12 April 2023 </div><div id="a54" style="position:absolute;font-family:'Calibri';left:204.03px;top:735px;">relating to(i) the refinancing of the Existing Indebtedness secured on<div style="display:inline-block;width:3.13px"> </div></div><div id="a57" style="position:absolute;font-family:'Calibri';left:173.63px;top:752px;">m.vs. "PHAIDRA", "ELECTRA", "ASTARTE", "P.<div style="display:inline-block;width:6.59px"> </div>S. PALIOS" and "G. P.<div style="display:inline-block;width:5.61px"> </div>ZAFIRAKIS", </div><div id="a59" style="position:absolute;font-family:'Calibri';left:134.59px;top:770px;">(ii) the refinancing of the Borrowers' equity in respect of m.vs "CRYSTALIA"<div style="display:inline-block;width:4.93px"> </div>and "ATALANDI"<div style="display:inline-block;width:31.71px"> </div></div><div id="a61" style="position:absolute;font-family:'Calibri';left:127.23px;top:788px;">and (iii) the provision to the Borrowers<div style="display:inline-block;width:3.25px"> </div>of working capital for their general corporate purposes </div></div>
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<div id="a72" style="position:absolute;font-family:'Calibri';font-weight:bold;left:391.11px;top:94px;">Index </div><div id="a74" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">Clause<div style="display:inline-block;width:530.81px"> </div>Page </div><div id="a79" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;"><a href="#a513" style="color:#000000;text-decoration:none;">1<div style="display:inline-block;width:40.53px"> </div>Definitions and Interpretation ....................................................................................................<div style="display:inline-block;width:0px;margin-left:-3.29px"> </div>3</a></div><div id="a90" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;"><a href="#a731" style="color:#000000;text-decoration:none;">2<div style="display:inline-block;width:40.53px"> </div>Conditions Precedent<div style="display:inline-block;width:1.42px"> </div>..................................................................................................................<div style="display:inline-block;width:0px;margin-left:-3.83px"> </div>4</a></div><div id="a101" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;"><a href="#a756" style="color:#000000;text-decoration:none;">3<div style="display:inline-block;width:40.53px"> </div>Representations ..........................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.04px"> </div>4</a></div><div id="a112" style="position:absolute;font-family:'Calibri';left:94.59px;top:234px;"><a href="#a811" style="color:#000000;text-decoration:none;">4<div style="display:inline-block;width:40.53px"> </div>Amendment and Restatement of Facility Agreement and other finance documents<div style="display:inline-block;width:0.65px"> </div>................<div style="display:inline-block;width:0px;margin-left:-0.41px"> </div>5</a></div><div id="a122" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;"><a href="#a1023" style="color:#000000;text-decoration:none;">5<div style="display:inline-block;width:40.53px"> </div>Further Assurance .......................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.97px"> </div>7</a></div><div id="a133" style="position:absolute;font-family:'Calibri';left:94.59px;top:270px;"><a href="#a1040" style="color:#000000;text-decoration:none;">6<div style="display:inline-block;width:40.53px"> </div>Fees .............................................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.68px"> </div>7</a></div><div id="a145" style="position:absolute;font-family:'Calibri';left:94.59px;top:288px;"><a href="#a1049" style="color:#000000;text-decoration:none;">7<div style="display:inline-block;width:40.53px"> </div>Costs and Expenses .....................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.83px"> </div>7</a></div><div id="a157" style="position:absolute;font-family:'Calibri';left:94.59px;top:306px;"><a href="#a1073" style="color:#000000;text-decoration:none;">8<div style="display:inline-block;width:40.53px"> </div>Notices<div style="display:inline-block;width:0.24px"> </div>.........................................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.62px"> </div>7</a></div><div id="a169" style="position:absolute;font-family:'Calibri';left:94.59px;top:323px;"><a href="#a1093" style="color:#000000;text-decoration:none;">9<div style="display:inline-block;width:40.53px"> </div>Counterparts ...............................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.44px"> </div>7</a></div><div id="a180" style="position:absolute;font-family:'Calibri';left:94.59px;top:341px;"><a href="#a1101" style="color:#000000;text-decoration:none;">10<div style="display:inline-block;width:33.07px"> </div>Governing Law<div style="display:inline-block;width:0.54px"> </div>.............................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.18px"> </div>7</a></div><div id="a191" style="position:absolute;font-family:'Calibri';left:94.59px;top:359px;"><a href="#a1110" style="color:#000000;text-decoration:none;">11<div style="display:inline-block;width:33.07px"> </div>Enforcement<div style="display:inline-block;width:1.38px"> </div>................................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.29px"> </div>7</a></div><div id="a203" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:395px;">Schedules </div><div id="a206" style="position:absolute;font-family:'Calibri';left:94.59px;top:431px;"><a href="#a1205" style="color:#000000;text-decoration:none;">Schedule 1 Conditions Precedent ............................................................................................................<div style="display:inline-block;width:0px;margin-left:-3.78px"> </div>9</a></div><div id="a216" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:467px;">Execution </div><div id="a219" style="position:absolute;font-family:'Calibri';left:94.59px;top:503px;"><a href="#a1790" style="color:#000000;text-decoration:none;">Execution Pages<div style="display:inline-block;width:0.98px"> </div>......................................................................................................................................13</a></div><div id="a229" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:538px;">Appendices </div><div id="a232" style="position:absolute;font-family:'Calibri';left:94.59px;top:574px;"><a href="#a2346" style="color:#000000;text-decoration:none;">Appendix<div style="display:inline-block;width:9.87px"> </div>Form of Amended and Restated Facility Agreement (marked to indicate amendments)</a></div></div>
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<div id="Page3" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a242" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">THIS AGREEMENT </div><div id="a245" style="position:absolute;font-family:'Calibri';left:206.43px;top:94px;">is made on [●] 2024 </div><div id="a251" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">PARTIES</div><div id="a253" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(1)</div><div id="a255" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:162px;">MEJATO</div><div id="a257" style="position:absolute;font-family:'Calibri';font-weight:bold;left:195.55px;top:162px;">SHIPPING COMPANY INC.</div><div id="a262" style="position:absolute;font-family:'Calibri';left:349.67px;top:162px;">, a corporation incorporated and<div style="display:inline-block;width:1.45px"> </div>existing under the<div style="display:inline-block;width:1.88px"> </div>laws of<div style="display:inline-block;width:5.18px"> </div>the </div><div id="a267" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a268" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a272" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:198px;">Borrower A</div><div id="a274" style="position:absolute;font-family:'Calibri';left:677.73px;top:198px;">") </div><div id="a277" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(2)</div><div id="a279" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:232px;">RAKARU</div><div id="a283" style="position:absolute;font-family:'Calibri';font-weight:bold;left:196.67px;top:232px;">SHIPPING COMPANY INC.</div><div id="a288" style="position:absolute;font-family:'Calibri';left:351.11px;top:232px;">, a corporation incorporated and existing under<div style="display:inline-block;width:1.56px"> </div>the laws of the </div><div id="a294" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a295" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a299" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:268px;">Borrower B</div><div id="a301" style="position:absolute;font-family:'Calibri';left:677.09px;top:268px;">") </div><div id="a304" style="position:absolute;font-family:'Calibri';left:94.59px;top:302px;">(3)</div><div id="a306" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">EBADON</div><div id="a308" style="position:absolute;font-family:'Calibri';font-weight:bold;left:197.63px;top:302px;">SHIPPING COMPANY INC.</div><div id="a313" style="position:absolute;font-family:'Calibri';left:351.43px;top:302px;">, a<div style="display:inline-block;width:1.95px"> </div>corporation incorporated and existing<div style="display:inline-block;width:1.77px"> </div>under the<div style="display:inline-block;width:1.67px"> </div>laws of<div style="display:inline-block;width:4.86px"> </div>the </div><div id="a318" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a319" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a323" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:338px;">Borrower C</div><div id="a325" style="position:absolute;font-family:'Calibri';left:676.61px;top:338px;">") </div><div id="a328" style="position:absolute;font-family:'Calibri';left:94.59px;top:371px;">(4)</div><div id="a330" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:371px;">PULAP</div><div id="a332" style="position:absolute;font-family:'Calibri';font-weight:bold;left:185.63px;top:371px;">SHIPPING COMPANY INC.</div><div id="a337" style="position:absolute;font-family:'Calibri';left:341.35px;top:371px;">, a corporation incorporated<div style="display:inline-block;width:5.06px"> </div>and existing under the laws of<div style="display:inline-block;width:8.61px"> </div>the </div><div id="a343" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a344" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a348" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:407px;">Borrower D</div><div id="a350" style="position:absolute;font-family:'Calibri';left:678.05px;top:407px;">") </div><div id="a353" style="position:absolute;font-family:'Calibri';left:94.59px;top:441px;">(5)</div><div id="a355" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:441px;">WENO</div><div id="a357" style="position:absolute;font-family:'Calibri';font-weight:bold;left:185.79px;top:441px;">SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.</div><div id="a362" style="position:absolute;font-family:'Calibri';left:341.99px;top:441px;">, a corporation<div style="display:inline-block;width:5.06px"> </div>incorporated and<div style="display:inline-block;width:4.84px"> </div>existing under the<div style="display:inline-block;width:5.08px"> </div>laws of the </div><div id="a366" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">the<div style="display:inline-block;width:5.61px"> </div>Republic<div style="display:inline-block;width:5.4px"> </div>of<div style="display:inline-block;width:5.51px"> </div>The<div style="display:inline-block;width:5.45px"> </div>Marshall<div style="display:inline-block;width:5.63px"> </div>Islands<div style="display:inline-block;width:5.44px"> </div>whose<div style="display:inline-block;width:5.38px"> </div>registered<div style="display:inline-block;width:5.99px"> </div>address<div style="display:inline-block;width:5.55px"> </div>is<div style="display:inline-block;width:5.42px"> </div>at<div style="display:inline-block;width:5.59px"> </div>Trust<div style="display:inline-block;width:6.51px"> </div>Company<div style="display:inline-block;width:5.48px"> </div>Complex, </div><div id="a367" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Ajeltake Road,<div style="display:inline-block;width:4.92px"> </div>Ajeltake Island, Majuro MH96960,<div style="display:inline-block;width:4.78px"> </div>The Marshall Islands as<div style="display:inline-block;width:4.67px"> </div>a borrower ("</div><div id="a371" style="position:absolute;font-family:'Calibri';font-weight:bold;left:663.81px;top:477px;">Borrower </div><div id="a372" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:495px;">E</div><div id="a373" style="position:absolute;font-family:'Calibri';left:148.99px;top:495px;">") </div><div id="a376" style="position:absolute;font-family:'Calibri';left:94.59px;top:529px;">(6)</div><div id="a378" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:529px;">ERIKUB</div><div id="a380" style="position:absolute;font-family:'Calibri';font-weight:bold;left:190.43px;top:529px;">SHIPPING COMPANY INC.</div><div id="a385" style="position:absolute;font-family:'Calibri';left:345.83px;top:529px;">, a corporation incorporated<div style="display:inline-block;width:4.9px"> </div>and existing under the laws of the </div><div id="a390" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a391" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a395" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:565px;">Borrower F</div><div id="a397" style="position:absolute;font-family:'Calibri';left:675.49px;top:565px;">") </div><div id="a400" style="position:absolute;font-family:'Calibri';left:94.59px;top:599px;">(7)</div><div id="a402" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:599px;">WOTHO</div><div id="a404" style="position:absolute;font-family:'Calibri';font-weight:bold;left:194.59px;top:599px;">SHIPPING COMPANY INC.</div><div id="a409" style="position:absolute;font-family:'Calibri';left:349.35px;top:599px;">, a corporation incorporated and existing under the laws of the </div><div id="a415" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">Republic of The Marshall Islands whose registered address is at Trust Company Complex, Ajeltake </div><div id="a416" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">Road, Ajeltake Island, Majuro MH96960, The Marshall Islands as a borrower ("</div><div id="a420" style="position:absolute;font-family:'Calibri';font-weight:bold;left:607.49px;top:634px;">Borrower G</div><div id="a422" style="position:absolute;font-family:'Calibri';left:678.21px;top:634px;">") </div><div id="a424" style="position:absolute;font-family:'Calibri';left:94.59px;top:668px;">(8)</div><div id="a426" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:668px;">DIANA SHIPPING INC.</div><div id="a427" style="position:absolute;font-family:'Calibri';left:273.67px;top:668px;">, a corporation incorporated<div style="display:inline-block;width:5.38px"> </div>and existing under the laws<div style="display:inline-block;width:4.79px"> </div>of the Republic of </div><div id="a431" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">The<div style="display:inline-block;width:6.09px"> </div>Marshall<div style="display:inline-block;width:6.11px"> </div>Islands<div style="display:inline-block;width:5.76px"> </div>whose<div style="display:inline-block;width:6.02px"> </div>registered<div style="display:inline-block;width:6.47px"> </div>address<div style="display:inline-block;width:6.19px"> </div>is<div style="display:inline-block;width:5.9px"> </div>at<div style="display:inline-block;width:6.07px"> </div>Trust<div style="display:inline-block;width:6.99px"> </div>Company<div style="display:inline-block;width:6.12px"> </div>Complex,<div style="display:inline-block;width:5.97px"> </div>Ajeltake<div style="display:inline-block;width:6.64px"> </div>Road, </div><div id="a432" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">Ajeltake Island, Majuro MH96960, The Marshall Islands as guarantor (the "</div><div id="a435" style="position:absolute;font-family:'Calibri';font-weight:bold;left:586.01px;top:704px;">Parent Guarantor</div><div id="a436" style="position:absolute;font-family:'Calibri';left:692.93px;top:704px;">") </div><div id="a439" style="position:absolute;font-family:'Calibri';left:94.59px;top:738px;">(9)</div><div id="a441" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:738px;">DANISH SHIP<div style="display:inline-block;width:5.43px"> </div>FINANCE A/S </div><div id="a443" style="position:absolute;font-family:'Calibri';left:310.79px;top:738px;">of Sankt<div style="display:inline-block;width:5.24px"> </div>Annae Plads<div style="display:inline-block;width:4.87px"> </div>3, Dk-1250<div style="display:inline-block;width:5.78px"> </div>Copenhagen K,<div style="display:inline-block;width:5.06px"> </div>Denmark as<div style="display:inline-block;width:5.12px"> </div>lender </div><div id="a452" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">(the "</div><div id="a454" style="position:absolute;font-family:'Calibri';font-weight:bold;left:175.55px;top:756px;">Original</div><div id="a456" style="position:absolute;font-family:'Calibri';font-weight:bold;left:226.75px;top:756px;">Lender</div><div id="a457" style="position:absolute;font-family:'Calibri';left:268.71px;top:756px;">") </div><div id="a460" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:790px;">BACKGROUND</div><div id="a462" style="position:absolute;font-family:'Calibri';left:94.59px;top:824px;">(A)</div><div id="a464" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">By a facility agreement dated<div style="display:inline-block;width:1.81px"> </div>12 April 2023<div style="display:inline-block;width:1.88px"> </div>and made among<div style="display:inline-block;width:1.67px"> </div>(i) the Borrowers as<div style="display:inline-block;width:1.94px"> </div>joint and several </div><div id="a472" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">borrowers,<div style="display:inline-block;width:4.02px"> </div>(ii) the Parent Guarantor as guarantor<div style="display:inline-block;width:4.93px"> </div>and (ii) the Original Lender,<div style="display:inline-block;width:3.17px"> </div>the Original Lender </div><div id="a482" style="position:absolute;font-family:'Calibri';left:141.79px;top:859px;">agreed to make available to<div style="display:inline-block;width:1.81px"> </div>the Borrowers a facility<div style="display:inline-block;width:1.91px"> </div>of (originally) up<div style="display:inline-block;width:1.82px"> </div>to $100,000,000 out<div style="display:inline-block;width:1.5px"> </div>of which </div><div id="a490" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">the amount of $80,191,652 is outstanding at the date of this Agreement. </div></div>
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<div id="a500" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(B)</div><div id="a502" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">The Parties have agreed<div style="display:inline-block;width:1.9px"> </div>to amend and<div style="display:inline-block;width:1.8px"> </div>restate the Facility Agreement as<div style="display:inline-block;width:1.7px"> </div>set out in<div style="display:inline-block;width:1.74px"> </div>this Agreement. </div><div id="a507" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">OPERATIVE PROVISIONS</div></div>
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<div id="a513" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">1</div><div id="a515" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">DEFINITIONS AND INTERPRETATION </div><div id="a517" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">1.1</div><div id="a519" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:128px;">Definitions </div><div id="a521" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">In this Agreement: </div><div id="a525" style="position:absolute;font-family:'Calibri';left:142.59px;top:196px;">"</div><div id="a526" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:196px;">Amended<div style="display:inline-block;width:5.07px"> </div>and<div style="display:inline-block;width:5.1px"> </div>Restated<div style="display:inline-block;width:5.69px"> </div>Facility<div style="display:inline-block;width:5.46px"> </div>Agreement</div><div id="a527" style="position:absolute;font-family:'Calibri';left:416.71px;top:196px;">"<div style="display:inline-block;width:5.14px"> </div>means<div style="display:inline-block;width:5.02px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Facility<div style="display:inline-block;width:5.35px"> </div>Agreement,<div style="display:inline-block;width:5.04px"> </div>as<div style="display:inline-block;width:5.27px"> </div>amended<div style="display:inline-block;width:4.94px"> </div>and </div><div id="a528" style="position:absolute;font-family:'Calibri';left:142.59px;top:214px;">restated by this Agreement, in the form set out in the Appendix. </div><div id="a532" style="position:absolute;font-family:'Calibri';left:142.59px;top:248px;">"</div><div id="a533" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:248px;">Effective<div style="display:inline-block;width:5.55px"> </div>Date</div><div id="a534" style="position:absolute;font-family:'Calibri';left:235.39px;top:248px;">"<div style="display:inline-block;width:4.98px"> </div>means<div style="display:inline-block;width:4.74px"> </div>18<div style="display:inline-block;width:4.92px"> </div>October<div style="display:inline-block;width:5.05px"> </div>2024<div style="display:inline-block;width:4.88px"> </div>subject<div style="display:inline-block;width:4.77px"> </div>to<div style="display:inline-block;width:4.92px"> </div>Original<div style="display:inline-block;width:4.79px"> </div>Lender’s<div style="display:inline-block;width:5.06px"> </div>confirmation<div style="display:inline-block;width:5.13px"> </div>that<div style="display:inline-block;width:4.93px"> </div>all<div style="display:inline-block;width:4.91px"> </div>the </div><div id="a539" style="position:absolute;font-family:'Calibri';left:142.59px;top:266px;">conditions precedent in Clause 3 (</div><div id="a540" style="position:absolute;font-family:'Calibri';font-style:italic;left:344.71px;top:266px;">Conditions precedent</div><div id="a541" style="position:absolute;font-family:'Calibri';left:470.33px;top:266px;">) have been satisfied. </div><div id="a543" style="position:absolute;font-family:'Calibri';left:142.59px;top:300px;">"</div><div id="a544" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:300px;">Facility Agreement</div><div id="a545" style="position:absolute;font-family:'Calibri';left:262.95px;top:300px;">" means the facility agreement referred to in Recital (A). </div><div id="a547" style="position:absolute;font-family:'Calibri';left:142.59px;top:334px;">"</div><div id="a548" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:334px;">Mortgage Amendment</div><div id="a550" style="position:absolute;font-family:'Calibri';left:287.75px;top:334px;">" means, in relation to a Ship, an amendment to that Mortgage in agreed </div><div id="a555" style="position:absolute;font-family:'Calibri';left:142.59px;top:352px;">form. </div><div id="a557" style="position:absolute;font-family:'Calibri';left:142.59px;top:386px;">"</div><div id="a558" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:386px;">Party</div><div id="a559" style="position:absolute;font-family:'Calibri';left:180.83px;top:386px;">" means a party to this Agreement. </div><div id="a563" style="position:absolute;font-family:'Calibri';left:142.59px;top:419px;">"</div><div id="a564" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:419px;">Supplemental<div style="display:inline-block;width:7.01px"> </div>Account<div style="display:inline-block;width:6.95px"> </div>Security</div><div id="a565" style="position:absolute;font-family:'Calibri';left:346.31px;top:419px;">"<div style="display:inline-block;width:6.9px"> </div>means,<div style="display:inline-block;width:6.94px"> </div>in<div style="display:inline-block;width:6.97px"> </div>relation<div style="display:inline-block;width:6.92px"> </div>to<div style="display:inline-block;width:7.13px"> </div>each<div style="display:inline-block;width:7.03px"> </div>Account<div style="display:inline-block;width:7.13px"> </div>Security<div style="display:inline-block;width:6.73px"> </div>a<div style="display:inline-block;width:7.03px"> </div>document </div><div id="a566" style="position:absolute;font-family:'Calibri';left:142.59px;top:437px;">creating second priority Security over the Accounts of the relevant Borrower in agreed form. </div><div id="a569" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:471px;">"Supplemental General<div style="display:inline-block;width:5.82px"> </div>Assignment"</div><div id="a570" style="position:absolute;font-family:'Calibri';left:368.39px;top:471px;"><div style="display:inline-block;width:4.48px"> </div>means, in<div style="display:inline-block;width:5.46px"> </div>relation<div style="display:inline-block;width:4.68px"> </div>to a<div style="display:inline-block;width:5.71px"> </div>Ship, a<div style="display:inline-block;width:5.46px"> </div>document creating<div style="display:inline-block;width:5.64px"> </div>second </div><div id="a572" style="position:absolute;font-family:'Calibri';left:142.59px;top:489px;">priority<div style="display:inline-block;width:10.77px"> </div>Security<div style="display:inline-block;width:10.57px"> </div>over<div style="display:inline-block;width:10.94px"> </div>(inter<div style="display:inline-block;width:11.01px"> </div>alia)<div style="display:inline-block;width:10.68px"> </div>that<div style="display:inline-block;width:10.85px"> </div>Ship's<div style="display:inline-block;width:10.66px"> </div>Earnings,<div style="display:inline-block;width:10.79px"> </div>its<div style="display:inline-block;width:10.89px"> </div>Insurances,<div style="display:inline-block;width:10.71px"> </div>any<div style="display:inline-block;width:11.15px"> </div>Requisition </div><div id="a573" style="position:absolute;font-family:'Calibri';left:142.59px;top:507px;">Compensation, any Charter and any Charter Guarantee in relation to that Ship in agreed form. </div><div id="a575" style="position:absolute;font-family:'Calibri';left:142.59px;top:541px;">"</div><div id="a576" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:541px;">Supplemental<div style="display:inline-block;width:5.25px"> </div>Manager’s<div style="display:inline-block;width:5.46px"> </div>Undertaking</div><div id="a577" style="position:absolute;font-family:'Calibri';left:383.75px;top:541px;">”<div style="display:inline-block;width:5.2px"> </div>means<div style="display:inline-block;width:5.18px"> </div>in<div style="display:inline-block;width:5.21px"> </div>relation<div style="display:inline-block;width:5.32px"> </div>to<div style="display:inline-block;width:5.37px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Ship,<div style="display:inline-block;width:5.12px"> </div>a<div style="display:inline-block;width:5.11px"> </div>supplemental<div style="display:inline-block;width:5.2px"> </div>letter<div style="display:inline-block;width:5.51px"> </div>of </div><div id="a579" style="position:absolute;font-family:'Calibri';left:142.59px;top:559px;">undertaking<div style="display:inline-block;width:5.41px"> </div>from<div style="display:inline-block;width:5.65px"> </div>its<div style="display:inline-block;width:5.45px"> </div>Approved<div style="display:inline-block;width:5.7px"> </div>Technical<div style="display:inline-block;width:6.65px"> </div>Manager<div style="display:inline-block;width:5.52px"> </div>and<div style="display:inline-block;width:5.16px"> </div>its<div style="display:inline-block;width:5.45px"> </div>Approved<div style="display:inline-block;width:5.86px"> </div>Commercial<div style="display:inline-block;width:5.24px"> </div>Manager,<div style="display:inline-block;width:6.79px"> </div>(i) </div><div id="a580" style="position:absolute;font-family:'Calibri';left:142.59px;top:577px;">confirming<div style="display:inline-block;width:6.89px"> </div>that<div style="display:inline-block;width:6.85px"> </div>the<div style="display:inline-block;width:6.73px"> </div>subordination<div style="display:inline-block;width:6.6px"> </div>effected<div style="display:inline-block;width:7.59px"> </div>by<div style="display:inline-block;width:6.64px"> </div>virtue<div style="display:inline-block;width:6.61px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the<div style="display:inline-block;width:6.73px"> </div>original<div style="display:inline-block;width:6.62px"> </div>Manager's<div style="display:inline-block;width:6.75px"> </div>Undertaking </div><div id="a581" style="position:absolute;font-family:'Calibri';left:142.59px;top:595px;">continues to<div style="display:inline-block;width:4.84px"> </div>have full<div style="display:inline-block;width:4.88px"> </div>force and<div style="display:inline-block;width:4.86px"> </div>effect and<div style="display:inline-block;width:4.97px"> </div>extends to<div style="display:inline-block;width:4.96px"> </div>the Secured Liabilities<div style="display:inline-block;width:4.96px"> </div>as amended by<div style="display:inline-block;width:4.91px"> </div>the </div><div id="a584" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">Amendment and Restatement Agreement and (ii) creating second priority security over the<div style="display:inline-block;width:1.93px"> </div>rights </div><div id="a585" style="position:absolute;font-family:'Calibri';left:142.59px;top:631px;">and<div style="display:inline-block;width:5.64px"> </div>interests<div style="display:inline-block;width:6.47px"> </div>of<div style="display:inline-block;width:5.83px"> </div>such<div style="display:inline-block;width:5.51px"> </div>Approved<div style="display:inline-block;width:6.02px"> </div>Technical<div style="display:inline-block;width:6.97px"> </div>Manager<div style="display:inline-block;width:5.68px"> </div>and<div style="display:inline-block;width:5.64px"> </div>such<div style="display:inline-block;width:5.67px"> </div>Approved<div style="display:inline-block;width:6.18px"> </div>Commercial<div style="display:inline-block;width:5.72px"> </div>Manager </div><div id="a586" style="position:absolute;font-family:'Calibri';left:142.59px;top:648px;">respectively in the Insurances, in agreed form. </div><div id="a588" style="position:absolute;font-family:'Calibri';left:142.59px;top:682px;">"</div><div id="a589" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:682px;">Supplemental Security Document</div><div id="a590" style="position:absolute;font-family:'Calibri';left:352.55px;top:682px;">" means: </div><div id="a592" style="position:absolute;font-family:'Calibri';left:142.59px;top:716px;">(a)</div><div id="a594" style="position:absolute;font-family:'Calibri';left:190.59px;top:716px;">any Mortgage Amendment; </div><div id="a598" style="position:absolute;font-family:'Calibri';left:142.59px;top:750px;">(b)</div><div id="a600" style="position:absolute;font-family:'Calibri';left:190.59px;top:750px;">any Supplemental Account Security; </div><div id="a602" style="position:absolute;font-family:'Calibri';left:142.59px;top:784px;">(c)</div><div id="a604" style="position:absolute;font-family:'Calibri';left:190.59px;top:784px;">any Supplemental General Assignment; </div><div id="a606" style="position:absolute;font-family:'Calibri';left:142.59px;top:818px;">(d)</div><div id="a608" style="position:absolute;font-family:'Calibri';left:190.59px;top:818px;">any Supplemental Manager’s Undertaking; and<div style="display:inline-block;width:3.41px"> </div></div><div id="a612" style="position:absolute;font-family:'Calibri';left:142.59px;top:852px;">(e)</div><div id="a614" style="position:absolute;font-family:'Calibri';left:190.59px;top:852px;">any Supplemental Shares Security. </div><div id="a616" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:886px;">"Supplemental Shares<div style="display:inline-block;width:5.4px"> </div>Security"</div><div id="a617" style="position:absolute;font-family:'Calibri';left:338.63px;top:886px;"><div style="display:inline-block;width:4.32px"> </div>means, in<div style="display:inline-block;width:5.3px"> </div>relation to<div style="display:inline-block;width:5.6px"> </div>a Borrower,<div style="display:inline-block;width:6.86px"> </div>a document<div style="display:inline-block;width:5.2px"> </div>creating second </div><div id="a619" style="position:absolute;font-family:'Calibri';left:142.59px;top:904px;">priority Security over the issued shares of that Borrower in agreed form. </div></div>
</div>
<div style="padding: 7px">
<div id="Page6" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a623" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">1.2</div><div id="a625" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Defined expressions </div><div id="a627" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Defined expressions<div style="display:inline-block;width:6.06px"> </div>in the<div style="display:inline-block;width:5.57px"> </div>Facility<div style="display:inline-block;width:4.87px"> </div>Agreement and<div style="display:inline-block;width:5.59px"> </div>the other<div style="display:inline-block;width:5.56px"> </div>Finance Documents<div style="display:inline-block;width:5.36px"> </div>shall have<div style="display:inline-block;width:5.8px"> </div>the </div><div id="a628" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">same<div style="display:inline-block;width:5.07px"> </div>meanings<div style="display:inline-block;width:5.05px"> </div>when<div style="display:inline-block;width:5.09px"> </div>used<div style="display:inline-block;width:5.05px"> </div>in<div style="display:inline-block;width:5.21px"> </div>this<div style="display:inline-block;width:5.12px"> </div>Agreement<div style="display:inline-block;width:5.38px"> </div>unless<div style="display:inline-block;width:5.04px"> </div>the<div style="display:inline-block;width:5.13px"> </div>context<div style="display:inline-block;width:5.56px"> </div>otherwise<div style="display:inline-block;width:5.02px"> </div>requires<div style="display:inline-block;width:5.27px"> </div>or<div style="display:inline-block;width:5.19px"> </div>unless </div><div id="a632" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">otherwise defined in this Agreement. </div><div id="a636" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">1.3</div><div id="a638" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">Application of construction and interpretation provisions of Facility Agreement </div><div id="a640" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Clauses 1.2 (</div><div id="a644" style="position:absolute;font-family:'Calibri';font-style:italic;left:217.31px;top:232px;">construction</div><div id="a646" style="position:absolute;font-family:'Calibri';left:291.11px;top:232px;">) to 1.5<div style="display:inline-block;width:4.89px"> </div>(</div><div id="a649" style="position:absolute;font-family:'Calibri';font-style:italic;left:342.79px;top:232px;">third party rights</div><div id="a650" style="position:absolute;font-family:'Calibri';left:444.57px;top:232px;">) (inclusive) of<div style="display:inline-block;width:4.77px"> </div>the Facility Agreement<div style="display:inline-block;width:5.18px"> </div>apply to </div><div id="a654" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">this Agreement as if they were expressly incorporated in it with any necessary modifications. </div><div id="a659" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:284px;">1.4</div><div id="a661" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:284px;">Agreed forms of new, and supplements to, Finance Documents </div><div id="a663" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">References<div style="display:inline-block;width:7.6px"> </div>in<div style="display:inline-block;width:6.65px"> </div>Clause </div><div id="a665" style="position:absolute;font-family:'Calibri';left:278.47px;top:318px;"><a href="#a517" style="color:#000000;text-decoration:none;">1.1</a></div><div id="a666" style="position:absolute;font-family:'Calibri';left:297.19px;top:318px;"><div style="display:inline-block;width:6.56px"> </div>(</div><div id="a668" style="position:absolute;font-family:'Calibri';font-style:italic;left:308.23px;top:318px;">Definitions</div><div id="a669" style="position:absolute;font-family:'Calibri';left:372.23px;top:318px;">)<div style="display:inline-block;width:6.58px"> </div>to<div style="display:inline-block;width:6.97px"> </div>any<div style="display:inline-block;width:6.85px"> </div>document<div style="display:inline-block;width:6.78px"> </div>being<div style="display:inline-block;width:6.58px"> </div>in<div style="display:inline-block;width:6.65px"> </div>"agreed<div style="display:inline-block;width:6.72px"> </div>form"<div style="display:inline-block;width:6.94px"> </div>are<div style="display:inline-block;width:6.77px"> </div>to<div style="display:inline-block;width:6.81px"> </div>that </div><div id="a683" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">document: </div><div id="a686" style="position:absolute;font-family:'Calibri';left:94.59px;top:370px;">(a)</div><div id="a688" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">in<div style="display:inline-block;width:5.05px"> </div>a<div style="display:inline-block;width:5.11px"> </div>form<div style="display:inline-block;width:5.24px"> </div>attached<div style="display:inline-block;width:5.31px"> </div>to<div style="display:inline-block;width:5.21px"> </div>a<div style="display:inline-block;width:4.95px"> </div>certificate<div style="display:inline-block;width:5.31px"> </div>dated<div style="display:inline-block;width:5.2px"> </div>the<div style="display:inline-block;width:4.97px"> </div>same<div style="display:inline-block;width:4.91px"> </div>date<div style="display:inline-block;width:5.26px"> </div>as<div style="display:inline-block;width:4.95px"> </div>this<div style="display:inline-block;width:4.99px"> </div>Agreement<div style="display:inline-block;width:5.08px"> </div>(and<div style="display:inline-block;width:5.02px"> </div>signed<div style="display:inline-block;width:4.98px"> </div>by<div style="display:inline-block;width:5.04px"> </div>the </div><div id="a692" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">Borrowers and the Lender); or </div><div id="a694" style="position:absolute;font-family:'Calibri';left:94.59px;top:421px;">(b)</div><div id="a696" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">in any other form agreed in writing between the Borrowers and the Lender. </div><div id="a698" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:455px;">1.5</div><div id="a700" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:455px;">Designation as a Finance Document </div><div id="a702" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">The Obligors and the Lender designate this Agreement as a Finance Document. </div><div id="a710" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:523px;">1.6</div><div id="a712" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:523px;">Third party rights </div><div id="a714" style="position:absolute;font-family:'Calibri';left:94.59px;top:557px;">(a)</div><div id="a716" style="position:absolute;font-family:'Calibri';left:141.79px;top:557px;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has </div><div id="a719" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">no<div style="display:inline-block;width:6.42px"> </div>right<div style="display:inline-block;width:6.27px"> </div>under<div style="display:inline-block;width:6.1px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Third<div style="display:inline-block;width:6.17px"> </div>Parties<div style="display:inline-block;width:6.66px"> </div>Act<div style="display:inline-block;width:6.09px"> </div>to<div style="display:inline-block;width:6.33px"> </div>enforce<div style="display:inline-block;width:6.78px"> </div>or<div style="display:inline-block;width:6.15px"> </div>to<div style="display:inline-block;width:6.49px"> </div>enjoy<div style="display:inline-block;width:6.27px"> </div>the<div style="display:inline-block;width:6.25px"> </div>benefit<div style="display:inline-block;width:6.17px"> </div>of<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:6.51px"> </div>term<div style="display:inline-block;width:6.21px"> </div>of<div style="display:inline-block;width:6.31px"> </div>this </div><div id="a720" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">Agreement. </div><div id="a723" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">(b)</div><div id="a725" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">Notwithstanding any term of any Finance<div style="display:inline-block;width:1.74px"> </div>Document, the consent of<div style="display:inline-block;width:1.95px"> </div>any person who is not<div style="display:inline-block;width:1.86px"> </div>a Party </div><div id="a726" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">is not required to rescind or vary this Agreement at any time. </div><div id="a731" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:679px;">2</div><div id="a733" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:679px;">CONDITIONS PRECEDENT </div><div id="a735" style="position:absolute;font-family:'Calibri';left:94.59px;top:712px;">(a)</div><div id="a737" style="position:absolute;font-family:'Calibri';left:141.79px;top:712px;">The Effective<div style="display:inline-block;width:6.11px"> </div>Date cannot<div style="display:inline-block;width:5.53px"> </div>occur unless<div style="display:inline-block;width:5.11px"> </div>the Lender<div style="display:inline-block;width:5.17px"> </div>has received<div style="display:inline-block;width:5.45px"> </div>(or waived<div style="display:inline-block;width:5.29px"> </div>receipt of)<div style="display:inline-block;width:5.19px"> </div>all of<div style="display:inline-block;width:5.17px"> </div>the </div><div id="a742" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">documents and other evidence listed in </div><div id="a743" style="position:absolute;font-family:'Calibri';left:381.83px;top:730px;"><a href="#a1205" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a744" style="position:absolute;font-family:'Calibri';left:446.81px;top:730px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a746" style="position:absolute;font-family:'Calibri';font-style:italic;left:454.81px;top:730px;">Conditions Precedent</div><div id="a747" style="position:absolute;font-family:'Calibri';left:580.73px;top:730px;">) in form and substance </div><div id="a748" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">satisfactory<div style="display:inline-block;width:4.94px"> </div>to the<div style="display:inline-block;width:5.41px"> </div>Lender on<div style="display:inline-block;width:5.18px"> </div>or before<div style="display:inline-block;width:6.08px"> </div>the Effective<div style="display:inline-block;width:6.12px"> </div>Date or<div style="display:inline-block;width:5.79px"> </div>such later<div style="display:inline-block;width:5.54px"> </div>date as<div style="display:inline-block;width:5.44px"> </div>the Lender<div style="display:inline-block;width:5.33px"> </div>may </div><div id="a749" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">agree with the Borrowers. </div><div id="a751" style="position:absolute;font-family:'Calibri';left:94.59px;top:800px;">(b)</div><div id="a753" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">The Lender shall<div style="display:inline-block;width:4.78px"> </div>notify the Borrowers<div style="display:inline-block;width:5.11px"> </div>promptly upon being satisfied<div style="display:inline-block;width:5.32px"> </div>as to the<div style="display:inline-block;width:4.96px"> </div>satisfaction of<div style="display:inline-block;width:4.69px"> </div>the </div><div id="a754" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">conditions precedent referred to in paragraph (a) above. </div><div id="a756" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:852px;">3</div><div id="a758" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:852px;">REPRESENTATIONS<div style="display:inline-block;width:5.38px"> </div></div><div id="a760" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:886px;">3.1</div><div id="a762" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:886px;">Facility Agreement representations </div><div id="a764" style="position:absolute;font-family:'Calibri';left:141.79px;top:920px;">Each Obligor<div style="display:inline-block;width:4.76px"> </div>that is a<div style="display:inline-block;width:5.29px"> </div>party to the<div style="display:inline-block;width:5.14px"> </div>Facility Agreement<div style="display:inline-block;width:4.82px"> </div>makes the<div style="display:inline-block;width:4.98px"> </div>representations and<div style="display:inline-block;width:4.95px"> </div>warranties </div><div id="a765" style="position:absolute;font-family:'Calibri';left:141.79px;top:938px;">set out in clause 19 (</div><div id="a766" style="position:absolute;font-family:'Calibri';font-style:italic;left:265.99px;top:938px;">representations</div><div id="a767" style="position:absolute;font-family:'Calibri';left:359.27px;top:938px;">) of the Facility Agreement,<div style="display:inline-block;width:4.86px"> </div>as amended and restated<div style="display:inline-block;width:4.84px"> </div>by this </div></div>
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<div id="Page7" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a770" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">Agreement<div style="display:inline-block;width:4.88px"> </div>and updated<div style="display:inline-block;width:5.81px"> </div>with appropriate<div style="display:inline-block;width:6.08px"> </div>modifications to<div style="display:inline-block;width:6.08px"> </div>refer<div style="display:inline-block;width:5.05px"> </div>to<div style="display:inline-block;width:4.73px"> </div>this<div style="display:inline-block;width:4.67px"> </div>Agreement and,<div style="display:inline-block;width:5.8px"> </div>where </div><div id="a776" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">appropriate,<div style="display:inline-block;width:4.78px"> </div>the relevant<div style="display:inline-block;width:6.06px"> </div>Supplemental Security<div style="display:inline-block;width:5.2px"> </div>Documents, by<div style="display:inline-block;width:5.6px"> </div>reference<div style="display:inline-block;width:5.11px"> </div>to the<div style="display:inline-block;width:5.41px"> </div>circumstances </div><div id="a779" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">then existing on the date of this Agreement and on the Effective Date. </div><div id="a787" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">3.2</div><div id="a789" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Finance Document representations<div style="display:inline-block;width:3.41px"> </div></div><div id="a791" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Each Obligor makes<div style="display:inline-block;width:4.93px"> </div>the representations and<div style="display:inline-block;width:4.67px"> </div>warranties set out<div style="display:inline-block;width:4.86px"> </div>in the Finance Documents (other </div><div id="a792" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">than the Facility Agreement)<div style="display:inline-block;width:1.78px"> </div>to which it is<div style="display:inline-block;width:1.55px"> </div>a party, as amended and<div style="display:inline-block;width:1.68px"> </div>restated and/or supplemented </div><div id="a793" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">by this<div style="display:inline-block;width:5.51px"> </div>Agreement and<div style="display:inline-block;width:5.47px"> </div>updated with<div style="display:inline-block;width:5.6px"> </div>appropriate modifications<div style="display:inline-block;width:5.48px"> </div>to refer<div style="display:inline-block;width:6.13px"> </div>to this<div style="display:inline-block;width:5.59px"> </div>Agreement and, </div><div id="a800" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">where appropriate,<div style="display:inline-block;width:5.21px"> </div>the relevant<div style="display:inline-block;width:4.9px"> </div>Mortgage Amendment,<div style="display:inline-block;width:4.78px"> </div>by reference<div style="display:inline-block;width:5.54px"> </div>to the<div style="display:inline-block;width:4.77px"> </div>circumstances then </div><div id="a803" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">existing on the date of this Agreement and on the Effective Date. </div><div id="a811" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:304px;">4</div><div id="a813" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:304px;">AMENDMENT AND RESTATEMENT OF FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS<div style="display:inline-block;width:2.57px"> </div></div><div id="a817" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">4.1</div><div id="a819" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:338px;">Specific amendments to the Facility Agreement </div><div id="a821" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">With effect on and from the Effective Date, the Facility Agreement shall<div style="display:inline-block;width:1.99px"> </div>be amended and<div style="display:inline-block;width:1.99px"> </div>restated </div><div id="a822" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">in the<div style="display:inline-block;width:4.93px"> </div>form of<div style="display:inline-block;width:4.86px"> </div>the Amended and<div style="display:inline-block;width:5.19px"> </div>Restated<div style="display:inline-block;width:4.81px"> </div>Facility Agreement<div style="display:inline-block;width:5.14px"> </div>and, as<div style="display:inline-block;width:4.71px"> </div>so amended and<div style="display:inline-block;width:5.29px"> </div>restated, </div><div id="a823" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">the Facility Agreement shall continue to be binding on each of the parties to it in accordance with </div><div id="a825" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">its terms as so amended and restated. </div><div id="a827" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:459px;">4.2</div><div id="a829" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:459px;">Amendments to Finance Documents </div><div id="a831" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">With effect on and<div style="display:inline-block;width:1.68px"> </div>from the Effective Date,<div style="display:inline-block;width:2.3px"> </div>each of the<div style="display:inline-block;width:1.59px"> </div>Finance Documents (other<div style="display:inline-block;width:1.33px"> </div>than the Facility </div><div id="a838" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">Agreement and<div style="display:inline-block;width:5.43px"> </div>each Mortgage<div style="display:inline-block;width:5.45px"> </div>which is<div style="display:inline-block;width:5.22px"> </div>amended and<div style="display:inline-block;width:5.01px"> </div>supplemented by<div style="display:inline-block;width:5.62px"> </div>the relevant<div style="display:inline-block;width:5.54px"> </div>Mortgage </div><div id="a839" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">Amendment) shall be, and shall be deemed by this Agreement to be, amended as follows: </div><div id="a845" style="position:absolute;font-family:'Calibri';left:94.59px;top:563px;">(a)</div><div id="a847" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">the<div style="display:inline-block;width:6.09px"> </div>definition<div style="display:inline-block;width:5.8px"> </div>of,<div style="display:inline-block;width:6.9px"> </div>and<div style="display:inline-block;width:5.8px"> </div>references<div style="display:inline-block;width:6.72px"> </div>throughout<div style="display:inline-block;width:5.94px"> </div>each<div style="display:inline-block;width:5.75px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:5.94px"> </div>to<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.04px"> </div>"Facility </div><div id="a849" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">Agreement" and<div style="display:inline-block;width:4.81px"> </div>any of<div style="display:inline-block;width:4.84px"> </div>the other Finance<div style="display:inline-block;width:4.98px"> </div>Documents shall be<div style="display:inline-block;width:5.08px"> </div>construed as<div style="display:inline-block;width:4.94px"> </div>if the same<div style="display:inline-block;width:5.11px"> </div>referred </div><div id="a852" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">to,<div style="display:inline-block;width:3.54px"> </div>respectively: </div><div id="a855" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">(i)</div><div id="a857" style="position:absolute;font-family:'Calibri';left:189.15px;top:632px;">the Amended and Restated Facility Agreement; and </div><div id="a862" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">(ii)</div><div id="a864" style="position:absolute;font-family:'Calibri';left:189.15px;top:666px;">the<div style="display:inline-block;width:8.49px"> </div>other<div style="display:inline-block;width:8.56px"> </div>Finance<div style="display:inline-block;width:8.35px"> </div>Documents<div style="display:inline-block;width:8.5px"> </div>as<div style="display:inline-block;width:8.51px"> </div>amended<div style="display:inline-block;width:8.46px"> </div>and<div style="display:inline-block;width:8.39px"> </div>supplemented<div style="display:inline-block;width:8.71px"> </div>by<div style="display:inline-block;width:8.56px"> </div>this<div style="display:inline-block;width:8.44px"> </div>Clause<div style="display:inline-block;width:8.63px"> </div>4.2 </div><div id="a869" style="position:absolute;font-family:'Calibri';left:189.15px;top:684px;">(</div><div id="a870" style="position:absolute;font-family:'Calibri';font-style:italic;left:193.63px;top:684px;">Amendments to<div style="display:inline-block;width:4.96px"> </div>Finance Documents</div><div id="a871" style="position:absolute;font-family:'Calibri';left:410.31px;top:684px;">) and<div style="display:inline-block;width:4.73px"> </div>by such<div style="display:inline-block;width:4.82px"> </div>further or consequential<div style="display:inline-block;width:5.21px"> </div>modification </div><div id="a874" style="position:absolute;font-family:'Calibri';left:189.15px;top:702px;">as may be necessary to give full effect to the terms of this Agreement; </div><div id="a878" style="position:absolute;font-family:'Calibri';left:94.59px;top:736px;">(b)</div><div id="a880" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">the definition of, and<div style="display:inline-block;width:4.69px"> </div>references throughout each of the Finance Documents to,<div style="display:inline-block;width:4.74px"> </div>a Mortgage shall </div><div id="a881" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">be<div style="display:inline-block;width:5.1px"> </div>construed<div style="display:inline-block;width:5.08px"> </div>as<div style="display:inline-block;width:4.95px"> </div>if<div style="display:inline-block;width:4.93px"> </div>the<div style="display:inline-block;width:4.97px"> </div>same<div style="display:inline-block;width:4.91px"> </div>referred<div style="display:inline-block;width:5.69px"> </div>to<div style="display:inline-block;width:5.05px"> </div>that<div style="display:inline-block;width:5.09px"> </div>Mortgage<div style="display:inline-block;width:5.27px"> </div>as<div style="display:inline-block;width:4.95px"> </div>amended<div style="display:inline-block;width:4.78px"> </div>and<div style="display:inline-block;width:5px"> </div>supplemented<div style="display:inline-block;width:4.87px"> </div>by<div style="display:inline-block;width:5.04px"> </div>the </div><div id="a882" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">relevant Mortgage Amendment; </div><div id="a886" style="position:absolute;font-family:'Calibri';left:94.59px;top:806px;">(c)</div><div id="a888" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">by construing<div style="display:inline-block;width:5.56px"> </div>references<div style="display:inline-block;width:4.96px"> </div>throughout each<div style="display:inline-block;width:5.15px"> </div>of the<div style="display:inline-block;width:5.39px"> </div>Finance Documents<div style="display:inline-block;width:5.04px"> </div>to "this<div style="display:inline-block;width:5.22px"> </div>Agreement", "this </div><div id="a889" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">Agreement",<div style="display:inline-block;width:5.54px"> </div>"hereunder"<div style="display:inline-block;width:5.06px"> </div>and<div style="display:inline-block;width:5.32px"> </div>other<div style="display:inline-block;width:5.36px"> </div>like<div style="display:inline-block;width:5.62px"> </div>expressions<div style="display:inline-block;width:5.42px"> </div>as<div style="display:inline-block;width:5.27px"> </div>if<div style="display:inline-block;width:5.25px"> </div>the<div style="display:inline-block;width:5.29px"> </div>same<div style="display:inline-block;width:5.23px"> </div>referred<div style="display:inline-block;width:6.01px"> </div>to<div style="display:inline-block;width:5.37px"> </div>those<div style="display:inline-block;width:5.37px"> </div>Finance </div><div id="a891" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">Documents as amended and/or supplemented by this Agreement;<div style="display:inline-block;width:3.07px"> </div>and </div><div id="a895" style="position:absolute;font-family:'Calibri';left:94.59px;top:875px;">(d)</div><div id="a897" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">all cross<div style="display:inline-block;width:5.27px"> </div>references<div style="display:inline-block;width:4.8px"> </div>in the<div style="display:inline-block;width:4.77px"> </div>Facility Agreement<div style="display:inline-block;width:5.46px"> </div>will be<div style="display:inline-block;width:4.8px"> </div>updated accordingly<div style="display:inline-block;width:5.24px"> </div>to reflect<div style="display:inline-block;width:5.32px"> </div>the relevant </div><div id="a898" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">clauses in the Amended and Restated Facility Agreement.<div style="display:inline-block;width:3.46px"> </div></div></div>
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<div id="a902" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">4.3</div><div id="a904" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Obligor Confirmation </div><div id="a906" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">On the Effective Date, each Obligor: </div><div id="a908" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(a)</div><div id="a910" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">confirms its acceptance of the Amended and Restated Facility Agreement; </div><div id="a913" style="position:absolute;font-family:'Calibri';left:94.59px;top:196px;">(b)</div><div id="a915" style="position:absolute;font-family:'Calibri';left:141.79px;top:196px;">agrees that it is<div style="display:inline-block;width:1.38px"> </div>bound as an<div style="display:inline-block;width:1.45px"> </div>Obligor (as defined<div style="display:inline-block;width:1.72px"> </div>in the<div style="display:inline-block;width:1.89px"> </div>Amended and Restated Facility Agreement); </div><div id="a917" style="position:absolute;font-family:'Calibri';left:94.59px;top:230px;">(c)</div><div id="a919" style="position:absolute;font-family:'Calibri';left:141.79px;top:230px;">confirms that the definition of, and references throughout each of the Finance Documents to, the </div><div id="a920" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">Facility<div style="display:inline-block;width:5.35px"> </div>Agreement<div style="display:inline-block;width:5.04px"> </div>and<div style="display:inline-block;width:4.84px"> </div>any<div style="display:inline-block;width:5.07px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.81px"> </div>other<div style="display:inline-block;width:4.88px"> </div>Finance<div style="display:inline-block;width:4.67px"> </div>Documents<div style="display:inline-block;width:4.98px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>be<div style="display:inline-block;width:4.78px"> </div>construed<div style="display:inline-block;width:4.92px"> </div>as<div style="display:inline-block;width:4.95px"> </div>if<div style="display:inline-block;width:4.93px"> </div>the<div style="display:inline-block;width:4.97px"> </div>same </div><div id="a921" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">referred to the Facility Agreement and those<div style="display:inline-block;width:1.95px"> </div>Finance Documents as amended<div style="display:inline-block;width:1.46px"> </div>and restated by this </div><div id="a923" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">Agreement; </div><div id="a925" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">(d)</div><div id="a927" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">(if it is a Parent Guarantor) confirms that its guarantee and indemnity: </div><div id="a929" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">(i)</div><div id="a931" style="position:absolute;font-family:'Calibri';left:189.15px;top:352px;">continues to have full force and effect on the terms of the Amended and Restated Facility </div><div id="a932" style="position:absolute;font-family:'Calibri';left:189.15px;top:370px;">Agreement; and </div><div id="a934" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">(ii)</div><div id="a936" style="position:absolute;font-family:'Calibri';left:189.15px;top:403px;">extends<div style="display:inline-block;width:6.44px"> </div>to<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:5.93px"> </div>obligations<div style="display:inline-block;width:6.46px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:6.13px"> </div>relevant<div style="display:inline-block;width:6.62px"> </div>Obligors<div style="display:inline-block;width:6.22px"> </div>under<div style="display:inline-block;width:6.1px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:6.26px"> </div>as </div><div id="a938" style="position:absolute;font-family:'Calibri';left:189.15px;top:421px;">amended and restated by this Agreement. </div><div id="a940" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:455px;">4.4</div><div id="a942" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:455px;">Security confirmation </div><div id="a944" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">On the Effective Date, each Obligor confirms that: </div><div id="a946" style="position:absolute;font-family:'Calibri';left:94.59px;top:523px;">(a)</div><div id="a948" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">any Security created by it under the<div style="display:inline-block;width:1.76px"> </div>Finance Documents extends to the<div style="display:inline-block;width:1.92px"> </div>obligations of the relevant </div><div id="a949" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">Obligors under the Finance Documents as amended and restated by this Agreement; </div><div id="a951" style="position:absolute;font-family:'Calibri';left:94.59px;top:575px;">(b)</div><div id="a953" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">the obligations of the relevant<div style="display:inline-block;width:5.13px"> </div>Obligors under the Amended and Restated<div style="display:inline-block;width:5.46px"> </div>Facility Agreement are </div><div id="a954" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">included in the<div style="display:inline-block;width:1.72px"> </div>Secured Liabilities (as<div style="display:inline-block;width:1.92px"> </div>defined in the<div style="display:inline-block;width:1.93px"> </div>Security Documents to<div style="display:inline-block;width:1.78px"> </div>which it is<div style="display:inline-block;width:1.91px"> </div>a party); and </div><div id="a958" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">(c)</div><div id="a960" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">the Security created under the Finance Documents continues in full force and effect on the terms </div><div id="a961" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">of the respective Finance Documents.<div style="display:inline-block;width:3.01px"> </div></div><div id="a963" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:679px;">4.5</div><div id="a965" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:679px;">Finance Documents to remain in full force and effect </div><div id="a967" style="position:absolute;font-family:'Calibri';left:141.79px;top:712px;">The Finance Documents shall remain in full force and effect and from the Effective Date: </div><div id="a972" style="position:absolute;font-family:'Calibri';left:94.59px;top:746px;">(a)</div><div id="a974" style="position:absolute;font-family:'Calibri';left:141.79px;top:746px;">in the<div style="display:inline-block;width:5.57px"> </div>case of<div style="display:inline-block;width:5.7px"> </div>the Facility<div style="display:inline-block;width:5.71px"> </div>Agreement<div style="display:inline-block;width:4.72px"> </div>as amended<div style="display:inline-block;width:5.45px"> </div>and restated<div style="display:inline-block;width:6.24px"> </div>pursuant<div style="display:inline-block;width:4.66px"> </div>to<div style="display:inline-block;width:4.68px"> </div>Clause </div><div id="a977" style="position:absolute;font-family:'Calibri';left:649.41px;top:746px;"><a href="#a811" style="color:#000000;text-decoration:none;">4</a></div><div id="a978" style="position:absolute;font-family:'Calibri';left:656.93px;top:746px;">.1 (</div><div id="a979" style="position:absolute;font-family:'Calibri';font-style:italic;left:676.93px;top:746px;">Specific </div><div id="a980" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:764px;">amendments to the Facility Agreement</div><div id="a981" style="position:absolute;font-family:'Calibri';left:373.19px;top:764px;">); </div><div id="a983" style="position:absolute;font-family:'Calibri';left:94.59px;top:798px;">(b)</div><div id="a985" style="position:absolute;font-family:'Calibri';left:141.79px;top:798px;">in the case of the<div style="display:inline-block;width:4.79px"> </div>other Finance Documents as amended pursuant<div style="display:inline-block;width:4.76px"> </div>to Clause </div><div id="a986" style="position:absolute;font-family:'Calibri';left:599.97px;top:798px;"><a href="#a827" style="color:#000000;text-decoration:none;">4.2</a></div><div id="a987" style="position:absolute;font-family:'Calibri';left:618.53px;top:798px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a989" style="position:absolute;font-family:'Calibri';font-style:italic;left:626.53px;top:798px;">Amendments to </div><div id="a990" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:816px;">Finance Documents</div><div id="a991" style="position:absolute;font-family:'Calibri';left:258.15px;top:816px;">) and the relevant Mortgage Amendment;<div style="display:inline-block;width:3.39px"> </div>and </div><div id="a1000" style="position:absolute;font-family:'Calibri';left:94.59px;top:850px;">(c)</div><div id="a1002" style="position:absolute;font-family:'Calibri';left:141.79px;top:850px;">the Facility Agreement and the<div style="display:inline-block;width:1.78px"> </div>applicable provisions of this<div style="display:inline-block;width:1.78px"> </div>Agreement will be read<div style="display:inline-block;width:1.73px"> </div>and construed </div><div id="a1007" style="position:absolute;font-family:'Calibri';left:141.79px;top:868px;">as one document;<div style="display:inline-block;width:3.18px"> </div>and </div><div id="a1010" style="position:absolute;font-family:'Calibri';left:94.59px;top:902px;">(d)</div><div id="a1012" style="position:absolute;font-family:'Calibri';left:141.79px;top:902px;">except to the extent expressly waived by the amendments effected<div style="display:inline-block;width:4.91px"> </div>by this Agreement, no waiver </div><div id="a1015" style="position:absolute;font-family:'Calibri';left:141.79px;top:920px;">is given by this Agreement and the Lender expressly reserves all its<div style="display:inline-block;width:2.01px"> </div>rights and remedies in respect </div><div id="a1019" style="position:absolute;font-family:'Calibri';left:141.79px;top:938px;">of any breach of or other Default under the Finance Documents. </div></div>
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<div id="a1023" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">5</div><div id="a1025" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">FURTHER ASSURANCE </div><div id="a1027" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Clause<div style="display:inline-block;width:5.71px"> </div>22.22<div style="display:inline-block;width:5.8px"> </div>(</div><div id="a1031" style="position:absolute;font-family:'Calibri';font-style:italic;left:230.43px;top:128px;">further<div style="display:inline-block;width:5.52px"> </div>assurance</div><div id="a1033" style="position:absolute;font-family:'Calibri';left:337.35px;top:128px;">)<div style="display:inline-block;width:5.78px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Facility<div style="display:inline-block;width:5.99px"> </div>Agreement,<div style="display:inline-block;width:5.87px"> </div>as<div style="display:inline-block;width:5.75px"> </div>amended<div style="display:inline-block;width:5.58px"> </div>and<div style="display:inline-block;width:5.64px"> </div>restated<div style="display:inline-block;width:6.49px"> </div>by<div style="display:inline-block;width:5.84px"> </div>this </div><div id="a1035" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary </div><div id="a1037" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">modifications. </div><div id="a1040" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">6</div><div id="a1042" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">FEES </div><div id="a1044" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">The<div style="display:inline-block;width:7.05px"> </div>Borrowers<div style="display:inline-block;width:7.58px"> </div>shall<div style="display:inline-block;width:6.94px"> </div>pay<div style="display:inline-block;width:7.15px"> </div>to<div style="display:inline-block;width:7.29px"> </div>Lender<div style="display:inline-block;width:6.88px"> </div>on<div style="display:inline-block;width:6.9px"> </div>or<div style="display:inline-block;width:7.11px"> </div>before<div style="display:inline-block;width:7.58px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Effective<div style="display:inline-block;width:7.99px"> </div>Date<div style="display:inline-block;width:7.29px"> </div>an<div style="display:inline-block;width:6.98px"> </div>amendment<div style="display:inline-block;width:7.11px"> </div>fee<div style="display:inline-block;width:7.15px"> </div>of </div><div id="a1045" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">$200,479.13. </div><div id="a1049" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:284px;">7</div><div id="a1051" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:284px;">COSTS AND EXPENSES </div><div id="a1054" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">Clause<div style="display:inline-block;width:6.19px"> </div>16.2<div style="display:inline-block;width:6.22px"> </div>(</div><div id="a1056" style="position:absolute;font-family:'Calibri';font-style:italic;left:223.87px;top:318px;">amendment<div style="display:inline-block;width:6.19px"> </div>costs</div><div id="a1058" style="position:absolute;font-family:'Calibri';left:332.55px;top:318px;">)<div style="display:inline-block;width:6.26px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Facility<div style="display:inline-block;width:6.47px"> </div>Agreement,<div style="display:inline-block;width:6.32px"> </div>as<div style="display:inline-block;width:6.26px"> </div>amended<div style="display:inline-block;width:6.22px"> </div>and<div style="display:inline-block;width:5.96px"> </div>restated<div style="display:inline-block;width:7.13px"> </div>by<div style="display:inline-block;width:6.16px"> </div>this </div><div id="a1060" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Agreement,<div style="display:inline-block;width:3.42px"> </div>applies to this Agreement as if it were expressly incorporated in it with any necessary </div><div id="a1071" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">modifications. </div><div id="a1073" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:387px;">8</div><div id="a1075" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:387px;">NOTICES </div><div id="a1077" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">Clause 34 (</div><div id="a1079" style="position:absolute;font-family:'Calibri';font-style:italic;left:205.95px;top:421px;">notices</div><div id="a1080" style="position:absolute;font-family:'Calibri';left:248.19px;top:421px;">) of the<div style="display:inline-block;width:1.8px"> </div>Facility Agreement, as amended<div style="display:inline-block;width:1.66px"> </div>and restated by this Agreement,<div style="display:inline-block;width:1.82px"> </div>applies </div><div id="a1085" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">to this Agreement as if it were expressly incorporated in it with any necessary modifications. </div><div id="a1093" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:473px;">9</div><div id="a1095" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:473px;">COUNTERPARTS </div><div id="a1097" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">This Agreement may be<div style="display:inline-block;width:4.67px"> </div>executed in any<div style="display:inline-block;width:4.78px"> </div>number of counterparts, and this has the<div style="display:inline-block;width:4.73px"> </div>same effect as </div><div id="a1098" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">if the signatures on the counterparts were on a single copy of this Agreement. </div><div id="a1101" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:559px;">10</div><div id="a1103" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:559px;">GOVERNING LAW </div><div id="a1105" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">This<div style="display:inline-block;width:4.76px"> </div>Agreement<div style="display:inline-block;width:5.04px"> </div>and<div style="display:inline-block;width:4.68px"> </div>any<div style="display:inline-block;width:5.07px"> </div>non-contractual<div style="display:inline-block;width:5.19px"> </div>obligations<div style="display:inline-block;width:4.86px"> </div>arising out<div style="display:inline-block;width:6.17px"> </div>of<div style="display:inline-block;width:4.87px"> </div>or<div style="display:inline-block;width:4.87px"> </div>in<div style="display:inline-block;width:4.73px"> </div>connection<div style="display:inline-block;width:4.67px"> </div>with<div style="display:inline-block;width:4.8px"> </div>it<div style="display:inline-block;width:4.81px"> </div>are </div><div id="a1108" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">governed by English law. </div><div id="a1110" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:645px;">11</div><div id="a1112" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:645px;">ENFORCEMENT </div><div id="a1114" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:679px;">11.1</div><div id="a1116" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:679px;">Jurisdiction </div><div id="a1118" style="position:absolute;font-family:'Calibri';left:94.59px;top:712px;">(a)</div><div id="a1120" style="position:absolute;font-family:'Calibri';left:141.79px;top:712px;">The<div style="display:inline-block;width:6.89px"> </div>courts<div style="display:inline-block;width:6.9px"> </div>of<div style="display:inline-block;width:6.95px"> </div>England<div style="display:inline-block;width:6.65px"> </div>have<div style="display:inline-block;width:7.31px"> </div>exclusive<div style="display:inline-block;width:7.35px"> </div>jurisdiction<div style="display:inline-block;width:6.78px"> </div>to<div style="display:inline-block;width:6.97px"> </div>settle<div style="display:inline-block;width:7.12px"> </div>any<div style="display:inline-block;width:7.15px"> </div>dispute<div style="display:inline-block;width:6.93px"> </div>arising<div style="display:inline-block;width:6.56px"> </div>out<div style="display:inline-block;width:6.93px"> </div>of<div style="display:inline-block;width:6.95px"> </div>or<div style="display:inline-block;width:6.95px"> </div>in </div><div id="a1122" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">connection<div style="display:inline-block;width:8.67px"> </div>with<div style="display:inline-block;width:8.64px"> </div>this<div style="display:inline-block;width:8.6px"> </div>Agreement<div style="display:inline-block;width:8.72px"> </div>(including<div style="display:inline-block;width:8.51px"> </div>a<div style="display:inline-block;width:8.63px"> </div>dispute<div style="display:inline-block;width:8.69px"> </div>regarding<div style="display:inline-block;width:9.09px"> </div>the<div style="display:inline-block;width:8.65px"> </div>existence,<div style="display:inline-block;width:8.82px"> </div>validity<div style="display:inline-block;width:8.73px"> </div>or </div><div id="a1123" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">termination of<div style="display:inline-block;width:5.44px"> </div>this Agreement<div style="display:inline-block;width:5.35px"> </div>or any<div style="display:inline-block;width:5.64px"> </div>non-contractual obligation<div style="display:inline-block;width:5.77px"> </div>arising out<div style="display:inline-block;width:5.05px"> </div>of or<div style="display:inline-block;width:5.35px"> </div>in connection </div><div id="a1128" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">with this Agreement) (a "</div><div id="a1129" style="position:absolute;font-family:'Calibri';font-weight:bold;left:291.91px;top:766px;">Dispute</div><div id="a1130" style="position:absolute;font-family:'Calibri';left:338.79px;top:766px;">"). </div><div id="a1132" style="position:absolute;font-family:'Calibri';left:94.59px;top:800px;">(b)</div><div id="a1134" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">The Obligors accept that the courts of England<div style="display:inline-block;width:1.91px"> </div>are the most appropriate and convenient courts to </div><div id="a1135" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">settle Disputes and accordingly no Obligor will argue to the contrary. </div><div id="a1138" style="position:absolute;font-family:'Calibri';left:94.59px;top:852px;">(c)</div><div id="a1140" style="position:absolute;font-family:'Calibri';left:141.79px;top:852px;">To<div style="display:inline-block;width:5.25px"> </div>the extent<div style="display:inline-block;width:4.78px"> </div>allowed by<div style="display:inline-block;width:4.66px"> </div>law,<div style="display:inline-block;width:5.22px"> </div>this Clause </div><div id="a1141" style="position:absolute;font-family:'Calibri';left:393.19px;top:852px;"><a href="#a1114" style="color:#000000;text-decoration:none;">11.1</a></div><div id="a1142" style="position:absolute;font-family:'Calibri';left:419.11px;top:852px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a1144" style="position:absolute;font-family:'Calibri';font-style:italic;left:427.61px;top:852px;">Jurisdiction</div><div id="a1145" style="position:absolute;font-family:'Calibri';left:494.17px;top:852px;">) is<div style="display:inline-block;width:4.67px"> </div>for the<div style="display:inline-block;width:4.73px"> </div>benefit of the<div style="display:inline-block;width:4.87px"> </div>Lender only.<div style="display:inline-block;width:7.72px"> </div></div><div id="a1146" style="position:absolute;font-family:'Calibri';left:141.79px;top:870px;">As a result, the Lender shall be not be prevented<div style="display:inline-block;width:5.27px"> </div>from taking proceedings relating to a Dispute<div style="display:inline-block;width:4.96px"> </div>in </div><div id="a1147" style="position:absolute;font-family:'Calibri';left:141.79px;top:888px;">any other courts with jurisdiction.<div style="display:inline-block;width:4.71px"> </div>To<div style="display:inline-block;width:4.77px"> </div>the extent allowed by<div style="display:inline-block;width:4.84px"> </div>law,<div style="display:inline-block;width:4.9px"> </div>the Lender may take<div style="display:inline-block;width:4.93px"> </div>concurrent </div><div id="a1150" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">proceedings in any number of jurisdictions. </div></div>
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<div id="a1155" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">11.2</div><div id="a1157" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Service of process </div><div id="a1159" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(a)</div><div id="a1161" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Without<div style="display:inline-block;width:5px"> </div>prejudice<div style="display:inline-block;width:4.89px"> </div>to<div style="display:inline-block;width:5.05px"> </div>any<div style="display:inline-block;width:5.07px"> </div>other<div style="display:inline-block;width:4.88px"> </div>mode<div style="display:inline-block;width:4.78px"> </div>of<div style="display:inline-block;width:5.03px"> </div>service<div style="display:inline-block;width:4.8px"> </div>allowed<div style="display:inline-block;width:4.88px"> </div>under<div style="display:inline-block;width:4.82px"> </div>any<div style="display:inline-block;width:5.23px"> </div>relevant<div style="display:inline-block;width:5.34px"> </div>law,<div style="display:inline-block;width:6.18px"> </div>each<div style="display:inline-block;width:4.95px"> </div>Obligor </div><div id="a1162" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">(other than an Obligor incorporated in England and Wales): </div><div id="a1164" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">(i)</div><div id="a1166" style="position:absolute;font-family:'Calibri';left:189.15px;top:180px;">irrevocably<div style="display:inline-block;width:5.3px"> </div>appoints<div style="display:inline-block;width:5.06px"> </div>Hill<div style="display:inline-block;width:4.69px"> </div>Dickinson<div style="display:inline-block;width:4.84px"> </div>Services (London)<div style="display:inline-block;width:5.82px"> </div>Ltd<div style="display:inline-block;width:5.43px"> </div>at<div style="display:inline-block;width:5.12px"> </div>its<div style="display:inline-block;width:4.81px"> </div>registered<div style="display:inline-block;width:5.35px"> </div>office<div style="display:inline-block;width:4.87px"> </div>for<div style="display:inline-block;width:5.32px"> </div>the </div><div id="a1168" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">time<div style="display:inline-block;width:6.69px"> </div>being<div style="display:inline-block;width:6.42px"> </div>at<div style="display:inline-block;width:6.72px"> </div>The<div style="display:inline-block;width:6.41px"> </div>Broadgate<div style="display:inline-block;width:7.2px"> </div>Tower,<div style="display:inline-block;width:9.17px"> </div>20<div style="display:inline-block;width:6.52px"> </div>Primrose<div style="display:inline-block;width:6.71px"> </div>Street,<div style="display:inline-block;width:6.6px"> </div>London<div style="display:inline-block;width:6.45px"> </div>EC2A<div style="display:inline-block;width:6.6px"> </div>2EW,<div style="display:inline-block;width:8.06px"> </div>United </div><div id="a1169" style="position:absolute;font-family:'Calibri';left:189.15px;top:216px;">Kingdom<div style="display:inline-block;width:5.75px"> </div>as<div style="display:inline-block;width:5.43px"> </div>its<div style="display:inline-block;width:5.61px"> </div>agent<div style="display:inline-block;width:5.81px"> </div>for<div style="display:inline-block;width:5.64px"> </div>service<div style="display:inline-block;width:5.44px"> </div>of<div style="display:inline-block;width:5.67px"> </div>process<div style="display:inline-block;width:5.59px"> </div>in<div style="display:inline-block;width:5.53px"> </div>relation<div style="display:inline-block;width:5.8px"> </div>to<div style="display:inline-block;width:5.85px"> </div>any<div style="display:inline-block;width:5.71px"> </div>proceedings<div style="display:inline-block;width:5.6px"> </div>before<div style="display:inline-block;width:6.14px"> </div>the </div><div id="a1172" style="position:absolute;font-family:'Calibri';left:189.15px;top:234px;">English courts in connection with any Finance Document; and </div><div id="a1174" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">(ii)</div><div id="a1176" style="position:absolute;font-family:'Calibri';left:189.15px;top:268px;">agrees that failure by a process agent to notify the relevant Obligor<div style="display:inline-block;width:1.86px"> </div>of the process will not </div><div id="a1177" style="position:absolute;font-family:'Calibri';left:189.15px;top:286px;">invalidate the proceedings concerned. </div><div id="a1179" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(b)</div><div id="a1181" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">If any person appointed as an agent for service of process is unable for any reason to act as agent </div><div id="a1182" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">for service of process, the Borrowers<div style="display:inline-block;width:4.75px"> </div>(on behalf of all the Obligors) must immediately (and in any </div><div id="a1183" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">event within three days of such event taking place) appoint another agent on<div style="display:inline-block;width:1.97px"> </div>terms acceptable to </div><div id="a1188" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">the Lender. Failing<div style="display:inline-block;width:4.84px"> </div>this, the Lender may appoint another agent for this purpose. </div><div id="a1192" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:407px;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div><div id="a1193" style="position:absolute;font-family:'Times New Roman';font-size:16px;left:663.17px;top:407px;"><div style="display:inline-block;width:3.84px"> </div></div><div id="a1196" style="position:absolute;font-family:'Calibri';left:94.59px;top:443px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a1200" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a1201" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>1 </div><div id="a1205" style="position:absolute;font-family:'Calibri';font-weight:bold;left:331.59px;top:130px;">CONDITIONS PRECEDENT </div><div id="a1207" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">1</div><div id="a1209" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Obligors </div><div id="a1211" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;">1.1</div><div id="a1213" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">A copy of the constitutional documents of each Obligor. </div><div id="a1215" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">1.2</div><div id="a1217" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">A copy of a resolution of the board of directors of each Obligor (other than the Parent Guarantor) </div><div id="a1220" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">and a copy of a resolution of the executive committee of the Parent Guarantor: </div><div id="a1226" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">(a)</div><div id="a1228" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">evidencing corporate benefit; </div><div id="a1231" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">(b)</div><div id="a1233" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">approving the terms of, and the transactions<div style="display:inline-block;width:1.87px"> </div>contemplated by, this Agreement and (as applicable) </div><div id="a1235" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">each<div style="display:inline-block;width:5.11px"> </div>Supplemental<div style="display:inline-block;width:5.15px"> </div>Security<div style="display:inline-block;width:4.97px"> </div>Document<div style="display:inline-block;width:5.01px"> </div>to<div style="display:inline-block;width:5.21px"> </div>which<div style="display:inline-block;width:5.05px"> </div>it<div style="display:inline-block;width:5.13px"> </div>is<div style="display:inline-block;width:4.94px"> </div>a<div style="display:inline-block;width:5.11px"> </div>party<div style="display:inline-block;width:5.16px"> </div>and<div style="display:inline-block;width:5px"> </div>(as<div style="display:inline-block;width:4.97px"> </div>applicable)<div style="display:inline-block;width:5.07px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Mortgage </div><div id="a1240" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Amendment to which it<div style="display:inline-block;width:1.77px"> </div>is a party and<div style="display:inline-block;width:1.6px"> </div>resolving that it execute this Agreement,<div style="display:inline-block;width:1.7px"> </div>(if applicable) each </div><div id="a1250" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">Supplemental<div style="display:inline-block;width:8.19px"> </div>Security<div style="display:inline-block;width:7.85px"> </div>Document<div style="display:inline-block;width:8.05px"> </div>to<div style="display:inline-block;width:8.09px"> </div>which<div style="display:inline-block;width:7.93px"> </div>it<div style="display:inline-block;width:8.01px"> </div>is<div style="display:inline-block;width:8.14px"> </div>a<div style="display:inline-block;width:7.99px"> </div>party<div style="display:inline-block;width:8.04px"> </div>and<div style="display:inline-block;width:7.88px"> </div>(if<div style="display:inline-block;width:7.99px"> </div>applicable)<div style="display:inline-block;width:7.95px"> </div>the<div style="display:inline-block;width:8.01px"> </div>Mortgage </div><div id="a1255" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">Amendment to which it is a party; </div><div id="a1259" style="position:absolute;font-family:'Calibri';left:94.59px;top:423px;">(c)</div><div id="a1261" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">authorising<div style="display:inline-block;width:5.28px"> </div>a<div style="display:inline-block;width:5.27px"> </div>specified<div style="display:inline-block;width:5.21px"> </div>person<div style="display:inline-block;width:5.37px"> </div>or<div style="display:inline-block;width:5.51px"> </div>persons<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.53px"> </div>execute<div style="display:inline-block;width:5.92px"> </div>this<div style="display:inline-block;width:5.4px"> </div>Agreement<div style="display:inline-block;width:5.36px"> </div>and<div style="display:inline-block;width:5.32px"> </div>(as<div style="display:inline-block;width:5.29px"> </div>applicable)<div style="display:inline-block;width:5.23px"> </div>each </div><div id="a1263" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">Supplemental<div style="display:inline-block;width:5.15px"> </div>Security<div style="display:inline-block;width:4.81px"> </div>Document<div style="display:inline-block;width:5.01px"> </div>and<div style="display:inline-block;width:4.84px"> </div>each<div style="display:inline-block;width:4.95px"> </div>Mortgage<div style="display:inline-block;width:4.98px"> </div>Amendment<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5.05px"> </div>which<div style="display:inline-block;width:4.89px"> </div>it<div style="display:inline-block;width:4.97px"> </div>is<div style="display:inline-block;width:4.78px"> </div>a<div style="display:inline-block;width:4.95px"> </div>party<div style="display:inline-block;width:4.97px"> </div>on<div style="display:inline-block;width:4.98px"> </div>its </div><div id="a1269" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">behalf; and </div><div id="a1273" style="position:absolute;font-family:'Calibri';left:94.59px;top:493px;">(d)</div><div id="a1275" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">authorising a specified<div style="display:inline-block;width:1.43px"> </div>person or persons,<div style="display:inline-block;width:1.92px"> </div>on its behalf, to<div style="display:inline-block;width:1.99px"> </div>sign and/or despatch<div style="display:inline-block;width:1.89px"> </div>all documents and </div><div id="a1276" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">notices (including, if relevant,<div style="display:inline-block;width:5.57px"> </div>a Utilisation Request)<div style="display:inline-block;width:5.11px"> </div>to be signed<div style="display:inline-block;width:4.96px"> </div>and/or despatched by<div style="display:inline-block;width:5.1px"> </div>it under, </div><div id="a1280" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">or in<div style="display:inline-block;width:1.79px"> </div>connection with,<div style="display:inline-block;width:1.51px"> </div>this Agreement, each<div style="display:inline-block;width:1.1px"> </div>Supplemental Security<div style="display:inline-block;width:1.68px"> </div>Document to<div style="display:inline-block;width:1.8px"> </div>which it<div style="display:inline-block;width:1.57px"> </div>is a<div style="display:inline-block;width:1.77px"> </div>party, </div><div id="a1285" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">each Mortgage Amendment to which it is a party<div style="display:inline-block;width:1.96px"> </div>and any other Finance Document to which<div style="display:inline-block;width:1.92px"> </div>it is a </div><div id="a1290" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">party. </div><div id="a1293" style="position:absolute;font-family:'Calibri';left:94.59px;top:599px;">1.3</div><div id="a1295" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">An original<div style="display:inline-block;width:4.8px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>power of<div style="display:inline-block;width:4.85px"> </div>attorney of<div style="display:inline-block;width:5.47px"> </div>any Obligor<div style="display:inline-block;width:4.98px"> </div>authorising a<div style="display:inline-block;width:4.66px"> </div>specified person<div style="display:inline-block;width:4.85px"> </div>or persons<div style="display:inline-block;width:5.1px"> </div>to </div><div id="a1297" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">execute<div style="display:inline-block;width:6.81px"> </div>this<div style="display:inline-block;width:6.2px"> </div>Agreement<div style="display:inline-block;width:6.16px"> </div>and<div style="display:inline-block;width:5.96px"> </div>(as<div style="display:inline-block;width:6.25px"> </div>applicable)<div style="display:inline-block;width:5.87px"> </div>each<div style="display:inline-block;width:6.23px"> </div>Supplemental<div style="display:inline-block;width:6.11px"> </div>Security<div style="display:inline-block;width:5.93px"> </div>Document<div style="display:inline-block;width:6.2px"> </div>and<div style="display:inline-block;width:6.12px"> </div>each </div><div id="a1301" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">Mortgage Amendment to which it is a party. </div><div id="a1307" style="position:absolute;font-family:'Calibri';left:94.59px;top:668px;">1.4</div><div id="a1309" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">A specimen of the<div style="display:inline-block;width:1.78px"> </div>signature of each person authorised<div style="display:inline-block;width:1.37px"> </div>by the resolutions referred to in paragraph </div><div id="a1314" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">1.2 above. </div><div id="a1318" style="position:absolute;font-family:'Calibri';left:94.59px;top:720px;">1.5</div><div id="a1320" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">A copy of<div style="display:inline-block;width:5.02px"> </div>a resolution signed by<div style="display:inline-block;width:5.25px"> </div>the Parent<div style="display:inline-block;width:4.92px"> </div>Guarantor as the<div style="display:inline-block;width:5.14px"> </div>holder of the<div style="display:inline-block;width:4.76px"> </div>issued shares in<div style="display:inline-block;width:4.71px"> </div>each </div><div id="a1323" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">Borrower,<div style="display:inline-block;width:4.92px"> </div>approving the terms of, and the transactions contemplated<div style="display:inline-block;width:4.78px"> </div>by, this Agreement<div style="display:inline-block;width:4.7px"> </div>and (as </div><div id="a1329" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">applicable) each Supplemental Security Document and each Mortgage Amendment to which that </div><div id="a1339" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">Borrower is a party. </div><div id="a1341" style="position:absolute;font-family:'Calibri';left:94.59px;top:808px;">1.6</div><div id="a1343" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">An up-to-date copy of a goodstanding certificate in respect of each<div style="display:inline-block;width:1.89px"> </div>Obligor issued not earlier than </div><div id="a1352" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">90 days from the Effective Date<div style="display:inline-block;width:1.47px"> </div>. </div><div id="a1357" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:860px;">2</div><div id="a1359" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:860px;">Agreement and Security </div><div id="a1361" style="position:absolute;font-family:'Calibri';left:94.59px;top:893px;">2.1</div><div id="a1363" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">A duly executed original of this Agreement signed by all Parties to it. </div><div id="a1370" style="position:absolute;font-family:'Calibri';left:94.59px;top:927px;">2.2</div><div id="a1372" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">A duly executed original of the Amended and Restated Facility Agreement. </div></div>
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<div id="Page12" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1378" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">2.3</div><div id="a1380" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">A<div style="display:inline-block;width:5.88px"> </div>duly<div style="display:inline-block;width:5.85px"> </div>executed<div style="display:inline-block;width:6.6px"> </div>original<div style="display:inline-block;width:5.66px"> </div>of<div style="display:inline-block;width:6.03px"> </div>each<div style="display:inline-block;width:5.91px"> </div>Supplemental<div style="display:inline-block;width:5.95px"> </div>Security<div style="display:inline-block;width:5.61px"> </div>Document<div style="display:inline-block;width:5.93px"> </div>(and<div style="display:inline-block;width:5.82px"> </div>any<div style="display:inline-block;width:6.03px"> </div>other<div style="display:inline-block;width:6px"> </div>document </div><div id="a1386" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">required thereunder). </div><div id="a1388" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">2.4</div><div id="a1390" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">A<div style="display:inline-block;width:7.16px"> </div>duly<div style="display:inline-block;width:7.13px"> </div>executed<div style="display:inline-block;width:7.88px"> </div>original<div style="display:inline-block;width:7.1px"> </div>of<div style="display:inline-block;width:7.31px"> </div>each<div style="display:inline-block;width:7.19px"> </div>Mortgage<div style="display:inline-block;width:7.35px"> </div>Amendment<div style="display:inline-block;width:7.27px"> </div>and<div style="display:inline-block;width:7.08px"> </div>evidence<div style="display:inline-block;width:7.18px"> </div>that<div style="display:inline-block;width:7.17px"> </div>such<div style="display:inline-block;width:7.11px"> </div>Mortgage </div><div id="a1398" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">Amendment<div style="display:inline-block;width:5.16px"> </div>has<div style="display:inline-block;width:5.22px"> </div>been<div style="display:inline-block;width:4.92px"> </div>duly<div style="display:inline-block;width:5.21px"> </div>registered<div style="display:inline-block;width:5.67px"> </div>as<div style="display:inline-block;width:5.11px"> </div>a<div style="display:inline-block;width:5.11px"> </div>valid<div style="display:inline-block;width:5.31px"> </div>addendum<div style="display:inline-block;width:4.8px"> </div>to<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Mortgage<div style="display:inline-block;width:5.43px"> </div>in<div style="display:inline-block;width:5.05px"> </div>respect<div style="display:inline-block;width:5.21px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the </div><div id="a1400" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">relevant Ship in accordance with the laws of the jurisdiction of its applicable Approved Flag. </div><div id="a1404" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">3</div><div id="a1406" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">Legal opinions </div><div id="a1408" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">3.1</div><div id="a1410" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">A legal opinion of Watson Farley & Williams,<div style="display:inline-block;width:3.75px"> </div>Greece, legal advisers to the Lender in England. </div><div id="a1416" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">3.2</div><div id="a1418" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">If an Obligor is incorporated in a jurisdiction other than England and Wales,<div style="display:inline-block;width:4.99px"> </div>a legal opinion of the </div><div id="a1421" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">legal advisers to the Lender in the relevant jurisdiction. </div><div id="a1423" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">3.3</div><div id="a1425" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Legal opinions of the<div style="display:inline-block;width:4.9px"> </div>legal advisers to<div style="display:inline-block;width:4.8px"> </div>the Lender in the jurisdiction of<div style="display:inline-block;width:4.88px"> </div>the Approved Flag of<div style="display:inline-block;width:5.06px"> </div>each </div><div id="a1427" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Ship and such other relevant jurisdictions as the Lender may require. </div><div id="a1431" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:387px;">4</div><div id="a1433" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:387px;">Other documents and evidence </div><div id="a1435" style="position:absolute;font-family:'Calibri';left:94.59px;top:421px;">4.1</div><div id="a1437" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">A copy<div style="display:inline-block;width:5.57px"> </div>of a<div style="display:inline-block;width:5.53px"> </div>certificate signed<div style="display:inline-block;width:5.52px"> </div>by an<div style="display:inline-block;width:5.36px"> </div>officer of<div style="display:inline-block;width:5.6px"> </div>each Borrower<div style="display:inline-block;width:5.59px"> </div>confirming that<div style="display:inline-block;width:5.45px"> </div>as at<div style="display:inline-block;width:5.46px"> </div>the Effective </div><div id="a1444" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">Date and the date of this Agreement: </div><div id="a1448" style="position:absolute;font-family:'Calibri';left:94.59px;top:473px;">(a)</div><div id="a1450" style="position:absolute;font-family:'Calibri';left:141.79px;top:473px;">the Repeating Representations and all other representations are true and accurate; </div><div id="a1452" style="position:absolute;font-family:'Calibri';left:94.59px;top:507px;">(b)</div><div id="a1454" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">no Default has occurred<div style="display:inline-block;width:5.2px"> </div>and is continuing or<div style="display:inline-block;width:4.75px"> </div>is reasonably likely<div style="display:inline-block;width:4.8px"> </div>to result from<div style="display:inline-block;width:4.71px"> </div>the occurrence of </div><div id="a1455" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">the Effective Date; or </div><div id="a1459" style="position:absolute;font-family:'Calibri';left:94.59px;top:559px;">(c)</div><div id="a1461" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">no event<div style="display:inline-block;width:4.85px"> </div>described in clause 7.1<div style="display:inline-block;width:5.1px"> </div>(</div><div id="a1462" style="position:absolute;font-family:'Calibri';font-style:italic;left:344.23px;top:559px;">Illegality</div><div id="a1463" style="position:absolute;font-family:'Calibri';left:394.95px;top:559px;">), 7.2 (</div><div id="a1464" style="position:absolute;font-family:'Calibri';font-style:italic;left:434.01px;top:559px;">Change of control</div><div id="a1465" style="position:absolute;font-family:'Calibri';left:540.57px;top:559px;">), 7.5 (</div><div id="a1466" style="position:absolute;font-family:'Calibri';font-style:italic;left:579.61px;top:559px;">mandatory prepayment </div><div id="a1467" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:577px;">on<div style="display:inline-block;width:7.12px"> </div>sale<div style="display:inline-block;width:7.18px"> </div>or<div style="display:inline-block;width:7.24px"> </div>Total<div style="display:inline-block;width:8.44px"> </div>Loss</div><div id="a1469" style="position:absolute;font-family:'Calibri';left:277.51px;top:577px;">)<div style="display:inline-block;width:7.22px"> </div>and<div style="display:inline-block;width:6.92px"> </div>7.6<div style="display:inline-block;width:7.28px"> </div>(</div><div id="a1470" style="position:absolute;font-family:'Calibri';font-style:italic;left:348.87px;top:577px;">Mandatory<div style="display:inline-block;width:7.21px"> </div>prepayment<div style="display:inline-block;width:7.13px"> </div>on<div style="display:inline-block;width:7.12px"> </div>Sanctions<div style="display:inline-block;width:6.92px"> </div>Event</div><div id="a1471" style="position:absolute;font-family:'Calibri';left:622.05px;top:577px;">)<div style="display:inline-block;width:7.06px"> </div>of<div style="display:inline-block;width:7.27px"> </div>the<div style="display:inline-block;width:7.21px"> </div>Facility </div><div id="a1472" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">Agreement has occurred. </div><div id="a1474" style="position:absolute;font-family:'Calibri';left:94.59px;top:629px;">4.2</div><div id="a1476" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">Draft cover notes and certificates of<div style="display:inline-block;width:4.71px"> </div>the relevant P&I Club in respect of each Ship evidencing that </div><div id="a1477" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">each<div style="display:inline-block;width:4.79px"> </div>Ship is<div style="display:inline-block;width:6.09px"> </div>insured<div style="display:inline-block;width:4.84px"> </div>in<div style="display:inline-block;width:4.73px"> </div>accordance<div style="display:inline-block;width:4.82px"> </div>with<div style="display:inline-block;width:4.8px"> </div>the provisions<div style="display:inline-block;width:6.18px"> </div>of<div style="display:inline-block;width:4.93px"> </div>the Facility<div style="display:inline-block;width:6.35px"> </div>Agreement<div style="display:inline-block;width:4.92px"> </div>together<div style="display:inline-block;width:4.92px"> </div>with </div><div id="a1485" style="position:absolute;font-family:'Calibri';left:141.79px;top:664px;">draft letters<div style="display:inline-block;width:5.64px"> </div>of undertaking by<div style="display:inline-block;width:5.13px"> </div>the Approved<div style="display:inline-block;width:4.94px"> </div>Brokers<div style="display:inline-block;width:4.66px"> </div>in accordance<div style="display:inline-block;width:4.78px"> </div>with paragraph<div style="display:inline-block;width:4.86px"> </div>(b) of<div style="display:inline-block;width:4.72px"> </div>clause </div><div id="a1497" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">23.6 (</div><div id="a1499" style="position:absolute;font-family:'Calibri';font-style:italic;left:176.99px;top:682px;">Copies of<div style="display:inline-block;width:5.52px"> </div>policies; letters<div style="display:inline-block;width:5.92px"> </div>of undertaking</div><div id="a1500" style="position:absolute;font-family:'Calibri';left:420.71px;top:682px;">) of<div style="display:inline-block;width:5.74px"> </div>the Facility<div style="display:inline-block;width:6.03px"> </div>Agreement,<div style="display:inline-block;width:4.72px"> </div>in each<div style="display:inline-block;width:5.55px"> </div>case in<div style="display:inline-block;width:5.89px"> </div>forms </div><div id="a1503" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">acceptable to the Lender. </div><div id="a1505" style="position:absolute;font-family:'Calibri';left:94.59px;top:734px;">4.3</div><div id="a1507" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">A<div style="display:inline-block;width:5.08px"> </div>copy<div style="display:inline-block;width:5.09px"> </div>of<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.23px"> </div>other<div style="display:inline-block;width:5.04px"> </div>Authorisation<div style="display:inline-block;width:4.74px"> </div>or<div style="display:inline-block;width:5.03px"> </div>other<div style="display:inline-block;width:5.04px"> </div>document,<div style="display:inline-block;width:4.86px"> </div>opinion<div style="display:inline-block;width:4.76px"> </div>or<div style="display:inline-block;width:5.19px"> </div>assurance<div style="display:inline-block;width:4.86px"> </div>which<div style="display:inline-block;width:5.15px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Lender </div><div id="a1509" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">considers to<div style="display:inline-block;width:4.81px"> </div>be necessary or desirable<div style="display:inline-block;width:5.16px"> </div>in connection with the<div style="display:inline-block;width:5.03px"> </div>entry into and<div style="display:inline-block;width:4.86px"> </div>performance of the </div><div id="a1510" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">transactions<div style="display:inline-block;width:11.82px"> </div>contemplated<div style="display:inline-block;width:11.87px"> </div>by<div style="display:inline-block;width:11.8px"> </div>this<div style="display:inline-block;width:11.48px"> </div>Agreement,<div style="display:inline-block;width:11.74px"> </div>each<div style="display:inline-block;width:11.51px"> </div>Mortgage<div style="display:inline-block;width:11.99px"> </div>Amendment<div style="display:inline-block;width:11.44px"> </div>and<div style="display:inline-block;width:11.56px"> </div>each </div><div id="a1517" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Supplemental Security Document<div style="display:inline-block;width:4.96px"> </div>or for<div style="display:inline-block;width:4.78px"> </div>the validity and<div style="display:inline-block;width:5.01px"> </div>enforceability of<div style="display:inline-block;width:4.92px"> </div>any Finance Document </div><div id="a1521" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">as<div style="display:inline-block;width:6.55px"> </div>amended,<div style="display:inline-block;width:6.23px"> </div>restated<div style="display:inline-block;width:7.13px"> </div>and/or<div style="display:inline-block;width:6.51px"> </div>supplemented<div style="display:inline-block;width:6.47px"> </div>by<div style="display:inline-block;width:6.48px"> </div>this<div style="display:inline-block;width:6.43px"> </div>Agreement,<div style="display:inline-block;width:6.48px"> </div>each<div style="display:inline-block;width:6.39px"> </div>Supplemental<div style="display:inline-block;width:6.59px"> </div>Security </div><div id="a1524" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">Document or each Mortgage Amendment. </div><div id="a1530" style="position:absolute;font-family:'Calibri';left:94.59px;top:858px;">4.4</div><div id="a1532" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">Such evidence as the Lender may require to be able to satisfy<div style="display:inline-block;width:1.97px"> </div>each of their "know your customer" </div><div id="a1540" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">or<div style="display:inline-block;width:9.03px"> </div>similar<div style="display:inline-block;width:8.65px"> </div>identification<div style="display:inline-block;width:8.81px"> </div>procedures<div style="display:inline-block;width:9.21px"> </div>in<div style="display:inline-block;width:8.73px"> </div>relation<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:8.89px"> </div>the<div style="display:inline-block;width:8.81px"> </div>transactions<div style="display:inline-block;width:8.94px"> </div>contemplated<div style="display:inline-block;width:9.31px"> </div>by<div style="display:inline-block;width:8.98px"> </div>this </div><div id="a1542" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">Agreement. </div></div>
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<div id="a1547" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">4.5</div><div id="a1549" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">Documentary<div style="display:inline-block;width:5.43px"> </div>evidence<div style="display:inline-block;width:5.1px"> </div>that<div style="display:inline-block;width:5.57px"> </div>the<div style="display:inline-block;width:5.29px"> </div>agent<div style="display:inline-block;width:5.33px"> </div>for<div style="display:inline-block;width:5.64px"> </div>service<div style="display:inline-block;width:4.96px"> </div>of<div style="display:inline-block;width:5.35px"> </div>process<div style="display:inline-block;width:5.43px"> </div>named<div style="display:inline-block;width:5.12px"> </div>in<div style="display:inline-block;width:5.37px"> </div>Clause<div style="display:inline-block;width:5.17px"> </div>11.2<div style="display:inline-block;width:5.42px"> </div>(</div><div id="a1553" style="position:absolute;font-family:'Calibri';font-style:italic;left:662.85px;top:94px;">Service<div style="display:inline-block;width:5.17px"> </div>of </div><div id="a1554" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:112px;">process</div><div id="a1555" style="position:absolute;font-family:'Calibri';left:186.59px;top:112px;">) has accepted its appointment. </div><div id="a1557" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">4.6</div><div id="a1559" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Evidence<div style="display:inline-block;width:5.03px"> </div>that<div style="display:inline-block;width:4.77px"> </div>the<div style="display:inline-block;width:4.81px"> </div>fees,<div style="display:inline-block;width:4.92px"> </div>costs<div style="display:inline-block;width:4.9px"> </div>and<div style="display:inline-block;width:4.68px"> </div>expenses<div style="display:inline-block;width:4.73px"> </div>then<div style="display:inline-block;width:4.76px"> </div>due from<div style="display:inline-block;width:6.25px"> </div>the Borrower<div style="display:inline-block;width:1.63px"> </div>s<div style="display:inline-block;width:4.8px"> </div>pursuant<div style="display:inline-block;width:4.82px"> </div>to<div style="display:inline-block;width:4.89px"> </div>Clause </div><div id="a1563" style="position:absolute;font-family:'Calibri';left:714.21px;top:146px;"><a href="#a1049" style="color:#000000;text-decoration:none;">7</a></div><div id="a1565" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">(</div><div id="a1566" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:164px;">Costs and Expenses</div><div id="a1567" style="position:absolute;font-family:'Calibri';left:262.15px;top:164px;">) and clause 16.2<div style="display:inline-block;width:4.75px"> </div>(</div><div id="a1572" style="position:absolute;font-family:'Calibri';font-style:italic;left:371.91px;top:164px;">amendment costs</div><div id="a1574" style="position:absolute;font-family:'Calibri';left:478.01px;top:164px;">) of the Facility<div style="display:inline-block;width:5.22px"> </div>Agreement and pursuant </div><div id="a1577" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">to Clause 6 (</div><div id="a1578" style="position:absolute;font-family:'Calibri';font-style:italic;left:215.39px;top:182px;">Fees</div><div id="a1579" style="position:absolute;font-family:'Calibri';left:241.79px;top:182px;">) of this Agreement have been paid or will be paid by the Effective Date. </div><div id="a1586" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;">4.7</div><div id="a1588" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">Such documentation and<div style="display:inline-block;width:5.17px"> </div>information as the<div style="display:inline-block;width:5.17px"> </div>Lender deem necessary and/or<div style="display:inline-block;width:5.28px"> </div>advisable to comply </div><div id="a1589" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">with:<div style="display:inline-block;width:3.26px"> </div></div><div id="a1591" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(a)</div><div id="a1593" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">relevant sanction regulations<div style="display:inline-block;width:5.01px"> </div>including the Lender's sanction compliance<div style="display:inline-block;width:4.84px"> </div>procedures with a<div style="display:inline-block;width:4.66px"> </div>view </div><div id="a1602" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">to carry out relevant sanctions'<div style="display:inline-block;width:3.49px"> </div>screenings; and </div><div id="a1608" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(b)</div><div id="a1610" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">customer<div style="display:inline-block;width:5.77px"> </div>due<div style="display:inline-block;width:5.53px"> </div>diligence<div style="display:inline-block;width:5.28px"> </div>measures<div style="display:inline-block;width:5.72px"> </div>for<div style="display:inline-block;width:5.8px"> </div>purposes<div style="display:inline-block;width:5.23px"> </div>of<div style="display:inline-block;width:5.51px"> </div>AML/CTF<div style="display:inline-block;width:5.33px"> </div>checks<div style="display:inline-block;width:5.69px"> </div>as<div style="display:inline-block;width:5.59px"> </div>required<div style="display:inline-block;width:5.54px"> </div>by<div style="display:inline-block;width:5.68px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Danish </div><div id="a1612" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">Consolidating Act no. 1022 of 13</div><div id="a1613" style="position:absolute;font-family:'Calibri';font-size:9.28px;left:334.47px;top:337px;">th</div><div id="a1614" style="position:absolute;font-family:'Calibri';left:342.47px;top:338px;"><div style="display:inline-block;width:3.04px"> </div>of August 2013 on Measures to Prevent Money Laundering and </div><div id="a1616" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">Financing of Terrorism (as amended and supplemented) including, without limitation: </div><div id="a1618" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">(i)</div><div id="a1620" style="position:absolute;font-family:'Calibri';left:189.15px;top:389px;">Ownership and structure: evidence satisfactory<div style="display:inline-block;width:4.86px"> </div>to the Lender of the complete ownership </div><div id="a1622" style="position:absolute;font-family:'Calibri';left:189.15px;top:407px;">and<div style="display:inline-block;width:6.92px"> </div>control<div style="display:inline-block;width:7.49px"> </div>structure<div style="display:inline-block;width:7.06px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the<div style="display:inline-block;width:7.05px"> </div>Customers<div style="display:inline-block;width:7.28px"> </div>including<div style="display:inline-block;width:6.74px"> </div>the<div style="display:inline-block;width:6.89px"> </div>ownership<div style="display:inline-block;width:7.15px"> </div>stake<div style="display:inline-block;width:7.62px"> </div>belonging<div style="display:inline-block;width:6.7px"> </div>to </div><div id="a1623" style="position:absolute;font-family:'Calibri';left:189.15px;top:425px;">beneficial owners meaning the<div style="display:inline-block;width:1.91px"> </div>natural person(s) who ultimately owns<div style="display:inline-block;width:1.95px"> </div>or controls through </div><div id="a1624" style="position:absolute;font-family:'Calibri';left:189.15px;top:443px;">direct or indirect ownership of more than 20 per cent. of the shares<div style="display:inline-block;width:1.88px"> </div>or voting rights in the </div><div id="a1626" style="position:absolute;font-family:'Calibri';left:189.15px;top:461px;">Customers (except for beneficial owners in companies listed on a regulated market that is </div><div id="a1627" style="position:absolute;font-family:'Calibri';left:189.15px;top:479px;">subject<div style="display:inline-block;width:5.73px"> </div>to<div style="display:inline-block;width:5.85px"> </div>disclosure<div style="display:inline-block;width:5.77px"> </div>requirements<div style="display:inline-block;width:5.98px"> </div>consistent<div style="display:inline-block;width:6.09px"> </div>with<div style="display:inline-block;width:5.59px"> </div>EU<div style="display:inline-block;width:5.77px"> </div>law<div style="display:inline-block;width:5.71px"> </div>or<div style="display:inline-block;width:5.83px"> </div>equivalent<div style="display:inline-block;width:5.92px"> </div>international </div><div id="a1628" style="position:absolute;font-family:'Calibri';left:189.15px;top:497px;">standards,<div style="display:inline-block;width:4.87px"> </div>provided that<div style="display:inline-block;width:5.9px"> </div>if only<div style="display:inline-block;width:5.5px"> </div>part of<div style="display:inline-block;width:5.49px"> </div>such companies<div style="display:inline-block;width:5.42px"> </div>shares are<div style="display:inline-block;width:5.84px"> </div>listed,<div style="display:inline-block;width:4.79px"> </div>the beneficial </div><div id="a1630" style="position:absolute;font-family:'Calibri';left:189.15px;top:515px;">owners,<div style="display:inline-block;width:7.12px"> </div>if<div style="display:inline-block;width:6.69px"> </div>any,<div style="display:inline-block;width:7.88px"> </div>of<div style="display:inline-block;width:6.79px"> </div>such<div style="display:inline-block;width:6.63px"> </div>remaining<div style="display:inline-block;width:6.82px"> </div>unlisted<div style="display:inline-block;width:6.75px"> </div>shares<div style="display:inline-block;width:6.72px"> </div>shall<div style="display:inline-block;width:6.78px"> </div>be<div style="display:inline-block;width:6.7px"> </div>subject<div style="display:inline-block;width:6.53px"> </div>to<div style="display:inline-block;width:6.97px"> </div>the<div style="display:inline-block;width:6.73px"> </div>disclosure </div><div id="a1631" style="position:absolute;font-family:'Calibri';left:189.15px;top:533px;">requirements)<div style="display:inline-block;width:5.84px"> </div>or,<div style="display:inline-block;width:6.94px"> </div>if<div style="display:inline-block;width:5.57px"> </div>no<div style="display:inline-block;width:5.46px"> </div>such<div style="display:inline-block;width:5.35px"> </div>person(s)<div style="display:inline-block;width:5.72px"> </div>are<div style="display:inline-block;width:5.65px"> </div>identified<div style="display:inline-block;width:5.45px"> </div>or<div style="display:inline-block;width:5.67px"> </div>if<div style="display:inline-block;width:5.41px"> </div>there<div style="display:inline-block;width:5.83px"> </div>is<div style="display:inline-block;width:5.42px"> </div>any<div style="display:inline-block;width:5.87px"> </div>doubt<div style="display:inline-block;width:5.45px"> </div>that<div style="display:inline-block;width:5.57px"> </div>the </div><div id="a1632" style="position:absolute;font-family:'Calibri';left:189.15px;top:551px;">person(s)<div style="display:inline-block;width:7px"> </div>identified<div style="display:inline-block;width:6.73px"> </div>are<div style="display:inline-block;width:6.77px"> </div>the<div style="display:inline-block;width:6.73px"> </div>beneficial<div style="display:inline-block;width:6.59px"> </div>owner(s),<div style="display:inline-block;width:6.75px"> </div>the<div style="display:inline-block;width:6.73px"> </div>natural<div style="display:inline-block;width:7.03px"> </div>person(s)<div style="display:inline-block;width:6.68px"> </div>who<div style="display:inline-block;width:6.62px"> </div>hold<div style="display:inline-block;width:6.83px"> </div>the </div><div id="a1634" style="position:absolute;font-family:'Calibri';left:189.15px;top:568px;">position of senior management in the Parent Guarantor; </div><div id="a1636" style="position:absolute;font-family:'Calibri';left:141.79px;top:602px;">(ii)</div><div id="a1638" style="position:absolute;font-family:'Calibri';left:189.15px;top:602px;">Verification:<div style="display:inline-block;width:9.24px"> </div>copies<div style="display:inline-block;width:8.18px"> </div>of<div style="display:inline-block;width:8.39px"> </div>proof<div style="display:inline-block;width:8.31px"> </div>of<div style="display:inline-block;width:8.39px"> </div>identity<div style="display:inline-block;width:8.3px"> </div>and<div style="display:inline-block;width:8.2px"> </div>country<div style="display:inline-block;width:8.09px"> </div>of<div style="display:inline-block;width:8.39px"> </div>residence<div style="display:inline-block;width:8.34px"> </div>(which<div style="display:inline-block;width:8.1px"> </div>may<div style="display:inline-block;width:8.72px"> </div>be </div><div id="a1644" style="position:absolute;font-family:'Calibri';left:189.15px;top:620px;">documented<div style="display:inline-block;width:6.28px"> </div>by<div style="display:inline-block;width:6.16px"> </div>copy<div style="display:inline-block;width:6.21px"> </div>of<div style="display:inline-block;width:6.31px"> </div>bank<div style="display:inline-block;width:5.99px"> </div>statement,<div style="display:inline-block;width:6.72px"> </div>utility<div style="display:inline-block;width:6.09px"> </div>bills,<div style="display:inline-block;width:5.98px"> </div>lease<div style="display:inline-block;width:6.13px"> </div>contracts<div style="display:inline-block;width:6.41px"> </div>or<div style="display:inline-block;width:6.15px"> </div>other<div style="display:inline-block;width:6px"> </div>official </div><div id="a1645" style="position:absolute;font-family:'Calibri';left:189.15px;top:638px;">documents from a reliable and independent source) no older than 3 Months from date of </div><div id="a1650" style="position:absolute;font-family:'Calibri';left:189.15px;top:656px;">receipt,<div style="display:inline-block;width:6.51px"> </div>in<div style="display:inline-block;width:6.17px"> </div>Roman<div style="display:inline-block;width:6.32px"> </div>Latin<div style="display:inline-block;width:6.21px"> </div>letters<div style="display:inline-block;width:6.92px"> </div>(<div style="display:inline-block;width:6.26px"> </div>i.e.<div style="display:inline-block;width:6.03px"> </div>not<div style="display:inline-block;width:6.29px"> </div>Hebrew,<div style="display:inline-block;width:7.45px"> </div>Greek,<div style="display:inline-block;width:6.36px"> </div>Arabic<div style="display:inline-block;width:6.27px"> </div>or<div style="display:inline-block;width:6.31px"> </div>Russian<div style="display:inline-block;width:5.96px"> </div>letters<div style="display:inline-block;width:6.88px"> </div>in </div><div id="a1658" style="position:absolute;font-family:'Calibri';left:189.15px;top:674px;">readable form)<div style="display:inline-block;width:4.8px"> </div>of the Customers<div style="display:inline-block;width:5.34px"> </div>and any beneficial<div style="display:inline-block;width:5.2px"> </div>owner (except<div style="display:inline-block;width:5.06px"> </div>for beneficial owners </div><div id="a1660" style="position:absolute;font-family:'Calibri';left:189.15px;top:692px;">in listed<div style="display:inline-block;width:4.9px"> </div>companies as<div style="display:inline-block;width:4.7px"> </div>described in sub-paragraph<div style="display:inline-block;width:5.12px"> </div>(a) above)<div style="display:inline-block;width:5.04px"> </div>or,<div style="display:inline-block;width:5.34px"> </div>if no such<div style="display:inline-block;width:5.09px"> </div>person(s) are </div><div id="a1663" style="position:absolute;font-family:'Calibri';left:189.15px;top:710px;">identified or if there is any doubt that the person(s) identified<div style="display:inline-block;width:1.93px"> </div>are the beneficial owner(s), </div><div id="a1665" style="position:absolute;font-family:'Calibri';left:189.15px;top:728px;">in<div style="display:inline-block;width:4.89px"> </div>addition<div style="display:inline-block;width:4.7px"> </div>to<div style="display:inline-block;width:5.05px"> </div>the so<div style="display:inline-block;width:6.2px"> </div>identified<div style="display:inline-block;width:4.81px"> </div>beneficial<div style="display:inline-block;width:4.67px"> </div>owner(s),<div style="display:inline-block;width:4.83px"> </div>the<div style="display:inline-block;width:4.81px"> </div>natural<div style="display:inline-block;width:5.11px"> </div>person(s)<div style="display:inline-block;width:4.92px"> </div>who<div style="display:inline-block;width:4.7px"> </div>hold<div style="display:inline-block;width:4.91px"> </div>the </div><div id="a1666" style="position:absolute;font-family:'Calibri';left:189.15px;top:746px;">position<div style="display:inline-block;width:4.68px"> </div>of<div style="display:inline-block;width:4.71px"> </div>senior management<div style="display:inline-block;width:6.01px"> </div>officials<div style="display:inline-block;width:4.79px"> </div>in the<div style="display:inline-block;width:5.89px"> </div>Parent<div style="display:inline-block;width:5.35px"> </div>Guarantor<div style="display:inline-block;width:5.17px"> </div>and of<div style="display:inline-block;width:5.9px"> </div>any<div style="display:inline-block;width:5.07px"> </div>signatories </div><div id="a1667" style="position:absolute;font-family:'Calibri';left:189.15px;top:764px;">shall be verified in the following manner: </div><div id="a1669" style="position:absolute;font-family:'Calibri';left:191.07px;top:797px;">(A)</div><div id="a1671" style="position:absolute;font-family:'Calibri';left:236.35px;top:797px;">in<div style="display:inline-block;width:5.85px"> </div>relation<div style="display:inline-block;width:6.28px"> </div>to<div style="display:inline-block;width:6.01px"> </div>natural<div style="display:inline-block;width:6.23px"> </div>persons<div style="display:inline-block;width:5.85px"> </div>(e.g.<div style="display:inline-block;width:5.76px"> </div>beneficial<div style="display:inline-block;width:5.79px"> </div>owner(s)<div style="display:inline-block;width:5.78px"> </div>or<div style="display:inline-block;width:5.99px"> </div>senior<div style="display:inline-block;width:5.63px"> </div>management </div><div id="a1673" style="position:absolute;font-family:'Calibri';left:236.35px;top:815px;">officials): proof<div style="display:inline-block;width:5.05px"> </div>of identity<div style="display:inline-block;width:4.88px"> </div>shall include<div style="display:inline-block;width:4.75px"> </div>name, date<div style="display:inline-block;width:5.03px"> </div>of birth<div style="display:inline-block;width:4.79px"> </div>and civil<div style="display:inline-block;width:4.91px"> </div>registration </div><div id="a1674" style="position:absolute;font-family:'Calibri';left:236.35px;top:833px;">number<div style="display:inline-block;width:5.54px"> </div>verified<div style="display:inline-block;width:5.61px"> </div>on<div style="display:inline-block;width:5.62px"> </div>the<div style="display:inline-block;width:5.61px"> </div>basis<div style="display:inline-block;width:5.36px"> </div>of<div style="display:inline-block;width:5.67px"> </div>copies<div style="display:inline-block;width:5.62px"> </div>of<div style="display:inline-block;width:5.67px"> </div>passports<div style="display:inline-block;width:5.26px"> </div>or<div style="display:inline-block;width:5.83px"> </div>driver's<div style="display:inline-block;width:5.55px"> </div>licenses,<div style="display:inline-block;width:5.45px"> </div>other </div><div id="a1675" style="position:absolute;font-family:'Calibri';left:236.35px;top:851px;">government issued documents, lawyer's statements or a legal opinion; and </div><div id="a1679" style="position:absolute;font-family:'Calibri';left:191.07px;top:885px;">(B)</div><div id="a1681" style="position:absolute;font-family:'Calibri';left:236.35px;top:885px;">in<div style="display:inline-block;width:4.73px"> </div>relation<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5.05px"> </div>legal<div style="display:inline-block;width:4.85px"> </div>persons<div style="display:inline-block;width:4.73px"> </div>(e.g. Customers<div style="display:inline-block;width:6.44px"> </div>and/or<div style="display:inline-block;width:4.91px"> </div>any<div style="display:inline-block;width:4.91px"> </div>listed<div style="display:inline-block;width:5.1px"> </div>parent<div style="display:inline-block;width:4.91px"> </div>company): </div><div id="a1682" style="position:absolute;font-family:'Calibri';left:236.35px;top:903px;">proof of identity shall include registered name, country of<div style="display:inline-block;width:1.94px"> </div>incorporation, business </div><div id="a1683" style="position:absolute;font-family:'Calibri';left:236.35px;top:921px;">registration number,<div style="display:inline-block;width:4.77px"> </div>tax identification number (TIN), legal entity identifier (LEI)<div style="display:inline-block;width:1.86px"> </div>or </div><div id="a1684" style="position:absolute;font-family:'Calibri';left:236.35px;top:939px;">similar government issued<div style="display:inline-block;width:1.92px"> </div>identification number verified<div style="display:inline-block;width:1.63px"> </div>on the basis<div style="display:inline-block;width:1.62px"> </div>of transcript </div></div>
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<div id="a1688" style="position:absolute;font-family:'Calibri';left:236.35px;top:94px;">from<div style="display:inline-block;width:9.33px"> </div>companies<div style="display:inline-block;width:9.16px"> </div>house<div style="display:inline-block;width:8.81px"> </div>or<div style="display:inline-block;width:9.19px"> </div>companies<div style="display:inline-block;width:9.16px"> </div>registry,<div style="display:inline-block;width:10.18px"> </div>Articles<div style="display:inline-block;width:8.96px"> </div>of<div style="display:inline-block;width:9.19px"> </div>Association<div style="display:inline-block;width:9px"> </div>and </div><div id="a1689" style="position:absolute;font-family:'Calibri';left:236.35px;top:112px;">Memorandum<div style="display:inline-block;width:12.77px"> </div>of<div style="display:inline-block;width:12.55px"> </div>Association,<div style="display:inline-block;width:12.37px"> </div>or<div style="display:inline-block;width:12.71px"> </div>other<div style="display:inline-block;width:12.56px"> </div>government<div style="display:inline-block;width:12.93px"> </div>issued<div style="display:inline-block;width:12.4px"> </div>documents. </div><div id="a1690" style="position:absolute;font-family:'Calibri';left:236.35px;top:130px;">Alternatively, bank statements, lawyer's statements, legal opinion<div style="display:inline-block;width:1.95px"> </div>or confirmation </div><div id="a1691" style="position:absolute;font-family:'Calibri';left:236.35px;top:148px;">from the Danish Consulate in the country</div><div id="a1693" style="position:absolute;font-family:'Arial';font-size:13.28px;left:482.33px;top:150px;"><div style="display:inline-block;width:3.68px"> </div>of </div><div id="a1695" style="position:absolute;font-family:'Calibri';left:500.73px;top:148px;">the registered office of the Customer </div><div id="a1696" style="position:absolute;font-family:'Calibri';left:236.35px;top:166px;">or listed parent company confirming name or business identification number;<div style="display:inline-block;width:3.17px"> </div></div><div id="a1698" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">(iii)</div><div id="a1700" style="position:absolute;font-family:'Calibri';left:189.15px;top:200px;">Signing authority and verification:<div style="display:inline-block;width:3.16px"> </div></div><div id="a1703" style="position:absolute;font-family:'Calibri';left:191.07px;top:234px;">(A)</div><div id="a1705" style="position:absolute;font-family:'Calibri';left:236.35px;top:234px;">Authorised<div style="display:inline-block;width:7.12px"> </div>signatory:<div style="display:inline-block;width:7.21px"> </div>copies<div style="display:inline-block;width:7.06px"> </div>of<div style="display:inline-block;width:7.13px"> </div>Articles<div style="display:inline-block;width:7.04px"> </div>of<div style="display:inline-block;width:7.11px"> </div>Association<div style="display:inline-block;width:7.08px"> </div>and<div style="display:inline-block;width:7.08px"> </div>Memorandum<div style="display:inline-block;width:7.17px"> </div>of </div><div id="a1710" style="position:absolute;font-family:'Calibri';left:236.35px;top:252px;">Association, Board Resolution,<div style="display:inline-block;width:5.14px"> </div>or legal opinion.<div style="display:inline-block;width:5.06px"> </div>Proof of<div style="display:inline-block;width:4.7px"> </div>identity of the<div style="display:inline-block;width:4.93px"> </div>signatory </div><div id="a1711" style="position:absolute;font-family:'Calibri';left:236.35px;top:270px;">shall be verified<div style="display:inline-block;width:5.08px"> </div>on the basis<div style="display:inline-block;width:4.82px"> </div>of passport, identity<div style="display:inline-block;width:4.9px"> </div>card issued<div style="display:inline-block;width:4.69px"> </div>by a governmental </div><div id="a1712" style="position:absolute;font-family:'Calibri';left:236.35px;top:288px;">authority or<div style="display:inline-block;width:5.58px"> </div>driver's license<div style="display:inline-block;width:5.3px"> </div>in relation<div style="display:inline-block;width:5.76px"> </div>to the<div style="display:inline-block;width:5.57px"> </div>signing of<div style="display:inline-block;width:5.46px"> </div>authority of<div style="display:inline-block;width:5.42px"> </div>any person </div><div id="a1715" style="position:absolute;font-family:'Calibri';left:236.35px;top:306px;">executing a document on behalf of the Customers; and </div><div id="a1719" style="position:absolute;font-family:'Calibri';left:191.07px;top:339px;">(B)</div><div id="a1721" style="position:absolute;font-family:'Calibri';left:236.35px;top:339px;">Attorneys<div style="display:inline-block;width:5.89px"> </div>in<div style="display:inline-block;width:5.05px"> </div>fact:<div style="display:inline-block;width:5.21px"> </div>copies<div style="display:inline-block;width:4.98px"> </div>of<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.23px"> </div>powers<div style="display:inline-block;width:5.33px"> </div>of<div style="display:inline-block;width:5.03px"> </div>attorney,<div style="display:inline-block;width:6.27px"> </div>documentation<div style="display:inline-block;width:5.2px"> </div>evidencing </div><div id="a1723" style="position:absolute;font-family:'Calibri';left:236.35px;top:357px;">general<div style="display:inline-block;width:6.91px"> </div>authority<div style="display:inline-block;width:6.29px"> </div>or<div style="display:inline-block;width:6.63px"> </div>legal<div style="display:inline-block;width:6.61px"> </div>opinion<div style="display:inline-block;width:6.52px"> </div>in<div style="display:inline-block;width:6.49px"> </div>relation<div style="display:inline-block;width:6.76px"> </div>to<div style="display:inline-block;width:6.72px"> </div>the<div style="display:inline-block;width:6.41px"> </div>signing<div style="display:inline-block;width:6.32px"> </div>authority<div style="display:inline-block;width:6.45px"> </div>of<div style="display:inline-block;width:6.63px"> </div>any </div><div id="a1727" style="position:absolute;font-family:'Calibri';left:236.35px;top:375px;">attorney-in-fact<div style="display:inline-block;width:4.99px"> </div>executing a<div style="display:inline-block;width:5.56px"> </div>document on<div style="display:inline-block;width:5.23px"> </div>behalf of<div style="display:inline-block;width:5.1px"> </div>the Customers,<div style="display:inline-block;width:5.63px"> </div>in each<div style="display:inline-block;width:5.07px"> </div>case </div><div id="a1733" style="position:absolute;font-family:'Calibri';left:236.35px;top:393px;">no<div style="display:inline-block;width:5.46px"> </div>older<div style="display:inline-block;width:5.47px"> </div>than<div style="display:inline-block;width:5.35px"> </div>3<div style="display:inline-block;width:5.5px"> </div>months.<div style="display:inline-block;width:5.5px"> </div>The<div style="display:inline-block;width:5.61px"> </div>proof<div style="display:inline-block;width:5.59px"> </div>of<div style="display:inline-block;width:5.51px"> </div>identity<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.51px"> </div>any<div style="display:inline-block;width:5.71px"> </div>attorney-in-fact<div style="display:inline-block;width:6.11px"> </div>shall<div style="display:inline-block;width:5.5px"> </div>be </div><div id="a1739" style="position:absolute;font-family:'Calibri';left:236.35px;top:411px;">verified on the basis of passport, identity<div style="display:inline-block;width:1.8px"> </div>card issued by a governmental authority </div><div id="a1740" style="position:absolute;font-family:'Calibri';left:236.35px;top:429px;">or<div style="display:inline-block;width:7.27px"> </div>driver's<div style="display:inline-block;width:7.32px"> </div>license.<div style="display:inline-block;width:7px"> </div>Alternatively,<div style="display:inline-block;width:8.47px"> </div>if<div style="display:inline-block;width:7.17px"> </div>the<div style="display:inline-block;width:7.21px"> </div>attorney-in-fact<div style="display:inline-block;width:7.71px"> </div>is<div style="display:inline-block;width:7.18px"> </div>an<div style="display:inline-block;width:7.14px"> </div>attorney-at-law </div><div id="a1751" style="position:absolute;font-family:'Calibri';left:236.35px;top:447px;">qualified in<div style="display:inline-block;width:5.36px"> </div>a EU/EEA<div style="display:inline-block;width:5.37px"> </div>member state,<div style="display:inline-block;width:5.73px"> </div>a print-out<div style="display:inline-block;width:5.88px"> </div>of the<div style="display:inline-block;width:5.39px"> </div>webpage of<div style="display:inline-block;width:5.41px"> </div>the relevant </div><div id="a1754" style="position:absolute;font-family:'Calibri';left:236.35px;top:465px;">law<div style="display:inline-block;width:11.47px"> </div>firm<div style="display:inline-block;width:11.24px"> </div>with<div style="display:inline-block;width:11.36px"> </div>whom<div style="display:inline-block;width:11.34px"> </div>the<div style="display:inline-block;width:11.21px"> </div>attorney-at-law<div style="display:inline-block;width:12.38px"> </div>is<div style="display:inline-block;width:11.34px"> </div>employed<div style="display:inline-block;width:11.46px"> </div>evidencing<div style="display:inline-block;width:11.18px"> </div>such </div><div id="a1759" style="position:absolute;font-family:'Calibri';left:236.35px;top:483px;">employment; and </div><div id="a1762" style="position:absolute;font-family:'Calibri';left:141.79px;top:517px;">(iv)</div><div id="a1764" style="position:absolute;font-family:'Calibri';left:189.15px;top:517px;">a<div style="display:inline-block;width:5.59px"> </div>statement<div style="display:inline-block;width:6.24px"> </div>from<div style="display:inline-block;width:5.81px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Customers<div style="display:inline-block;width:5.84px"> </div>confirming<div style="display:inline-block;width:5.61px"> </div>that<div style="display:inline-block;width:5.73px"> </div>the<div style="display:inline-block;width:5.45px"> </div>documents,<div style="display:inline-block;width:5.66px"> </div>data<div style="display:inline-block;width:5.71px"> </div>or<div style="display:inline-block;width:5.67px"> </div>information </div><div id="a1765" style="position:absolute;font-family:'Calibri';left:189.15px;top:535px;">previously provided<div style="display:inline-block;width:5.48px"> </div>to the<div style="display:inline-block;width:5.13px"> </div>Lender under<div style="display:inline-block;width:5.02px"> </div>paragraphs </div><div id="a1772" style="position:absolute;font-family:'Calibri';left:510.01px;top:535px;"><a href="#a1618" style="color:#000000;text-decoration:none;">(i),</a></div><div id="a1774" style="position:absolute;font-family:'Calibri';left:526.01px;top:535px;"><div style="display:inline-block;width:4.32px"> </div>(ii) and </div><div id="a1776" style="position:absolute;font-family:'Calibri';left:576.89px;top:535px;"><a href="#a1698" style="color:#000000;text-decoration:none;">(iii)</a></div><div id="a1777" style="position:absolute;font-family:'Calibri';left:595.93px;top:535px;"><div style="display:inline-block;width:4.2px"> </div>above is<div style="display:inline-block;width:5.31px"> </div>up-to-date, </div><div id="a1783" style="position:absolute;font-family:'Calibri';left:189.15px;top:552px;">or,<div style="display:inline-block;width:4.7px"> </div>alternatively, any relevant<div style="display:inline-block;width:4.97px"> </div>updated documents, data or information. </div><div id="a1786" style="position:absolute;font-family:'Calibri';left:94.59px;top:586px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a1790" style="position:absolute;font-family:'Calibri';font-weight:bold;left:351.11px;top:94px;">EXECUTION PAGES </div><div id="a1793" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:143px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a1795" style="position:absolute;font-family:'Calibri';left:340.39px;top:143px;">) </div><div id="a1797" style="position:absolute;font-family:'Calibri';left:94.59px;top:159px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a1804" style="position:absolute;font-family:'Calibri';left:94.59px;top:175px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a1812" style="position:absolute;font-family:'Calibri';left:94.59px;top:191px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a1816" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:207px;">MEJATO<div style="display:inline-block;width:5.03px"> </div>SHIPPING COMPANY INC.</div><div id="a1817" style="position:absolute;font-family:'Calibri';left:303.91px;top:207px;"><div style="display:inline-block;width:36.48px"> </div>) </div><div id="a1820" style="position:absolute;font-family:'Calibri';left:94.59px;top:223px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a1824" style="position:absolute;font-family:'Calibri';left:94.59px;top:255px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a1831" style="position:absolute;font-family:'Calibri';left:94.59px;top:271px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a1838" style="position:absolute;font-family:'Calibri';left:94.59px;top:287px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a1846" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:383px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a1848" style="position:absolute;font-family:'Calibri';left:340.39px;top:383px;">) </div><div id="a1850" style="position:absolute;font-family:'Calibri';left:94.59px;top:399px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a1857" style="position:absolute;font-family:'Calibri';left:94.59px;top:415px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a1865" style="position:absolute;font-family:'Calibri';left:94.59px;top:431px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a1869" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:447px;">RAKARU SHIPPING COMPANY INC. </div><div id="a1873" style="position:absolute;font-family:'Calibri';left:340.39px;top:447px;">) </div><div id="a1875" style="position:absolute;font-family:'Calibri';left:94.59px;top:463px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a1879" style="position:absolute;font-family:'Calibri';left:94.59px;top:495px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a1886" style="position:absolute;font-family:'Calibri';left:94.59px;top:511px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a1893" style="position:absolute;font-family:'Calibri';left:94.59px;top:527px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a1900" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:607px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a1902" style="position:absolute;font-family:'Calibri';left:340.39px;top:607px;">) </div><div id="a1904" style="position:absolute;font-family:'Calibri';left:94.59px;top:623px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a1911" style="position:absolute;font-family:'Calibri';left:94.59px;top:639px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a1919" style="position:absolute;font-family:'Calibri';left:94.59px;top:655px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a1923" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:671px;">EBADON SHIPPING COMPANY INC.</div><div id="a1924" style="position:absolute;font-family:'Calibri';left:305.99px;top:671px;"><div style="display:inline-block;width:34.4px"> </div>) </div><div id="a1927" style="position:absolute;font-family:'Calibri';left:94.59px;top:687px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a1931" style="position:absolute;font-family:'Calibri';left:94.59px;top:719px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a1938" style="position:absolute;font-family:'Calibri';left:94.59px;top:735px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a1945" style="position:absolute;font-family:'Calibri';left:94.59px;top:751px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a1952" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:831px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a1954" style="position:absolute;font-family:'Calibri';left:340.39px;top:831px;">) </div><div id="a1956" style="position:absolute;font-family:'Calibri';left:94.59px;top:847px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a1963" style="position:absolute;font-family:'Calibri';left:94.59px;top:863px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a1971" style="position:absolute;font-family:'Calibri';left:94.59px;top:879px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a1975" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:895px;">PULAP SHIPPING COMPANY INC.</div><div id="a1976" style="position:absolute;font-family:'Calibri';left:293.19px;top:895px;"><div style="display:inline-block;width:47.2px"> </div>) </div><div id="a1979" style="position:absolute;font-family:'Calibri';left:94.59px;top:911px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a1983" style="position:absolute;font-family:'Calibri';left:94.59px;top:943px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div></div>
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<div id="a1992" style="position:absolute;font-family:'Calibri';left:94.59px;top:93px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a1999" style="position:absolute;font-family:'Calibri';left:94.59px;top:109px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2007" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:205px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a2009" style="position:absolute;font-family:'Calibri';left:340.39px;top:205px;">) </div><div id="a2011" style="position:absolute;font-family:'Calibri';left:94.59px;top:221px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a2018" style="position:absolute;font-family:'Calibri';left:94.59px;top:237px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a2026" style="position:absolute;font-family:'Calibri';left:94.59px;top:253px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a2030" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:269px;">WENO SHIPPING COMPANY INC.</div><div id="a2031" style="position:absolute;font-family:'Calibri';left:292.87px;top:269px;"><div style="display:inline-block;width:47.52px"> </div>) </div><div id="a2034" style="position:absolute;font-family:'Calibri';left:94.59px;top:285px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a2038" style="position:absolute;font-family:'Calibri';left:94.59px;top:317px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a2045" style="position:absolute;font-family:'Calibri';left:94.59px;top:333px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a2052" style="position:absolute;font-family:'Calibri';left:94.59px;top:349px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2059" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:429px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a2061" style="position:absolute;font-family:'Calibri';left:340.39px;top:429px;">) </div><div id="a2063" style="position:absolute;font-family:'Calibri';left:94.59px;top:445px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a2070" style="position:absolute;font-family:'Calibri';left:94.59px;top:461px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a2078" style="position:absolute;font-family:'Calibri';left:94.59px;top:477px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a2082" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:495px;">ERIKUB SHIPPING COMPANY INC.<div style="display:inline-block;width:43.81px"> </div></div><div id="a2085" style="position:absolute;font-family:'Calibri';left:341.35px;top:495px;">)</div><div id="a2087" style="position:absolute;font-family:'Calibri';left:94.59px;top:511px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a2091" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a2098" style="position:absolute;font-family:'Calibri';left:94.59px;top:559px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a2105" style="position:absolute;font-family:'Calibri';left:94.59px;top:575px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2112" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:655px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a2114" style="position:absolute;font-family:'Calibri';left:340.39px;top:655px;">) </div><div id="a2116" style="position:absolute;font-family:'Calibri';left:94.59px;top:671px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div><div id="a2123" style="position:absolute;font-family:'Calibri';left:94.59px;top:687px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a2131" style="position:absolute;font-family:'Calibri';left:94.59px;top:703px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a2135" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:719px;">WOTHO SHIPPING COMPANY INC. </div><div id="a2137" style="position:absolute;font-family:'Calibri';left:340.39px;top:719px;">) </div><div id="a2139" style="position:absolute;font-family:'Calibri';left:94.59px;top:735px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a2143" style="position:absolute;font-family:'Calibri';left:94.59px;top:767px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a2150" style="position:absolute;font-family:'Calibri';left:94.59px;top:783px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a2157" style="position:absolute;font-family:'Calibri';left:94.59px;top:799px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2164" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:879px;">PARENT GUARANTOR </div><div id="a2166" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:911px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a2168" style="position:absolute;font-family:'Calibri';left:340.39px;top:911px;">) </div><div id="a2170" style="position:absolute;font-family:'Calibri';left:94.59px;top:927px;">by Margarita Veniou<div style="display:inline-block;width:124.61px"> </div>) </div></div>
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<div id="a2179" style="position:absolute;font-family:'Calibri';left:94.59px;top:93px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a2188" style="position:absolute;font-family:'Calibri';left:94.59px;top:109px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a2192" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:125px;">DIANA SHIPPING INC.</div><div id="a2193" style="position:absolute;font-family:'Calibri';left:225.63px;top:125px;"><div style="display:inline-block;width:114.76px"> </div>) </div><div id="a2196" style="position:absolute;font-family:'Calibri';left:94.59px;top:141px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a2200" style="position:absolute;font-family:'Calibri';left:94.59px;top:173px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a2207" style="position:absolute;font-family:'Calibri';left:94.59px;top:189px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a2214" style="position:absolute;font-family:'Calibri';left:94.59px;top:205px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2222" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:333px;">ORIGINAL LENDER </div><div id="a2224" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:365px;">EXECUTED AS A DEED<div style="display:inline-block;width:3.1px"> </div></div><div id="a2226" style="position:absolute;font-family:'Calibri';left:340.39px;top:365px;">) </div><div id="a2228" style="position:absolute;font-family:'Calibri';left:94.59px;top:381px;">by<div style="display:inline-block;width:231.47px"> </div>) </div><div id="a2233" style="position:absolute;font-family:'Calibri';left:94.59px;top:397px;">duly authorised attorney-in fact<div style="display:inline-block;width:56.64px"> </div>) </div><div id="a2240" style="position:absolute;font-family:'Calibri';left:94.59px;top:413px;">for and on behalf of<div style="display:inline-block;width:127.36px"> </div>) </div><div id="a2244" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:429px;">DANISH SHIP FINANCE A/S</div><div id="a2245" style="position:absolute;font-family:'Calibri';left:256.23px;top:429px;"><div style="display:inline-block;width:84.16px"> </div>) </div><div id="a2248" style="position:absolute;font-family:'Calibri';left:94.59px;top:445px;">in the presence of:<div style="display:inline-block;width:134.09px"> </div>) </div><div id="a2252" style="position:absolute;font-family:'Calibri';left:94.59px;top:477px;">Witness' signature:<div style="display:inline-block;width:131.63px"> </div>) </div><div id="a2259" style="position:absolute;font-family:'Calibri';left:94.59px;top:493px;">Witness' name:<div style="display:inline-block;width:153.4px"> </div>) </div><div id="a2266" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">Witness' address:<div style="display:inline-block;width:140.98px"> </div>) </div><div id="a2275" style="position:absolute;font-family:'Calibri';left:94.59px;top:641px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a2279" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">COUNTERSIGNED</div><div id="a2280" style="position:absolute;font-family:'Calibri';left:200.51px;top:94px;"><div style="display:inline-block;width:3.2px"> </div>this _____ day of October 2024 for and on<div style="display:inline-block;width:1.97px"> </div>behalf of the following corporation which by </div><div id="a2290" style="position:absolute;font-family:'Calibri';left:94.59px;top:112px;">its execution hereof confirms and acknowledges that:<div style="display:inline-block;width:3.4px"> </div></div><div id="a2293" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">1</div><div id="a2295" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">it has read and understood the terms and conditions of the above Agreement; </div><div id="a2297" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;">2</div><div id="a2299" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">it agrees in all respects to the same;<div style="display:inline-block;width:2.89px"> </div></div><div id="a2301" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">3</div><div id="a2303" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">any Security created by it under the<div style="display:inline-block;width:1.76px"> </div>Finance Documents extends to the<div style="display:inline-block;width:1.92px"> </div>obligations of the relevant </div><div id="a2304" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Obligors under the Finance Documents as amended and supplemented by the above Agreement;<div style="display:inline-block;width:2.63px"> </div></div><div id="a2306" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">4</div><div id="a2308" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">the<div style="display:inline-block;width:8.49px"> </div>obligations<div style="display:inline-block;width:8.7px"> </div>of<div style="display:inline-block;width:8.55px"> </div>the<div style="display:inline-block;width:8.33px"> </div>relevant<div style="display:inline-block;width:8.86px"> </div>Obligors<div style="display:inline-block;width:8.78px"> </div>under<div style="display:inline-block;width:8.34px"> </div>the<div style="display:inline-block;width:8.33px"> </div>Finance<div style="display:inline-block;width:8.35px"> </div>Documents<div style="display:inline-block;width:8.5px"> </div>as<div style="display:inline-block;width:8.31px"> </div>amended<div style="display:inline-block;width:8.46px"> </div>and </div><div id="a2309" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">supplemented by<div style="display:inline-block;width:4.98px"> </div>the above<div style="display:inline-block;width:4.85px"> </div>Agreement are<div style="display:inline-block;width:5.12px"> </div>included in the<div style="display:inline-block;width:5.24px"> </div>Secured Liabilities (as<div style="display:inline-block;width:5.28px"> </div>defined in<div style="display:inline-block;width:4.77px"> </div>the </div><div id="a2310" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">Security Documents to which it is a party); and </div><div id="a2312" style="position:absolute;font-family:'Calibri';left:94.59px;top:354px;">5</div><div id="a2314" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">the Security created under the Finance Documents continues in full force and effect on the terms </div><div id="a2317" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">of the respective Finance Documents. </div><div id="a2322" style="position:absolute;font-family:'Calibri';left:94.59px;top:459px;">________________________________ </div><div id="a2325" style="position:absolute;font-family:'Calibri';left:94.59px;top:495px;">Director </div><div id="a2327" style="position:absolute;font-family:'Calibri';left:94.59px;top:513px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div></div><div id="a2333" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:531px;">Diana Shipping Services S.A. </div><div id="a2335" style="position:absolute;font-family:'Calibri';left:94.59px;top:549px;">(as approved manager) </div></div>
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<div id="a2346" style="position:absolute;font-family:'Calibri';font-weight:bold;left:376.71px;top:94px;">APPENDIX </div><div id="a2351" style="position:absolute;font-family:'Calibri';font-weight:bold;left:107.07px;top:148px;">FORM OF AMENDED AND RESTATED<div style="display:inline-block;width:5.32px"> </div>FACILITY AGREEMENT (MARKED TO INDICATE<div style="display:inline-block;width:5px"> </div>AMENDMENTS) </div><div id="a2353" style="position:absolute;font-family:'Calibri';left:94.59px;top:182px;">Amendments are indicated as follows: </div><div id="a2356" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;">1</div><div id="a2358" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;"><div style="display:inline-block;width:0.8px"> </div>additions are indicated by [underlined text in blue];<div style="display:inline-block;width:3.14px"> </div></div><div id="a2361" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">2</div><div id="a2363" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;"><div style="display:inline-block;width:0.8px"> </div>deletions are shown by [strike-through text in red];<div style="display:inline-block;width:3.99px"> </div>and </div><div id="a2372" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">3</div><div id="a2374" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">moved wording is indicated by [underlined text in green]. </div><div id="a2376" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">[Append marked-up version] </div></div>
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<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>20
<FILENAME>exhibit413.htm
<DESCRIPTION>EX-4.13
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<div id="a3" style="position:absolute;font-family:'Calibri';font-weight:bold;left:362.63px;top:144px;">Dated [</div><div id="a6" style="position:absolute;font-family:'Arial';left:407.59px;top:145px;">●</div><div id="a7" style="position:absolute;font-family:'Calibri';font-weight:bold;left:415.75px;top:144px;">] 2024 </div><div id="a12" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.55px;top:340px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:3.62px"> </div></div><div id="a14" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.63px;top:358px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a16" style="position:absolute;font-family:'Calibri';font-weight:bold;left:303.11px;top:376px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.78px"> </div></div><div id="a18" style="position:absolute;font-family:'Calibri';font-weight:bold;left:300.55px;top:394px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a20" style="position:absolute;font-family:'Calibri';font-weight:bold;left:312.23px;top:412px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:3.56px"> </div></div><div id="a22" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.79px;top:430px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:3.71px"> </div></div><div id="a24" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.39px;top:448px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.15px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a26" style="position:absolute;font-family:'Calibri';font-weight:bold;left:313.67px;top:466px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.75px"> </div></div><div id="a28" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.55px;top:483px;">GUAM SHIPPING COMPANY INC. </div><div id="a30" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.23px;top:501px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC. </div><div id="a32" style="position:absolute;font-family:'Calibri';left:317.83px;top:519px;">as joint and several Borrowers </div><div id="a34" style="position:absolute;font-family:'Calibri';left:396.87px;top:553px;">and </div><div id="a36" style="position:absolute;font-family:'Calibri';font-weight:bold;left:278.95px;top:587px;">THE BANKS AND FINANCIAL INSTITUTIONS </div><div id="a38" style="position:absolute;font-family:'Calibri';font-weight:bold;left:349.35px;top:605px;">listed in Schedule 1 </div><div id="a40" style="position:absolute;font-family:'Calibri';left:376.55px;top:623px;">as Lenders </div><div id="a42" style="position:absolute;font-family:'Calibri';left:396.87px;top:657px;">and </div><div id="a44" style="position:absolute;font-family:'Calibri';font-weight:bold;left:348.23px;top:691px;">NORDEA BANK ABP </div><div id="a46" style="position:absolute;font-family:'Calibri';left:367.59px;top:709px;">as Swap Bank </div><div id="a48" style="position:absolute;font-family:'Calibri';left:396.87px;top:743px;">and </div><div id="a50" style="position:absolute;font-family:'Calibri';font-weight:bold;left:299.43px;top:776px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE </div><div id="a52" style="position:absolute;font-family:'Calibri';left:235.07px;top:794px;">as Agent, Bookrunner, Security Trustee<div style="display:inline-block;width:5.2px"> </div>and Lead Arranger </div><div id="a55" style="position:absolute;font-family:'Calibri';font-weight:bold;left:350.15px;top:926px;">LOAN AGREEMENT </div></div>
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<div id="a59" style="position:absolute;font-family:'Calibri';left:377.19px;top:94px;">relating to </div><div id="a61" style="position:absolute;font-family:'Calibri';left:252.35px;top:112px;">relating to a term loan facility of up to $167,263,025 </div></div>
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<div id="a66" style="position:absolute;font-family:'Calibri';font-weight:bold;left:391.11px;top:94px;">Index </div><div id="a68" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">Clause<div style="display:inline-block;width:530.81px"> </div>Page </div><div id="a73" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;"><a href="#a617" style="color:#000000;text-decoration:none;">1<div style="display:inline-block;width:40.53px"> </div>Interpretation<div style="display:inline-block;width:1.68px"> </div>..............................................................................................................................<div style="display:inline-block;width:0px;margin-left:-4.22px"> </div>2</a></div><div id="a84" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;"><a href="#a3706" style="color:#000000;text-decoration:none;">2<div style="display:inline-block;width:40.53px"> </div>Facility .......................................................................................................................................25</a></div><div id="a95" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;"><a href="#a3749" style="color:#000000;text-decoration:none;">3<div style="display:inline-block;width:40.53px"> </div>Position of the Lenders, the Swap Bank and the Majority Lenders<div style="display:inline-block;width:1.33px"> </div>..........................................25</a></div><div id="a103" style="position:absolute;font-family:'Calibri';left:94.59px;top:234px;"><a href="#a3881" style="color:#000000;text-decoration:none;">4<div style="display:inline-block;width:40.53px"> </div>Drawdown .................................................................................................................................27</a></div><div id="a114" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;"><a href="#a4099" style="color:#000000;text-decoration:none;">5<div style="display:inline-block;width:40.53px"> </div>Interest ......................................................................................................................................28</a></div><div id="a125" style="position:absolute;font-family:'Calibri';left:94.59px;top:270px;"><a href="#a4249" style="color:#000000;text-decoration:none;">6<div style="display:inline-block;width:40.53px"> </div>Interest Periods .........................................................................................................................30</a></div><div id="a135" style="position:absolute;font-family:'Calibri';left:94.59px;top:288px;"><a href="#a4395" style="color:#000000;text-decoration:none;">7<div style="display:inline-block;width:40.53px"> </div>Changes to the Calculation of Interest<div style="display:inline-block;width:1.14px"> </div>......................................................................................30</a></div><div id="a146" style="position:absolute;font-family:'Calibri';left:94.59px;top:306px;"><a href="#a4712" style="color:#000000;text-decoration:none;">8<div style="display:inline-block;width:40.53px"> </div>Repayment and Prepayment ....................................................................................................32</a></div><div id="a156" style="position:absolute;font-family:'Calibri';left:94.59px;top:323px;"><a href="#a5017" style="color:#000000;text-decoration:none;">9<div style="display:inline-block;width:40.53px"> </div>Conditions Precedent<div style="display:inline-block;width:1.42px"> </div>................................................................................................................34</a></div><div id="a166" style="position:absolute;font-family:'Calibri';left:94.59px;top:341px;"><a href="#a5174" style="color:#000000;text-decoration:none;">10<div style="display:inline-block;width:33.07px"> </div>Representations and Warranties ..............................................................................................35</a></div><div id="a175" style="position:absolute;font-family:'Calibri';left:94.59px;top:359px;"><a href="#a5522" style="color:#000000;text-decoration:none;">11<div style="display:inline-block;width:33.07px"> </div>General Undertakings ...............................................................................................................39</a></div><div id="a185" style="position:absolute;font-family:'Calibri';left:94.59px;top:377px;"><a href="#a6005" style="color:#000000;text-decoration:none;">12<div style="display:inline-block;width:33.07px"> </div>Corporate Undertakings<div style="display:inline-block;width:1.45px"> </div>............................................................................................................44</a></div><div id="a195" style="position:absolute;font-family:'Calibri';left:94.59px;top:395px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13<div style="display:inline-block;width:33.07px"> </div>Insurance<div style="display:inline-block;width:1.74px"> </div>...................................................................................................................................45</a></div><div id="a206" style="position:absolute;font-family:'Calibri';left:94.59px;top:413px;"><a href="#a6667" style="color:#000000;text-decoration:none;">14<div style="display:inline-block;width:33.07px"> </div>Ship Covenants<div style="display:inline-block;width:1.55px"> </div>..........................................................................................................................51</a></div><div id="a216" style="position:absolute;font-family:'Calibri';left:94.59px;top:431px;"><a href="#a7374" style="color:#000000;text-decoration:none;">15<div style="display:inline-block;width:33.07px"> </div>Security Cover ...........................................................................................................................58</a></div><div id="a226" style="position:absolute;font-family:'Calibri';left:94.59px;top:449px;"><a href="#a7739" style="color:#000000;text-decoration:none;">16<div style="display:inline-block;width:33.07px"> </div>Payments and Calculations .......................................................................................................61</a></div><div id="a236" style="position:absolute;font-family:'Calibri';left:94.59px;top:467px;"><a href="#a7941" style="color:#000000;text-decoration:none;">17<div style="display:inline-block;width:33.07px"> </div>Application of Receipts<div style="display:inline-block;width:0.31px"> </div>..............................................................................................................63</a></div><div id="a246" style="position:absolute;font-family:'Calibri';left:94.59px;top:485px;"><a href="#a8083" style="color:#000000;text-decoration:none;">18<div style="display:inline-block;width:33.07px"> </div>Application of Earnings..............................................................................................................64</a></div><div id="a255" style="position:absolute;font-family:'Calibri';left:94.59px;top:503px;"><a href="#a8181" style="color:#000000;text-decoration:none;">19<div style="display:inline-block;width:33.07px"> </div>Events of Default .......................................................................................................................65</a></div><div id="a265" style="position:absolute;font-family:'Calibri';left:94.59px;top:520px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20<div style="display:inline-block;width:33.07px"> </div>Fees and Expenses<div style="display:inline-block;width:0.02px"> </div>.....................................................................................................................71</a></div><div id="a275" style="position:absolute;font-family:'Calibri';left:94.59px;top:538px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21<div style="display:inline-block;width:33.07px"> </div>Indemnities<div style="display:inline-block;width:0.12px"> </div>................................................................................................................................72</a></div><div id="a285" style="position:absolute;font-family:'Calibri';left:94.59px;top:556px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22<div style="display:inline-block;width:33.07px"> </div>No Set-off or Tax<div style="display:inline-block;width:4.92px"> </div>Deduction<div style="display:inline-block;width:0.72px"> </div>......................................................................................................75</a></div><div id="a297" style="position:absolute;font-family:'Calibri';left:94.59px;top:574px;"><a href="#a9595" style="color:#000000;text-decoration:none;">23<div style="display:inline-block;width:33.07px"> </div>Illegality and sanctions affecting a lender<div style="display:inline-block;width:0.75px"> </div>.................................................................................78</a></div><div id="a306" style="position:absolute;font-family:'Calibri';left:94.59px;top:592px;"><a href="#a9719" style="color:#000000;text-decoration:none;">24<div style="display:inline-block;width:33.07px"> </div>Increased Costs .........................................................................................................................79</a></div><div id="a316" style="position:absolute;font-family:'Calibri';left:94.59px;top:610px;"><a href="#a9948" style="color:#000000;text-decoration:none;">25<div style="display:inline-block;width:33.07px"> </div>Set off ........................................................................................................................................81</a></div><div id="a327" style="position:absolute;font-family:'Calibri';left:94.59px;top:628px;"><a href="#a10031" style="color:#000000;text-decoration:none;">26<div style="display:inline-block;width:33.07px"> </div>Transfers<div style="display:inline-block;width:5.3px"> </div>and Changes in Facility Offices<div style="display:inline-block;width:1.39px"> </div>..................................................................................82</a></div><div id="a336" style="position:absolute;font-family:'Calibri';left:94.59px;top:646px;"><a href="#a10424" style="color:#000000;text-decoration:none;">27<div style="display:inline-block;width:33.07px"> </div>Variations and waivers ..............................................................................................................86</a></div><div id="a346" style="position:absolute;font-family:'Calibri';left:94.59px;top:664px;"><a href="#a10821" style="color:#000000;text-decoration:none;">28<div style="display:inline-block;width:33.07px"> </div>Notices<div style="display:inline-block;width:0.24px"> </div>.......................................................................................................................................89</a></div><div id="a357" style="position:absolute;font-family:'Calibri';left:94.59px;top:682px;"><a href="#a11098" style="color:#000000;text-decoration:none;">29<div style="display:inline-block;width:33.07px"> </div>Joint and Several Liability<div style="display:inline-block;width:1.77px"> </div>..........................................................................................................92</a></div><div id="a367" style="position:absolute;font-family:'Calibri';left:94.59px;top:699px;"><a href="#a11215" style="color:#000000;text-decoration:none;">30<div style="display:inline-block;width:33.07px"> </div>Supplemental ............................................................................................................................93</a></div><div id="a377" style="position:absolute;font-family:'Calibri';left:94.59px;top:717px;"><a href="#a11262" style="color:#000000;text-decoration:none;">31<div style="display:inline-block;width:33.07px"> </div>Bail-In<div style="display:inline-block;width:0px"> </div>.........................................................................................................................................93</a></div><div id="a390" style="position:absolute;font-family:'Calibri';left:94.59px;top:735px;"><a href="#a11307" style="color:#000000;text-decoration:none;">32<div style="display:inline-block;width:33.07px"> </div>Law and Jurisdiction<div style="display:inline-block;width:1.7px"> </div>..................................................................................................................94</a></div><div id="a401" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:771px;">Schedules </div><div id="a404" style="position:absolute;font-family:'Calibri';left:94.59px;top:807px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1 Lenders and Commitments<div style="display:inline-block;width:0px;margin-left:-0.03px"> </div>..................................................................................................96</a></div><div id="a412" style="position:absolute;font-family:'Calibri';left:94.59px;top:825px;"><a href="#a11459" style="color:#000000;text-decoration:none;">Schedule 2 Drawdown Notice ................................................................................................................97</a></div><div id="a420" style="position:absolute;font-family:'Calibri';left:94.59px;top:843px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule 3 Condition Precedent Documents<div style="display:inline-block;width:0px;margin-left:-0.02px"> </div>.........................................................................................99</a></div><div id="a427" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;"><a href="#a11629" style="color:#000000;text-decoration:none;">Part A ..............................................................................................................................................<div style="display:inline-block;width:0px;margin-left:-2.97px"> </div>99</a></div><div id="a437" style="position:absolute;font-family:'Calibri';left:141.79px;top:878px;"><a href="#a11738" style="color:#000000;text-decoration:none;">Part B ............................................................................................................................................<div style="display:inline-block;width:0px;margin-left:-2.38px"> </div>101</a></div><div id="a447" style="position:absolute;font-family:'Calibri';left:94.59px;top:896px;"><a href="#a11969" style="color:#000000;text-decoration:none;">Schedule 4 Transfer Certificate ............................................................................................................103</a></div><div id="a455" style="position:absolute;font-family:'Calibri';left:94.59px;top:914px;"><a href="#a12344" style="color:#000000;text-decoration:none;">Schedule 5 Designation Notice<div style="display:inline-block;width:0px;margin-left:-0.27px"> </div>.............................................................................................................107</a></div><div id="a463" style="position:absolute;font-family:'Calibri';left:94.59px;top:932px;"><a href="#a12471" style="color:#000000;text-decoration:none;">Schedule 6 Selection Notice<div style="display:inline-block;width:1.06px"> </div>.................................................................................................................109</a></div></div>
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<div id="a474" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:112px;">Execution </div><div id="a477" style="position:absolute;font-family:'Calibri';left:94.59px;top:148px;"><a href="#a12617" style="color:#000000;text-decoration:none;">Execution Pages<div style="display:inline-block;width:0.98px"> </div>....................................................................................................................................111</a></div></div>
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<div id="a489" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">THIS AGREEMENT </div><div id="a490" style="position:absolute;font-family:'Calibri';left:206.43px;top:94px;">is made on [</div><div id="a491" style="position:absolute;font-family:'Arial';left:279.11px;top:95px;">●</div><div id="a492" style="position:absolute;font-family:'Calibri';left:287.27px;top:94px;">] 2024 </div><div id="a495" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">PARTIES</div><div id="a497" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(1)</div><div id="a499" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:162px;">MANRA<div style="display:inline-block;width:6.99px"> </div>SHIPPING<div style="display:inline-block;width:7.08px"> </div>COMPANY<div style="display:inline-block;width:8.08px"> </div>INC.</div><div id="a500" style="position:absolute;font-family:'Calibri';left:360.39px;top:162px;">,</div><div id="a501" style="position:absolute;font-family:'Calibri';font-weight:bold;left:364.07px;top:162px;"><div style="display:inline-block;width:7.2px"> </div>JABWOT<div style="display:inline-block;width:7.94px"> </div>SHIPPING<div style="display:inline-block;width:7.08px"> </div>COMPANY<div style="display:inline-block;width:7.92px"> </div>INC.</div><div id="a503" style="position:absolute;font-family:'Calibri';left:593.69px;top:162px;">,</div><div id="a504" style="position:absolute;font-family:'Calibri';font-weight:bold;left:597.37px;top:162px;"><div style="display:inline-block;width:7.08px"> </div>ARORAE<div style="display:inline-block;width:7.16px"> </div>SHIPPING </div><div id="a506" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">COMPANY<div style="display:inline-block;width:5.04px"> </div>INC.</div><div id="a507" style="position:absolute;font-family:'Calibri';left:235.71px;top:180px;">,</div><div id="a508" style="position:absolute;font-family:'Calibri';font-weight:bold;left:239.39px;top:180px;"><div style="display:inline-block;width:4px"> </div>TAMANA<div style="display:inline-block;width:5.03px"> </div>SHIPPING COMPANY<div style="display:inline-block;width:5.59px"> </div>INC.</div><div id="a510" style="position:absolute;font-family:'Calibri';left:460.57px;top:180px;">,</div><div id="a511" style="position:absolute;font-family:'Calibri';font-weight:bold;left:464.09px;top:180px;"><div style="display:inline-block;width:4.16px"> </div>BERU SHIPPING COMPANY<div style="display:inline-block;width:6.22px"> </div>INC.</div><div id="a513" style="position:absolute;font-family:'Calibri';left:662.21px;top:180px;">,</div><div id="a514" style="position:absolute;font-family:'Calibri';font-weight:bold;left:665.73px;top:180px;"><div style="display:inline-block;width:4.16px"> </div>BONRIKI </div><div id="a516" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">SHIPPING COMPANY<div style="display:inline-block;width:6.23px"> </div>INC.</div><div id="a517" style="position:absolute;font-family:'Calibri';left:299.11px;top:198px;">,</div><div id="a518" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.63px;top:198px;"><div style="display:inline-block;width:4.48px"> </div>TAONGI<div style="display:inline-block;width:5.64px"> </div>SHIPPING COMPANY<div style="display:inline-block;width:6.23px"> </div>INC.</div><div id="a520" style="position:absolute;font-family:'Calibri';left:517.85px;top:198px;">,</div><div id="a521" style="position:absolute;font-family:'Calibri';font-weight:bold;left:521.53px;top:198px;"><div style="display:inline-block;width:4.32px"> </div>EJITE SHIPPING<div style="display:inline-block;width:5.15px"> </div>COMPANY<div style="display:inline-block;width:5.36px"> </div>INC., </div><div id="a523" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">GUAM<div style="display:inline-block;width:6.18px"> </div>SHIPPING<div style="display:inline-block;width:5.64px"> </div>COMPANY<div style="display:inline-block;width:6.64px"> </div>INC., </div><div id="a525" style="position:absolute;font-family:'Calibri';left:357.99px;top:216px;">and</div><div id="a526" style="position:absolute;font-family:'Calibri';font-weight:bold;left:380.39px;top:216px;"><div style="display:inline-block;width:5.92px"> </div>PALAU<div style="display:inline-block;width:6.78px"> </div>SHIPPING<div style="display:inline-block;width:5.64px"> </div>COMPANY<div style="display:inline-block;width:6.64px"> </div>INC. </div><div id="a529" style="position:absolute;font-family:'Calibri';left:599.33px;top:216px;">as<div style="display:inline-block;width:5.75px"> </div>joint<div style="display:inline-block;width:5.93px"> </div>and<div style="display:inline-block;width:5.64px"> </div>several </div><div id="a530" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">borrowers (collectively,<div style="display:inline-block;width:4.86px"> </div>the "</div><div id="a535" style="position:absolute;font-family:'Calibri';font-weight:bold;left:314.15px;top:234px;">Borrowers</div><div id="a536" style="position:absolute;font-family:'Calibri';left:377.99px;top:234px;">") </div><div id="a539" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(2)</div><div id="a541" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:268px;">THE BANKS AND FINANCIAL INSTITUTIONS </div><div id="a542" style="position:absolute;font-family:'Calibri';left:403.59px;top:268px;">listed in </div><div id="a543" style="position:absolute;font-family:'Calibri';left:453.69px;top:268px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a544" style="position:absolute;font-family:'Calibri';left:518.49px;top:268px;">, as Lenders </div><div id="a546" style="position:absolute;font-family:'Calibri';left:94.59px;top:302px;">(3)</div><div id="a548" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">NORDEA BANK ABP, </div><div id="a550" style="position:absolute;font-family:'Calibri';left:268.55px;top:302px;">as Swap Bank </div><div id="a552" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(4)</div><div id="a554" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:336px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE, </div><div id="a556" style="position:absolute;font-family:'Calibri';left:366.31px;top:336px;">as Agent </div><div id="a559" style="position:absolute;font-family:'Calibri';left:94.59px;top:370px;">(5)</div><div id="a561" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:370px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE, </div><div id="a563" style="position:absolute;font-family:'Calibri';left:366.31px;top:370px;">as Bookrunner </div><div id="a566" style="position:absolute;font-family:'Calibri';left:94.59px;top:403px;">(6)</div><div id="a568" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:403px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE, </div><div id="a570" style="position:absolute;font-family:'Calibri';left:366.31px;top:403px;">as Lead Arranger </div><div id="a573" style="position:absolute;font-family:'Calibri';left:94.59px;top:437px;">(7)</div><div id="a575" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:437px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE, </div><div id="a577" style="position:absolute;font-family:'Calibri';left:366.31px;top:437px;">as Security Trustee </div><div id="a579" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:471px;">BACKGROUND</div><div id="a581" style="position:absolute;font-family:'Calibri';left:94.59px;top:505px;">(A)</div><div id="a583" style="position:absolute;font-family:'Calibri';left:141.79px;top:505px;">The Lenders have agreed to<div style="display:inline-block;width:4.87px"> </div>make available to<div style="display:inline-block;width:4.71px"> </div>the Borrowers,<div style="display:inline-block;width:3.95px"> </div>on a joint and several basis,<div style="display:inline-block;width:4.82px"> </div>a term </div><div id="a587" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">loan facility of<div style="display:inline-block;width:1.56px"> </div>up to<div style="display:inline-block;width:1.98px"> </div>the lesser<div style="display:inline-block;width:1.85px"> </div>of (i)<div style="display:inline-block;width:1.87px"> </div>$167,263,025 and<div style="display:inline-block;width:1.67px"> </div>(ii) 60%<div style="display:inline-block;width:1.79px"> </div>of the aggregate<div style="display:inline-block;width:1.81px"> </div>Initial Market Value </div><div id="a593" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">of the Ships, for the purpose of re-financing the Existing Indebtedness. </div><div id="a600" style="position:absolute;font-family:'Calibri';left:94.59px;top:575px;">(B)</div><div id="a602" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">The Swap Bank has agreed to<div style="display:inline-block;width:4.8px"> </div>enter into interest<div style="display:inline-block;width:4.77px"> </div>rate swap transactions<div style="display:inline-block;width:4.74px"> </div>with the Borrowers from </div><div id="a603" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">time to time to<div style="display:inline-block;width:1.81px"> </div>hedge the Borrowers' exposure under<div style="display:inline-block;width:1.49px"> </div>this Agreement to interest rate fluctuations. </div><div id="a605" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">(C)</div><div id="a607" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">The Lenders and<div style="display:inline-block;width:4.85px"> </div>the Swap Bank<div style="display:inline-block;width:4.89px"> </div>have agreed<div style="display:inline-block;width:4.76px"> </div>to share pari<div style="display:inline-block;width:4.86px"> </div>passu in the<div style="display:inline-block;width:4.69px"> </div>security to be<div style="display:inline-block;width:4.83px"> </div>granted to </div><div id="a608" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">the Security Trustee pursuant to this Agreement. </div><div id="a610" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:679px;">OPERATIVE </div><div id="a611" style="position:absolute;font-family:'Calibri';font-weight:bold;left:167.07px;top:679px;">PROVISIONS </div></div>
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<div id="a617" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">1</div><div id="a619" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">INTERPRETATION<div style="display:inline-block;width:5.32px"> </div></div><div id="a621" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">1.1</div><div id="a623" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:128px;">Definitions </div><div id="a625" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">Subject to Clause </div><div id="a626" style="position:absolute;font-family:'Calibri';left:247.55px;top:162px;"><a href="#a3657" style="color:#000000;text-decoration:none;">1.4</a></div><div id="a627" style="position:absolute;font-family:'Calibri';left:266.15px;top:162px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a629" style="position:absolute;font-family:'Calibri';font-style:italic;left:273.99px;top:162px;">General interpretation</div><div id="a630" style="position:absolute;font-family:'Calibri';left:407.11px;top:162px;">), in this Agreement: </div><div id="a632" style="position:absolute;font-family:'Calibri';left:142.59px;top:196px;">"</div><div id="a633" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:196px;">Accounts Pledges</div><div id="a637" style="position:absolute;font-family:'Calibri';left:255.75px;top:196px;">" means,<div style="display:inline-block;width:5.23px"> </div>together,<div style="display:inline-block;width:6.03px"> </div>the Earnings<div style="display:inline-block;width:5.55px"> </div>Account Pledges<div style="display:inline-block;width:5.72px"> </div>in the<div style="display:inline-block;width:5.57px"> </div>Agreed Form<div style="display:inline-block;width:5.57px"> </div>and, in </div><div id="a638" style="position:absolute;font-family:'Calibri';left:142.59px;top:214px;">the singular, means any of them. </div><div id="a641" style="position:absolute;font-family:'Calibri';left:142.59px;top:248px;">"</div><div id="a642" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:248px;">Agency and<div style="display:inline-block;width:1.59px"> </div>Trust Deed</div><div id="a643" style="position:absolute;font-family:'Calibri';left:286.47px;top:248px;">" means<div style="display:inline-block;width:1.55px"> </div>the agency<div style="display:inline-block;width:1.76px"> </div>and trust<div style="display:inline-block;width:1.52px"> </div>deed dated<div style="display:inline-block;width:1.84px"> </div>the same<div style="display:inline-block;width:1.59px"> </div>date as<div style="display:inline-block;width:1.76px"> </div>this Agreement </div><div id="a644" style="position:absolute;font-family:'Calibri';left:142.59px;top:266px;">and made between the same parties. </div><div id="a647" style="position:absolute;font-family:'Calibri';left:142.59px;top:300px;">"</div><div id="a648" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:300px;">Agent</div><div id="a649" style="position:absolute;font-family:'Calibri';left:184.83px;top:300px;">"<div style="display:inline-block;width:5.94px"> </div>means<div style="display:inline-block;width:5.98px"> </div>Nordea<div style="display:inline-block;width:6.1px"> </div>Bank<div style="display:inline-block;width:5.88px"> </div>Abp,<div style="display:inline-block;width:5.94px"> </div>filial<div style="display:inline-block;width:5.98px"> </div>i<div style="display:inline-block;width:6.06px"> </div>Norge,<div style="display:inline-block;width:6.31px"> </div>acting<div style="display:inline-block;width:5.83px"> </div>in<div style="display:inline-block;width:6.01px"> </div>such<div style="display:inline-block;width:5.99px"> </div>capacity<div style="display:inline-block;width:6.07px"> </div>through<div style="display:inline-block;width:6.04px"> </div>its<div style="display:inline-block;width:6.09px"> </div>office<div style="display:inline-block;width:6.15px"> </div>at </div><div id="a652" style="position:absolute;font-family:'Calibri';left:142.59px;top:318px;">Essendrops<div style="display:inline-block;width:7.47px"> </div>gate<div style="display:inline-block;width:7.77px"> </div>7,<div style="display:inline-block;width:7.27px"> </div>Postboks<div style="display:inline-block;width:7.76px"> </div>1166,<div style="display:inline-block;width:7.23px"> </div>Sentrum,<div style="display:inline-block;width:7.17px"> </div>0107<div style="display:inline-block;width:7.28px"> </div>Oslo,<div style="display:inline-block;width:7.58px"> </div>920058817<div style="display:inline-block;width:7.09px"> </div>MVA,<div style="display:inline-block;width:7.66px"> </div>Norway,<div style="display:inline-block;width:8.54px"> </div>or<div style="display:inline-block;width:7.43px"> </div>any </div><div id="a661" style="position:absolute;font-family:'Calibri';left:142.59px;top:336px;">successor of it appointed under clause 5 of the Agency and Trust Deed. </div><div id="a664" style="position:absolute;font-family:'Calibri';left:142.59px;top:370px;">"</div><div id="a665" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:370px;">Agreed Form</div><div id="a666" style="position:absolute;font-family:'Calibri';left:226.75px;top:370px;">" means in<div style="display:inline-block;width:1.35px"> </div>relation to any<div style="display:inline-block;width:1.9px"> </div>document, that<div style="display:inline-block;width:1.83px"> </div>document in the<div style="display:inline-block;width:1.34px"> </div>form approved in<div style="display:inline-block;width:1.84px"> </div>writing </div><div id="a667" style="position:absolute;font-family:'Calibri';left:142.59px;top:387px;">by the Agent<div style="display:inline-block;width:1.94px"> </div>(acting on<div style="display:inline-block;width:1.91px"> </div>the instructions of<div style="display:inline-block;width:1.69px"> </div>all the Lenders)<div style="display:inline-block;width:1.42px"> </div>or as otherwise<div style="display:inline-block;width:1.46px"> </div>approved in accordance </div><div id="a668" style="position:absolute;font-family:'Calibri';left:142.59px;top:405px;">with any other approval procedure specified in any relevant provision of any Finance Document. </div><div id="a672" style="position:absolute;font-family:'Calibri';left:142.59px;top:439px;">"</div><div id="a673" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:439px;">Annex VI</div><div id="a674" style="position:absolute;font-family:'Calibri';left:204.19px;top:439px;">" means<div style="display:inline-block;width:5.23px"> </div>Annex VI<div style="display:inline-block;width:5.23px"> </div>of the<div style="display:inline-block;width:5.23px"> </div>Protocol<div style="display:inline-block;width:4.67px"> </div>of 1997<div style="display:inline-block;width:5.14px"> </div>to amend<div style="display:inline-block;width:5.4px"> </div>the International<div style="display:inline-block;width:5.19px"> </div>Convention<div style="display:inline-block;width:4.79px"> </div>for </div><div id="a677" style="position:absolute;font-family:'Calibri';left:142.59px;top:457px;">the Prevention of Pollution<div style="display:inline-block;width:1.94px"> </div>from Ships 1973 (Marpol),<div style="display:inline-block;width:1.49px"> </div>as modified by<div style="display:inline-block;width:1.93px"> </div>the Protocol of 1978<div style="display:inline-block;width:1.72px"> </div>relating </div><div id="a678" style="position:absolute;font-family:'Calibri';left:142.59px;top:475px;">thereto. </div><div id="a680" style="position:absolute;font-family:'Calibri';left:142.59px;top:509px;">"</div><div id="a681" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:509px;">Arorae</div><div id="a682" style="position:absolute;font-family:'Calibri';left:190.43px;top:509px;">" means Arorae Shipping<div style="display:inline-block;width:1.21px"> </div>Company Inc., a corporation<div style="display:inline-block;width:1.83px"> </div>incorporated and existing under<div style="display:inline-block;width:1.95px"> </div>the </div><div id="a684" style="position:absolute;font-family:'Calibri';left:142.59px;top:527px;">laws<div style="display:inline-block;width:6.64px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Republic<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Marshall<div style="display:inline-block;width:6.59px"> </div>Islands<div style="display:inline-block;width:6.24px"> </div>whose<div style="display:inline-block;width:6.18px"> </div>registered<div style="display:inline-block;width:6.95px"> </div>address<div style="display:inline-block;width:6.51px"> </div>is<div style="display:inline-block;width:6.38px"> </div>at<div style="display:inline-block;width:6.39px"> </div>Trust<div style="display:inline-block;width:7.47px"> </div>Company </div><div id="a687" style="position:absolute;font-family:'Calibri';left:142.59px;top:545px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a690" style="position:absolute;font-family:'Calibri';left:142.59px;top:579px;">"</div><div id="a691" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:579px;">Approved<div style="display:inline-block;width:5.02px"> </div>Broker</div><div id="a692" style="position:absolute;font-family:'Calibri';left:254.47px;top:579px;">"<div style="display:inline-block;width:4.82px"> </div>means<div style="display:inline-block;width:4.7px"> </div>Arrow<div style="display:inline-block;width:5.15px"> </div>Sale<div style="display:inline-block;width:4.76px"> </div>&<div style="display:inline-block;width:4.84px"> </div>Purchase<div style="display:inline-block;width:5.02px"> </div>(UK)<div style="display:inline-block;width:4.7px"> </div>Limited,<div style="display:inline-block;width:5.07px"> </div>Breamar<div style="display:inline-block;width:4.9px"> </div>Seascope<div style="display:inline-block;width:4.82px"> </div>Limited,<div style="display:inline-block;width:4.91px"> </div>H. </div><div id="a693" style="position:absolute;font-family:'Calibri';left:142.59px;top:597px;">Clarkson<div style="display:inline-block;width:6.86px"> </div>&<div style="display:inline-block;width:6.76px"> </div>Company<div style="display:inline-block;width:6.76px"> </div>Limited,<div style="display:inline-block;width:6.83px"> </div>Fearnleys<div style="display:inline-block;width:7px"> </div>AS,<div style="display:inline-block;width:6.49px"> </div>Maersk<div style="display:inline-block;width:7.07px"> </div>Brokers<div style="display:inline-block;width:7.48px"> </div>K.S.,<div style="display:inline-block;width:6.8px"> </div>Simpson<div style="display:inline-block;width:6.62px"> </div>Spence<div style="display:inline-block;width:6.5px"> </div>&<div style="display:inline-block;width:6.76px"> </div>Young </div><div id="a694" style="position:absolute;font-family:'Calibri';left:142.59px;top:615px;">(London)<div style="display:inline-block;width:7.12px"> </div>Ltd.<div style="display:inline-block;width:7.47px"> </div>and<div style="display:inline-block;width:7.08px"> </div>VesselsValue.Com<div style="display:inline-block;width:8.45px"> </div>or<div style="display:inline-block;width:7.27px"> </div>any<div style="display:inline-block;width:7.31px"> </div>other<div style="display:inline-block;width:6.96px"> </div>any<div style="display:inline-block;width:7.47px"> </div>reputable<div style="display:inline-block;width:7.31px"> </div>sale<div style="display:inline-block;width:7.05px"> </div>and<div style="display:inline-block;width:7.08px"> </div>purchase<div style="display:inline-block;width:7.13px"> </div>broker </div><div id="a695" style="position:absolute;font-family:'Calibri';left:142.59px;top:632px;">approved and appointed by the Agent subject to the prior written consent of the Borrowers. </div><div id="a699" style="position:absolute;font-family:'Calibri';left:142.59px;top:666px;">"</div><div id="a700" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:666px;">Approved<div style="display:inline-block;width:4.7px"> </div>Flag</div><div id="a701" style="position:absolute;font-family:'Calibri';left:237.47px;top:666px;">" means<div style="display:inline-block;width:5.23px"> </div>the Marshall<div style="display:inline-block;width:5.51px"> </div>Islands flag<div style="display:inline-block;width:5.06px"> </div>or any<div style="display:inline-block;width:5.48px"> </div>other flag<div style="display:inline-block;width:5.3px"> </div>that the<div style="display:inline-block;width:5.45px"> </div>Agent may<div style="display:inline-block;width:5.74px"> </div>approve </div><div id="a702" style="position:absolute;font-family:'Calibri';left:142.59px;top:684px;">that the Ship is registered (such approval not to be unreasonably withheld or delayed).<div style="display:inline-block;width:3.18px"> </div></div><div id="a707" style="position:absolute;font-family:'Calibri';left:142.59px;top:718px;">"</div><div id="a708" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:718px;">Approved Flag State</div><div id="a709" style="position:absolute;font-family:'Calibri';left:271.27px;top:718px;">" means the Republic of the Marshall Islands or any other<div style="display:inline-block;width:1.93px"> </div>state in which the </div><div id="a710" style="position:absolute;font-family:'Calibri';left:142.59px;top:736px;">Agent may,<div style="display:inline-block;width:5.51px"> </div>at the request of<div style="display:inline-block;width:4.67px"> </div>the Borrowers, approve<div style="display:inline-block;width:4.81px"> </div>that a Ship is<div style="display:inline-block;width:4.67px"> </div>registered (such approval<div style="display:inline-block;width:4.89px"> </div>not </div><div id="a711" style="position:absolute;font-family:'Calibri';left:142.59px;top:754px;">to be unreasonably withheld or delayed). </div><div id="a714" style="position:absolute;font-family:'Calibri';left:142.59px;top:788px;">"</div><div id="a715" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:788px;">Approved Manager</div><div id="a716" style="position:absolute;font-family:'Calibri';left:266.63px;top:788px;">" means, in relation to each Ship:<div style="display:inline-block;width:2.83px"> </div></div><div id="a722" style="position:absolute;font-family:'Calibri';left:142.59px;top:822px;">(a)</div><div id="a724" style="position:absolute;font-family:'Calibri';left:190.59px;top:822px;">Diana<div style="display:inline-block;width:5.73px"> </div>Shipping<div style="display:inline-block;width:5.42px"> </div>Services<div style="display:inline-block;width:5.71px"> </div>S.A.,<div style="display:inline-block;width:5.28px"> </div>a<div style="display:inline-block;width:5.75px"> </div>company<div style="display:inline-block;width:6.11px"> </div>incorporated<div style="display:inline-block;width:6.18px"> </div>and<div style="display:inline-block;width:5.64px"> </div>existing<div style="display:inline-block;width:6.1px"> </div>under<div style="display:inline-block;width:5.62px"> </div>the<div style="display:inline-block;width:5.61px"> </div>laws<div style="display:inline-block;width:6px"> </div>of </div><div id="a725" style="position:absolute;font-family:'Calibri';left:190.59px;top:840px;">Panama having its<div style="display:inline-block;width:4.76px"> </div>registered office at<div style="display:inline-block;width:5px"> </div>Edificio Universal, Piso 12,<div style="display:inline-block;width:4.8px"> </div>Avenida Federico Boyd, </div><div id="a726" style="position:absolute;font-family:'Calibri';left:190.59px;top:858px;">Panama, Republic of<div style="display:inline-block;width:4.8px"> </div>Panama and maintaining<div style="display:inline-block;width:4.79px"> </div>offices at 16<div style="display:inline-block;width:4.8px"> </div>& 18 Pendelis<div style="display:inline-block;width:4.68px"> </div>Street, 175 64, </div><div id="a734" style="position:absolute;font-family:'Calibri';left:190.59px;top:876px;">Palaio Faliro, Greece; or </div><div id="a739" style="position:absolute;font-family:'Calibri';left:142.59px;top:909px;">(b)</div><div id="a741" style="position:absolute;font-family:'Calibri';left:190.59px;top:909px;">in relation to any Ship in respect of which the<div style="display:inline-block;width:1.75px"> </div>relevant Borrower exercises its rights<div style="display:inline-block;width:3.69px"> </div>under </div><div id="a744" style="position:absolute;font-family:'Calibri';left:190.59px;top:927px;">Clause </div><div id="a746" style="position:absolute;font-family:'Calibri';left:233.31px;top:927px;"><a href="#a7311" style="color:#000000;text-decoration:none;">14.24</a></div><div id="a747" style="position:absolute;font-family:'Calibri';left:266.95px;top:927px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a749" style="position:absolute;font-family:'Calibri';font-style:italic;left:275.11px;top:927px;">Change of Approved Manager</div><div id="a750" style="position:absolute;font-family:'Calibri';left:454.97px;top:927px;">), Diana Wilhelmsen Management Limited,<div style="display:inline-block;width:4.73px"> </div>a </div></div>
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<div id="a754" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">company<div style="display:inline-block;width:4.83px"> </div>incorporated<div style="display:inline-block;width:5.06px"> </div>and existing<div style="display:inline-block;width:5.86px"> </div>under the<div style="display:inline-block;width:5.51px"> </div>laws of<div style="display:inline-block;width:5.78px"> </div>the Republic<div style="display:inline-block;width:5.76px"> </div>of Cyprus<div style="display:inline-block;width:5.47px"> </div>having<div style="display:inline-block;width:4.77px"> </div>its </div><div id="a755" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">registered office<div style="display:inline-block;width:5.29px"> </div>at 21 Vasili<div style="display:inline-block;width:5.86px"> </div>Michailidi Street, 3026<div style="display:inline-block;width:5.16px"> </div>Limassol, Cyprus and<div style="display:inline-block;width:4.96px"> </div>maintaining an </div><div id="a758" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">office at 350 Syngrou Avenue, Kalithea, Greece; or </div><div id="a762" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">(c)</div><div id="a764" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">any other company which the Agent may,<div style="display:inline-block;width:5.02px"> </div>with the authorisation of the Lenders, approve </div><div id="a765" style="position:absolute;font-family:'Calibri';left:190.59px;top:182px;">from<div style="display:inline-block;width:6.93px"> </div>time<div style="display:inline-block;width:6.53px"> </div>to<div style="display:inline-block;width:6.81px"> </div>time<div style="display:inline-block;width:6.69px"> </div>as<div style="display:inline-block;width:6.55px"> </div>the<div style="display:inline-block;width:6.57px"> </div>technical<div style="display:inline-block;width:6.94px"> </div>and/or<div style="display:inline-block;width:6.67px"> </div>commercial<div style="display:inline-block;width:6.83px"> </div>manager<div style="display:inline-block;width:6.66px"> </div>of<div style="display:inline-block;width:6.63px"> </div>each<div style="display:inline-block;width:6.71px"> </div>Ship<div style="display:inline-block;width:6.39px"> </div>(such </div><div id="a766" style="position:absolute;font-family:'Calibri';left:190.59px;top:200px;">approval not to be unreasonably withheld or delayed). </div><div id="a770" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">"</div><div id="a771" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:234px;">Article<div style="display:inline-block;width:5.06px"> </div>55<div style="display:inline-block;width:5.08px"> </div>BRRD</div><div id="a772" style="position:absolute;font-family:'Calibri';left:247.55px;top:234px;">"<div style="display:inline-block;width:5.14px"> </div>means<div style="display:inline-block;width:4.86px"> </div>Article<div style="display:inline-block;width:5.12px"> </div>55<div style="display:inline-block;width:5.08px"> </div>of<div style="display:inline-block;width:5.03px"> </div>Directive<div style="display:inline-block;width:5.34px"> </div>2014/59/EU<div style="display:inline-block;width:4.83px"> </div>establishing<div style="display:inline-block;width:5.26px"> </div>a<div style="display:inline-block;width:5.11px"> </div>framework<div style="display:inline-block;width:5.36px"> </div>for<div style="display:inline-block;width:5.32px"> </div>the </div><div id="a773" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">recovery and resolution of credit institutions and investment firms. </div><div id="a775" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">"</div><div id="a776" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:286px;">Authorisation</div><div id="a777" style="position:absolute;font-family:'Calibri';left:232.51px;top:286px;">" means an authorisation, consent, approval, resolution, licence,<div style="display:inline-block;width:1.65px"> </div>exemption, filing, </div><div id="a780" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">notarisation, legalisation or registration. </div><div id="a782" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">"</div><div id="a783" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:338px;">Availability Period</div><div id="a784" style="position:absolute;font-family:'Calibri';left:259.43px;top:338px;">" means the<div style="display:inline-block;width:1.43px"> </div>period commencing<div style="display:inline-block;width:1.86px"> </div>on the date<div style="display:inline-block;width:1.68px"> </div>of this Agreement<div style="display:inline-block;width:1.77px"> </div>and ending<div style="display:inline-block;width:1.96px"> </div>on: </div><div id="a788" style="position:absolute;font-family:'Calibri';left:142.59px;top:371px;">(a)</div><div id="a790" style="position:absolute;font-family:'Calibri';left:190.59px;top:371px;">8 August 2024 (or<div style="display:inline-block;width:1.64px"> </div>such later date as the<div style="display:inline-block;width:1.62px"> </div>Agent may, with the authorisation of<div style="display:inline-block;width:1.84px"> </div>the Lenders, </div><div id="a793" style="position:absolute;font-family:'Calibri';left:190.59px;top:389px;">agree with the Borrowers); or </div><div id="a796" style="position:absolute;font-family:'Calibri';left:142.59px;top:423px;">(b)</div><div id="a798" style="position:absolute;font-family:'Calibri';left:190.59px;top:423px;">if<div style="display:inline-block;width:5.57px"> </div>earlier,<div style="display:inline-block;width:6.71px"> </div>the<div style="display:inline-block;width:5.45px"> </div>date<div style="display:inline-block;width:5.58px"> </div>on<div style="display:inline-block;width:5.62px"> </div>which<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Total<div style="display:inline-block;width:7.03px"> </div>Commitments<div style="display:inline-block;width:5.27px"> </div>are<div style="display:inline-block;width:5.65px"> </div>fully<div style="display:inline-block;width:5.55px"> </div>borrowed,<div style="display:inline-block;width:5.65px"> </div>cancelled<div style="display:inline-block;width:5.35px"> </div>or </div><div id="a799" style="position:absolute;font-family:'Calibri';left:190.59px;top:441px;">terminated. </div><div id="a802" style="position:absolute;font-family:'Calibri';left:142.59px;top:475px;">"</div><div id="a803" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:475px;">Bail-In Action</div><div id="a806" style="position:absolute;font-family:'Calibri';left:230.27px;top:475px;">" means the exercise of any Write-down and Conversion Powers. </div><div id="a812" style="position:absolute;font-family:'Calibri';left:142.59px;top:509px;">"</div><div id="a813" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:509px;">Bail-In Legislation</div><div id="a816" style="position:absolute;font-family:'Calibri';left:256.07px;top:509px;">" means: </div><div id="a818" style="position:absolute;font-family:'Calibri';left:142.59px;top:543px;">(a)</div><div id="a820" style="position:absolute;font-family:'Calibri';left:190.59px;top:543px;">in<div style="display:inline-block;width:5.37px"> </div>relation<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:5.53px"> </div>an<div style="display:inline-block;width:5.22px"> </div>EEA<div style="display:inline-block;width:5.43px"> </div>Member<div style="display:inline-block;width:5.26px"> </div>Country<div style="display:inline-block;width:5.22px"> </div>which<div style="display:inline-block;width:5.37px"> </div>has<div style="display:inline-block;width:5.38px"> </div>implemented,<div style="display:inline-block;width:5.2px"> </div>or<div style="display:inline-block;width:5.35px"> </div>which<div style="display:inline-block;width:5.37px"> </div>at<div style="display:inline-block;width:5.28px"> </div>any<div style="display:inline-block;width:5.71px"> </div>time </div><div id="a821" style="position:absolute;font-family:'Calibri';left:190.59px;top:561px;">implements, Article 55 BRRD, the relevant implementing<div style="display:inline-block;width:1.89px"> </div>law or regulation as described in </div><div id="a822" style="position:absolute;font-family:'Calibri';left:190.59px;top:579px;">the EU Bail-In Legislation Schedule from time to time;<div style="display:inline-block;width:2.72px"> </div></div><div id="a826" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">(b)</div><div id="a828" style="position:absolute;font-family:'Calibri';left:190.59px;top:613px;">in relation to any state other than such<div style="display:inline-block;width:1.82px"> </div>an EEA Member Country and<div style="display:inline-block;width:1.61px"> </div>the United Kingdom, </div><div id="a829" style="position:absolute;font-family:'Calibri';left:190.59px;top:631px;">any analogous law or regulation from time<div style="display:inline-block;width:1.77px"> </div>to time which requires contractual recognition </div><div id="a830" style="position:absolute;font-family:'Calibri';left:190.59px;top:648px;">of any Write-down and Conversion Powers contained<div style="display:inline-block;width:4.77px"> </div>in that law or regulation; and </div><div id="a834" style="position:absolute;font-family:'Calibri';left:142.59px;top:682px;">in relation to the United Kingdom, the UK Bail</div><div id="a835" style="position:absolute;font-family:'Calibri';left:414.95px;top:682px;">-In Legislation. </div><div id="a839" style="position:absolute;font-family:'Calibri';left:142.59px;top:716px;">"</div><div id="a840" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:716px;">Balloon<div style="display:inline-block;width:7.45px"> </div>Instalment</div><div id="a841" style="position:absolute;font-family:'Calibri';left:268.39px;top:716px;">"<div style="display:inline-block;width:7.54px"> </div>means<div style="display:inline-block;width:7.42px"> </div>any<div style="display:inline-block;width:7.79px"> </div>balloon<div style="display:inline-block;width:7.52px"> </div>instalment<div style="display:inline-block;width:7.71px"> </div>referred<div style="display:inline-block;width:8.25px"> </div>to<div style="display:inline-block;width:7.77px"> </div>in<div style="display:inline-block;width:7.61px"> </div>Clause<div style="display:inline-block;width:7.31px"> </div>8.1<div style="display:inline-block;width:7.6px"> </div>(</div><div id="a842" style="position:absolute;font-family:'Calibri';font-style:italic;left:654.53px;top:716px;">Amount<div style="display:inline-block;width:7.56px"> </div>of </div><div id="a843" style="position:absolute;font-family:'Calibri';font-style:italic;left:142.59px;top:734px;">repayment instalments</div><div id="a844" style="position:absolute;font-family:'Calibri';left:280.07px;top:734px;">). </div><div id="a846" style="position:absolute;font-family:'Calibri';left:142.59px;top:768px;">"</div><div id="a847" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:768px;">Basel III</div><div id="a848" style="position:absolute;font-family:'Calibri';left:195.87px;top:768px;">" means, together: </div><div id="a852" style="position:absolute;font-family:'Calibri';left:142.59px;top:802px;">(a)</div><div id="a854" style="position:absolute;font-family:'Calibri';left:190.59px;top:802px;">the<div style="display:inline-block;width:8.49px"> </div>agreements<div style="display:inline-block;width:8.59px"> </div>on<div style="display:inline-block;width:8.5px"> </div>capital<div style="display:inline-block;width:8.56px"> </div>requirements,<div style="display:inline-block;width:8.87px"> </div>a<div style="display:inline-block;width:8.47px"> </div>leverage<div style="display:inline-block;width:8.89px"> </div>ratio<div style="display:inline-block;width:8.98px"> </div>and<div style="display:inline-block;width:8.36px"> </div>liquidity<div style="display:inline-block;width:8.33px"> </div>standards </div><div id="a855" style="position:absolute;font-family:'Calibri';left:190.59px;top:820px;">contained in "Basel<div style="display:inline-block;width:1.42px"> </div>III: A<div style="display:inline-block;width:1.89px"> </div>global regulatory framework<div style="display:inline-block;width:1.64px"> </div>for more resilient<div style="display:inline-block;width:1.76px"> </div>banks and<div style="display:inline-block;width:1.72px"> </div>banking </div><div id="a858" style="position:absolute;font-family:'Calibri';left:190.59px;top:838px;">systems",<div style="display:inline-block;width:5.92px"> </div>"Basel<div style="display:inline-block;width:5.02px"> </div>III:<div style="display:inline-block;width:5.1px"> </div>International<div style="display:inline-block;width:5.3px"> </div>framework<div style="display:inline-block;width:5.36px"> </div>for<div style="display:inline-block;width:5.32px"> </div>liquidity<div style="display:inline-block;width:4.97px"> </div>risk<div style="display:inline-block;width:4.96px"> </div>measurement,<div style="display:inline-block;width:5.15px"> </div>standards </div><div id="a863" style="position:absolute;font-family:'Calibri';left:190.59px;top:856px;">and<div style="display:inline-block;width:5.96px"> </div>monitoring"<div style="display:inline-block;width:6.02px"> </div>and<div style="display:inline-block;width:5.96px"> </div>"Guidance<div style="display:inline-block;width:5.79px"> </div>for<div style="display:inline-block;width:6.28px"> </div>national<div style="display:inline-block;width:6px"> </div>authorities<div style="display:inline-block;width:5.61px"> </div>operating<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:5.93px"> </div>countercyclical </div><div id="a869" style="position:absolute;font-family:'Calibri';left:190.59px;top:874px;">capital<div style="display:inline-block;width:5.2px"> </div>buffer"<div style="display:inline-block;width:5.39px"> </div>published by<div style="display:inline-block;width:6.24px"> </div>the Basel<div style="display:inline-block;width:6.13px"> </div>Committee<div style="display:inline-block;width:4.87px"> </div>on<div style="display:inline-block;width:4.82px"> </div>Banking<div style="display:inline-block;width:4.8px"> </div>Supervision in<div style="display:inline-block;width:5.84px"> </div>December </div><div id="a873" style="position:absolute;font-family:'Calibri';left:190.59px;top:892px;">2010, each as amended, supplemented or restated; </div><div id="a875" style="position:absolute;font-family:'Calibri';left:142.59px;top:925px;">(b)</div><div id="a877" style="position:absolute;font-family:'Calibri';left:190.59px;top:925px;">the<div style="display:inline-block;width:7.53px"> </div>rules<div style="display:inline-block;width:7.31px"> </div>for<div style="display:inline-block;width:7.72px"> </div>global<div style="display:inline-block;width:7.29px"> </div>systemically<div style="display:inline-block;width:7.94px"> </div>important<div style="display:inline-block;width:7.59px"> </div>banks<div style="display:inline-block;width:7.25px"> </div>contained<div style="display:inline-block;width:7.77px"> </div>in<div style="display:inline-block;width:7.51px"> </div>"Global<div style="display:inline-block;width:7.23px"> </div>systemically </div><div id="a880" style="position:absolute;font-family:'Calibri';left:190.59px;top:943px;">important<div style="display:inline-block;width:11.43px"> </div>banks:<div style="display:inline-block;width:11.31px"> </div>assessment<div style="display:inline-block;width:10.99px"> </div>methodology<div style="display:inline-block;width:11.22px"> </div>and<div style="display:inline-block;width:11.08px"> </div>the<div style="display:inline-block;width:11.21px"> </div>additional<div style="display:inline-block;width:11.07px"> </div>loss<div style="display:inline-block;width:11.1px"> </div>absorbency </div></div>
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<div id="a883" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">requirement </div><div id="a884" style="position:absolute;font-family:'Calibri';left:270.63px;top:94px;">- Rules<div style="display:inline-block;width:5.9px"> </div>text"<div style="display:inline-block;width:4.77px"> </div>published by<div style="display:inline-block;width:5.76px"> </div>the Basel<div style="display:inline-block;width:5.97px"> </div>Committee<div style="display:inline-block;width:4.87px"> </div>on<div style="display:inline-block;width:4.66px"> </div>Banking Supervision<div style="display:inline-block;width:5.43px"> </div>in </div><div id="a890" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">November 2011, as amended, supplemented or restated; and </div><div id="a892" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">(c)</div><div id="a894" style="position:absolute;font-family:'Calibri';left:190.59px;top:146px;">any<div style="display:inline-block;width:8.27px"> </div>further<div style="display:inline-block;width:7.92px"> </div>guidance<div style="display:inline-block;width:7.81px"> </div>or<div style="display:inline-block;width:7.91px"> </div>standards<div style="display:inline-block;width:8.39px"> </div>published<div style="display:inline-block;width:7.73px"> </div>by<div style="display:inline-block;width:8.08px"> </div>the<div style="display:inline-block;width:8.01px"> </div>Basel<div style="display:inline-block;width:8px"> </div>Committee<div style="display:inline-block;width:8.07px"> </div>on<div style="display:inline-block;width:8.02px"> </div>Banking </div><div id="a895" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">Supervision relating to "Basel III". </div><div id="a901" style="position:absolute;font-family:'Calibri';left:142.59px;top:198px;">"</div><div id="a902" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:198px;">Beru</div><div id="a903" style="position:absolute;font-family:'Calibri';left:177.31px;top:198px;">" means<div style="display:inline-block;width:1.55px"> </div>Beru Shipping<div style="display:inline-block;width:1.41px"> </div>Company Inc.,<div style="display:inline-block;width:1.9px"> </div>a corporation<div style="display:inline-block;width:1.98px"> </div>incorporated and existing<div style="display:inline-block;width:1.58px"> </div>under the<div style="display:inline-block;width:1.67px"> </div>laws </div><div id="a905" style="position:absolute;font-family:'Calibri';left:142.59px;top:216px;">of the<div style="display:inline-block;width:5.39px"> </div>Republic of<div style="display:inline-block;width:5.34px"> </div>the Marshall<div style="display:inline-block;width:5.19px"> </div>Islands whose<div style="display:inline-block;width:5.25px"> </div>registered<div style="display:inline-block;width:4.71px"> </div>address is<div style="display:inline-block;width:5.4px"> </div>at Trust<div style="display:inline-block;width:6.54px"> </div>Company Complex, </div><div id="a907" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a910" style="position:absolute;font-family:'Calibri';left:142.59px;top:268px;">"</div><div id="a911" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:268px;">Bonriki</div><div id="a912" style="position:absolute;font-family:'Calibri';left:192.03px;top:268px;">" means<div style="display:inline-block;width:5.87px"> </div>Bonriki Shipping<div style="display:inline-block;width:5.29px"> </div>Company<div style="display:inline-block;width:5px"> </div>Inc., a<div style="display:inline-block;width:5.85px"> </div>corporation<div style="display:inline-block;width:5px"> </div>incorporated<div style="display:inline-block;width:5.17px"> </div>and existing<div style="display:inline-block;width:6.02px"> </div>under </div><div id="a914" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">the laws<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Republic<div style="display:inline-block;width:5.92px"> </div>of the<div style="display:inline-block;width:5.87px"> </div>Marshall<div style="display:inline-block;width:4.83px"> </div>Islands whose<div style="display:inline-block;width:5.57px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>address<div style="display:inline-block;width:4.75px"> </div>is at<div style="display:inline-block;width:5.93px"> </div>Trust<div style="display:inline-block;width:5.71px"> </div>Company </div><div id="a916" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a919" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">"</div><div id="a920" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:338px;">Bookrunner</div><div id="a921" style="position:absolute;font-family:'Calibri';left:220.99px;top:338px;">" means Nordea Bank Abp,<div style="display:inline-block;width:4.72px"> </div>filial i Norge, acting in<div style="display:inline-block;width:4.68px"> </div>such capacity through its office<div style="display:inline-block;width:4.87px"> </div>at </div><div id="a924" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">Essendrops gate 7, Postboks 1166,<div style="display:inline-block;width:4.12px"> </div>Sentrum, 0107 Oslo,<div style="display:inline-block;width:2.96px"> </div>920058817 MVA,<div style="display:inline-block;width:3.81px"> </div>Norway.<div style="display:inline-block;width:4.3px"> </div></div><div id="a936" style="position:absolute;font-family:'Calibri';left:142.59px;top:389px;">"</div><div id="a937" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:389px;">Borrower</div><div id="a938" style="position:absolute;font-family:'Calibri';left:206.59px;top:389px;">" means<div style="display:inline-block;width:5.39px"> </div>each of<div style="display:inline-block;width:5.36px"> </div>Manra,<div style="display:inline-block;width:4.76px"> </div>Jabwot, Arorae,<div style="display:inline-block;width:5.98px"> </div>Tamana,<div style="display:inline-block;width:5.5px"> </div>Beru, Bonriki,<div style="display:inline-block;width:5.29px"> </div>Taongi,<div style="display:inline-block;width:5.29px"> </div>Ejite,<div style="display:inline-block;width:9.02px"> </div>Guam </div><div id="a939" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">and Palau and in the plural means, all of them. </div><div id="a942" style="position:absolute;font-family:'Calibri';left:142.59px;top:441px;">"</div><div id="a943" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:441px;">Break Costs</div><div id="a944" style="position:absolute;font-family:'Calibri';left:219.39px;top:441px;">" means the amount (if any) by which: </div><div id="a948" style="position:absolute;font-family:'Calibri';left:142.59px;top:475px;">(a)</div><div id="a950" style="position:absolute;font-family:'Calibri';left:190.59px;top:475px;">the interest which<div style="display:inline-block;width:4.87px"> </div>a Lender should have<div style="display:inline-block;width:4.74px"> </div>received for the period<div style="display:inline-block;width:4.9px"> </div>from the date<div style="display:inline-block;width:4.69px"> </div>of receipt </div><div id="a952" style="position:absolute;font-family:'Calibri';left:190.59px;top:493px;">of all<div style="display:inline-block;width:4.69px"> </div>or any<div style="display:inline-block;width:4.84px"> </div>part of<div style="display:inline-block;width:4.69px"> </div>its participation in<div style="display:inline-block;width:5.01px"> </div>the Loan or<div style="display:inline-block;width:5.17px"> </div>an Unpaid Sum<div style="display:inline-block;width:4.91px"> </div>to the<div style="display:inline-block;width:4.93px"> </div>last day<div style="display:inline-block;width:4.79px"> </div>of the </div><div id="a953" style="position:absolute;font-family:'Calibri';left:190.59px;top:511px;">current Interest Period in<div style="display:inline-block;width:1.88px"> </div>relation to the<div style="display:inline-block;width:1.65px"> </div>Loan, the relevant<div style="display:inline-block;width:1.96px"> </div>part of<div style="display:inline-block;width:1.97px"> </div>the Loan or<div style="display:inline-block;width:1.49px"> </div>that Unpaid </div><div id="a954" style="position:absolute;font-family:'Calibri';left:190.59px;top:529px;">Sum, had the principal amount or Unpaid Sum<div style="display:inline-block;width:4.75px"> </div>received been paid on the last<div style="display:inline-block;width:4.71px"> </div>day of that </div><div id="a956" style="position:absolute;font-family:'Calibri';left:190.59px;top:547px;">Interest Period </div><div id="a958" style="position:absolute;font-family:'Calibri';left:189.15px;top:581px;">exceeds </div><div id="a960" style="position:absolute;font-family:'Calibri';left:142.59px;top:615px;">(b)</div><div id="a962" style="position:absolute;font-family:'Calibri';left:190.59px;top:615px;">the amount which that Lender would be able<div style="display:inline-block;width:1.69px"> </div>to obtain by placing an amount equal to<div style="display:inline-block;width:1.99px"> </div>the </div><div id="a963" style="position:absolute;font-family:'Calibri';left:190.59px;top:632px;">principal amount or Unpaid<div style="display:inline-block;width:1.71px"> </div>Sum received by it on<div style="display:inline-block;width:1.79px"> </div>deposit with a<div style="display:inline-block;width:1.99px"> </div>leading bank for a<div style="display:inline-block;width:1.95px"> </div>period </div><div id="a964" style="position:absolute;font-family:'Calibri';left:190.59px;top:650px;">starting on<div style="display:inline-block;width:5.12px"> </div>the Business Day<div style="display:inline-block;width:5.49px"> </div>following receipt<div style="display:inline-block;width:4.87px"> </div>or recovery<div style="display:inline-block;width:5.14px"> </div>and ending on<div style="display:inline-block;width:5.22px"> </div>the last<div style="display:inline-block;width:4.96px"> </div>day of </div><div id="a966" style="position:absolute;font-family:'Calibri';left:190.59px;top:668px;">the current Interest Period. </div><div id="a968" style="position:absolute;font-family:'Calibri';left:142.59px;top:702px;">"</div><div id="a969" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:702px;">Business<div style="display:inline-block;width:5.23px"> </div>Day</div><div id="a970" style="position:absolute;font-family:'Calibri';left:229.79px;top:702px;">"<div style="display:inline-block;width:5.3px"> </div>means<div style="display:inline-block;width:5.34px"> </div>a<div style="display:inline-block;width:5.27px"> </div>day<div style="display:inline-block;width:5.39px"> </div>(other<div style="display:inline-block;width:5.21px"> </div>than<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Saturday<div style="display:inline-block;width:5.63px"> </div>or<div style="display:inline-block;width:5.35px"> </div>Sunday)<div style="display:inline-block;width:5.25px"> </div>on<div style="display:inline-block;width:5.3px"> </div>which<div style="display:inline-block;width:5.37px"> </div>banks<div style="display:inline-block;width:5.33px"> </div>are<div style="display:inline-block;width:5.33px"> </div>open<div style="display:inline-block;width:5.29px"> </div>for </div><div id="a973" style="position:absolute;font-family:'Calibri';left:142.59px;top:720px;">general business in London, Athens and Oslo; and </div><div id="a979" style="position:absolute;font-family:'Calibri';left:142.59px;top:754px;">(a)</div><div id="a981" style="position:absolute;font-family:'Calibri';left:190.59px;top:754px;">New York;<div style="display:inline-block;width:4.54px"> </div>and </div><div id="a984" style="position:absolute;font-family:'Calibri';left:142.59px;top:788px;">(b)</div><div id="a986" style="position:absolute;font-family:'Calibri';left:190.59px;top:788px;">(in relation to the fixing of an interest rate) which is a US Government Securities Business </div><div id="a987" style="position:absolute;font-family:'Calibri';left:190.59px;top:806px;">Day. </div><div id="a990" style="position:absolute;font-family:'Calibri';left:142.59px;top:840px;">"</div><div id="a991" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:840px;">Change of Control</div><div id="a992" style="position:absolute;font-family:'Calibri';left:259.11px;top:840px;">" means the occurrence of<div style="display:inline-block;width:5.18px"> </div>any of the following<div style="display:inline-block;width:5.15px"> </div>acts, events or circumstances </div><div id="a996" style="position:absolute;font-family:'Calibri';left:142.59px;top:858px;">without the prior written consent of the Agent:<div style="display:inline-block;width:3.27px"> </div></div><div id="a999" style="position:absolute;font-family:'Calibri';left:142.59px;top:891px;">(a)</div><div id="a1001" style="position:absolute;font-family:'Calibri';left:190.59px;top:891px;">a change in<div style="display:inline-block;width:4.79px"> </div>the ownership of<div style="display:inline-block;width:4.93px"> </div>any Borrower<div style="display:inline-block;width:4.77px"> </div>from the date<div style="display:inline-block;width:5.06px"> </div>of this Agreement<div style="display:inline-block;width:4.81px"> </div>resulting in </div><div id="a1004" style="position:absolute;font-family:'Calibri';left:190.59px;top:909px;">such<div style="display:inline-block;width:4.71px"> </div>Borrower<div style="display:inline-block;width:4.97px"> </div>not being<div style="display:inline-block;width:5.87px"> </div>a direct<div style="display:inline-block;width:5.97px"> </div>or<div style="display:inline-block;width:4.71px"> </div>indirect<div style="display:inline-block;width:4.76px"> </div>wholly-owned subsidiary<div style="display:inline-block;width:5.41px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the<div style="display:inline-block;width:4.69px"> </div>Corporate </div><div id="a1009" style="position:absolute;font-family:'Calibri';left:190.59px;top:927px;">Guarantor;<div style="display:inline-block;width:3.96px"> </div>and/or </div></div>
</div>
<div style="padding: 7px">
<div id="Page9" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1014" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(b)</div><div id="a1016" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">the Palios<div style="display:inline-block;width:4.95px"> </div>Family (either<div style="display:inline-block;width:4.67px"> </div>directly or indirectly<div style="display:inline-block;width:5.16px"> </div>through companies<div style="display:inline-block;width:4.67px"> </div>legally and beneficially </div><div id="a1017" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">owned)<div style="display:inline-block;width:5.56px"> </div>ceases<div style="display:inline-block;width:5.52px"> </div>to<div style="display:inline-block;width:5.53px"> </div>own<div style="display:inline-block;width:5.72px"> </div>at<div style="display:inline-block;width:5.6px"> </div>least<div style="display:inline-block;width:5.8px"> </div>12.5<div style="display:inline-block;width:5.58px"> </div>per<div style="display:inline-block;width:5.41px"> </div>cent.<div style="display:inline-block;width:5.57px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>common<div style="display:inline-block;width:5.52px"> </div>stock<div style="display:inline-block;width:5.9px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.56px"> </div>Corporate </div><div id="a1019" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">Guarantor;<div style="display:inline-block;width:4px"> </div>and/or </div><div id="a1025" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">(c)</div><div id="a1027" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">the Palios<div style="display:inline-block;width:4.95px"> </div>Family (either<div style="display:inline-block;width:4.67px"> </div>directly or indirectly<div style="display:inline-block;width:5.16px"> </div>through companies<div style="display:inline-block;width:4.67px"> </div>legally and beneficially </div><div id="a1028" style="position:absolute;font-family:'Calibri';left:190.59px;top:182px;">owned) ceases<div style="display:inline-block;width:1.99px"> </div>to control at<div style="display:inline-block;width:1.88px"> </div>least 25 per<div style="display:inline-block;width:1.48px"> </div>cent. of<div style="display:inline-block;width:1.99px"> </div>the maximum<div style="display:inline-block;width:1.97px"> </div>number of<div style="display:inline-block;width:1.8px"> </div>votes that might </div><div id="a1029" style="position:absolute;font-family:'Calibri';left:190.59px;top:200px;">be<div style="display:inline-block;width:6.7px"> </div>cast<div style="display:inline-block;width:7.04px"> </div>in<div style="display:inline-block;width:6.49px"> </div>respect<div style="display:inline-block;width:6.65px"> </div>of<div style="display:inline-block;width:6.79px"> </div>any<div style="display:inline-block;width:6.83px"> </div>matter<div style="display:inline-block;width:7.06px"> </div>submitted<div style="display:inline-block;width:6.93px"> </div>to<div style="display:inline-block;width:6.81px"> </div>the<div style="display:inline-block;width:6.41px"> </div>vote<div style="display:inline-block;width:6.91px"> </div>of<div style="display:inline-block;width:6.63px"> </div>the<div style="display:inline-block;width:6.73px"> </div>shareholders<div style="display:inline-block;width:6.73px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the </div><div id="a1031" style="position:absolute;font-family:'Calibri';left:190.59px;top:218px;">Corporate Guarantor;<div style="display:inline-block;width:4.39px"> </div>and/or </div><div id="a1034" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">(d)</div><div id="a1036" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">Semiramis<div style="display:inline-block;width:7.92px"> </div>Paliou<div style="display:inline-block;width:8.09px"> </div>ceases<div style="display:inline-block;width:7.6px"> </div>to<div style="display:inline-block;width:8.09px"> </div>hold<div style="display:inline-block;width:7.63px"> </div>Chief<div style="display:inline-block;width:7.75px"> </div>Executive<div style="display:inline-block;width:8.05px"> </div>Officer<div style="display:inline-block;width:8.02px"> </div>position<div style="display:inline-block;width:7.56px"> </div>in<div style="display:inline-block;width:7.77px"> </div>the<div style="display:inline-block;width:7.69px"> </div>Corporate </div><div id="a1042" style="position:absolute;font-family:'Calibri';left:190.59px;top:270px;">Guarantor and<div style="display:inline-block;width:4.92px"> </div>active role<div style="display:inline-block;width:4.78px"> </div>in the decision making<div style="display:inline-block;width:5.28px"> </div>in respect of<div style="display:inline-block;width:4.95px"> </div>the Corporate<div style="display:inline-block;width:5.03px"> </div>Guarantor; </div><div id="a1046" style="position:absolute;font-family:'Calibri';left:190.59px;top:288px;">and/or </div><div id="a1048" style="position:absolute;font-family:'Calibri';left:142.59px;top:322px;">(e)</div><div id="a1050" style="position:absolute;font-family:'Calibri';left:190.59px;top:322px;">the shares of the Corporate Guarantor cease to be listed<div style="display:inline-block;width:1.96px"> </div>on the New York Stock Exchange </div><div id="a1054" style="position:absolute;font-family:'Calibri';left:190.59px;top:339px;">or any other stock exchange acceptable to the Agent. </div><div id="a1057" style="position:absolute;font-family:'Calibri';left:142.59px;top:373px;">"</div><div id="a1058" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:373px;">Charter</div><div id="a1059" style="position:absolute;font-family:'Calibri';left:194.43px;top:373px;">" means,<div style="display:inline-block;width:4.91px"> </div>in relation<div style="display:inline-block;width:5.28px"> </div>to each<div style="display:inline-block;width:5.23px"> </div>Ship, any<div style="display:inline-block;width:5.3px"> </div>time charter<div style="display:inline-block;width:4.95px"> </div>or other<div style="display:inline-block;width:5.16px"> </div>contract of<div style="display:inline-block;width:5.39px"> </div>employment in </div><div id="a1066" style="position:absolute;font-family:'Calibri';left:142.59px;top:391px;">respect<div style="display:inline-block;width:6.33px"> </div>of<div style="display:inline-block;width:6.15px"> </div>that<div style="display:inline-block;width:6.21px"> </div>Ship<div style="display:inline-block;width:6.11px"> </div>with<div style="display:inline-block;width:6.07px"> </div>a<div style="display:inline-block;width:6.23px"> </div>duration<div style="display:inline-block;width:6.42px"> </div>exceeding<div style="display:inline-block;width:6.45px"> </div>(or<div style="display:inline-block;width:6px"> </div>capable<div style="display:inline-block;width:6.11px"> </div>of<div style="display:inline-block;width:6.15px"> </div>exceeding)<div style="display:inline-block;width:6.53px"> </div>24<div style="display:inline-block;width:6.2px"> </div>months<div style="display:inline-block;width:6.14px"> </div>or<div style="display:inline-block;width:6.15px"> </div>any </div><div id="a1077" style="position:absolute;font-family:'Calibri';left:142.59px;top:409px;">bareboat charter in respect of such Ship and, in the plural, means all of them. </div><div id="a1079" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">"</div><div id="a1080" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:443px;">Charterer</div><div id="a1081" style="position:absolute;font-family:'Calibri';left:206.91px;top:443px;">" means any entity<div style="display:inline-block;width:1.97px"> </div>which has entered into, or<div style="display:inline-block;width:1.98px"> </div>will enter into,<div style="display:inline-block;width:2.54px"> </div>a Charter with a<div style="display:inline-block;width:1.64px"> </div>Borrower </div><div id="a1092" style="position:absolute;font-family:'Calibri';left:142.59px;top:461px;">in respect of the Ship owned by it. </div><div id="a1096" style="position:absolute;font-family:'Calibri';left:142.59px;top:495px;">"</div><div id="a1097" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:495px;">Charterparty Assignment</div><div id="a1098" style="position:absolute;font-family:'Calibri';left:301.99px;top:495px;">" means,<div style="display:inline-block;width:4.91px"> </div>in relation<div style="display:inline-block;width:4.96px"> </div>to each<div style="display:inline-block;width:4.91px"> </div>Charter,<div style="display:inline-block;width:5.56px"> </div>a specific deed<div style="display:inline-block;width:5.27px"> </div>of assignment<div style="display:inline-block;width:4.84px"> </div>of </div><div id="a1099" style="position:absolute;font-family:'Calibri';left:142.59px;top:513px;">the<div style="display:inline-block;width:5.13px"> </div>rights<div style="display:inline-block;width:5.16px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Borrower<div style="display:inline-block;width:5.25px"> </div>who<div style="display:inline-block;width:5.18px"> </div>is<div style="display:inline-block;width:5.1px"> </div>a<div style="display:inline-block;width:5.11px"> </div>party<div style="display:inline-block;width:4.97px"> </div>to<div style="display:inline-block;width:5.21px"> </div>that<div style="display:inline-block;width:5.09px"> </div>Charter<div style="display:inline-block;width:5.09px"> </div>executed<div style="display:inline-block;width:5.64px"> </div>or<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.37px"> </div>be<div style="display:inline-block;width:4.94px"> </div>executed<div style="display:inline-block;width:5.8px"> </div>by<div style="display:inline-block;width:5.04px"> </div>that </div><div id="a1100" style="position:absolute;font-family:'Calibri';left:142.59px;top:531px;">Borrower in favour<div style="display:inline-block;width:1.81px"> </div>of the<div style="display:inline-block;width:1.87px"> </div>Security Trustee in<div style="display:inline-block;width:1.78px"> </div>the Agreed<div style="display:inline-block;width:1.76px"> </div>Form and,<div style="display:inline-block;width:1.99px"> </div>in the<div style="display:inline-block;width:1.73px"> </div>plural, means<div style="display:inline-block;width:1.83px"> </div>all of<div style="display:inline-block;width:1.92px"> </div>them. </div><div id="a1104" style="position:absolute;font-family:'Calibri';left:142.59px;top:565px;">"</div><div id="a1105" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:565px;">Code</div><div id="a1106" style="position:absolute;font-family:'Calibri';left:179.39px;top:565px;">" means the US Internal Revenue Code of 1986. </div><div id="a1112" style="position:absolute;font-family:'Calibri';left:142.59px;top:599px;">"</div><div id="a1113" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:599px;">Commitment</div><div id="a1114" style="position:absolute;font-family:'Calibri';left:228.99px;top:599px;">" means,<div style="display:inline-block;width:4.75px"> </div>in relation<div style="display:inline-block;width:4.8px"> </div>to a<div style="display:inline-block;width:4.75px"> </div>Lender,<div style="display:inline-block;width:5.12px"> </div>the amount<div style="display:inline-block;width:4.73px"> </div>set opposite<div style="display:inline-block;width:4.76px"> </div>its name in </div><div id="a1115" style="position:absolute;font-family:'Calibri';left:652.77px;top:599px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a1116" style="position:absolute;font-family:'Calibri';left:718.21px;top:599px;letter-spacing:-0.31px;">, </div><div id="a1117" style="position:absolute;font-family:'Calibri';left:142.59px;top:616px;">or,<div style="display:inline-block;width:6.62px"> </div>as<div style="display:inline-block;width:5.11px"> </div>the<div style="display:inline-block;width:5.13px"> </div>case<div style="display:inline-block;width:5.13px"> </div>may<div style="display:inline-block;width:5.52px"> </div>require,<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.13px"> </div>amount<div style="display:inline-block;width:5.17px"> </div>specified<div style="display:inline-block;width:5.05px"> </div>in<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:5.29px"> </div>relevant<div style="display:inline-block;width:5.5px"> </div>Transfer<div style="display:inline-block;width:6.8px"> </div>Certificate,<div style="display:inline-block;width:5.45px"> </div>as<div style="display:inline-block;width:5.11px"> </div>that </div><div id="a1118" style="position:absolute;font-family:'Calibri';left:142.59px;top:634px;">amount may be reduced, cancelled or terminated in accordance<div style="display:inline-block;width:4.67px"> </div>with this Agreement (and "</div><div id="a1119" style="position:absolute;font-family:'Calibri';font-weight:bold;left:690.53px;top:634px;">Total </div><div id="a1120" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:652px;">Commitments</div><div id="a1121" style="position:absolute;font-family:'Calibri';left:228.99px;top:652px;">" means the aggregate of the Commitments of all the Lenders). </div><div id="a1124" style="position:absolute;font-family:'Calibri';left:142.59px;top:686px;">"</div><div id="a1125" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:686px;">Confirmation</div><div id="a1126" style="position:absolute;font-family:'Calibri';left:229.15px;top:686px;">"<div style="display:inline-block;width:9.3px"> </div>and<div style="display:inline-block;width:9.2px"> </div>"</div><div id="a1130" style="position:absolute;font-family:'Calibri';font-weight:bold;left:281.99px;top:686px;">Early<div style="display:inline-block;width:9.29px"> </div>Termination<div style="display:inline-block;width:10.35px"> </div>Date</div><div id="a1131" style="position:absolute;font-family:'Calibri';left:434.49px;top:686px;">",<div style="display:inline-block;width:9.31px"> </div>in<div style="display:inline-block;width:9.21px"> </div>relation<div style="display:inline-block;width:9.48px"> </div>to<div style="display:inline-block;width:9.53px"> </div>any<div style="display:inline-block;width:9.39px"> </div>continuing<div style="display:inline-block;width:9.2px"> </div>Designated </div><div id="a1135" style="position:absolute;font-family:'Calibri';left:142.59px;top:704px;">Transaction, have the meanings given in the Master Agreement. </div><div id="a1138" style="position:absolute;font-family:'Calibri';left:142.59px;top:738px;">"</div><div id="a1139" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:738px;">Contractual Currency</div><div id="a1140" style="position:absolute;font-family:'Calibri';left:277.35px;top:738px;">" has the meaning given in Clause </div><div id="a1141" style="position:absolute;font-family:'Calibri';left:480.57px;top:738px;"><a href="#a9125" style="color:#000000;text-decoration:none;">21.4</a></div><div id="a1142" style="position:absolute;font-family:'Calibri';left:506.49px;top:738px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a1144" style="position:absolute;font-family:'Calibri';font-style:italic;left:514.33px;top:738px;">Currency indemnity</div><div id="a1145" style="position:absolute;font-family:'Calibri';left:629.41px;top:738px;">). </div><div id="a1148" style="position:absolute;font-family:'Calibri';left:142.59px;top:772px;">"</div><div id="a1149" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:772px;">Contribution</div><div id="a1150" style="position:absolute;font-family:'Calibri';left:226.11px;top:772px;">" means, in relation to a Lender, the part of the Loan which is owing to that Lender. </div><div id="a1153" style="position:absolute;font-family:'Calibri';left:142.59px;top:806px;">"</div><div id="a1154" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:806px;">Corporate Guarantee</div><div id="a1155" style="position:absolute;font-family:'Calibri';left:278.63px;top:806px;">" means a<div style="display:inline-block;width:4.93px"> </div>corporate guarantee<div style="display:inline-block;width:5.25px"> </div>of the obligations<div style="display:inline-block;width:5.32px"> </div>of the Borrowers<div style="display:inline-block;width:5.49px"> </div>under </div><div id="a1156" style="position:absolute;font-family:'Calibri';left:142.59px;top:824px;">this Agreement, the Master Agreement and the other Finance Documents. </div><div id="a1159" style="position:absolute;font-family:'Calibri';left:142.59px;top:858px;">"</div><div id="a1160" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:858px;">Corporate Guarantor</div><div id="a1161" style="position:absolute;font-family:'Calibri';left:276.39px;top:858px;">" mean Diana Shipping Inc., a corporation domesticated and existing under </div><div id="a1163" style="position:absolute;font-family:'Calibri';left:142.59px;top:875px;">the laws<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Republic<div style="display:inline-block;width:5.92px"> </div>of the<div style="display:inline-block;width:5.91px"> </div>Marshall<div style="display:inline-block;width:4.83px"> </div>Islands whose<div style="display:inline-block;width:5.57px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>address<div style="display:inline-block;width:4.75px"> </div>is at<div style="display:inline-block;width:5.93px"> </div>Trust<div style="display:inline-block;width:5.71px"> </div>Company </div><div id="a1169" style="position:absolute;font-family:'Calibri';left:142.59px;top:893px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a1172" style="position:absolute;font-family:'Calibri';left:142.59px;top:927px;">"</div><div id="a1173" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:927px;">CRD IV</div><div id="a1174" style="position:absolute;font-family:'Calibri';left:189.79px;top:927px;">" means: </div></div>
</div>
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<div id="Page10" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1180" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(a)</div><div id="a1182" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">Regulation (EU)<div style="display:inline-block;width:5.38px"> </div>No 575/2013<div style="display:inline-block;width:4.7px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>European Parliament<div style="display:inline-block;width:5.4px"> </div>and of<div style="display:inline-block;width:4.94px"> </div>the Council<div style="display:inline-block;width:4.78px"> </div>of 26<div style="display:inline-block;width:5.18px"> </div>June </div><div id="a1183" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">2013<div style="display:inline-block;width:8.08px"> </div>on<div style="display:inline-block;width:8.18px"> </div>prudential<div style="display:inline-block;width:8.09px"> </div>requirements<div style="display:inline-block;width:8.38px"> </div>for<div style="display:inline-block;width:8.36px"> </div>credit<div style="display:inline-block;width:8.19px"> </div>institutions<div style="display:inline-block;width:8.12px"> </div>and<div style="display:inline-block;width:8.04px"> </div>investment<div style="display:inline-block;width:8.53px"> </div>firms<div style="display:inline-block;width:8.04px"> </div>and </div><div id="a1184" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">amending regulation (EU) No. 648/2012,<div style="display:inline-block;width:2.87px"> </div>as amended by Regulation (EU) 2019/876; </div><div id="a1188" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">(b)</div><div id="a1190" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">Directive 2013/36/EU of the<div style="display:inline-block;width:4.91px"> </div>European Parliament and<div style="display:inline-block;width:4.68px"> </div>of the Council of 26<div style="display:inline-block;width:5.13px"> </div>June 2013 on </div><div id="a1191" style="position:absolute;font-family:'Calibri';left:190.59px;top:182px;">access<div style="display:inline-block;width:6.94px"> </div>to<div style="display:inline-block;width:7.13px"> </div>the<div style="display:inline-block;width:6.89px"> </div>activity<div style="display:inline-block;width:6.88px"> </div>of<div style="display:inline-block;width:6.79px"> </div>credit<div style="display:inline-block;width:7.23px"> </div>institutions<div style="display:inline-block;width:6.84px"> </div>and<div style="display:inline-block;width:6.92px"> </div>the<div style="display:inline-block;width:6.89px"> </div>prudential<div style="display:inline-block;width:6.97px"> </div>supervision<div style="display:inline-block;width:6.4px"> </div>of<div style="display:inline-block;width:7.11px"> </div>credit </div><div id="a1192" style="position:absolute;font-family:'Calibri';left:190.59px;top:200px;">institutions<div style="display:inline-block;width:9.88px"> </div>and<div style="display:inline-block;width:9.64px"> </div>investment<div style="display:inline-block;width:10.13px"> </div>firms,<div style="display:inline-block;width:9.81px"> </div>amending<div style="display:inline-block;width:9.32px"> </div>Directive<div style="display:inline-block;width:10.14px"> </div>2002/87/EC<div style="display:inline-block;width:9.8px"> </div>and<div style="display:inline-block;width:9.64px"> </div>repealing </div><div id="a1193" style="position:absolute;font-family:'Calibri';left:190.59px;top:218px;">Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878;<div style="display:inline-block;width:2.38px"> </div>and </div><div id="a1198" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">(c)</div><div id="a1200" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">any other law or regulation which implements Basel III. </div><div id="a1203" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">"</div><div id="a1204" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:286px;">Creditor Party</div><div id="a1205" style="position:absolute;font-family:'Calibri';left:234.75px;top:286px;">" means the<div style="display:inline-block;width:4.95px"> </div>Agent, the Lead<div style="display:inline-block;width:5.09px"> </div>Arranger,<div style="display:inline-block;width:5.39px"> </div>the Bookrunner,<div style="display:inline-block;width:5.5px"> </div>the Security Trustee,<div style="display:inline-block;width:5.88px"> </div>the </div><div id="a1206" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">Swap Bank or any Lender, whether as at the date of this Agreement or at any later time. </div><div id="a1209" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">"</div><div id="a1210" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:338px;">Designated Transaction</div><div id="a1211" style="position:absolute;font-family:'Calibri';left:291.59px;top:338px;">" means a Transaction which fulfils the following requirements: </div><div id="a1213" style="position:absolute;font-family:'Calibri';left:142.59px;top:371px;">(a)</div><div id="a1215" style="position:absolute;font-family:'Calibri';left:190.59px;top:371px;">it is<div style="display:inline-block;width:1.79px"> </div>entered into by<div style="display:inline-block;width:1.76px"> </div>the Borrowers pursuant<div style="display:inline-block;width:1.6px"> </div>to the<div style="display:inline-block;width:1.89px"> </div>Master Agreement with<div style="display:inline-block;width:1.36px"> </div>the Swap<div style="display:inline-block;width:1.86px"> </div>Bank; </div><div id="a1217" style="position:absolute;font-family:'Calibri';left:142.59px;top:405px;">(b)</div><div id="a1219" style="position:absolute;font-family:'Calibri';left:190.59px;top:405px;">its purpose is the hedging<div style="display:inline-block;width:1.6px"> </div>of all or part of<div style="display:inline-block;width:1.83px"> </div>the Borrowers'<div style="display:inline-block;width:3.26px"> </div>exposure to fluctuations in Term </div><div id="a1224" style="position:absolute;font-family:'Calibri';left:190.59px;top:423px;">SOFR under this Agreement for a period expiring no later than the Termination Date;<div style="display:inline-block;width:4.21px"> </div>and </div><div id="a1229" style="position:absolute;font-family:'Calibri';left:142.59px;top:457px;">(c)</div><div id="a1231" style="position:absolute;font-family:'Calibri';left:190.59px;top:457px;">it is designated by the Borrowers, by delivery<div style="display:inline-block;width:1.91px"> </div>by the Borrowers to the Agent of a notice<div style="display:inline-block;width:1.64px"> </div>of </div><div id="a1232" style="position:absolute;font-family:'Calibri';left:190.59px;top:475px;">designation<div style="display:inline-block;width:6.42px"> </div>in<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:6.25px"> </div>form<div style="display:inline-block;width:6.52px"> </div>set<div style="display:inline-block;width:6.23px"> </div>out<div style="display:inline-block;width:6.29px"> </div>in </div><div id="a1233" style="position:absolute;font-family:'Calibri';left:413.83px;top:475px;"><a href="#a12344" style="color:#000000;text-decoration:none;">Schedule<div style="display:inline-block;width:5.94px"> </div>5</a></div><div id="a1234" style="position:absolute;font-family:'Calibri';left:481.53px;top:475px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a1236" style="position:absolute;font-family:'Calibri';font-style:italic;left:492.25px;top:475px;">Designation<div style="display:inline-block;width:5.95px"> </div>Notice</div><div id="a1237" style="position:absolute;font-family:'Calibri';left:607.97px;top:475px;">),<div style="display:inline-block;width:6.26px"> </div>as<div style="display:inline-block;width:6.39px"> </div>a<div style="display:inline-block;width:6.07px"> </div>Designated </div><div id="a1238" style="position:absolute;font-family:'Calibri';left:190.59px;top:493px;">Transaction for the purposes of the Finance Documents. </div><div id="a1241" style="position:absolute;font-family:'Calibri';left:142.59px;top:527px;">"</div><div id="a1242" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:527px;">Dollars</div><div id="a1243" style="position:absolute;font-family:'Calibri';left:191.23px;top:527px;">" and "</div><div id="a1244" style="position:absolute;font-family:'Calibri';font-weight:bold;left:232.03px;top:527px;">$</div><div id="a1245" style="position:absolute;font-family:'Calibri';left:239.55px;top:527px;">" means the lawful currency for the time being of the United States of America. </div><div id="a1248" style="position:absolute;font-family:'Calibri';left:142.59px;top:561px;">"</div><div id="a1249" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:561px;">Drawdown Date</div><div id="a1250" style="position:absolute;font-family:'Calibri';left:248.83px;top:561px;">" means<div style="display:inline-block;width:4.75px"> </div>the date<div style="display:inline-block;width:5.3px"> </div>requested by<div style="display:inline-block;width:5.23px"> </div>the Borrowers<div style="display:inline-block;width:5.39px"> </div>for the<div style="display:inline-block;width:5.27px"> </div>Loan to<div style="display:inline-block;width:4.87px"> </div>be made,<div style="display:inline-block;width:4.87px"> </div>or (as </div><div id="a1254" style="position:absolute;font-family:'Calibri';left:142.59px;top:579px;">the context requires) the date on which the Loan is actually made. </div><div id="a1259" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">"</div><div id="a1260" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:613px;">Drawdown Notice</div><div id="a1261" style="position:absolute;font-family:'Calibri';left:259.59px;top:613px;">" means a<div style="display:inline-block;width:5.25px"> </div>notice in<div style="display:inline-block;width:4.69px"> </div>the form<div style="display:inline-block;width:4.97px"> </div>set out<div style="display:inline-block;width:4.71px"> </div>in </div><div id="a1262" style="position:absolute;font-family:'Calibri';left:499.13px;top:613px;"><a href="#a11459" style="color:#000000;text-decoration:none;">Schedule 2</a></div><div id="a1263" style="position:absolute;font-family:'Calibri';left:564.57px;top:613px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a1265" style="position:absolute;font-family:'Calibri';font-style:italic;left:573.05px;top:613px;">Drawdown Notice</div><div id="a1266" style="position:absolute;font-family:'Calibri';left:680.77px;top:613px;">) (or in </div><div id="a1267" style="position:absolute;font-family:'Calibri';left:142.59px;top:631px;">any other form which the Agent approves or reasonably requires). </div><div id="a1271" style="position:absolute;font-family:'Calibri';left:142.59px;top:664px;">"</div><div id="a1272" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:664px;">Earnings</div><div id="a1273" style="position:absolute;font-family:'Calibri';left:200.35px;top:664px;">" means, in<div style="display:inline-block;width:4.87px"> </div>relation to a<div style="display:inline-block;width:5.3px"> </div>Ship, all moneys<div style="display:inline-block;width:4.93px"> </div>whatsoever which are<div style="display:inline-block;width:5.25px"> </div>now,<div style="display:inline-block;width:4.91px"> </div>or later<div style="display:inline-block;width:4.74px"> </div>become, </div><div id="a1274" style="position:absolute;font-family:'Calibri';left:142.59px;top:682px;">payable (actually<div style="display:inline-block;width:5.12px"> </div>or contingently)<div style="display:inline-block;width:5.43px"> </div>to the<div style="display:inline-block;width:4.93px"> </div>Borrower owning<div style="display:inline-block;width:4.96px"> </div>that Ship<div style="display:inline-block;width:4.95px"> </div>or the<div style="display:inline-block;width:5.07px"> </div>Security Trustee<div style="display:inline-block;width:5.82px"> </div>and </div><div id="a1275" style="position:absolute;font-family:'Calibri';left:142.59px;top:700px;">which arise out of the use or operation of that Ship, including (but not limited to): </div><div id="a1278" style="position:absolute;font-family:'Calibri';left:142.59px;top:734px;">(a)</div><div id="a1280" style="position:absolute;font-family:'Calibri';left:190.59px;top:734px;">except to the extent that they fall within paragraph </div><div id="a1281" style="position:absolute;font-family:'Calibri';left:499.61px;top:734px;"><a href="#a1314" style="color:#000000;text-decoration:none;">(b);</a></div><div id="a1284" style="position:absolute;font-family:'Calibri';left:190.59px;top:768px;">(i)</div><div id="a1286" style="position:absolute;font-family:'Calibri';left:238.59px;top:768px;">all freight, hire and passage moneys; </div><div id="a1288" style="position:absolute;font-family:'Calibri';left:190.59px;top:802px;">(ii)</div><div id="a1290" style="position:absolute;font-family:'Calibri';left:238.59px;top:802px;">compensation<div style="display:inline-block;width:6.15px"> </div>payable<div style="display:inline-block;width:6.2px"> </div>to<div style="display:inline-block;width:6.01px"> </div>a<div style="display:inline-block;width:6.07px"> </div>Borrower<div style="display:inline-block;width:6.21px"> </div>or<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Trustee<div style="display:inline-block;width:7.06px"> </div>in<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:5.93px"> </div>event<div style="display:inline-block;width:6.07px"> </div>of </div><div id="a1291" style="position:absolute;font-family:'Calibri';left:238.59px;top:820px;">requisition of a Ship for hire; </div><div id="a1293" style="position:absolute;font-family:'Calibri';left:190.59px;top:854px;">(iii)</div><div id="a1295" style="position:absolute;font-family:'Calibri';left:238.59px;top:854px;">remuneration for salvage and towage services; </div><div id="a1297" style="position:absolute;font-family:'Calibri';left:190.59px;top:888px;">(iv)</div><div id="a1299" style="position:absolute;font-family:'Calibri';left:238.59px;top:888px;">demurrage and detention moneys; </div><div id="a1301" style="position:absolute;font-family:'Calibri';left:190.59px;top:922px;">(v)</div><div id="a1303" style="position:absolute;font-family:'Calibri';left:238.59px;top:922px;">damages for breach<div style="display:inline-block;width:1.46px"> </div>(or payments for<div style="display:inline-block;width:1.55px"> </div>variation or<div style="display:inline-block;width:1.94px"> </div>termination) of<div style="display:inline-block;width:1.94px"> </div>any charterparty </div><div id="a1305" style="position:absolute;font-family:'Calibri';left:238.59px;top:940px;">or other contract for the employment of a Ship; and </div></div>
</div>
<div style="padding: 7px">
<div id="Page11" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1309" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">(vi)</div><div id="a1311" style="position:absolute;font-family:'Calibri';left:238.59px;top:94px;">all moneys which are at any<div style="display:inline-block;width:4.75px"> </div>time payable under any Insurances in<div style="display:inline-block;width:4.77px"> </div>respect of loss </div><div id="a1312" style="position:absolute;font-family:'Calibri';left:238.59px;top:112px;">of hire; and </div><div id="a1314" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">(b)</div><div id="a1316" style="position:absolute;font-family:'Calibri';left:190.59px;top:146px;">if<div style="display:inline-block;width:7.33px"> </div>and<div style="display:inline-block;width:7.24px"> </div>whenever<div style="display:inline-block;width:7.51px"> </div>a<div style="display:inline-block;width:7.35px"> </div>Ship<div style="display:inline-block;width:7.19px"> </div>is<div style="display:inline-block;width:7.34px"> </div>employed<div style="display:inline-block;width:7.46px"> </div>on<div style="display:inline-block;width:7.38px"> </div>terms<div style="display:inline-block;width:7.34px"> </div>whereby<div style="display:inline-block;width:7.51px"> </div>any<div style="display:inline-block;width:7.47px"> </div>moneys<div style="display:inline-block;width:7.47px"> </div>falling<div style="display:inline-block;width:7.31px"> </div>within </div><div id="a1317" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">paragraphs </div><div id="a1318" style="position:absolute;font-family:'Calibri';left:260.55px;top:164px;"><a href="#a1284" style="color:#000000;text-decoration:none;">(a)(i)</a></div><div id="a1319" style="position:absolute;font-family:'Calibri';left:288.87px;top:164px;"><div style="display:inline-block;width:2.88px"> </div>to </div><div id="a1321" style="position:absolute;font-family:'Calibri';left:307.27px;top:164px;"><a href="#a1309" style="color:#000000;text-decoration:none;">(vi)</a></div><div id="a1322" style="position:absolute;font-family:'Calibri';left:326.15px;top:164px;"><div style="display:inline-block;width:2.72px"> </div>are pooled or<div style="display:inline-block;width:1.84px"> </div>shared with any other<div style="display:inline-block;width:1.66px"> </div>person, that proportion<div style="display:inline-block;width:1.87px"> </div>of the </div><div id="a1324" style="position:absolute;font-family:'Calibri';left:190.59px;top:182px;">net receipts<div style="display:inline-block;width:5.22px"> </div>of the<div style="display:inline-block;width:5.23px"> </div>relevant pooling<div style="display:inline-block;width:5.17px"> </div>or sharing<div style="display:inline-block;width:5.02px"> </div>arrangement which<div style="display:inline-block;width:5.3px"> </div>is attributable<div style="display:inline-block;width:5.39px"> </div>to the </div><div id="a1325" style="position:absolute;font-family:'Calibri';left:190.59px;top:200px;">Ship. </div><div id="a1328" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">"</div><div id="a1329" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:234px;">Earnings Account</div><div id="a1330" style="position:absolute;font-family:'Calibri';left:254.15px;top:234px;">" means an<div style="display:inline-block;width:4.87px"> </div>account in the<div style="display:inline-block;width:5.08px"> </div>name of each<div style="display:inline-block;width:4.81px"> </div>Borrower with the<div style="display:inline-block;width:5.16px"> </div>Agent designated </div><div id="a1331" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">"[</div><div id="a1332" style="position:absolute;font-family:'Calibri';font-style:italic;left:152.99px;top:252px;">name<div style="display:inline-block;width:4.75px"> </div>of the<div style="display:inline-block;width:5.9px"> </div>Borrower</div><div id="a1333" style="position:absolute;font-family:'Calibri';left:288.07px;top:252px;">] -<div style="display:inline-block;width:5.89px"> </div>Earnings<div style="display:inline-block;width:4.86px"> </div>Account",<div style="display:inline-block;width:4.76px"> </div>or<div style="display:inline-block;width:4.71px"> </div>any<div style="display:inline-block;width:4.75px"> </div>other<div style="display:inline-block;width:4.72px"> </div>account<div style="display:inline-block;width:4.76px"> </div>which<div style="display:inline-block;width:4.73px"> </div>is designated<div style="display:inline-block;width:6.1px"> </div>by<div style="display:inline-block;width:4.72px"> </div>the </div><div id="a1337" style="position:absolute;font-family:'Calibri';left:142.59px;top:270px;">Agent as an Earnings Account for the purposes of this Agreement. </div><div id="a1340" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">"</div><div id="a1341" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:304px;">Earnings Account Pledge</div><div id="a1342" style="position:absolute;font-family:'Calibri';left:298.95px;top:304px;">" means, in<div style="display:inline-block;width:4.71px"> </div>respect of each Earnings<div style="display:inline-block;width:5.1px"> </div>Account, a deed<div style="display:inline-block;width:4.92px"> </div>creating security </div><div id="a1343" style="position:absolute;font-family:'Calibri';left:142.59px;top:322px;">in the Agreed Form.<div style="display:inline-block;width:3.24px"> </div></div><div id="a1347" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">"</div><div id="a1348" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:355px;">EEA Member Country</div><div id="a1349" style="position:absolute;font-family:'Calibri';left:280.71px;top:355px;">" means any<div style="display:inline-block;width:4.72px"> </div>member state of<div style="display:inline-block;width:5.02px"> </div>the European Union,<div style="display:inline-block;width:4.69px"> </div>Iceland, Liechtenstein </div><div id="a1352" style="position:absolute;font-family:'Calibri';left:142.59px;top:373px;">and Norway. </div><div id="a1354" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">"</div><div id="a1355" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:407px;">Ejite</div><div id="a1356" style="position:absolute;font-family:'Calibri';left:175.55px;top:407px;">" means Ejite<div style="display:inline-block;width:1.79px"> </div>Shipping Company Inc.,<div style="display:inline-block;width:1.59px"> </div>a corporation incorporated and existing<div style="display:inline-block;width:1.67px"> </div>under the laws </div><div id="a1358" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">of the<div style="display:inline-block;width:5.39px"> </div>Republic of<div style="display:inline-block;width:5.34px"> </div>the Marshall<div style="display:inline-block;width:5.19px"> </div>Islands whose<div style="display:inline-block;width:5.25px"> </div>registered<div style="display:inline-block;width:4.71px"> </div>address is<div style="display:inline-block;width:5.4px"> </div>at Trust<div style="display:inline-block;width:6.54px"> </div>Company Complex, </div><div id="a1360" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a1363" style="position:absolute;font-family:'Calibri';left:142.59px;top:477px;">"</div><div id="a1364" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:477px;">Environmental<div style="display:inline-block;width:8.46px"> </div>Approval</div><div id="a1366" style="position:absolute;font-family:'Calibri';left:301.67px;top:477px;">"<div style="display:inline-block;width:8.02px"> </div>means<div style="display:inline-block;width:7.9px"> </div>any<div style="display:inline-block;width:8.27px"> </div>present<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:7.91px"> </div>future<div style="display:inline-block;width:8.13px"> </div>permit,<div style="display:inline-block;width:7.91px"> </div>ruling,<div style="display:inline-block;width:7.48px"> </div>variance<div style="display:inline-block;width:8.07px"> </div>or<div style="display:inline-block;width:7.91px"> </div>other </div><div id="a1369" style="position:absolute;font-family:'Calibri';left:142.59px;top:495px;">Authorisation required under Environmental Law. </div><div id="a1371" style="position:absolute;font-family:'Calibri';left:142.59px;top:529px;">"</div><div id="a1372" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:529px;">Environmental Claim</div><div id="a1373" style="position:absolute;font-family:'Calibri';left:276.07px;top:529px;">" means any claim by any<div style="display:inline-block;width:5.05px"> </div>governmental, judicial or regulatory<div style="display:inline-block;width:4.74px"> </div>authority or </div><div id="a1376" style="position:absolute;font-family:'Calibri';left:142.59px;top:547px;">any<div style="display:inline-block;width:5.87px"> </div>other<div style="display:inline-block;width:5.52px"> </div>person<div style="display:inline-block;width:5.69px"> </div>which<div style="display:inline-block;width:5.37px"> </div>arises<div style="display:inline-block;width:5.44px"> </div>out<div style="display:inline-block;width:5.49px"> </div>of<div style="display:inline-block;width:5.51px"> </div>an<div style="display:inline-block;width:5.54px"> </div>Environmental<div style="display:inline-block;width:6.01px"> </div>Incident<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:5.51px"> </div>an<div style="display:inline-block;width:5.54px"> </div>alleged<div style="display:inline-block;width:5.48px"> </div>Environmental </div><div id="a1377" style="position:absolute;font-family:'Calibri';left:142.59px;top:565px;">Incident or which relates to any Environmental Law and, for this<div style="display:inline-block;width:1.83px"> </div>purpose, "</div><div id="a1381" style="position:absolute;font-family:'Calibri';font-weight:bold;left:586.33px;top:565px;">claim</div><div id="a1382" style="position:absolute;font-family:'Calibri';left:618.85px;top:565px;">" includes a claim </div><div id="a1385" style="position:absolute;font-family:'Calibri';left:142.59px;top:583px;">for damages, compensation, contribution, injury, fines, losses<div style="display:inline-block;width:1.8px"> </div>and penalties or<div style="display:inline-block;width:1.88px"> </div>any other payment </div><div id="a1386" style="position:absolute;font-family:'Calibri';left:142.59px;top:600px;">of any kind, including<div style="display:inline-block;width:1.95px"> </div>in relation to clean-up and<div style="display:inline-block;width:1.88px"> </div>removal, whether or not similar<div style="display:inline-block;width:1.7px"> </div>to the foregoing; </div><div id="a1389" style="position:absolute;font-family:'Calibri';left:142.59px;top:618px;">an order<div style="display:inline-block;width:5.16px"> </div>or direction<div style="display:inline-block;width:5.09px"> </div>to take,<div style="display:inline-block;width:5.67px"> </div>or not<div style="display:inline-block;width:4.95px"> </div>to take,<div style="display:inline-block;width:5.71px"> </div>certain action<div style="display:inline-block;width:4.88px"> </div>or to<div style="display:inline-block;width:5.31px"> </div>desist from<div style="display:inline-block;width:5.05px"> </div>or suspend<div style="display:inline-block;width:4.72px"> </div>certain </div><div id="a1391" style="position:absolute;font-family:'Calibri';left:142.59px;top:636px;">action; and any<div style="display:inline-block;width:5.59px"> </div>form of<div style="display:inline-block;width:4.86px"> </div>enforcement or<div style="display:inline-block;width:5.19px"> </div>regulatory action,<div style="display:inline-block;width:4.85px"> </div>including the arrest<div style="display:inline-block;width:5.45px"> </div>or attachment<div style="display:inline-block;width:5.17px"> </div>of </div><div id="a1392" style="position:absolute;font-family:'Calibri';left:142.59px;top:654px;">any asset. </div><div id="a1394" style="position:absolute;font-family:'Calibri';left:142.59px;top:688px;">"</div><div id="a1395" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:688px;">Environmental Incident</div><div id="a1396" style="position:absolute;font-family:'Calibri';left:291.27px;top:688px;">" means: </div><div id="a1400" style="position:absolute;font-family:'Calibri';left:142.59px;top:722px;">(a)</div><div id="a1402" style="position:absolute;font-family:'Calibri';left:190.59px;top:722px;">any<div style="display:inline-block;width:5.23px"> </div>release,<div style="display:inline-block;width:4.91px"> </div>emission,<div style="display:inline-block;width:4.76px"> </div>spill<div style="display:inline-block;width:4.69px"> </div>or<div style="display:inline-block;width:5.03px"> </div>discharge<div style="display:inline-block;width:4.82px"> </div>of<div style="display:inline-block;width:5.03px"> </div>Environmentally<div style="display:inline-block;width:5.4px"> </div>Sensitive<div style="display:inline-block;width:4.67px"> </div>Material<div style="display:inline-block;width:4.98px"> </div>whether </div><div id="a1403" style="position:absolute;font-family:'Calibri';left:190.59px;top:740px;">within a Ship<div style="display:inline-block;width:5.13px"> </div>or from<div style="display:inline-block;width:4.95px"> </div>a Ship into<div style="display:inline-block;width:5.32px"> </div>any other<div style="display:inline-block;width:4.7px"> </div>vessel or<div style="display:inline-block;width:4.82px"> </div>into or<div style="display:inline-block;width:4.89px"> </div>upon the air,<div style="display:inline-block;width:6.18px"> </div>water,<div style="display:inline-block;width:5.53px"> </div>land or </div><div id="a1412" style="position:absolute;font-family:'Calibri';left:190.59px;top:758px;">soils (including the seabed) or surface water; or </div><div id="a1414" style="position:absolute;font-family:'Calibri';left:142.59px;top:792px;">(b)</div><div id="a1416" style="position:absolute;font-family:'Calibri';left:190.59px;top:792px;">any incident<div style="display:inline-block;width:5.6px"> </div>in which<div style="display:inline-block;width:5.17px"> </div>Environmentally<div style="display:inline-block;width:4.92px"> </div>Sensitive Material<div style="display:inline-block;width:5.2px"> </div>is released,<div style="display:inline-block;width:5.51px"> </div>emitted, spilled<div style="display:inline-block;width:5.22px"> </div>or </div><div id="a1417" style="position:absolute;font-family:'Calibri';left:190.59px;top:810px;">discharged into or<div style="display:inline-block;width:1.69px"> </div>upon the<div style="display:inline-block;width:1.72px"> </div>air, water,<div style="display:inline-block;width:4.88px"> </div>land or<div style="display:inline-block;width:1.88px"> </div>soils (including<div style="display:inline-block;width:1.39px"> </div>the seabed)<div style="display:inline-block;width:1.78px"> </div>or surface water </div><div id="a1420" style="position:absolute;font-family:'Calibri';left:190.59px;top:827px;">from<div style="display:inline-block;width:4.85px"> </div>a vessel<div style="display:inline-block;width:5.58px"> </div>other than<div style="display:inline-block;width:5.66px"> </div>any<div style="display:inline-block;width:4.75px"> </div>Ship and<div style="display:inline-block;width:5.5px"> </div>which involves<div style="display:inline-block;width:5.93px"> </div>a collision<div style="display:inline-block;width:5.63px"> </div>between<div style="display:inline-block;width:4.66px"> </div>any Ship<div style="display:inline-block;width:5.73px"> </div>and </div><div id="a1425" style="position:absolute;font-family:'Calibri';left:190.59px;top:845px;">such<div style="display:inline-block;width:5.03px"> </div>other<div style="display:inline-block;width:5.04px"> </div>vessel<div style="display:inline-block;width:5.07px"> </div>or<div style="display:inline-block;width:5.03px"> </div>some<div style="display:inline-block;width:4.84px"> </div>other<div style="display:inline-block;width:5.04px"> </div>incident<div style="display:inline-block;width:4.98px"> </div>of<div style="display:inline-block;width:5.19px"> </div>navigation<div style="display:inline-block;width:5.42px"> </div>or<div style="display:inline-block;width:5.03px"> </div>operation,<div style="display:inline-block;width:5.32px"> </div>in<div style="display:inline-block;width:4.89px"> </div>either<div style="display:inline-block;width:4.98px"> </div>case,<div style="display:inline-block;width:5.29px"> </div>in </div><div id="a1426" style="position:absolute;font-family:'Calibri';left:190.59px;top:863px;">connection<div style="display:inline-block;width:5.15px"> </div>with<div style="display:inline-block;width:5.12px"> </div>which<div style="display:inline-block;width:5.25px"> </div>a<div style="display:inline-block;width:5.11px"> </div>Ship<div style="display:inline-block;width:4.95px"> </div>is<div style="display:inline-block;width:5.26px"> </div>actually<div style="display:inline-block;width:4.95px"> </div>or<div style="display:inline-block;width:5.35px"> </div>potentially<div style="display:inline-block;width:5.15px"> </div>liable<div style="display:inline-block;width:5.04px"> </div>to<div style="display:inline-block;width:5.37px"> </div>be<div style="display:inline-block;width:5.1px"> </div>arrested,<div style="display:inline-block;width:5.5px"> </div>attached, </div><div id="a1429" style="position:absolute;font-family:'Calibri';left:190.59px;top:881px;">detained or injuncted<div style="display:inline-block;width:1.74px"> </div>and/or a Ship<div style="display:inline-block;width:1.8px"> </div>and/or any Borrower and/or<div style="display:inline-block;width:1.71px"> </div>any operator or manager </div><div id="a1435" style="position:absolute;font-family:'Calibri';left:190.59px;top:899px;">of a<div style="display:inline-block;width:4.73px"> </div>Ship is at<div style="display:inline-block;width:5.15px"> </div>fault or allegedly<div style="display:inline-block;width:5.24px"> </div>at fault<div style="display:inline-block;width:4.73px"> </div>or otherwise liable<div style="display:inline-block;width:4.74px"> </div>to any<div style="display:inline-block;width:4.87px"> </div>legal or<div style="display:inline-block;width:4.79px"> </div>administrative </div><div id="a1438" style="position:absolute;font-family:'Calibri';left:190.59px;top:917px;">action; or </div></div>
</div>
<div style="padding: 7px">
<div id="Page12" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1442" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(c)</div><div id="a1444" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">any other<div style="display:inline-block;width:1.98px"> </div>incident in<div style="display:inline-block;width:1.58px"> </div>which Environmentally Sensitive<div style="display:inline-block;width:1.1px"> </div>Material is<div style="display:inline-block;width:1.96px"> </div>released, emitted,<div style="display:inline-block;width:1.88px"> </div>spilled </div><div id="a1445" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">or discharged<div style="display:inline-block;width:5.18px"> </div>into or<div style="display:inline-block;width:5.05px"> </div>upon the air,<div style="display:inline-block;width:6.5px"> </div>water,<div style="display:inline-block;width:5.88px"> </div>land or<div style="display:inline-block;width:4.76px"> </div>soils (including the<div style="display:inline-block;width:5.28px"> </div>seabed) or surface </div><div id="a1448" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">water<div style="display:inline-block;width:5.98px"> </div>otherwise<div style="display:inline-block;width:5.5px"> </div>than<div style="display:inline-block;width:5.51px"> </div>from<div style="display:inline-block;width:5.85px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Ship<div style="display:inline-block;width:5.59px"> </div>and<div style="display:inline-block;width:5.48px"> </div>in<div style="display:inline-block;width:5.53px"> </div>connection<div style="display:inline-block;width:5.47px"> </div>with<div style="display:inline-block;width:5.59px"> </div>which<div style="display:inline-block;width:5.71px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Ship<div style="display:inline-block;width:5.63px"> </div>is<div style="display:inline-block;width:5.58px"> </div>actually<div style="display:inline-block;width:5.43px"> </div>or </div><div id="a1453" style="position:absolute;font-family:'Calibri';left:190.59px;top:148px;">potentially<div style="display:inline-block;width:6.27px"> </div>liable<div style="display:inline-block;width:5.84px"> </div>to<div style="display:inline-block;width:6.17px"> </div>be<div style="display:inline-block;width:5.9px"> </div>arrested<div style="display:inline-block;width:6.45px"> </div>and/or<div style="display:inline-block;width:6.03px"> </div>where<div style="display:inline-block;width:6.16px"> </div>any<div style="display:inline-block;width:6.09px"> </div>Borrower<div style="display:inline-block;width:6.37px"> </div>and/or<div style="display:inline-block;width:6.19px"> </div>any<div style="display:inline-block;width:6.03px"> </div>operator<div style="display:inline-block;width:6.47px"> </div>or </div><div id="a1457" style="position:absolute;font-family:'Calibri';left:190.59px;top:166px;">manager<div style="display:inline-block;width:5.86px"> </div>of<div style="display:inline-block;width:6.03px"> </div>a<div style="display:inline-block;width:5.91px"> </div>Ship<div style="display:inline-block;width:5.75px"> </div>is<div style="display:inline-block;width:5.9px"> </div>at<div style="display:inline-block;width:5.91px"> </div>fault<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:5.99px"> </div>allegedly<div style="display:inline-block;width:5.84px"> </div>at<div style="display:inline-block;width:5.91px"> </div>fault<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:5.83px"> </div>otherwise<div style="display:inline-block;width:5.82px"> </div>liable<div style="display:inline-block;width:5.68px"> </div>to<div style="display:inline-block;width:6.01px"> </div>any<div style="display:inline-block;width:6.03px"> </div>legal<div style="display:inline-block;width:6.13px"> </div>or </div><div id="a1460" style="position:absolute;font-family:'Calibri';left:190.59px;top:184px;">administrative action. </div><div id="a1462" style="position:absolute;font-family:'Calibri';left:142.59px;top:218px;">"</div><div id="a1463" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:218px;">Environmental<div style="display:inline-block;width:7.82px"> </div>Law</div><div id="a1464" style="position:absolute;font-family:'Calibri';left:269.99px;top:218px;">"<div style="display:inline-block;width:7.22px"> </div>means<div style="display:inline-block;width:7.26px"> </div>any<div style="display:inline-block;width:7.63px"> </div>present<div style="display:inline-block;width:7.52px"> </div>or<div style="display:inline-block;width:7.43px"> </div>future<div style="display:inline-block;width:7.33px"> </div>law<div style="display:inline-block;width:7.47px"> </div>relating<div style="display:inline-block;width:7.43px"> </div>to<div style="display:inline-block;width:7.48px"> </div>vessel<div style="display:inline-block;width:7.31px"> </div>disposal,<div style="display:inline-block;width:7.3px"> </div>energy </div><div id="a1469" style="position:absolute;font-family:'Calibri';left:142.59px;top:236px;">efficiency,<div style="display:inline-block;width:7.78px"> </div>carbon<div style="display:inline-block;width:6.49px"> </div>reduction,<div style="display:inline-block;width:6.57px"> </div>emissions,<div style="display:inline-block;width:6.36px"> </div>emissions<div style="display:inline-block;width:6.19px"> </div>trading,<div style="display:inline-block;width:6.6px"> </div>pollution<div style="display:inline-block;width:6.37px"> </div>or<div style="display:inline-block;width:6.63px"> </div>protection<div style="display:inline-block;width:6.6px"> </div>of<div style="display:inline-block;width:6.63px"> </div>human </div><div id="a1472" style="position:absolute;font-family:'Calibri';left:142.59px;top:254px;">health or the environment,<div style="display:inline-block;width:4.87px"> </div>to conditions in the<div style="display:inline-block;width:4.89px"> </div>workplace, to the carriage,<div style="display:inline-block;width:4.79px"> </div>generation, handling, </div><div id="a1473" style="position:absolute;font-family:'Calibri';left:142.59px;top:272px;">storage, use,<div style="display:inline-block;width:5px"> </div>release or spillage<div style="display:inline-block;width:4.87px"> </div>of Environmentally<div style="display:inline-block;width:5.02px"> </div>Sensitive Material or<div style="display:inline-block;width:4.98px"> </div>to actual or<div style="display:inline-block;width:4.97px"> </div>threatened </div><div id="a1474" style="position:absolute;font-family:'Calibri';left:142.59px;top:290px;">releases of Environmentally Sensitive Material. </div><div id="a1477" style="position:absolute;font-family:'Calibri';left:142.59px;top:323px;">"</div><div id="a1478" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:323px;">Environmentally Sensitive Material</div><div id="a1479" style="position:absolute;font-family:'Calibri';left:361.51px;top:323px;">" means and<div style="display:inline-block;width:1.94px"> </div>includes all contaminants, oil,<div style="display:inline-block;width:1.85px"> </div>oil products, toxic </div><div id="a1482" style="position:absolute;font-family:'Calibri';left:142.59px;top:341px;">substances and<div style="display:inline-block;width:5.21px"> </div>any other<div style="display:inline-block;width:5.02px"> </div>substance (including<div style="display:inline-block;width:5.04px"> </div>any chemical,<div style="display:inline-block;width:5.27px"> </div>gas or<div style="display:inline-block;width:4.95px"> </div>other hazardous<div style="display:inline-block;width:5.19px"> </div>or noxious </div><div id="a1483" style="position:absolute;font-family:'Calibri';left:142.59px;top:359px;">substance) which is (or is capable of being or becoming) polluting, toxic or hazardous. </div><div id="a1485" style="position:absolute;font-family:'Calibri';left:142.59px;top:393px;">"</div><div id="a1486" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:393px;">EU Bail-In<div style="display:inline-block;width:5.44px"> </div>Legislation Schedule</div><div id="a1489" style="position:absolute;font-family:'Calibri';left:337.83px;top:393px;">" means<div style="display:inline-block;width:5.55px"> </div>the document<div style="display:inline-block;width:5.38px"> </div>described as<div style="display:inline-block;width:5.36px"> </div>such and<div style="display:inline-block;width:5.42px"> </div>published by<div style="display:inline-block;width:5.35px"> </div>the </div><div id="a1494" style="position:absolute;font-family:'Calibri';left:142.59px;top:411px;">Loan Market Association (or any successor organisation) from time to time. </div><div id="a1500" style="position:absolute;font-family:'Calibri';left:142.59px;top:445px;">"</div><div id="a1501" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:445px;">EU Ship Recycling Regulation</div><div id="a1502" style="position:absolute;font-family:'Calibri';left:323.11px;top:445px;">" means Regulation (EU)<div style="display:inline-block;width:1.83px"> </div>No 1257/2013 of<div style="display:inline-block;width:1.97px"> </div>the European Parliament </div><div id="a1503" style="position:absolute;font-family:'Calibri';left:142.59px;top:463px;">and<div style="display:inline-block;width:5.32px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Council<div style="display:inline-block;width:5.22px"> </div>of<div style="display:inline-block;width:5.35px"> </div>20<div style="display:inline-block;width:5.24px"> </div>November<div style="display:inline-block;width:5.5px"> </div>2013<div style="display:inline-block;width:5.2px"> </div>on<div style="display:inline-block;width:5.46px"> </div>ship<div style="display:inline-block;width:5.32px"> </div>recycling<div style="display:inline-block;width:5.63px"> </div>and<div style="display:inline-block;width:5.32px"> </div>amending<div style="display:inline-block;width:5.16px"> </div>Regulation<div style="display:inline-block;width:5.46px"> </div>(EC)<div style="display:inline-block;width:5.49px"> </div>No </div><div id="a1504" style="position:absolute;font-family:'Calibri';left:142.59px;top:481px;">1013/2006 and Directive 2009/16/EC.<div style="display:inline-block;width:3.13px"> </div></div><div id="a1506" style="position:absolute;font-family:'Calibri';left:142.59px;top:515px;">"</div><div id="a1507" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:515px;">Event of Default</div><div id="a1508" style="position:absolute;font-family:'Calibri';left:248.03px;top:515px;">" means any of<div style="display:inline-block;width:4.82px"> </div>the events or circumstances<div style="display:inline-block;width:5.1px"> </div>described in Clause </div><div id="a1509" style="position:absolute;font-family:'Calibri';left:633.09px;top:515px;"><a href="#a8185" style="color:#000000;text-decoration:none;">19.1</a></div><div id="a1510" style="position:absolute;font-family:'Calibri';left:659.17px;top:515px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a1512" style="position:absolute;font-family:'Calibri';font-style:italic;left:667.33px;top:515px;">Events of </div><div id="a1513" style="position:absolute;font-family:'Calibri';font-style:italic;left:142.59px;top:533px;">Default</div><div id="a1514" style="position:absolute;font-family:'Calibri';left:186.59px;top:533px;">). </div><div id="a1517" style="position:absolute;font-family:'Calibri';left:142.59px;top:567px;">"</div><div id="a1518" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:567px;">Executive Order</div><div id="a1519" style="position:absolute;font-family:'Calibri';left:245.79px;top:567px;">"</div><div id="a1521" style="position:absolute;font-family:'Calibri';left:254.95px;top:567px;">means an order issued by the president of the United States of America. </div><div id="a1524" style="position:absolute;font-family:'Calibri';left:142.59px;top:600px;">"</div><div id="a1525" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:600px;">Existing Facility<div style="display:inline-block;width:5.51px"> </div>Agreements</div><div id="a1526" style="position:absolute;font-family:'Calibri';left:320.87px;top:600px;">" means<div style="display:inline-block;width:5.07px"> </div>each of<div style="display:inline-block;width:5.2px"> </div>Existing Facility<div style="display:inline-block;width:5.64px"> </div>Agreement A<div style="display:inline-block;width:5.35px"> </div>and Existing<div style="display:inline-block;width:5.13px"> </div>Facility </div><div id="a1527" style="position:absolute;font-family:'Calibri';left:142.59px;top:618px;">Agreement B.<div style="display:inline-block;width:3.39px"> </div></div><div id="a1529" style="position:absolute;font-family:'Calibri';left:142.59px;top:652px;">"</div><div id="a1530" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:652px;">Existing Facility Agreement A</div><div id="a1533" style="position:absolute;font-family:'Calibri';left:325.35px;top:652px;">" means the loan agreement dated 20 June 2023 and made among </div><div id="a1535" style="position:absolute;font-family:'Calibri';left:142.59px;top:670px;">(i) Guam, Palau and the<div style="display:inline-block;width:4.83px"> </div>other entities listed therein as<div style="display:inline-block;width:4.84px"> </div>joint and several<div style="display:inline-block;width:4.74px"> </div>borrowers, (ii) the banks </div><div id="a1538" style="position:absolute;font-family:'Calibri';left:142.59px;top:688px;">and financial<div style="display:inline-block;width:5.65px"> </div>institutions listed<div style="display:inline-block;width:5.73px"> </div>therein, as<div style="display:inline-block;width:5.95px"> </div>lenders, (iii)<div style="display:inline-block;width:5.71px"> </div>Nordea Bank<div style="display:inline-block;width:5.77px"> </div>Abp as<div style="display:inline-block;width:5.64px"> </div>swap bank<div style="display:inline-block;width:5.75px"> </div>and (iv) </div><div id="a1542" style="position:absolute;font-family:'Calibri';left:142.59px;top:706px;">Nordea Bank Abp, Filial i Norge Branch as agent, lead arranger and security trustee in respect of<div style="display:inline-block;width:1.93px"> </div>a </div><div id="a1550" style="position:absolute;font-family:'Calibri';left:142.59px;top:724px;">loan<div style="display:inline-block;width:5.43px"> </div>facility<div style="display:inline-block;width:5.27px"> </div>of<div style="display:inline-block;width:5.35px"> </div>(originally)<div style="display:inline-block;width:5.09px"> </div>up<div style="display:inline-block;width:5.33px"> </div>to<div style="display:inline-block;width:5.37px"> </div>$22,500,000,<div style="display:inline-block;width:5.26px"> </div>as<div style="display:inline-block;width:5.27px"> </div>such<div style="display:inline-block;width:5.19px"> </div>loan<div style="display:inline-block;width:5.27px"> </div>agreement<div style="display:inline-block;width:5.38px"> </div>may<div style="display:inline-block;width:5.52px"> </div>have<div style="display:inline-block;width:5.55px"> </div>been<div style="display:inline-block;width:5.24px"> </div>further </div><div id="a1554" style="position:absolute;font-family:'Calibri';left:142.59px;top:742px;">amended, supplemented, novated and/or restated from time to time. </div><div id="a1557" style="position:absolute;font-family:'Calibri';left:142.59px;top:776px;">"</div><div id="a1558" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:776px;">Existing Facility Agreement<div style="display:inline-block;width:5.02px"> </div>B</div><div id="a1559" style="position:absolute;font-family:'Calibri';left:326.15px;top:776px;">" means the loan<div style="display:inline-block;width:4.82px"> </div>agreement dated 30<div style="display:inline-block;width:5.01px"> </div>September 2022 and made </div><div id="a1560" style="position:absolute;font-family:'Calibri';left:142.59px;top:794px;">among (i) Manra, Jabwot,<div style="display:inline-block;width:1.96px"> </div>Arorae, Tamana, Beru, Bonriki, Ejite, Taongi and the other<div style="display:inline-block;width:1.88px"> </div>entities listed </div><div id="a1561" style="position:absolute;font-family:'Calibri';left:142.59px;top:811px;">therein as<div style="display:inline-block;width:5.78px"> </div>joint and<div style="display:inline-block;width:5.52px"> </div>several borrowers,<div style="display:inline-block;width:6.28px"> </div>(ii) the<div style="display:inline-block;width:5.48px"> </div>banks and<div style="display:inline-block;width:5.4px"> </div>financial institutions<div style="display:inline-block;width:5.57px"> </div>listed therein,<div style="display:inline-block;width:5.88px"> </div>as </div><div id="a1563" style="position:absolute;font-family:'Calibri';left:142.59px;top:829px;">lenders,<div style="display:inline-block;width:4.84px"> </div>(iii) Nordea<div style="display:inline-block;width:5.63px"> </div>Bank Abp<div style="display:inline-block;width:5.64px"> </div>as swap<div style="display:inline-block;width:6px"> </div>bank and<div style="display:inline-block;width:5.58px"> </div>(iv) Nordea<div style="display:inline-block;width:5.76px"> </div>Bank Abp,<div style="display:inline-block;width:5.61px"> </div>Filial i<div style="display:inline-block;width:5.53px"> </div>Norge<div style="display:inline-block;width:4.95px"> </div>Branch as </div><div id="a1575" style="position:absolute;font-family:'Calibri';left:142.59px;top:847px;">agent,<div style="display:inline-block;width:7.58px"> </div>lead<div style="display:inline-block;width:7.15px"> </div>arranger<div style="display:inline-block;width:7.5px"> </div>and<div style="display:inline-block;width:7.08px"> </div>security<div style="display:inline-block;width:7.1px"> </div>trustee<div style="display:inline-block;width:7.43px"> </div>in<div style="display:inline-block;width:7.29px"> </div>respect<div style="display:inline-block;width:7.13px"> </div>of<div style="display:inline-block;width:7.27px"> </div>a<div style="display:inline-block;width:7.35px"> </div>loan<div style="display:inline-block;width:7.19px"> </div>facility<div style="display:inline-block;width:7.19px"> </div>of<div style="display:inline-block;width:7.27px"> </div>(originally)<div style="display:inline-block;width:7.17px"> </div>up<div style="display:inline-block;width:7.09px"> </div>to </div><div id="a1576" style="position:absolute;font-family:'Calibri';left:142.59px;top:865px;">$200,000,000, as such loan agreement may have been further amended, supplemented, novated </div><div id="a1580" style="position:absolute;font-family:'Calibri';left:142.59px;top:883px;">and/or restated from time to time. </div><div id="a1583" style="position:absolute;font-family:'Calibri';left:142.59px;top:917px;">"</div><div id="a1584" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:917px;">Existing Indebtedness</div><div id="a1585" style="position:absolute;font-family:'Calibri';left:280.23px;top:917px;">" means,<div style="display:inline-block;width:1.87px"> </div>as at<div style="display:inline-block;width:1.78px"> </div>any date, (i)<div style="display:inline-block;width:1.61px"> </div>the outstanding Financial<div style="display:inline-block;width:1.02px"> </div>Indebtedness of<div style="display:inline-block;width:1.77px"> </div>Guam </div><div id="a1586" style="position:absolute;font-family:'Calibri';left:142.59px;top:935px;">and Palau under<div style="display:inline-block;width:1.87px"> </div>the Existing Facility Agreement<div style="display:inline-block;width:1.63px"> </div>A, amounting to<div style="display:inline-block;width:1.7px"> </div>$18,000,000 as<div style="display:inline-block;width:1.96px"> </div>at the date of<div style="display:inline-block;width:1.58px"> </div>this </div></div>
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<div id="Page13" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1599" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">Agreement<div style="display:inline-block;width:5.04px"> </div>and</div><div id="a1600" style="position:absolute;font-family:'Calibri';left:236.67px;top:94px;"><div style="display:inline-block;width:4.8px"> </div>(ii) the<div style="display:inline-block;width:5.96px"> </div>outstanding<div style="display:inline-block;width:4.99px"> </div>Financial Indebtedness<div style="display:inline-block;width:5.97px"> </div>of<div style="display:inline-block;width:4.87px"> </div>Manra,<div style="display:inline-block;width:4.92px"> </div>Jabwot,<div style="display:inline-block;width:4.72px"> </div>Arorae,<div style="display:inline-block;width:5.23px"> </div>Tamana, </div><div id="a1602" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">Beru, Bonriki, Ejite<div style="display:inline-block;width:1.7px"> </div>and Taongi under the Existing<div style="display:inline-block;width:1.62px"> </div>Facility Agreement B amounting<div style="display:inline-block;width:1.51px"> </div>to $149,263,025 </div><div id="a1614" style="position:absolute;font-family:'Calibri';left:142.59px;top:130px;">in total as at the date of this Agreement,<div style="display:inline-block;width:3.36px"> </div>as the context may require.<div style="display:inline-block;width:3.73px"> </div></div><div id="a1618" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">"</div><div id="a1619" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:164px;">Existing<div style="display:inline-block;width:8.5px"> </div>Security<div style="display:inline-block;width:8.29px"> </div>Interests</div><div id="a1622" style="position:absolute;font-family:'Calibri';left:315.27px;top:164px;">"<div style="display:inline-block;width:8.34px"> </div>means<div style="display:inline-block;width:8.54px"> </div>any<div style="display:inline-block;width:8.59px"> </div>Security<div style="display:inline-block;width:8.36px"> </div>Interests<div style="display:inline-block;width:8.86px"> </div>created<div style="display:inline-block;width:8.85px"> </div>to<div style="display:inline-block;width:8.57px"> </div>secure<div style="display:inline-block;width:8.54px"> </div>the<div style="display:inline-block;width:8.49px"> </div>Existing </div><div id="a1627" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">Indebtedness under each Existing Facility Agreement. </div><div id="a1632" style="position:absolute;font-family:'Calibri';left:142.59px;top:216px;">"</div><div id="a1633" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:216px;">Facility Office</div><div id="a1634" style="position:absolute;font-family:'Calibri';left:230.43px;top:216px;">" means<div style="display:inline-block;width:1.39px"> </div>the office<div style="display:inline-block;width:1.71px"> </div>or offices<div style="display:inline-block;width:1.61px"> </div>notified by<div style="display:inline-block;width:1.37px"> </div>a Lender<div style="display:inline-block;width:1.63px"> </div>to the<div style="display:inline-block;width:1.73px"> </div>Agent in<div style="display:inline-block;width:1.58px"> </div>writing on<div style="display:inline-block;width:1.41px"> </div>or before </div><div id="a1637" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">the date it becomes a Lender (or,<div style="display:inline-block;width:5.02px"> </div>following that date, by not less than five Business Days'<div style="display:inline-block;width:4.34px"> </div>written </div><div id="a1644" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">notice) as the office or offices through which it will perform its obligations under this Agreement. </div><div id="a1646" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">"</div><div id="a1647" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:286px;">Fallback Interest Period</div><div id="a1648" style="position:absolute;font-family:'Calibri';left:292.23px;top:286px;">" means one Month. </div><div id="a1650" style="position:absolute;font-family:'Book Antiqua';font-size:15.36px;left:142.59px;top:318px;">"</div><div id="a1651" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.19px;top:319px;">FATCA</div><div id="a1652" style="position:absolute;font-family:'Book Antiqua';font-size:15.36px;left:187.07px;top:318px;">" </div><div id="a1654" style="position:absolute;font-family:'Calibri';left:196.35px;top:319px;">means: </div><div id="a1656" style="position:absolute;font-family:'Calibri';left:142.59px;top:336px;">(a)</div><div id="a1658" style="position:absolute;font-family:'Calibri';left:190.59px;top:336px;">sections 1471 to 1474 of the Code or any associated regulations; </div><div id="a1661" style="position:absolute;font-family:'Calibri';left:142.59px;top:370px;">(b)</div><div id="a1663" style="position:absolute;font-family:'Calibri';left:190.59px;top:370px;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental </div><div id="a1664" style="position:absolute;font-family:'Calibri';left:190.59px;top:387px;">agreement between the<div style="display:inline-block;width:1.74px"> </div>US and<div style="display:inline-block;width:1.79px"> </div>any other jurisdiction,<div style="display:inline-block;width:1.27px"> </div>which (in<div style="display:inline-block;width:1.98px"> </div>either case)<div style="display:inline-block;width:1.99px"> </div>facilitates the </div><div id="a1665" style="position:absolute;font-family:'Calibri';left:190.59px;top:405px;">implementation of any law or regulation referred to in paragraph </div><div id="a1666" style="position:absolute;font-family:'Calibri';left:582.49px;top:405px;"><a href="#a1656" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a1667" style="position:absolute;font-family:'Calibri';left:598.49px;top:405px;"><div style="display:inline-block;width:3.4px"> </div>above; or </div><div id="a1670" style="position:absolute;font-family:'Calibri';left:142.59px;top:439px;">(c)</div><div id="a1672" style="position:absolute;font-family:'Calibri';left:190.59px;top:439px;">any agreement pursuant<div style="display:inline-block;width:5.1px"> </div>to the implementation of<div style="display:inline-block;width:5.18px"> </div>any treaty,<div style="display:inline-block;width:5.65px"> </div>law or regulation referred </div><div id="a1673" style="position:absolute;font-family:'Calibri';left:190.59px;top:457px;">to in paragraphs </div><div id="a1674" style="position:absolute;font-family:'Calibri';left:289.83px;top:457px;"><a href="#a1656" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a1675" style="position:absolute;font-family:'Calibri';left:305.83px;top:457px;"><div style="display:inline-block;width:2.72px"> </div>or </div><div id="a1677" style="position:absolute;font-family:'Calibri';left:324.23px;top:457px;"><a href="#a1661" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a1678" style="position:absolute;font-family:'Calibri';left:340.71px;top:457px;"><div style="display:inline-block;width:2.88px"> </div>above with the<div style="display:inline-block;width:1.52px"> </div>US Internal Revenue Service,<div style="display:inline-block;width:1.22px"> </div>the US government </div><div id="a1680" style="position:absolute;font-family:'Calibri';left:190.59px;top:475px;">or any governmental or taxation authority in any other jurisdiction. </div><div id="a1682" style="position:absolute;font-family:'Calibri';left:142.59px;top:509px;">"</div><div id="a1683" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:509px;">FATCA<div style="display:inline-block;width:4.87px"> </div>Deduction</div><div id="a1684" style="position:absolute;font-family:'Calibri';left:253.63px;top:509px;">" means<div style="display:inline-block;width:1.75px"> </div>a deduction<div style="display:inline-block;width:1.71px"> </div>or withholding<div style="display:inline-block;width:1.52px"> </div>from a payment<div style="display:inline-block;width:1.72px"> </div>under a<div style="display:inline-block;width:1.8px"> </div>Finance Document </div><div id="a1687" style="position:absolute;font-family:'Calibri';left:142.59px;top:527px;">required by FATCA. </div><div id="a1689" style="position:absolute;font-family:'Calibri';left:142.59px;top:561px;">"</div><div id="a1690" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:561px;">FATCA<div style="display:inline-block;width:6.47px"> </div>Exempt Party</div><div id="a1691" style="position:absolute;font-family:'Calibri';left:275.11px;top:561px;">" means<div style="display:inline-block;width:4.91px"> </div>a Party<div style="display:inline-block;width:5.28px"> </div>that is<div style="display:inline-block;width:5.11px"> </div>entitled to<div style="display:inline-block;width:5.37px"> </div>receive payments<div style="display:inline-block;width:5.51px"> </div>free from<div style="display:inline-block;width:5.29px"> </div>any FATCA </div><div id="a1694" style="position:absolute;font-family:'Calibri';left:142.59px;top:579px;">Deduction. </div><div id="a1696" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">"</div><div id="a1697" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:613px;">Finance Documents</div><div id="a1698" style="position:absolute;font-family:'Calibri';left:268.07px;top:613px;">" means:<div style="display:inline-block;width:2.89px"> </div></div><div id="a1700" style="position:absolute;font-family:'Calibri';left:142.59px;top:647px;">(a)</div><div id="a1702" style="position:absolute;font-family:'Calibri';left:190.59px;top:647px;">this Agreement; </div><div id="a1704" style="position:absolute;font-family:'Calibri';left:142.59px;top:680px;">(b)</div><div id="a1706" style="position:absolute;font-family:'Calibri';left:190.59px;top:680px;">the Agency and Trust Deed; </div><div id="a1708" style="position:absolute;font-family:'Calibri';left:142.59px;top:714px;">(c)</div><div id="a1710" style="position:absolute;font-family:'Calibri';left:190.59px;top:714px;">the Master Agreement; </div><div id="a1712" style="position:absolute;font-family:'Calibri';left:142.59px;top:748px;">(d)</div><div id="a1714" style="position:absolute;font-family:'Calibri';left:190.59px;top:748px;">the Master Agreement Assignment; </div><div id="a1716" style="position:absolute;font-family:'Calibri';left:142.59px;top:782px;">(e)</div><div id="a1718" style="position:absolute;font-family:'Calibri';left:190.59px;top:782px;">the Corporate Guarantee; </div><div id="a1720" style="position:absolute;font-family:'Calibri';left:142.59px;top:816px;">(f)</div><div id="a1722" style="position:absolute;font-family:'Calibri';left:190.59px;top:816px;">the General Assignments; </div><div id="a1724" style="position:absolute;font-family:'Calibri';left:142.59px;top:850px;">(g)</div><div id="a1726" style="position:absolute;font-family:'Calibri';left:190.59px;top:850px;">the Mortgages; </div><div id="a1728" style="position:absolute;font-family:'Calibri';left:142.59px;top:884px;">(h)</div><div id="a1730" style="position:absolute;font-family:'Calibri';left:190.59px;top:884px;">the Accounts Pledges; </div><div id="a1732" style="position:absolute;font-family:'Calibri';left:142.59px;top:918px;">(i)</div><div id="a1734" style="position:absolute;font-family:'Calibri';left:190.59px;top:918px;">the Shares Pledges; </div></div>
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<div id="a1738" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(j)</div><div id="a1740" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">the Manager's Undertakings;<div style="display:inline-block;width:2.88px"> </div></div><div id="a1742" style="position:absolute;font-family:'Calibri';left:142.59px;top:128px;">(k)</div><div id="a1744" style="position:absolute;font-family:'Calibri';left:190.59px;top:128px;">any Charterparty Assignment; and </div><div id="a1746" style="position:absolute;font-family:'Calibri';left:142.59px;top:162px;">(l)</div><div id="a1748" style="position:absolute;font-family:'Calibri';left:190.59px;top:162px;">any other document (whether<div style="display:inline-block;width:1.41px"> </div>creating a Security Interest or<div style="display:inline-block;width:1.48px"> </div>not) which is<div style="display:inline-block;width:1.81px"> </div>executed at any </div><div id="a1749" style="position:absolute;font-family:'Calibri';left:190.59px;top:180px;">time<div style="display:inline-block;width:5.41px"> </div>by<div style="display:inline-block;width:5.2px"> </div>any<div style="display:inline-block;width:5.43px"> </div>Borrower,<div style="display:inline-block;width:6.84px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Corporate<div style="display:inline-block;width:5.68px"> </div>Guarantor,<div style="display:inline-block;width:6.92px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Approved<div style="display:inline-block;width:5.54px"> </div>Manager<div style="display:inline-block;width:5.2px"> </div>or<div style="display:inline-block;width:5.19px"> </div>any<div style="display:inline-block;width:5.39px"> </div>other </div><div id="a1751" style="position:absolute;font-family:'Calibri';left:190.59px;top:198px;">person as security for, or to establish any form of subordination or priorities arrangement </div><div id="a1752" style="position:absolute;font-family:'Calibri';left:190.59px;top:216px;">in<div style="display:inline-block;width:5.85px"> </div>relation<div style="display:inline-block;width:6.28px"> </div>to,<div style="display:inline-block;width:6.28px"> </div>any<div style="display:inline-block;width:6.19px"> </div>amount<div style="display:inline-block;width:5.81px"> </div>payable<div style="display:inline-block;width:6.36px"> </div>to<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Lenders<div style="display:inline-block;width:6.02px"> </div>and/or<div style="display:inline-block;width:6.19px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Swap<div style="display:inline-block;width:5.98px"> </div>Bank<div style="display:inline-block;width:5.88px"> </div>under<div style="display:inline-block;width:5.62px"> </div>this </div><div id="a1753" style="position:absolute;font-family:'Calibri';left:190.59px;top:234px;">Agreement or any of the other documents referred to in this definition. </div><div id="a1757" style="position:absolute;font-family:'Calibri';left:142.59px;top:268px;">"</div><div id="a1758" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:268px;">Financial Indebtedness</div><div id="a1759" style="position:absolute;font-family:'Calibri';left:288.07px;top:268px;">" means, in relation to a person (the "</div><div id="a1760" style="position:absolute;font-family:'Calibri';font-weight:bold;left:512.57px;top:268px;">debtor</div><div id="a1761" style="position:absolute;font-family:'Calibri';left:553.85px;top:268px;">"), a liability of the debtor:<div style="display:inline-block;width:2.77px"> </div></div><div id="a1763" style="position:absolute;font-family:'Calibri';left:142.59px;top:302px;">(a)</div><div id="a1765" style="position:absolute;font-family:'Calibri';left:190.59px;top:302px;">for<div style="display:inline-block;width:5.16px"> </div>principal, interest<div style="display:inline-block;width:6.12px"> </div>or<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:4.75px"> </div>other<div style="display:inline-block;width:4.72px"> </div>sum<div style="display:inline-block;width:4.67px"> </div>payable<div style="display:inline-block;width:4.92px"> </div>in<div style="display:inline-block;width:4.73px"> </div>respect of<div style="display:inline-block;width:6.11px"> </div>any<div style="display:inline-block;width:4.75px"> </div>moneys<div style="display:inline-block;width:4.91px"> </div>borrowed<div style="display:inline-block;width:4.68px"> </div>or </div><div id="a1766" style="position:absolute;font-family:'Calibri';left:190.59px;top:320px;">raised by the debtor;<div style="display:inline-block;width:3.42px"> </div></div><div id="a1768" style="position:absolute;font-family:'Calibri';left:142.59px;top:354px;">(b)</div><div id="a1770" style="position:absolute;font-family:'Calibri';left:190.59px;top:354px;">under any loan stock, bond, note or other security issued by the debtor;<div style="display:inline-block;width:2.52px"> </div></div><div id="a1772" style="position:absolute;font-family:'Calibri';left:142.59px;top:387px;">(c)</div><div id="a1774" style="position:absolute;font-family:'Calibri';left:190.59px;top:387px;">under<div style="display:inline-block;width:6.58px"> </div>any<div style="display:inline-block;width:6.99px"> </div>acceptance<div style="display:inline-block;width:6.66px"> </div>credit,<div style="display:inline-block;width:6.76px"> </div>guarantee<div style="display:inline-block;width:7.07px"> </div>or<div style="display:inline-block;width:6.79px"> </div>letter<div style="display:inline-block;width:6.79px"> </div>of<div style="display:inline-block;width:6.63px"> </div>credit<div style="display:inline-block;width:6.91px"> </div>facility<div style="display:inline-block;width:6.71px"> </div>or<div style="display:inline-block;width:6.79px"> </div>dematerialised </div><div id="a1775" style="position:absolute;font-family:'Calibri';left:190.59px;top:405px;">equivalent made available to the debtor;<div style="display:inline-block;width:3.59px"> </div></div><div id="a1777" style="position:absolute;font-family:'Calibri';left:142.59px;top:439px;">(d)</div><div id="a1779" style="position:absolute;font-family:'Calibri';left:190.59px;top:439px;">under<div style="display:inline-block;width:5.78px"> </div>a<div style="display:inline-block;width:5.75px"> </div>financial<div style="display:inline-block;width:5.74px"> </div>lease,<div style="display:inline-block;width:5.65px"> </div>a<div style="display:inline-block;width:5.59px"> </div>deferred<div style="display:inline-block;width:6.41px"> </div>purchase<div style="display:inline-block;width:5.85px"> </div>consideration<div style="display:inline-block;width:6.18px"> </div>arrangement<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:5.83px"> </div>any<div style="display:inline-block;width:5.87px"> </div>other </div><div id="a1780" style="position:absolute;font-family:'Calibri';left:190.59px;top:457px;">agreement having the<div style="display:inline-block;width:1.43px"> </div>commercial effect of<div style="display:inline-block;width:1.93px"> </div>a borrowing<div style="display:inline-block;width:1.91px"> </div>or raising of<div style="display:inline-block;width:1.3px"> </div>money by the<div style="display:inline-block;width:1.24px"> </div>debtor;<div style="display:inline-block;width:3.12px"> </div></div><div id="a1782" style="position:absolute;font-family:'Calibri';left:142.59px;top:491px;">(e)</div><div id="a1784" style="position:absolute;font-family:'Calibri';left:190.59px;top:491px;">under any foreign<div style="display:inline-block;width:4.98px"> </div>exchange transaction, any<div style="display:inline-block;width:5.25px"> </div>interest or currency<div style="display:inline-block;width:4.7px"> </div>swap or any other<div style="display:inline-block;width:4.88px"> </div>kind </div><div id="a1785" style="position:absolute;font-family:'Calibri';left:190.59px;top:509px;">of derivative transaction entered into by the debtor or, if the agreement under which any </div><div id="a1786" style="position:absolute;font-family:'Calibri';left:190.59px;top:527px;">such transaction<div style="display:inline-block;width:5.68px"> </div>is entered<div style="display:inline-block;width:5.64px"> </div>into<div style="display:inline-block;width:4.8px"> </div>requires netting<div style="display:inline-block;width:5.67px"> </div>of mutual<div style="display:inline-block;width:5.51px"> </div>liabilities, the<div style="display:inline-block;width:5.23px"> </div>liability of<div style="display:inline-block;width:5.41px"> </div>the </div><div id="a1788" style="position:absolute;font-family:'Calibri';left:190.59px;top:545px;">debtor for the net amount; or<div style="display:inline-block;width:3.34px"> </div></div><div id="a1790" style="position:absolute;font-family:'Calibri';left:142.59px;top:579px;">(f)</div><div id="a1792" style="position:absolute;font-family:'Calibri';left:190.59px;top:579px;">under a guarantee,<div style="display:inline-block;width:5.23px"> </div>indemnity or similar obligation<div style="display:inline-block;width:5.03px"> </div>entered into<div style="display:inline-block;width:4.85px"> </div>by the debtor<div style="display:inline-block;width:4.86px"> </div>in respect </div><div id="a1793" style="position:absolute;font-family:'Calibri';left:190.59px;top:597px;">of<div style="display:inline-block;width:6.79px"> </div>a<div style="display:inline-block;width:6.55px"> </div>liability<div style="display:inline-block;width:6.49px"> </div>of<div style="display:inline-block;width:6.63px"> </div>another<div style="display:inline-block;width:6.57px"> </div>person<div style="display:inline-block;width:6.65px"> </div>which<div style="display:inline-block;width:6.49px"> </div>would<div style="display:inline-block;width:6.85px"> </div>fall<div style="display:inline-block;width:6.79px"> </div>within<div style="display:inline-block;width:6.48px"> </div>paragraphs </div><div id="a1794" style="position:absolute;font-family:'Calibri';left:622.69px;top:597px;"><a href="#a1763" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a1795" style="position:absolute;font-family:'Calibri';left:638.69px;top:597px;"><div style="display:inline-block;width:6.56px"> </div>to </div><div id="a1797" style="position:absolute;font-family:'Calibri';left:664.61px;top:597px;"><a href="#a1782" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a1798" style="position:absolute;font-family:'Calibri';left:680.77px;top:597px;"><div style="display:inline-block;width:6.72px"> </div>if<div style="display:inline-block;width:6.69px"> </div>the </div><div id="a1800" style="position:absolute;font-family:'Calibri';left:190.59px;top:615px;">references to the debtor referred<div style="display:inline-block;width:4.81px"> </div>to the other person. </div><div id="a1803" style="position:absolute;font-family:'Calibri';left:142.59px;top:648px;">"</div><div id="a1804" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:648px;">Financial Year</div><div id="a1805" style="position:absolute;font-family:'Calibri';left:232.67px;top:648px;">" means,<div style="display:inline-block;width:1.87px"> </div>in relation to<div style="display:inline-block;width:1.56px"> </div>the Corporate Guarantor, each period<div style="display:inline-block;width:1.67px"> </div>of 1<div style="display:inline-block;width:1.92px"> </div>year commencing </div><div id="a1806" style="position:absolute;font-family:'Calibri';left:142.59px;top:666px;">on 1 January in respect of which its annual audited accounts are or ought to be prepared. </div><div id="a1809" style="position:absolute;font-family:'Calibri';left:142.59px;top:700px;">"</div><div id="a1810" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:700px;">Fleet Vessels</div><div id="a1811" style="position:absolute;font-family:'Calibri';left:226.43px;top:700px;">" means all of the<div style="display:inline-block;width:1.67px"> </div>vessels (including, but not<div style="display:inline-block;width:1.98px"> </div>limited to, the Ships) from time<div style="display:inline-block;width:1.96px"> </div>to time </div><div id="a1812" style="position:absolute;font-family:'Calibri';left:142.59px;top:718px;">wholly owned by members of the Group (each a "</div><div id="a1813" style="position:absolute;font-family:'Calibri';font-weight:bold;left:439.13px;top:718px;">Fleet Vessel</div><div id="a1814" style="position:absolute;font-family:'Calibri';left:511.13px;top:718px;">"). </div><div id="a1817" style="position:absolute;font-family:'Calibri';left:142.59px;top:752px;">"</div><div id="a1818" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:752px;">Funding<div style="display:inline-block;width:5.13px"> </div>Rate</div><div id="a1819" style="position:absolute;font-family:'Calibri';left:230.59px;top:752px;">"<div style="display:inline-block;width:5.14px"> </div>means<div style="display:inline-block;width:5.18px"> </div>any<div style="display:inline-block;width:5.39px"> </div>individual<div style="display:inline-block;width:5.05px"> </div>rate<div style="display:inline-block;width:5.76px"> </div>notified<div style="display:inline-block;width:4.79px"> </div>by<div style="display:inline-block;width:5.36px"> </div>a<div style="display:inline-block;width:5.11px"> </div>Lender<div style="display:inline-block;width:5.12px"> </div>to<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.2px"> </div>Agent<div style="display:inline-block;width:5.34px"> </div>pursuant<div style="display:inline-block;width:5.46px"> </div>to<div style="display:inline-block;width:5.37px"> </div>sub-</div><div id="a1826" style="position:absolute;font-family:'Calibri';left:142.59px;top:770px;">paragraph </div><div id="a1827" style="position:absolute;font-family:'Calibri';left:207.23px;top:770px;"><a href="#a4525" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a1828" style="position:absolute;font-family:'Calibri';left:222.91px;top:770px;"><div style="display:inline-block;width:3.36px"> </div>of paragraph </div><div id="a1830" style="position:absolute;font-family:'Calibri';left:306.31px;top:770px;"><a href="#a4508" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a1831" style="position:absolute;font-family:'Calibri';left:322.31px;top:770px;"><div style="display:inline-block;width:3.36px"> </div>of Clause </div><div id="a1833" style="position:absolute;font-family:'Calibri';left:383.43px;top:770px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a1834" style="position:absolute;font-family:'Calibri';left:401.99px;top:770px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a1836" style="position:absolute;font-family:'Calibri';font-style:italic;left:409.83px;top:770px;">Cost of funds</div><div id="a1837" style="position:absolute;font-family:'Calibri';left:486.97px;top:770px;">). </div><div id="a1839" style="position:absolute;font-family:'Calibri';left:142.59px;top:804px;">"</div><div id="a1840" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:804px;">GAAP</div><div id="a1841" style="position:absolute;font-family:'Calibri';left:183.55px;top:804px;">"<div style="display:inline-block;width:7.38px"> </div>means,<div style="display:inline-block;width:7.26px"> </div>at<div style="display:inline-block;width:7.68px"> </div>any<div style="display:inline-block;width:7.47px"> </div>time,<div style="display:inline-block;width:7.34px"> </div>the<div style="display:inline-block;width:7.21px"> </div>most<div style="display:inline-block;width:7.72px"> </div>recent<div style="display:inline-block;width:7.58px"> </div>and<div style="display:inline-block;width:7.24px"> </div>updated<div style="display:inline-block;width:7.65px"> </div>generally<div style="display:inline-block;width:7.59px"> </div>accepted<div style="display:inline-block;width:7.6px"> </div>accounting </div><div id="a1842" style="position:absolute;font-family:'Calibri';left:142.59px;top:822px;">principles in the United States of America. </div><div id="a1845" style="position:absolute;font-family:'Calibri';left:142.59px;top:856px;">"</div><div id="a1846" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:856px;">General Assignment</div><div id="a1847" style="position:absolute;font-family:'Calibri';left:272.07px;top:856px;">" means,<div style="display:inline-block;width:4.75px"> </div>in relation<div style="display:inline-block;width:5.12px"> </div>to each<div style="display:inline-block;width:4.91px"> </div>Ship, a first<div style="display:inline-block;width:5.9px"> </div>priority general<div style="display:inline-block;width:4.92px"> </div>assignment of<div style="display:inline-block;width:4.68px"> </div>the </div><div id="a1848" style="position:absolute;font-family:'Calibri';left:142.59px;top:874px;">Earnings, the Insurances and any Requisition Compensation<div style="display:inline-block;width:1.97px"> </div>in the Agreed Form and,<div style="display:inline-block;width:1.98px"> </div>in the plural, </div><div id="a1849" style="position:absolute;font-family:'Calibri';left:142.59px;top:892px;">means all of them. </div></div>
</div>
<div style="padding: 7px">
<div id="Page15" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1854" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a1855" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Group</div><div id="a1856" style="position:absolute;font-family:'Calibri';left:186.75px;top:94px;">" means the Corporate Guarantor and all its subsidiaries (including, but not limited to, the </div><div id="a1857" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">Borrowers)<div style="display:inline-block;width:5.36px"> </div>from<div style="display:inline-block;width:4.85px"> </div>time<div style="display:inline-block;width:4.77px"> </div>to<div style="display:inline-block;width:4.73px"> </div>time<div style="display:inline-block;width:4.77px"> </div>during the<div style="display:inline-block;width:5.88px"> </div>Security Period<div style="display:inline-block;width:6.2px"> </div>and<div style="display:inline-block;width:4.68px"> </div>"</div><div id="a1858" style="position:absolute;font-family:'Calibri';font-weight:bold;left:526.97px;top:112px;">member of<div style="display:inline-block;width:5.96px"> </div>the Group</div><div id="a1859" style="position:absolute;font-family:'Calibri';left:663.97px;top:112px;">"<div style="display:inline-block;width:4.82px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>be </div><div id="a1860" style="position:absolute;font-family:'Calibri';left:142.59px;top:130px;">construed accordingly.<div style="display:inline-block;width:4.4px"> </div></div><div id="a1864" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">"</div><div id="a1865" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:164px;">Guam</div><div id="a1866" style="position:absolute;font-family:'Calibri';left:184.99px;top:164px;">" means Guam Shipping Company<div style="display:inline-block;width:4.87px"> </div>Inc., a corporation incorporated<div style="display:inline-block;width:5.64px"> </div>and existing under the </div><div id="a1868" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">laws<div style="display:inline-block;width:6.64px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Republic<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Marshall<div style="display:inline-block;width:6.59px"> </div>Islands<div style="display:inline-block;width:6.24px"> </div>whose<div style="display:inline-block;width:6.18px"> </div>registered<div style="display:inline-block;width:6.95px"> </div>address<div style="display:inline-block;width:6.51px"> </div>is<div style="display:inline-block;width:6.38px"> </div>at<div style="display:inline-block;width:6.39px"> </div>Trust<div style="display:inline-block;width:7.47px"> </div>Company </div><div id="a1870" style="position:absolute;font-family:'Calibri';left:142.59px;top:200px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a1873" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">"</div><div id="a1874" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:234px;">Hong<div style="display:inline-block;width:5.2px"> </div>Kong<div style="display:inline-block;width:5.4px"> </div>Convention</div><div id="a1875" style="position:absolute;font-family:'Calibri';left:291.91px;top:234px;">"<div style="display:inline-block;width:5.14px"> </div>means<div style="display:inline-block;width:5.18px"> </div>the<div style="display:inline-block;width:5.29px"> </div>International<div style="display:inline-block;width:5.14px"> </div>Maritime<div style="display:inline-block;width:5.1px"> </div>Organization's<div style="display:inline-block;width:5.98px"> </div>convention<div style="display:inline-block;width:5.74px"> </div>for<div style="display:inline-block;width:5.48px"> </div>the </div><div id="a1880" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">Safe and Environmentally Sound Recycling<div style="display:inline-block;width:1.67px"> </div>of Ships, 2009<div style="display:inline-block;width:1.72px"> </div>together with the<div style="display:inline-block;width:1.95px"> </div>guidelines to be<div style="display:inline-block;width:1.55px"> </div>issued </div><div id="a1881" style="position:absolute;font-family:'Calibri';left:142.59px;top:270px;">by the International Maritime Organization in connection with such convention. </div><div id="a1883" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">"</div><div id="a1884" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:304px;">IACS</div><div id="a1885" style="position:absolute;font-family:'Calibri';left:176.03px;top:304px;">" means the International Association of Classification Societies.<div style="display:inline-block;width:2.68px"> </div></div><div id="a1889" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">"</div><div id="a1890" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:338px;">Initial<div style="display:inline-block;width:6.08px"> </div>Market<div style="display:inline-block;width:6.44px"> </div>Value</div><div id="a1891" style="position:absolute;font-family:'Calibri';left:275.27px;top:338px;">"<div style="display:inline-block;width:6.1px"> </div>means,<div style="display:inline-block;width:5.82px"> </div>in<div style="display:inline-block;width:6.01px"> </div>respect<div style="display:inline-block;width:6.17px"> </div>of<div style="display:inline-block;width:6.15px"> </div>a<div style="display:inline-block;width:6.07px"> </div>Ship,<div style="display:inline-block;width:5.92px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Market<div style="display:inline-block;width:6.6px"> </div>Value<div style="display:inline-block;width:6.82px"> </div>as<div style="display:inline-block;width:6.07px"> </div>determined<div style="display:inline-block;width:6.02px"> </div>by<div style="display:inline-block;width:6px"> </div>the </div><div id="a1892" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">valuations referred to in paragraph 5 of Part<div style="display:inline-block;width:4.8px"> </div>B of Schedule 3 (</div><div id="a1898" style="position:absolute;font-family:'Calibri';font-style:italic;left:508.73px;top:355px;">Conditions precedent documents</div><div id="a1899" style="position:absolute;font-family:'Calibri';left:703.17px;top:355px;">).<div style="display:inline-block;width:6.38px"> </div></div><div id="a1901" style="position:absolute;font-family:'Calibri';left:142.59px;top:389px;">"</div><div id="a1902" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:389px;">Insurances</div><div id="a1903" style="position:absolute;font-family:'Calibri';left:213.79px;top:389px;">" means, in relation to a Ship: </div><div id="a1905" style="position:absolute;font-family:'Calibri';left:142.59px;top:423px;">(a)</div><div id="a1907" style="position:absolute;font-family:'Calibri';left:190.59px;top:423px;">all policies and contracts of<div style="display:inline-block;width:1.99px"> </div>insurance, including entries of such<div style="display:inline-block;width:1.72px"> </div>Ship in any protection and </div><div id="a1908" style="position:absolute;font-family:'Calibri';left:190.59px;top:441px;">indemnity<div style="display:inline-block;width:6.57px"> </div>or<div style="display:inline-block;width:6.63px"> </div>war<div style="display:inline-block;width:6.9px"> </div>risks<div style="display:inline-block;width:6.7px"> </div>association,<div style="display:inline-block;width:6.48px"> </div>effected<div style="display:inline-block;width:7.43px"> </div>in<div style="display:inline-block;width:6.65px"> </div>respect<div style="display:inline-block;width:6.49px"> </div>of<div style="display:inline-block;width:6.79px"> </div>such<div style="display:inline-block;width:6.63px"> </div>Ship,<div style="display:inline-block;width:6.56px"> </div>its<div style="display:inline-block;width:6.68px"> </div>Earnings<div style="display:inline-block;width:6.62px"> </div>or </div><div id="a1910" style="position:absolute;font-family:'Calibri';left:190.59px;top:459px;">otherwise in relation to such<div style="display:inline-block;width:1.76px"> </div>Ship whether before, on or after the<div style="display:inline-block;width:1.85px"> </div>date of this Agreement; </div><div id="a1911" style="position:absolute;font-family:'Calibri';left:190.59px;top:477px;">and<div style="display:inline-block;width:3.24px"> </div></div><div id="a1913" style="position:absolute;font-family:'Calibri';left:142.59px;top:511px;">(b)</div><div id="a1915" style="position:absolute;font-family:'Calibri';left:190.59px;top:511px;">all rights and other assets relating to, or derived from, any of the foregoing, including any </div><div id="a1916" style="position:absolute;font-family:'Calibri';left:190.59px;top:529px;">rights to a return of<div style="display:inline-block;width:4.84px"> </div>a premium and any rights in<div style="display:inline-block;width:4.68px"> </div>respect of any claim whether or not<div style="display:inline-block;width:4.88px"> </div>the </div><div id="a1917" style="position:absolute;font-family:'Calibri';left:190.59px;top:547px;">relevant<div style="display:inline-block;width:4.86px"> </div>policy,<div style="display:inline-block;width:5.28px"> </div>contract of<div style="display:inline-block;width:5.39px"> </div>insurance or<div style="display:inline-block;width:5.37px"> </div>entry has<div style="display:inline-block;width:5.21px"> </div>expired on<div style="display:inline-block;width:5.55px"> </div>or before<div style="display:inline-block;width:5.87px"> </div>the date<div style="display:inline-block;width:5.3px"> </div>of this </div><div id="a1920" style="position:absolute;font-family:'Calibri';left:190.59px;top:565px;">Agreement. </div><div id="a1923" style="position:absolute;font-family:'Calibri';left:142.59px;top:599px;">"</div><div id="a1924" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:599px;">Interest Period</div><div id="a1925" style="position:absolute;font-family:'Calibri';left:239.71px;top:599px;">" means, in relation to the Loan<div style="display:inline-block;width:4.73px"> </div>or any part of the Loan, each<div style="display:inline-block;width:4.77px"> </div>period determined </div><div id="a1928" style="position:absolute;font-family:'Calibri';left:142.59px;top:616px;">in<div style="display:inline-block;width:5.21px"> </div>accordance<div style="display:inline-block;width:5.3px"> </div>with<div style="display:inline-block;width:5.12px"> </div>Clause<div style="display:inline-block;width:4.95px"> </div>6<div style="display:inline-block;width:5.18px"> </div>(</div><div id="a1932" style="position:absolute;font-family:'Calibri';font-style:italic;left:325.19px;top:616px;">Interest<div style="display:inline-block;width:5.38px"> </div>Periods</div><div id="a1933" style="position:absolute;font-family:'Calibri';left:419.91px;top:616px;">)<div style="display:inline-block;width:5.14px"> </div>and,<div style="display:inline-block;width:5.01px"> </div>in<div style="display:inline-block;width:5.05px"> </div>relation<div style="display:inline-block;width:5.32px"> </div>to<div style="display:inline-block;width:5.37px"> </div>an<div style="display:inline-block;width:5.06px"> </div>Unpaid<div style="display:inline-block;width:5.09px"> </div>Sum,<div style="display:inline-block;width:4.95px"> </div>each<div style="display:inline-block;width:5.11px"> </div>period </div><div id="a1934" style="position:absolute;font-family:'Calibri';left:142.59px;top:634px;">determined in accordance with Clause </div><div id="a1935" style="position:absolute;font-family:'Calibri';left:374.15px;top:634px;"><a href="#a4146" style="color:#000000;text-decoration:none;">5.3</a></div><div id="a1936" style="position:absolute;font-family:'Calibri';left:392.71px;top:634px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a1938" style="position:absolute;font-family:'Calibri';font-style:italic;left:400.39px;top:634px;">Default interest</div><div id="a1939" style="position:absolute;font-family:'Calibri';left:493.21px;top:634px;">). </div><div id="a1941" style="position:absolute;font-family:'Calibri';left:142.59px;top:668px;">"</div><div id="a1942" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:668px;">Interpolated<div style="display:inline-block;width:6.52px"> </div>Term<div style="display:inline-block;width:7.29px"> </div>SOFR</div><div id="a1944" style="position:absolute;font-family:'Calibri';left:300.71px;top:668px;">"<div style="display:inline-block;width:6.1px"> </div>means,<div style="display:inline-block;width:6.14px"> </div>in<div style="display:inline-block;width:6.01px"> </div>relation<div style="display:inline-block;width:6.28px"> </div>to<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Loan<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:6.15px"> </div>any<div style="display:inline-block;width:6.35px"> </div>part<div style="display:inline-block;width:5.87px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Loan,<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:6.09px"> </div>rate </div><div id="a1947" style="position:absolute;font-family:'Calibri';left:142.59px;top:686px;">(rounded to<div style="display:inline-block;width:4.74px"> </div>the same number of<div style="display:inline-block;width:5.35px"> </div>decimal places as Term<div style="display:inline-block;width:6.56px"> </div>SOFR) which results<div style="display:inline-block;width:4.76px"> </div>from interpolating </div><div id="a1951" style="position:absolute;font-family:'Calibri';left:142.59px;top:704px;">on a linear basis between: </div><div id="a1953" style="position:absolute;font-family:'Calibri';left:142.59px;top:738px;">(a)</div><div id="a1955" style="position:absolute;font-family:'Calibri';left:190.59px;top:738px;">either </div><div id="a1957" style="position:absolute;font-family:'Calibri';left:190.59px;top:772px;">(i)</div><div id="a1959" style="position:absolute;font-family:'Calibri';left:238.59px;top:772px;">the<div style="display:inline-block;width:4.81px"> </div>applicable Term<div style="display:inline-block;width:7.05px"> </div>SOFR (as<div style="display:inline-block;width:5.73px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the<div style="display:inline-block;width:4.68px"> </div>Quotation<div style="display:inline-block;width:4.73px"> </div>Day)<div style="display:inline-block;width:4.66px"> </div>for<div style="display:inline-block;width:5px"> </div>the longest<div style="display:inline-block;width:6.12px"> </div>period (for </div><div id="a1964" style="position:absolute;font-family:'Calibri';left:238.59px;top:790px;">which Term SOFR is available) which is less than<div style="display:inline-block;width:1.71px"> </div>the Interest Period of the Loan<div style="display:inline-block;width:1.89px"> </div>or </div><div id="a1967" style="position:absolute;font-family:'Calibri';left:238.59px;top:808px;">that part of the Loan; or </div><div id="a1970" style="position:absolute;font-family:'Calibri';left:190.59px;top:842px;">(ii)</div><div id="a1972" style="position:absolute;font-family:'Calibri';left:238.59px;top:842px;">if no such<div style="display:inline-block;width:1.73px"> </div>Term SOFR is available for a<div style="display:inline-block;width:1.98px"> </div>period which is<div style="display:inline-block;width:1.55px"> </div>less than the<div style="display:inline-block;width:1.61px"> </div>Interest Period </div><div id="a1973" style="position:absolute;font-family:'Calibri';left:238.59px;top:859px;">of the Loan<div style="display:inline-block;width:1.49px"> </div>or that part<div style="display:inline-block;width:1.49px"> </div>of the<div style="display:inline-block;width:1.87px"> </div>Loan, SOFR for<div style="display:inline-block;width:1.71px"> </div>the day which<div style="display:inline-block;width:1.55px"> </div>is two US<div style="display:inline-block;width:1.67px"> </div>Government </div><div id="a1975" style="position:absolute;font-family:'Calibri';left:238.59px;top:877px;">Securities Business Days before the Quotation Day;</div><div id="a1979" style="position:absolute;font-family:'Calibri';left:545.37px;top:877px;"><div style="display:inline-block;width:3.36px"> </div>and </div></div>
</div>
<div style="padding: 7px">
<div id="Page16" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a1984" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(b)</div><div id="a1986" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">the<div style="display:inline-block;width:4.97px"> </div>applicable<div style="display:inline-block;width:4.78px"> </div>Term<div style="display:inline-block;width:6.08px"> </div>SOFR (as<div style="display:inline-block;width:6.05px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Quotation<div style="display:inline-block;width:4.89px"> </div>Day)<div style="display:inline-block;width:4.82px"> </div>for<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:4.81px"> </div>shortest<div style="display:inline-block;width:5.08px"> </div>period (for<div style="display:inline-block;width:6.47px"> </div>which </div><div id="a1992" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">Term<div style="display:inline-block;width:4.96px"> </div>SOFR is available) which exceeds<div style="display:inline-block;width:5.43px"> </div>the Interest Period<div style="display:inline-block;width:4.85px"> </div>of the Loan or that<div style="display:inline-block;width:4.79px"> </div>part of the </div><div id="a1994" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">Loan. </div><div id="a1997" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">"</div><div id="a1998" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:164px;">Inventory<div style="display:inline-block;width:5.4px"> </div>of<div style="display:inline-block;width:4.71px"> </div>Hazardous<div style="display:inline-block;width:5px"> </div>Material</div><div id="a1999" style="position:absolute;font-family:'Calibri';left:351.43px;top:164px;">"<div style="display:inline-block;width:4.82px"> </div>means,<div style="display:inline-block;width:4.86px"> </div>in<div style="display:inline-block;width:4.73px"> </div>relation<div style="display:inline-block;width:5.16px"> </div>to<div style="display:inline-block;width:4.89px"> </div>each<div style="display:inline-block;width:4.95px"> </div>Ship, an<div style="display:inline-block;width:6.21px"> </div>inventory<div style="display:inline-block;width:5.21px"> </div>certificate<div style="display:inline-block;width:4.99px"> </div>or </div><div id="a2000" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">statement<div style="display:inline-block;width:7.2px"> </div>of<div style="display:inline-block;width:6.47px"> </div>compliance<div style="display:inline-block;width:6.27px"> </div>(as<div style="display:inline-block;width:6.57px"> </div>applicable)<div style="display:inline-block;width:6.35px"> </div>issued<div style="display:inline-block;width:6.48px"> </div>by<div style="display:inline-block;width:6.32px"> </div>such<div style="display:inline-block;width:6.47px"> </div>Ship's<div style="display:inline-block;width:6.34px"> </div>classification<div style="display:inline-block;width:6.64px"> </div>society<div style="display:inline-block;width:6.36px"> </div>which<div style="display:inline-block;width:6.49px"> </div>is </div><div id="a2001" style="position:absolute;font-family:'Calibri';left:142.59px;top:200px;">supplemented by a<div style="display:inline-block;width:4.84px"> </div>list of any<div style="display:inline-block;width:5.04px"> </div>and all materials<div style="display:inline-block;width:4.75px"> </div>known to be<div style="display:inline-block;width:4.71px"> </div>potentially hazardous utilised<div style="display:inline-block;width:4.92px"> </div>in the </div><div id="a2002" style="position:absolute;font-family:'Calibri';left:142.59px;top:218px;">construction of such Ship pursuant to the requirements of the EU Ship Recycling Regulation.<div style="display:inline-block;width:3.41px"> </div></div><div id="a2005" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">"</div><div id="a2006" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:252px;">ISM<div style="display:inline-block;width:4.89px"> </div>Code</div><div id="a2007" style="position:absolute;font-family:'Calibri';left:208.03px;top:252px;">"<div style="display:inline-block;width:4.98px"> </div>means<div style="display:inline-block;width:4.86px"> </div>the<div style="display:inline-block;width:4.97px"> </div>International<div style="display:inline-block;width:5.14px"> </div>Safety<div style="display:inline-block;width:5.23px"> </div>Management<div style="display:inline-block;width:5.12px"> </div>Code<div style="display:inline-block;width:4.85px"> </div>(including<div style="display:inline-block;width:4.67px"> </div>the<div style="display:inline-block;width:4.81px"> </div>guidelines<div style="display:inline-block;width:4.77px"> </div>on<div style="display:inline-block;width:4.98px"> </div>its </div><div id="a2008" style="position:absolute;font-family:'Calibri';left:142.59px;top:270px;">implementation),<div style="display:inline-block;width:6.86px"> </div>adopted<div style="display:inline-block;width:6.59px"> </div>by<div style="display:inline-block;width:6.64px"> </div>the<div style="display:inline-block;width:6.57px"> </div>International<div style="display:inline-block;width:6.74px"> </div>Maritime<div style="display:inline-block;width:6.54px"> </div>Organisation,<div style="display:inline-block;width:6.92px"> </div>as<div style="display:inline-block;width:6.55px"> </div>the<div style="display:inline-block;width:6.57px"> </div>same<div style="display:inline-block;width:6.51px"> </div>may<div style="display:inline-block;width:6.96px"> </div>be </div><div id="a2009" style="position:absolute;font-family:'Calibri';left:142.59px;top:288px;">amended<div style="display:inline-block;width:5.58px"> </div>or<div style="display:inline-block;width:5.83px"> </div>supplemented<div style="display:inline-block;width:5.67px"> </div>from<div style="display:inline-block;width:5.97px"> </div>time<div style="display:inline-block;width:5.73px"> </div>to<div style="display:inline-block;width:5.85px"> </div>time<div style="display:inline-block;width:5.73px"> </div>(and<div style="display:inline-block;width:5.5px"> </div>the<div style="display:inline-block;width:5.77px"> </div>terms<div style="display:inline-block;width:5.9px"> </div>"</div><div id="a2010" style="position:absolute;font-family:'Calibri';font-weight:bold;left:539.61px;top:288px;">safety<div style="display:inline-block;width:6.04px"> </div>management<div style="display:inline-block;width:5.83px"> </div>system</div><div id="a2011" style="position:absolute;font-family:'Calibri';left:712.45px;top:288px;letter-spacing:-0.23px;">", </div><div id="a2012" style="position:absolute;font-family:'Calibri';left:142.59px;top:306px;">"</div><div id="a2013" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:306px;">Safety Management Certificate</div><div id="a2015" style="position:absolute;font-family:'Calibri';left:337.19px;top:306px;">" and "</div><div id="a2016" style="position:absolute;font-family:'Calibri';font-weight:bold;left:376.87px;top:306px;">Document of<div style="display:inline-block;width:1.88px"> </div>Compliance</div><div id="a2017" style="position:absolute;font-family:'Calibri';left:529.53px;top:306px;">" have the<div style="display:inline-block;width:1.65px"> </div>same meanings<div style="display:inline-block;width:1.84px"> </div>as are </div><div id="a2018" style="position:absolute;font-family:'Calibri';left:142.59px;top:323px;">given to them in the ISM Code). </div><div id="a2021" style="position:absolute;font-family:'Calibri';left:142.59px;top:357px;">"</div><div id="a2022" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:357px;">ISPS<div style="display:inline-block;width:5.85px"> </div>Code</div><div id="a2023" style="position:absolute;font-family:'Calibri';left:210.91px;top:357px;">"<div style="display:inline-block;width:5.94px"> </div>means<div style="display:inline-block;width:5.82px"> </div>the<div style="display:inline-block;width:5.93px"> </div>International<div style="display:inline-block;width:6.1px"> </div>Ship<div style="display:inline-block;width:5.75px"> </div>and<div style="display:inline-block;width:5.8px"> </div>Port<div style="display:inline-block;width:6.23px"> </div>Facility<div style="display:inline-block;width:6.31px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Code<div style="display:inline-block;width:5.81px"> </div>as<div style="display:inline-block;width:5.91px"> </div>adopted<div style="display:inline-block;width:5.95px"> </div>by<div style="display:inline-block;width:6px"> </div>the </div><div id="a2024" style="position:absolute;font-family:'Calibri';left:142.59px;top:375px;">International Maritime<div style="display:inline-block;width:5px"> </div>Organisation, as<div style="display:inline-block;width:5.18px"> </div>the same may<div style="display:inline-block;width:5.71px"> </div>be amended or<div style="display:inline-block;width:5.37px"> </div>supplemented from<div style="display:inline-block;width:5.11px"> </div>time </div><div id="a2025" style="position:absolute;font-family:'Calibri';left:142.59px;top:393px;">to time. </div><div id="a2028" style="position:absolute;font-family:'Calibri';left:142.59px;top:427px;">"</div><div id="a2029" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:427px;">ISSC</div><div id="a2030" style="position:absolute;font-family:'Calibri';left:174.11px;top:427px;">" means<div style="display:inline-block;width:1.71px"> </div>a valid<div style="display:inline-block;width:1.81px"> </div>and current<div style="display:inline-block;width:1.79px"> </div>International Ship<div style="display:inline-block;width:1.81px"> </div>Security Certificate<div style="display:inline-block;width:1.81px"> </div>issued under<div style="display:inline-block;width:1.57px"> </div>the ISPS<div style="display:inline-block;width:1.6px"> </div>Code.<div style="display:inline-block;width:3px"> </div></div><div id="a2034" style="position:absolute;font-family:'Calibri';left:142.59px;top:461px;">"</div><div id="a2035" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:461px;">Jabwot</div><div id="a2036" style="position:absolute;font-family:'Calibri';left:192.35px;top:461px;">" means<div style="display:inline-block;width:5.71px"> </div>Jabwot<div style="display:inline-block;width:4.71px"> </div>Shipping Company<div style="display:inline-block;width:5.65px"> </div>Inc., a<div style="display:inline-block;width:5.69px"> </div>corporation<div style="display:inline-block;width:4.84px"> </div>incorporated<div style="display:inline-block;width:5.17px"> </div>and existing<div style="display:inline-block;width:6.02px"> </div>under </div><div id="a2038" style="position:absolute;font-family:'Calibri';left:142.59px;top:479px;">the laws<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Republic<div style="display:inline-block;width:5.92px"> </div>of the<div style="display:inline-block;width:5.87px"> </div>Marshall<div style="display:inline-block;width:4.83px"> </div>Islands whose<div style="display:inline-block;width:5.57px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>address<div style="display:inline-block;width:4.75px"> </div>is at<div style="display:inline-block;width:5.93px"> </div>Trust<div style="display:inline-block;width:5.71px"> </div>Company </div><div id="a2040" style="position:absolute;font-family:'Calibri';left:142.59px;top:497px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a2043" style="position:absolute;font-family:'Calibri';left:142.59px;top:531px;">"</div><div id="a2044" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:531px;">Lead Arranger</div><div id="a2045" style="position:absolute;font-family:'Calibri';left:235.07px;top:531px;">" means Nordea Bank<div style="display:inline-block;width:4.82px"> </div>Abp, filial i Norge,<div style="display:inline-block;width:4.99px"> </div>acting in such capacity through<div style="display:inline-block;width:5.11px"> </div>its office </div><div id="a2048" style="position:absolute;font-family:'Calibri';left:142.59px;top:549px;">at Essendrops gate 7, Postboks 1166,<div style="display:inline-block;width:4.14px"> </div>Sentrum, 0107 Oslo,<div style="display:inline-block;width:2.8px"> </div>920058817 MVA,<div style="display:inline-block;width:3.85px"> </div>Norway.<div style="display:inline-block;width:4.3px"> </div></div><div id="a2061" style="position:absolute;font-family:'Calibri';left:142.59px;top:583px;">"</div><div id="a2062" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:583px;">Lender</div><div id="a2063" style="position:absolute;font-family:'Calibri';left:190.43px;top:583px;">" means<div style="display:inline-block;width:5.71px"> </div>a bank<div style="display:inline-block;width:5.53px"> </div>or financial<div style="display:inline-block;width:5.68px"> </div>institution listed<div style="display:inline-block;width:5.73px"> </div>in </div><div id="a2064" style="position:absolute;font-family:'Calibri';left:480.89px;top:583px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a2065" style="position:absolute;font-family:'Calibri';left:546.97px;top:583px;"><div style="display:inline-block;width:4.64px"> </div>(</div><div id="a2067" style="position:absolute;font-family:'Calibri';font-style:italic;left:555.93px;top:583px;">Lenders and<div style="display:inline-block;width:5.57px"> </div>Commitments</div><div id="a2068" style="position:absolute;font-family:'Calibri';left:717.25px;top:583px;">) </div><div id="a2069" style="position:absolute;font-family:'Calibri';left:142.59px;top:600px;">and<div style="display:inline-block;width:4.84px"> </div>acting<div style="display:inline-block;width:4.87px"> </div>through<div style="display:inline-block;width:4.92px"> </div>its<div style="display:inline-block;width:4.81px"> </div>branch<div style="display:inline-block;width:4.93px"> </div>indicated<div style="display:inline-block;width:5.25px"> </div>in </div><div id="a2070" style="position:absolute;font-family:'Calibri';left:405.03px;top:600px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a2071" style="position:absolute;font-family:'Calibri';left:471.29px;top:600px;"><div style="display:inline-block;width:4.96px"> </div>(</div><div id="a2073" style="position:absolute;font-family:'Calibri';font-style:italic;left:480.57px;top:600px;">Lenders<div style="display:inline-block;width:4.88px"> </div>and Commitments</div><div id="a2074" style="position:absolute;font-family:'Calibri';left:642.37px;top:600px;">)<div style="display:inline-block;width:4.98px"> </div>(or<div style="display:inline-block;width:4.72px"> </div>through </div><div id="a2075" style="position:absolute;font-family:'Calibri';left:142.59px;top:618px;">another<div style="display:inline-block;width:6.73px"> </div>branch<div style="display:inline-block;width:6.85px"> </div>notified<div style="display:inline-block;width:6.39px"> </div>to<div style="display:inline-block;width:6.81px"> </div>the<div style="display:inline-block;width:6.57px"> </div>Agent<div style="display:inline-block;width:6.9px"> </div>under<div style="display:inline-block;width:6.58px"> </div>Clause </div><div id="a2076" style="position:absolute;font-family:'Calibri';left:474.17px;top:618px;"><a href="#a10354" style="color:#000000;text-decoration:none;">26.14</a></div><div id="a2077" style="position:absolute;font-family:'Calibri';left:507.61px;top:618px;"><div style="display:inline-block;width:6.72px"> </div>(</div><div id="a2079" style="position:absolute;font-family:'Calibri';font-style:italic;left:518.81px;top:618px;">Change<div style="display:inline-block;width:6.53px"> </div>of<div style="display:inline-block;width:6.67px"> </div>Facility<div style="display:inline-block;width:6.58px"> </div>Office</div><div id="a2080" style="position:absolute;font-family:'Calibri';left:672.61px;top:618px;">))<div style="display:inline-block;width:6.59px"> </div>or<div style="display:inline-block;width:6.79px"> </div>its </div><div id="a2081" style="position:absolute;font-family:'Calibri';left:142.59px;top:636px;">transferee, successor or assign and, in the plural, means all of them. </div><div id="a2084" style="position:absolute;font-family:'Calibri';left:142.59px;top:670px;">"</div><div id="a2085" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:670px;">Loan</div><div id="a2086" style="position:absolute;font-family:'Calibri';left:177.63px;top:670px;">" means<div style="display:inline-block;width:4.75px"> </div>the aggregate<div style="display:inline-block;width:4.91px"> </div>principal amount outstanding<div style="display:inline-block;width:5.11px"> </div>under this Agreement<div style="display:inline-block;width:5.41px"> </div>and a "</div><div id="a2090" style="position:absolute;font-family:'Calibri';font-weight:bold;left:679.65px;top:670px;">part of </div><div id="a2091" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:688px;">the Loan</div><div id="a2092" style="position:absolute;font-family:'Calibri';left:195.39px;top:688px;">" means any part of the Loan as the context may require. </div><div id="a2094" style="position:absolute;font-family:'Calibri';left:142.59px;top:722px;">"</div><div id="a2095" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:722px;">Major Casualty</div><div id="a2096" style="position:absolute;font-family:'Calibri';left:241.47px;top:722px;">" means,<div style="display:inline-block;width:5.07px"> </div>in relation<div style="display:inline-block;width:5.44px"> </div>to a<div style="display:inline-block;width:5.39px"> </div>Ship, any<div style="display:inline-block;width:5.42px"> </div>casualty to<div style="display:inline-block;width:5.38px"> </div>that Ship<div style="display:inline-block;width:5.27px"> </div>in respect<div style="display:inline-block;width:5.17px"> </div>of which<div style="display:inline-block;width:5.31px"> </div>the </div><div id="a2097" style="position:absolute;font-family:'Calibri';left:142.59px;top:740px;">claim<div style="display:inline-block;width:5.81px"> </div>or<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.77px"> </div>aggregate<div style="display:inline-block;width:6.15px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.77px"> </div>claims<div style="display:inline-block;width:5.81px"> </div>against<div style="display:inline-block;width:6.09px"> </div>all<div style="display:inline-block;width:5.87px"> </div>insurers,<div style="display:inline-block;width:6.1px"> </div>before<div style="display:inline-block;width:6.3px"> </div>adjustment<div style="display:inline-block;width:5.75px"> </div>for<div style="display:inline-block;width:6.28px"> </div>any<div style="display:inline-block;width:6.03px"> </div>relevant </div><div id="a2098" style="position:absolute;font-family:'Calibri';left:142.59px;top:758px;">franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.<div style="display:inline-block;width:4.1px"> </div></div><div id="a2105" style="position:absolute;font-family:'Calibri';left:142.59px;top:792px;">"</div><div id="a2106" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:792px;">Majority Lenders</div><div id="a2107" style="position:absolute;font-family:'Calibri';left:252.19px;top:792px;">" means:<div style="display:inline-block;width:3.09px"> </div></div><div id="a2109" style="position:absolute;font-family:'Calibri';left:142.59px;top:826px;">(a)</div><div id="a2111" style="position:absolute;font-family:'Calibri';left:190.59px;top:826px;">before<div style="display:inline-block;width:5.98px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Loan<div style="display:inline-block;width:5.18px"> </div>has<div style="display:inline-block;width:5.22px"> </div>been<div style="display:inline-block;width:5.08px"> </div>made,<div style="display:inline-block;width:5.34px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Lender<div style="display:inline-block;width:5.12px"> </div>or<div style="display:inline-block;width:5.35px"> </div>Lenders<div style="display:inline-block;width:5.22px"> </div>whose<div style="display:inline-block;width:5.38px"> </div>Commitments<div style="display:inline-block;width:5.11px"> </div>aggregate </div><div id="a2112" style="position:absolute;font-family:'Calibri';left:190.59px;top:844px;">more than 66.67 per cent. of the Total Commitments; and<div style="display:inline-block;width:3.96px"> </div></div><div id="a2114" style="position:absolute;font-family:'Calibri';left:142.59px;top:877px;">(b)</div><div id="a2116" style="position:absolute;font-family:'Calibri';left:190.59px;top:877px;">at any<div style="display:inline-block;width:5.25px"> </div>other time,<div style="display:inline-block;width:4.73px"> </div>a Lender or<div style="display:inline-block;width:5.24px"> </div>Lenders whose<div style="display:inline-block;width:4.87px"> </div>Contributions aggregate<div style="display:inline-block;width:4.98px"> </div>more than<div style="display:inline-block;width:4.8px"> </div>66.67 </div><div id="a2117" style="position:absolute;font-family:'Calibri';left:190.59px;top:895px;">per cent. of the Loan. </div></div>
</div>
<div style="padding: 7px">
<div id="Page17" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2122" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a2123" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Management Agreement</div><div id="a2124" style="position:absolute;font-family:'Calibri';left:302.63px;top:94px;">" means,<div style="display:inline-block;width:5.07px"> </div>in relation<div style="display:inline-block;width:5.12px"> </div>to each<div style="display:inline-block;width:4.75px"> </div>Ship, an<div style="display:inline-block;width:4.77px"> </div>agreement made<div style="display:inline-block;width:5.15px"> </div>or to<div style="display:inline-block;width:5.15px"> </div>be made </div><div id="a2125" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">between the Borrower who is<div style="display:inline-block;width:1.39px"> </div>the owner of such<div style="display:inline-block;width:1.51px"> </div>Ship and the<div style="display:inline-block;width:1.87px"> </div>Approved Manager in respect<div style="display:inline-block;width:1.73px"> </div>of the </div><div id="a2126" style="position:absolute;font-family:'Calibri';left:142.59px;top:130px;">commercial and technical management of such Ship in the Agreed Form and, in the<div style="display:inline-block;width:1.96px"> </div>plural, means </div><div id="a2127" style="position:absolute;font-family:'Calibri';left:142.59px;top:148px;">all of them. </div><div id="a2131" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">"</div><div id="a2132" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:182px;">Manager's Undertaking</div><div id="a2135" style="position:absolute;font-family:'Calibri';left:292.07px;top:182px;">" means, in relation<div style="display:inline-block;width:4.79px"> </div>to each Ship, a<div style="display:inline-block;width:4.96px"> </div>letter of undertaking executed<div style="display:inline-block;width:5.52px"> </div>or to </div><div id="a2136" style="position:absolute;font-family:'Calibri';left:142.59px;top:200px;">be<div style="display:inline-block;width:5.58px"> </div>executed<div style="display:inline-block;width:6.12px"> </div>by<div style="display:inline-block;width:5.52px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Approved<div style="display:inline-block;width:5.7px"> </div>Manager<div style="display:inline-block;width:5.52px"> </div>in<div style="display:inline-block;width:5.53px"> </div>favour<div style="display:inline-block;width:6.01px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Security<div style="display:inline-block;width:5.29px"> </div>Trustee<div style="display:inline-block;width:6.74px"> </div>in<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Agreed<div style="display:inline-block;width:5.55px"> </div>Form </div><div id="a2137" style="position:absolute;font-family:'Calibri';left:142.59px;top:218px;">agreeing certain matters in relation<div style="display:inline-block;width:4.9px"> </div>to the management of that Ship and subordinating the rights </div><div id="a2139" style="position:absolute;font-family:'Calibri';left:142.59px;top:236px;">of the Approved<div style="display:inline-block;width:5.36px"> </div>Manager against<div style="display:inline-block;width:4.92px"> </div>that Ship and<div style="display:inline-block;width:5.03px"> </div>the Borrower<div style="display:inline-block;width:4.81px"> </div>which is the<div style="display:inline-block;width:4.95px"> </div>owner thereof to<div style="display:inline-block;width:5.23px"> </div>the </div><div id="a2140" style="position:absolute;font-family:'Calibri';left:142.59px;top:254px;">rights of the Security Trustee under the Finance Documents and, in the plural, means all of them. </div><div id="a2143" style="position:absolute;font-family:'Calibri';left:142.59px;top:288px;">"</div><div id="a2144" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:288px;">Manra</div><div id="a2145" style="position:absolute;font-family:'Calibri';left:188.83px;top:288px;">" means Manra Shipping Company Inc.,<div style="display:inline-block;width:1.71px"> </div>a corporation incorporated and existing under the </div><div id="a2147" style="position:absolute;font-family:'Calibri';left:142.59px;top:306px;">laws<div style="display:inline-block;width:6.64px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Republic<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Marshall<div style="display:inline-block;width:6.59px"> </div>Islands<div style="display:inline-block;width:6.24px"> </div>whose<div style="display:inline-block;width:6.18px"> </div>registered<div style="display:inline-block;width:6.95px"> </div>address<div style="display:inline-block;width:6.51px"> </div>is<div style="display:inline-block;width:6.38px"> </div>at<div style="display:inline-block;width:6.39px"> </div>Trust<div style="display:inline-block;width:7.47px"> </div>Company </div><div id="a2149" style="position:absolute;font-family:'Calibri';left:142.59px;top:323px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a2152" style="position:absolute;font-family:'Calibri';left:142.59px;top:357px;">"</div><div id="a2153" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:357px;">Margin</div><div id="a2154" style="position:absolute;font-family:'Calibri';left:192.35px;top:357px;">" means 2.00 per cent. per annum. </div><div id="a2157" style="position:absolute;font-family:'Calibri';left:142.59px;top:391px;">"</div><div id="a2158" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:391px;">Market Disruption Rate</div><div id="a2159" style="position:absolute;font-family:'Calibri';left:292.07px;top:391px;">" means the Reference Rate. </div><div id="a2163" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">"</div><div id="a2164" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:425px;">Market Value</div><div id="a2165" style="position:absolute;font-family:'Calibri';left:232.19px;top:425px;">" means,<div style="display:inline-block;width:4.91px"> </div>in relation<div style="display:inline-block;width:5.28px"> </div>to each<div style="display:inline-block;width:4.91px"> </div>Ship (and<div style="display:inline-block;width:4.72px"> </div>each other<div style="display:inline-block;width:4.9px"> </div>Fleet Vessel),<div style="display:inline-block;width:5.58px"> </div>the market<div style="display:inline-block;width:5.23px"> </div>value </div><div id="a2166" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">thereof determined in accordance with Clause </div><div id="a2167" style="position:absolute;font-family:'Calibri';left:421.99px;top:443px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a2168" style="position:absolute;font-family:'Calibri';left:448.09px;top:443px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2170" style="position:absolute;font-family:'Calibri';font-style:italic;left:455.93px;top:443px;">Valuation of Ships</div><div id="a2171" style="position:absolute;font-family:'Calibri';left:562.97px;top:443px;">). </div><div id="a2174" style="position:absolute;font-family:'Calibri';left:142.59px;top:477px;">"</div><div id="a2175" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:477px;">Master<div style="display:inline-block;width:5.55px"> </div>Agreement(s)</div><div id="a2176" style="position:absolute;font-family:'Calibri';left:280.71px;top:477px;">"<div style="display:inline-block;width:5.14px"> </div>means<div style="display:inline-block;width:5.34px"> </div>each<div style="display:inline-block;width:5.11px"> </div>master<div style="display:inline-block;width:5.73px"> </div>agreement<div style="display:inline-block;width:5.38px"> </div>(on<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:5.29px"> </div>2002<div style="display:inline-block;width:5.36px"> </div>ISDA<div style="display:inline-block;width:5.29px"> </div>Master<div style="display:inline-block;width:5.7px"> </div>Agreement </div><div id="a2180" style="position:absolute;font-family:'Calibri';left:142.59px;top:495px;">form) in the Agreed Form made or to be made between (i) any of the Borrowers and (ii) the<div style="display:inline-block;width:1.88px"> </div>Swap </div><div id="a2184" style="position:absolute;font-family:'Calibri';left:142.59px;top:513px;">Bank<div style="display:inline-block;width:8.76px"> </div>and<div style="display:inline-block;width:8.68px"> </div>includes<div style="display:inline-block;width:8.66px"> </div>all<div style="display:inline-block;width:8.75px"> </div>Designated<div style="display:inline-block;width:9.08px"> </div>Transactions<div style="display:inline-block;width:9.85px"> </div>from<div style="display:inline-block;width:8.85px"> </div>time<div style="display:inline-block;width:8.77px"> </div>to<div style="display:inline-block;width:8.89px"> </div>time<div style="display:inline-block;width:8.77px"> </div>entered<div style="display:inline-block;width:8.99px"> </div>into,<div style="display:inline-block;width:9.39px"> </div>and<div style="display:inline-block;width:8.68px"> </div>all </div><div id="a2185" style="position:absolute;font-family:'Calibri';left:142.59px;top:531px;">Confirmations of such Designated Transactions<div style="display:inline-block;width:5.9px"> </div>from time to time exchanged,<div style="display:inline-block;width:5.42px"> </div>under such master </div><div id="a2186" style="position:absolute;font-family:'Calibri';left:142.59px;top:549px;">agreements. </div><div id="a2190" style="position:absolute;font-family:'Calibri';left:142.59px;top:583px;">"</div><div id="a2191" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:583px;">Master Agreement Assignment</div><div id="a2192" style="position:absolute;font-family:'Calibri';left:338.47px;top:583px;">" means the assignment of the Master Agreement in the Agreed </div><div id="a2193" style="position:absolute;font-family:'Calibri';left:142.59px;top:600px;">Form. </div><div id="a2196" style="position:absolute;font-family:'Calibri';left:142.59px;top:634px;">"</div><div id="a2197" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:634px;">Material<div style="display:inline-block;width:4.9px"> </div>Adverse<div style="display:inline-block;width:5.05px"> </div>Effect</div><div id="a2202" style="position:absolute;font-family:'Calibri';left:294.95px;top:634px;">" means<div style="display:inline-block;width:5.87px"> </div>in<div style="display:inline-block;width:4.73px"> </div>the<div style="display:inline-block;width:4.81px"> </div>reasonable opinion<div style="display:inline-block;width:5.78px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Majority<div style="display:inline-block;width:5.98px"> </div>Lenders<div style="display:inline-block;width:4.9px"> </div>a material </div><div id="a2205" style="position:absolute;font-family:'Calibri';left:142.59px;top:652px;">adverse effect on: </div><div id="a2207" style="position:absolute;font-family:'Calibri';left:142.59px;top:686px;">(a)</div><div id="a2209" style="position:absolute;font-family:'Calibri';left:190.59px;top:686px;">the business,<div style="display:inline-block;width:5.68px"> </div>operations,<div style="display:inline-block;width:4.84px"> </div>property,<div style="display:inline-block;width:5.84px"> </div>condition (financial<div style="display:inline-block;width:5.59px"> </div>or<div style="display:inline-block;width:4.71px"> </div>otherwise) of<div style="display:inline-block;width:5.72px"> </div>the Borrowers, </div><div id="a2214" style="position:absolute;font-family:'Calibri';left:190.59px;top:704px;">the Corporate Guarantor,<div style="display:inline-block;width:5.49px"> </div>any Approved Manager which is a member of the Group or the </div><div id="a2221" style="position:absolute;font-family:'Calibri';left:190.59px;top:722px;">Group as a whole; or </div><div id="a2224" style="position:absolute;font-family:'Calibri';left:142.59px;top:756px;">(b)</div><div id="a2226" style="position:absolute;font-family:'Calibri';left:190.59px;top:756px;">the ability of<div style="display:inline-block;width:5.39px"> </div>any Borrower<div style="display:inline-block;width:5.27px"> </div>or the<div style="display:inline-block;width:4.75px"> </div>Corporate Guarantor<div style="display:inline-block;width:5.47px"> </div>to perform<div style="display:inline-block;width:5.18px"> </div>its obligations<div style="display:inline-block;width:4.74px"> </div>under </div><div id="a2231" style="position:absolute;font-family:'Calibri';left:190.59px;top:774px;">any Finance Document; or </div><div id="a2233" style="position:absolute;font-family:'Calibri';left:142.59px;top:808px;">(c)</div><div id="a2235" style="position:absolute;font-family:'Calibri';left:190.59px;top:808px;">the validity<div style="display:inline-block;width:5.1px"> </div>or enforceability<div style="display:inline-block;width:5.4px"> </div>of,<div style="display:inline-block;width:4.98px"> </div>or the<div style="display:inline-block;width:5.07px"> </div>effectiveness or<div style="display:inline-block;width:5.69px"> </div>ranking of<div style="display:inline-block;width:5.03px"> </div>any Security<div style="display:inline-block;width:5.21px"> </div>Interests </div><div id="a2239" style="position:absolute;font-family:'Calibri';left:190.59px;top:826px;">granted or intended<div style="display:inline-block;width:1.9px"> </div>to be granted<div style="display:inline-block;width:1.74px"> </div>pursuant to any<div style="display:inline-block;width:1.56px"> </div>of, the Finance<div style="display:inline-block;width:1.89px"> </div>Documents or<div style="display:inline-block;width:1.87px"> </div>the rights </div><div id="a2240" style="position:absolute;font-family:'Calibri';left:190.59px;top:844px;">or remedies of any Creditor Party under any of the Finance Documents. </div><div id="a2245" style="position:absolute;font-family:'Calibri';left:142.59px;top:877px;">"</div><div id="a2246" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:877px;">Month</div><div id="a2247" style="position:absolute;font-family:'Calibri';left:189.95px;top:877px;">" means a period starting<div style="display:inline-block;width:4.75px"> </div>on one day in a<div style="display:inline-block;width:4.71px"> </div>calendar month and ending on the<div style="display:inline-block;width:4.76px"> </div>numerically </div><div id="a2250" style="position:absolute;font-family:'Calibri';left:142.59px;top:895px;">corresponding day in the next calendar month, except that: </div></div>
</div>
<div style="padding: 7px">
<div id="Page18" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2254" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(a)</div><div id="a2256" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">(subject to<div style="display:inline-block;width:6.19px"> </div>paragraph </div><div id="a2257" style="position:absolute;font-family:'Calibri';left:326.31px;top:94px;"><a href="#a2270" style="color:#000000;text-decoration:none;">(c)</a></div><div id="a2258" style="position:absolute;font-family:'Calibri';left:341.35px;top:94px;"><div style="display:inline-block;width:4.8px"> </div>below) if<div style="display:inline-block;width:5.92px"> </div>the numerically<div style="display:inline-block;width:5.77px"> </div>corresponding<div style="display:inline-block;width:4.86px"> </div>day<div style="display:inline-block;width:4.91px"> </div>is not<div style="display:inline-block;width:5.83px"> </div>a Business </div><div id="a2260" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">Day,<div style="display:inline-block;width:4.96px"> </div>that period shall end on the next<div style="display:inline-block;width:5.02px"> </div>Business Day in that calendar month<div style="display:inline-block;width:4.91px"> </div>in which that </div><div id="a2261" style="position:absolute;font-family:'Calibri';left:190.59px;top:130px;">period is to<div style="display:inline-block;width:4.92px"> </div>end if there<div style="display:inline-block;width:4.99px"> </div>is one, or<div style="display:inline-block;width:4.66px"> </div>if there is<div style="display:inline-block;width:4.89px"> </div>not, on the immediately<div style="display:inline-block;width:5.33px"> </div>preceding Business </div><div id="a2262" style="position:absolute;font-family:'Calibri';left:190.59px;top:148px;">Day; </div><div id="a2264" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">(b)</div><div id="a2266" style="position:absolute;font-family:'Calibri';left:190.59px;top:182px;">if there is no numerically corresponding day in the calendar month<div style="display:inline-block;width:1.95px"> </div>in which that period is </div><div id="a2267" style="position:absolute;font-family:'Calibri';left:190.59px;top:200px;">to end, that period shall end on the last Business Day in that calendar month; and </div><div id="a2270" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">(c)</div><div id="a2272" style="position:absolute;font-family:'Calibri';left:190.59px;top:234px;">if an<div style="display:inline-block;width:5.86px"> </div>Interest<div style="display:inline-block;width:5.01px"> </div>Period<div style="display:inline-block;width:4.72px"> </div>begins on<div style="display:inline-block;width:5.68px"> </div>the last<div style="display:inline-block;width:5.81px"> </div>Business Day<div style="display:inline-block;width:5.77px"> </div>of<div style="display:inline-block;width:4.71px"> </div>a calendar<div style="display:inline-block;width:5.64px"> </div>month, that<div style="display:inline-block;width:5.67px"> </div>Interest </div><div id="a2273" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">Period<div style="display:inline-block;width:5.04px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>end<div style="display:inline-block;width:4.73px"> </div>on<div style="display:inline-block;width:4.82px"> </div>the last<div style="display:inline-block;width:6.13px"> </div>Business Day<div style="display:inline-block;width:6.41px"> </div>in<div style="display:inline-block;width:4.73px"> </div>the calendar<div style="display:inline-block;width:5.98px"> </div>month<div style="display:inline-block;width:5.02px"> </div>in which<div style="display:inline-block;width:5.97px"> </div>that<div style="display:inline-block;width:4.77px"> </div>Interest </div><div id="a2274" style="position:absolute;font-family:'Calibri';left:190.59px;top:270px;">Period is to end. </div><div id="a2276" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">The above rules will only apply to the last Month of any period. </div><div id="a2278" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">"</div><div id="a2279" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:338px;">Mortgage</div><div id="a2280" style="position:absolute;font-family:'Calibri';left:208.19px;top:338px;">" means, in<div style="display:inline-block;width:1.51px"> </div>relation to a Ship,<div style="display:inline-block;width:1.5px"> </div>the first preferred Marshall Islands<div style="display:inline-block;width:1.73px"> </div>ship mortgage on<div style="display:inline-block;width:1.9px"> </div>that </div><div id="a2281" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">Ship in the Agreed Form and, in the plural, means all of them. </div><div id="a2284" style="position:absolute;font-family:'Calibri';left:142.59px;top:389px;">"</div><div id="a2285" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:389px;">Namorik</div><div id="a2286" style="position:absolute;font-family:'Calibri';left:201.15px;top:389px;">" means Namorik<div style="display:inline-block;width:1.98px"> </div>Shipping Company Inc., a<div style="display:inline-block;width:1.77px"> </div>corporation incorporated and existing under </div><div id="a2288" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">the laws<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Republic<div style="display:inline-block;width:5.92px"> </div>of the<div style="display:inline-block;width:5.87px"> </div>Marshall<div style="display:inline-block;width:4.83px"> </div>Islands whose<div style="display:inline-block;width:5.57px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>address<div style="display:inline-block;width:4.75px"> </div>is at<div style="display:inline-block;width:5.93px"> </div>Trust<div style="display:inline-block;width:5.71px"> </div>Company </div><div id="a2290" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a2293" style="position:absolute;font-family:'Calibri';left:142.59px;top:459px;">"</div><div id="a2294" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:459px;">Notifying Lender</div><div id="a2295" style="position:absolute;font-family:'Calibri';left:249.31px;top:459px;">" has<div style="display:inline-block;width:1.59px"> </div>the meaning<div style="display:inline-block;width:1.58px"> </div>given in<div style="display:inline-block;width:1.69px"> </div>Clause </div><div id="a2296" style="position:absolute;font-family:'Calibri';left:446.97px;top:459px;"><a href="#a9599" style="color:#000000;text-decoration:none;">23.1 (</a></div><div id="a2299" style="position:absolute;font-family:'Calibri';font-style:italic;left:480.09px;top:459px;">Illegality</div><div id="a2300" style="position:absolute;font-family:'Calibri';left:530.81px;top:459px;">) or<div style="display:inline-block;width:1.71px"> </div>Clause </div><div id="a2301" style="position:absolute;font-family:'Calibri';left:594.65px;top:459px;"><a href="#a9723" style="color:#000000;text-decoration:none;">24.1 (</a></div><div id="a2304" style="position:absolute;font-family:'Calibri';font-style:italic;left:627.65px;top:459px;">Increased costs</div><div id="a2305" style="position:absolute;font-family:'Calibri';left:717.25px;top:459px;">) </div><div id="a2306" style="position:absolute;font-family:'Calibri';left:142.59px;top:477px;">as the context requires. </div><div id="a2309" style="position:absolute;font-family:'Calibri';left:142.59px;top:511px;">"</div><div id="a2310" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:511px;">Palau</div><div id="a2311" style="position:absolute;font-family:'Calibri';left:182.27px;top:511px;">" means<div style="display:inline-block;width:4.91px"> </div>Palau Shipping<div style="display:inline-block;width:4.95px"> </div>Company Inc.,<div style="display:inline-block;width:5.26px"> </div>a corporation<div style="display:inline-block;width:5.34px"> </div>incorporated and<div style="display:inline-block;width:5.36px"> </div>existing under<div style="display:inline-block;width:5.04px"> </div>the </div><div id="a2313" style="position:absolute;font-family:'Calibri';left:142.59px;top:529px;">laws<div style="display:inline-block;width:6.64px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Republic<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Marshall<div style="display:inline-block;width:6.59px"> </div>Islands<div style="display:inline-block;width:6.24px"> </div>whose<div style="display:inline-block;width:6.18px"> </div>registered<div style="display:inline-block;width:6.95px"> </div>address<div style="display:inline-block;width:6.51px"> </div>is<div style="display:inline-block;width:6.38px"> </div>at<div style="display:inline-block;width:6.39px"> </div>Trust<div style="display:inline-block;width:7.47px"> </div>Company </div><div id="a2315" style="position:absolute;font-family:'Calibri';left:142.59px;top:547px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a2318" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:581px;">"Palios Family" </div><div id="a2319" style="position:absolute;font-family:'Calibri';left:238.11px;top:581px;">means, together,<div style="display:inline-block;width:4.69px"> </div>each of the following:</div><div id="a2321" style="position:absolute;font-family:'Calibri';left:142.59px;top:615px;">(a)</div><div id="a2323" style="position:absolute;font-family:'Calibri';left:190.59px;top:615px;">Mr.<div style="display:inline-block;width:4.85px"> </div>Simeon Palios;<div style="display:inline-block;width:3.12px"> </div></div><div id="a2328" style="position:absolute;font-family:'Calibri';left:142.59px;top:648px;">(b)</div><div id="a2330" style="position:absolute;font-family:'Calibri';left:190.59px;top:648px;">all the lineal descendants in direct line of Mr. Simeon Palios; </div><div id="a2334" style="position:absolute;font-family:'Calibri';left:142.59px;top:682px;">(c)</div><div id="a2336" style="position:absolute;font-family:'Calibri';left:190.59px;top:682px;">a husband or wife or widower or widow of any of the above persons; </div><div id="a2338" style="position:absolute;font-family:'Calibri';left:142.59px;top:716px;">(d)</div><div id="a2340" style="position:absolute;font-family:'Calibri';left:190.59px;top:716px;">the<div style="display:inline-block;width:5.13px"> </div>estates,<div style="display:inline-block;width:5.73px"> </div>trusts<div style="display:inline-block;width:5.12px"> </div>or<div style="display:inline-block;width:5.35px"> </div>legal<div style="display:inline-block;width:5.17px"> </div>representatives<div style="display:inline-block;width:5.74px"> </div>of<div style="display:inline-block;width:5.19px"> </div>which<div style="display:inline-block;width:5.05px"> </div>any<div style="display:inline-block;width:5.39px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:5.13px"> </div>above<div style="display:inline-block;width:5.29px"> </div>persons<div style="display:inline-block;width:5.05px"> </div>are<div style="display:inline-block;width:5.49px"> </div>the </div><div id="a2341" style="position:absolute;font-family:'Calibri';left:190.59px;top:734px;">beneficiaries; and </div><div id="a2343" style="position:absolute;font-family:'Calibri';left:142.59px;top:768px;">(e)</div><div id="a2345" style="position:absolute;font-family:'Calibri';left:190.59px;top:768px;">each company legally<div style="display:inline-block;width:5.01px"> </div>or beneficially owned or<div style="display:inline-block;width:4.72px"> </div>(as the case may<div style="display:inline-block;width:5.16px"> </div>be) controlled by one<div style="display:inline-block;width:4.97px"> </div>or </div><div id="a2347" style="position:absolute;font-family:'Calibri';left:190.59px;top:786px;">more<div style="display:inline-block;width:5.98px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.81px"> </div>persons<div style="display:inline-block;width:5.85px"> </div>or<div style="display:inline-block;width:5.83px"> </div>entities<div style="display:inline-block;width:5.78px"> </div>which<div style="display:inline-block;width:5.85px"> </div>would<div style="display:inline-block;width:5.89px"> </div>fall<div style="display:inline-block;width:5.99px"> </div>within<div style="display:inline-block;width:5.68px"> </div>paragraphs<div style="display:inline-block;width:6.26px"> </div>(a)<div style="display:inline-block;width:5.94px"> </div>to<div style="display:inline-block;width:5.85px"> </div>(d)<div style="display:inline-block;width:5.74px"> </div>of<div style="display:inline-block;width:5.83px"> </div>this </div><div id="a2349" style="position:absolute;font-family:'Calibri';left:190.59px;top:804px;">definition, </div><div id="a2351" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">and each one of the above shall be referred to as "</div><div id="a2353" style="position:absolute;font-family:'Calibri';font-weight:bold;left:443.29px;top:838px;">a member of the Palios Family</div><div id="a2357" style="position:absolute;font-family:'Calibri';left:627.49px;top:838px;">"; </div><div id="a2360" style="position:absolute;font-family:'Calibri';left:142.59px;top:872px;">"</div><div id="a2361" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:872px;">Participating</div><div id="a2363" style="position:absolute;font-family:'Calibri';font-weight:bold;left:229.15px;top:872px;">Member</div><div id="a2365" style="position:absolute;font-family:'Calibri';font-weight:bold;left:285.03px;top:872px;">State</div><div id="a2366" style="position:absolute;font-family:'Calibri';left:316.71px;top:872px;">" means any member state of the European Union that has the euro </div><div id="a2369" style="position:absolute;font-family:'Calibri';left:142.59px;top:890px;">as its<div style="display:inline-block;width:4.68px"> </div>lawful currency in<div style="display:inline-block;width:5.12px"> </div>accordance with<div style="display:inline-block;width:4.69px"> </div>legislation of the<div style="display:inline-block;width:5.04px"> </div>European Union relating<div style="display:inline-block;width:5.23px"> </div>to Economic </div><div id="a2370" style="position:absolute;font-family:'Calibri';left:142.59px;top:908px;">and Monetary Union. </div><div id="a2372" style="position:absolute;font-family:'Calibri';left:142.59px;top:941px;">"</div><div id="a2373" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:941px;">Party</div><div id="a2374" style="position:absolute;font-family:'Calibri';left:180.83px;top:941px;">"</div><div id="a2376" style="position:absolute;font-family:'Calibri';left:189.95px;top:941px;">means a party to this Agreement. </div></div>
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<div id="a2381" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a2382" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Payment Currency</div><div id="a2383" style="position:absolute;font-family:'Calibri';left:260.55px;top:94px;">" has the meaning given in Clause </div><div id="a2384" style="position:absolute;font-family:'Calibri';left:463.77px;top:94px;"><a href="#a9125" style="color:#000000;text-decoration:none;">21.4</a></div><div id="a2385" style="position:absolute;font-family:'Calibri';left:489.85px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2387" style="position:absolute;font-family:'Calibri';font-style:italic;left:497.69px;top:94px;">Currency indemnity</div><div id="a2388" style="position:absolute;font-family:'Calibri';left:612.93px;top:94px;">). </div><div id="a2391" style="position:absolute;font-family:'Calibri';left:142.59px;top:128px;">"</div><div id="a2392" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:128px;">Permitted Security Interests</div><div id="a2393" style="position:absolute;font-family:'Calibri';left:319.43px;top:128px;">" means: </div><div id="a2395" style="position:absolute;font-family:'Calibri';left:142.59px;top:162px;">(a)</div><div id="a2397" style="position:absolute;font-family:'Calibri';left:190.59px;top:162px;">Security Interests created by the Finance Documents; </div><div id="a2399" style="position:absolute;font-family:'Calibri';left:142.59px;top:196px;">(b)</div><div id="a2401" style="position:absolute;font-family:'Calibri';left:190.59px;top:196px;">until the Drawdown Date, the Existing Security Interests; </div><div id="a2403" style="position:absolute;font-family:'Calibri';left:142.59px;top:230px;">(c)</div><div id="a2405" style="position:absolute;font-family:'Calibri';left:190.59px;top:230px;">liens for unpaid master's and crew's wages in accordance with usual maritime practice; </div><div id="a2407" style="position:absolute;font-family:'Calibri';left:142.59px;top:264px;">(d)</div><div id="a2409" style="position:absolute;font-family:'Calibri';left:190.59px;top:264px;">liens for salvage; </div><div id="a2411" style="position:absolute;font-family:'Calibri';left:142.59px;top:298px;">(e)</div><div id="a2413" style="position:absolute;font-family:'Calibri';left:190.59px;top:298px;">liens arising<div style="display:inline-block;width:4.94px"> </div>by operation<div style="display:inline-block;width:5.26px"> </div>of law<div style="display:inline-block;width:5.17px"> </div>for not<div style="display:inline-block;width:5.25px"> </div>more than<div style="display:inline-block;width:5.12px"> </div>two months'<div style="display:inline-block;width:5.12px"> </div>prepaid hire<div style="display:inline-block;width:5.33px"> </div>under any </div><div id="a2414" style="position:absolute;font-family:'Calibri';left:190.59px;top:316px;">charter in relation to a Ship not prohibited by this Agreement; </div><div id="a2416" style="position:absolute;font-family:'Calibri';left:142.59px;top:350px;">(f)</div><div id="a2418" style="position:absolute;font-family:'Calibri';left:190.59px;top:350px;">liens for master's disbursements incurred in the ordinary course<div style="display:inline-block;width:4.97px"> </div>of trading and any other </div><div id="a2419" style="position:absolute;font-family:'Calibri';left:190.59px;top:368px;">lien arising<div style="display:inline-block;width:1.9px"> </div>by operation of<div style="display:inline-block;width:1.68px"> </div>law or<div style="display:inline-block;width:1.97px"> </div>otherwise in<div style="display:inline-block;width:1.78px"> </div>the ordinary<div style="display:inline-block;width:1.91px"> </div>course of the<div style="display:inline-block;width:1.54px"> </div>operation, repair </div><div id="a2420" style="position:absolute;font-family:'Calibri';left:190.59px;top:386px;">or maintenance of a<div style="display:inline-block;width:4.67px"> </div>Ship, provided such liens do not<div style="display:inline-block;width:4.71px"> </div>secure amounts more than<div style="display:inline-block;width:4.76px"> </div>30 days </div><div id="a2423" style="position:absolute;font-family:'Calibri';left:190.59px;top:403px;">overdue (unless the overdue amount is being contested by the<div style="display:inline-block;width:1.78px"> </div>relevant Borrower in good </div><div id="a2424" style="position:absolute;font-family:'Calibri';left:190.59px;top:421px;">faith by appropriate<div style="display:inline-block;width:5.29px"> </div>steps) and subject, in<div style="display:inline-block;width:4.96px"> </div>the case of liens<div style="display:inline-block;width:4.93px"> </div>for repair or<div style="display:inline-block;width:4.78px"> </div>maintenance, to </div><div id="a2425" style="position:absolute;font-family:'Calibri';left:190.59px;top:439px;">Clause </div><div id="a2426" style="position:absolute;font-family:'Calibri';left:232.99px;top:439px;"><a href="#a7097" style="color:#000000;text-decoration:none;">14.15(g)</a></div><div id="a2427" style="position:absolute;font-family:'Calibri';left:282.31px;top:439px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a2429" style="position:absolute;font-family:'Calibri';font-style:italic;left:289.99px;top:439px;">Restriction on chartering, appointment of managers etc.</div><div id="a2430" style="position:absolute;font-family:'Calibri';left:623.97px;top:439px;">); </div><div id="a2432" style="position:absolute;font-family:'Calibri';left:142.59px;top:473px;">(g)</div><div id="a2434" style="position:absolute;font-family:'Calibri';left:190.59px;top:473px;">any<div style="display:inline-block;width:4.75px"> </div>Security Interest<div style="display:inline-block;width:5.7px"> </div>created<div style="display:inline-block;width:4.69px"> </div>in favour<div style="display:inline-block;width:5.81px"> </div>of a<div style="display:inline-block;width:5.53px"> </div>plaintiff or<div style="display:inline-block;width:5.49px"> </div>defendant in<div style="display:inline-block;width:5.74px"> </div>any proceedings<div style="display:inline-block;width:5.58px"> </div>or </div><div id="a2435" style="position:absolute;font-family:'Calibri';left:190.59px;top:491px;">arbitration as security for costs and expenses where a Borrower is actively prosecuting or </div><div id="a2436" style="position:absolute;font-family:'Calibri';left:190.59px;top:509px;">defending such proceedings or arbitration in good faith; and </div><div id="a2438" style="position:absolute;font-family:'Calibri';left:142.59px;top:543px;">(h)</div><div id="a2440" style="position:absolute;font-family:'Calibri';left:190.59px;top:543px;">Security Interests arising by operation of<div style="display:inline-block;width:1.68px"> </div>law in respect of<div style="display:inline-block;width:1.73px"> </div>taxes which are not overdue for </div><div id="a2441" style="position:absolute;font-family:'Calibri';left:190.59px;top:561px;">payment or in<div style="display:inline-block;width:4.71px"> </div>respect of taxes<div style="display:inline-block;width:4.84px"> </div>being contested in<div style="display:inline-block;width:4.71px"> </div>good faith by appropriate<div style="display:inline-block;width:5.16px"> </div>steps and in </div><div id="a2442" style="position:absolute;font-family:'Calibri';left:190.59px;top:579px;">respect of which appropriate reserves have been made. </div><div id="a2445" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">"</div><div id="a2446" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:613px;">Pertinent Document</div><div id="a2447" style="position:absolute;font-family:'Calibri';left:272.71px;top:613px;">" means: </div><div id="a2449" style="position:absolute;font-family:'Calibri';left:142.59px;top:647px;">(a)</div><div id="a2451" style="position:absolute;font-family:'Calibri';left:190.59px;top:647px;">any Finance Document; </div><div id="a2453" style="position:absolute;font-family:'Calibri';left:142.59px;top:680px;">(b)</div><div id="a2455" style="position:absolute;font-family:'Calibri';left:190.59px;top:680px;">any policy or<div style="display:inline-block;width:1.58px"> </div>contract of insurance<div style="display:inline-block;width:1.74px"> </div>contemplated by or<div style="display:inline-block;width:1.67px"> </div>referred to in Clause </div><div id="a2456" style="position:absolute;font-family:'Calibri';left:637.57px;top:680px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13 (</a></div><div id="a2459" style="position:absolute;font-family:'Calibri';font-style:italic;left:659.65px;top:680px;">Insurance</div><div id="a2460" style="position:absolute;font-family:'Calibri';left:717.25px;top:680px;">) </div><div id="a2461" style="position:absolute;font-family:'Calibri';left:190.59px;top:698px;">or any other provision of this Agreement or another Finance Document; </div><div id="a2463" style="position:absolute;font-family:'Calibri';left:142.59px;top:732px;">(c)</div><div id="a2465" style="position:absolute;font-family:'Calibri';left:190.59px;top:732px;">any other document contemplated by or referred to in any Finance Document; and </div><div id="a2467" style="position:absolute;font-family:'Calibri';left:142.59px;top:766px;">(d)</div><div id="a2469" style="position:absolute;font-family:'Calibri';left:190.59px;top:766px;">any<div style="display:inline-block;width:6.99px"> </div>document<div style="display:inline-block;width:6.62px"> </div>which<div style="display:inline-block;width:6.65px"> </div>has<div style="display:inline-block;width:6.5px"> </div>been<div style="display:inline-block;width:6.68px"> </div>or<div style="display:inline-block;width:6.63px"> </div>is<div style="display:inline-block;width:6.7px"> </div>at<div style="display:inline-block;width:6.88px"> </div>any<div style="display:inline-block;width:6.83px"> </div>time<div style="display:inline-block;width:6.37px"> </div>sent<div style="display:inline-block;width:6.87px"> </div>by<div style="display:inline-block;width:6.64px"> </div>or<div style="display:inline-block;width:6.79px"> </div>to<div style="display:inline-block;width:6.81px"> </div>a<div style="display:inline-block;width:6.71px"> </div>Servicing<div style="display:inline-block;width:6.19px"> </div>Bank<div style="display:inline-block;width:6.68px"> </div>in </div><div id="a2470" style="position:absolute;font-family:'Calibri';left:190.59px;top:784px;">contemplation of or<div style="display:inline-block;width:5.05px"> </div>in connection with any<div style="display:inline-block;width:5.12px"> </div>Finance Document or any<div style="display:inline-block;width:4.95px"> </div>policy, contract<div style="display:inline-block;width:5.32px"> </div>or </div><div id="a2471" style="position:absolute;font-family:'Calibri';left:190.59px;top:802px;">document falling within paragraphs </div><div id="a2472" style="position:absolute;font-family:'Calibri';left:405.67px;top:802px;"><a href="#a2453" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a2473" style="position:absolute;font-family:'Calibri';left:422.31px;top:802px;"><div style="display:inline-block;width:3.36px"> </div>or </div><div id="a2475" style="position:absolute;font-family:'Calibri';left:441.85px;top:802px;"><a href="#a2463" style="color:#000000;text-decoration:none;">(c).</a></div><div id="a2478" style="position:absolute;font-family:'Calibri';left:142.59px;top:836px;">"</div><div id="a2479" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:836px;">Pertinent Jurisdiction</div><div id="a2480" style="position:absolute;font-family:'Calibri';left:278.63px;top:836px;">", in relation to a company, means: </div><div id="a2482" style="position:absolute;font-family:'Calibri';left:142.59px;top:870px;">(a)</div><div id="a2484" style="position:absolute;font-family:'Calibri';left:190.59px;top:870px;">England and Wales; </div><div id="a2486" style="position:absolute;font-family:'Calibri';left:142.59px;top:904px;">(b)</div><div id="a2488" style="position:absolute;font-family:'Calibri';left:190.59px;top:904px;">the country under the laws of which the company is incorporated or formed; </div></div>
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<div id="a2492" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(c)</div><div id="a2494" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">a<div style="display:inline-block;width:5.75px"> </div>country<div style="display:inline-block;width:5.69px"> </div>in<div style="display:inline-block;width:5.53px"> </div>which<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.61px"> </div>company<div style="display:inline-block;width:5.95px"> </div>has<div style="display:inline-block;width:5.54px"> </div>the<div style="display:inline-block;width:5.61px"> </div>centre<div style="display:inline-block;width:5.82px"> </div>of<div style="display:inline-block;width:5.67px"> </div>its<div style="display:inline-block;width:5.45px"> </div>main<div style="display:inline-block;width:5.76px"> </div>interests<div style="display:inline-block;width:5.99px"> </div>or<div style="display:inline-block;width:5.67px"> </div>in<div style="display:inline-block;width:5.53px"> </div>which<div style="display:inline-block;width:5.53px"> </div>the </div><div id="a2495" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">company's central management and control is or has recently been exercised; </div><div id="a2497" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">(d)</div><div id="a2499" style="position:absolute;font-family:'Calibri';left:190.59px;top:146px;">a country<div style="display:inline-block;width:5.23px"> </div>in which<div style="display:inline-block;width:4.85px"> </div>the overall<div style="display:inline-block;width:5.48px"> </div>net income<div style="display:inline-block;width:5.02px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>company is<div style="display:inline-block;width:5.33px"> </div>subject to<div style="display:inline-block;width:5.06px"> </div>corporation tax, </div><div id="a2500" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">income tax or any similar tax; </div><div id="a2502" style="position:absolute;font-family:'Calibri';left:142.59px;top:198px;">(e)</div><div id="a2504" style="position:absolute;font-family:'Calibri';left:190.59px;top:198px;">a<div style="display:inline-block;width:4.79px"> </div>country<div style="display:inline-block;width:4.73px"> </div>in which<div style="display:inline-block;width:5.97px"> </div>assets of<div style="display:inline-block;width:5.84px"> </div>the company<div style="display:inline-block;width:6.31px"> </div>(other than<div style="display:inline-block;width:5.8px"> </div>securities issued<div style="display:inline-block;width:5.89px"> </div>by,<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:4.71px"> </div>loans to, </div><div id="a2505" style="position:absolute;font-family:'Calibri';left:190.59px;top:216px;">related<div style="display:inline-block;width:8.02px"> </div>companies)<div style="display:inline-block;width:7.42px"> </div>having<div style="display:inline-block;width:7.49px"> </div>a<div style="display:inline-block;width:7.51px"> </div>substantial<div style="display:inline-block;width:7.92px"> </div>value<div style="display:inline-block;width:7.76px"> </div>are<div style="display:inline-block;width:7.41px"> </div>situated,<div style="display:inline-block;width:7.78px"> </div>in<div style="display:inline-block;width:7.45px"> </div>which<div style="display:inline-block;width:7.45px"> </div>the<div style="display:inline-block;width:7.37px"> </div>company </div><div id="a2506" style="position:absolute;font-family:'Calibri';left:190.59px;top:234px;">maintains a branch or<div style="display:inline-block;width:1.67px"> </div>permanent place of<div style="display:inline-block;width:1.51px"> </div>business, or in<div style="display:inline-block;width:1.37px"> </div>which a Security<div style="display:inline-block;width:1.59px"> </div>Interest created </div><div id="a2508" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">by the company must<div style="display:inline-block;width:1.72px"> </div>or should be<div style="display:inline-block;width:1.77px"> </div>registered in order to<div style="display:inline-block;width:1.86px"> </div>ensure its validity<div style="display:inline-block;width:1.92px"> </div>or priority; and </div><div id="a2510" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">(f)</div><div id="a2512" style="position:absolute;font-family:'Calibri';left:190.59px;top:286px;">a country<div style="display:inline-block;width:5.23px"> </div>the courts<div style="display:inline-block;width:4.87px"> </div>of which<div style="display:inline-block;width:4.99px"> </div>have jurisdiction<div style="display:inline-block;width:5.16px"> </div>to make<div style="display:inline-block;width:5.53px"> </div>a winding<div style="display:inline-block;width:4.93px"> </div>up, administration<div style="display:inline-block;width:5.31px"> </div>or </div><div id="a2513" style="position:absolute;font-family:'Calibri';left:190.59px;top:304px;">similar<div style="display:inline-block;width:6.41px"> </div>order<div style="display:inline-block;width:6.64px"> </div>in<div style="display:inline-block;width:6.33px"> </div>relation<div style="display:inline-block;width:6.6px"> </div>to<div style="display:inline-block;width:6.49px"> </div>the<div style="display:inline-block;width:6.41px"> </div>company,<div style="display:inline-block;width:7.64px"> </div>whether<div style="display:inline-block;width:6.34px"> </div>as<div style="display:inline-block;width:6.39px"> </div>main<div style="display:inline-block;width:6.4px"> </div>or<div style="display:inline-block;width:6.47px"> </div>territorial<div style="display:inline-block;width:6.45px"> </div>or<div style="display:inline-block;width:6.47px"> </div>ancillary </div><div id="a2514" style="position:absolute;font-family:'Calibri';left:190.59px;top:322px;">proceedings, or which would have<div style="display:inline-block;width:5.33px"> </div>such jurisdiction if their assistance<div style="display:inline-block;width:4.87px"> </div>were requested<div style="display:inline-block;width:4.72px"> </div>by </div><div id="a2516" style="position:absolute;font-family:'Calibri';left:190.59px;top:339px;">the courts of a country referred to in paragraphs </div><div id="a2517" style="position:absolute;font-family:'Calibri';left:483.45px;top:339px;"><a href="#a2486" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a2518" style="position:absolute;font-family:'Calibri';left:499.93px;top:339px;"><div style="display:inline-block;width:3.36px"> </div>or </div><div id="a2520" style="position:absolute;font-family:'Calibri';left:519.45px;top:339px;"><a href="#a2492" style="color:#000000;text-decoration:none;">(c).</a></div><div id="a2523" style="position:absolute;font-family:'Calibri';left:142.59px;top:373px;">"</div><div id="a2524" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:373px;">Pertinent Matter</div><div id="a2525" style="position:absolute;font-family:'Calibri';left:252.03px;top:373px;">" means: </div><div id="a2527" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">(a)</div><div id="a2529" style="position:absolute;font-family:'Calibri';left:190.59px;top:407px;">any<div style="display:inline-block;width:6.99px"> </div>transaction<div style="display:inline-block;width:6.7px"> </div>or<div style="display:inline-block;width:6.79px"> </div>matter<div style="display:inline-block;width:6.9px"> </div>contemplated<div style="display:inline-block;width:7.23px"> </div>by,<div style="display:inline-block;width:7.85px"> </div>arising<div style="display:inline-block;width:6.4px"> </div>out<div style="display:inline-block;width:6.77px"> </div>of,<div style="display:inline-block;width:7.54px"> </div>or<div style="display:inline-block;width:6.79px"> </div>in<div style="display:inline-block;width:6.65px"> </div>connection<div style="display:inline-block;width:6.43px"> </div>with<div style="display:inline-block;width:6.72px"> </div>a </div><div id="a2530" style="position:absolute;font-family:'Calibri';left:190.59px;top:425px;">Pertinent Document; or </div><div id="a2532" style="position:absolute;font-family:'Calibri';left:142.59px;top:459px;">(b)</div><div id="a2534" style="position:absolute;font-family:'Calibri';left:190.59px;top:459px;">any statement relating to<div style="display:inline-block;width:1.8px"> </div>a Pertinent<div style="display:inline-block;width:1.96px"> </div>Document or<div style="display:inline-block;width:1.87px"> </div>to a transaction<div style="display:inline-block;width:1.4px"> </div>or matter falling<div style="display:inline-block;width:1.69px"> </div>within </div><div id="a2535" style="position:absolute;font-family:'Calibri';left:190.59px;top:477px;">paragraph </div><div id="a2536" style="position:absolute;font-family:'Calibri';left:255.27px;top:477px;"><a href="#a2527" style="color:#000000;text-decoration:none;">(a),</a></div><div id="a2539" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">and covers<div style="display:inline-block;width:5.33px"> </div>any such<div style="display:inline-block;width:4.85px"> </div>transaction, matter<div style="display:inline-block;width:5.15px"> </div>or statement,<div style="display:inline-block;width:5.38px"> </div>whether entered<div style="display:inline-block;width:4.96px"> </div>into, arising<div style="display:inline-block;width:5.1px"> </div>or made at </div><div id="a2540" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">any time before the signing of this Agreement or on or at any time after that signing. </div><div id="a2544" style="position:absolute;font-family:'Calibri';left:142.59px;top:563px;">"</div><div id="a2545" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:563px;">Poseidon<div style="display:inline-block;width:5.16px"> </div>Principles</div><div id="a2546" style="position:absolute;font-family:'Calibri';left:268.71px;top:563px;">"<div style="display:inline-block;width:4.98px"> </div>means<div style="display:inline-block;width:4.86px"> </div>the<div style="display:inline-block;width:4.97px"> </div>financial<div style="display:inline-block;width:4.94px"> </div>industry<div style="display:inline-block;width:4.79px"> </div>framework<div style="display:inline-block;width:5.36px"> </div>for<div style="display:inline-block;width:5.16px"> </div>assessing<div style="display:inline-block;width:4.88px"> </div>and<div style="display:inline-block;width:4.84px"> </div>disclosing<div style="display:inline-block;width:4.85px"> </div>the </div><div id="a2549" style="position:absolute;font-family:'Calibri';left:142.59px;top:581px;">climate alignment of ship finance portfolios published in June 2019<div style="display:inline-block;width:1.91px"> </div>as the same may be amended </div><div id="a2550" style="position:absolute;font-family:'Calibri';left:142.59px;top:599px;">or replaced from time to time. </div><div id="a2552" style="position:absolute;font-family:'Calibri';left:142.59px;top:632px;">"</div><div id="a2553" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:632px;">Potential Event of Default</div><div id="a2554" style="position:absolute;font-family:'Calibri';left:305.03px;top:632px;">" means an event or<div style="display:inline-block;width:1.64px"> </div>circumstance which, with the<div style="display:inline-block;width:1.93px"> </div>giving of any notice, </div><div id="a2555" style="position:absolute;font-family:'Calibri';left:142.59px;top:650px;">the lapse of<div style="display:inline-block;width:4.81px"> </div>time, a determination of<div style="display:inline-block;width:5.05px"> </div>the Lenders and/or<div style="display:inline-block;width:4.93px"> </div>the satisfaction of<div style="display:inline-block;width:5.06px"> </div>any other condition, </div><div id="a2556" style="position:absolute;font-family:'Calibri';left:142.59px;top:668px;">would constitute an Event of Default. </div><div id="a2559" style="position:absolute;font-family:'Calibri';left:142.59px;top:702px;">"</div><div id="a2560" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:702px;">Quotation Day</div><div id="a2561" style="position:absolute;font-family:'Calibri';left:238.27px;top:702px;">" means, in relation to<div style="display:inline-block;width:5.23px"> </div>any period for which<div style="display:inline-block;width:4.79px"> </div>an interest rate<div style="display:inline-block;width:5.34px"> </div>is to be determined, </div><div id="a2564" style="position:absolute;font-family:'Calibri';left:142.59px;top:720px;">two<div style="display:inline-block;width:4.92px"> </div>US<div style="display:inline-block;width:4.75px"> </div>Government<div style="display:inline-block;width:4.71px"> </div>Securities Business<div style="display:inline-block;width:5.72px"> </div>Days<div style="display:inline-block;width:5.16px"> </div>before<div style="display:inline-block;width:5.18px"> </div>the<div style="display:inline-block;width:4.81px"> </div>first<div style="display:inline-block;width:5.05px"> </div>day<div style="display:inline-block;width:4.91px"> </div>of<div style="display:inline-block;width:4.71px"> </div>that<div style="display:inline-block;width:4.93px"> </div>period unless<div style="display:inline-block;width:5.68px"> </div>market </div><div id="a2567" style="position:absolute;font-family:'Calibri';left:142.59px;top:738px;">practice<div style="display:inline-block;width:4.78px"> </div>differs<div style="display:inline-block;width:5.17px"> </div>in the<div style="display:inline-block;width:5.61px"> </div>relevant<div style="display:inline-block;width:4.86px"> </div>syndicated<div style="display:inline-block;width:5.11px"> </div>loan market<div style="display:inline-block;width:6.04px"> </div>in which<div style="display:inline-block;width:5.49px"> </div>case the<div style="display:inline-block;width:5.65px"> </div>Quotation Day<div style="display:inline-block;width:5.94px"> </div>will be </div><div id="a2572" style="position:absolute;font-family:'Calibri';left:142.59px;top:756px;">determined<div style="display:inline-block;width:6.5px"> </div>by<div style="display:inline-block;width:6.32px"> </div>the<div style="display:inline-block;width:6.29px"> </div>Agent<div style="display:inline-block;width:6.42px"> </div>in<div style="display:inline-block;width:6.33px"> </div>accordance<div style="display:inline-block;width:6.42px"> </div>with<div style="display:inline-block;width:6.26px"> </div>that<div style="display:inline-block;width:6.21px"> </div>market<div style="display:inline-block;width:6.95px"> </div>practice<div style="display:inline-block;width:6.38px"> </div>(and<div style="display:inline-block;width:6.3px"> </div>if<div style="display:inline-block;width:6.21px"> </div>quotations<div style="display:inline-block;width:6.26px"> </div>would </div><div id="a2578" style="position:absolute;font-family:'Calibri';left:142.59px;top:774px;">normally be given on more than one day, the Quotation Day will be the last of those days). </div><div id="a2580" style="position:absolute;font-family:'Calibri';left:142.59px;top:808px;">"</div><div id="a2581" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:808px;">Reference Rate</div><div id="a2584" style="position:absolute;font-family:'Calibri';left:241.47px;top:808px;">" means, in relation to the Loan or any part of the Loan: </div><div id="a2594" style="position:absolute;font-family:'Calibri';left:142.59px;top:842px;">(a)</div><div id="a2596" style="position:absolute;font-family:'Calibri';left:190.59px;top:842px;">the applicable Term<div style="display:inline-block;width:4.94px"> </div>SOFR as of the Quotation Day and for a<div style="display:inline-block;width:4.68px"> </div>period equal in length to the </div><div id="a2599" style="position:absolute;font-family:'Calibri';left:190.59px;top:860px;">Interest Period of the Loan or that part of the Loan; or </div><div id="a2607" style="position:absolute;font-family:'Calibri';left:142.59px;top:893px;">(b)</div><div id="a2609" style="position:absolute;font-family:'Calibri';left:190.59px;top:893px;">as otherwise determined pursuant to Clause </div><div id="a2610" style="position:absolute;font-family:'Calibri';left:458.33px;top:893px;"><a href="#a4401" style="color:#000000;text-decoration:none;">7.1</a></div><div id="a2611" style="position:absolute;font-family:'Calibri';left:476.89px;top:893px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2613" style="position:absolute;font-family:'Calibri';font-style:italic;left:484.73px;top:893px;">Unavailability of Term SOFR</div><div id="a2614" style="position:absolute;font-family:'Calibri';left:650.37px;top:893px;">), </div><div id="a2616" style="position:absolute;font-family:'Calibri';left:142.59px;top:927px;">and if, in either case, that rate is less than zero,<div style="display:inline-block;width:4.73px"> </div>the Reference Rate shall be deemed to be zero</div><div id="a2617" style="position:absolute;font-family:'Calibri';left:706.21px;top:927px;">. </div></div>
</div>
<div style="padding: 7px">
<div id="Page21" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2621" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a2622" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Relevant<div style="display:inline-block;width:9.08px"> </div>Market</div><div id="a2623" style="position:absolute;font-family:'Calibri';left:255.59px;top:94px;">"<div style="display:inline-block;width:8.5px"> </div>means<div style="display:inline-block;width:8.22px"> </div>the<div style="display:inline-block;width:8.49px"> </div>market<div style="display:inline-block;width:8.87px"> </div>for<div style="display:inline-block;width:8.68px"> </div>overnight<div style="display:inline-block;width:8.53px"> </div>cash<div style="display:inline-block;width:8.56px"> </div>borrowing<div style="display:inline-block;width:8.61px"> </div>collateralised<div style="display:inline-block;width:8.92px"> </div>by<div style="display:inline-block;width:8.4px"> </div>US </div><div id="a2627" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">Government Securities. </div><div id="a2629" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">"</div><div id="a2630" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:146px;">Relevant Nominating<div style="display:inline-block;width:5.29px"> </div>Body</div><div id="a2631" style="position:absolute;font-family:'Calibri';left:313.19px;top:146px;">" means<div style="display:inline-block;width:4.75px"> </div>any applicable<div style="display:inline-block;width:5.03px"> </div>central bank,<div style="display:inline-block;width:5.17px"> </div>regulator or<div style="display:inline-block;width:4.88px"> </div>other supervisory </div><div id="a2632" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">authority or<div style="display:inline-block;width:6.06px"> </div>a group<div style="display:inline-block;width:6.09px"> </div>of<div style="display:inline-block;width:4.71px"> </div>them, or<div style="display:inline-block;width:5.96px"> </div>any<div style="display:inline-block;width:4.75px"> </div>working<div style="display:inline-block;width:4.79px"> </div>group or<div style="display:inline-block;width:6.16px"> </div>committee<div style="display:inline-block;width:4.86px"> </div>sponsored<div style="display:inline-block;width:4.7px"> </div>or<div style="display:inline-block;width:4.71px"> </div>chaired<div style="display:inline-block;width:4.74px"> </div>by,<div style="display:inline-block;width:5.77px"> </div>or </div><div id="a2633" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">constituted at the request of, any<div style="display:inline-block;width:4.71px"> </div>of them or the Financial Stability Board. </div><div id="a2635" style="position:absolute;font-family:'Calibri';left:142.59px;top:216px;">"</div><div id="a2636" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:216px;">Relevant Person</div><div id="a2637" style="position:absolute;font-family:'Calibri';left:247.71px;top:216px;">" has the meaning given in Clause </div><div id="a2638" style="position:absolute;font-family:'Calibri';left:450.81px;top:216px;"><a href="#a8784" style="color:#000000;text-decoration:none;">19.9</a></div><div id="a2639" style="position:absolute;font-family:'Calibri';left:476.73px;top:216px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2641" style="position:absolute;font-family:'Calibri';font-style:italic;left:484.57px;top:216px;">Relevant Persons</div><div id="a2642" style="position:absolute;font-family:'Calibri';left:585.85px;top:216px;">). </div><div id="a2645" style="position:absolute;font-family:'Calibri';left:142.59px;top:250px;">"</div><div id="a2646" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:250px;">Repayment</div><div id="a2648" style="position:absolute;font-family:'Calibri';font-weight:bold;left:222.75px;top:250px;">Date</div><div id="a2649" style="position:absolute;font-family:'Calibri';left:251.71px;top:250px;">" means<div style="display:inline-block;width:4.95px"> </div>a date<div style="display:inline-block;width:5.44px"> </div>on which<div style="display:inline-block;width:4.94px"> </div>a repayment<div style="display:inline-block;width:5.53px"> </div>is required<div style="display:inline-block;width:5.23px"> </div>to be<div style="display:inline-block;width:5.07px"> </div>made under<div style="display:inline-block;width:5.07px"> </div>Clause </div><div id="a2652" style="position:absolute;font-family:'Calibri';left:714.21px;top:250px;"><a href="#a4712" style="color:#000000;text-decoration:none;">8</a></div><div id="a2654" style="position:absolute;font-family:'Calibri';left:142.59px;top:268px;">(</div><div id="a2655" style="position:absolute;font-family:'Calibri';font-style:italic;left:147.07px;top:268px;">Repayment and Prepayment</div><div id="a2656" style="position:absolute;font-family:'Calibri';left:316.39px;top:268px;">). </div><div id="a2658" style="position:absolute;font-family:'Calibri';left:142.59px;top:302px;">"</div><div id="a2659" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:302px;">Repayment Instalment</div><div id="a2661" style="position:absolute;font-family:'Calibri';left:288.39px;top:302px;">" means any<div style="display:inline-block;width:5.04px"> </div>repayment instalment<div style="display:inline-block;width:5.09px"> </div>referred to<div style="display:inline-block;width:5.17px"> </div>in Clause </div><div id="a2662" style="position:absolute;font-family:'Calibri';left:631.33px;top:302px;"><a href="#a4716" style="color:#000000;text-decoration:none;">8.1</a></div><div id="a2663" style="position:absolute;font-family:'Calibri';left:649.89px;top:302px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a2665" style="position:absolute;font-family:'Calibri';font-style:italic;left:658.37px;top:302px;">Amount of </div><div id="a2666" style="position:absolute;font-family:'Calibri';font-style:italic;left:142.59px;top:320px;">repayment instalments</div><div id="a2667" style="position:absolute;font-family:'Calibri';left:280.07px;top:320px;">). </div><div id="a2670" style="position:absolute;font-family:'Calibri';left:142.59px;top:354px;">"</div><div id="a2671" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:354px;">Requisition Compensation</div><div id="a2672" style="position:absolute;font-family:'Calibri';left:308.55px;top:354px;">" includes all<div style="display:inline-block;width:1.81px"> </div>compensation or other<div style="display:inline-block;width:1.88px"> </div>moneys payable by reason<div style="display:inline-block;width:1.92px"> </div>of any </div><div id="a2673" style="position:absolute;font-family:'Calibri';left:142.59px;top:371px;">act or event such as is referred to in paragraph </div><div id="a2674" style="position:absolute;font-family:'Calibri';left:424.39px;top:371px;"><a href="#a3169" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a2675" style="position:absolute;font-family:'Calibri';left:441.05px;top:371px;"><div style="display:inline-block;width:3.2px"> </div>of the definition of "</div><div id="a2677" style="position:absolute;font-family:'Calibri';font-weight:bold;left:565.37px;top:371px;">Total Loss</div><div id="a2678" style="position:absolute;font-family:'Calibri';left:625.41px;top:371px;">". </div><div id="a2681" style="position:absolute;font-family:'Calibri';left:142.59px;top:405px;">"</div><div id="a2682" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:405px;">Resolution<div style="display:inline-block;width:5.41px"> </div>Authority</div><div id="a2683" style="position:absolute;font-family:'Calibri';left:277.83px;top:405px;">"<div style="display:inline-block;width:5.3px"> </div>means<div style="display:inline-block;width:5.34px"> </div>any<div style="display:inline-block;width:5.71px"> </div>body<div style="display:inline-block;width:5.15px"> </div>which<div style="display:inline-block;width:5.37px"> </div>has<div style="display:inline-block;width:5.22px"> </div>authority<div style="display:inline-block;width:5.33px"> </div>to<div style="display:inline-block;width:5.53px"> </div>exercise<div style="display:inline-block;width:6.07px"> </div>any<div style="display:inline-block;width:5.39px"> </div>Write-down<div style="display:inline-block;width:5.93px"> </div>and </div><div id="a2688" style="position:absolute;font-family:'Calibri';left:142.59px;top:423px;">Conversion Powers. </div><div id="a2690" style="position:absolute;font-family:'Calibri';left:142.59px;top:457px;">"</div><div id="a2691" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:457px;">Restricted Party</div><div id="a2692" style="position:absolute;font-family:'Calibri';left:246.11px;top:457px;">" means a person: </div><div id="a2694" style="position:absolute;font-family:'Calibri';left:142.59px;top:491px;">(a)</div><div id="a2696" style="position:absolute;font-family:'Calibri';left:190.59px;top:491px;">that<div style="display:inline-block;width:4.77px"> </div>is listed<div style="display:inline-block;width:5.92px"> </div>on<div style="display:inline-block;width:4.66px"> </div>any<div style="display:inline-block;width:4.91px"> </div>Sanctions List<div style="display:inline-block;width:5.65px"> </div>(whether designated<div style="display:inline-block;width:5.75px"> </div>by<div style="display:inline-block;width:4.72px"> </div>name or<div style="display:inline-block;width:5.75px"> </div>by reason<div style="display:inline-block;width:5.78px"> </div>of<div style="display:inline-block;width:4.71px"> </div>being </div><div id="a2697" style="position:absolute;font-family:'Calibri';left:190.59px;top:509px;">included in a class of person); </div><div id="a2699" style="position:absolute;font-family:'Calibri';left:142.59px;top:543px;">(b)</div><div id="a2701" style="position:absolute;font-family:'Calibri';left:190.59px;top:543px;">located, organised or resident in a country<div style="display:inline-block;width:4.72px"> </div>or territory that is the target of Sanctions that </div><div id="a2702" style="position:absolute;font-family:'Calibri';left:190.59px;top:561px;">broadly<div style="display:inline-block;width:5.66px"> </div>prohibit<div style="display:inline-block;width:5.41px"> </div>dealings<div style="display:inline-block;width:5.12px"> </div>with<div style="display:inline-block;width:5.44px"> </div>that<div style="display:inline-block;width:5.41px"> </div>country<div style="display:inline-block;width:5.37px"> </div>or<div style="display:inline-block;width:5.51px"> </div>territory<div style="display:inline-block;width:5.37px"> </div>(currently,<div style="display:inline-block;width:6.67px"> </div>Crimea,<div style="display:inline-block;width:5.19px"> </div>Cuba,<div style="display:inline-block;width:5.16px"> </div>Iran, </div><div id="a2703" style="position:absolute;font-family:'Calibri';left:190.59px;top:579px;">North Korea, Syria, Donetsk and Luhansk); or </div><div id="a2705" style="position:absolute;font-family:'Calibri';left:142.59px;top:613px;">(c)</div><div id="a2707" style="position:absolute;font-family:'Calibri';left:190.59px;top:613px;">that is directly<div style="display:inline-block;width:4.73px"> </div>or indirectly owned or<div style="display:inline-block;width:4.81px"> </div>controlled by a<div style="display:inline-block;width:4.71px"> </div>person referred<div style="display:inline-block;width:5.17px"> </div>to in (a) and/or<div style="display:inline-block;width:5.05px"> </div>(b) </div><div id="a2708" style="position:absolute;font-family:'Calibri';left:190.59px;top:631px;">above; or </div><div id="a2710" style="position:absolute;font-family:'Calibri';left:142.59px;top:664px;">(d)</div><div id="a2712" style="position:absolute;font-family:'Calibri';left:190.59px;top:664px;">with which any<div style="display:inline-block;width:5.05px"> </div>Lender is prohibited<div style="display:inline-block;width:4.97px"> </div>from dealing or<div style="display:inline-block;width:4.81px"> </div>otherwise engaging in a<div style="display:inline-block;width:5.06px"> </div>transaction </div><div id="a2713" style="position:absolute;font-family:'Calibri';left:190.59px;top:682px;">with by any Sanctions. </div><div id="a2715" style="position:absolute;font-family:'Calibri';left:142.59px;top:716px;">"</div><div id="a2716" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:716px;">Sanctions Authority</div><div id="a2717" style="position:absolute;font-family:'Calibri';left:269.19px;top:716px;">" means the Norwegian State,<div style="display:inline-block;width:5.21px"> </div>the United Nations, the European<div style="display:inline-block;width:4.85px"> </div>Union, the </div><div id="a2718" style="position:absolute;font-family:'Calibri';left:142.59px;top:734px;">member states of the European<div style="display:inline-block;width:1.92px"> </div>Union, the United Kingdom,<div style="display:inline-block;width:1.6px"> </div>the United States of America<div style="display:inline-block;width:1.79px"> </div>and any </div><div id="a2719" style="position:absolute;font-family:'Calibri';left:142.59px;top:752px;">authority,<div style="display:inline-block;width:7.5px"> </div>official<div style="display:inline-block;width:6.87px"> </div>institution<div style="display:inline-block;width:6.52px"> </div>or<div style="display:inline-block;width:6.63px"> </div>agency<div style="display:inline-block;width:6.68px"> </div>acting<div style="display:inline-block;width:6.47px"> </div>on<div style="display:inline-block;width:6.74px"> </div>behalf<div style="display:inline-block;width:6.45px"> </div>of<div style="display:inline-block;width:6.63px"> </div>any<div style="display:inline-block;width:6.83px"> </div>of<div style="display:inline-block;width:6.79px"> </div>them<div style="display:inline-block;width:6.49px"> </div>in<div style="display:inline-block;width:6.49px"> </div>connection<div style="display:inline-block;width:6.59px"> </div>with </div><div id="a2721" style="position:absolute;font-family:'Calibri';left:142.59px;top:770px;">Sanctions. </div><div id="a2723" style="position:absolute;font-family:'Calibri';left:142.59px;top:804px;">"</div><div id="a2724" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:804px;">Sanctions</div><div id="a2725" style="position:absolute;font-family:'Calibri';left:207.07px;top:804px;">"<div style="display:inline-block;width:5.62px"> </div>means<div style="display:inline-block;width:5.66px"> </div>the<div style="display:inline-block;width:5.77px"> </div>economic<div style="display:inline-block;width:5.47px"> </div>or<div style="display:inline-block;width:5.83px"> </div>financial<div style="display:inline-block;width:5.58px"> </div>Sanctions<div style="display:inline-block;width:5.55px"> </div>and/or<div style="display:inline-block;width:5.87px"> </div>regulations,<div style="display:inline-block;width:5.87px"> </div>trade<div style="display:inline-block;width:5.73px"> </div>embargoes, </div><div id="a2726" style="position:absolute;font-family:'Calibri';left:142.59px;top:822px;">prohibitions,<div style="display:inline-block;width:8.95px"> </div>restrictive<div style="display:inline-block;width:9.14px"> </div>measures,<div style="display:inline-block;width:9.08px"> </div>decisions,<div style="display:inline-block;width:8.64px"> </div>Executive<div style="display:inline-block;width:9.17px"> </div>Orders<div style="display:inline-block;width:9.07px"> </div>or<div style="display:inline-block;width:9.03px"> </div>notices<div style="display:inline-block;width:8.57px"> </div>from<div style="display:inline-block;width:9.17px"> </div>regulators </div><div id="a2727" style="position:absolute;font-family:'Calibri';left:142.59px;top:840px;">implemented,<div style="display:inline-block;width:7.76px"> </div>adapted,<div style="display:inline-block;width:7.79px"> </div>imposed,<div style="display:inline-block;width:7.44px"> </div>administered,<div style="display:inline-block;width:7.85px"> </div>enacted<div style="display:inline-block;width:7.68px"> </div>and/or<div style="display:inline-block;width:7.79px"> </div>enforced<div style="display:inline-block;width:8px"> </div>by<div style="display:inline-block;width:7.76px"> </div>any<div style="display:inline-block;width:7.95px"> </div>Sanctions </div><div id="a2729" style="position:absolute;font-family:'Calibri';left:142.59px;top:858px;">Authority. </div><div id="a2731" style="position:absolute;font-family:'Calibri';left:142.59px;top:891px;">"</div><div id="a2732" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:891px;">Sanctions List</div><div id="a2733" style="position:absolute;font-family:'Calibri';left:231.87px;top:891px;">" means a<div style="display:inline-block;width:5.25px"> </div>list of<div style="display:inline-block;width:4.9px"> </div>persons or<div style="display:inline-block;width:4.83px"> </div>entities published in<div style="display:inline-block;width:5.35px"> </div>connection with Sanctions<div style="display:inline-block;width:5px"> </div>by or </div><div id="a2734" style="position:absolute;font-family:'Calibri';left:142.59px;top:909px;">on behalf of any Sanctions Authority. </div></div>
</div>
<div style="padding: 7px">
<div id="Page22" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2738" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a2739" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Secured<div style="display:inline-block;width:6.24px"> </div>Liabilities</div><div id="a2740" style="position:absolute;font-family:'Calibri';left:261.19px;top:94px;">"<div style="display:inline-block;width:6.1px"> </div>means<div style="display:inline-block;width:6.14px"> </div>all<div style="display:inline-block;width:6.19px"> </div>liabilities<div style="display:inline-block;width:5.97px"> </div>which<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Borrowers,<div style="display:inline-block;width:6.63px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Corporate<div style="display:inline-block;width:6.64px"> </div>Guarantor,<div style="display:inline-block;width:7.72px"> </div>the </div><div id="a2741" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">Security Parties or any<div style="display:inline-block;width:4.86px"> </div>of them have, at<div style="display:inline-block;width:4.85px"> </div>the date of this Agreement<div style="display:inline-block;width:4.86px"> </div>or at any<div style="display:inline-block;width:4.71px"> </div>later time or times, </div><div id="a2742" style="position:absolute;font-family:'Calibri';left:142.59px;top:130px;">under<div style="display:inline-block;width:5.62px"> </div>or<div style="display:inline-block;width:5.67px"> </div>in<div style="display:inline-block;width:5.69px"> </div>connection<div style="display:inline-block;width:5.47px"> </div>with<div style="display:inline-block;width:5.59px"> </div>any<div style="display:inline-block;width:5.87px"> </div>Finance<div style="display:inline-block;width:5.47px"> </div>Document<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:5.67px"> </div>any<div style="display:inline-block;width:5.87px"> </div>judgment<div style="display:inline-block;width:5.67px"> </div>relating<div style="display:inline-block;width:5.67px"> </div>to<div style="display:inline-block;width:5.85px"> </div>any<div style="display:inline-block;width:5.87px"> </div>Finance </div><div id="a2744" style="position:absolute;font-family:'Calibri';left:142.59px;top:148px;">Document; and for this purpose, there shall be disregarded any total or partial discharge of these </div><div id="a2745" style="position:absolute;font-family:'Calibri';left:142.59px;top:166px;">liabilities, or variation of their terms, which is effected<div style="display:inline-block;width:5px"> </div>by, or<div style="display:inline-block;width:4.75px"> </div>in connection with, any bankruptcy, </div><div id="a2746" style="position:absolute;font-family:'Calibri';left:142.59px;top:184px;">liquidation, arrangement or other procedure under<div style="display:inline-block;width:3.28px"> </div>the insolvency laws of any country. </div><div id="a2750" style="position:absolute;font-family:'Calibri';left:142.59px;top:218px;">"</div><div id="a2751" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:218px;">Security Interest</div><div id="a2752" style="position:absolute;font-family:'Calibri';left:248.83px;top:218px;">" means:<div style="display:inline-block;width:3.09px"> </div></div><div id="a2754" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">(a)</div><div id="a2756" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">a mortgage, charge (whether<div style="display:inline-block;width:1.28px"> </div>fixed or floating)<div style="display:inline-block;width:1.91px"> </div>or pledge, any<div style="display:inline-block;width:1.7px"> </div>maritime or<div style="display:inline-block;width:1.87px"> </div>other lien<div style="display:inline-block;width:1.98px"> </div>or any </div><div id="a2758" style="position:absolute;font-family:'Calibri';left:190.59px;top:270px;">other security interest of any kind;<div style="display:inline-block;width:3.45px"> </div></div><div id="a2760" style="position:absolute;font-family:'Calibri';left:142.59px;top:304px;">(b)</div><div id="a2762" style="position:absolute;font-family:'Calibri';left:190.59px;top:304px;">the security rights of a plaintiff under an action </div><div id="a2763" style="position:absolute;font-family:'Calibri';font-style:italic;left:474.17px;top:304px;">in rem</div><div id="a2764" style="position:absolute;font-family:'Calibri';left:511.77px;top:304px;">; and<div style="display:inline-block;width:3.14px"> </div></div><div id="a2766" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">(c)</div><div id="a2768" style="position:absolute;font-family:'Calibri';left:190.59px;top:338px;">any<div style="display:inline-block;width:5.55px"> </div>arrangement<div style="display:inline-block;width:5.34px"> </div>entered<div style="display:inline-block;width:5.47px"> </div>into<div style="display:inline-block;width:5.6px"> </div>by<div style="display:inline-block;width:5.04px"> </div>a<div style="display:inline-block;width:5.27px"> </div>person<div style="display:inline-block;width:5.27px"> </div>(A)<div style="display:inline-block;width:5.12px"> </div>the<div style="display:inline-block;width:5.13px"> </div>effect<div style="display:inline-block;width:5.69px"> </div>of<div style="display:inline-block;width:5.19px"> </div>which<div style="display:inline-block;width:5.05px"> </div>is<div style="display:inline-block;width:5.1px"> </div>to<div style="display:inline-block;width:5.37px"> </div>place<div style="display:inline-block;width:4.77px"> </div>another </div><div id="a2772" style="position:absolute;font-family:'Calibri';left:190.59px;top:355px;">person<div style="display:inline-block;width:4.89px"> </div>(B)<div style="display:inline-block;width:4.87px"> </div>in a<div style="display:inline-block;width:6.03px"> </div>position which<div style="display:inline-block;width:5.76px"> </div>is<div style="display:inline-block;width:4.78px"> </div>similar,<div style="display:inline-block;width:5.92px"> </div>in economic<div style="display:inline-block;width:5.91px"> </div>terms,<div style="display:inline-block;width:4.78px"> </div>to<div style="display:inline-block;width:4.73px"> </div>the<div style="display:inline-block;width:4.81px"> </div>position in<div style="display:inline-block;width:5.76px"> </div>which<div style="display:inline-block;width:4.73px"> </div>B </div><div id="a2776" style="position:absolute;font-family:'Calibri';left:190.59px;top:373px;">would have been had he held a security interest over an asset of A; but this paragraph </div><div id="a2777" style="position:absolute;font-family:'Calibri';left:706.37px;top:373px;"><a href="#a2766" style="color:#000000;text-decoration:none;">(c)</a></div><div id="a2779" style="position:absolute;font-family:'Calibri';left:190.59px;top:391px;">does not apply to a right of set off or<div style="display:inline-block;width:4.82px"> </div>combination of accounts conferred by the<div style="display:inline-block;width:4.85px"> </div>standard </div><div id="a2780" style="position:absolute;font-family:'Calibri';left:190.59px;top:409px;">terms of business of a bank or financial institution. </div><div id="a2783" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">"</div><div id="a2784" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:443px;">Security Party</div><div id="a2785" style="position:absolute;font-family:'Calibri';left:234.27px;top:443px;">" means<div style="display:inline-block;width:5.07px"> </div>the Corporate<div style="display:inline-block;width:5.4px"> </div>Guarantor,<div style="display:inline-block;width:5.8px"> </div>the Approved<div style="display:inline-block;width:5.42px"> </div>Manager and<div style="display:inline-block;width:4.95px"> </div>any other<div style="display:inline-block;width:5.34px"> </div>person </div><div id="a2786" style="position:absolute;font-family:'Calibri';left:142.59px;top:461px;">(except<div style="display:inline-block;width:6.48px"> </div>a<div style="display:inline-block;width:5.91px"> </div>Creditor<div style="display:inline-block;width:6.14px"> </div>Party)<div style="display:inline-block;width:5.91px"> </div>who,<div style="display:inline-block;width:6.25px"> </div>as<div style="display:inline-block;width:5.91px"> </div>a<div style="display:inline-block;width:5.91px"> </div>surety<div style="display:inline-block;width:5.93px"> </div>or<div style="display:inline-block;width:5.83px"> </div>mortgagor,<div style="display:inline-block;width:7.38px"> </div>as<div style="display:inline-block;width:5.91px"> </div>a<div style="display:inline-block;width:5.98px"> </div>party<div style="display:inline-block;width:5.77px"> </div>to<div style="display:inline-block;width:6.17px"> </div>any<div style="display:inline-block;width:5.87px"> </div>subordination<div style="display:inline-block;width:5.96px"> </div>or </div><div id="a2788" style="position:absolute;font-family:'Calibri';left:142.59px;top:479px;">priorities<div style="display:inline-block;width:5.45px"> </div>arrangement,<div style="display:inline-block;width:5.51px"> </div>or<div style="display:inline-block;width:5.35px"> </div>in<div style="display:inline-block;width:5.37px"> </div>any<div style="display:inline-block;width:5.71px"> </div>similar<div style="display:inline-block;width:5.29px"> </div>capacity,<div style="display:inline-block;width:6.48px"> </div>executes<div style="display:inline-block;width:6.02px"> </div>a<div style="display:inline-block;width:5.43px"> </div>document<div style="display:inline-block;width:5.34px"> </div>falling<div style="display:inline-block;width:5.39px"> </div>within<div style="display:inline-block;width:5.36px"> </div>the<div style="display:inline-block;width:5.45px"> </div>last </div><div id="a2789" style="position:absolute;font-family:'Calibri';left:142.59px;top:497px;">paragraph of the definition of "</div><div id="a2790" style="position:absolute;font-family:'Calibri';font-weight:bold;left:328.71px;top:497px;">Finance Documents</div><div id="a2791" style="position:absolute;font-family:'Calibri';left:448.09px;top:497px;">". </div><div id="a2794" style="position:absolute;font-family:'Calibri';left:142.59px;top:531px;">"</div><div id="a2795" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:531px;">Security Period</div><div id="a2796" style="position:absolute;font-family:'Calibri';left:240.35px;top:531px;">" means the<div style="display:inline-block;width:1.43px"> </div>period commencing<div style="display:inline-block;width:1.86px"> </div>on the date<div style="display:inline-block;width:1.84px"> </div>of this Agreement<div style="display:inline-block;width:1.77px"> </div>and ending on<div style="display:inline-block;width:1.54px"> </div>the </div><div id="a2797" style="position:absolute;font-family:'Calibri';left:142.59px;top:549px;">date on which<div style="display:inline-block;width:1.75px"> </div>the Agent notifies<div style="display:inline-block;width:1.42px"> </div>the Borrowers, the<div style="display:inline-block;width:1.92px"> </div>Security Parties and<div style="display:inline-block;width:1.5px"> </div>the other<div style="display:inline-block;width:1.88px"> </div>Creditor Parties </div><div id="a2798" style="position:absolute;font-family:'Calibri';left:142.59px;top:567px;">that:<div style="display:inline-block;width:3.39px"> </div></div><div id="a2800" style="position:absolute;font-family:'Calibri';left:142.59px;top:600px;">(a)</div><div id="a2802" style="position:absolute;font-family:'Calibri';left:190.59px;top:600px;">all amounts which have become due for<div style="display:inline-block;width:5px"> </div>payment by the Borrowers<div style="display:inline-block;width:4.71px"> </div>or any Security Party </div><div id="a2803" style="position:absolute;font-family:'Calibri';left:190.59px;top:618px;">under the Finance Documents have been paid; </div><div id="a2805" style="position:absolute;font-family:'Calibri';left:142.59px;top:652px;">(b)</div><div id="a2807" style="position:absolute;font-family:'Calibri';left:190.59px;top:652px;">no amount is owing<div style="display:inline-block;width:4.84px"> </div>or has accrued (without yet<div style="display:inline-block;width:5.32px"> </div>having become due for<div style="display:inline-block;width:5.31px"> </div>payment) under </div><div id="a2808" style="position:absolute;font-family:'Calibri';left:190.59px;top:670px;">any Finance Document; </div><div id="a2810" style="position:absolute;font-family:'Calibri';left:142.59px;top:704px;">(c)</div><div id="a2812" style="position:absolute;font-family:'Calibri';left:190.59px;top:704px;">neither<div style="display:inline-block;width:5.24px"> </div>a<div style="display:inline-block;width:5.11px"> </div>Borrower<div style="display:inline-block;width:5.57px"> </div>nor<div style="display:inline-block;width:5.13px"> </div>any<div style="display:inline-block;width:5.39px"> </div>Security<div style="display:inline-block;width:4.97px"> </div>Party<div style="display:inline-block;width:5.58px"> </div>has<div style="display:inline-block;width:5.06px"> </div>any<div style="display:inline-block;width:5.39px"> </div>future<div style="display:inline-block;width:5.25px"> </div>or<div style="display:inline-block;width:5.19px"> </div>contingent<div style="display:inline-block;width:5.6px"> </div>liability<div style="display:inline-block;width:4.89px"> </div>under </div><div id="a2813" style="position:absolute;font-family:'Calibri';left:190.59px;top:722px;">Clause </div><div id="a2814" style="position:absolute;font-family:'Calibri';left:232.83px;top:722px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a2815" style="position:absolute;font-family:'Calibri';left:247.71px;top:722px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2817" style="position:absolute;font-family:'Calibri';font-style:italic;left:255.59px;top:722px;">Fees and expenses</div><div id="a2818" style="position:absolute;font-family:'Calibri';left:365.03px;top:722px;">), </div><div id="a2819" style="position:absolute;font-family:'Calibri';left:376.39px;top:722px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a2820" style="position:absolute;font-family:'Calibri';left:391.27px;top:722px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2822" style="position:absolute;font-family:'Calibri';font-style:italic;left:399.11px;top:722px;">Indemnities</div><div id="a2823" style="position:absolute;font-family:'Calibri';left:468.25px;top:722px;">) or </div><div id="a2824" style="position:absolute;font-family:'Calibri';left:492.09px;top:722px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22</a></div><div id="a2825" style="position:absolute;font-family:'Calibri';left:506.97px;top:722px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a2827" style="position:absolute;font-family:'Calibri';font-style:italic;left:514.65px;top:722px;">No set-off or Tax Deduction</div><div id="a2830" style="position:absolute;font-family:'Calibri';left:677.41px;top:722px;">) below </div><div id="a2831" style="position:absolute;font-family:'Calibri';left:190.59px;top:740px;">or any other provision of this Agreement or another Finance Document; and </div><div id="a2833" style="position:absolute;font-family:'Calibri';left:142.59px;top:774px;">(d)</div><div id="a2835" style="position:absolute;font-family:'Calibri';left:190.59px;top:774px;">the Agent,<div style="display:inline-block;width:4.72px"> </div>the Security Trustee<div style="display:inline-block;width:6.03px"> </div>and the Majority<div style="display:inline-block;width:4.77px"> </div>Lenders do not<div style="display:inline-block;width:5.2px"> </div>consider that there<div style="display:inline-block;width:5.18px"> </div>is a </div><div id="a2836" style="position:absolute;font-family:'Calibri';left:190.59px;top:792px;">significant risk that<div style="display:inline-block;width:4.91px"> </div>any payment or<div style="display:inline-block;width:5.05px"> </div>transaction under a Finance<div style="display:inline-block;width:4.76px"> </div>Document would be<div style="display:inline-block;width:4.67px"> </div>set </div><div id="a2837" style="position:absolute;font-family:'Calibri';left:190.59px;top:810px;">aside,<div style="display:inline-block;width:6.52px"> </div>or<div style="display:inline-block;width:6.63px"> </div>would<div style="display:inline-block;width:6.69px"> </div>have<div style="display:inline-block;width:6.99px"> </div>to<div style="display:inline-block;width:6.49px"> </div>be<div style="display:inline-block;width:6.7px"> </div>reversed<div style="display:inline-block;width:7.01px"> </div>or<div style="display:inline-block;width:6.63px"> </div>adjusted,<div style="display:inline-block;width:6.62px"> </div>in<div style="display:inline-block;width:6.65px"> </div>any<div style="display:inline-block;width:6.99px"> </div>present<div style="display:inline-block;width:6.56px"> </div>or<div style="display:inline-block;width:6.79px"> </div>possible<div style="display:inline-block;width:6.38px"> </div>future </div><div id="a2839" style="position:absolute;font-family:'Calibri';left:190.59px;top:827px;">bankruptcy<div style="display:inline-block;width:5.74px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Borrowers<div style="display:inline-block;width:6.14px"> </div>or<div style="display:inline-block;width:5.67px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Security<div style="display:inline-block;width:5.45px"> </div>Party<div style="display:inline-block;width:5.9px"> </div>or<div style="display:inline-block;width:5.67px"> </div>in<div style="display:inline-block;width:5.69px"> </div>any<div style="display:inline-block;width:6.03px"> </div>present<div style="display:inline-block;width:5.76px"> </div>or<div style="display:inline-block;width:5.83px"> </div>possible<div style="display:inline-block;width:5.58px"> </div>future </div><div id="a2840" style="position:absolute;font-family:'Calibri';left:190.59px;top:845px;">proceeding relating to<div style="display:inline-block;width:5.35px"> </div>a Finance Document or<div style="display:inline-block;width:5.16px"> </div>any asset covered<div style="display:inline-block;width:5.32px"> </div>(or previously covered) </div><div id="a2841" style="position:absolute;font-family:'Calibri';left:190.59px;top:863px;">by a Security Interest created by a Finance Document. </div><div id="a2844" style="position:absolute;font-family:'Calibri';left:142.59px;top:897px;">"</div><div id="a2845" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:897px;">Security Trustee</div><div id="a2846" style="position:absolute;font-family:'Calibri';left:246.75px;top:897px;">" means Nordea<div style="display:inline-block;width:1.95px"> </div>Bank Abp, filial<div style="display:inline-block;width:1.71px"> </div>i Norge, acting in<div style="display:inline-block;width:1.71px"> </div>such capacity through its<div style="display:inline-block;width:1.57px"> </div>office </div><div id="a2849" style="position:absolute;font-family:'Calibri';left:142.59px;top:915px;">at<div style="display:inline-block;width:6.07px"> </div>Essendrops<div style="display:inline-block;width:5.87px"> </div>gate<div style="display:inline-block;width:6.33px"> </div>7,<div style="display:inline-block;width:5.67px"> </div>Postboks<div style="display:inline-block;width:6.48px"> </div>1166,<div style="display:inline-block;width:5.63px"> </div>Sentrum,<div style="display:inline-block;width:5.73px"> </div>0107<div style="display:inline-block;width:5.84px"> </div>Oslo,<div style="display:inline-block;width:5.61px"> </div>920058817<div style="display:inline-block;width:5.49px"> </div>MVA,<div style="display:inline-block;width:6.37px"> </div>Norway,<div style="display:inline-block;width:7.1px"> </div>or<div style="display:inline-block;width:5.83px"> </div>any </div><div id="a2859" style="position:absolute;font-family:'Calibri';left:142.59px;top:933px;">successor of it appointed under clause 5 of the Agency and Trust Deed. </div></div>
</div>
<div style="padding: 7px">
<div id="Page23" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a2867" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a2868" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Selection Notice</div><div id="a2869" style="position:absolute;font-family:'Calibri';left:246.91px;top:94px;">" means a<div style="display:inline-block;width:1.29px"> </div>notice substantially in<div style="display:inline-block;width:1.8px"> </div>the form set<div style="display:inline-block;width:1.63px"> </div>out in Schedule<div style="display:inline-block;width:1.42px"> </div>6 (</div><div id="a2876" style="position:absolute;font-family:'Calibri';font-style:italic;left:622.69px;top:94px;">Selection Notice</div><div id="a2877" style="position:absolute;font-family:'Calibri';left:717.25px;top:94px;">) </div><div id="a2878" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">given in accordance with Clause 6 (</div><div id="a2882" style="position:absolute;font-family:'Calibri';font-style:italic;left:351.11px;top:112px;">Interest Periods</div><div id="a2883" style="position:absolute;font-family:'Calibri';left:444.09px;top:112px;">). </div><div id="a2885" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">"</div><div id="a2886" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:146px;">Servicing Bank</div><div id="a2887" style="position:absolute;font-family:'Calibri';left:236.83px;top:146px;">" means the Agent or the Security Trustee. </div><div id="a2890" style="position:absolute;font-family:'Calibri';left:142.59px;top:180px;">"</div><div id="a2891" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:180px;">Shares<div style="display:inline-block;width:7.53px"> </div>Pledge</div><div id="a2892" style="position:absolute;font-family:'Calibri';left:237.63px;top:180px;">"<div style="display:inline-block;width:7.38px"> </div>means,<div style="display:inline-block;width:7.42px"> </div>in<div style="display:inline-block;width:7.29px"> </div>relation<div style="display:inline-block;width:7.72px"> </div>to<div style="display:inline-block;width:7.61px"> </div>each<div style="display:inline-block;width:7.35px"> </div>Borrower,<div style="display:inline-block;width:9.08px"> </div>a<div style="display:inline-block;width:7.35px"> </div>deed<div style="display:inline-block;width:7.39px"> </div>executed<div style="display:inline-block;width:8.2px"> </div>by<div style="display:inline-block;width:7.44px"> </div>the<div style="display:inline-block;width:7.53px"> </div>Corporate </div><div id="a2896" style="position:absolute;font-family:'Calibri';left:142.59px;top:198px;">Guarantor,<div style="display:inline-block;width:4.84px"> </div>creating security over the equity interests of<div style="display:inline-block;width:1.91px"> </div>that Borrower in the Agreed Form and,<div style="display:inline-block;width:1.82px"> </div>in </div><div id="a2901" style="position:absolute;font-family:'Calibri';left:142.59px;top:216px;">the plural, means all of them. </div><div id="a2903" style="position:absolute;font-family:'Calibri';left:142.59px;top:250px;">"</div><div id="a2904" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:250px;">Ship<div style="display:inline-block;width:6.27px"> </div>A</div><div id="a2905" style="position:absolute;font-family:'Calibri';left:190.11px;top:250px;">"<div style="display:inline-block;width:6.26px"> </div>means<div style="display:inline-block;width:6.14px"> </div>the<div style="display:inline-block;width:6.29px"> </div>2015-built<div style="display:inline-block;width:6.18px"> </div>Ultaramax<div style="display:inline-block;width:6.77px"> </div>bulk<div style="display:inline-block;width:6.3px"> </div>carrier<div style="display:inline-block;width:6.35px"> </div>vessel<div style="display:inline-block;width:6.19px"> </div>of<div style="display:inline-block;width:6.31px"> </div>60,508<div style="display:inline-block;width:6.38px"> </div>deadweight<div style="display:inline-block;width:6.25px"> </div>tonnage </div><div id="a2911" style="position:absolute;font-family:'Calibri';left:142.59px;top:268px;">registered in the name of Manra under the<div style="display:inline-block;width:1.81px"> </div>Approved Flag under IMO No.<div style="display:inline-block;width:1.94px"> </div>9747390 with the name </div><div id="a2916" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">"DSI PEGASUS". </div><div id="a2921" style="position:absolute;font-family:'Calibri';left:142.59px;top:320px;">"</div><div id="a2922" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:320px;">Ship<div style="display:inline-block;width:6.27px"> </div>B</div><div id="a2924" style="position:absolute;font-family:'Calibri';left:189.47px;top:320px;">"<div style="display:inline-block;width:6.26px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.25px"> </div>2017-built<div style="display:inline-block;width:6.22px"> </div>Ultaramax<div style="display:inline-block;width:6.93px"> </div>bulk<div style="display:inline-block;width:6.3px"> </div>carrier<div style="display:inline-block;width:6.35px"> </div>vessel<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.31px"> </div>60,456<div style="display:inline-block;width:6.38px"> </div>deadweight<div style="display:inline-block;width:6.41px"> </div>tonnage </div><div id="a2927" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">registered in the name<div style="display:inline-block;width:1.92px"> </div>of Jabwot under<div style="display:inline-block;width:1.99px"> </div>the Approved Flag<div style="display:inline-block;width:1.88px"> </div>under IMO No.<div style="display:inline-block;width:1.87px"> </div>9738337 with the<div style="display:inline-block;width:1.81px"> </div>name </div><div id="a2932" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">"DSI PHOENIX". </div><div id="a2937" style="position:absolute;font-family:'Calibri';left:142.59px;top:389px;">"</div><div id="a2938" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:389px;">Ship<div style="display:inline-block;width:6.43px"> </div>C</div><div id="a2940" style="position:absolute;font-family:'Calibri';left:188.99px;top:389px;">"<div style="display:inline-block;width:6.42px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.41px"> </div>2016-built<div style="display:inline-block;width:6.12px"> </div>Ultaramax<div style="display:inline-block;width:7.09px"> </div>bulk<div style="display:inline-block;width:6.3px"> </div>carrier<div style="display:inline-block;width:6.19px"> </div>vessel<div style="display:inline-block;width:6.51px"> </div>of<div style="display:inline-block;width:6.31px"> </div>60,309<div style="display:inline-block;width:6.38px"> </div>deadweight<div style="display:inline-block;width:6.41px"> </div>tonnage </div><div id="a2943" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">registered in the name of Arorae under<div style="display:inline-block;width:1.72px"> </div>the Approved Flag under<div style="display:inline-block;width:1.94px"> </div>IMO No. 9749269 with<div style="display:inline-block;width:1.69px"> </div>the name </div><div id="a2948" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">"DSI AQUARIUS". </div><div id="a2953" style="position:absolute;font-family:'Calibri';left:142.59px;top:459px;">"</div><div id="a2954" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:459px;">Ship<div style="display:inline-block;width:6.27px"> </div>D</div><div id="a2956" style="position:absolute;font-family:'Calibri';left:190.43px;top:459px;">"<div style="display:inline-block;width:6.1px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.25px"> </div>2015-built<div style="display:inline-block;width:6.12px"> </div>Ultaramax<div style="display:inline-block;width:6.77px"> </div>bulk<div style="display:inline-block;width:6.14px"> </div>carrier<div style="display:inline-block;width:6.19px"> </div>vessel<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.33px"> </div>60,446<div style="display:inline-block;width:6.22px"> </div>deadweight<div style="display:inline-block;width:6.25px"> </div>tonnage </div><div id="a2963" style="position:absolute;font-family:'Calibri';left:142.59px;top:477px;">registered in the<div style="display:inline-block;width:1.67px"> </div>name of<div style="display:inline-block;width:1.59px"> </div>Tamana under the<div style="display:inline-block;width:1.95px"> </div>Approved Flag<div style="display:inline-block;width:1.8px"> </div>under IMO<div style="display:inline-block;width:1.69px"> </div>No. 9747405<div style="display:inline-block;width:1.75px"> </div>with the<div style="display:inline-block;width:1.64px"> </div>name </div><div id="a2968" style="position:absolute;font-family:'Calibri';left:142.59px;top:495px;">"DSI POLLUX". </div><div id="a2973" style="position:absolute;font-family:'Calibri';left:142.59px;top:529px;">"</div><div id="a2974" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:529px;">Ship<div style="display:inline-block;width:6.43px"> </div>E</div><div id="a2976" style="position:absolute;font-family:'Calibri';left:188.51px;top:529px;">"<div style="display:inline-block;width:6.42px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.41px"> </div>2018-built<div style="display:inline-block;width:6.28px"> </div>Ultaramax<div style="display:inline-block;width:6.93px"> </div>bulk<div style="display:inline-block;width:6.46px"> </div>carrier<div style="display:inline-block;width:6.19px"> </div>vessel<div style="display:inline-block;width:6.51px"> </div>of<div style="display:inline-block;width:6.47px"> </div>60,362<div style="display:inline-block;width:6.38px"> </div>deadweight<div style="display:inline-block;width:6.41px"> </div>tonnage </div><div id="a2979" style="position:absolute;font-family:'Calibri';left:142.59px;top:547px;">registered in<div style="display:inline-block;width:4.83px"> </div>the name of Beru<div style="display:inline-block;width:4.83px"> </div>under the Approved<div style="display:inline-block;width:4.72px"> </div>Flag under IMO<div style="display:inline-block;width:4.67px"> </div>No. 9800635 with the<div style="display:inline-block;width:4.7px"> </div>name </div><div id="a2984" style="position:absolute;font-family:'Calibri';left:142.59px;top:565px;">"DSI PYXIS". </div><div id="a2989" style="position:absolute;font-family:'Calibri';left:142.59px;top:599px;">"</div><div id="a2990" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:599px;">Ship<div style="display:inline-block;width:6.59px"> </div>F</div><div id="a2992" style="position:absolute;font-family:'Calibri';left:188.03px;top:599px;">"<div style="display:inline-block;width:6.42px"> </div>means<div style="display:inline-block;width:6.46px"> </div>the<div style="display:inline-block;width:6.41px"> </div>2015-built<div style="display:inline-block;width:6.38px"> </div>Ultaramax<div style="display:inline-block;width:7.09px"> </div>bulk<div style="display:inline-block;width:6.3px"> </div>carrier<div style="display:inline-block;width:6.51px"> </div>vessel<div style="display:inline-block;width:6.51px"> </div>of<div style="display:inline-block;width:6.47px"> </div>60,309<div style="display:inline-block;width:6.38px"> </div>deadweight<div style="display:inline-block;width:6.57px"> </div>tonnage </div><div id="a2995" style="position:absolute;font-family:'Calibri';left:142.59px;top:616px;">registered in the name of<div style="display:inline-block;width:1.69px"> </div>Bonriki under the<div style="display:inline-block;width:1.86px"> </div>Approved Flag under IMO<div style="display:inline-block;width:1.64px"> </div>No. 9729362 with<div style="display:inline-block;width:1.77px"> </div>the name </div><div id="a2998" style="position:absolute;font-family:'Calibri';left:142.59px;top:634px;">"DSI AQUILA". </div><div id="a3002" style="position:absolute;font-family:'Calibri';left:142.59px;top:668px;">"</div><div id="a3003" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:668px;">Ship<div style="display:inline-block;width:6.27px"> </div>G</div><div id="a3005" style="position:absolute;font-family:'Calibri';left:190.43px;top:668px;">"<div style="display:inline-block;width:6.26px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.09px"> </div>2018-built<div style="display:inline-block;width:6.22px"> </div>Ultaramax<div style="display:inline-block;width:6.77px"> </div>bulk<div style="display:inline-block;width:6.14px"> </div>carrier<div style="display:inline-block;width:6.19px"> </div>vessel<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.31px"> </div>60,404<div style="display:inline-block;width:6.22px"> </div>deadweight<div style="display:inline-block;width:6.25px"> </div>tonnage </div><div id="a3008" style="position:absolute;font-family:'Calibri';left:142.59px;top:686px;">registered in<div style="display:inline-block;width:4.99px"> </div>the name of<div style="display:inline-block;width:4.83px"> </div>Ejite under the<div style="display:inline-block;width:5.15px"> </div>Approved Flag under<div style="display:inline-block;width:5.05px"> </div>IMO No. 9738349<div style="display:inline-block;width:4.7px"> </div>with the name </div><div id="a3013" style="position:absolute;font-family:'Calibri';left:142.59px;top:704px;">"DSI POLARIS". </div><div id="a3018" style="position:absolute;font-family:'Calibri';left:142.59px;top:738px;">"</div><div id="a3019" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:738px;">Ship<div style="display:inline-block;width:6.27px"> </div>H</div><div id="a3021" style="position:absolute;font-family:'Calibri';left:190.43px;top:738px;">"<div style="display:inline-block;width:6.26px"> </div>means<div style="display:inline-block;width:6.14px"> </div>the<div style="display:inline-block;width:6.25px"> </div>2016-built<div style="display:inline-block;width:6.12px"> </div>Ultaramax<div style="display:inline-block;width:6.77px"> </div>bulk<div style="display:inline-block;width:6.14px"> </div>carrier<div style="display:inline-block;width:6.19px"> </div>vessel<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.31px"> </div>60,309<div style="display:inline-block;width:6.22px"> </div>deadweight<div style="display:inline-block;width:6.25px"> </div>tonnage </div><div id="a3024" style="position:absolute;font-family:'Calibri';left:142.59px;top:756px;">registered in the name of Taongi under the Approved Flag<div style="display:inline-block;width:1.94px"> </div>under IMO No. 9749245<div style="display:inline-block;width:1.87px"> </div>with the name </div><div id="a3029" style="position:absolute;font-family:'Calibri';left:142.59px;top:774px;">"DSI ALTAIR<div style="display:inline-block;width:2.05px"> </div>". </div><div id="a3034" style="position:absolute;font-family:'Calibri';left:142.59px;top:808px;">"</div><div id="a3035" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:808px;">Ship<div style="display:inline-block;width:4.83px"> </div>I</div><div id="a3037" style="position:absolute;font-family:'Calibri';left:183.55px;top:808px;">"<div style="display:inline-block;width:4.82px"> </div>means<div style="display:inline-block;width:4.7px"> </div>the<div style="display:inline-block;width:4.81px"> </div>2012-built Post<div style="display:inline-block;width:1.49px"> </div>-Panamax<div style="display:inline-block;width:5.16px"> </div>bulk<div style="display:inline-block;width:4.7px"> </div>carrier<div style="display:inline-block;width:4.75px"> </div>vessel<div style="display:inline-block;width:4.91px"> </div>of<div style="display:inline-block;width:4.73px"> </div>98,697<div style="display:inline-block;width:4.78px"> </div>deadweight<div style="display:inline-block;width:4.81px"> </div>tonnage </div><div id="a3044" style="position:absolute;font-family:'Calibri';left:142.59px;top:826px;">registered in the name of Guam under the Approved Flag under IMO No. 9599157 with the name </div><div id="a3053" style="position:absolute;font-family:'Calibri';left:142.59px;top:844px;">of "AMPHITRITE". </div><div id="a3058" style="position:absolute;font-family:'Calibri';left:142.59px;top:877px;">"</div><div id="a3059" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:877px;">Ship<div style="display:inline-block;width:4.83px"> </div>J</div><div id="a3061" style="position:absolute;font-family:'Calibri';left:184.51px;top:877px;">" means<div style="display:inline-block;width:6.03px"> </div>the 2012-built<div style="display:inline-block;width:5.68px"> </div>Post-Panamax<div style="display:inline-block;width:5.46px"> </div>bulk carrier<div style="display:inline-block;width:5.96px"> </div>vessel<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:4.73px"> </div>98,704 deadweight<div style="display:inline-block;width:6.1px"> </div>tonnage </div><div id="a3069" style="position:absolute;font-family:'Calibri';left:142.59px;top:895px;">registered in the name of Palau<div style="display:inline-block;width:4.91px"> </div>under the Approved Flag under IMO No. 9598660 with the name </div><div id="a3078" style="position:absolute;font-family:'Calibri';left:142.59px;top:913px;">of "POLYMNIA". </div></div>
</div>
<div style="padding: 7px">
<div id="Page24" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3085" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">"</div><div id="a3086" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:94px;">Ships</div><div id="a3087" style="position:absolute;font-family:'Calibri';left:180.67px;top:94px;">" means,<div style="display:inline-block;width:4.75px"> </div>together,<div style="display:inline-block;width:5.55px"> </div>Ship A, Ship<div style="display:inline-block;width:5.19px"> </div>B, Ship<div style="display:inline-block;width:4.86px"> </div>C, Ship<div style="display:inline-block;width:4.73px"> </div>D, Ship<div style="display:inline-block;width:5.29px"> </div>E, Ship<div style="display:inline-block;width:4.68px"> </div>F,<div style="display:inline-block;width:5.43px"> </div>Ship G,<div style="display:inline-block;width:4.82px"> </div>Ship H, Ship<div style="display:inline-block;width:5.28px"> </div>I and </div><div id="a3088" style="position:absolute;font-family:'Calibri';left:142.59px;top:112px;">Ship J and, in the singular, means any of them. </div><div id="a3091" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">"</div><div id="a3092" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:146px;">SOFR</div><div id="a3093" style="position:absolute;font-family:'Calibri';left:180.51px;top:146px;">" means the<div style="display:inline-block;width:4.95px"> </div>secured overnight<div style="display:inline-block;width:4.73px"> </div>financing rate<div style="display:inline-block;width:4.9px"> </div>(SOFR) administered by<div style="display:inline-block;width:5.39px"> </div>the Federal<div style="display:inline-block;width:4.82px"> </div>Reserve </div><div id="a3096" style="position:absolute;font-family:'Calibri';left:142.59px;top:164px;">Bank of New<div style="display:inline-block;width:1.77px"> </div>York (or any other person which<div style="display:inline-block;width:1.5px"> </div>takes over the administration of<div style="display:inline-block;width:1.9px"> </div>that rate) published </div><div id="a3097" style="position:absolute;font-family:'Calibri';left:142.59px;top:182px;">(before any correction, recalculation or<div style="display:inline-block;width:1.61px"> </div>republication by the<div style="display:inline-block;width:1.75px"> </div>administrator) by the<div style="display:inline-block;width:1.97px"> </div>Federal Reserve </div><div id="a3099" style="position:absolute;font-family:'Calibri';left:142.59px;top:200px;">Bank of New York (or any other person which takes over the publication of that rate). </div><div id="a3101" style="position:absolute;font-family:'Calibri';left:142.59px;top:234px;">"</div><div id="a3102" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:234px;">Statement<div style="display:inline-block;width:5.33px"> </div>of Compliance</div><div id="a3103" style="position:absolute;font-family:'Calibri';left:305.83px;top:234px;">"<div style="display:inline-block;width:4.82px"> </div>means<div style="display:inline-block;width:4.7px"> </div>a<div style="display:inline-block;width:4.79px"> </div>Statement<div style="display:inline-block;width:5.06px"> </div>of<div style="display:inline-block;width:4.87px"> </div>Compliance related<div style="display:inline-block;width:6.33px"> </div>to<div style="display:inline-block;width:4.89px"> </div>fuel oil<div style="display:inline-block;width:5.95px"> </div>consumption </div><div id="a3106" style="position:absolute;font-family:'Calibri';left:142.59px;top:252px;">pursuant to regulations 6.6 and 6.7 of Annex VI. </div><div id="a3108" style="position:absolute;font-family:'Calibri';left:142.59px;top:286px;">"</div><div id="a3109" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:286px;">Swap Bank</div><div id="a3110" style="position:absolute;font-family:'Calibri';left:215.23px;top:286px;">" means Nordea Bank Abp. </div><div id="a3114" style="position:absolute;font-family:'Calibri';left:142.59px;top:320px;">"</div><div id="a3115" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:320px;">Swap Exposure</div><div id="a3116" style="position:absolute;font-family:'Calibri';left:241.47px;top:320px;">" means, as<div style="display:inline-block;width:5.26px"> </div>at any<div style="display:inline-block;width:5.09px"> </div>relevant date,<div style="display:inline-block;width:5.35px"> </div>the amount certified<div style="display:inline-block;width:5.09px"> </div>by the<div style="display:inline-block;width:4.76px"> </div>Swap Bank<div style="display:inline-block;width:4.69px"> </div>to the </div><div id="a3117" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">Agent to be the aggregate net amount in Dollars which would be payable by the<div style="display:inline-block;width:1.91px"> </div>Borrowers to the </div><div id="a3118" style="position:absolute;font-family:'Calibri';left:142.59px;top:355px;">Swap Bank<div style="display:inline-block;width:1.97px"> </div>under (and<div style="display:inline-block;width:1.55px"> </div>calculated in<div style="display:inline-block;width:1.75px"> </div>accordance with)<div style="display:inline-block;width:1.67px"> </div>section 6(e)<div style="display:inline-block;width:1.69px"> </div>(</div><div id="a3119" style="position:absolute;font-family:'Calibri';font-style:italic;left:533.85px;top:355px;">Payments on Early<div style="display:inline-block;width:1.36px"> </div>Termination</div><div id="a3120" style="position:absolute;font-family:'Calibri';left:717.25px;top:355px;">) </div><div id="a3121" style="position:absolute;font-family:'Calibri';left:142.59px;top:373px;">of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Master<div style="display:inline-block;width:6.02px"> </div>Agreement<div style="display:inline-block;width:5.68px"> </div>if<div style="display:inline-block;width:5.73px"> </div>an<div style="display:inline-block;width:5.7px"> </div>Early<div style="display:inline-block;width:5.87px"> </div>Termination<div style="display:inline-block;width:6.97px"> </div>Date<div style="display:inline-block;width:6.01px"> </div>had<div style="display:inline-block;width:5.48px"> </div>occurred<div style="display:inline-block;width:5.81px"> </div>on<div style="display:inline-block;width:5.78px"> </div>the<div style="display:inline-block;width:5.45px"> </div>relevant<div style="display:inline-block;width:6.3px"> </div>date<div style="display:inline-block;width:5.9px"> </div>in </div><div id="a3122" style="position:absolute;font-family:'Calibri';left:142.59px;top:391px;">relation to all outstanding Designated Transactions<div style="display:inline-block;width:1.38px"> </div>. </div><div id="a3125" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">"</div><div id="a3126" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:425px;">Tamana</div><div id="a3127" style="position:absolute;font-family:'Calibri';left:197.31px;top:425px;">" means Tamana<div style="display:inline-block;width:4.99px"> </div>Shipping Company Inc., a corporation<div style="display:inline-block;width:5.2px"> </div>incorporated and existing<div style="display:inline-block;width:4.98px"> </div>under </div><div id="a3129" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">the laws<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Republic<div style="display:inline-block;width:5.92px"> </div>of the<div style="display:inline-block;width:5.87px"> </div>Marshall<div style="display:inline-block;width:4.83px"> </div>Islands whose<div style="display:inline-block;width:5.57px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>address<div style="display:inline-block;width:4.75px"> </div>is at<div style="display:inline-block;width:5.93px"> </div>Trust<div style="display:inline-block;width:5.71px"> </div>Company </div><div id="a3131" style="position:absolute;font-family:'Calibri';left:142.59px;top:461px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a3135" style="position:absolute;font-family:'Calibri';left:145.95px;top:495px;">"</div><div id="a3136" style="position:absolute;font-family:'Calibri';font-weight:bold;left:151.87px;top:495px;">Taongi</div><div id="a3137" style="position:absolute;font-family:'Calibri';left:192.67px;top:495px;">" means Taongi Shipping<div style="display:inline-block;width:1.43px"> </div>Company Inc., a<div style="display:inline-block;width:1.76px"> </div>corporation incorporated and existing<div style="display:inline-block;width:1.81px"> </div>under the </div><div id="a3139" style="position:absolute;font-family:'Calibri';left:142.59px;top:513px;">laws<div style="display:inline-block;width:6.64px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Republic<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Marshall<div style="display:inline-block;width:6.59px"> </div>Islands<div style="display:inline-block;width:6.24px"> </div>whose<div style="display:inline-block;width:6.18px"> </div>registered<div style="display:inline-block;width:6.95px"> </div>address<div style="display:inline-block;width:6.51px"> </div>is<div style="display:inline-block;width:6.38px"> </div>at<div style="display:inline-block;width:6.39px"> </div>Trust<div style="display:inline-block;width:7.47px"> </div>Company </div><div id="a3141" style="position:absolute;font-family:'Calibri';left:142.59px;top:531px;">Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. </div><div id="a3144" style="position:absolute;font-family:'Calibri';left:142.59px;top:565px;">"</div><div id="a3145" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:565px;">Termination<div style="display:inline-block;width:6.35px"> </div>Date</div><div id="a3146" style="position:absolute;font-family:'Calibri';left:257.67px;top:565px;">"<div style="display:inline-block;width:4.98px"> </div>means<div style="display:inline-block;width:4.86px"> </div>the<div style="display:inline-block;width:5.13px"> </div>date<div style="display:inline-block;width:5.26px"> </div>falling<div style="display:inline-block;width:5.23px"> </div>on<div style="display:inline-block;width:4.98px"> </div>the<div style="display:inline-block;width:5.13px"> </div>sixth<div style="display:inline-block;width:4.9px"> </div>anniversary<div style="display:inline-block;width:5.12px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Drawdown<div style="display:inline-block;width:5.48px"> </div>Date<div style="display:inline-block;width:5.37px"> </div>in </div><div id="a3147" style="position:absolute;font-family:'Calibri';left:142.59px;top:583px;">respect of the Loan. </div><div id="a3149" style="position:absolute;font-family:'Calibri';left:142.59px;top:616px;">"</div><div id="a3150" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:616px;">Term<div style="display:inline-block;width:7.45px"> </div>SOFR</div><div id="a3151" style="position:absolute;font-family:'Calibri';left:218.59px;top:616px;">"<div style="display:inline-block;width:6.26px"> </div>means<div style="display:inline-block;width:6.3px"> </div>the<div style="display:inline-block;width:6.09px"> </div>term<div style="display:inline-block;width:6.53px"> </div>SOFR<div style="display:inline-block;width:6.17px"> </div>reference<div style="display:inline-block;width:7.03px"> </div>rate<div style="display:inline-block;width:6.88px"> </div>administered<div style="display:inline-block;width:6.72px"> </div>by<div style="display:inline-block;width:6.32px"> </div>CME<div style="display:inline-block;width:6.14px"> </div>Group<div style="display:inline-block;width:6.43px"> </div>Benchmark </div><div id="a3154" style="position:absolute;font-family:'Calibri';left:142.59px;top:634px;">Administration Limited (or any other person which<div style="display:inline-block;width:4.74px"> </div>takes over the administration<div style="display:inline-block;width:4.84px"> </div>of that rate) for </div><div id="a3155" style="position:absolute;font-family:'Calibri';left:142.59px;top:652px;">the<div style="display:inline-block;width:7.21px"> </div>relevant<div style="display:inline-block;width:7.58px"> </div>period<div style="display:inline-block;width:7.02px"> </div>published<div style="display:inline-block;width:6.93px"> </div>(before<div style="display:inline-block;width:7.76px"> </div>any<div style="display:inline-block;width:7.31px"> </div>correction,<div style="display:inline-block;width:7.2px"> </div>recalculation<div style="display:inline-block;width:7.31px"> </div>or<div style="display:inline-block;width:7.11px"> </div>republication<div style="display:inline-block;width:7.36px"> </div>by<div style="display:inline-block;width:7.22px"> </div>the </div><div id="a3157" style="position:absolute;font-family:'Calibri';left:142.59px;top:670px;">administrator) by CME Group<div style="display:inline-block;width:1.37px"> </div>Benchmark Administration Limited<div style="display:inline-block;width:1.86px"> </div>(or any other<div style="display:inline-block;width:1.61px"> </div>person which takes </div><div id="a3158" style="position:absolute;font-family:'Calibri';left:142.59px;top:688px;">over the publication of that rate). </div><div id="a3160" style="position:absolute;font-family:'Calibri';left:142.59px;top:722px;">"</div><div id="a3161" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:722px;">Total Loss</div><div id="a3162" style="position:absolute;font-family:'Calibri';left:208.83px;top:722px;">" means, in relation to a Ship </div><div id="a3164" style="position:absolute;font-family:'Calibri';left:142.59px;top:756px;">(a)</div><div id="a3166" style="position:absolute;font-family:'Calibri';left:190.59px;top:756px;">actual, constructive, compromised, agreed or arranged total loss of such Ship; </div><div id="a3169" style="position:absolute;font-family:'Calibri';left:142.59px;top:790px;">(b)</div><div id="a3171" style="position:absolute;font-family:'Calibri';left:190.59px;top:790px;">any<div style="display:inline-block;width:5.07px"> </div>expropriation,<div style="display:inline-block;width:4.94px"> </div>confiscation,<div style="display:inline-block;width:4.85px"> </div>requisition or<div style="display:inline-block;width:6.13px"> </div>acquisition of<div style="display:inline-block;width:5.76px"> </div>such<div style="display:inline-block;width:4.71px"> </div>Ship, whether<div style="display:inline-block;width:5.73px"> </div>for<div style="display:inline-block;width:5px"> </div>full </div><div id="a3172" style="position:absolute;font-family:'Calibri';left:190.59px;top:808px;">consideration,<div style="display:inline-block;width:6.51px"> </div>a<div style="display:inline-block;width:6.07px"> </div>consideration<div style="display:inline-block;width:6.34px"> </div>less<div style="display:inline-block;width:6.1px"> </div>than<div style="display:inline-block;width:5.99px"> </div>its<div style="display:inline-block;width:6.09px"> </div>proper<div style="display:inline-block;width:5.98px"> </div>value,<div style="display:inline-block;width:6.33px"> </div>a<div style="display:inline-block;width:6.07px"> </div>nominal<div style="display:inline-block;width:5.92px"> </div>consideration<div style="display:inline-block;width:6.34px"> </div>or </div><div id="a3173" style="position:absolute;font-family:'Calibri';left:190.59px;top:826px;">without any consideration, which is effected by any government<div style="display:inline-block;width:1.77px"> </div>or official authority or<div style="display:inline-block;width:1.97px"> </div>by </div><div id="a3175" style="position:absolute;font-family:'Calibri';left:190.59px;top:843px;">any person<div style="display:inline-block;width:5.51px"> </div>or persons<div style="display:inline-block;width:5.31px"> </div>claiming to<div style="display:inline-block;width:5.17px"> </div>be or<div style="display:inline-block;width:5.04px"> </div>to represent<div style="display:inline-block;width:5.46px"> </div>a government<div style="display:inline-block;width:5.27px"> </div>or official<div style="display:inline-block;width:5.21px"> </div>authority </div><div id="a3176" style="position:absolute;font-family:'Calibri';left:190.59px;top:861px;">(excluding a requisition<div style="display:inline-block;width:4.89px"> </div>for hire for<div style="display:inline-block;width:4.94px"> </div>a fixed period not<div style="display:inline-block;width:4.8px"> </div>exceeding 1 year<div style="display:inline-block;width:4.9px"> </div>without any right </div><div id="a3177" style="position:absolute;font-family:'Calibri';left:190.59px;top:879px;">to<div style="display:inline-block;width:6.33px"> </div>an<div style="display:inline-block;width:6.02px"> </div>extension)<div style="display:inline-block;width:6.19px"> </div>unless<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:5.93px"> </div>is<div style="display:inline-block;width:6.06px"> </div>within<div style="display:inline-block;width:6px"> </div>one<div style="display:inline-block;width:5.98px"> </div>month<div style="display:inline-block;width:6.3px"> </div>redelivered<div style="display:inline-block;width:6.34px"> </div>to<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:6.16px"> </div>full<div style="display:inline-block;width:5.98px"> </div>control<div style="display:inline-block;width:6.37px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the </div><div id="a3179" style="position:absolute;font-family:'Calibri';left:190.59px;top:897px;">Borrower owning that Ship; </div></div>
</div>
<div style="padding: 7px">
<div id="Page25" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3183" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(c)</div><div id="a3185" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">any condemnation of such Ship by any tribunal or by any person or person claiming to be </div><div id="a3186" style="position:absolute;font-family:'Calibri';left:190.59px;top:112px;">a tribunal; and </div><div id="a3188" style="position:absolute;font-family:'Calibri';left:142.59px;top:146px;">(d)</div><div id="a3190" style="position:absolute;font-family:'Calibri';left:190.59px;top:146px;">any<div style="display:inline-block;width:5.23px"> </div>arrest,<div style="display:inline-block;width:5.04px"> </div>capture,<div style="display:inline-block;width:5.14px"> </div>seizure<div style="display:inline-block;width:4.84px"> </div>or<div style="display:inline-block;width:5.03px"> </div>detention<div style="display:inline-block;width:4.88px"> </div>of<div style="display:inline-block;width:4.87px"> </div>such<div style="display:inline-block;width:4.87px"> </div>Ship (including<div style="display:inline-block;width:5.98px"> </div>any<div style="display:inline-block;width:5.23px"> </div>hijacking or<div style="display:inline-block;width:6.02px"> </div>theft) </div><div id="a3191" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">unless it is<div style="display:inline-block;width:1.58px"> </div>within 30 days redelivered<div style="display:inline-block;width:1.76px"> </div>to the full<div style="display:inline-block;width:1.66px"> </div>control of the Borrower<div style="display:inline-block;width:1.72px"> </div>owning such Ship. </div><div id="a3194" style="position:absolute;font-family:'Calibri';left:142.59px;top:198px;">"</div><div id="a3195" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:198px;">Total Loss Date</div><div id="a3196" style="position:absolute;font-family:'Calibri';left:240.99px;top:198px;">" means, in relation to a Ship: </div><div id="a3198" style="position:absolute;font-family:'Calibri';left:142.59px;top:232px;">(a)</div><div id="a3200" style="position:absolute;font-family:'Calibri';left:190.59px;top:232px;">in<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.45px"> </div>case<div style="display:inline-block;width:5.29px"> </div>of<div style="display:inline-block;width:5.35px"> </div>an<div style="display:inline-block;width:5.38px"> </div>actual<div style="display:inline-block;width:5.23px"> </div>loss<div style="display:inline-block;width:5.18px"> </div>of<div style="display:inline-block;width:5.35px"> </div>such<div style="display:inline-block;width:5.35px"> </div>Ship,<div style="display:inline-block;width:5.28px"> </div>the<div style="display:inline-block;width:5.29px"> </div>date<div style="display:inline-block;width:5.42px"> </div>on<div style="display:inline-block;width:5.3px"> </div>which<div style="display:inline-block;width:5.37px"> </div>it<div style="display:inline-block;width:5.29px"> </div>occurred<div style="display:inline-block;width:5.33px"> </div>or,<div style="display:inline-block;width:6.46px"> </div>if<div style="display:inline-block;width:5.41px"> </div>that<div style="display:inline-block;width:5.57px"> </div>is </div><div id="a3201" style="position:absolute;font-family:'Calibri';left:190.59px;top:250px;">unknown, the date when such Ship was last heard of; </div><div id="a3203" style="position:absolute;font-family:'Calibri';left:142.59px;top:284px;">(b)</div><div id="a3205" style="position:absolute;font-family:'Calibri';left:190.59px;top:284px;">in the case of<div style="display:inline-block;width:1.87px"> </div>a constructive, compromised, agreed<div style="display:inline-block;width:1.89px"> </div>or arranged total loss of<div style="display:inline-block;width:1.97px"> </div>such Ship, the </div><div id="a3206" style="position:absolute;font-family:'Calibri';left:190.59px;top:302px;">earliest of: </div><div id="a3208" style="position:absolute;font-family:'Calibri';left:190.59px;top:336px;">(i)</div><div id="a3210" style="position:absolute;font-family:'Calibri';left:238.59px;top:336px;">the date on which a notice of abandonment is given to the insurers; and </div><div id="a3212" style="position:absolute;font-family:'Calibri';left:190.59px;top:370px;">(ii)</div><div id="a3214" style="position:absolute;font-family:'Calibri';left:238.59px;top:370px;">the date of any compromise, arrangement or agreement made by or on behalf of </div><div id="a3215" style="position:absolute;font-family:'Calibri';left:238.59px;top:387px;">the<div style="display:inline-block;width:4.97px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>owning<div style="display:inline-block;width:4.96px"> </div>such<div style="display:inline-block;width:4.71px"> </div>Ship<div style="display:inline-block;width:4.79px"> </div>with<div style="display:inline-block;width:4.96px"> </div>such<div style="display:inline-block;width:4.87px"> </div>Ship's<div style="display:inline-block;width:4.74px"> </div>insurers<div style="display:inline-block;width:5.3px"> </div>in<div style="display:inline-block;width:4.89px"> </div>which<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.81px"> </div>insurers </div><div id="a3216" style="position:absolute;font-family:'Calibri';left:238.59px;top:405px;">agree to treat such Ship as a total loss; and </div><div id="a3218" style="position:absolute;font-family:'Calibri';left:142.59px;top:439px;">(c)</div><div id="a3220" style="position:absolute;font-family:'Calibri';left:190.59px;top:439px;">in the case of any other type of<div style="display:inline-block;width:1.99px"> </div>total loss, on the date (or the most likely date) on which it </div><div id="a3221" style="position:absolute;font-family:'Calibri';left:190.59px;top:457px;">appears to the Agent that the event constituting the total loss occurred. </div><div id="a3224" style="position:absolute;font-family:'Calibri';left:142.59px;top:491px;"><div style="display:inline-block;width:6.69px"> </div></div><div id="a3226" style="position:absolute;font-family:'Calibri';left:142.59px;top:525px;">"</div><div id="a3227" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:525px;">Transaction</div><div id="a3228" style="position:absolute;font-family:'Calibri';left:219.87px;top:525px;">" has the meaning given in the Master Agreement. </div><div id="a3232" style="position:absolute;font-family:'Calibri';left:142.59px;top:559px;">"</div><div id="a3233" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:559px;">Transfer Certificate</div><div id="a3234" style="position:absolute;font-family:'Calibri';left:265.83px;top:559px;">" has the meaning given in Clause </div><div id="a3237" style="position:absolute;font-family:'Calibri';left:468.89px;top:559px;"><a href="#a10042" style="color:#000000;text-decoration:none;">26.2</a></div><div id="a3238" style="position:absolute;font-family:'Calibri';left:494.97px;top:559px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3240" style="position:absolute;font-family:'Calibri';font-style:italic;left:502.65px;top:559px;">Transfer by a Lender</div><div id="a3241" style="position:absolute;font-family:'Calibri';left:624.13px;top:559px;">).<div style="display:inline-block;width:3.18px"> </div></div><div id="a3244" style="position:absolute;font-family:'Calibri';left:142.59px;top:593px;">"</div><div id="a3245" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:593px;">Trust Property</div><div id="a3246" style="position:absolute;font-family:'Calibri';left:236.67px;top:593px;">" has the meaning given in clause 3.1 of the Agency and Trust Deed.<div style="display:inline-block;width:2.86px"> </div></div><div id="a3254" style="position:absolute;font-family:'Calibri';left:142.59px;top:627px;">"</div><div id="a3255" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:627px;">UK Bail-In Legislation</div><div id="a3258" style="position:absolute;font-family:'Calibri';left:277.19px;top:627px;">" means Part 1 of the United Kingdom Banking Act 2009 and any other law </div><div id="a3259" style="position:absolute;font-family:'Calibri';left:142.59px;top:645px;">or<div style="display:inline-block;width:5.03px"> </div>regulation<div style="display:inline-block;width:4.9px"> </div>applicable<div style="display:inline-block;width:4.74px"> </div>in<div style="display:inline-block;width:4.73px"> </div>the<div style="display:inline-block;width:4.81px"> </div>United<div style="display:inline-block;width:4.89px"> </div>Kingdom<div style="display:inline-block;width:4.79px"> </div>relating<div style="display:inline-block;width:4.87px"> </div>to<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>resolution<div style="display:inline-block;width:4.74px"> </div>of<div style="display:inline-block;width:4.87px"> </div>unsound or<div style="display:inline-block;width:6.15px"> </div>failing </div><div id="a3260" style="position:absolute;font-family:'Calibri';left:142.59px;top:663px;">banks,<div style="display:inline-block;width:5.02px"> </div>investment<div style="display:inline-block;width:5.49px"> </div>firms<div style="display:inline-block;width:4.84px"> </div>or<div style="display:inline-block;width:4.87px"> </div>other<div style="display:inline-block;width:5.04px"> </div>financial<div style="display:inline-block;width:4.78px"> </div>institutes<div style="display:inline-block;width:4.95px"> </div>or<div style="display:inline-block;width:5.03px"> </div>their<div style="display:inline-block;width:4.94px"> </div>affiliates<div style="display:inline-block;width:5.29px"> </div>(otherwise than<div style="display:inline-block;width:6.2px"> </div>through </div><div id="a3262" style="position:absolute;font-family:'Calibri';left:142.59px;top:680px;">liquidation, administration or other insolvency proceedings). </div><div id="a3264" style="position:absolute;font-family:'Calibri';left:142.59px;top:714px;">"</div><div id="a3265" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:714px;">Unpaid Sum</div><div id="a3266" style="position:absolute;font-family:'Calibri';left:222.75px;top:714px;">" means any sum due and payable but unpaid by a Security Party under<div style="display:inline-block;width:4.67px"> </div>the Finance </div><div id="a3271" style="position:absolute;font-family:'Calibri';left:142.59px;top:732px;">Documents. </div><div id="a3273" style="position:absolute;font-family:'Calibri';left:142.59px;top:766px;">"</div><div id="a3274" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:766px;">US</div><div id="a3275" style="position:absolute;font-family:'Calibri';left:165.15px;top:766px;">" means the United States of America. </div><div id="a3280" style="position:absolute;font-family:'Calibri';left:142.59px;top:800px;">"</div><div id="a3281" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:800px;">US Government Securities Business Day</div><div id="a3282" style="position:absolute;font-family:'Calibri';left:390.31px;top:800px;">" means any day other than: </div><div id="a3284" style="position:absolute;font-family:'Calibri';left:142.59px;top:834px;">(a)</div><div id="a3286" style="position:absolute;font-family:'Calibri';left:190.59px;top:834px;">a Saturday or a Sunday; and </div><div id="a3288" style="position:absolute;font-family:'Calibri';left:142.59px;top:868px;">(b)</div><div id="a3290" style="position:absolute;font-family:'Calibri';left:190.59px;top:868px;">a day on<div style="display:inline-block;width:1.94px"> </div>which the Securities<div style="display:inline-block;width:1.42px"> </div>Industry and Financial<div style="display:inline-block;width:1.32px"> </div>Markets Association (or<div style="display:inline-block;width:1.99px"> </div>any successor </div><div id="a3291" style="position:absolute;font-family:'Calibri';left:190.59px;top:886px;">organisation) recommends<div style="display:inline-block;width:4.99px"> </div>that the fixed<div style="display:inline-block;width:5.53px"> </div>income departments of<div style="display:inline-block;width:4.88px"> </div>its members be<div style="display:inline-block;width:4.96px"> </div>closed </div><div id="a3292" style="position:absolute;font-family:'Calibri';left:190.59px;top:904px;">for the entire day for purposes of trading in US Government securities. </div><div id="a3294" style="position:absolute;font-family:'Calibri';left:142.59px;top:938px;">"</div><div id="a3295" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:938px;">US Tax Obligor</div><div id="a3296" style="position:absolute;font-family:'Calibri';left:237.95px;top:938px;">" means: </div></div>
</div>
<div style="padding: 7px">
<div id="Page26" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3302" style="position:absolute;font-family:'Calibri';left:142.59px;top:94px;">(a)</div><div id="a3304" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">a person which is resident for tax purposes in the US; or </div><div id="a3308" style="position:absolute;font-family:'Calibri';left:142.59px;top:128px;">(b)</div><div id="a3310" style="position:absolute;font-family:'Calibri';left:190.59px;top:128px;">a person some or all of<div style="display:inline-block;width:4.68px"> </div>whose payments under the Finance Documents<div style="display:inline-block;width:4.68px"> </div>are from sources </div><div id="a3312" style="position:absolute;font-family:'Calibri';left:190.59px;top:146px;">within the US for US federal income tax purposes. </div><div id="a3315" style="position:absolute;font-family:'Calibri';left:142.59px;top:180px;">"</div><div id="a3316" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:180px;">Write-down and Conversion Powers</div><div id="a3319" style="position:absolute;font-family:'Calibri';left:368.55px;top:180px;">" means: </div><div id="a3321" style="position:absolute;font-family:'Calibri';left:142.59px;top:214px;">(a)</div><div id="a3323" style="position:absolute;font-family:'Calibri';left:190.59px;top:214px;">in relation to<div style="display:inline-block;width:4.76px"> </div>any Bail-In Legislation described<div style="display:inline-block;width:4.78px"> </div>in the EU Bail-In Legislation<div style="display:inline-block;width:4.91px"> </div>Schedule from </div><div id="a3328" style="position:absolute;font-family:'Calibri';left:190.59px;top:232px;">time to time, the powers described as such in relation to that Bail-In Legislation in the EU </div><div id="a3331" style="position:absolute;font-family:'Calibri';left:190.59px;top:250px;">Bail-In Legislation Schedule; </div><div id="a3335" style="position:absolute;font-family:'Calibri';left:142.59px;top:284px;">(b)</div><div id="a3337" style="position:absolute;font-family:'Calibri';left:190.59px;top:284px;">in relation<div style="display:inline-block;width:5.76px"> </div>to the<div style="display:inline-block;width:5.73px"> </div>UK Bail-In<div style="display:inline-block;width:5.22px"> </div>Legislation, any<div style="display:inline-block;width:5.91px"> </div>powers under<div style="display:inline-block;width:5.54px"> </div>that UK<div style="display:inline-block;width:5.79px"> </div>Bail-In Legislation<div style="display:inline-block;width:5.33px"> </div>to </div><div id="a3342" style="position:absolute;font-family:'Calibri';left:190.59px;top:302px;">cancel, transfer<div style="display:inline-block;width:5.88px"> </div>or dilute<div style="display:inline-block;width:5.3px"> </div>shares issued<div style="display:inline-block;width:5.23px"> </div>by a<div style="display:inline-block;width:5.22px"> </div>person that<div style="display:inline-block;width:5.37px"> </div>is a<div style="display:inline-block;width:5.29px"> </div>bank or<div style="display:inline-block;width:5.13px"> </div>investment<div style="display:inline-block;width:4.69px"> </div>firm or </div><div id="a3343" style="position:absolute;font-family:'Calibri';left:190.59px;top:320px;">other<div style="display:inline-block;width:7.44px"> </div>financial<div style="display:inline-block;width:7.18px"> </div>institution<div style="display:inline-block;width:7.16px"> </div>or<div style="display:inline-block;width:7.43px"> </div>affiliate<div style="display:inline-block;width:7.69px"> </div>of<div style="display:inline-block;width:7.43px"> </div>a<div style="display:inline-block;width:7.35px"> </div>bank,<div style="display:inline-block;width:7.28px"> </div>investment<div style="display:inline-block;width:7.73px"> </div>firm<div style="display:inline-block;width:7.24px"> </div>or<div style="display:inline-block;width:7.43px"> </div>other<div style="display:inline-block;width:7.22px"> </div>financial </div><div id="a3345" style="position:absolute;font-family:'Calibri';left:190.59px;top:338px;">institution, to cancel, reduce, modify or<div style="display:inline-block;width:4.79px"> </div>change the form of a liability of<div style="display:inline-block;width:5.03px"> </div>such a person or </div><div id="a3346" style="position:absolute;font-family:'Calibri';left:190.59px;top:355px;">any contract<div style="display:inline-block;width:4.95px"> </div>or instrument under<div style="display:inline-block;width:4.76px"> </div>which that liability<div style="display:inline-block;width:4.69px"> </div>arises, to convert<div style="display:inline-block;width:5.32px"> </div>all or part<div style="display:inline-block;width:4.68px"> </div>of that </div><div id="a3347" style="position:absolute;font-family:'Calibri';left:190.59px;top:373px;">liability into shares,<div style="display:inline-block;width:1.76px"> </div>securities or<div style="display:inline-block;width:1.88px"> </div>obligations of that<div style="display:inline-block;width:1.92px"> </div>person or any<div style="display:inline-block;width:1.83px"> </div>other person, to<div style="display:inline-block;width:1.61px"> </div>provide </div><div id="a3349" style="position:absolute;font-family:'Calibri';left:190.59px;top:391px;">that any such<div style="display:inline-block;width:1.33px"> </div>contract or instrument<div style="display:inline-block;width:1.39px"> </div>is to have<div style="display:inline-block;width:1.37px"> </div>effect as if<div style="display:inline-block;width:1.56px"> </div>a right<div style="display:inline-block;width:1.81px"> </div>had been<div style="display:inline-block;width:1.64px"> </div>exercised under </div><div id="a3350" style="position:absolute;font-family:'Calibri';left:190.59px;top:409px;">it or to suspend any<div style="display:inline-block;width:4.71px"> </div>obligation in respect of that<div style="display:inline-block;width:4.87px"> </div>liability or any of the powers<div style="display:inline-block;width:4.87px"> </div>under that </div><div id="a3351" style="position:absolute;font-family:'Calibri';left:190.59px;top:427px;">UK Bail-In Legislation that are related to or ancillary to any of those powers; and </div><div id="a3357" style="position:absolute;font-family:'Calibri';left:142.59px;top:461px;">(c)</div><div id="a3359" style="position:absolute;font-family:'Calibri';left:190.59px;top:461px;">in relation to any other applicable Bail-In Legislation: </div><div id="a3363" style="position:absolute;font-family:'Calibri';left:190.59px;top:495px;">(i)</div><div id="a3365" style="position:absolute;font-family:'Calibri';left:238.59px;top:495px;">any powers under<div style="display:inline-block;width:1.68px"> </div>that Bail-In<div style="display:inline-block;width:1.8px"> </div>Legislation to<div style="display:inline-block;width:1.89px"> </div>cancel, transfer or<div style="display:inline-block;width:1.98px"> </div>dilute shares<div style="display:inline-block;width:1.87px"> </div>issued </div><div id="a3368" style="position:absolute;font-family:'Calibri';left:238.59px;top:513px;">by<div style="display:inline-block;width:5.52px"> </div>a<div style="display:inline-block;width:5.43px"> </div>person<div style="display:inline-block;width:5.53px"> </div>that<div style="display:inline-block;width:5.41px"> </div>is<div style="display:inline-block;width:5.42px"> </div>a<div style="display:inline-block;width:5.27px"> </div>bank<div style="display:inline-block;width:5.35px"> </div>or<div style="display:inline-block;width:5.35px"> </div>investment<div style="display:inline-block;width:5.97px"> </div>firm<div style="display:inline-block;width:5.16px"> </div>or<div style="display:inline-block;width:5.35px"> </div>other<div style="display:inline-block;width:5.36px"> </div>financial<div style="display:inline-block;width:5.26px"> </div>institution<div style="display:inline-block;width:5.24px"> </div>or </div><div id="a3369" style="position:absolute;font-family:'Calibri';left:238.59px;top:531px;">affiliate of a bank,<div style="display:inline-block;width:1.52px"> </div>investment firm or<div style="display:inline-block;width:1.98px"> </div>other financial institution,<div style="display:inline-block;width:1.53px"> </div>to cancel, reduce, </div><div id="a3370" style="position:absolute;font-family:'Calibri';left:238.59px;top:549px;">modify<div style="display:inline-block;width:5.86px"> </div>or<div style="display:inline-block;width:5.99px"> </div>change<div style="display:inline-block;width:5.93px"> </div>the<div style="display:inline-block;width:5.93px"> </div>form<div style="display:inline-block;width:6.04px"> </div>of<div style="display:inline-block;width:5.99px"> </div>a<div style="display:inline-block;width:5.91px"> </div>liability<div style="display:inline-block;width:5.85px"> </div>of<div style="display:inline-block;width:5.99px"> </div>such<div style="display:inline-block;width:5.83px"> </div>a<div style="display:inline-block;width:5.75px"> </div>person<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:5.99px"> </div>any<div style="display:inline-block;width:6.19px"> </div>contract<div style="display:inline-block;width:6.25px"> </div>or </div><div id="a3372" style="position:absolute;font-family:'Calibri';left:238.59px;top:567px;">instrument under which<div style="display:inline-block;width:4.94px"> </div>that liability arises,<div style="display:inline-block;width:4.77px"> </div>to convert<div style="display:inline-block;width:4.96px"> </div>all or part<div style="display:inline-block;width:4.84px"> </div>of that liability </div><div id="a3373" style="position:absolute;font-family:'Calibri';left:238.59px;top:584px;">into shares, securities<div style="display:inline-block;width:1.21px"> </div>or obligations of<div style="display:inline-block;width:1.37px"> </div>that person<div style="display:inline-block;width:1.85px"> </div>or any<div style="display:inline-block;width:1.96px"> </div>other person,<div style="display:inline-block;width:1.97px"> </div>to provide </div><div id="a3374" style="position:absolute;font-family:'Calibri';left:238.59px;top:602px;">that<div style="display:inline-block;width:6.05px"> </div>any<div style="display:inline-block;width:6.07px"> </div>such<div style="display:inline-block;width:5.67px"> </div>contract<div style="display:inline-block;width:6.25px"> </div>or<div style="display:inline-block;width:5.83px"> </div>instrument<div style="display:inline-block;width:6.05px"> </div>is<div style="display:inline-block;width:5.74px"> </div>to<div style="display:inline-block;width:6.01px"> </div>have<div style="display:inline-block;width:6.03px"> </div>effect<div style="display:inline-block;width:6.49px"> </div>as<div style="display:inline-block;width:5.75px"> </div>if<div style="display:inline-block;width:5.73px"> </div>a<div style="display:inline-block;width:5.91px"> </div>right<div style="display:inline-block;width:5.95px"> </div>had<div style="display:inline-block;width:5.64px"> </div>been </div><div id="a3377" style="position:absolute;font-family:'Calibri';left:238.59px;top:620px;">exercised under it or to suspend<div style="display:inline-block;width:1.71px"> </div>any obligation in respect of<div style="display:inline-block;width:1.97px"> </div>that liability or any of </div><div id="a3378" style="position:absolute;font-family:'Calibri';left:238.59px;top:638px;">the powers under that Bail-In Legislation<div style="display:inline-block;width:4.74px"> </div>that are related to or<div style="display:inline-block;width:4.77px"> </div>ancillary to any of </div><div id="a3381" style="position:absolute;font-family:'Calibri';left:238.59px;top:656px;">those powers; and </div><div id="a3384" style="position:absolute;font-family:'Calibri';left:190.59px;top:690px;">(ii)</div><div id="a3386" style="position:absolute;font-family:'Calibri';left:238.59px;top:690px;">any similar or analogous powers under that Bail-In Legislation. </div><div id="a3390" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:724px;">1.2</div><div id="a3392" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:724px;">Construction of certain terms </div><div id="a3394" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">In this Agreement: </div><div id="a3396" style="position:absolute;font-family:'Calibri';left:142.59px;top:792px;">"</div><div id="a3397" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:792px;">administration<div style="display:inline-block;width:7.79px"> </div>notice</div><div id="a3399" style="position:absolute;font-family:'Calibri';left:283.91px;top:792px;">"<div style="display:inline-block;width:7.38px"> </div>means<div style="display:inline-block;width:7.42px"> </div>a<div style="display:inline-block;width:7.35px"> </div>notice<div style="display:inline-block;width:7.29px"> </div>appointing<div style="display:inline-block;width:7.29px"> </div>an<div style="display:inline-block;width:7.46px"> </div>administrator,<div style="display:inline-block;width:9.09px"> </div>a<div style="display:inline-block;width:7.35px"> </div>notice<div style="display:inline-block;width:7.13px"> </div>of<div style="display:inline-block;width:7.43px"> </div>intended </div><div id="a3400" style="position:absolute;font-family:'Calibri';left:142.59px;top:810px;">appointment and<div style="display:inline-block;width:4.68px"> </div>any other notice<div style="display:inline-block;width:5.13px"> </div>which is required<div style="display:inline-block;width:5.19px"> </div>by law<div style="display:inline-block;width:4.86px"> </div>(generally or<div style="display:inline-block;width:4.75px"> </div>in the case<div style="display:inline-block;width:5.13px"> </div>concerned) </div><div id="a3401" style="position:absolute;font-family:'Calibri';left:142.59px;top:827px;">to be filed with the court or given to a person<div style="display:inline-block;width:4.69px"> </div>prior to, or in connection with, the appointment of </div><div id="a3403" style="position:absolute;font-family:'Calibri';left:142.59px;top:845px;">an administrator.<div style="display:inline-block;width:3.73px"> </div></div><div id="a3407" style="position:absolute;font-family:'Calibri';left:142.59px;top:879px;">"</div><div id="a3408" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:879px;">approved</div><div id="a3409" style="position:absolute;font-family:'Calibri';left:206.75px;top:879px;">" means, for the purposes of Clause </div><div id="a3410" style="position:absolute;font-family:'Calibri';left:422.31px;top:879px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a3411" style="position:absolute;font-family:'Calibri';left:437.21px;top:879px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3413" style="position:absolute;font-family:'Calibri';font-style:italic;left:445.05px;top:879px;">Insurance</div><div id="a3414" style="position:absolute;font-family:'Calibri';left:502.65px;top:879px;">), approved in writing by the Agent. </div><div id="a3417" style="position:absolute;font-family:'Calibri';left:142.59px;top:913px;">"</div><div id="a3418" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:913px;">asset</div><div id="a3419" style="position:absolute;font-family:'Calibri';left:180.03px;top:913px;">" includes<div style="display:inline-block;width:5.03px"> </div>every kind<div style="display:inline-block;width:5.07px"> </div>of property,<div style="display:inline-block;width:6.42px"> </div>asset, interest<div style="display:inline-block;width:5.68px"> </div>or right,<div style="display:inline-block;width:5.26px"> </div>including any<div style="display:inline-block;width:5.28px"> </div>present, future<div style="display:inline-block;width:5.28px"> </div>or </div><div id="a3420" style="position:absolute;font-family:'Calibri';left:142.59px;top:931px;">contingent right to any revenues or other payment. </div></div>
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<div id="Page27" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3425" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(i)</div><div id="a3427" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">a Lender's "</div><div id="a3431" style="position:absolute;font-family:'Calibri';font-weight:bold;left:258.15px;top:94px;">cost of funds</div><div id="a3432" style="position:absolute;font-family:'Calibri';left:335.59px;top:94px;">" in relation to<div style="display:inline-block;width:1.78px"> </div>its participation in<div style="display:inline-block;width:1.65px"> </div>the Loan or<div style="display:inline-block;width:1.97px"> </div>any part of<div style="display:inline-block;width:1.95px"> </div>the Loan </div><div id="a3435" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">is a reference<div style="display:inline-block;width:4.83px"> </div>to the average<div style="display:inline-block;width:4.88px"> </div>cost (determined either on an actual<div style="display:inline-block;width:4.78px"> </div>or a notional basis) which that </div><div id="a3436" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Lender would<div style="display:inline-block;width:1.92px"> </div>incur if<div style="display:inline-block;width:1.8px"> </div>it were to<div style="display:inline-block;width:1.71px"> </div>fund, from<div style="display:inline-block;width:1.84px"> </div>whatever source(s) it<div style="display:inline-block;width:1.52px"> </div>may reasonably select,<div style="display:inline-block;width:1.37px"> </div>an amount </div><div id="a3438" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">equal to the amount of that participation in the Loan<div style="display:inline-block;width:1.86px"> </div>or that part of the Loan for a period equal<div style="display:inline-block;width:1.93px"> </div>in </div><div id="a3439" style="position:absolute;font-family:'Calibri';left:141.79px;top:166px;">length to the Interest Period of the Loan or that part of the Loan. </div><div id="a3441" style="position:absolute;font-family:'Calibri';left:142.59px;top:200px;">"</div><div id="a3442" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:200px;">company</div><div id="a3443" style="position:absolute;font-family:'Calibri';left:204.51px;top:200px;">" includes any partnership, joint venture and unincorporated association. </div><div id="a3446" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">"</div><div id="a3447" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:234px;">consent</div><div id="a3448" style="position:absolute;font-family:'Calibri';left:195.87px;top:234px;">"<div style="display:inline-block;width:6.1px"> </div>includes<div style="display:inline-block;width:6.1px"> </div>an<div style="display:inline-block;width:6.02px"> </div>authorisation,<div style="display:inline-block;width:6.05px"> </div>consent,<div style="display:inline-block;width:6.24px"> </div>approval,<div style="display:inline-block;width:6.43px"> </div>resolution,<div style="display:inline-block;width:6.03px"> </div>licence,<div style="display:inline-block;width:5.94px"> </div>exemption,<div style="display:inline-block;width:6.76px"> </div>filing, </div><div id="a3449" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">registration, notarisation and legalisation. </div><div id="a3452" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">"</div><div id="a3453" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:286px;">contingent liability</div><div id="a3454" style="position:absolute;font-family:'Calibri';left:262.95px;top:286px;">" means<div style="display:inline-block;width:5.07px"> </div>a liability<div style="display:inline-block;width:5.07px"> </div>which is<div style="display:inline-block;width:5.22px"> </div>not certain<div style="display:inline-block;width:5.21px"> </div>to arise<div style="display:inline-block;width:5.24px"> </div>and/or the<div style="display:inline-block;width:5.12px"> </div>amount of<div style="display:inline-block;width:5.26px"> </div>which </div><div id="a3455" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">remains unascertained. </div><div id="a3458" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">"</div><div id="a3459" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:338px;">document</div><div id="a3460" style="position:absolute;font-family:'Calibri';left:209.79px;top:338px;">" includes a deed; also a letter or fax. </div><div id="a3463" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">"</div><div id="a3464" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:371px;">excess risks</div><div id="a3465" style="position:absolute;font-family:'Calibri';left:218.75px;top:371px;">" means, in<div style="display:inline-block;width:5.03px"> </div>relation to<div style="display:inline-block;width:4.96px"> </div>a Ship, the<div style="display:inline-block;width:5.18px"> </div>proportion of claims<div style="display:inline-block;width:5.12px"> </div>for general<div style="display:inline-block;width:5.07px"> </div>average,<div style="display:inline-block;width:4.72px"> </div>salvage </div><div id="a3466" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">and salvage charges not recoverable under the hull and machinery policies in<div style="display:inline-block;width:1.91px"> </div>respect of such Ship </div><div id="a3467" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">in consequence of its<div style="display:inline-block;width:1.83px"> </div>insured value being less<div style="display:inline-block;width:1.86px"> </div>than the value at which<div style="display:inline-block;width:1.65px"> </div>such Ship is assessed<div style="display:inline-block;width:1.67px"> </div>for the </div><div id="a3469" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">purpose of such claims. </div><div id="a3472" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">"</div><div id="a3473" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:459px;">expense</div><div id="a3474" style="position:absolute;font-family:'Calibri';left:198.11px;top:459px;">"<div style="display:inline-block;width:6.1px"> </div>means<div style="display:inline-block;width:6.14px"> </div>any<div style="display:inline-block;width:6.35px"> </div>kind<div style="display:inline-block;width:5.82px"> </div>of<div style="display:inline-block;width:6.15px"> </div>cost,<div style="display:inline-block;width:6.34px"> </div>charge<div style="display:inline-block;width:6.33px"> </div>or<div style="display:inline-block;width:6.15px"> </div>expense<div style="display:inline-block;width:6.01px"> </div>(including<div style="display:inline-block;width:5.79px"> </div>all<div style="display:inline-block;width:6.03px"> </div>legal<div style="display:inline-block;width:6.29px"> </div>costs,<div style="display:inline-block;width:6.5px"> </div>charges<div style="display:inline-block;width:6.33px"> </div>and </div><div id="a3475" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">expenses) and any applicable value added or other tax. </div><div id="a3478" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">"</div><div id="a3479" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:511px;">law</div><div id="a3480" style="position:absolute;font-family:'Calibri';left:169.63px;top:511px;">" includes any order or<div style="display:inline-block;width:4.89px"> </div>decree, any form<div style="display:inline-block;width:4.87px"> </div>of delegated legislation, any<div style="display:inline-block;width:5.05px"> </div>treaty or international </div><div id="a3481" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">convention and any<div style="display:inline-block;width:5.15px"> </div>regulation or resolution of<div style="display:inline-block;width:4.75px"> </div>the Council of the European<div style="display:inline-block;width:4.82px"> </div>Union, the European </div><div id="a3482" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">Commission, the United Nations or its Security Council. </div><div id="a3485" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">"</div><div id="a3486" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:581px;">legal or administrative action</div><div id="a3487" style="position:absolute;font-family:'Calibri';left:325.35px;top:581px;">" means any legal proceeding or arbitration and any administrative </div><div id="a3488" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">or regulatory action or investigation. </div><div id="a3491" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">"</div><div id="a3492" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:632px;">liability</div><div id="a3493" style="position:absolute;font-family:'Calibri';left:192.99px;top:632px;">" includes<div style="display:inline-block;width:1.83px"> </div>every kind<div style="display:inline-block;width:1.87px"> </div>of debt or<div style="display:inline-block;width:1.5px"> </div>liability (present or<div style="display:inline-block;width:1.51px"> </div>future, certain or<div style="display:inline-block;width:1.55px"> </div>contingent), whether </div><div id="a3494" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">incurred as principal or surety or otherwise. </div><div id="a3497" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">"</div><div id="a3498" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:684px;">obligatory insurances</div><div id="a3499" style="position:absolute;font-family:'Calibri';left:277.51px;top:684px;">" means,<div style="display:inline-block;width:1.55px"> </div>in relation<div style="display:inline-block;width:1.92px"> </div>to a<div style="display:inline-block;width:1.87px"> </div>Ship, all<div style="display:inline-block;width:1.58px"> </div>insurances effected, or<div style="display:inline-block;width:1.65px"> </div>which the<div style="display:inline-block;width:1.73px"> </div>Borrower </div><div id="a3500" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">owning such<div style="display:inline-block;width:4.9px"> </div>Ship is<div style="display:inline-block;width:4.81px"> </div>obliged to<div style="display:inline-block;width:5.13px"> </div>effect,<div style="display:inline-block;width:4.74px"> </div>under Clause </div><div id="a3501" style="position:absolute;font-family:'Calibri';left:454.81px;top:702px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a3502" style="position:absolute;font-family:'Calibri';left:469.69px;top:702px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a3504" style="position:absolute;font-family:'Calibri';font-style:italic;left:478.33px;top:702px;">Insurance</div><div id="a3505" style="position:absolute;font-family:'Calibri';left:536.09px;top:702px;">) or<div style="display:inline-block;width:4.91px"> </div>any other<div style="display:inline-block;width:5.02px"> </div>provision of<div style="display:inline-block;width:5.27px"> </div>this </div><div id="a3506" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">Agreement or another Finance Document. </div><div id="a3509" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">"</div><div id="a3510" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:754px;">parent company</div><div id="a3511" style="position:absolute;font-family:'Calibri';left:247.71px;top:754px;">" has the meaning given in Clause </div><div id="a3512" style="position:absolute;font-family:'Calibri';left:450.81px;top:754px;"><a href="#a3626" style="color:#000000;text-decoration:none;">1.3</a></div><div id="a3513" style="position:absolute;font-family:'Calibri';left:469.37px;top:754px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3515" style="position:absolute;font-family:'Calibri';font-style:italic;left:477.05px;top:754px;">Meaning of "subsidiary"</div><div id="a3519" style="position:absolute;font-family:'Calibri';left:620.61px;top:754px;">). </div><div id="a3522" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">"</div><div id="a3523" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:788px;">person</div><div id="a3524" style="position:absolute;font-family:'Calibri';left:189.79px;top:788px;">" includes any<div style="display:inline-block;width:4.85px"> </div>company; any<div style="display:inline-block;width:4.71px"> </div>state, political<div style="display:inline-block;width:4.87px"> </div>sub-division of a state<div style="display:inline-block;width:5.43px"> </div>and local or municipal </div><div id="a3527" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">authority; and any international organisation. </div><div id="a3530" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">"</div><div id="a3531" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:840px;">policy</div><div id="a3532" style="position:absolute;font-family:'Calibri';left:183.87px;top:840px;">",<div style="display:inline-block;width:5.31px"> </div>in<div style="display:inline-block;width:5.37px"> </div>relation<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:5.53px"> </div>any<div style="display:inline-block;width:5.55px"> </div>insurance,<div style="display:inline-block;width:5.6px"> </div>includes<div style="display:inline-block;width:5.14px"> </div>a<div style="display:inline-block;width:5.43px"> </div>slip,<div style="display:inline-block;width:5.2px"> </div>cover<div style="display:inline-block;width:5.8px"> </div>note,<div style="display:inline-block;width:5.37px"> </div>certificate<div style="display:inline-block;width:5.47px"> </div>of<div style="display:inline-block;width:5.51px"> </div>entry<div style="display:inline-block;width:5.24px"> </div>or<div style="display:inline-block;width:5.35px"> </div>other </div><div id="a3533" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">document evidencing the contract of insurance or its terms. </div><div id="a3536" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">"</div><div id="a3537" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:891px;">protection<div style="display:inline-block;width:4.75px"> </div>and indemnity<div style="display:inline-block;width:5.3px"> </div>risks</div><div id="a3538" style="position:absolute;font-family:'Calibri';left:338.15px;top:891px;">" means<div style="display:inline-block;width:5.55px"> </div>the usual<div style="display:inline-block;width:5.51px"> </div>risks covered<div style="display:inline-block;width:6.15px"> </div>by a<div style="display:inline-block;width:5.7px"> </div>protection and<div style="display:inline-block;width:5.72px"> </div>indemnity </div><div id="a3539" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">association managed in<div style="display:inline-block;width:4.76px"> </div>London, including pollution risks<div style="display:inline-block;width:5.08px"> </div>and the proportion<div style="display:inline-block;width:4.89px"> </div>(if any) of<div style="display:inline-block;width:5.04px"> </div>any sums </div><div id="a3540" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">payable to<div style="display:inline-block;width:5.36px"> </div>any other<div style="display:inline-block;width:5.02px"> </div>person or<div style="display:inline-block;width:4.99px"> </div>persons in<div style="display:inline-block;width:4.85px"> </div>case of<div style="display:inline-block;width:4.74px"> </div>collision which are<div style="display:inline-block;width:5.49px"> </div>not recoverable<div style="display:inline-block;width:5.4px"> </div>under the </div></div>
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<div id="a3543" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">hull and machinery policies<div style="display:inline-block;width:1.91px"> </div>by reason of the incorporation in them<div style="display:inline-block;width:1.85px"> </div>of clause 6 of the<div style="display:inline-block;width:1.97px"> </div>International </div><div id="a3545" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Hull Clauses (1/11/02<div style="display:inline-block;width:1.3px"> </div>or 1/11/03), clause<div style="display:inline-block;width:1.53px"> </div>8 of the<div style="display:inline-block;width:1.64px"> </div>Institute Time Clauses<div style="display:inline-block;width:1.56px"> </div>(Hulls) (1/11/95)<div style="display:inline-block;width:1.85px"> </div>or clause </div><div id="a3546" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">8 of<div style="display:inline-block;width:4.8px"> </div>the Institute Time<div style="display:inline-block;width:5.3px"> </div>Clauses (Hulls) (1/10/83)<div style="display:inline-block;width:4.87px"> </div>or the Institute<div style="display:inline-block;width:5.56px"> </div>Amended Running Down<div style="display:inline-block;width:4.89px"> </div>Clause </div><div id="a3548" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">(1/10/71) or any equivalent provision. </div><div id="a3551" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">"</div><div id="a3552" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:182px;">regulation</div><div id="a3553" style="position:absolute;font-family:'Calibri';left:210.43px;top:182px;">" includes any regulation,<div style="display:inline-block;width:1.78px"> </div>rule, official directive, request<div style="display:inline-block;width:1.78px"> </div>or guideline (either<div style="display:inline-block;width:1.73px"> </div>having the </div><div id="a3554" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">force of law or compliance<div style="display:inline-block;width:1.51px"> </div>with which is reasonable<div style="display:inline-block;width:1.63px"> </div>in the ordinary<div style="display:inline-block;width:1.87px"> </div>course of business of<div style="display:inline-block;width:1.65px"> </div>the party </div><div id="a3555" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">concerned) whether<div style="display:inline-block;width:5.72px"> </div>or<div style="display:inline-block;width:4.71px"> </div>not having<div style="display:inline-block;width:5.98px"> </div>the force<div style="display:inline-block;width:6.27px"> </div>of law<div style="display:inline-block;width:5.81px"> </div>of any<div style="display:inline-block;width:6.12px"> </div>governmental,<div style="display:inline-block;width:4.99px"> </div>intergovernmental<div style="display:inline-block;width:5.24px"> </div>or </div><div id="a3557" style="position:absolute;font-family:'Calibri';left:141.79px;top:236px;">supranational<div style="display:inline-block;width:7.13px"> </div>body,<div style="display:inline-block;width:7.8px"> </div>agency,<div style="display:inline-block;width:7.73px"> </div>department<div style="display:inline-block;width:6.56px"> </div>or<div style="display:inline-block;width:6.95px"> </div>regulatory,<div style="display:inline-block;width:7.9px"> </div>self-regulatory<div style="display:inline-block;width:7.29px"> </div>or<div style="display:inline-block;width:6.79px"> </div>other<div style="display:inline-block;width:6.8px"> </div>authority<div style="display:inline-block;width:6.61px"> </div>or </div><div id="a3560" style="position:absolute;font-family:'Calibri';left:141.79px;top:254px;">organisation. </div><div id="a3563" style="position:absolute;font-family:'Calibri';left:141.79px;top:288px;">"</div><div id="a3564" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:288px;">subsidiary</div><div id="a3565" style="position:absolute;font-family:'Calibri';left:209.79px;top:288px;">" has the meaning given in Clause </div><div id="a3566" style="position:absolute;font-family:'Calibri';left:412.87px;top:288px;"><a href="#a3626" style="color:#000000;text-decoration:none;">1.3</a></div><div id="a3567" style="position:absolute;font-family:'Calibri';left:431.45px;top:288px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3569" style="position:absolute;font-family:'Calibri';font-style:italic;left:439.13px;top:288px;">Meaning of "subsidiary"</div><div id="a3573" style="position:absolute;font-family:'Calibri';left:582.65px;top:288px;">).<div style="display:inline-block;width:3.02px"> </div></div><div id="a3577" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">"</div><div id="a3578" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:322px;">successor</div><div id="a3579" style="position:absolute;font-family:'Calibri';left:205.95px;top:322px;">" includes<div style="display:inline-block;width:4.71px"> </div>any person<div style="display:inline-block;width:5.03px"> </div>who is<div style="display:inline-block;width:4.72px"> </div>entitled (by<div style="display:inline-block;width:4.89px"> </div>assignment, novation,<div style="display:inline-block;width:4.85px"> </div>merger or<div style="display:inline-block;width:4.98px"> </div>otherwise) </div><div id="a3580" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">to<div style="display:inline-block;width:4.73px"> </div>any person's<div style="display:inline-block;width:5.78px"> </div>rights under<div style="display:inline-block;width:5.37px"> </div>this Agreement<div style="display:inline-block;width:5.51px"> </div>or any<div style="display:inline-block;width:5.48px"> </div>other Finance<div style="display:inline-block;width:5.26px"> </div>Document (or<div style="display:inline-block;width:5.57px"> </div>any interest<div style="display:inline-block;width:6.12px"> </div>in </div><div id="a3581" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; </div><div id="a3583" style="position:absolute;font-family:'Calibri';left:141.79px;top:375px;">and in particular references to a successor include a person to whom those rights (or any interest </div><div id="a3584" style="position:absolute;font-family:'Calibri';left:141.79px;top:393px;">in those<div style="display:inline-block;width:5.17px"> </div>rights) are<div style="display:inline-block;width:5.41px"> </div>transferred<div style="display:inline-block;width:4.94px"> </div>or pass<div style="display:inline-block;width:5.16px"> </div>as a<div style="display:inline-block;width:5.13px"> </div>result of<div style="display:inline-block;width:5.08px"> </div>a merger,<div style="display:inline-block;width:6.82px"> </div>division, reconstruction<div style="display:inline-block;width:5.07px"> </div>or other </div><div id="a3585" style="position:absolute;font-family:'Calibri';left:141.79px;top:411px;">reorganisation of it or any other person.<div style="display:inline-block;width:7.03px"> </div></div><div id="a3590" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">"</div><div id="a3591" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:445px;">tax</div><div id="a3592" style="position:absolute;font-family:'Calibri';left:166.75px;top:445px;">" includes any present or future tax, duty, impost, levy or charge of any kind<div style="display:inline-block;width:1.88px"> </div>which is imposed </div><div id="a3593" style="position:absolute;font-family:'Calibri';left:141.79px;top:463px;">by any state, any political sub-division of a state or any<div style="display:inline-block;width:4.71px"> </div>local or municipal authority (including any </div><div id="a3596" style="position:absolute;font-family:'Calibri';left:141.79px;top:481px;">such imposed in connection with exchange controls), and any connected penalty, interest or<div style="display:inline-block;width:4.74px"> </div>fine. </div><div id="a3599" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">"</div><div id="a3600" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:515px;">war<div style="display:inline-block;width:6.29px"> </div>risks</div><div id="a3601" style="position:absolute;font-family:'Calibri';left:204.99px;top:515px;">"<div style="display:inline-block;width:6.26px"> </div>includes<div style="display:inline-block;width:5.94px"> </div>the<div style="display:inline-block;width:6.25px"> </div>risk<div style="display:inline-block;width:6.08px"> </div>of<div style="display:inline-block;width:6.15px"> </div>mines<div style="display:inline-block;width:6.13px"> </div>and<div style="display:inline-block;width:6.12px"> </div>all<div style="display:inline-block;width:6.19px"> </div>risks<div style="display:inline-block;width:6.22px"> </div>excluded<div style="display:inline-block;width:6.73px"> </div>by<div style="display:inline-block;width:6.22px"> </div>clauses<div style="display:inline-block;width:6.05px"> </div>29,<div style="display:inline-block;width:6.09px"> </div>30<div style="display:inline-block;width:6.2px"> </div>or<div style="display:inline-block;width:6.15px"> </div>31<div style="display:inline-block;width:6.2px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the </div><div id="a3610" style="position:absolute;font-family:'Calibri';left:141.79px;top:533px;">International Hull Clauses (1/11/02),<div style="display:inline-block;width:4.74px"> </div>clauses 29 or 30 of<div style="display:inline-block;width:4.83px"> </div>the International Hull Clauses (1/11/03), </div><div id="a3612" style="position:absolute;font-family:'Calibri';left:141.79px;top:551px;">clauses 24, 25<div style="display:inline-block;width:4.76px"> </div>or 26 of<div style="display:inline-block;width:5.15px"> </div>the Institute Time<div style="display:inline-block;width:4.98px"> </div>Clauses (Hulls) (1/11/95) or<div style="display:inline-block;width:5.13px"> </div>clauses<div style="display:inline-block;width:3.62px"> </div>23, 24 or<div style="display:inline-block;width:4.85px"> </div>25 of the </div><div id="a3622" style="position:absolute;font-family:'Calibri';left:141.79px;top:568px;">Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision. </div><div id="a3626" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:602px;">1.3</div><div id="a3628" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:602px;">Meaning of "subsidiary" </div><div id="a3630" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">A company (S) is a subsidiary of another company (P) if: </div><div id="a3632" style="position:absolute;font-family:'Calibri';left:94.59px;top:670px;">(a)</div><div id="a3634" style="position:absolute;font-family:'Calibri';left:141.79px;top:670px;">a majority of<div style="display:inline-block;width:4.8px"> </div>the issued shares<div style="display:inline-block;width:4.79px"> </div>in S (or<div style="display:inline-block;width:4.83px"> </div>a majority of the<div style="display:inline-block;width:5.07px"> </div>issued shares in<div style="display:inline-block;width:4.87px"> </div>S which carry<div style="display:inline-block;width:4.68px"> </div>unlimited </div><div id="a3636" style="position:absolute;font-family:'Calibri';left:141.79px;top:688px;">rights to capital and income distributions) are directly owned by P or are indirectly attributable to </div><div id="a3637" style="position:absolute;font-family:'Calibri';left:141.79px;top:706px;">P; or </div><div id="a3639" style="position:absolute;font-family:'Calibri';left:94.59px;top:740px;">(b)</div><div id="a3641" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">P has direct<div style="display:inline-block;width:4.75px"> </div>or indirect control<div style="display:inline-block;width:5.02px"> </div>over a majority of<div style="display:inline-block;width:5.06px"> </div>the voting rights<div style="display:inline-block;width:4.79px"> </div>attaching to<div style="display:inline-block;width:4.69px"> </div>the issued shares </div><div id="a3642" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">of S; or </div><div id="a3644" style="position:absolute;font-family:'Calibri';left:94.59px;top:792px;">(c)</div><div id="a3646" style="position:absolute;font-family:'Calibri';left:141.79px;top:792px;">P has the direct or indirect power to appoint or remove a majority of the directors of S; or </div><div id="a3648" style="position:absolute;font-family:'Calibri';left:94.59px;top:826px;">(d)</div><div id="a3650" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">P<div style="display:inline-block;width:5.52px"> </div>otherwise<div style="display:inline-block;width:5.18px"> </div>has<div style="display:inline-block;width:5.38px"> </div>the<div style="display:inline-block;width:5.45px"> </div>direct<div style="display:inline-block;width:5.47px"> </div>or<div style="display:inline-block;width:5.51px"> </div>indirect<div style="display:inline-block;width:5.56px"> </div>power<div style="display:inline-block;width:5.39px"> </div>to<div style="display:inline-block;width:5.53px"> </div>ensure<div style="display:inline-block;width:5.43px"> </div>that<div style="display:inline-block;width:5.57px"> </div>the<div style="display:inline-block;width:5.45px"> </div>affairs<div style="display:inline-block;width:5.98px"> </div>of<div style="display:inline-block;width:5.51px"> </div>S<div style="display:inline-block;width:5.4px"> </div>are<div style="display:inline-block;width:5.49px"> </div>conducted<div style="display:inline-block;width:5.52px"> </div>in </div><div id="a3651" style="position:absolute;font-family:'Calibri';left:141.79px;top:844px;">accordance with the wishes of P, </div><div id="a3653" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">and any company of which S is a subsidiary is a parent company of S. </div></div>
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<div id="Page29" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3657" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">1.4</div><div id="a3659" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">General Interpretation </div><div id="a3661" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">In this Agreement: </div><div id="a3663" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(a)</div><div id="a3665" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">references to,<div style="display:inline-block;width:4.87px"> </div>or to a provision of,<div style="display:inline-block;width:5.63px"> </div>a Finance Document or any other<div style="display:inline-block;width:4.76px"> </div>document are references<div style="display:inline-block;width:4.8px"> </div>to </div><div id="a3666" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">it as amended or supplemented, whether before the date of this Agreement or otherwise; </div><div id="a3668" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(b)</div><div id="a3670" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">references<div style="display:inline-block;width:4.8px"> </div>to, or<div style="display:inline-block;width:5.1px"> </div>to a<div style="display:inline-block;width:4.75px"> </div>provision of,<div style="display:inline-block;width:5.71px"> </div>any law<div style="display:inline-block;width:4.89px"> </div>include any amendment,<div style="display:inline-block;width:5.22px"> </div>extension, re-enactment<div style="display:inline-block;width:5px"> </div>or </div><div id="a3673" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">replacement, whether made before the date of this Agreement or otherwise;<div style="display:inline-block;width:3.26px"> </div></div><div id="a3675" style="position:absolute;font-family:'Calibri';left:94.59px;top:266px;">(c)</div><div id="a3677" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">words denoting the singular number shall include the plural and vice versa; and </div><div id="a3679" style="position:absolute;font-family:'Calibri';left:94.59px;top:300px;">(d)</div><div id="a3681" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">Clauses </div><div id="a3682" style="position:absolute;font-family:'Calibri';left:193.63px;top:300px;"><a href="#a621" style="color:#000000;text-decoration:none;">1.1</a></div><div id="a3683" style="position:absolute;font-family:'Calibri';left:212.35px;top:300px;"><div style="display:inline-block;width:7.04px"> </div>(</div><div id="a3685" style="position:absolute;font-family:'Calibri';font-style:italic;left:223.87px;top:300px;">Definitions</div><div id="a3686" style="position:absolute;font-family:'Calibri';left:287.75px;top:300px;">)<div style="display:inline-block;width:7.22px"> </div>to </div><div id="a3689" style="position:absolute;font-family:'Calibri';left:319.11px;top:300px;"><a href="#a3657" style="color:#000000;text-decoration:none;">1.4</a></div><div id="a3690" style="position:absolute;font-family:'Calibri';left:337.83px;top:300px;"><div style="display:inline-block;width:7.04px"> </div>(</div><div id="a3692" style="position:absolute;font-family:'Calibri';font-style:italic;left:349.35px;top:300px;">General<div style="display:inline-block;width:7.01px"> </div>interpretation</div><div id="a3693" style="position:absolute;font-family:'Calibri';left:486.33px;top:300px;">)<div style="display:inline-block;width:7.22px"> </div>apply<div style="display:inline-block;width:7.12px"> </div>unless<div style="display:inline-block;width:6.96px"> </div>the<div style="display:inline-block;width:7.05px"> </div>contrary<div style="display:inline-block;width:7.62px"> </div>intention </div><div id="a3695" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">appears. </div><div id="a3697" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:352px;">1.5</div><div id="a3699" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:352px;">Headings </div><div id="a3701" style="position:absolute;font-family:'Calibri';left:141.79px;top:386px;">In interpreting a Finance Document or any provision<div style="display:inline-block;width:1.79px"> </div>of a Finance Document, all<div style="display:inline-block;width:1.79px"> </div>clause, sub-clause </div><div id="a3704" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">and other headings in that and any other Finance Document shall be entirely disregarded. </div><div id="a3706" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:437px;">2</div><div id="a3708" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:437px;">FACILITY<div style="display:inline-block;width:4.21px"> </div></div><div id="a3710" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:471px;">2.1</div><div id="a3712" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:471px;">Amount of facility </div><div id="a3714" style="position:absolute;font-family:'Calibri';left:141.79px;top:505px;">Subject<div style="display:inline-block;width:6.65px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.57px"> </div>other<div style="display:inline-block;width:6.64px"> </div>provisions<div style="display:inline-block;width:6.62px"> </div>of<div style="display:inline-block;width:6.63px"> </div>this<div style="display:inline-block;width:6.68px"> </div>Agreement,<div style="display:inline-block;width:6.64px"> </div>the<div style="display:inline-block;width:6.57px"> </div>Lenders<div style="display:inline-block;width:6.82px"> </div>shall<div style="display:inline-block;width:6.46px"> </div>make<div style="display:inline-block;width:6.85px"> </div>available<div style="display:inline-block;width:6.99px"> </div>to<div style="display:inline-block;width:6.81px"> </div>the </div><div id="a3715" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">Borrowers,<div style="display:inline-block;width:8.23px"> </div>in<div style="display:inline-block;width:7.45px"> </div>one<div style="display:inline-block;width:7.74px"> </div>advance,<div style="display:inline-block;width:7.62px"> </div>a<div style="display:inline-block;width:7.51px"> </div>senior<div style="display:inline-block;width:7.55px"> </div>secured<div style="display:inline-block;width:7.71px"> </div>term<div style="display:inline-block;width:7.65px"> </div>loan<div style="display:inline-block;width:7.51px"> </div>facility<div style="display:inline-block;width:7.67px"> </div>of<div style="display:inline-block;width:7.75px"> </div>up<div style="display:inline-block;width:7.57px"> </div>to<div style="display:inline-block;width:7.65px"> </div>the<div style="display:inline-block;width:7.69px"> </div>lesser<div style="display:inline-block;width:7.41px"> </div>of<div style="display:inline-block;width:7.75px"> </div>(i) </div><div id="a3721" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">$167,263,025 and (ii)<div style="display:inline-block;width:1.83px"> </div>60% of the<div style="display:inline-block;width:1.9px"> </div>aggregate Initial Market Value of the Ships, for<div style="display:inline-block;width:1.85px"> </div>the purpose of<div style="display:inline-block;width:1.88px"> </div>re-</div><div id="a3729" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">financing the Existing Indebtedness.<div style="display:inline-block;width:6.17px"> </div></div><div id="a3733" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:593px;">2.2</div><div id="a3735" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:593px;">Lenders' participations in the Loan </div><div id="a3737" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">Subject to the other provisions of this Agreement, each Lender shall participate in the Loan in the </div><div id="a3738" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">proportion which, as at the Drawdown Date, its Commitment bears to the Total<div style="display:inline-block;width:4.87px"> </div>Commitments. </div><div id="a3740" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:679px;">2.3</div><div id="a3742" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:679px;">Purpose of the Loan </div><div id="a3744" style="position:absolute;font-family:'Calibri';left:141.79px;top:712px;">The Borrowers undertake<div style="display:inline-block;width:4.74px"> </div>with each Creditor Party to use<div style="display:inline-block;width:4.76px"> </div>the Loan only for the purpose stated<div style="display:inline-block;width:4.94px"> </div>in </div><div id="a3747" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">the preamble to this Agreement. </div><div id="a3749" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:764px;">3</div><div id="a3751" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:764px;">POSITION OF THE LENDERS, THE SWAP BANK AND THE MAJORITY LENDERS </div><div id="a3753" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:798px;">3.1</div><div id="a3755" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:798px;">Interests of Lenders and Swap Bank several </div><div id="a3757" style="position:absolute;font-family:'Calibri';left:141.79px;top:832px;">The rights of<div style="display:inline-block;width:1.94px"> </div>the Lenders and<div style="display:inline-block;width:1.66px"> </div>the Swap Bank under<div style="display:inline-block;width:1.42px"> </div>this Agreement and the<div style="display:inline-block;width:1.47px"> </div>Master Agreement are </div><div id="a3758" style="position:absolute;font-family:'Calibri';left:141.79px;top:850px;">several; accordingly: </div><div id="a3760" style="position:absolute;font-family:'Calibri';left:94.59px;top:884px;">(a)</div><div id="a3762" style="position:absolute;font-family:'Calibri';left:141.79px;top:884px;">each Lender<div style="display:inline-block;width:5.14px"> </div>shall be<div style="display:inline-block;width:4.88px"> </div>entitled to<div style="display:inline-block;width:5.37px"> </div>sue for<div style="display:inline-block;width:5.38px"> </div>any amount<div style="display:inline-block;width:5.3px"> </div>which has<div style="display:inline-block;width:5.18px"> </div>become due<div style="display:inline-block;width:5.08px"> </div>and payable<div style="display:inline-block;width:5.48px"> </div>by the </div><div id="a3764" style="position:absolute;font-family:'Calibri';left:141.79px;top:902px;">Borrowers to it under this Agreement; and </div></div>
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<div id="Page30" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3768" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a3770" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">the Swap Bank shall be entitled to sue for any amount which has become due and payable by the </div><div id="a3771" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Borrowers to it under the Master Agreement, </div><div id="a3773" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">without joining the Agent,<div style="display:inline-block;width:1.83px"> </div>the Security Trustee, any other Lender and<div style="display:inline-block;width:1.75px"> </div>the Swap Bank as additional </div><div id="a3774" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">parties in the proceedings. </div><div id="a3776" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">3.2</div><div id="a3778" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">Proceedings by individual Lender or Swap Bank </div><div id="a3780" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">However,<div style="display:inline-block;width:5.71px"> </div>without the<div style="display:inline-block;width:4.73px"> </div>prior consent of<div style="display:inline-block;width:5.54px"> </div>the Majority Lenders,<div style="display:inline-block;width:5.48px"> </div>no Lender<div style="display:inline-block;width:4.7px"> </div>nor the Swap<div style="display:inline-block;width:5.58px"> </div>Bank may </div><div id="a3781" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">bring proceedings in respect of: </div><div id="a3783" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">(a)</div><div id="a3785" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">any<div style="display:inline-block;width:5.07px"> </div>other<div style="display:inline-block;width:4.72px"> </div>liability or<div style="display:inline-block;width:5.79px"> </div>obligation<div style="display:inline-block;width:4.85px"> </div>of<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:4.91px"> </div>Borrower<div style="display:inline-block;width:4.93px"> </div>or a<div style="display:inline-block;width:6.01px"> </div>Security Party<div style="display:inline-block;width:6.26px"> </div>under or<div style="display:inline-block;width:5.88px"> </div>connected<div style="display:inline-block;width:4.81px"> </div>with<div style="display:inline-block;width:4.8px"> </div>a </div><div id="a3786" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">Finance Document; or </div><div id="a3788" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(b)</div><div id="a3790" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">any misrepresentation or breach of warranty by any<div style="display:inline-block;width:4.69px"> </div>Borrower or a Security Party in or connected </div><div id="a3791" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">with a Finance Document. </div><div id="a3793" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:387px;">3.3</div><div id="a3795" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:387px;">Obligations several </div><div id="a3797" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">The obligations<div style="display:inline-block;width:5.54px"> </div>of the<div style="display:inline-block;width:5.23px"> </div>Lenders and<div style="display:inline-block;width:5.29px"> </div>the Swap<div style="display:inline-block;width:5.54px"> </div>Bank under<div style="display:inline-block;width:4.97px"> </div>this Agreement<div style="display:inline-block;width:5.51px"> </div>and of<div style="display:inline-block;width:5.1px"> </div>the Swap<div style="display:inline-block;width:5.38px"> </div>Bank </div><div id="a3798" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">under the Master<div style="display:inline-block;width:4.84px"> </div>Agreement are several;<div style="display:inline-block;width:5.51px"> </div>and a failure<div style="display:inline-block;width:4.97px"> </div>of a Lender<div style="display:inline-block;width:4.67px"> </div>or the Swap<div style="display:inline-block;width:4.68px"> </div>Bank to perform </div><div id="a3800" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">its<div style="display:inline-block;width:4.81px"> </div>obligations<div style="display:inline-block;width:5.18px"> </div>under<div style="display:inline-block;width:4.66px"> </div>this<div style="display:inline-block;width:4.76px"> </div>Agreement<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:4.87px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Swap<div style="display:inline-block;width:5.02px"> </div>Bank<div style="display:inline-block;width:4.76px"> </div>to<div style="display:inline-block;width:5.05px"> </div>perform<div style="display:inline-block;width:5.05px"> </div>its obligations<div style="display:inline-block;width:6.34px"> </div>under<div style="display:inline-block;width:4.82px"> </div>the </div><div id="a3801" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">Master Agreement shall not result in: </div><div id="a3803" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">(a)</div><div id="a3805" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">the obligations of the other Lenders or (as the case may be) the Swap Bank being increased; nor </div><div id="a3807" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">(b)</div><div id="a3809" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">any Borrower, any Security Party or any other Creditor Party being<div style="display:inline-block;width:1.42px"> </div>discharged (in whole<div style="display:inline-block;width:1.97px"> </div>or in part) </div><div id="a3811" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">from its obligations under any Finance Document, </div><div id="a3813" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">and in<div style="display:inline-block;width:5.12px"> </div>no circumstances<div style="display:inline-block;width:5.31px"> </div>shall a<div style="display:inline-block;width:4.88px"> </div>Lender or<div style="display:inline-block;width:4.9px"> </div>the Swap<div style="display:inline-block;width:5.06px"> </div>Bank have<div style="display:inline-block;width:5.38px"> </div>any responsibility<div style="display:inline-block;width:5.09px"> </div>for a<div style="display:inline-block;width:5.34px"> </div>failure of </div><div id="a3814" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">another Lender or the<div style="display:inline-block;width:4.67px"> </div>Swap Bank to<div style="display:inline-block;width:4.81px"> </div>perform its obligations<div style="display:inline-block;width:4.71px"> </div>under this Agreement or<div style="display:inline-block;width:4.86px"> </div>the Master </div><div id="a3815" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">Agreement. </div><div id="a3817" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:664px;">3.4</div><div id="a3819" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:664px;">Parties bound by certain actions of Majority Lenders </div><div id="a3821" style="position:absolute;font-family:'Calibri';left:141.79px;top:698px;">Every Lender,<div style="display:inline-block;width:4.74px"> </div>the Swap Bank, each Borrower and each Security Party shall be bound by: </div><div id="a3823" style="position:absolute;font-family:'Calibri';left:94.59px;top:732px;">(a)</div><div id="a3825" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">any determination made,<div style="display:inline-block;width:1.31px"> </div>or action<div style="display:inline-block;width:1.74px"> </div>taken, by the<div style="display:inline-block;width:1.48px"> </div>Majority Lenders<div style="display:inline-block;width:1.75px"> </div>under any<div style="display:inline-block;width:1.92px"> </div>provision of<div style="display:inline-block;width:1.91px"> </div>a Finance </div><div id="a3826" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">Document; </div><div id="a3828" style="position:absolute;font-family:'Calibri';left:94.59px;top:784px;">(b)</div><div id="a3830" style="position:absolute;font-family:'Calibri';left:141.79px;top:784px;">any instruction or authorisation<div style="display:inline-block;width:1.62px"> </div>given by the<div style="display:inline-block;width:1.88px"> </div>Majority Lenders to the<div style="display:inline-block;width:1.59px"> </div>Agent or the<div style="display:inline-block;width:1.77px"> </div>Security Trustee </div><div id="a3831" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">under<div style="display:inline-block;width:4.82px"> </div>or<div style="display:inline-block;width:4.87px"> </div>in<div style="display:inline-block;width:4.73px"> </div>connection<div style="display:inline-block;width:4.83px"> </div>with<div style="display:inline-block;width:4.8px"> </div>any<div style="display:inline-block;width:5.07px"> </div>Finance<div style="display:inline-block;width:4.67px"> </div>Document (subject<div style="display:inline-block;width:6.12px"> </div>always<div style="display:inline-block;width:5.27px"> </div>to<div style="display:inline-block;width:5.05px"> </div>Clause </div><div id="a3832" style="position:absolute;font-family:'Calibri';left:621.89px;top:802px;"><a href="#a10445" style="color:#000000;text-decoration:none;">27.2</a></div><div id="a3833" style="position:absolute;font-family:'Calibri';left:647.97px;top:802px;"><div style="display:inline-block;width:4.96px"> </div>(</div><div id="a3835" style="position:absolute;font-family:'Calibri';font-style:italic;left:657.41px;top:802px;">Variations, </div><div id="a3836" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:820px;">waivers etc. by Majority Lenders)</div><div id="a3837" style="position:absolute;font-family:'Calibri';left:338.15px;top:820px;">); </div><div id="a3839" style="position:absolute;font-family:'Calibri';left:94.59px;top:854px;">(c)</div><div id="a3841" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">any<div style="display:inline-block;width:5.71px"> </div>action<div style="display:inline-block;width:5.32px"> </div>taken<div style="display:inline-block;width:5.8px"> </div>(or<div style="display:inline-block;width:5.36px"> </div>in<div style="display:inline-block;width:5.37px"> </div>good<div style="display:inline-block;width:5.43px"> </div>faith<div style="display:inline-block;width:5.66px"> </div>purportedly<div style="display:inline-block;width:5.22px"> </div>taken)<div style="display:inline-block;width:5.82px"> </div>by<div style="display:inline-block;width:5.36px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Agent<div style="display:inline-block;width:5.46px"> </div>or<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Security<div style="display:inline-block;width:5.29px"> </div>Trustee<div style="display:inline-block;width:6.42px"> </div>in </div><div id="a3842" style="position:absolute;font-family:'Calibri';left:141.79px;top:872px;">accordance with such an instruction or authorisation. </div><div id="a3844" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:906px;">3.5</div><div id="a3846" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:906px;">Reliance on action of Agent </div><div id="a3848" style="position:absolute;font-family:'Calibri';left:141.79px;top:940px;">However,<div style="display:inline-block;width:4.91px"> </div>each Borrower and each Security Party: </div></div>
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<div id="a3852" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a3854" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">shall<div style="display:inline-block;width:7.58px"> </div>be<div style="display:inline-block;width:7.5px"> </div>entitled<div style="display:inline-block;width:7.64px"> </div>to<div style="display:inline-block;width:7.61px"> </div>assume<div style="display:inline-block;width:7.42px"> </div>that<div style="display:inline-block;width:7.65px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Majority<div style="display:inline-block;width:7.54px"> </div>Lenders<div style="display:inline-block;width:7.62px"> </div>have<div style="display:inline-block;width:7.95px"> </div>duly<div style="display:inline-block;width:7.45px"> </div>given<div style="display:inline-block;width:7.49px"> </div>any<div style="display:inline-block;width:7.79px"> </div>instruction<div style="display:inline-block;width:7.47px"> </div>or </div><div id="a3855" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">authorisation which,<div style="display:inline-block;width:5.85px"> </div>under any<div style="display:inline-block;width:5.92px"> </div>provision<div style="display:inline-block;width:4.86px"> </div>of<div style="display:inline-block;width:4.71px"> </div>a Finance<div style="display:inline-block;width:5.65px"> </div>Document, is<div style="display:inline-block;width:5.96px"> </div>required<div style="display:inline-block;width:4.9px"> </div>in relation<div style="display:inline-block;width:6.08px"> </div>to<div style="display:inline-block;width:4.73px"> </div>any </div><div id="a3856" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">action which the Agent has taken or is about to take; and </div><div id="a3858" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">(b)</div><div id="a3860" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">shall not<div style="display:inline-block;width:5.27px"> </div>be entitled<div style="display:inline-block;width:5.26px"> </div>to require<div style="display:inline-block;width:5.55px"> </div>any evidence<div style="display:inline-block;width:5.56px"> </div>that such<div style="display:inline-block;width:5.03px"> </div>an instruction<div style="display:inline-block;width:5.36px"> </div>or authorisation<div style="display:inline-block;width:5.18px"> </div>has been </div><div id="a3861" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">given. </div><div id="a3863" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">3.6</div><div id="a3865" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">Construction </div><div id="a3867" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">In Clauses </div><div id="a3868" style="position:absolute;font-family:'Calibri';left:204.35px;top:250px;"><a href="#a3817" style="color:#000000;text-decoration:none;">3.4</a></div><div id="a3869" style="position:absolute;font-family:'Calibri';left:222.91px;top:250px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a3871" style="position:absolute;font-family:'Calibri';font-style:italic;left:230.43px;top:250px;">Parties bound by certain actions of Majority Lenders</div><div id="a3872" style="position:absolute;font-family:'Calibri';left:538.81px;top:250px;">) and </div><div id="a3873" style="position:absolute;font-family:'Calibri';left:572.09px;top:250px;"><a href="#a3844" style="color:#000000;text-decoration:none;">3.5</a></div><div id="a3874" style="position:absolute;font-family:'Calibri';left:590.65px;top:250px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a3876" style="position:absolute;font-family:'Calibri';font-style:italic;left:598.17px;top:250px;">Reliance on action of </div><div id="a3877" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:268px;">Agent</div><div id="a3878" style="position:absolute;font-family:'Calibri';left:177.31px;top:268px;">)<div style="display:inline-block;width:6.26px"> </div>references<div style="display:inline-block;width:6.88px"> </div>to<div style="display:inline-block;width:6.33px"> </div>action<div style="display:inline-block;width:5.96px"> </div>taken<div style="display:inline-block;width:6.76px"> </div>include<div style="display:inline-block;width:6.09px"> </div>(without<div style="display:inline-block;width:5.82px"> </div>limitation)<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:6.25px"> </div>granting<div style="display:inline-block;width:6.3px"> </div>of<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:6.35px"> </div>waiver<div style="display:inline-block;width:6.33px"> </div>or </div><div id="a3879" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">consent, an approval of any document and an agreement to any matter. </div><div id="a3881" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:320px;">4</div><div id="a3883" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:320px;">DRAWDOWN<div style="display:inline-block;width:3.78px"> </div></div><div id="a3885" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:354px;">4.1</div><div id="a3887" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:354px;">Request for the Loan </div><div id="a3890" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">Subject to the following conditions, the Borrowers<div style="display:inline-block;width:5.11px"> </div>may request the Loan to<div style="display:inline-block;width:4.79px"> </div>be made by ensuring </div><div id="a3893" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">that the Agent receives a completed<div style="display:inline-block;width:1.97px"> </div>Drawdown Notice not later than 11.00<div style="display:inline-block;width:1.88px"> </div>a.m. (Oslo time) three </div><div id="a3894" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">Business Days (or such shorter period as the<div style="display:inline-block;width:4.86px"> </div>Agent may,<div style="display:inline-block;width:5px"> </div>in its absolute discretion, agree) prior to </div><div id="a3895" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">the intended Drawdown Date. </div><div id="a3897" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:475px;">4.2</div><div id="a3899" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:475px;">Availability </div><div id="a3901" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">The conditions referred to in Clause </div><div id="a3902" style="position:absolute;font-family:'Calibri';left:358.31px;top:509px;"><a href="#a3885" style="color:#000000;text-decoration:none;">4.1</a></div><div id="a3903" style="position:absolute;font-family:'Calibri';left:376.87px;top:509px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3905" style="position:absolute;font-family:'Calibri';font-style:italic;left:384.55px;top:509px;">Request for the Loan</div><div id="a3907" style="position:absolute;font-family:'Calibri';left:507.45px;top:509px;">) are that: </div><div id="a3909" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">(a)</div><div id="a3911" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">the Drawdown Date has to be a Business Day during the Availability Period;<div style="display:inline-block;width:3.67px"> </div></div><div id="a3913" style="position:absolute;font-family:'Calibri';left:94.59px;top:577px;">(b)</div><div id="a3915" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">the amount of the Loan shall not exceed the lesser of (i) the Existing Indebtedness and (ii) 60% of </div><div id="a3920" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">the aggregate Initial Market Value of the Ships;<div style="display:inline-block;width:4.25px"> </div></div><div id="a3924" style="position:absolute;font-family:'Calibri';left:94.59px;top:629px;">(c)</div><div id="a3926" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">the Loan shall not exceed the Total Commitments;<div style="display:inline-block;width:4.48px"> </div>and </div><div id="a3930" style="position:absolute;font-family:'Calibri';left:94.59px;top:663px;">(d)</div><div id="a3932" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">the Borrowers may not deliver more than one Drawdown Notice for the Loan. </div><div id="a3934" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:696px;">4.3</div><div id="a3936" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:696px;">Notification to Lenders of receipt of the Drawdown Notice </div><div id="a3940" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">The Agent<div style="display:inline-block;width:4.87px"> </div>shall promptly<div style="display:inline-block;width:4.82px"> </div>notify the Lenders<div style="display:inline-block;width:5.14px"> </div>that it<div style="display:inline-block;width:4.81px"> </div>has received<div style="display:inline-block;width:4.81px"> </div>the Drawdown<div style="display:inline-block;width:4.88px"> </div>Notice and shall </div><div id="a3943" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">inform each Lender of: </div><div id="a3945" style="position:absolute;font-family:'Calibri';left:94.59px;top:782px;">(a)</div><div id="a3947" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">the amount of the Loan to be utilised and the Drawdown Date; </div><div id="a3954" style="position:absolute;font-family:'Calibri';left:94.59px;top:816px;">(b)</div><div id="a3956" style="position:absolute;font-family:'Calibri';left:141.79px;top:816px;">the amount of that Lender's participation in the Loan; and </div><div id="a3960" style="position:absolute;font-family:'Calibri';left:94.59px;top:850px;">(c)</div><div id="a3962" style="position:absolute;font-family:'Calibri';left:141.79px;top:850px;">the duration of the first Interest Period. </div></div>
</div>
<div style="padding: 7px">
<div id="Page32" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a3966" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">4.4</div><div id="a3968" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Drawdown Notice irrevocable </div><div id="a3970" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">The<div style="display:inline-block;width:5.77px"> </div>Drawdown<div style="display:inline-block;width:6.44px"> </div>Notice<div style="display:inline-block;width:5.52px"> </div>must<div style="display:inline-block;width:5.98px"> </div>be<div style="display:inline-block;width:5.74px"> </div>signed<div style="display:inline-block;width:5.78px"> </div>by<div style="display:inline-block;width:5.84px"> </div>an<div style="display:inline-block;width:5.7px"> </div>officer<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:5.83px"> </div>an<div style="display:inline-block;width:5.86px"> </div>authorised<div style="display:inline-block;width:5.7px"> </div>representative<div style="display:inline-block;width:6.54px"> </div>of<div style="display:inline-block;width:5.83px"> </div>each </div><div id="a3971" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Borrower; and<div style="display:inline-block;width:4.91px"> </div>once served, the<div style="display:inline-block;width:5.09px"> </div>Drawdown Notice<div style="display:inline-block;width:5.11px"> </div>cannot be revoked<div style="display:inline-block;width:5.87px"> </div>without the prior<div style="display:inline-block;width:5.07px"> </div>consent </div><div id="a3974" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">of the Agent, acting on the authority of the Majority Lenders. </div><div id="a3976" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">4.5</div><div id="a3978" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">Lenders to make available Contributions </div><div id="a3980" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Subject to<div style="display:inline-block;width:1.81px"> </div>the provisions<div style="display:inline-block;width:1.7px"> </div>of this<div style="display:inline-block;width:1.66px"> </div>Agreement, each<div style="display:inline-block;width:1.7px"> </div>Lender shall,<div style="display:inline-block;width:1.39px"> </div>on and<div style="display:inline-block;width:1.7px"> </div>with value<div style="display:inline-block;width:1.71px"> </div>on the<div style="display:inline-block;width:1.67px"> </div>Drawdown </div><div id="a3981" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Date,<div style="display:inline-block;width:4.74px"> </div>make<div style="display:inline-block;width:4.93px"> </div>available<div style="display:inline-block;width:4.75px"> </div>to<div style="display:inline-block;width:4.73px"> </div>the Agent<div style="display:inline-block;width:5.67px"> </div>for<div style="display:inline-block;width:4.84px"> </div>the account<div style="display:inline-block;width:5.6px"> </div>of the<div style="display:inline-block;width:5.55px"> </div>Borrowers<div style="display:inline-block;width:5.02px"> </div>the amount<div style="display:inline-block;width:5.53px"> </div>due from<div style="display:inline-block;width:5.77px"> </div>that </div><div id="a3982" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">Lender on the Drawdown Date under Clause </div><div id="a3983" style="position:absolute;font-family:'Calibri';left:409.83px;top:268px;"><a href="#a3733" style="color:#000000;text-decoration:none;">2.2</a></div><div id="a3984" style="position:absolute;font-family:'Calibri';left:428.41px;top:268px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a3986" style="position:absolute;font-family:'Calibri';font-style:italic;left:436.09px;top:268px;">Lenders' participations<div style="display:inline-block;width:2.91px"> </div>in the Loan</div><div id="a3993" style="position:absolute;font-family:'Calibri';left:639.65px;top:268px;">). </div><div id="a3995" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">4.6</div><div id="a3997" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">Disbursement of the Loan </div><div id="a4000" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Subject to<div style="display:inline-block;width:5.81px"> </div>the provisions<div style="display:inline-block;width:5.7px"> </div>of this<div style="display:inline-block;width:5.66px"> </div>Agreement,<div style="display:inline-block;width:4.72px"> </div>the Agent<div style="display:inline-block;width:5.83px"> </div>shall on<div style="display:inline-block;width:5.56px"> </div>the Drawdown<div style="display:inline-block;width:6px"> </div>Date<div style="display:inline-block;width:4.89px"> </div>pay<div style="display:inline-block;width:4.75px"> </div>to the </div><div id="a4001" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Borrowers the<div style="display:inline-block;width:4.75px"> </div>amounts which the Agent<div style="display:inline-block;width:5.23px"> </div>receives from the<div style="display:inline-block;width:4.95px"> </div>Lenders under Clause </div><div id="a4002" style="position:absolute;font-family:'Calibri';left:632.61px;top:354px;"><a href="#a3976" style="color:#000000;text-decoration:none;">4.5</a></div><div id="a4003" style="position:absolute;font-family:'Calibri';left:651.17px;top:354px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a4005" style="position:absolute;font-family:'Calibri';font-style:italic;left:659.49px;top:354px;">Lenders to </div><div id="a4006" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:371px;">make available Contributions</div><div id="a4007" style="position:absolute;font-family:'Calibri';left:315.27px;top:371px;">); and that payment to the Borrowers shall be made: </div><div id="a4009" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(a)</div><div id="a4011" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">to the account which the Borrowers specify in the Drawdown Notice; and </div><div id="a4013" style="position:absolute;font-family:'Calibri';left:94.59px;top:439px;">(b)</div><div id="a4015" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">in the like funds as the Agent received the payments from the Lenders. </div><div id="a4017" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:473px;">4.7</div><div id="a4019" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:473px;">Disbursement of the Loan to third party </div><div id="a4023" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">The payment by<div style="display:inline-block;width:1.6px"> </div>the Agent<div style="display:inline-block;width:1.99px"> </div>under Clause </div><div id="a4024" style="position:absolute;font-family:'Calibri';left:379.75px;top:507px;"><a href="#a3995" style="color:#000000;text-decoration:none;">4.6 (</a></div><div id="a4027" style="position:absolute;font-family:'Calibri';font-style:italic;left:405.51px;top:507px;">Disbursement of<div style="display:inline-block;width:1.72px"> </div>the Loan</div><div id="a4029" style="position:absolute;font-family:'Calibri';left:555.61px;top:507px;">) shall<div style="display:inline-block;width:1.87px"> </div>constitute the making </div><div id="a4030" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">of the Loan<div style="display:inline-block;width:1.81px"> </div>and the Borrowers shall<div style="display:inline-block;width:1.56px"> </div>at that time<div style="display:inline-block;width:1.92px"> </div>become indebted, as<div style="display:inline-block;width:1.59px"> </div>principal and<div style="display:inline-block;width:1.93px"> </div>direct obligors, </div><div id="a4033" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">to each Lender in an amount equal to that Lender's Contribution. </div><div id="a4035" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:577px;">4.8</div><div id="a4037" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:577px;">Designated Transactions under the Master Agreement </div><div id="a4041" style="position:absolute;font-family:'Calibri';left:94.59px;top:611px;">(a)</div><div id="a4043" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">The Borrowers<div style="display:inline-block;width:4.83px"> </div>may at<div style="display:inline-block;width:4.91px"> </div>any time<div style="display:inline-block;width:4.75px"> </div>conclude Designated Transactions<div style="display:inline-block;width:6.32px"> </div>with the Swap<div style="display:inline-block;width:5.15px"> </div>Bank pursuant </div><div id="a4051" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">to<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Master<div style="display:inline-block;width:5.38px"> </div>Agreement<div style="display:inline-block;width:5.2px"> </div>for<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.13px"> </div>purpose<div style="display:inline-block;width:4.9px"> </div>of<div style="display:inline-block;width:5.19px"> </div>swapping<div style="display:inline-block;width:5.06px"> </div>their<div style="display:inline-block;width:5.1px"> </div>interest<div style="display:inline-block;width:5.82px"> </div>payment<div style="display:inline-block;width:5.14px"> </div>obligations<div style="display:inline-block;width:5.54px"> </div>and </div><div id="a4057" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">managing<div style="display:inline-block;width:5.44px"> </div>exposure<div style="display:inline-block;width:5.91px"> </div>to<div style="display:inline-block;width:5.69px"> </div>interest<div style="display:inline-block;width:6.14px"> </div>rate<div style="display:inline-block;width:6.08px"> </div>fluctuations<div style="display:inline-block;width:5.35px"> </div>and<div style="display:inline-block;width:5.48px"> </div>currency<div style="display:inline-block;width:5.79px"> </div>risk<div style="display:inline-block;width:5.44px"> </div>under<div style="display:inline-block;width:5.46px"> </div>this<div style="display:inline-block;width:5.4px"> </div>Agreement.<div style="display:inline-block;width:5.8px"> </div>The </div><div id="a4058" style="position:absolute;font-family:'Calibri';left:141.79px;top:664px;">Borrowers<div style="display:inline-block;width:5.74px"> </div>agree<div style="display:inline-block;width:5.31px"> </div>that<div style="display:inline-block;width:5.41px"> </div>signature<div style="display:inline-block;width:5.32px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Master<div style="display:inline-block;width:5.54px"> </div>Agreement<div style="display:inline-block;width:5.42px"> </div>does<div style="display:inline-block;width:5.02px"> </div>not<div style="display:inline-block;width:5.17px"> </div>commit<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:5.17px"> </div>Swap<div style="display:inline-block;width:5.5px"> </div>Bank<div style="display:inline-block;width:5.08px"> </div>to </div><div id="a4064" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">conclude<div style="display:inline-block;width:6.65px"> </div>Designated<div style="display:inline-block;width:6.68px"> </div>Transactions,<div style="display:inline-block;width:7.46px"> </div>or<div style="display:inline-block;width:6.63px"> </div>even<div style="display:inline-block;width:6.71px"> </div>to<div style="display:inline-block;width:6.65px"> </div>offer<div style="display:inline-block;width:6.83px"> </div>terms<div style="display:inline-block;width:6.86px"> </div>for<div style="display:inline-block;width:6.76px"> </div>doing<div style="display:inline-block;width:6.46px"> </div>so,<div style="display:inline-block;width:6.75px"> </div>but<div style="display:inline-block;width:6.48px"> </div>does<div style="display:inline-block;width:6.62px"> </div>provide<div style="display:inline-block;width:6.59px"> </div>a </div><div id="a4065" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">contractual<div style="display:inline-block;width:6.01px"> </div>framework<div style="display:inline-block;width:5.84px"> </div>within<div style="display:inline-block;width:5.2px"> </div>which<div style="display:inline-block;width:5.53px"> </div>Designated<div style="display:inline-block;width:5.72px"> </div>Transactions<div style="display:inline-block;width:6.33px"> </div>may<div style="display:inline-block;width:5.84px"> </div>be<div style="display:inline-block;width:5.42px"> </div>concluded<div style="display:inline-block;width:5.47px"> </div>and<div style="display:inline-block;width:5.48px"> </div>secured, </div><div id="a4066" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">assuming that mutually acceptable terms can be agreed at the relevant time. </div><div id="a4069" style="position:absolute;font-family:'Calibri';left:94.59px;top:752px;">(b)</div><div id="a4071" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">The<div style="display:inline-block;width:4.97px"> </div>Lenders<div style="display:inline-block;width:5.06px"> </div>agree<div style="display:inline-block;width:4.83px"> </div>that,<div style="display:inline-block;width:4.94px"> </div>to<div style="display:inline-block;width:5.05px"> </div>enable<div style="display:inline-block;width:4.74px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Borrowers<div style="display:inline-block;width:5.1px"> </div>to<div style="display:inline-block;width:4.89px"> </div>secure<div style="display:inline-block;width:5.02px"> </div>their<div style="display:inline-block;width:4.78px"> </div>obligations<div style="display:inline-block;width:5.18px"> </div>to<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Swap<div style="display:inline-block;width:5.02px"> </div>Bank </div><div id="a4078" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">under the<div style="display:inline-block;width:4.87px"> </div>Master Agreement,<div style="display:inline-block;width:5.34px"> </div>the security<div style="display:inline-block;width:4.74px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>other Finance<div style="display:inline-block;width:4.78px"> </div>Documents shall<div style="display:inline-block;width:4.75px"> </div>be held<div style="display:inline-block;width:4.88px"> </div>by the </div><div id="a4079" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Security Trustee<div style="display:inline-block;width:4.86px"> </div>not only to secure the Borrowers' obligations<div style="display:inline-block;width:5.04px"> </div>under this Agreement but also the </div><div id="a4086" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">Borrowers' obligations under the<div style="display:inline-block;width:1.4px"> </div>Master Agreement on<div style="display:inline-block;width:1.87px"> </div>the terms set<div style="display:inline-block;width:1.64px"> </div>out in Clause </div><div id="a4092" style="position:absolute;font-family:'Calibri';left:632.13px;top:806px;"><a href="#a7941" style="color:#000000;text-decoration:none;">17 (</a></div><div id="a4095" style="position:absolute;font-family:'Calibri';font-style:italic;left:654.37px;top:806px;">Application </div><div id="a4096" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:824px;">of receipts</div><div id="a4097" style="position:absolute;font-family:'Calibri';left:203.87px;top:824px;">). </div><div id="a4099" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:858px;">5</div><div id="a4101" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:858px;">INTEREST<div style="display:inline-block;width:3.45px"> </div></div><div id="a4103" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:892px;">5.1</div><div id="a4105" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:892px;">Calculation of interest </div><div id="a4107" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">The rate of interest on the Loan or any part of the Loan for each Interest Period is the percentage </div><div id="a4109" style="position:absolute;font-family:'Calibri';left:141.79px;top:943px;">rate per annum which is the aggregate of the applicable: </div></div>
</div>
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<div id="Page33" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4116" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a4118" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">Margin; and </div><div id="a4121" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(b)</div><div id="a4123" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Reference Rate. </div><div id="a4125" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:162px;">5.2</div><div id="a4127" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:162px;">Payment of interest </div><div id="a4129" style="position:absolute;font-family:'Calibri';left:94.59px;top:196px;">(a)</div><div id="a4131" style="position:absolute;font-family:'Calibri';left:141.79px;top:196px;">The Borrowers<div style="display:inline-block;width:5.31px"> </div>shall pay<div style="display:inline-block;width:5.16px"> </div>accrued interest<div style="display:inline-block;width:5.31px"> </div>on the<div style="display:inline-block;width:4.87px"> </div>Loan or<div style="display:inline-block;width:4.96px"> </div>any part<div style="display:inline-block;width:5.05px"> </div>of the<div style="display:inline-block;width:5.07px"> </div>Loan on the<div style="display:inline-block;width:5.44px"> </div>last day<div style="display:inline-block;width:5.27px"> </div>of </div><div id="a4135" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">each Interest Period. </div><div id="a4137" style="position:absolute;font-family:'Calibri';left:94.59px;top:248px;">(b)</div><div id="a4139" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">If<div style="display:inline-block;width:5.72px"> </div>an<div style="display:inline-block;width:5.7px"> </div>Interest<div style="display:inline-block;width:6.13px"> </div>Period<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:5.74px"> </div>longer<div style="display:inline-block;width:5.54px"> </div>than<div style="display:inline-block;width:5.67px"> </div>three<div style="display:inline-block;width:5.83px"> </div>Months,<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Borrowers<div style="display:inline-block;width:6.14px"> </div>shall<div style="display:inline-block;width:5.66px"> </div>also<div style="display:inline-block;width:5.49px"> </div>pay<div style="display:inline-block;width:6.03px"> </div>interest<div style="display:inline-block;width:6.14px"> </div>then </div><div id="a4140" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">accrued on the<div style="display:inline-block;width:1.64px"> </div>Loan or the<div style="display:inline-block;width:1.33px"> </div>relevant part of the<div style="display:inline-block;width:1.62px"> </div>Loan on the<div style="display:inline-block;width:1.6px"> </div>dates falling at three<div style="display:inline-block;width:1.63px"> </div>Monthly intervals </div><div id="a4144" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">after the first day of the Interest Period. </div><div id="a4146" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:318px;">5.3</div><div id="a4148" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:318px;">Default interest </div><div id="a4150" style="position:absolute;font-family:'Calibri';left:94.59px;top:352px;">(a)</div><div id="a4152" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">If a Security Party<div style="display:inline-block;width:1.95px"> </div>fails to pay any amount payable by<div style="display:inline-block;width:1.77px"> </div>it under a Finance<div style="display:inline-block;width:1.27px"> </div>Document on its due<div style="display:inline-block;width:1.68px"> </div>date, </div><div id="a4156" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">interest shall accrue on the Unpaid<div style="display:inline-block;width:1.56px"> </div>Sum from the due date up<div style="display:inline-block;width:1.76px"> </div>to the date of actual<div style="display:inline-block;width:1.82px"> </div>payment (both </div><div id="a4157" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">before<div style="display:inline-block;width:4.7px"> </div>and after<div style="display:inline-block;width:4.67px"> </div>judgment) at<div style="display:inline-block;width:4.76px"> </div>a rate<div style="display:inline-block;width:5.14px"> </div>which, subject to<div style="display:inline-block;width:5.34px"> </div>paragraph </div><div id="a4158" style="position:absolute;font-family:'Calibri';left:538.49px;top:387px;"><a href="#a4185" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a4159" style="position:absolute;font-family:'Calibri';left:555.13px;top:387px;"><div style="display:inline-block;width:4px"> </div>below,<div style="display:inline-block;width:5.25px"> </div>is two<div style="display:inline-block;width:4.82px"> </div>per cent. per </div><div id="a4166" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">annum higher<div style="display:inline-block;width:5.07px"> </div>than the<div style="display:inline-block;width:5.23px"> </div>rate which<div style="display:inline-block;width:5.56px"> </div>would have<div style="display:inline-block;width:5.55px"> </div>been payable<div style="display:inline-block;width:5.56px"> </div>if the<div style="display:inline-block;width:5.13px"> </div>Unpaid Sum<div style="display:inline-block;width:4.94px"> </div>had, during<div style="display:inline-block;width:4.96px"> </div>the </div><div id="a4167" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">period<div style="display:inline-block;width:5.9px"> </div>of<div style="display:inline-block;width:5.99px"> </div>non-payment,<div style="display:inline-block;width:6.1px"> </div>constituted<div style="display:inline-block;width:6.09px"> </div>part<div style="display:inline-block;width:5.87px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Loan<div style="display:inline-block;width:5.66px"> </div>in<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.93px"> </div>currency<div style="display:inline-block;width:5.95px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Unpaid<div style="display:inline-block;width:5.73px"> </div>Sum<div style="display:inline-block;width:5.9px"> </div>for </div><div id="a4170" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">successive Interest Periods, each of a duration selected by<div style="display:inline-block;width:1.84px"> </div>the Agent.<div style="display:inline-block;width:6.08px"> </div>Any interest accruing under </div><div id="a4173" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">this Clause </div><div id="a4174" style="position:absolute;font-family:'Calibri';left:208.35px;top:459px;"><a href="#a4146" style="color:#000000;text-decoration:none;">5.3 (</a></div><div id="a4177" style="position:absolute;font-family:'Calibri';font-style:italic;left:234.27px;top:459px;">Default interest</div><div id="a4178" style="position:absolute;font-family:'Calibri';left:326.47px;top:459px;">) shall be<div style="display:inline-block;width:1.88px"> </div>immediately payable by the<div style="display:inline-block;width:1.95px"> </div>Borrowers on demand by the </div><div id="a4182" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Agent. </div><div id="a4185" style="position:absolute;font-family:'Calibri';left:94.59px;top:511px;">(b)</div><div id="a4187" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">If an Unpaid Sum consists of all or part<div style="display:inline-block;width:1.89px"> </div>of the Loan which became due on a day which<div style="display:inline-block;width:1.81px"> </div>was not the </div><div id="a4188" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">last day of an Interest Period relating to the Loan or that part of the Loan: </div><div id="a4190" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">(i)</div><div id="a4192" style="position:absolute;font-family:'Calibri';left:189.15px;top:563px;">the first Interest<div style="display:inline-block;width:4.7px"> </div>Period for that Unpaid Sum shall have<div style="display:inline-block;width:4.86px"> </div>a duration equal to the unexpired </div><div id="a4193" style="position:absolute;font-family:'Calibri';left:189.15px;top:581px;">portion of the current Interest Period relating to the Loan or that part of the Loan; and </div><div id="a4195" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">(ii)</div><div id="a4197" style="position:absolute;font-family:'Calibri';left:189.15px;top:615px;">the rate<div style="display:inline-block;width:5px"> </div>of interest<div style="display:inline-block;width:4.96px"> </div>applying to that<div style="display:inline-block;width:5.05px"> </div>Unpaid Sum during that<div style="display:inline-block;width:5.38px"> </div>first Interest<div style="display:inline-block;width:5.13px"> </div>Period shall be </div><div id="a4198" style="position:absolute;font-family:'Calibri';left:189.15px;top:632px;">two<div style="display:inline-block;width:4.76px"> </div>per cent.<div style="display:inline-block;width:5.45px"> </div>per annum<div style="display:inline-block;width:5.35px"> </div>higher than<div style="display:inline-block;width:5.39px"> </div>the rate<div style="display:inline-block;width:6.12px"> </div>which would<div style="display:inline-block;width:5.53px"> </div>have<div style="display:inline-block;width:4.75px"> </div>applied if<div style="display:inline-block;width:5.43px"> </div>that Unpaid </div><div id="a4202" style="position:absolute;font-family:'Calibri';left:189.15px;top:650px;">Sum had not become due.<div style="display:inline-block;width:2.73px"> </div></div><div id="a4204" style="position:absolute;font-family:'Calibri';left:94.59px;top:684px;">(c)</div><div id="a4206" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">Default interest (if unpaid) arising on an Unpaid Sum will<div style="display:inline-block;width:1.9px"> </div>be compounded with the Unpaid<div style="display:inline-block;width:1.98px"> </div>Sum at </div><div id="a4207" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">the end<div style="display:inline-block;width:5.09px"> </div>of each<div style="display:inline-block;width:5.2px"> </div>Interest Period<div style="display:inline-block;width:5.77px"> </div>applicable to<div style="display:inline-block;width:5.02px"> </div>that Unpaid<div style="display:inline-block;width:5.09px"> </div>Sum but<div style="display:inline-block;width:5.06px"> </div>will remain<div style="display:inline-block;width:5.19px"> </div>immediately due </div><div id="a4208" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">and payable. </div><div id="a4210" style="position:absolute;font-family:'Calibri';left:94.59px;top:754px;">(d)</div><div id="a4212" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">For the avoidance<div style="display:inline-block;width:1.37px"> </div>of doubt,<div style="display:inline-block;width:1.72px"> </div>this Clause </div><div id="a4213" style="position:absolute;font-family:'Calibri';left:372.55px;top:754px;"><a href="#a4146" style="color:#000000;text-decoration:none;">5.3 (</a></div><div id="a4216" style="position:absolute;font-family:'Calibri';font-style:italic;left:398.15px;top:754px;">Default interest</div><div id="a4217" style="position:absolute;font-family:'Calibri';left:490.17px;top:754px;">) does<div style="display:inline-block;width:1.87px"> </div>not apply<div style="display:inline-block;width:1.61px"> </div>to any<div style="display:inline-block;width:1.99px"> </div>amount payable </div><div id="a4218" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">under the Master Agreement in respect of any continuing Designated Transaction as to which the </div><div id="a4219" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">relevant provisions of the Master Agreement shall apply. </div><div id="a4221" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:824px;">5.4</div><div id="a4223" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:824px;">Notification of rates of interest </div><div id="a4225" style="position:absolute;font-family:'Calibri';left:94.59px;top:858px;">(a)</div><div id="a4227" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">The Agent shall promptly<div style="display:inline-block;width:5.24px"> </div>notify the Lenders and<div style="display:inline-block;width:4.74px"> </div>the Borrowers<div style="display:inline-block;width:4.19px"> </div>of the determination of<div style="display:inline-block;width:5px"> </div>a rate of </div><div id="a4234" style="position:absolute;font-family:'Calibri';left:141.79px;top:876px;">interest under this Agreement. </div><div id="a4236" style="position:absolute;font-family:'Calibri';left:94.59px;top:909px;">(b)</div><div id="a4238" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">The Agent shall promptly notify the Borrowers<div style="display:inline-block;width:2.46px"> </div>of each Funding Rate relating to the Loan, any part </div><div id="a4245" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">of the Loan or any Unpaid Sum. </div></div>
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<div id="Page34" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4249" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">6</div><div id="a4251" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">INTEREST PERIODS<div style="display:inline-block;width:3.22px"> </div></div><div id="a4253" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">6.1</div><div id="a4255" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:128px;">Selection of Interest Periods </div><div id="a4257" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(a)</div><div id="a4259" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">The Borrowers<div style="display:inline-block;width:6.19px"> </div>may<div style="display:inline-block;width:4.88px"> </div>select the<div style="display:inline-block;width:5.59px"> </div>Interest<div style="display:inline-block;width:4.85px"> </div>Period<div style="display:inline-block;width:4.88px"> </div>for<div style="display:inline-block;width:4.75px"> </div>the Loan<div style="display:inline-block;width:5.71px"> </div>in the<div style="display:inline-block;width:5.57px"> </div>Drawdown<div style="display:inline-block;width:5px"> </div>Notice. Subject<div style="display:inline-block;width:5.48px"> </div>to </div><div id="a4263" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">paragraphs (f) and<div style="display:inline-block;width:1.85px"> </div>(h) below, the Borrowers may select<div style="display:inline-block;width:1.69px"> </div>each subsequent Interest<div style="display:inline-block;width:1.91px"> </div>Period in respect </div><div id="a4266" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">of the Loan in a Selection Notice. </div><div id="a4270" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(b)</div><div id="a4272" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Each Selection Notice is<div style="display:inline-block;width:1.55px"> </div>irrevocable and must be<div style="display:inline-block;width:1.62px"> </div>delivered to the Agent<div style="display:inline-block;width:1.93px"> </div>by the Borrowers<div style="display:inline-block;width:2.22px"> </div>not later </div><div id="a4279" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">than five Business Days before the expiry of the preceding Interest Period. </div><div id="a4285" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">(c)</div><div id="a4287" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">If<div style="display:inline-block;width:5.72px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Borrowers<div style="display:inline-block;width:6.06px"> </div>fail<div style="display:inline-block;width:5.83px"> </div>to<div style="display:inline-block;width:5.69px"> </div>select<div style="display:inline-block;width:5.7px"> </div>an<div style="display:inline-block;width:5.54px"> </div>Interest<div style="display:inline-block;width:6.13px"> </div>Period<div style="display:inline-block;width:5.84px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.68px"> </div>Drawdown<div style="display:inline-block;width:6.28px"> </div>Notice<div style="display:inline-block;width:5.4px"> </div>or<div style="display:inline-block;width:5.67px"> </div>fail<div style="display:inline-block;width:5.99px"> </div>to<div style="display:inline-block;width:5.85px"> </div>deliver<div style="display:inline-block;width:5.63px"> </div>a </div><div id="a4297" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">Selection<div style="display:inline-block;width:5.66px"> </div>Notice<div style="display:inline-block;width:5.68px"> </div>to<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.81px"> </div>Agent<div style="display:inline-block;width:5.78px"> </div>in<div style="display:inline-block;width:5.69px"> </div>accordance<div style="display:inline-block;width:5.94px"> </div>with<div style="display:inline-block;width:5.75px"> </div>paragraphs </div><div id="a4301" style="position:absolute;font-family:'Calibri';left:528.25px;top:302px;"><a href="#a4257" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a4302" style="position:absolute;font-family:'Calibri';left:544.25px;top:302px;"><div style="display:inline-block;width:5.76px"> </div>and </div><div id="a4304" style="position:absolute;font-family:'Calibri';left:578.17px;top:302px;"><a href="#a4270" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a4305" style="position:absolute;font-family:'Calibri';left:594.81px;top:302px;"><div style="display:inline-block;width:5.8px"> </div>above,<div style="display:inline-block;width:6.1px"> </div>the<div style="display:inline-block;width:5.77px"> </div>relevant </div><div id="a4307" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">Interest Period,<div style="display:inline-block;width:4.03px"> </div>subject to paragraphs (f) and (h) below will be three Months. </div><div id="a4318" style="position:absolute;font-family:'Calibri';left:94.59px;top:354px;">(d)</div><div id="a4320" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Subject to this<div style="display:inline-block;width:5px"> </div>Clause 6 (</div><div id="a4324" style="position:absolute;font-family:'Calibri';font-style:italic;left:290.79px;top:354px;">Interest Periods</div><div id="a4325" style="position:absolute;font-family:'Calibri';left:384.23px;top:354px;">), the Borrowers<div style="display:inline-block;width:5.04px"> </div>may select<div style="display:inline-block;width:4.69px"> </div>an Interest Period<div style="display:inline-block;width:5.41px"> </div>of one or </div><div id="a4331" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">three Months<div style="display:inline-block;width:5.42px"> </div>or any<div style="display:inline-block;width:5.64px"> </div>other period<div style="display:inline-block;width:5.05px"> </div>agreed between<div style="display:inline-block;width:5.57px"> </div>the Borrowers<div style="display:inline-block;width:5.47px"> </div>and the<div style="display:inline-block;width:5.21px"> </div>Agent (acting<div style="display:inline-block;width:5.47px"> </div>on the </div><div id="a4339" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">instructions of all the Lenders). </div><div id="a4341" style="position:absolute;font-family:'Calibri';left:94.59px;top:423px;">(e)</div><div id="a4343" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">An<div style="display:inline-block;width:4.87px"> </div>Interest<div style="display:inline-block;width:5.49px"> </div>Period<div style="display:inline-block;width:5.2px"> </div>in<div style="display:inline-block;width:4.89px"> </div>respect<div style="display:inline-block;width:4.73px"> </div>of<div style="display:inline-block;width:5.06px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Loan<div style="display:inline-block;width:4.7px"> </div>or<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.07px"> </div>part<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Loan<div style="display:inline-block;width:4.86px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>not<div style="display:inline-block;width:4.85px"> </div>extend<div style="display:inline-block;width:5px"> </div>beyond<div style="display:inline-block;width:5.08px"> </div>the </div><div id="a4349" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">Termination Date<div style="display:inline-block;width:1.46px"> </div>. </div><div id="a4352" style="position:absolute;font-family:'Calibri';left:94.59px;top:475px;">(f)</div><div id="a4354" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">The first Interest Period<div style="display:inline-block;width:4.93px"> </div>for the Loan shall start on the Drawdown<div style="display:inline-block;width:4.84px"> </div>Date and, subject to paragraph </div><div id="a4358" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">(g) below,<div style="display:inline-block;width:7.11px"> </div>each subsequent<div style="display:inline-block;width:5.83px"> </div>Interest<div style="display:inline-block;width:5.17px"> </div>Period<div style="display:inline-block;width:4.88px"> </div>shall start<div style="display:inline-block;width:5.92px"> </div>on<div style="display:inline-block;width:4.66px"> </div>the last<div style="display:inline-block;width:5.97px"> </div>day<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the preceding<div style="display:inline-block;width:5.95px"> </div>Interest </div><div id="a4363" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">Period.<div style="display:inline-block;width:3.4px"> </div></div><div id="a4365" style="position:absolute;font-family:'Calibri';left:94.59px;top:545px;">(g)</div><div id="a4367" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">If<div style="display:inline-block;width:4.92px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Borrowers<div style="display:inline-block;width:5.1px"> </div>have<div style="display:inline-block;width:5.11px"> </div>selected<div style="display:inline-block;width:5.04px"> </div>an<div style="display:inline-block;width:4.9px"> </div>Interest<div style="display:inline-block;width:5.17px"> </div>Period<div style="display:inline-block;width:5.2px"> </div>which<div style="display:inline-block;width:4.73px"> </div>ends<div style="display:inline-block;width:4.89px"> </div>on<div style="display:inline-block;width:4.82px"> </div>a<div style="display:inline-block;width:4.95px"> </div>day<div style="display:inline-block;width:5.07px"> </div>which is<div style="display:inline-block;width:6.18px"> </div>after<div style="display:inline-block;width:5.07px"> </div>the<div style="display:inline-block;width:4.81px"> </div>next </div><div id="a4374" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">Repayment<div style="display:inline-block;width:6.08px"> </div>Date,<div style="display:inline-block;width:5.7px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Agent<div style="display:inline-block;width:5.62px"> </div>may<div style="display:inline-block;width:5.84px"> </div>shorten<div style="display:inline-block;width:5.46px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Interest<div style="display:inline-block;width:5.97px"> </div>Period<div style="display:inline-block;width:5.68px"> </div>as<div style="display:inline-block;width:5.59px"> </div>necessary<div style="display:inline-block;width:5.28px"> </div>to<div style="display:inline-block;width:5.53px"> </div>ensure<div style="display:inline-block;width:5.75px"> </div>that<div style="display:inline-block;width:5.57px"> </div>the </div><div id="a4375" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">Interest Period ends on the relevant Repayment Date<div style="display:inline-block;width:1.36px"> </div>. </div><div id="a4378" style="position:absolute;font-family:'Calibri';left:94.59px;top:615px;">(h)</div><div id="a4380" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">The Loan shall have one Interest Period only at any time. </div><div id="a4384" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:648px;">6.2</div><div id="a4386" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:648px;">Non-Business Days </div><div id="a4390" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">If an Interest<div style="display:inline-block;width:1.93px"> </div>Period would otherwise<div style="display:inline-block;width:1.29px"> </div>end on a<div style="display:inline-block;width:1.45px"> </div>day which<div style="display:inline-block;width:1.99px"> </div>is not a<div style="display:inline-block;width:1.37px"> </div>Business Day, that Interest Period </div><div id="a4391" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">will instead end on the next Business Day in that calendar<div style="display:inline-block;width:1.75px"> </div>month (if there is one) or the preceding </div><div id="a4393" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">Business Day (if there is not). </div><div id="a4395" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:752px;">7</div><div id="a4397" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:752px;">CHANGES TO THE CALCULATION OF INTEREST </div><div id="a4401" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:786px;">7.1</div><div id="a4403" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:786px;">Unavailability of Term SOFR </div><div id="a4408" style="position:absolute;font-family:'Calibri';left:94.59px;top:820px;">(a)</div><div id="a4410" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:820px;">Interpolated Term<div style="display:inline-block;width:6.4px"> </div>SOFR</div><div id="a4412" style="position:absolute;font-family:'Calibri';left:285.51px;top:820px;">:<div style="display:inline-block;width:8.38px"> </div>If no<div style="display:inline-block;width:4.81px"> </div>Term<div style="display:inline-block;width:5.44px"> </div>SOFR is<div style="display:inline-block;width:4.75px"> </div>available for<div style="display:inline-block;width:5.62px"> </div>the Interest<div style="display:inline-block;width:5.22px"> </div>Period of<div style="display:inline-block;width:5.14px"> </div>the Loan<div style="display:inline-block;width:4.91px"> </div>or any </div><div id="a4416" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">part of the Loan,<div style="display:inline-block;width:4.68px"> </div>the applicable Reference<div style="display:inline-block;width:5.25px"> </div>Rate shall be the<div style="display:inline-block;width:5.02px"> </div>Interpolated Term<div style="display:inline-block;width:5.56px"> </div>SOFR for a<div style="display:inline-block;width:4.71px"> </div>period </div><div id="a4424" style="position:absolute;font-family:'Calibri';left:141.79px;top:856px;">equal in length to the Interest Period of the Loan or that part of the Loan. </div><div id="a4426" style="position:absolute;font-family:'Calibri';left:94.59px;top:890px;">(b)</div><div id="a4428" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:890px;">Shortened Interest Period</div><div id="a4429" style="position:absolute;font-family:'Calibri';left:293.83px;top:890px;">:<div style="display:inline-block;width:7.1px"> </div>If no Term<div style="display:inline-block;width:5.49px"> </div>SOFR is available for<div style="display:inline-block;width:4.96px"> </div>the Interest Period<div style="display:inline-block;width:4.85px"> </div>of the Loan or any </div><div id="a4433" style="position:absolute;font-family:'Calibri';left:141.79px;top:907px;">part of the Loan and it is<div style="display:inline-block;width:1.92px"> </div>not possible to calculate the Interpolated Term SOFR, the Interest Period </div><div id="a4434" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">of the Loan<div style="display:inline-block;width:1.81px"> </div>or that part<div style="display:inline-block;width:1.97px"> </div>of the Loan<div style="display:inline-block;width:1.97px"> </div>shall (if it<div style="display:inline-block;width:1.88px"> </div>is longer than<div style="display:inline-block;width:1.66px"> </div>the applicable Fallback Interest Period) </div></div>
</div>
<div style="padding: 7px">
<div id="Page35" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4440" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">be shortened to the applicable Fallback Interest Period and the<div style="display:inline-block;width:1.91px"> </div>applicable Reference Rate for that </div><div id="a4441" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">shortened Interest Period shall be determined pursuant to the definition of "</div><div id="a4443" style="position:absolute;font-family:'Calibri';font-weight:bold;left:599.49px;top:112px;">Reference Rate</div><div id="a4444" style="position:absolute;font-family:'Calibri';left:692.45px;top:112px;">". </div><div id="a4447" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(c)</div><div id="a4449" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:146px;">Cost<div style="display:inline-block;width:5.14px"> </div>of<div style="display:inline-block;width:4.75px"> </div>funds</div><div id="a4450" style="position:absolute;font-family:'Calibri';left:222.11px;top:146px;">:<div style="display:inline-block;width:9.82px"> </div>If<div style="display:inline-block;width:4.76px"> </div>paragraph </div><div id="a4451" style="position:absolute;font-family:'Calibri';left:315.11px;top:146px;"><a href="#a4426" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a4452" style="position:absolute;font-family:'Calibri';left:331.59px;top:146px;"><div style="display:inline-block;width:4.96px"> </div>above<div style="display:inline-block;width:4.97px"> </div>applies<div style="display:inline-block;width:4.68px"> </div>but<div style="display:inline-block;width:4.91px"> </div>no<div style="display:inline-block;width:4.66px"> </div>Term<div style="display:inline-block;width:6.08px"> </div>SOFR<div style="display:inline-block;width:4.73px"> </div>is<div style="display:inline-block;width:4.78px"> </div>available<div style="display:inline-block;width:5.07px"> </div>for<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:4.81px"> </div>applicable </div><div id="a4455" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">Fallback<div style="display:inline-block;width:5.88px"> </div>Interest<div style="display:inline-block;width:5.97px"> </div>Period<div style="display:inline-block;width:5.84px"> </div>or<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Interest<div style="display:inline-block;width:5.97px"> </div>Period<div style="display:inline-block;width:5.84px"> </div>is<div style="display:inline-block;width:5.42px"> </div>shorter<div style="display:inline-block;width:5.67px"> </div>than<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.61px"> </div>applicable<div style="display:inline-block;width:5.54px"> </div>Fallback<div style="display:inline-block;width:5.72px"> </div>Interest </div><div id="a4456" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">Period, there shall be<div style="display:inline-block;width:4.94px"> </div>no Reference Rate<div style="display:inline-block;width:5.2px"> </div>for the Loan or that<div style="display:inline-block;width:4.92px"> </div>part of the Loan (as applicable)<div style="display:inline-block;width:4.86px"> </div>and </div><div id="a4460" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">Clause </div><div id="a4461" style="position:absolute;font-family:'Calibri';left:184.19px;top:200px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4462" style="position:absolute;font-family:'Calibri';left:202.75px;top:200px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a4464" style="position:absolute;font-family:'Calibri';font-style:italic;left:210.59px;top:200px;">Cost of funds</div><div id="a4465" style="position:absolute;font-family:'Calibri';left:287.75px;top:200px;">) shall apply to the Loan or that part of the Loan for that Interest Period. </div><div id="a4467" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">7.2</div><div id="a4469" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:234px;">Market disruption </div><div id="a4471" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">If before<div style="display:inline-block;width:5.82px"> </div>close of<div style="display:inline-block;width:5.01px"> </div>business in<div style="display:inline-block;width:4.79px"> </div>London on<div style="display:inline-block;width:5.06px"> </div>the Quotation<div style="display:inline-block;width:5.09px"> </div>Day for<div style="display:inline-block;width:5.74px"> </div>the relevant<div style="display:inline-block;width:5.54px"> </div>Interest Period<div style="display:inline-block;width:1.6px"> </div>,<div style="display:inline-block;width:4.17px"> </div>the </div><div id="a4476" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">Agent<div style="display:inline-block;width:5.3px"> </div>receives<div style="display:inline-block;width:5.47px"> </div>notification<div style="display:inline-block;width:4.94px"> </div>from<div style="display:inline-block;width:5.49px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Lender<div style="display:inline-block;width:4.96px"> </div>or<div style="display:inline-block;width:5.19px"> </div>Lenders<div style="display:inline-block;width:5.06px"> </div>(whose<div style="display:inline-block;width:5.08px"> </div>participations<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Loan<div style="display:inline-block;width:5.02px"> </div>or<div style="display:inline-block;width:5.19px"> </div>the </div><div id="a4479" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">relevant part of the Loan exceed<div style="display:inline-block;width:4.97px"> </div>50 per cent. of the Loan or that part of the Loan as appropriate) </div><div id="a4487" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">that its cost<div style="display:inline-block;width:5.1px"> </div>of funds relating<div style="display:inline-block;width:4.87px"> </div>to its participation<div style="display:inline-block;width:5.01px"> </div>in the Loan or<div style="display:inline-block;width:5.13px"> </div>that part of<div style="display:inline-block;width:4.69px"> </div>the Loan would<div style="display:inline-block;width:4.81px"> </div>be in </div><div id="a4494" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">excess of the Market Disruption Rate<div style="display:inline-block;width:1.85px"> </div>then Clause </div><div id="a4497" style="position:absolute;font-family:'Calibri';left:435.77px;top:339px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4498" style="position:absolute;font-family:'Calibri';left:454.33px;top:339px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a4500" style="position:absolute;font-family:'Calibri';font-style:italic;left:461.69px;top:339px;">Cost of funds</div><div id="a4501" style="position:absolute;font-family:'Calibri';left:538.33px;top:339px;">) shall apply<div style="display:inline-block;width:1.98px"> </div>to the Loan<div style="display:inline-block;width:1.99px"> </div>or that </div><div id="a4502" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">part of the Loan (as applicable) for the relevant Interest Period. </div><div id="a4504" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:391px;">7.3</div><div id="a4506" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:391px;">Cost of funds </div><div id="a4508" style="position:absolute;font-family:'Calibri';left:94.59px;top:425px;">(a)</div><div id="a4510" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">If this Clause </div><div id="a4511" style="position:absolute;font-family:'Calibri';left:220.83px;top:425px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4512" style="position:absolute;font-family:'Calibri';left:239.39px;top:425px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a4514" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.23px;top:425px;">Cost of funds</div><div id="a4515" style="position:absolute;font-family:'Calibri';left:324.39px;top:425px;">) applies, the rate of interest on each Lender's share of the Loan or </div><div id="a4518" style="position:absolute;font-family:'Calibri';left:141.79px;top:443px;">the<div style="display:inline-block;width:4.97px"> </div>relevant<div style="display:inline-block;width:5.34px"> </div>part<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Loan<div style="display:inline-block;width:4.86px"> </div>for<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:4.81px"> </div>relevant<div style="display:inline-block;width:5.5px"> </div>Interest<div style="display:inline-block;width:5.17px"> </div>Period<div style="display:inline-block;width:5.2px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>be<div style="display:inline-block;width:4.78px"> </div>the<div style="display:inline-block;width:4.97px"> </div>percentage<div style="display:inline-block;width:5.43px"> </div>rate<div style="display:inline-block;width:5.44px"> </div>per </div><div id="a4519" style="position:absolute;font-family:'Calibri';left:141.79px;top:461px;">annum which is the sum of: </div><div id="a4521" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">(i)</div><div id="a4523" style="position:absolute;font-family:'Calibri';left:189.15px;top:495px;">the Margin; and </div><div id="a4525" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">(ii)</div><div id="a4527" style="position:absolute;font-family:'Calibri';left:189.15px;top:529px;">the<div style="display:inline-block;width:6.25px"> </div>weighted<div style="display:inline-block;width:6.63px"> </div>average<div style="display:inline-block;width:6.95px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:6.41px"> </div>rates<div style="display:inline-block;width:6.72px"> </div>notified<div style="display:inline-block;width:6.23px"> </div>to<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:6.16px"> </div>Agent<div style="display:inline-block;width:6.58px"> </div>by<div style="display:inline-block;width:6.32px"> </div>each<div style="display:inline-block;width:6.23px"> </div>Lender<div style="display:inline-block;width:6.08px"> </div>as<div style="display:inline-block;width:6.23px"> </div>soon<div style="display:inline-block;width:6.34px"> </div>as </div><div id="a4531" style="position:absolute;font-family:'Calibri';left:189.15px;top:547px;">practicable and<div style="display:inline-block;width:5.38px"> </div>in any<div style="display:inline-block;width:5.35px"> </div>event before<div style="display:inline-block;width:5.85px"> </div>interest<div style="display:inline-block;width:4.86px"> </div>is due<div style="display:inline-block;width:4.91px"> </div>to be<div style="display:inline-block;width:5.23px"> </div>paid in<div style="display:inline-block;width:4.94px"> </div>respect of<div style="display:inline-block;width:5.15px"> </div>that Interest </div><div id="a4532" style="position:absolute;font-family:'Calibri';left:189.15px;top:565px;">Period to be<div style="display:inline-block;width:1.98px"> </div>that which expresses<div style="display:inline-block;width:1.73px"> </div>as a percentage<div style="display:inline-block;width:1.95px"> </div>rate per annum its<div style="display:inline-block;width:1.5px"> </div>cost of funds<div style="display:inline-block;width:1.53px"> </div>relating </div><div id="a4536" style="position:absolute;font-family:'Calibri';left:189.15px;top:583px;">to its participation in the Loan or that part of the Loan. </div><div id="a4540" style="position:absolute;font-family:'Calibri';left:94.59px;top:616px;">(b)</div><div id="a4542" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">If this Clause </div><div id="a4543" style="position:absolute;font-family:'Calibri';left:219.71px;top:616px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4544" style="position:absolute;font-family:'Calibri';left:238.27px;top:616px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a4546" style="position:absolute;font-family:'Calibri';font-style:italic;left:245.79px;top:616px;">Cost of funds</div><div id="a4547" style="position:absolute;font-family:'Calibri';left:322.15px;top:616px;">) applies and the<div style="display:inline-block;width:1.81px"> </div>Agent or the Borrowers<div style="display:inline-block;width:2.13px"> </div>so requires, the Agent and </div><div id="a4557" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">the Borrowers<div style="display:inline-block;width:3.52px"> </div>shall enter into negotiations (for a period of not more than 30 days) with a view to </div><div id="a4561" style="position:absolute;font-family:'Calibri';left:141.79px;top:652px;">agreeing<div style="display:inline-block;width:6.47px"> </div>a<div style="display:inline-block;width:6.39px"> </div>substitute<div style="display:inline-block;width:6.75px"> </div>basis<div style="display:inline-block;width:6.16px"> </div>for<div style="display:inline-block;width:6.76px"> </div>determining<div style="display:inline-block;width:6.24px"> </div>the<div style="display:inline-block;width:6.41px"> </div>rate<div style="display:inline-block;width:6.88px"> </div>of<div style="display:inline-block;width:6.47px"> </div>interest<div style="display:inline-block;width:6.78px"> </div>or<div style="display:inline-block;width:6.47px"> </div>(as<div style="display:inline-block;width:6.25px"> </div>the<div style="display:inline-block;width:6.41px"> </div>case<div style="display:inline-block;width:6.41px"> </div>may<div style="display:inline-block;width:6.64px"> </div>be)<div style="display:inline-block;width:6.4px"> </div>an </div><div id="a4562" style="position:absolute;font-family:'Calibri';left:141.79px;top:670px;">alternative basis for funding. </div><div id="a4564" style="position:absolute;font-family:'Calibri';left:94.59px;top:704px;">(c)</div><div id="a4566" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">Subject<div style="display:inline-block;width:5.05px"> </div>to<div style="display:inline-block;width:5.21px"> </div>Clause </div><div id="a4567" style="position:absolute;font-family:'Calibri';left:252.83px;top:704px;"><a href="#a10559" style="color:#000000;text-decoration:none;">27.4</a></div><div id="a4568" style="position:absolute;font-family:'Calibri';left:278.95px;top:704px;"><div style="display:inline-block;width:5.12px"> </div>(</div><div id="a4570" style="position:absolute;font-family:'Calibri';font-style:italic;left:288.55px;top:704px;">Changes<div style="display:inline-block;width:4.8px"> </div>to<div style="display:inline-block;width:5.3px"> </div>reference</div><div id="a4571" style="position:absolute;font-family:'Calibri';left:417.83px;top:704px;"><div style="display:inline-block;width:5.12px"> </div>r</div><div id="a4573" style="position:absolute;font-family:'Calibri';font-style:italic;left:428.09px;top:704px;">ates</div><div id="a4575" style="position:absolute;font-family:'Calibri';left:453.21px;top:704px;">),<div style="display:inline-block;width:4.98px"> </div>any<div style="display:inline-block;width:5.39px"> </div>substitute<div style="display:inline-block;width:5.31px"> </div>or<div style="display:inline-block;width:5.03px"> </div>alternative<div style="display:inline-block;width:5.32px"> </div>basis<div style="display:inline-block;width:4.88px"> </div>agreed </div><div id="a4576" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">pursuant to paragraph </div><div id="a4577" style="position:absolute;font-family:'Calibri';left:277.83px;top:722px;"><a href="#a4540" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a4578" style="position:absolute;font-family:'Calibri';left:294.31px;top:722px;"><div style="display:inline-block;width:2.88px"> </div>above shall, with<div style="display:inline-block;width:1.42px"> </div>the prior consent<div style="display:inline-block;width:1.49px"> </div>of all the<div style="display:inline-block;width:1.53px"> </div>Lenders and the<div style="display:inline-block;width:1.66px"> </div>Borrowers, </div><div id="a4582" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">be binding on all Parties. </div><div id="a4584" style="position:absolute;font-family:'Calibri';left:94.59px;top:774px;">(d)</div><div id="a4586" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">If paragraph (e) below does not apply and any<div style="display:inline-block;width:4.78px"> </div>rate notified to the Agent under sub-paragraph </div><div id="a4595" style="position:absolute;font-family:'Calibri';left:705.89px;top:774px;"><a href="#a4525" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a4597" style="position:absolute;font-family:'Calibri';left:141.79px;top:792px;">of paragraph </div><div id="a4598" style="position:absolute;font-family:'Calibri';left:222.11px;top:792px;"><a href="#a4508" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a4599" style="position:absolute;font-family:'Calibri';left:237.95px;top:792px;"><div style="display:inline-block;width:3.36px"> </div>above is less than zero, the relevant rate shall be deemed to be zero. </div><div id="a4602" style="position:absolute;font-family:'Calibri';left:94.59px;top:826px;">(e)</div><div id="a4604" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">If this Clause </div><div id="a4605" style="position:absolute;font-family:'Calibri';left:220.67px;top:826px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4606" style="position:absolute;font-family:'Calibri';left:239.23px;top:826px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a4608" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.07px;top:826px;">Cost of funds</div><div id="a4609" style="position:absolute;font-family:'Calibri';left:324.23px;top:826px;">) applies pursuant to Clause 7.2 (</div><div id="a4613" style="position:absolute;font-family:'Calibri';font-style:italic;left:518.97px;top:826px;">Market disruption</div><div id="a4614" style="position:absolute;font-family:'Calibri';left:626.05px;top:826px;">) and: </div><div id="a4616" style="position:absolute;font-family:'Calibri';left:141.79px;top:860px;">(i)</div><div id="a4618" style="position:absolute;font-family:'Calibri';left:189.15px;top:860px;">a Lender's Funding Rate is less than the Market Disruption Rate; or </div><div id="a4622" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">(ii)</div><div id="a4624" style="position:absolute;font-family:'Calibri';left:189.15px;top:893px;">a Lender does not notify a rate by the time specified<div style="display:inline-block;width:1.7px"> </div>in sub-paragraph </div><div id="a4627" style="position:absolute;font-family:'Calibri';left:606.85px;top:893px;"><a href="#a4525" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a4628" style="position:absolute;font-family:'Calibri';left:622.53px;top:893px;"><div style="display:inline-block;width:3.2px"> </div>of paragraph </div><div id="a4630" style="position:absolute;font-family:'Calibri';left:705.73px;top:893px;"><a href="#a4508" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a4632" style="position:absolute;font-family:'Calibri';left:189.15px;top:911px;">above, </div></div>
</div>
<div style="padding: 7px">
<div id="Page36" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4636" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">that Lender's cost of funds relating to its participation in the Loan or the relevant part of the Loan </div><div id="a4642" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">for that Interest Period<div style="display:inline-block;width:1.68px"> </div>shall be<div style="display:inline-block;width:1.84px"> </div>deemed, for<div style="display:inline-block;width:1.92px"> </div>the purposes<div style="display:inline-block;width:1.59px"> </div>of paragraph </div><div id="a4643" style="position:absolute;font-family:'Calibri';left:561.37px;top:112px;"><a href="#a4508" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a4644" style="position:absolute;font-family:'Calibri';left:577.37px;top:112px;"><div style="display:inline-block;width:2.56px"> </div>above, to be<div style="display:inline-block;width:1.47px"> </div>the Market </div><div id="a4648" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Disruption Rate. </div><div id="a4651" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">(f)</div><div id="a4653" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">If this Clause </div><div id="a4654" style="position:absolute;font-family:'Calibri';left:221.31px;top:164px;"><a href="#a4504" style="color:#000000;text-decoration:none;">7.3</a></div><div id="a4655" style="position:absolute;font-family:'Calibri';left:239.87px;top:164px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a4657" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.87px;top:164px;">Cost of funds</div><div id="a4658" style="position:absolute;font-family:'Calibri';left:325.51px;top:164px;">) applies but any Lender does not notify a rate<div style="display:inline-block;width:5.32px"> </div>to the Agent by the </div><div id="a4661" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">time specified in sub-paragraph </div><div id="a4664" style="position:absolute;font-family:'Calibri';left:334.79px;top:182px;"><a href="#a4525" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a4665" style="position:absolute;font-family:'Calibri';left:350.47px;top:182px;"><div style="display:inline-block;width:3.52px"> </div>of paragraph </div><div id="a4667" style="position:absolute;font-family:'Calibri';left:434.81px;top:182px;"><a href="#a4508" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a4668" style="position:absolute;font-family:'Calibri';left:450.65px;top:182px;"><div style="display:inline-block;width:3.68px"> </div>above the rate of<div style="display:inline-block;width:4.82px"> </div>interest shall be calculated </div><div id="a4670" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">on the basis of the rates notified by the remaining Lenders. </div><div id="a4675" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">7.4</div><div id="a4677" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:234px;">Break Costs </div><div id="a4679" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(a)</div><div id="a4681" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">The Borrowers<div style="display:inline-block;width:1.95px"> </div>shall, within<div style="display:inline-block;width:1.46px"> </div>three Business<div style="display:inline-block;width:1.61px"> </div>Days of demand<div style="display:inline-block;width:1.08px"> </div>by a<div style="display:inline-block;width:1.92px"> </div>Creditor Party, pay to<div style="display:inline-block;width:1.7px"> </div>that Creditor </div><div id="a4690" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">Party its<div style="display:inline-block;width:4.98px"> </div>Break Costs<div style="display:inline-block;width:4.85px"> </div>attributable to<div style="display:inline-block;width:5.02px"> </div>all or any<div style="display:inline-block;width:5.47px"> </div>part of the<div style="display:inline-block;width:5.05px"> </div>Loan or Unpaid<div style="display:inline-block;width:5.12px"> </div>Sum being paid<div style="display:inline-block;width:4.89px"> </div>by the </div><div id="a4691" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">Borrowers<div style="display:inline-block;width:3.5px"> </div>on a day prior to the<div style="display:inline-block;width:1.84px"> </div>last day of an Interest Period for the Loan, the<div style="display:inline-block;width:1.64px"> </div>relevant part of the </div><div id="a4697" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">Loan or that Unpaid Sum. </div><div id="a4699" style="position:absolute;font-family:'Calibri';left:94.59px;top:355px;">(b)</div><div id="a4701" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">Each<div style="display:inline-block;width:5.81px"> </div>Lender<div style="display:inline-block;width:5.44px"> </div>shall,<div style="display:inline-block;width:5.35px"> </div>as<div style="display:inline-block;width:5.43px"> </div>soon<div style="display:inline-block;width:5.38px"> </div>as<div style="display:inline-block;width:5.59px"> </div>reasonably<div style="display:inline-block;width:5.49px"> </div>practicable<div style="display:inline-block;width:5.62px"> </div>after<div style="display:inline-block;width:5.71px"> </div>a<div style="display:inline-block;width:5.43px"> </div>demand<div style="display:inline-block;width:5.38px"> </div>by<div style="display:inline-block;width:5.52px"> </div>the<div style="display:inline-block;width:5.4px"> </div>Agent,<div style="display:inline-block;width:5.79px"> </div>provide<div style="display:inline-block;width:5.63px"> </div>a </div><div id="a4704" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">certificate<div style="display:inline-block;width:4.99px"> </div>confirming the<div style="display:inline-block;width:5.65px"> </div>amount<div style="display:inline-block;width:4.69px"> </div>of its<div style="display:inline-block;width:5.87px"> </div>Break Costs<div style="display:inline-block;width:5.81px"> </div>for<div style="display:inline-block;width:5px"> </div>any<div style="display:inline-block;width:4.75px"> </div>Interest<div style="display:inline-block;width:5.01px"> </div>Period<div style="display:inline-block;width:4.88px"> </div>in<div style="display:inline-block;width:4.67px"> </div>respect of<div style="display:inline-block;width:5.79px"> </div>which </div><div id="a4707" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">they become or may become payable. </div><div id="a4712" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:425px;">8</div><div id="a4714" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:425px;">REPAYMENT<div style="display:inline-block;width:5.3px"> </div>AND PREPAYMENT<div style="display:inline-block;width:4.97px"> </div></div><div id="a4716" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:459px;">8.1</div><div id="a4718" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:459px;">Amount of repayment instalments </div><div id="a4720" style="position:absolute;font-family:'Calibri';left:142.59px;top:492px;">(a)</div><div id="a4722" style="position:absolute;font-family:'Calibri';left:190.59px;top:492px;">The Borrowers shall repay the Loan by:<div style="display:inline-block;width:3.62px"> </div></div><div id="a4728" style="position:absolute;font-family:'Calibri';left:94.59px;top:525px;">(b)</div><div id="a4730" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">23 equal<div style="display:inline-block;width:5.65px"> </div>consecutive quarterly<div style="display:inline-block;width:5.7px"> </div>instalments<div style="display:inline-block;width:4.67px"> </div>(each, a<div style="display:inline-block;width:5.47px"> </div>"</div><div id="a4734" style="position:absolute;font-family:'Calibri';font-weight:bold;left:465.85px;top:525px;">Repayment<div style="display:inline-block;width:4.96px"> </div>Instalment</div><div id="a4735" style="position:absolute;font-family:'Calibri';left:606.37px;top:525px;">" and,<div style="display:inline-block;width:5.54px"> </div>in the<div style="display:inline-block;width:5.73px"> </div>plural </div><div id="a4736" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">means, all of them) each in an amount equal to $4,453,749; and<div style="display:inline-block;width:2.11px"> </div></div><div id="a4743" style="position:absolute;font-family:'Calibri';left:94.59px;top:577px;">(c)</div><div id="a4745" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">a balloon instalment in an amount of $64,826,798 (the "</div><div id="a4751" style="position:absolute;font-family:'Calibri';font-weight:bold;left:476.41px;top:577px;">Balloon Instalment</div><div id="a4752" style="position:absolute;font-family:'Calibri';left:591.93px;top:577px;">"); </div><div id="a4754" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:611px;">8.2</div><div id="a4756" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:611px;">Repayment Dates </div><div id="a4758" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">The first<div style="display:inline-block;width:6.37px"> </div>Repayment<div style="display:inline-block;width:5.12px"> </div>Instalment<div style="display:inline-block;width:4.82px"> </div>in respect<div style="display:inline-block;width:5.81px"> </div>of<div style="display:inline-block;width:4.74px"> </div>the Loan<div style="display:inline-block;width:5.57px"> </div>shall be<div style="display:inline-block;width:5.84px"> </div>repaid<div style="display:inline-block;width:4.72px"> </div>on<div style="display:inline-block;width:4.66px"> </div>the date<div style="display:inline-block;width:6.1px"> </div>falling<div style="display:inline-block;width:4.75px"> </div>three </div><div id="a4761" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">Months after the Drawdown Date, each subsequent Repayment Instalment in respect of the Loan </div><div id="a4763" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">shall be repaid at quarterly intervals<div style="display:inline-block;width:4.96px"> </div>thereafter and the Balloon Instalment shall be repaid<div style="display:inline-block;width:4.85px"> </div>on the </div><div id="a4766" style="position:absolute;font-family:'Calibri';left:141.79px;top:698px;">Termination Date. </div><div id="a4768" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:732px;">8.3</div><div id="a4770" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:732px;">Final Repayment Date </div><div id="a4772" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">On the final Repayment Date, the Borrowers shall additionally pay to the Agent for the account of </div><div id="a4773" style="position:absolute;font-family:'Calibri';left:141.79px;top:784px;">the Creditor Parties all other sums then accrued or owing under any Finance Document. </div><div id="a4775" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:818px;">8.4</div><div id="a4777" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:818px;">Voluntary prepayment </div><div id="a4779" style="position:absolute;font-family:'Calibri';left:141.79px;top:852px;">Subject to the following conditions, the Borrowers<div style="display:inline-block;width:5.14px"> </div>may prepay the whole or<div style="display:inline-block;width:4.76px"> </div>any part of the Loan </div><div id="a4780" style="position:absolute;font-family:'Calibri';left:141.79px;top:870px;">on the last day of an Interest Period. </div><div id="a4782" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:904px;">8.5</div><div id="a4784" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:904px;">Conditions for voluntary prepayment </div><div id="a4786" style="position:absolute;font-family:'Calibri';left:141.79px;top:938px;">The conditions referred to in Clause </div><div id="a4787" style="position:absolute;font-family:'Calibri';left:358.31px;top:938px;"><a href="#a4775" style="color:#000000;text-decoration:none;">8.4</a></div><div id="a4788" style="position:absolute;font-family:'Calibri';left:376.87px;top:938px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a4790" style="position:absolute;font-family:'Calibri';font-style:italic;left:384.71px;top:938px;">Voluntary prepayment</div><div id="a4792" style="position:absolute;font-family:'Calibri';left:518.49px;top:938px;">) are that: </div></div>
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<div id="Page37" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a4796" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a4798" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">a partial prepayment shall be $500,000 or a higher integral multiple of $500,000; </div><div id="a4800" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(b)</div><div id="a4802" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">the Agent<div style="display:inline-block;width:4.87px"> </div>has received<div style="display:inline-block;width:4.74px"> </div>from the<div style="display:inline-block;width:4.9px"> </div>Borrowers at<div style="display:inline-block;width:5.21px"> </div>least five<div style="display:inline-block;width:4.84px"> </div>days' prior<div style="display:inline-block;width:4.85px"> </div>written notice<div style="display:inline-block;width:4.69px"> </div>specifying the </div><div id="a4805" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">amount to be prepaid and the date on which the prepayment is to be made;<div style="display:inline-block;width:2.93px"> </div></div><div id="a4807" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">(c)</div><div id="a4809" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">the Borrowers have provided evidence satisfactory to the Agent that any consent required by any </div><div id="a4810" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Borrower or any Security<div style="display:inline-block;width:1.21px"> </div>Party in connection<div style="display:inline-block;width:1.6px"> </div>with the<div style="display:inline-block;width:1.8px"> </div>prepayment has been<div style="display:inline-block;width:1.75px"> </div>obtained and remains </div><div id="a4811" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">in force,<div style="display:inline-block;width:6.04px"> </div>and that<div style="display:inline-block;width:5.48px"> </div>any regulation<div style="display:inline-block;width:5.84px"> </div>relevant<div style="display:inline-block;width:4.86px"> </div>to this<div style="display:inline-block;width:5.52px"> </div>Agreement which<div style="display:inline-block;width:5.54px"> </div>affects<div style="display:inline-block;width:4.97px"> </div>any Borrower<div style="display:inline-block;width:5.87px"> </div>or any </div><div id="a4813" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">Security Party has been complied with; and </div><div id="a4815" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(d)</div><div id="a4817" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">the Borrowers have complied with<div style="display:inline-block;width:1.62px"> </div>Clause </div><div id="a4818" style="position:absolute;font-family:'Calibri';left:390.31px;top:268px;"><a href="#a4994" style="color:#000000;text-decoration:none;">8.13</a></div><div id="a4819" style="position:absolute;font-family:'Calibri';left:416.39px;top:268px;"><div style="display:inline-block;width:2.88px"> </div>(</div><div id="a4821" style="position:absolute;font-family:'Calibri';font-style:italic;left:423.75px;top:268px;">Unwinding of Designated<div style="display:inline-block;width:1.61px"> </div>Transactions</div><div id="a4822" style="position:absolute;font-family:'Calibri';left:651.49px;top:268px;">) on or<div style="display:inline-block;width:1.77px"> </div>prior </div><div id="a4823" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">to the date of prepayment. </div><div id="a4825" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:320px;">8.6</div><div id="a4827" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:320px;">Effect of notice of prepayment </div><div id="a4829" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">A prepayment notice may not be withdrawn or amended without the consent of the Agent, given </div><div id="a4830" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">with the<div style="display:inline-block;width:1.8px"> </div>authorisation of<div style="display:inline-block;width:1.5px"> </div>the Majority<div style="display:inline-block;width:1.66px"> </div>Lenders, and<div style="display:inline-block;width:1.78px"> </div>the amount<div style="display:inline-block;width:1.69px"> </div>specified in<div style="display:inline-block;width:1.65px"> </div>the prepayment notice </div><div id="a4831" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">shall<div style="display:inline-block;width:5.18px"> </div>become<div style="display:inline-block;width:5.43px"> </div>due<div style="display:inline-block;width:5.21px"> </div>and<div style="display:inline-block;width:5.16px"> </div>payable<div style="display:inline-block;width:5.4px"> </div>by<div style="display:inline-block;width:5.36px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Borrowers<div style="display:inline-block;width:5.66px"> </div>on<div style="display:inline-block;width:5.14px"> </div>the<div style="display:inline-block;width:5.29px"> </div>date<div style="display:inline-block;width:5.58px"> </div>for<div style="display:inline-block;width:5.48px"> </div>prepayment<div style="display:inline-block;width:5.53px"> </div>specified<div style="display:inline-block;width:5.21px"> </div>in<div style="display:inline-block;width:5.21px"> </div>the </div><div id="a4833" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">prepayment notice. </div><div id="a4835" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:441px;">8.7</div><div id="a4837" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:441px;">Notification of notice of prepayment </div><div id="a4839" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">The Agent shall<div style="display:inline-block;width:1.44px"> </div>notify the<div style="display:inline-block;width:1.65px"> </div>Lenders promptly upon<div style="display:inline-block;width:1.49px"> </div>receiving a<div style="display:inline-block;width:1.98px"> </div>prepayment notice, and<div style="display:inline-block;width:1.34px"> </div>shall provide </div><div id="a4841" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">any<div style="display:inline-block;width:5.07px"> </div>Lender which<div style="display:inline-block;width:6.04px"> </div>so<div style="display:inline-block;width:4.88px"> </div>requests<div style="display:inline-block;width:4.99px"> </div>with a<div style="display:inline-block;width:6.1px"> </div>copy<div style="display:inline-block;width:4.93px"> </div>of<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:5.07px"> </div>document<div style="display:inline-block;width:4.7px"> </div>delivered<div style="display:inline-block;width:4.84px"> </div>by<div style="display:inline-block;width:4.88px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Borrowers<div style="display:inline-block;width:5.34px"> </div>under </div><div id="a4842" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">Clause 8.5(c) (</div><div id="a4843" style="position:absolute;font-family:'Calibri';font-style:italic;left:225.63px;top:511px;">Conditions for voluntary prepayment</div><div id="a4844" style="position:absolute;font-family:'Calibri';left:444.25px;top:511px;">). </div><div id="a4846" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:545px;">8.8</div><div id="a4848" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:545px;">Mandatory prepayment </div><div id="a4850" style="position:absolute;font-family:'Calibri';left:94.59px;top:579px;">(a)</div><div id="a4852" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">The<div style="display:inline-block;width:4.81px"> </div>Borrowers<div style="display:inline-block;width:5.34px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>be<div style="display:inline-block;width:4.78px"> </div>obliged<div style="display:inline-block;width:4.68px"> </div>to<div style="display:inline-block;width:5.05px"> </div>prepay<div style="display:inline-block;width:5.11px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Relevant<div style="display:inline-block;width:5.29px"> </div>Amount<div style="display:inline-block;width:4.82px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the Loan<div style="display:inline-block;width:6.23px"> </div>if a<div style="display:inline-block;width:6.07px"> </div>Ship is<div style="display:inline-block;width:6.09px"> </div>sold<div style="display:inline-block;width:4.81px"> </div>or </div><div id="a4858" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">becomes a Total Loss: </div><div id="a4860" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">(i)</div><div id="a4862" style="position:absolute;font-family:'Calibri';left:189.15px;top:631px;">in the case of<div style="display:inline-block;width:1.71px"> </div>a sale, on<div style="display:inline-block;width:1.85px"> </div>or before the date on<div style="display:inline-block;width:1.71px"> </div>which the Mortgage on<div style="display:inline-block;width:1.81px"> </div>that Ship is released; </div><div id="a4863" style="position:absolute;font-family:'Calibri';left:189.15px;top:648px;">or </div><div id="a4865" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">(ii)</div><div id="a4867" style="position:absolute;font-family:'Calibri';left:189.15px;top:682px;">in the case<div style="display:inline-block;width:4.97px"> </div>of a Total<div style="display:inline-block;width:6.35px"> </div>Loss, on the<div style="display:inline-block;width:4.72px"> </div>earlier of the<div style="display:inline-block;width:4.78px"> </div>date falling<div style="display:inline-block;width:4.76px"> </div>180 days<div style="display:inline-block;width:4.78px"> </div>after the Total<div style="display:inline-block;width:6.42px"> </div>Loss </div><div id="a4868" style="position:absolute;font-family:'Calibri';left:189.15px;top:700px;">Date and the date of receipt by the Security Trustee<div style="display:inline-block;width:4.79px"> </div>of the proceeds of insurance relating </div><div id="a4869" style="position:absolute;font-family:'Calibri';left:189.15px;top:718px;">to such Total Loss. </div><div id="a4871" style="position:absolute;font-family:'Calibri';left:94.59px;top:752px;">(b)</div><div id="a4873" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">In this Clause </div><div id="a4874" style="position:absolute;font-family:'Calibri';left:225.79px;top:752px;"><a href="#a4846" style="color:#000000;text-decoration:none;">8.8</a></div><div id="a4875" style="position:absolute;font-family:'Calibri';left:244.51px;top:752px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a4877" style="position:absolute;font-family:'Calibri';font-style:italic;left:252.83px;top:752px;">Mandatory prepayment</div><div id="a4878" style="position:absolute;font-family:'Calibri';left:395.91px;top:752px;">) "</div><div id="a4881" style="position:absolute;font-family:'Calibri';font-weight:bold;left:410.15px;top:752px;">Relevant Amount</div><div id="a4884" style="position:absolute;font-family:'Calibri';left:517.37px;top:752px;">" means, in<div style="display:inline-block;width:5.03px"> </div>relation to<div style="display:inline-block;width:4.96px"> </div>a Ship that </div><div id="a4888" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">has been sold or become<div style="display:inline-block;width:4.9px"> </div>a Total<div style="display:inline-block;width:5.29px"> </div>Loss, the amount achieved<div style="display:inline-block;width:4.69px"> </div>by dividing the Market<div style="display:inline-block;width:4.99px"> </div>Value of<div style="display:inline-block;width:4.68px"> </div>that </div><div id="a4889" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Ship by the aggregate of the<div style="display:inline-block;width:1.82px"> </div>Market Value of all the Ships (including<div style="display:inline-block;width:1.74px"> </div>the Ship that has been<div style="display:inline-block;width:1.76px"> </div>sold or </div><div id="a4890" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">become a Total<div style="display:inline-block;width:4.78px"> </div>Loss) and multiplying it by the Loan on the date that such Ship is sold or becomes </div><div id="a4892" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">a Total<div style="display:inline-block;width:4.78px"> </div>Loss.</div><div id="a4895" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:858px;">8.9</div><div id="a4897" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:858px;">Mandatory prepayment upon Change of Control<div style="display:inline-block;width:3.43px"> </div></div><div id="a4904" style="position:absolute;font-family:'Calibri';left:141.79px;top:892px;">(a)</div><div id="a4906" style="position:absolute;font-family:'Calibri';left:190.59px;top:892px;">If a Change of Control occurs: </div><div id="a4909" style="position:absolute;font-family:'Calibri';left:94.59px;top:925px;">(b)</div><div id="a4911" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">the Borrower shall promptly notify the Agent upon becoming aware of that event; and </div></div>
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<div id="a4915" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a4917" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">if the Majority Lenders so require,<div style="display:inline-block;width:1.93px"> </div>the Agent shall, by not<div style="display:inline-block;width:1.96px"> </div>less than 10 Business Days' notice<div style="display:inline-block;width:1.81px"> </div>to the </div><div id="a4925" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Borrowers, cancel<div style="display:inline-block;width:4.93px"> </div>the Total<div style="display:inline-block;width:5.84px"> </div>Commitments and declare<div style="display:inline-block;width:4.93px"> </div>the Loan, together<div style="display:inline-block;width:4.91px"> </div>with accrued interest, </div><div id="a4931" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">and<div style="display:inline-block;width:5.8px"> </div>all<div style="display:inline-block;width:5.87px"> </div>other<div style="display:inline-block;width:6px"> </div>amounts<div style="display:inline-block;width:5.97px"> </div>accrued<div style="display:inline-block;width:5.7px"> </div>under<div style="display:inline-block;width:5.78px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:5.94px"> </div>immediately<div style="display:inline-block;width:6.1px"> </div>due<div style="display:inline-block;width:5.69px"> </div>and<div style="display:inline-block;width:5.8px"> </div>payable, </div><div id="a4932" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">whereupon<div style="display:inline-block;width:6.07px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Total<div style="display:inline-block;width:7.51px"> </div>Commitments<div style="display:inline-block;width:5.79px"> </div>will<div style="display:inline-block;width:6.06px"> </div>be<div style="display:inline-block;width:5.9px"> </div>cancelled<div style="display:inline-block;width:5.99px"> </div>and<div style="display:inline-block;width:5.96px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Loan<div style="display:inline-block;width:5.98px"> </div>and<div style="display:inline-block;width:5.96px"> </div>all<div style="display:inline-block;width:5.87px"> </div>such<div style="display:inline-block;width:5.99px"> </div>outstanding </div><div id="a4936" style="position:absolute;font-family:'Calibri';left:141.79px;top:166px;">interest and other amounts will become immediately due and payable. </div><div id="a4938" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:200px;">8.10</div><div id="a4940" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:200px;">Amounts payable on prepayment </div><div id="a4942" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">A prepayment shall be<div style="display:inline-block;width:1.72px"> </div>made together with<div style="display:inline-block;width:1.99px"> </div>accrued interest (and any<div style="display:inline-block;width:1.7px"> </div>other amount payable under </div><div id="a4943" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">Clause </div><div id="a4944" style="position:absolute;font-family:'Calibri';left:184.35px;top:252px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a4945" style="position:absolute;font-family:'Calibri';left:199.39px;top:252px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a4947" style="position:absolute;font-family:'Calibri';font-style:italic;left:207.39px;top:252px;">Indemnities</div><div id="a4948" style="position:absolute;font-family:'Calibri';left:276.55px;top:252px;">) or otherwise) in respect of the amount prepaid<div style="display:inline-block;width:4.84px"> </div>and, subject to any Break </div><div id="a4949" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">Costs without premium or penalty.<div style="display:inline-block;width:3.9px"> </div></div><div id="a4951" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:304px;">8.11</div><div id="a4953" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:304px;">Application of partial prepayment </div><div id="a4955" style="position:absolute;font-family:'Calibri';left:94.59px;top:338px;">(a)</div><div id="a4957" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">Each partial prepayment<div style="display:inline-block;width:1.96px"> </div>made pursuant to<div style="display:inline-block;width:1.99px"> </div>Clause </div><div id="a4958" style="position:absolute;font-family:'Calibri';left:439.93px;top:338px;"><a href="#a4775" style="color:#000000;text-decoration:none;">8.4 (</a></div><div id="a4961" style="position:absolute;font-family:'Calibri';font-style:italic;left:465.69px;top:338px;">Voluntary prepayment</div><div id="a4962" style="position:absolute;font-family:'Calibri';left:599.17px;top:338px;">) shall be<div style="display:inline-block;width:1.56px"> </div>applied pro </div><div id="a4963" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">rata against the then outstanding Repayment Instalments<div style="display:inline-block;width:4.74px"> </div>and the Balloon Instalment. </div><div id="a4968" style="position:absolute;font-family:'Calibri';left:94.59px;top:389px;">(b)</div><div id="a4970" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">Each partial prepayment made pursuant<div style="display:inline-block;width:4.78px"> </div>to Clauses </div><div id="a4973" style="position:absolute;font-family:'Calibri';left:451.13px;top:389px;"><a href="#a4846" style="color:#000000;text-decoration:none;">8.8</a></div><div id="a4974" style="position:absolute;font-family:'Calibri';left:469.69px;top:389px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a4976" style="position:absolute;font-family:'Calibri';font-style:italic;left:477.69px;top:389px;">Mandatory prepayment</div><div id="a4977" style="position:absolute;font-family:'Calibri';left:620.29px;top:389px;">) shall be applied </div><div id="a4978" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">pro rata against the then outstanding Repayment Instalments<div style="display:inline-block;width:4.79px"> </div>and the Balloon Instalment. </div><div id="a4983" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:441px;">8.12</div><div id="a4985" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:441px;">No re-borrowing </div><div id="a4989" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">No amount prepaid may be re-borrowed. </div><div id="a4994" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:509px;">8.13</div><div id="a4996" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:509px;">Unwinding of Designated Transactions </div><div id="a4998" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">On<div style="display:inline-block;width:4.76px"> </div>or<div style="display:inline-block;width:4.71px"> </div>prior to<div style="display:inline-block;width:6.18px"> </div>any<div style="display:inline-block;width:4.91px"> </div>repayment<div style="display:inline-block;width:5.03px"> </div>or<div style="display:inline-block;width:4.87px"> </div>prepayment<div style="display:inline-block;width:4.98px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Loan<div style="display:inline-block;width:6.19px"> </div>under this<div style="display:inline-block;width:5.94px"> </div>Clause </div><div id="a4999" style="position:absolute;font-family:'Calibri';left:610.05px;top:543px;"><a href="#a4712" style="color:#000000;text-decoration:none;">8</a></div><div id="a5000" style="position:absolute;font-family:'Calibri';left:617.57px;top:543px;"><div style="display:inline-block;width:4.8px"> </div>(</div><div id="a5002" style="position:absolute;font-family:'Calibri';font-style:italic;left:626.69px;top:543px;">Repayment<div style="display:inline-block;width:5.13px"> </div>and </div><div id="a5003" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:561px;">prepayment</div><div id="a5004" style="position:absolute;font-family:'Calibri';left:214.27px;top:561px;">)<div style="display:inline-block;width:4.82px"> </div>or<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:5.07px"> </div>other<div style="display:inline-block;width:4.72px"> </div>provision<div style="display:inline-block;width:5.02px"> </div>of<div style="display:inline-block;width:5.03px"> </div>this<div style="display:inline-block;width:4.92px"> </div>Agreement,<div style="display:inline-block;width:4.88px"> </div>each<div style="display:inline-block;width:4.95px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>wholly<div style="display:inline-block;width:4.72px"> </div>or<div style="display:inline-block;width:5.03px"> </div>partially </div><div id="a5005" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">reverse,<div style="display:inline-block;width:7.71px"> </div>offset,<div style="display:inline-block;width:7.75px"> </div>unwind<div style="display:inline-block;width:7.11px"> </div>or<div style="display:inline-block;width:7.27px"> </div>otherwise<div style="display:inline-block;width:6.94px"> </div>terminate<div style="display:inline-block;width:7.45px"> </div>one<div style="display:inline-block;width:7.1px"> </div>or<div style="display:inline-block;width:7.27px"> </div>more<div style="display:inline-block;width:7.26px"> </div>of<div style="display:inline-block;width:7.27px"> </div>the<div style="display:inline-block;width:7.21px"> </div>continuing<div style="display:inline-block;width:7.12px"> </div>Designated </div><div id="a5006" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">Transactions<div style="display:inline-block;width:6.65px"> </div>so<div style="display:inline-block;width:5.36px"> </div>that<div style="display:inline-block;width:5.57px"> </div>the<div style="display:inline-block;width:5.45px"> </div>notional<div style="display:inline-block;width:5.31px"> </div>principal<div style="display:inline-block;width:5.38px"> </div>amount<div style="display:inline-block;width:5.33px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.45px"> </div>continuing<div style="display:inline-block;width:5.52px"> </div>Designated<div style="display:inline-block;width:5.72px"> </div>Transactions </div><div id="a5008" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">thereafter<div style="display:inline-block;width:6.42px"> </div>remaining<div style="display:inline-block;width:6.02px"> </div>does<div style="display:inline-block;width:5.82px"> </div>not<div style="display:inline-block;width:6.13px"> </div>and<div style="display:inline-block;width:5.96px"> </div>will<div style="display:inline-block;width:6.06px"> </div>not<div style="display:inline-block;width:5.97px"> </div>in<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.09px"> </div>future<div style="display:inline-block;width:6.05px"> </div>(taking<div style="display:inline-block;width:6.2px"> </div>into<div style="display:inline-block;width:6.24px"> </div>account<div style="display:inline-block;width:6.04px"> </div>the<div style="display:inline-block;width:6.09px"> </div>scheduled </div><div id="a5009" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">amortisation) exceed<div style="display:inline-block;width:4.69px"> </div>the amount of the<div style="display:inline-block;width:5.03px"> </div>Loan as reducing from<div style="display:inline-block;width:5.17px"> </div>time to time<div style="display:inline-block;width:4.73px"> </div>thereafter pursuant </div><div id="a5010" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">to Clause </div><div id="a5011" style="position:absolute;font-family:'Calibri';left:200.03px;top:650px;"><a href="#a4716" style="color:#000000;text-decoration:none;">8.1</a></div><div id="a5012" style="position:absolute;font-family:'Calibri';left:218.75px;top:650px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a5014" style="position:absolute;font-family:'Calibri';font-style:italic;left:226.59px;top:650px;">Amount of repayment instalments</div><div id="a5015" style="position:absolute;font-family:'Calibri';left:430.01px;top:650px;">). </div><div id="a5017" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:684px;">9</div><div id="a5019" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:684px;">CONDITIONS PRECEDENT<div style="display:inline-block;width:3.14px"> </div></div><div id="a5021" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:718px;">9.1</div><div id="a5023" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:718px;">Documents, fees and no default </div><div id="a5025" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">Each Lender's obligation<div style="display:inline-block;width:1.72px"> </div>to contribute to<div style="display:inline-block;width:1.82px"> </div>the Loan is<div style="display:inline-block;width:1.27px"> </div>subject to the<div style="display:inline-block;width:1.26px"> </div>following conditions precedent:<div style="display:inline-block;width:2.11px"> </div></div><div id="a5030" style="position:absolute;font-family:'Calibri';left:94.59px;top:786px;">(a)</div><div id="a5032" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">that, on or before the service of the Drawdown Notice, the Agent receives: </div><div id="a5035" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">(i)</div><div id="a5037" style="position:absolute;font-family:'Calibri';left:189.15px;top:820px;">the documents described in </div><div id="a5038" style="position:absolute;font-family:'Calibri';left:357.03px;top:820px;"><a href="#a11629" style="color:#000000;text-decoration:none;">Part A</a></div><div id="a5039" style="position:absolute;font-family:'Calibri';left:393.19px;top:820px;"><div style="display:inline-block;width:2.88px"> </div>of </div><div id="a5041" style="position:absolute;font-family:'Calibri';left:411.43px;top:820px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule 3</a></div><div id="a5042" style="position:absolute;font-family:'Calibri';left:475.77px;top:820px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a5044" style="position:absolute;font-family:'Calibri';font-style:italic;left:483.29px;top:820px;">Condition precedent documents</div><div id="a5045" style="position:absolute;font-family:'Calibri';left:671.33px;top:820px;">) in form </div><div id="a5046" style="position:absolute;font-family:'Calibri';left:189.15px;top:838px;">and substance satisfactory to the Agent and its lawyers; and </div><div id="a5048" style="position:absolute;font-family:'Calibri';left:141.79px;top:872px;">(ii)</div><div id="a5050" style="position:absolute;font-family:'Calibri';left:189.15px;top:872px;">the arrangement fee referred to in Clause </div><div id="a5051" style="position:absolute;font-family:'Calibri';left:441.37px;top:872px;"><a href="#a8839" style="color:#000000;text-decoration:none;">20.1</a></div><div id="a5052" style="position:absolute;font-family:'Calibri';left:467.45px;top:872px;"><div style="display:inline-block;width:3.2px"> </div>(a) (</div><div id="a5054" style="position:absolute;font-family:'Calibri';font-style:italic;left:494.49px;top:872px;">Fees</div><div id="a5055" style="position:absolute;font-family:'Calibri';left:520.89px;top:872px;">); </div><div id="a5057" style="position:absolute;font-family:'Calibri';left:94.59px;top:906px;">(b)</div><div id="a5059" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">that, on or before the Drawdown Date, the Agent receives or is satisfied that it will receive on the </div><div id="a5061" style="position:absolute;font-family:'Calibri';left:141.79px;top:923px;">advance<div style="display:inline-block;width:6.29px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Loan<div style="display:inline-block;width:6.02px"> </div>the<div style="display:inline-block;width:5.93px"> </div>documents<div style="display:inline-block;width:6.14px"> </div>described<div style="display:inline-block;width:5.98px"> </div>in </div><div id="a5064" style="position:absolute;font-family:'Calibri';left:457.21px;top:923px;"><a href="#a11738" style="color:#000000;text-decoration:none;">Part<div style="display:inline-block;width:6.48px"> </div>B</a></div><div id="a5065" style="position:absolute;font-family:'Calibri';left:495.93px;top:923px;"><div style="display:inline-block;width:6.24px"> </div>of </div><div id="a5067" style="position:absolute;font-family:'Calibri';left:520.57px;top:923px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule<div style="display:inline-block;width:5.94px"> </div>3</a></div><div id="a5068" style="position:absolute;font-family:'Calibri';left:588.09px;top:923px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a5070" style="position:absolute;font-family:'Calibri';font-style:italic;left:598.81px;top:923px;">Condition<div style="display:inline-block;width:5.85px"> </div>precedent </div><div id="a5071" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:941px;">documents</div><div id="a5072" style="position:absolute;font-family:'Calibri';left:207.39px;top:941px;">) in form and substance satisfactory to it and its lawyers; </div></div>
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<div id="a5076" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a5078" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">that,<div style="display:inline-block;width:6.22px"> </div>on<div style="display:inline-block;width:5.94px"> </div>or<div style="display:inline-block;width:6.15px"> </div>before<div style="display:inline-block;width:6.62px"> </div>the<div style="display:inline-block;width:5.93px"> </div>service<div style="display:inline-block;width:5.76px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Drawdown<div style="display:inline-block;width:6.44px"> </div>Notice,<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Agent<div style="display:inline-block;width:6.1px"> </div>receives<div style="display:inline-block;width:6.11px"> </div>payment<div style="display:inline-block;width:6.42px"> </div>of<div style="display:inline-block;width:6.15px"> </div>any </div><div id="a5079" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">expenses payable pursuant to Clause </div><div id="a5080" style="position:absolute;font-family:'Calibri';left:363.11px;top:112px;"><a href="#a8872" style="color:#000000;text-decoration:none;">20.2 (</a></div><div id="a5083" style="position:absolute;font-family:'Calibri';font-style:italic;left:396.55px;top:112px;">Costs of negotiation,<div style="display:inline-block;width:1.45px"> </div>preparation etc</div><div id="a5084" style="position:absolute;font-family:'Calibri';left:612.45px;top:112px;">.) which is<div style="display:inline-block;width:1.72px"> </div>due and </div><div id="a5086" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">payable on the Drawdown Date; </div><div id="a5088" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">(d)</div><div id="a5090" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">that both at the date of the Drawdown Notice and at the Drawdown Date: </div><div id="a5092" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">(i)</div><div id="a5094" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">no Event<div style="display:inline-block;width:5.74px"> </div>of Default<div style="display:inline-block;width:5.51px"> </div>or Potential<div style="display:inline-block;width:5.63px"> </div>Event<div style="display:inline-block;width:4.72px"> </div>of Default<div style="display:inline-block;width:5.51px"> </div>has occurred<div style="display:inline-block;width:5.14px"> </div>or would<div style="display:inline-block;width:5.18px"> </div>result from<div style="display:inline-block;width:5.54px"> </div>the </div><div id="a5095" style="position:absolute;font-family:'Calibri';left:189.15px;top:216px;">borrowing of the Loan;<div style="display:inline-block;width:6.52px"> </div></div><div id="a5099" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">(ii)</div><div id="a5101" style="position:absolute;font-family:'Calibri';left:189.15px;top:250px;">the representations and warranties in Clause </div><div id="a5102" style="position:absolute;font-family:'Calibri';left:459.13px;top:250px;"><a href="#a5178" style="color:#000000;text-decoration:none;">10.1</a></div><div id="a5103" style="position:absolute;font-family:'Calibri';left:485.05px;top:250px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a5105" style="position:absolute;font-family:'Calibri';font-style:italic;left:492.73px;top:250px;">General</div><div id="a5106" style="position:absolute;font-family:'Calibri';left:539.45px;top:250px;">) and those of any Borrower or </div><div id="a5107" style="position:absolute;font-family:'Calibri';left:189.15px;top:268px;">any Security<div style="display:inline-block;width:4.95px"> </div>Party which<div style="display:inline-block;width:5.06px"> </div>are set<div style="display:inline-block;width:4.87px"> </div>out in<div style="display:inline-block;width:4.81px"> </div>the other<div style="display:inline-block;width:4.76px"> </div>Finance Documents would<div style="display:inline-block;width:5.36px"> </div>be true and </div><div id="a5108" style="position:absolute;font-family:'Calibri';left:189.15px;top:286px;">not<div style="display:inline-block;width:4.69px"> </div>misleading<div style="display:inline-block;width:4.7px"> </div>if<div style="display:inline-block;width:4.77px"> </div>repeated<div style="display:inline-block;width:4.98px"> </div>on<div style="display:inline-block;width:4.82px"> </div>each of<div style="display:inline-block;width:6px"> </div>those<div style="display:inline-block;width:4.73px"> </div>dates<div style="display:inline-block;width:4.94px"> </div>with reference<div style="display:inline-block;width:6.74px"> </div>to<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.81px"> </div>circumstances </div><div id="a5109" style="position:absolute;font-family:'Calibri';left:189.15px;top:304px;">then existing;<div style="display:inline-block;width:3.44px"> </div></div><div id="a5111" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">(iii)</div><div id="a5113" style="position:absolute;font-family:'Calibri';left:189.15px;top:338px;">none of the<div style="display:inline-block;width:5.11px"> </div>circumstances contemplated<div style="display:inline-block;width:5.19px"> </div>by Clause </div><div id="a5115" style="position:absolute;font-family:'Calibri';left:501.21px;top:338px;"><a href="#a4467" style="color:#000000;text-decoration:none;">7.2</a></div><div id="a5116" style="position:absolute;font-family:'Calibri';left:519.77px;top:338px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a5118" style="position:absolute;font-family:'Calibri';font-style:italic;left:528.09px;top:338px;">Market disruption</div><div id="a5119" style="position:absolute;font-family:'Calibri';left:635.97px;top:338px;">) has occurred </div><div id="a5123" style="position:absolute;font-family:'Calibri';left:189.15px;top:355px;">and is continuing; and </div><div id="a5125" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">(iv)</div><div id="a5127" style="position:absolute;font-family:'Calibri';left:189.15px;top:389px;">there has<div style="display:inline-block;width:5.64px"> </div>been no<div style="display:inline-block;width:5.14px"> </div>material adverse<div style="display:inline-block;width:5.83px"> </div>change in<div style="display:inline-block;width:5.41px"> </div>the financial<div style="display:inline-block;width:5.14px"> </div>condition, state<div style="display:inline-block;width:5.85px"> </div>of affairs<div style="display:inline-block;width:5.91px"> </div>or </div><div id="a5128" style="position:absolute;font-family:'Calibri';left:189.15px;top:407px;">prospects<div style="display:inline-block;width:6.2px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Borrowers<div style="display:inline-block;width:6.62px"> </div>(or<div style="display:inline-block;width:6.16px"> </div>any<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.15px"> </div>them),<div style="display:inline-block;width:6.04px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Corporate<div style="display:inline-block;width:6.64px"> </div>Guarantor<div style="display:inline-block;width:6.45px"> </div>or<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:6.35px"> </div>other </div><div id="a5129" style="position:absolute;font-family:'Calibri';left:189.15px;top:425px;">Security Party<div style="display:inline-block;width:4.98px"> </div>since 9 June<div style="display:inline-block;width:4.98px"> </div>2024 in<div style="display:inline-block;width:4.68px"> </div>the light<div style="display:inline-block;width:4.71px"> </div>of which the<div style="display:inline-block;width:5.19px"> </div>Agent considers<div style="display:inline-block;width:5.09px"> </div>that there<div style="display:inline-block;width:4.87px"> </div>is a </div><div id="a5133" style="position:absolute;font-family:'Calibri';left:189.15px;top:443px;">significant risk that the Borrowers, the<div style="display:inline-block;width:1.9px"> </div>Corporate Guarantor or any other Security<div style="display:inline-block;width:1.99px"> </div>Party is, </div><div id="a5134" style="position:absolute;font-family:'Calibri';left:189.15px;top:461px;">or<div style="display:inline-block;width:4.71px"> </div>will later<div style="display:inline-block;width:6.09px"> </div>become, unable<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:4.73px"> </div>discharge<div style="display:inline-block;width:4.82px"> </div>its liabilities<div style="display:inline-block;width:5.54px"> </div>under the<div style="display:inline-block;width:5.83px"> </div>Finance Documents<div style="display:inline-block;width:5.52px"> </div>to </div><div id="a5135" style="position:absolute;font-family:'Calibri';left:189.15px;top:479px;">which it is a party as they fall due; </div><div id="a5137" style="position:absolute;font-family:'Calibri';left:94.59px;top:513px;">(e)</div><div id="a5139" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">that, if<div style="display:inline-block;width:1.74px"> </div>the ratio<div style="display:inline-block;width:1.99px"> </div>set out<div style="display:inline-block;width:1.67px"> </div>in Clause </div><div id="a5140" style="position:absolute;font-family:'Calibri';left:334.47px;top:513px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1 (</a></div><div id="a5143" style="position:absolute;font-family:'Calibri';font-style:italic;left:367.43px;top:513px;">Minimum required<div style="display:inline-block;width:1.15px"> </div>security cover</div><div id="a5144" style="position:absolute;font-family:'Calibri';left:560.89px;top:513px;">) were<div style="display:inline-block;width:1.91px"> </div>applied immediately </div><div id="a5145" style="position:absolute;font-family:'Calibri';left:141.79px;top:531px;">following<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.61px"> </div>making<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.71px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Loan,<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Borrowers<div style="display:inline-block;width:6.14px"> </div>would<div style="display:inline-block;width:5.73px"> </div>not<div style="display:inline-block;width:5.65px"> </div>be<div style="display:inline-block;width:5.58px"> </div>obliged<div style="display:inline-block;width:5.8px"> </div>to<div style="display:inline-block;width:5.85px"> </div>provide<div style="display:inline-block;width:5.79px"> </div>additional </div><div id="a5148" style="position:absolute;font-family:'Calibri';left:141.79px;top:549px;">security or prepay part of the Loan under that Clause; and </div><div id="a5150" style="position:absolute;font-family:'Calibri';left:94.59px;top:583px;">(f)</div><div id="a5152" style="position:absolute;font-family:'Calibri';left:141.79px;top:583px;">that<div style="display:inline-block;width:5.09px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Agent<div style="display:inline-block;width:5.14px"> </div>has<div style="display:inline-block;width:5.06px"> </div>received,<div style="display:inline-block;width:5.1px"> </div>and<div style="display:inline-block;width:5px"> </div>found<div style="display:inline-block;width:5.17px"> </div>to<div style="display:inline-block;width:5.05px"> </div>be<div style="display:inline-block;width:4.94px"> </div>acceptable<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.05px"> </div>it,<div style="display:inline-block;width:4.98px"> </div>any<div style="display:inline-block;width:5.23px"> </div>further<div style="display:inline-block;width:4.72px"> </div>opinions,<div style="display:inline-block;width:4.77px"> </div>consents, </div><div id="a5153" style="position:absolute;font-family:'Calibri';left:141.79px;top:600px;">agreements and documents<div style="display:inline-block;width:1.39px"> </div>in connection<div style="display:inline-block;width:1.91px"> </div>with the Finance<div style="display:inline-block;width:1.22px"> </div>Documents which<div style="display:inline-block;width:1.89px"> </div>the Agent may, with </div><div id="a5154" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">the<div style="display:inline-block;width:6.57px"> </div>authorisation<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Majority<div style="display:inline-block;width:6.58px"> </div>Lenders,<div style="display:inline-block;width:6.67px"> </div>request<div style="display:inline-block;width:6.58px"> </div>by<div style="display:inline-block;width:6.64px"> </div>notice<div style="display:inline-block;width:6.65px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.57px"> </div>Borrowers<div style="display:inline-block;width:7.01px"> </div>prior<div style="display:inline-block;width:6.54px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the </div><div id="a5156" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">Drawdown Date. </div><div id="a5158" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:670px;">9.2</div><div id="a5160" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:670px;">Waiver of conditions precedent </div><div id="a5162" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">If the Majority Lenders, at<div style="display:inline-block;width:4.86px"> </div>their discretion, permit the Loan<div style="display:inline-block;width:4.76px"> </div>to be borrowed before<div style="display:inline-block;width:5.4px"> </div>certain of the </div><div id="a5165" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">conditions referred to in Clause </div><div id="a5166" style="position:absolute;font-family:'Calibri';left:333.35px;top:722px;"><a href="#a5021" style="color:#000000;text-decoration:none;">9.1</a></div><div id="a5167" style="position:absolute;font-family:'Calibri';left:352.07px;top:722px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a5169" style="position:absolute;font-family:'Calibri';font-style:italic;left:359.91px;top:722px;">Documents, fees and no default</div><div id="a5170" style="position:absolute;font-family:'Calibri';left:548.57px;top:722px;">) are satisfied, the Borrowers </div><div id="a5171" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">shall ensure that those<div style="display:inline-block;width:1.81px"> </div>conditions are satisfied within<div style="display:inline-block;width:1.71px"> </div>five Business Days after the<div style="display:inline-block;width:1.55px"> </div>Drawdown Date </div><div id="a5172" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">(or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify). </div><div id="a5174" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:792px;">10</div><div id="a5176" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:792px;">REPRESENTATIONS<div style="display:inline-block;width:5.5px"> </div>AND WARRANTIES </div><div id="a5178" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:826px;">10.1</div><div id="a5180" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:826px;">General </div><div id="a5182" style="position:absolute;font-family:'Calibri';left:141.79px;top:860px;">Each Borrower represents and warrants to each Creditor Party as follows. </div></div>
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<div id="a5186" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">10.2</div><div id="a5188" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Status </div><div id="a5190" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(a)</div><div id="a5192" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each Borrower is duly incorporated and validly<div style="display:inline-block;width:1.77px"> </div>existing and in good standing under<div style="display:inline-block;width:1.43px"> </div>the laws of the </div><div id="a5193" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Marshall Islands. </div><div id="a5195" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">10.3</div><div id="a5197" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Shares and ownership </div><div id="a5199" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(a)</div><div id="a5201" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">Each Borrower is authorised to issue five hundred<div style="display:inline-block;width:4.72px"> </div>(500) registered shares with par value of $0.01 </div><div id="a5202" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">each. </div><div id="a5204" style="position:absolute;font-family:'Calibri';left:94.59px;top:266px;">(b)</div><div id="a5206" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">The legal title and beneficial ownership<div style="display:inline-block;width:4.79px"> </div>of all those shares is held, free<div style="display:inline-block;width:4.77px"> </div>of any Security Interest or </div><div id="a5207" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">other claim, by the Corporate Guarantor. </div><div id="a5209" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:318px;">10.4</div><div id="a5211" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:318px;">Corporate power </div><div id="a5213" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">Each<div style="display:inline-block;width:5.01px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>has<div style="display:inline-block;width:4.74px"> </div>the<div style="display:inline-block;width:4.81px"> </div>corporate<div style="display:inline-block;width:5.35px"> </div>capacity,<div style="display:inline-block;width:5.68px"> </div>and<div style="display:inline-block;width:4.68px"> </div>has<div style="display:inline-block;width:4.74px"> </div>taken<div style="display:inline-block;width:5.32px"> </div>all<div style="display:inline-block;width:4.75px"> </div>corporate<div style="display:inline-block;width:5.35px"> </div>action and<div style="display:inline-block;width:5.87px"> </div>obtained<div style="display:inline-block;width:5px"> </div>all </div><div id="a5214" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">consents necessary for it: </div><div id="a5216" style="position:absolute;font-family:'Calibri';left:94.59px;top:403px;">(a)</div><div id="a5218" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">to register permanently the Ship owned by it in its name under the Approved Flag; </div><div id="a5220" style="position:absolute;font-family:'Calibri';left:94.59px;top:437px;">(b)</div><div id="a5222" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">to execute the Finance Documents to which that Borrower is a party; and </div><div id="a5224" style="position:absolute;font-family:'Calibri';left:94.59px;top:471px;">(c)</div><div id="a5226" style="position:absolute;font-family:'Calibri';left:141.79px;top:471px;">to<div style="display:inline-block;width:7.45px"> </div>borrow<div style="display:inline-block;width:7.29px"> </div>under<div style="display:inline-block;width:7.06px"> </div>this<div style="display:inline-block;width:7.16px"> </div>Agreement,<div style="display:inline-block;width:7.12px"> </div>to<div style="display:inline-block;width:7.29px"> </div>enter<div style="display:inline-block;width:7.53px"> </div>into<div style="display:inline-block;width:7.2px"> </div>Designated<div style="display:inline-block;width:7.32px"> </div>Transactions<div style="display:inline-block;width:8.25px"> </div>under<div style="display:inline-block;width:6.9px"> </div>the<div style="display:inline-block;width:7.05px"> </div>Master </div><div id="a5227" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">Agreement<div style="display:inline-block;width:4.72px"> </div>and to<div style="display:inline-block;width:5.64px"> </div>make<div style="display:inline-block;width:4.93px"> </div>all the<div style="display:inline-block;width:5.6px"> </div>payments<div style="display:inline-block;width:4.82px"> </div>contemplated<div style="display:inline-block;width:4.83px"> </div>by,<div style="display:inline-block;width:5.61px"> </div>and to<div style="display:inline-block;width:5.76px"> </div>comply with,<div style="display:inline-block;width:5.44px"> </div>those Finance </div><div id="a5229" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">Documents to which it is a party. </div><div id="a5231" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:541px;">10.5</div><div id="a5233" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:541px;">Consents in force </div><div id="a5235" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">All<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.97px"> </div>consents<div style="display:inline-block;width:5.12px"> </div>referred<div style="display:inline-block;width:5.53px"> </div>to<div style="display:inline-block;width:5.05px"> </div>in<div style="display:inline-block;width:4.89px"> </div>Clause </div><div id="a5236" style="position:absolute;font-family:'Calibri';left:376.71px;top:575px;"><a href="#a5209" style="color:#000000;text-decoration:none;">10.4</a></div><div id="a5237" style="position:absolute;font-family:'Calibri';left:402.79px;top:575px;"><div style="display:inline-block;width:4.96px"> </div>(</div><div id="a5239" style="position:absolute;font-family:'Calibri';font-style:italic;left:412.23px;top:575px;">Corporate<div style="display:inline-block;width:4.81px"> </div>power</div><div id="a5240" style="position:absolute;font-family:'Calibri';left:514.49px;top:575px;">)<div style="display:inline-block;width:4.98px"> </div>remain<div style="display:inline-block;width:5.02px"> </div>in<div style="display:inline-block;width:4.89px"> </div>force<div style="display:inline-block;width:5.27px"> </div>and<div style="display:inline-block;width:4.84px"> </div>nothing<div style="display:inline-block;width:4.84px"> </div>has </div><div id="a5241" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">occurred which makes any of them liable to revocation. </div><div id="a5243" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:627px;">10.6</div><div id="a5245" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:627px;">Legal validity; effective Security Interests </div><div id="a5247" style="position:absolute;font-family:'Calibri';left:141.79px;top:661px;">The Finance<div style="display:inline-block;width:4.71px"> </div>Documents to<div style="display:inline-block;width:4.94px"> </div>which each<div style="display:inline-block;width:4.75px"> </div>Borrower is<div style="display:inline-block;width:5.11px"> </div>a party,<div style="display:inline-block;width:5.89px"> </div>do now or,<div style="display:inline-block;width:6.82px"> </div>as the<div style="display:inline-block;width:4.84px"> </div>case may<div style="display:inline-block;width:5.08px"> </div>be, will, </div><div id="a5248" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">upon execution<div style="display:inline-block;width:6.09px"> </div>and delivery<div style="display:inline-block;width:5.36px"> </div>(and, where<div style="display:inline-block;width:5.62px"> </div>applicable, registration<div style="display:inline-block;width:5.9px"> </div>as provided<div style="display:inline-block;width:5.76px"> </div>for in<div style="display:inline-block;width:5.6px"> </div>the Finance </div><div id="a5249" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">Documents):<div style="display:inline-block;width:3.13px"> </div></div><div id="a5251" style="position:absolute;font-family:'Calibri';left:94.59px;top:730px;">(a)</div><div id="a5253" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">constitute that<div style="display:inline-block;width:4.7px"> </div>Borrower's legal, valid<div style="display:inline-block;width:5.36px"> </div>and binding obligations<div style="display:inline-block;width:4.66px"> </div>enforceable against<div style="display:inline-block;width:4.85px"> </div>that Borrower </div><div id="a5254" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">in accordance with their respective terms; and </div><div id="a5256" style="position:absolute;font-family:'Calibri';left:94.59px;top:782px;">(b)</div><div id="a5258" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">create legal,<div style="display:inline-block;width:5.32px"> </div>valid and binding<div style="display:inline-block;width:4.95px"> </div>Security Interests<div style="display:inline-block;width:5.06px"> </div>enforceable in<div style="display:inline-block;width:5.09px"> </div>accordance with their<div style="display:inline-block;width:5.18px"> </div>respective </div><div id="a5260" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">terms over all the assets to which they, by their terms, relate; </div><div id="a5262" style="position:absolute;font-family:'Calibri';left:141.79px;top:834px;">subject to any relevant insolvency laws affecting creditors' rights generally. </div><div id="a5264" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:868px;">10.7</div><div id="a5266" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:868px;">No third party Security Interests </div><div id="a5268" style="position:absolute;font-family:'Calibri';left:141.79px;top:902px;">Without limiting<div style="display:inline-block;width:5.12px"> </div>the generality<div style="display:inline-block;width:5.42px"> </div>of Clause </div><div id="a5269" style="position:absolute;font-family:'Calibri';left:392.55px;top:902px;"><a href="#a5243" style="color:#000000;text-decoration:none;">10.6</a></div><div id="a5270" style="position:absolute;font-family:'Calibri';left:418.79px;top:902px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a5272" style="position:absolute;font-family:'Calibri';font-style:italic;left:427.45px;top:902px;">Legal validity;<div style="display:inline-block;width:5.01px"> </div>effective Security<div style="display:inline-block;width:5.22px"> </div>Interests</div><div id="a5273" style="position:absolute;font-family:'Calibri';left:673.09px;top:902px;">), at<div style="display:inline-block;width:5.33px"> </div>the </div><div id="a5274" style="position:absolute;font-family:'Calibri';left:141.79px;top:920px;">time of the execution and delivery of each Finance Document to which a Borrower is a party:<div style="display:inline-block;width:2.5px"> </div></div></div>
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<div id="a5278" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a5280" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">each<div style="display:inline-block;width:5.11px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>which<div style="display:inline-block;width:4.89px"> </div>is<div style="display:inline-block;width:5.1px"> </div>a<div style="display:inline-block;width:4.79px"> </div>party<div style="display:inline-block;width:4.97px"> </div>to<div style="display:inline-block;width:5.21px"> </div>that<div style="display:inline-block;width:5.09px"> </div>Finance<div style="display:inline-block;width:4.67px"> </div>Document<div style="display:inline-block;width:4.97px"> </div>will<div style="display:inline-block;width:4.94px"> </div>have<div style="display:inline-block;width:5.23px"> </div>the<div style="display:inline-block;width:4.97px"> </div>right<div style="display:inline-block;width:4.83px"> </div>to<div style="display:inline-block;width:5.21px"> </div>create<div style="display:inline-block;width:5.38px"> </div>all<div style="display:inline-block;width:4.91px"> </div>the </div><div id="a5281" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Security Interests which that Finance Document purports to create; and </div><div id="a5283" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(b)</div><div id="a5285" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">no third party will have any<div style="display:inline-block;width:1.93px"> </div>Security Interest (except for Permitted Security Interests) or any other </div><div id="a5286" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">interest, right<div style="display:inline-block;width:5.1px"> </div>or claim over,<div style="display:inline-block;width:6.47px"> </div>in or in<div style="display:inline-block;width:5.11px"> </div>relation to<div style="display:inline-block;width:4.8px"> </div>any asset to<div style="display:inline-block;width:5.36px"> </div>which any<div style="display:inline-block;width:4.71px"> </div>such Security Interest,<div style="display:inline-block;width:5.33px"> </div>by </div><div id="a5287" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">its terms, relates. </div><div id="a5289" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">10.8</div><div id="a5291" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">No conflicts </div><div id="a5293" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">The execution<div style="display:inline-block;width:4.75px"> </div>by each Borrower<div style="display:inline-block;width:5.06px"> </div>of each Finance Document<div style="display:inline-block;width:5.15px"> </div>to which it<div style="display:inline-block;width:4.89px"> </div>is a party,<div style="display:inline-block;width:5.58px"> </div>the borrowing </div><div id="a5294" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">by the Borrowers<div style="display:inline-block;width:1.66px"> </div>of the<div style="display:inline-block;width:1.87px"> </div>Loan (or<div style="display:inline-block;width:1.78px"> </div>any part thereof)<div style="display:inline-block;width:1.25px"> </div>and its<div style="display:inline-block;width:1.85px"> </div>compliance with<div style="display:inline-block;width:1.66px"> </div>each Finance<div style="display:inline-block;width:1.65px"> </div>Document </div><div id="a5297" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">to which it is a party will not involve or lead to a contravention of: </div><div id="a5299" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(a)</div><div id="a5301" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">any law or regulation; or </div><div id="a5303" style="position:absolute;font-family:'Calibri';left:94.59px;top:354px;">(b)</div><div id="a5305" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">the constitutional documents of that Borrower; or </div><div id="a5307" style="position:absolute;font-family:'Calibri';left:94.59px;top:387px;">(c)</div><div id="a5309" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">any contractual<div style="display:inline-block;width:5.35px"> </div>or other obligation<div style="display:inline-block;width:5.38px"> </div>or restriction<div style="display:inline-block;width:4.85px"> </div>which is binding<div style="display:inline-block;width:5.12px"> </div>on that<div style="display:inline-block;width:4.83px"> </div>Borrower or<div style="display:inline-block;width:4.87px"> </div>any of<div style="display:inline-block;width:4.84px"> </div>its </div><div id="a5310" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">assets. </div><div id="a5312" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:439px;">10.9</div><div id="a5314" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:439px;">No withholding taxes </div><div id="a5316" style="position:absolute;font-family:'Calibri';left:141.79px;top:473px;">All payments which each Borrower is liable to make under the Finance Documents to which it is a </div><div id="a5317" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">party may be made without deduction or withholding for or on account<div style="display:inline-block;width:4.69px"> </div>of any tax payable<div style="display:inline-block;width:4.75px"> </div>under </div><div id="a5318" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">any law of any Pertinent Jurisdiction. </div><div id="a5320" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:543px;">10.10</div><div id="a5322" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:543px;">No default </div><div id="a5324" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">No Event of Default or Potential Event<div style="display:inline-block;width:4.76px"> </div>of Default has occurred. </div><div id="a5326" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:611px;">10.11</div><div id="a5328" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:611px;">Information </div><div id="a5330" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">All information which<div style="display:inline-block;width:1.5px"> </div>has been<div style="display:inline-block;width:1.69px"> </div>provided in<div style="display:inline-block;width:1.86px"> </div>writing by<div style="display:inline-block;width:1.78px"> </div>or on<div style="display:inline-block;width:1.88px"> </div>behalf of<div style="display:inline-block;width:1.74px"> </div>the Borrowers or<div style="display:inline-block;width:1.65px"> </div>any Security </div><div id="a5331" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">Party to<div style="display:inline-block;width:4.74px"> </div>any Creditor<div style="display:inline-block;width:4.67px"> </div>Party in connection<div style="display:inline-block;width:4.96px"> </div>with any Finance<div style="display:inline-block;width:4.68px"> </div>Document satisfied the requirements </div><div id="a5332" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">of Clause </div><div id="a5333" style="position:absolute;font-family:'Calibri';left:201.63px;top:680px;"><a href="#a5615" style="color:#000000;text-decoration:none;">11.5</a></div><div id="a5334" style="position:absolute;font-family:'Calibri';left:227.87px;top:680px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a5336" style="position:absolute;font-family:'Calibri';font-style:italic;left:236.51px;top:680px;">Information provided<div style="display:inline-block;width:5.15px"> </div>to be<div style="display:inline-block;width:5.45px"> </div>accurate</div><div id="a5337" style="position:absolute;font-family:'Calibri';left:455.61px;top:680px;">); all<div style="display:inline-block;width:5.18px"> </div>audited and<div style="display:inline-block;width:5.23px"> </div>unaudited accounts<div style="display:inline-block;width:5.52px"> </div>which </div><div id="a5338" style="position:absolute;font-family:'Calibri';left:141.79px;top:698px;">have been<div style="display:inline-block;width:5.23px"> </div>so provided<div style="display:inline-block;width:4.89px"> </div>satisfied the<div style="display:inline-block;width:4.91px"> </div>requirements of<div style="display:inline-block;width:4.96px"> </div>Clause </div><div id="a5339" style="position:absolute;font-family:'Calibri';left:506.01px;top:698px;"><a href="#a5686" style="color:#000000;text-decoration:none;">11.7</a></div><div id="a5340" style="position:absolute;font-family:'Calibri';left:531.93px;top:698px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a5342" style="position:absolute;font-family:'Calibri';font-style:italic;left:540.57px;top:698px;">Form of<div style="display:inline-block;width:4.88px"> </div>financial statements</div><div id="a5343" style="position:absolute;font-family:'Calibri';left:713.57px;top:698px;letter-spacing:-0.2px;">); </div><div id="a5344" style="position:absolute;font-family:'Calibri';left:141.79px;top:716px;">and there has<div style="display:inline-block;width:4.75px"> </div>been no material adverse<div style="display:inline-block;width:5.24px"> </div>change in the financial<div style="display:inline-block;width:4.82px"> </div>position or state<div style="display:inline-block;width:4.9px"> </div>of affairs<div style="display:inline-block;width:4.95px"> </div>of any </div><div id="a5345" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">Borrower or the Corporate Guarantor from that disclosed in the latest of those accounts. </div><div id="a5347" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:768px;">10.12</div><div id="a5349" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:768px;">No litigation </div><div id="a5351" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">No legal or<div style="display:inline-block;width:5px"> </div>administrative action involving<div style="display:inline-block;width:5.14px"> </div>any Borrower<div style="display:inline-block;width:4.75px"> </div>(including action relating to<div style="display:inline-block;width:5.14px"> </div>any alleged </div><div id="a5352" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">or<div style="display:inline-block;width:5.19px"> </div>actual<div style="display:inline-block;width:4.91px"> </div>breach<div style="display:inline-block;width:4.92px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>ISM<div style="display:inline-block;width:4.94px"> </div>Code<div style="display:inline-block;width:4.69px"> </div>or<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:5.13px"> </div>ISPS<div style="display:inline-block;width:4.92px"> </div>Code)<div style="display:inline-block;width:4.71px"> </div>has<div style="display:inline-block;width:5.06px"> </div>been<div style="display:inline-block;width:4.76px"> </div>commenced<div style="display:inline-block;width:4.84px"> </div>or<div style="display:inline-block;width:5.03px"> </div>taken<div style="display:inline-block;width:5.64px"> </div>or,<div style="display:inline-block;width:6.3px"> </div>to<div style="display:inline-block;width:5.05px"> </div>any </div><div id="a5353" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">Borrower's knowledge, is likely to be commenced or taken. </div><div id="a5355" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:872px;">10.13</div><div id="a5357" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:872px;">Compliance with certain undertakings </div><div id="a5359" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">At the date of this Agreement, the Borrowers<div style="display:inline-block;width:4.83px"> </div>are in compliance with Clauses </div><div id="a5360" style="position:absolute;font-family:'Calibri';left:603.33px;top:906px;"><a href="#a5539" style="color:#000000;text-decoration:none;">11.2</a></div><div id="a5361" style="position:absolute;font-family:'Calibri';left:629.25px;top:906px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a5363" style="position:absolute;font-family:'Calibri';font-style:italic;left:637.09px;top:906px;">Title; negative </div><div id="a5364" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:923px;">pledge</div><div id="a5365" style="position:absolute;font-family:'Calibri';left:181.79px;top:923px;">), </div><div id="a5366" style="position:absolute;font-family:'Calibri';left:192.51px;top:923px;"><a href="#a5591" style="color:#000000;text-decoration:none;">11.4 (</a></div><div id="a5369" style="position:absolute;font-family:'Calibri';font-style:italic;left:225.63px;top:923px;">No other<div style="display:inline-block;width:1.74px"> </div>liabilities or<div style="display:inline-block;width:1.54px"> </div>obligations to<div style="display:inline-block;width:1.71px"> </div>be incurred</div><div id="a5370" style="position:absolute;font-family:'Calibri';left:500.41px;top:923px;">), </div><div id="a5371" style="position:absolute;font-family:'Calibri';left:510.97px;top:923px;"><a href="#a5718" style="color:#000000;text-decoration:none;">11.9 (</a></div><div id="a5374" style="position:absolute;font-family:'Calibri';font-style:italic;left:544.09px;top:923px;">Consents</div><div id="a5375" style="position:absolute;font-family:'Calibri';left:597.69px;top:923px;">) and </div><div id="a5376" style="position:absolute;font-family:'Calibri';left:629.73px;top:923px;"><a href="#a5783" style="color:#000000;text-decoration:none;">11.13 (</a></div><div id="a5379" style="position:absolute;font-family:'Calibri';font-style:italic;left:670.21px;top:923px;">Principal </div><div id="a5380" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:941px;">place of business</div><div id="a5381" style="position:absolute;font-family:'Calibri';left:242.27px;top:941px;">). </div></div>
</div>
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<div id="Page42" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a5385" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">10.14</div><div id="a5387" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Taxes<div style="display:inline-block;width:4.92px"> </div>paid </div><div id="a5389" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each Borrower<div style="display:inline-block;width:4.85px"> </div>has paid all taxes<div style="display:inline-block;width:5.76px"> </div>applicable to, or<div style="display:inline-block;width:5.07px"> </div>imposed on or in<div style="display:inline-block;width:4.99px"> </div>relation to that<div style="display:inline-block;width:4.97px"> </div>Borrower,<div style="display:inline-block;width:5.4px"> </div>its </div><div id="a5390" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">business or the Ship owned by it. </div><div id="a5392" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">10.15</div><div id="a5394" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">ISM Code and ISPS Code compliance </div><div id="a5396" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">All requirements of the<div style="display:inline-block;width:1.76px"> </div>ISM Code and<div style="display:inline-block;width:1.74px"> </div>the ISPS Code<div style="display:inline-block;width:1.69px"> </div>as they relate to the<div style="display:inline-block;width:1.41px"> </div>Borrowers, the Approved </div><div id="a5397" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Manager and the Ships have been complied with. </div><div id="a5399" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:266px;">10.16</div><div id="a5401" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:266px;">No money laundering </div><div id="a5403" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">Without<div style="display:inline-block;width:6.76px"> </div>prejudice<div style="display:inline-block;width:6.65px"> </div>to<div style="display:inline-block;width:6.97px"> </div>the<div style="display:inline-block;width:6.73px"> </div>generality<div style="display:inline-block;width:6.98px"> </div>of<div style="display:inline-block;width:6.79px"> </div>Clause </div><div id="a5404" style="position:absolute;font-family:'Calibri';left:438.01px;top:300px;"><a href="#a3740" style="color:#000000;text-decoration:none;">2.3</a></div><div id="a5405" style="position:absolute;font-family:'Calibri';left:456.57px;top:300px;"><div style="display:inline-block;width:6.72px"> </div>(</div><div id="a5407" style="position:absolute;font-family:'Calibri';font-style:italic;left:467.77px;top:300px;">Purpose<div style="display:inline-block;width:6.78px"> </div>of<div style="display:inline-block;width:6.67px"> </div>the<div style="display:inline-block;width:6.71px"> </div>Loan</div><div id="a5408" style="position:absolute;font-family:'Calibri';left:596.41px;top:300px;">),<div style="display:inline-block;width:6.74px"> </div>in<div style="display:inline-block;width:6.65px"> </div>relation<div style="display:inline-block;width:6.92px"> </div>to<div style="display:inline-block;width:6.97px"> </div>the </div><div id="a5409" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">borrowing by the Borrowers<div style="display:inline-block;width:5.18px"> </div>of the Loan, the performance<div style="display:inline-block;width:4.85px"> </div>and discharge of their obligations<div style="display:inline-block;width:5.25px"> </div>and </div><div id="a5410" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">liabilities under the Finance<div style="display:inline-block;width:1.98px"> </div>Documents, and the transactions and<div style="display:inline-block;width:1.83px"> </div>other arrangements affected or </div><div id="a5411" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">contemplated by<div style="display:inline-block;width:5.25px"> </div>the Finance Documents<div style="display:inline-block;width:5.08px"> </div>to which<div style="display:inline-block;width:4.73px"> </div>a Borrower<div style="display:inline-block;width:4.95px"> </div>is a party,<div style="display:inline-block;width:6.22px"> </div>the Borrowers<div style="display:inline-block;width:5.07px"> </div>confirm </div><div id="a5413" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">(i) that<div style="display:inline-block;width:4.82px"> </div>they are<div style="display:inline-block;width:5.04px"> </div>acting for their<div style="display:inline-block;width:5.28px"> </div>own account;<div style="display:inline-block;width:4.97px"> </div>(ii) that they<div style="display:inline-block;width:5.31px"> </div>will use the<div style="display:inline-block;width:5.32px"> </div>proceeds of<div style="display:inline-block;width:4.86px"> </div>the Loan for </div><div id="a5416" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">their own benefit, under their<div style="display:inline-block;width:4.97px"> </div>full responsibility and exclusively<div style="display:inline-block;width:5.18px"> </div>for the purposes specified<div style="display:inline-block;width:4.67px"> </div>in this </div><div id="a5417" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">Agreement; (iii)<div style="display:inline-block;width:5.11px"> </div>that no<div style="display:inline-block;width:5.19px"> </div>Borrower and<div style="display:inline-block;width:5px"> </div>no Security<div style="display:inline-block;width:4.87px"> </div>Party nor<div style="display:inline-block;width:5.3px"> </div>any of<div style="display:inline-block;width:5.16px"> </div>their respective<div style="display:inline-block;width:5.14px"> </div>subsidiaries, </div><div id="a5421" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">directors, or officers, or, to the best of the Borrowers'<div style="display:inline-block;width:1.93px"> </div>knowledge, any affiliate, agent or employee </div><div id="a5425" style="position:absolute;font-family:'Calibri';left:141.79px;top:443px;">thereof has<div style="display:inline-block;width:5.71px"> </div>engaged<div style="display:inline-block;width:4.73px"> </div>in any<div style="display:inline-block;width:5.67px"> </div>activity or<div style="display:inline-block;width:5.53px"> </div>conduct which<div style="display:inline-block;width:5.34px"> </div>would violate<div style="display:inline-block;width:5.9px"> </div>any<div style="display:inline-block;width:4.75px"> </div>applicable anti-bribery, </div><div id="a5430" style="position:absolute;font-family:'Calibri';left:141.79px;top:461px;">anti-corruption<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:5.03px"> </div>anti-money<div style="display:inline-block;width:5.19px"> </div>laundering<div style="display:inline-block;width:4.67px"> </div>laws<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:5.19px"> </div>regulations<div style="display:inline-block;width:5.06px"> </div>in<div style="display:inline-block;width:4.89px"> </div>any<div style="display:inline-block;width:5.23px"> </div>applicable<div style="display:inline-block;width:4.9px"> </div>jurisdiction<div style="display:inline-block;width:4.86px"> </div>and </div><div id="a5435" style="position:absolute;font-family:'Calibri';left:141.79px;top:479px;">each<div style="display:inline-block;width:5.91px"> </div>Borrower<div style="display:inline-block;width:6.21px"> </div>and<div style="display:inline-block;width:5.8px"> </div>each<div style="display:inline-block;width:5.75px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Party<div style="display:inline-block;width:6.26px"> </div>has<div style="display:inline-block;width:5.86px"> </div>instituted<div style="display:inline-block;width:6.01px"> </div>and<div style="display:inline-block;width:5.8px"> </div>maintains<div style="display:inline-block;width:6.18px"> </div>policies<div style="display:inline-block;width:5.62px"> </div>and<div style="display:inline-block;width:5.8px"> </div>procedures </div><div id="a5438" style="position:absolute;font-family:'Calibri';left:141.79px;top:497px;">designated to prevent<div style="display:inline-block;width:4.91px"> </div>violation of such laws regulations<div style="display:inline-block;width:4.88px"> </div>and rules and (iv) that the<div style="display:inline-block;width:4.81px"> </div>foregoing will </div><div id="a5441" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">not involve or lead<div style="display:inline-block;width:1.5px"> </div>to a contravention of<div style="display:inline-block;width:1.94px"> </div>any law, official requirement or other<div style="display:inline-block;width:1.68px"> </div>regulatory measure </div><div id="a5442" style="position:absolute;font-family:'Calibri';left:141.79px;top:533px;">or<div style="display:inline-block;width:5.03px"> </div>procedure<div style="display:inline-block;width:5.21px"> </div>implemented<div style="display:inline-block;width:4.88px"> </div>to<div style="display:inline-block;width:5.21px"> </div>combat<div style="display:inline-block;width:5.04px"> </div>"money<div style="display:inline-block;width:4.95px"> </div>laundering"<div style="display:inline-block;width:4.69px"> </div>(as<div style="display:inline-block;width:4.97px"> </div>defined<div style="display:inline-block;width:4.97px"> </div>in<div style="display:inline-block;width:4.89px"> </div>Article<div style="display:inline-block;width:5.06px"> </div>1<div style="display:inline-block;width:4.86px"> </div>of<div style="display:inline-block;width:5.03px"> </div>Directive </div><div id="a5446" style="position:absolute;font-family:'Calibri';left:141.79px;top:551px;">2005/60/EC of the European Parliament and of the Council).<div style="display:inline-block;width:2.81px"> </div></div><div id="a5448" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:584px;">10.17</div><div id="a5450" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:584px;">No immunity </div><div id="a5452" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">No Borrower,<div style="display:inline-block;width:6.89px"> </div>nor any<div style="display:inline-block;width:5.27px"> </div>of their<div style="display:inline-block;width:5.2px"> </div>assets are<div style="display:inline-block;width:5.5px"> </div>entitled to<div style="display:inline-block;width:5.37px"> </div>immunity on<div style="display:inline-block;width:4.96px"> </div>the grounds<div style="display:inline-block;width:5.26px"> </div>of sovereignty<div style="display:inline-block;width:5.61px"> </div>or </div><div id="a5453" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">otherwise<div style="display:inline-block;width:6.62px"> </div>from<div style="display:inline-block;width:6.93px"> </div>any<div style="display:inline-block;width:6.83px"> </div>legal<div style="display:inline-block;width:6.77px"> </div>action<div style="display:inline-block;width:6.76px"> </div>or<div style="display:inline-block;width:6.79px"> </div>proceeding<div style="display:inline-block;width:6.56px"> </div>(which<div style="display:inline-block;width:6.5px"> </div>shall<div style="display:inline-block;width:6.62px"> </div>include,<div style="display:inline-block;width:6.58px"> </div>without<div style="display:inline-block;width:6.77px"> </div>limitation,<div style="display:inline-block;width:6.96px"> </div>suit </div><div id="a5454" style="position:absolute;font-family:'Calibri';left:141.79px;top:654px;">attachment prior to judgement, execution or other enforcement). </div><div id="a5456" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:688px;">10.18</div><div id="a5458" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:688px;">Sanctions </div><div id="a5460" style="position:absolute;font-family:'Calibri';left:94.59px;top:722px;">(a)</div><div id="a5462" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">Each<div style="display:inline-block;width:7.25px"> </div>Borrower,<div style="display:inline-block;width:8.44px"> </div>Security<div style="display:inline-block;width:6.57px"> </div>Party<div style="display:inline-block;width:7.34px"> </div>and<div style="display:inline-block;width:6.76px"> </div>member<div style="display:inline-block;width:6.73px"> </div>of<div style="display:inline-block;width:6.95px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Group<div style="display:inline-block;width:7.07px"> </div>and<div style="display:inline-block;width:6.76px"> </div>their<div style="display:inline-block;width:6.86px"> </div>respective<div style="display:inline-block;width:7.04px"> </div>subsidiaries, </div><div id="a5463" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">directors,<div style="display:inline-block;width:5.46px"> </div>officers,<div style="display:inline-block;width:5.44px"> </div>employees,<div style="display:inline-block;width:5.16px"> </div>and<div style="display:inline-block;width:4.84px"> </div>to<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:5.13px"> </div>best<div style="display:inline-block;width:4.98px"> </div>of<div style="display:inline-block;width:5.03px"> </div>each<div style="display:inline-block;width:4.95px"> </div>Borrower's<div style="display:inline-block;width:5.36px"> </div>knowledge,<div style="display:inline-block;width:4.87px"> </div>their<div style="display:inline-block;width:5.1px"> </div>respective </div><div id="a5464" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">agents or representatives has been and is in compliance with Sanctions. </div><div id="a5466" style="position:absolute;font-family:'Calibri';left:94.59px;top:792px;">(b)</div><div id="a5468" style="position:absolute;font-family:'Calibri';left:141.79px;top:792px;">No Borrower, Security Party or member of the Group, none of their subsidiaries and none of their </div><div id="a5469" style="position:absolute;font-family:'Calibri';left:141.79px;top:810px;">respective directors, officers,<div style="display:inline-block;width:5.05px"> </div>employees, and to the best of<div style="display:inline-block;width:4.91px"> </div>each Borrower's knowledge, none of </div><div id="a5470" style="position:absolute;font-family:'Calibri';left:141.79px;top:828px;">their respective agents or representatives: </div><div id="a5472" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">(i)</div><div id="a5474" style="position:absolute;font-family:'Calibri';left:189.15px;top:861px;">is a Restricted Party,<div style="display:inline-block;width:5.76px"> </div>or is involved in any<div style="display:inline-block;width:4.85px"> </div>transaction through which it is likely<div style="display:inline-block;width:4.85px"> </div>to become </div><div id="a5475" style="position:absolute;font-family:'Calibri';left:189.15px;top:879px;">a Restricted<div style="display:inline-block;width:5.32px"> </div>Party or<div style="display:inline-block;width:5.19px"> </div>result in<div style="display:inline-block;width:4.78px"> </div>the imposition of<div style="display:inline-block;width:5.53px"> </div>Sanctions against<div style="display:inline-block;width:4.95px"> </div>any party<div style="display:inline-block;width:4.95px"> </div>to a<div style="display:inline-block;width:4.75px"> </div>Finance </div><div id="a5476" style="position:absolute;font-family:'Calibri';left:189.15px;top:897px;">Document; or </div></div>
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<div id="a5480" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(ii)</div><div id="a5482" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">is<div style="display:inline-block;width:4.94px"> </div>subject to<div style="display:inline-block;width:6.18px"> </div>or<div style="display:inline-block;width:5.03px"> </div>involved<div style="display:inline-block;width:5.12px"> </div>in<div style="display:inline-block;width:4.73px"> </div>any<div style="display:inline-block;width:5.07px"> </div>inquiry,<div style="display:inline-block;width:5.63px"> </div>claim,<div style="display:inline-block;width:4.7px"> </div>action,<div style="display:inline-block;width:4.69px"> </div>suit,<div style="display:inline-block;width:4.77px"> </div>proceedings<div style="display:inline-block;width:4.81px"> </div>or<div style="display:inline-block;width:4.87px"> </div>investigation </div><div id="a5483" style="position:absolute;font-family:'Calibri';left:189.15px;top:112px;">against it with respect to Sanctions by any Sanctions Authority. </div><div id="a5485" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:146px;">10.19</div><div id="a5487" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:146px;">Compliance with applicable laws </div><div id="a5489" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">Each Borrower is at all times in compliance with all applicable laws or regulations. </div><div id="a5491" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:214px;">10.20</div><div id="a5493" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:214px;">Compliance with Environmental Laws </div><div id="a5495" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">All Environmental<div style="display:inline-block;width:5.48px"> </div>Laws relating<div style="display:inline-block;width:5.22px"> </div>to the<div style="display:inline-block;width:5.09px"> </div>ownership, operation<div style="display:inline-block;width:5.46px"> </div>and management<div style="display:inline-block;width:4.74px"> </div>of each<div style="display:inline-block;width:5.04px"> </div>Ship and </div><div id="a5497" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">the business of<div style="display:inline-block;width:5.45px"> </div>each member of<div style="display:inline-block;width:5.25px"> </div>the Group<div style="display:inline-block;width:4.91px"> </div>(as now conducted<div style="display:inline-block;width:5.39px"> </div>and as<div style="display:inline-block;width:4.71px"> </div>reasonably anticipated<div style="display:inline-block;width:4.88px"> </div>to </div><div id="a5499" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">be conducted<div style="display:inline-block;width:6.17px"> </div>in the<div style="display:inline-block;width:5.73px"> </div>future) and<div style="display:inline-block;width:5.82px"> </div>the terms<div style="display:inline-block;width:5.94px"> </div>of<div style="display:inline-block;width:4.71px"> </div>all Environmental<div style="display:inline-block;width:6.47px"> </div>Approvals<div style="display:inline-block;width:4.96px"> </div>have<div style="display:inline-block;width:4.75px"> </div>been complied </div><div id="a5500" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">with. </div><div id="a5502" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:336px;">10.21</div><div id="a5504" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:336px;">No Environmental Claim </div><div id="a5506" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">No Environmental<div style="display:inline-block;width:5.09px"> </div>Claim has been<div style="display:inline-block;width:4.79px"> </div>made or threatened<div style="display:inline-block;width:5.29px"> </div>against any<div style="display:inline-block;width:5.01px"> </div>member of the<div style="display:inline-block;width:4.95px"> </div>Group or any </div><div id="a5509" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">Ship which might reasonably be expected to have a Material Adverse Effect. </div><div id="a5514" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:421px;">10.22</div><div id="a5516" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:421px;">No Environmental Incident </div><div id="a5519" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">No<div style="display:inline-block;width:6.74px"> </div>Environmental<div style="display:inline-block;width:7.13px"> </div>Incident<div style="display:inline-block;width:6.57px"> </div>has<div style="display:inline-block;width:6.5px"> </div>occurred<div style="display:inline-block;width:6.77px"> </div>and<div style="display:inline-block;width:6.6px"> </div>no<div style="display:inline-block;width:6.58px"> </div>person<div style="display:inline-block;width:6.81px"> </div>has<div style="display:inline-block;width:6.5px"> </div>claimed<div style="display:inline-block;width:6.43px"> </div>that<div style="display:inline-block;width:6.69px"> </div>an<div style="display:inline-block;width:6.5px"> </div>Environmental </div><div id="a5520" style="position:absolute;font-family:'Calibri';left:141.79px;top:473px;">Incident has occurred. </div><div id="a5522" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:507px;">11</div><div id="a5524" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:507px;">GENERAL UNDERTAKINGS<div style="display:inline-block;width:4.13px"> </div></div><div id="a5526" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:541px;">11.1</div><div id="a5528" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:541px;">General </div><div id="a5530" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">Each Borrower undertakes with each<div style="display:inline-block;width:1.85px"> </div>Creditor Party to comply with<div style="display:inline-block;width:1.49px"> </div>the following provisions of<div style="display:inline-block;width:1.74px"> </div>this </div><div id="a5531" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">Clause </div><div id="a5532" style="position:absolute;font-family:'Calibri';left:184.19px;top:593px;"><a href="#a5522" style="color:#000000;text-decoration:none;">11</a></div><div id="a5533" style="position:absolute;font-family:'Calibri';left:199.07px;top:593px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a5535" style="position:absolute;font-family:'Calibri';font-style:italic;left:207.07px;top:593px;">General undertakings</div><div id="a5536" style="position:absolute;font-family:'Calibri';left:335.11px;top:593px;">) at all times during the Security Period except as the Agent<div style="display:inline-block;width:4.82px"> </div>may, </div><div id="a5537" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">with the authorisation of the Majority Lenders, otherwise permit. </div><div id="a5539" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:645px;">11.2</div><div id="a5541" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:645px;">Title; negative pledge </div><div id="a5543" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">Each Borrower will: </div><div id="a5545" style="position:absolute;font-family:'Calibri';left:94.59px;top:712px;">(a)</div><div id="a5547" style="position:absolute;font-family:'Calibri';left:141.79px;top:712px;">hold the legal<div style="display:inline-block;width:1.68px"> </div>title to, and<div style="display:inline-block;width:1.81px"> </div>own the entire<div style="display:inline-block;width:1.82px"> </div>beneficial interest in<div style="display:inline-block;width:1.85px"> </div>the Ship<div style="display:inline-block;width:1.95px"> </div>owned by it,<div style="display:inline-block;width:1.38px"> </div>the Insurances </div><div id="a5548" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">and Earnings, free<div style="display:inline-block;width:5.06px"> </div>from all Security<div style="display:inline-block;width:5.04px"> </div>Interests and<div style="display:inline-block;width:4.77px"> </div>other interests<div style="display:inline-block;width:4.82px"> </div>and rights of<div style="display:inline-block;width:4.69px"> </div>every kind, except </div><div id="a5549" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">for<div style="display:inline-block;width:6.12px"> </div>those<div style="display:inline-block;width:5.69px"> </div>created<div style="display:inline-block;width:6.29px"> </div>by<div style="display:inline-block;width:5.68px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:5.78px"> </div>and<div style="display:inline-block;width:5.64px"> </div>the<div style="display:inline-block;width:5.77px"> </div>effect<div style="display:inline-block;width:6.24px"> </div>of<div style="display:inline-block;width:5.99px"> </div>assignments<div style="display:inline-block;width:5.55px"> </div>contained<div style="display:inline-block;width:6.17px"> </div>in<div style="display:inline-block;width:5.69px"> </div>the </div><div id="a5551" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">Finance Documents and except for Permitted Security Interests; and </div><div id="a5553" style="position:absolute;font-family:'Calibri';left:94.59px;top:800px;">(b)</div><div id="a5555" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">not create<div style="display:inline-block;width:5.31px"> </div>or permit<div style="display:inline-block;width:4.96px"> </div>to arise<div style="display:inline-block;width:4.92px"> </div>any Security<div style="display:inline-block;width:5.11px"> </div>Interest (except<div style="display:inline-block;width:5.93px"> </div>for Permitted<div style="display:inline-block;width:5.58px"> </div>Security Interests)<div style="display:inline-block;width:5.24px"> </div>over </div><div id="a5556" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">any other asset, present or future (including, but not limited<div style="display:inline-block;width:1.82px"> </div>to, that Borrower's rights against the </div><div id="a5557" style="position:absolute;font-family:'Calibri';left:141.79px;top:836px;">Swap<div style="display:inline-block;width:5.66px"> </div>Bank<div style="display:inline-block;width:5.4px"> </div>under<div style="display:inline-block;width:5.3px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Master<div style="display:inline-block;width:5.7px"> </div>Agreement<div style="display:inline-block;width:5.36px"> </div>or<div style="display:inline-block;width:5.51px"> </div>all<div style="display:inline-block;width:5.39px"> </div>or<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.55px"> </div>part<div style="display:inline-block;width:5.46px"> </div>of<div style="display:inline-block;width:5.35px"> </div>that<div style="display:inline-block;width:5.57px"> </div>Borrower's<div style="display:inline-block;width:5.52px"> </div>interest<div style="display:inline-block;width:6.14px"> </div>in<div style="display:inline-block;width:5.37px"> </div>any </div><div id="a5560" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">amount payable to that Borrower by the Swap Bank under the Master Agreement). </div><div id="a5562" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:888px;">11.3</div><div id="a5564" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:888px;">No disposal of assets </div><div id="a5566" style="position:absolute;font-family:'Calibri';left:141.79px;top:922px;">No Borrower will transfer,<div style="display:inline-block;width:5.41px"> </div>lease or otherwise dispose of: </div></div>
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<div id="a5570" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a5572" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">all<div style="display:inline-block;width:4.91px"> </div>or<div style="display:inline-block;width:5.03px"> </div>a<div style="display:inline-block;width:4.79px"> </div>substantial<div style="display:inline-block;width:5.2px"> </div>part<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:4.87px"> </div>its<div style="display:inline-block;width:4.97px"> </div>assets,<div style="display:inline-block;width:4.79px"> </div>whether<div style="display:inline-block;width:4.9px"> </div>by<div style="display:inline-block;width:4.72px"> </div>one<div style="display:inline-block;width:5.02px"> </div>transaction<div style="display:inline-block;width:4.94px"> </div>or<div style="display:inline-block;width:4.87px"> </div>a<div style="display:inline-block;width:4.95px"> </div>number of<div style="display:inline-block;width:6.12px"> </div>transactions, </div><div id="a5573" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">whether related or not; or </div><div id="a5575" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(b)</div><div id="a5577" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">any debt payable to it<div style="display:inline-block;width:1.28px"> </div>or any other<div style="display:inline-block;width:1.91px"> </div>right (present, future<div style="display:inline-block;width:1.84px"> </div>or contingent right) to<div style="display:inline-block;width:1.74px"> </div>receive a payment, </div><div id="a5578" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">including any right to damages or compensation, </div><div id="a5580" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">but paragraph </div><div id="a5581" style="position:absolute;font-family:'Calibri';left:230.43px;top:198px;"><a href="#a5570" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a5582" style="position:absolute;font-family:'Calibri';left:246.43px;top:198px;"><div style="display:inline-block;width:3.52px"> </div>does not apply to any charter of a Ship as to<div style="display:inline-block;width:4.8px"> </div>which Clause </div><div id="a5584" style="position:absolute;font-family:'Calibri';left:598.33px;top:198px;"><a href="#a7055" style="color:#000000;text-decoration:none;">14.15</a></div><div id="a5585" style="position:absolute;font-family:'Calibri';left:631.81px;top:198px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a5587" style="position:absolute;font-family:'Calibri';font-style:italic;left:639.81px;top:198px;">Restriction on </div><div id="a5588" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:216px;">chartering, appointment of managers etc.</div><div id="a5589" style="position:absolute;font-family:'Calibri';left:390.79px;top:216px;">) applies. </div><div id="a5591" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:250px;">11.4</div><div id="a5593" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:250px;">No other liabilities or obligations to be incurred </div><div id="a5595" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">No Borrower will incur any liability or obligation except: </div><div id="a5597" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">(a)</div><div id="a5599" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">under the Finance Documents to which it is a party;<div style="display:inline-block;width:2.33px"> </div></div><div id="a5601" style="position:absolute;font-family:'Calibri';left:94.59px;top:352px;">(b)</div><div id="a5603" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">liabilities<div style="display:inline-block;width:5.81px"> </div>or<div style="display:inline-block;width:5.99px"> </div>obligations<div style="display:inline-block;width:6.3px"> </div>reasonably<div style="display:inline-block;width:5.81px"> </div>incurred<div style="display:inline-block;width:5.96px"> </div>in<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:5.77px"> </div>ordinary<div style="display:inline-block;width:6.02px"> </div>course<div style="display:inline-block;width:6.2px"> </div>of<div style="display:inline-block;width:5.83px"> </div>owning,<div style="display:inline-block;width:5.76px"> </div>operating<div style="display:inline-block;width:6.3px"> </div>and </div><div id="a5604" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">chartering the Ship owned by it;<div style="display:inline-block;width:2.75px"> </div></div><div id="a5606" style="position:absolute;font-family:'Calibri';left:94.59px;top:403px;">(c)</div><div id="a5608" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">in respect of the Designated Transactions; and </div><div id="a5610" style="position:absolute;font-family:'Calibri';left:94.59px;top:437px;">(d)</div><div id="a5612" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">until the<div style="display:inline-block;width:5.03px"> </div>Drawdown Date,<div style="display:inline-block;width:5.29px"> </div>any liabilities<div style="display:inline-block;width:5.15px"> </div>incurred under<div style="display:inline-block;width:4.74px"> </div>the Existing<div style="display:inline-block;width:4.94px"> </div>Facility Agreement<div style="display:inline-block;width:5.14px"> </div>to which </div><div id="a5613" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">such Borrower is a party. </div><div id="a5615" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:489px;">11.5</div><div id="a5617" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:489px;">Information provided to be accurate </div><div id="a5619" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">All financial<div style="display:inline-block;width:1.86px"> </div>and other information<div style="display:inline-block;width:1.6px"> </div>which is provided<div style="display:inline-block;width:1.39px"> </div>in writing<div style="display:inline-block;width:1.8px"> </div>by or<div style="display:inline-block;width:1.93px"> </div>on behalf<div style="display:inline-block;width:1.86px"> </div>of a Borrower<div style="display:inline-block;width:1.69px"> </div>under </div><div id="a5620" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">or in connection with any Finance<div style="display:inline-block;width:1.92px"> </div>Document will be true and<div style="display:inline-block;width:1.91px"> </div>not misleading and will<div style="display:inline-block;width:1.99px"> </div>not omit any </div><div id="a5621" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">material fact or consideration. </div><div id="a5623" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:593px;">11.6</div><div id="a5625" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:593px;">Provision of financial statements </div><div id="a5627" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">Each Borrower will deliver or procure that the Corporate Guarantor shall deliver to the Agent: </div><div id="a5629" style="position:absolute;font-family:'Calibri';left:94.59px;top:661px;">(a)</div><div id="a5631" style="position:absolute;font-family:'Calibri';left:141.79px;top:661px;">as soon as possible, but in no event later than 180 days after the end of<div style="display:inline-block;width:1.99px"> </div>each Financial Year of the </div><div id="a5632" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">Corporate<div style="display:inline-block;width:6.96px"> </div>Guarantor<div style="display:inline-block;width:6.93px"> </div>the<div style="display:inline-block;width:6.25px"> </div>audited<div style="display:inline-block;width:6.59px"> </div>annual<div style="display:inline-block;width:6.36px"> </div>consolidated<div style="display:inline-block;width:6.69px"> </div>financial<div style="display:inline-block;width:6.38px"> </div>statements<div style="display:inline-block;width:6.88px"> </div>of<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Corporate </div><div id="a5633" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">Guarantor<div style="display:inline-block;width:5.97px"> </div>for<div style="display:inline-block;width:5.64px"> </div>that<div style="display:inline-block;width:5.57px"> </div>Financial<div style="display:inline-block;width:5.07px"> </div>Year<div style="display:inline-block;width:6.54px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Corporate<div style="display:inline-block;width:5.68px"> </div>Guarantor<div style="display:inline-block;width:5.97px"> </div>(commencing<div style="display:inline-block;width:5.14px"> </div>with<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.45px"> </div>financial </div><div id="a5635" style="position:absolute;font-family:'Calibri';left:141.79px;top:714px;">statements for the year that ended on 31 December 2023);<div style="display:inline-block;width:3.28px"> </div></div><div id="a5642" style="position:absolute;font-family:'Calibri';left:94.59px;top:748px;">(b)</div><div id="a5644" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">as soon as possible, but in no<div style="display:inline-block;width:4.94px"> </div>event later than 90<div style="display:inline-block;width:4.76px"> </div>days after the end of<div style="display:inline-block;width:4.81px"> </div>each Financial Year<div style="display:inline-block;width:4.78px"> </div>of the </div><div id="a5645" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">Corporate<div style="display:inline-block;width:5.52px"> </div>Guarantor<div style="display:inline-block;width:5.17px"> </div>the<div style="display:inline-block;width:4.81px"> </div>unaudited<div style="display:inline-block;width:4.89px"> </div>annual<div style="display:inline-block;width:4.76px"> </div>consolidated<div style="display:inline-block;width:5.25px"> </div>financial<div style="display:inline-block;width:4.78px"> </div>statements<div style="display:inline-block;width:5.44px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Corporate </div><div id="a5646" style="position:absolute;font-family:'Calibri';left:141.79px;top:784px;">Guarantor<div style="display:inline-block;width:5.97px"> </div>for<div style="display:inline-block;width:5.64px"> </div>that<div style="display:inline-block;width:5.57px"> </div>Financial<div style="display:inline-block;width:5.07px"> </div>Year<div style="display:inline-block;width:6.54px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Corporate<div style="display:inline-block;width:5.68px"> </div>Guarantor<div style="display:inline-block;width:5.97px"> </div>(commencing<div style="display:inline-block;width:5.14px"> </div>with<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.45px"> </div>financial </div><div id="a5648" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">statements for the year that ended on 31 December 2023); </div><div id="a5655" style="position:absolute;font-family:'Calibri';left:94.59px;top:836px;">(c)</div><div id="a5657" style="position:absolute;font-family:'Calibri';left:141.79px;top:836px;">as soon as possible, but<div style="display:inline-block;width:4.76px"> </div>in no event later<div style="display:inline-block;width:5px"> </div>than 90 days after<div style="display:inline-block;width:5.13px"> </div>30 June in each Financial Year<div style="display:inline-block;width:5.75px"> </div>of the </div><div id="a5658" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">Corporate<div style="display:inline-block;width:9.04px"> </div>Guarantor<div style="display:inline-block;width:9.01px"> </div>the<div style="display:inline-block;width:8.49px"> </div>unaudited<div style="display:inline-block;width:8.57px"> </div>semi-annual<div style="display:inline-block;width:8.23px"> </div>consolidated<div style="display:inline-block;width:8.93px"> </div>financial<div style="display:inline-block;width:8.3px"> </div>statements<div style="display:inline-block;width:9.12px"> </div>of<div style="display:inline-block;width:8.55px"> </div>the </div><div id="a5661" style="position:absolute;font-family:'Calibri';left:141.79px;top:872px;">Corporate Guarantor for the<div style="display:inline-block;width:1.28px"> </div>first six-month period<div style="display:inline-block;width:1.73px"> </div>of such<div style="display:inline-block;width:1.61px"> </div>Financial Year and<div style="display:inline-block;width:1.79px"> </div>in the<div style="display:inline-block;width:1.73px"> </div>form published </div><div id="a5665" style="position:absolute;font-family:'Calibri';left:141.79px;top:890px;">in the relevant<div style="display:inline-block;width:4.86px"> </div>press release<div style="display:inline-block;width:7.83px"> </div>(commencing with the financial statements<div style="display:inline-block;width:5.51px"> </div>for the 6-month period </div><div id="a5668" style="position:absolute;font-family:'Calibri';left:141.79px;top:907px;">ended<div style="display:inline-block;width:5.67px"> </div>on<div style="display:inline-block;width:5.78px"> </div>30<div style="display:inline-block;width:5.88px"> </div>June<div style="display:inline-block;width:5.63px"> </div>2024)<div style="display:inline-block;width:5.73px"> </div>certified<div style="display:inline-block;width:5.76px"> </div>as<div style="display:inline-block;width:5.75px"> </div>to<div style="display:inline-block;width:6.01px"> </div>their<div style="display:inline-block;width:5.74px"> </div>correctness<div style="display:inline-block;width:5.73px"> </div>by<div style="display:inline-block;width:5.84px"> </div>the<div style="display:inline-block;width:5.77px"> </div>chief<div style="display:inline-block;width:5.86px"> </div>financial<div style="display:inline-block;width:5.58px"> </div>officer<div style="display:inline-block;width:5.82px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the </div><div id="a5674" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">Corporate Guarantor; and </div></div>
</div>
<div style="padding: 7px">
<div id="Page45" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a5678" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(d)</div><div id="a5680" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">promptly after a request by<div style="display:inline-block;width:1.54px"> </div>the Agent, such further<div style="display:inline-block;width:1.57px"> </div>financial or other<div style="display:inline-block;width:1.63px"> </div>information in respect of<div style="display:inline-block;width:1.76px"> </div>the </div><div id="a5681" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Borrowers, the<div style="display:inline-block;width:5.24px"> </div>Ships, the Corporate<div style="display:inline-block;width:5.67px"> </div>Guarantor,<div style="display:inline-block;width:5.64px"> </div>the other Security<div style="display:inline-block;width:4.96px"> </div>Parties, the<div style="display:inline-block;width:4.79px"> </div>Fleet Vessels<div style="display:inline-block;width:5.39px"> </div>and </div><div id="a5682" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">the Group (including, but not limited to, charter arrangements, Financial Indebtedness, operating </div><div id="a5684" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">expenses) as the Agent may reasonably require. </div><div id="a5686" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:182px;">11.7</div><div id="a5688" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:182px;">Form of financial statements </div><div id="a5690" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">All accounts delivered under Clause </div><div id="a5691" style="position:absolute;font-family:'Calibri';left:357.19px;top:216px;"><a href="#a5623" style="color:#000000;text-decoration:none;">11.6</a></div><div id="a5692" style="position:absolute;font-family:'Calibri';left:383.27px;top:216px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a5694" style="position:absolute;font-family:'Calibri';font-style:italic;left:390.95px;top:216px;">Provision of financial statements</div><div id="a5695" style="position:absolute;font-family:'Calibri';left:584.89px;top:216px;">) will: </div><div id="a5697" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">(a)</div><div id="a5699" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">be prepared in accordance with all applicable laws and GAAP consistently applied; </div><div id="a5701" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">(b)</div><div id="a5703" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">give a true<div style="display:inline-block;width:4.88px"> </div>and fair view<div style="display:inline-block;width:4.7px"> </div>of the state<div style="display:inline-block;width:5.19px"> </div>of affairs<div style="display:inline-block;width:4.79px"> </div>of the Group<div style="display:inline-block;width:4.81px"> </div>at the date<div style="display:inline-block;width:4.85px"> </div>of those accounts<div style="display:inline-block;width:4.82px"> </div>and of </div><div id="a5704" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">its profit for the period to which those accounts relate; and </div><div id="a5706" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(c)</div><div id="a5708" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">fully disclose or provide for all significant liabilities of the Group. </div><div id="a5710" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:370px;">11.8</div><div id="a5712" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:370px;">Shareholder and creditor notices </div><div id="a5714" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">Each<div style="display:inline-block;width:6.61px"> </div>Borrower<div style="display:inline-block;width:6.37px"> </div>will<div style="display:inline-block;width:6.22px"> </div>send<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Agent,<div style="display:inline-block;width:6.43px"> </div>at<div style="display:inline-block;width:6.23px"> </div>the<div style="display:inline-block;width:6.25px"> </div>same<div style="display:inline-block;width:6.19px"> </div>time<div style="display:inline-block;width:6.21px"> </div>as<div style="display:inline-block;width:6.23px"> </div>they<div style="display:inline-block;width:6.24px"> </div>are<div style="display:inline-block;width:6.45px"> </div>despatched,<div style="display:inline-block;width:6.3px"> </div>copies<div style="display:inline-block;width:6.1px"> </div>of<div style="display:inline-block;width:6.31px"> </div>all </div><div id="a5715" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">communications which<div style="display:inline-block;width:4.67px"> </div>are despatched<div style="display:inline-block;width:4.93px"> </div>to that<div style="display:inline-block;width:4.89px"> </div>Borrower's shareholders<div style="display:inline-block;width:4.82px"> </div>or creditors<div style="display:inline-block;width:5.07px"> </div>or any<div style="display:inline-block;width:5px"> </div>class </div><div id="a5716" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">of them. </div><div id="a5718" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:473px;">11.9</div><div id="a5720" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:473px;">Consents </div><div id="a5722" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">Each<div style="display:inline-block;width:6.13px"> </div>Borrower<div style="display:inline-block;width:6.21px"> </div>will<div style="display:inline-block;width:5.74px"> </div>maintain<div style="display:inline-block;width:6.02px"> </div>in<div style="display:inline-block;width:5.85px"> </div>force<div style="display:inline-block;width:6.55px"> </div>and<div style="display:inline-block;width:5.8px"> </div>promptly<div style="display:inline-block;width:6.01px"> </div>obtain<div style="display:inline-block;width:6.13px"> </div>or<div style="display:inline-block;width:5.99px"> </div>renew,<div style="display:inline-block;width:7.34px"> </div>and<div style="display:inline-block;width:5.8px"> </div>will<div style="display:inline-block;width:5.74px"> </div>promptly<div style="display:inline-block;width:6.17px"> </div>send </div><div id="a5723" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">certified copies to the Agent of, all consents required: </div><div id="a5725" style="position:absolute;font-family:'Calibri';left:94.59px;top:559px;">(a)</div><div id="a5727" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">for that Borrower to perform its obligations under any Finance Document to which it is a party;<div style="display:inline-block;width:3.22px"> </div></div><div id="a5729" style="position:absolute;font-family:'Calibri';left:94.59px;top:593px;">(b)</div><div id="a5731" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">for the validity or enforceability of any Finance Document to which it is a party; and </div><div id="a5733" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">(c)</div><div id="a5735" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">for that Borrower to continue to own and operate the Ship owned by it, </div><div id="a5737" style="position:absolute;font-family:'Calibri';left:141.79px;top:661px;">and that Borrower will comply with the terms of all such consents. </div><div id="a5739" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:695px;">11.10</div><div id="a5741" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:695px;">Maintenance of Security Interests </div><div id="a5743" style="position:absolute;font-family:'Calibri';left:141.79px;top:728px;">Each Borrower will: </div><div id="a5745" style="position:absolute;font-family:'Calibri';left:94.59px;top:762px;">(a)</div><div id="a5747" style="position:absolute;font-family:'Calibri';left:141.79px;top:762px;">at its own cost, do all that is necessary to ensure that any Finance Document to which it is a party </div><div id="a5748" style="position:absolute;font-family:'Calibri';left:141.79px;top:780px;">validly creates the obligations and the Security Interests which it purports to create; and </div><div id="a5750" style="position:absolute;font-family:'Calibri';left:94.59px;top:814px;">(b)</div><div id="a5752" style="position:absolute;font-family:'Calibri';left:141.79px;top:814px;">without limiting the generality<div style="display:inline-block;width:4.99px"> </div>of paragraph </div><div id="a5753" style="position:absolute;font-family:'Calibri';left:409.35px;top:814px;"><a href="#a5745" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a5754" style="position:absolute;font-family:'Calibri';left:425.19px;top:814px;">, at its<div style="display:inline-block;width:4.72px"> </div>own cost, promptly<div style="display:inline-block;width:5.01px"> </div>register,<div style="display:inline-block;width:5.48px"> </div>file, record or </div><div id="a5755" style="position:absolute;font-family:'Calibri';left:141.79px;top:832px;">enrol<div style="display:inline-block;width:5.39px"> </div>any<div style="display:inline-block;width:5.23px"> </div>Finance<div style="display:inline-block;width:4.83px"> </div>Document<div style="display:inline-block;width:4.97px"> </div>with<div style="display:inline-block;width:4.96px"> </div>any<div style="display:inline-block;width:5.39px"> </div>court<div style="display:inline-block;width:4.98px"> </div>or<div style="display:inline-block;width:5.03px"> </div>authority<div style="display:inline-block;width:4.85px"> </div>in<div style="display:inline-block;width:5.05px"> </div>all<div style="display:inline-block;width:4.91px"> </div>Pertinent<div style="display:inline-block;width:5.46px"> </div>Jurisdictions, pay<div style="display:inline-block;width:6.71px"> </div>any </div><div id="a5756" style="position:absolute;font-family:'Calibri';left:141.79px;top:850px;">stamp, registration or similar tax in all Pertinent Jurisdictions in respect of<div style="display:inline-block;width:1.94px"> </div>any Finance Document, </div><div id="a5758" style="position:absolute;font-family:'Calibri';left:141.79px;top:868px;">give<div style="display:inline-block;width:4.98px"> </div>any<div style="display:inline-block;width:5.07px"> </div>notice or<div style="display:inline-block;width:6.1px"> </div>take<div style="display:inline-block;width:5.38px"> </div>any<div style="display:inline-block;width:5.07px"> </div>other<div style="display:inline-block;width:4.72px"> </div>step<div style="display:inline-block;width:5.14px"> </div>which,<div style="display:inline-block;width:4.73px"> </div>in<div style="display:inline-block;width:4.73px"> </div>the opinion<div style="display:inline-block;width:6.08px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the Majority<div style="display:inline-block;width:5.98px"> </div>Lenders,<div style="display:inline-block;width:4.91px"> </div>is<div style="display:inline-block;width:4.78px"> </div>or<div style="display:inline-block;width:4.87px"> </div>has </div><div id="a5759" style="position:absolute;font-family:'Calibri';left:141.79px;top:886px;">become necessary or<div style="display:inline-block;width:5.09px"> </div>desirable for<div style="display:inline-block;width:5.08px"> </div>any Finance Document<div style="display:inline-block;width:5.17px"> </div>to be<div style="display:inline-block;width:4.75px"> </div>valid, enforceable<div style="display:inline-block;width:5.04px"> </div>or admissible </div><div id="a5760" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">in evidence or to ensure or protect the priority of any Security Interest which it creates.<div style="display:inline-block;width:3.64px"> </div></div></div>
</div>
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<div id="Page46" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a5765" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">11.11</div><div id="a5767" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Notification of litigation </div><div id="a5769" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each Borrower<div style="display:inline-block;width:5.33px"> </div>will provide<div style="display:inline-block;width:4.84px"> </div>the Agent<div style="display:inline-block;width:4.87px"> </div>with details<div style="display:inline-block;width:4.89px"> </div>of any<div style="display:inline-block;width:5px"> </div>legal or<div style="display:inline-block;width:4.95px"> </div>administrative action<div style="display:inline-block;width:5.19px"> </div>involving </div><div id="a5770" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">that Borrower, any Security Party,<div style="display:inline-block;width:5.21px"> </div>the Approved Manager or the Ship<div style="display:inline-block;width:1.86px"> </div>owned by it, the Earnings or </div><div id="a5771" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">the Insurances as soon as such action is instituted<div style="display:inline-block;width:1.97px"> </div>or it becomes apparent to that Borrower that it </div><div id="a5773" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">is<div style="display:inline-block;width:6.38px"> </div>likely<div style="display:inline-block;width:6.94px"> </div>to<div style="display:inline-block;width:6.49px"> </div>be<div style="display:inline-block;width:6.38px"> </div>instituted,<div style="display:inline-block;width:6.34px"> </div>unless<div style="display:inline-block;width:6.32px"> </div>it<div style="display:inline-block;width:6.41px"> </div>is<div style="display:inline-block;width:6.38px"> </div>clear<div style="display:inline-block;width:6.41px"> </div>that<div style="display:inline-block;width:6.37px"> </div>the<div style="display:inline-block;width:6.25px"> </div>legal<div style="display:inline-block;width:6.61px"> </div>or<div style="display:inline-block;width:6.47px"> </div>administrative<div style="display:inline-block;width:6.88px"> </div>action<div style="display:inline-block;width:6.28px"> </div>cannot<div style="display:inline-block;width:6.37px"> </div>be </div><div id="a5774" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">considered material in the context of any Finance Document.<div style="display:inline-block;width:3.62px"> </div></div><div id="a5776" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">11.12</div><div id="a5778" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:234px;">No amendment to Master Agreement </div><div id="a5780" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">No<div style="display:inline-block;width:5.3px"> </div>Borrower<div style="display:inline-block;width:5.41px"> </div>will<div style="display:inline-block;width:5.26px"> </div>agree<div style="display:inline-block;width:5.15px"> </div>to<div style="display:inline-block;width:5.37px"> </div>any<div style="display:inline-block;width:5.55px"> </div>amendment<div style="display:inline-block;width:5.03px"> </div>or<div style="display:inline-block;width:5.19px"> </div>supplement<div style="display:inline-block;width:5.21px"> </div>to,<div style="display:inline-block;width:5.48px"> </div>or<div style="display:inline-block;width:5.19px"> </div>waive<div style="display:inline-block;width:5.38px"> </div>or<div style="display:inline-block;width:5.19px"> </div>fail<div style="display:inline-block;width:5.35px"> </div>to<div style="display:inline-block;width:5.37px"> </div>enforce,<div style="display:inline-block;width:5.67px"> </div>the </div><div id="a5781" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">Master Agreement or any of its provisions. </div><div id="a5783" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:320px;">11.13</div><div id="a5785" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:320px;">Principal place of business </div><div id="a5787" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">No Borrower will establish,<div style="display:inline-block;width:1.61px"> </div>or do anything<div style="display:inline-block;width:1.96px"> </div>as a result<div style="display:inline-block;width:1.82px"> </div>of which it<div style="display:inline-block;width:1.67px"> </div>would be deemed<div style="display:inline-block;width:1.69px"> </div>to have, a place </div><div id="a5788" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">of business any country other than Greece. </div><div id="a5792" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:405px;">11.14</div><div id="a5794" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:405px;">Confirmation of no default </div><div id="a5796" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">Each Borrower will, within<div style="display:inline-block;width:1.79px"> </div>two Business Days after<div style="display:inline-block;width:1.89px"> </div>service by the<div style="display:inline-block;width:1.59px"> </div>Agent of a<div style="display:inline-block;width:1.9px"> </div>written request, serve </div><div id="a5797" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">on the Agent a notice which is signed by a senior officer of that Borrower and which: </div><div id="a5799" style="position:absolute;font-family:'Calibri';left:94.59px;top:491px;">(a)</div><div id="a5801" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">states that no Event of Default or Potential<div style="display:inline-block;width:4.72px"> </div>Event of Default has occurred; or </div><div id="a5803" style="position:absolute;font-family:'Calibri';left:94.59px;top:525px;">(b)</div><div id="a5805" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">states that<div style="display:inline-block;width:5.37px"> </div>no Event<div style="display:inline-block;width:4.94px"> </div>of Default<div style="display:inline-block;width:4.71px"> </div>or Potential<div style="display:inline-block;width:4.99px"> </div>Event of<div style="display:inline-block;width:4.98px"> </div>Default has<div style="display:inline-block;width:4.9px"> </div>occurred, except<div style="display:inline-block;width:4.95px"> </div>for a<div style="display:inline-block;width:4.86px"> </div>specified </div><div id="a5806" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">event or matter,<div style="display:inline-block;width:5.06px"> </div>of which all material details are given. </div><div id="a5808" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">The Agent may<div style="display:inline-block;width:5.3px"> </div>serve requests under<div style="display:inline-block;width:4.9px"> </div>this Clause </div><div id="a5809" style="position:absolute;font-family:'Calibri';left:435.61px;top:577px;"><a href="#a5792" style="color:#000000;text-decoration:none;">11.14</a></div><div id="a5810" style="position:absolute;font-family:'Calibri';left:469.05px;top:577px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a5812" style="position:absolute;font-family:'Calibri';font-style:italic;left:477.37px;top:577px;">Confirmation of no<div style="display:inline-block;width:4.76px"> </div>default</div><div id="a5813" style="position:absolute;font-family:'Calibri';left:636.61px;top:577px;">) from time<div style="display:inline-block;width:5.06px"> </div>to </div><div id="a5814" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">time but only<div style="display:inline-block;width:1.46px"> </div>if asked to do<div style="display:inline-block;width:1.3px"> </div>so by a<div style="display:inline-block;width:1.65px"> </div>Lender or<div style="display:inline-block;width:1.86px"> </div>Lenders having Contributions<div style="display:inline-block;width:1.65px"> </div>exceeding ten per<div style="display:inline-block;width:1.85px"> </div>cent. </div><div id="a5815" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">of the Loan or (if the Loan has not been made) Commitments<div style="display:inline-block;width:1.71px"> </div>exceeding ten per cent. of the Total </div><div id="a5819" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">Commitments; and this Clause </div><div id="a5820" style="position:absolute;font-family:'Calibri';left:328.87px;top:631px;"><a href="#a5792" style="color:#000000;text-decoration:none;">11.14</a></div><div id="a5821" style="position:absolute;font-family:'Calibri';left:362.31px;top:631px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a5823" style="position:absolute;font-family:'Calibri';font-style:italic;left:370.63px;top:631px;">Confirmation of no default</div><div id="a5824" style="position:absolute;font-family:'Calibri';left:529.53px;top:631px;">) does not<div style="display:inline-block;width:4.68px"> </div>affect the<div style="display:inline-block;width:4.69px"> </div>Borrowers' </div><div id="a5825" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">obligations under Clause </div><div id="a5826" style="position:absolute;font-family:'Calibri';left:291.91px;top:648px;"><a href="#a5832" style="color:#000000;text-decoration:none;">11.15</a></div><div id="a5827" style="position:absolute;font-family:'Calibri';left:325.35px;top:648px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a5829" style="position:absolute;font-family:'Calibri';font-style:italic;left:333.19px;top:648px;">Notification of default</div><div id="a5830" style="position:absolute;font-family:'Calibri';left:464.25px;top:648px;">). </div><div id="a5832" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:682px;">11.15</div><div id="a5834" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:682px;">Notification of default </div><div id="a5836" style="position:absolute;font-family:'Calibri';left:141.79px;top:716px;">Each Borrower will notify the Agent as soon as that Borrower becomes aware of: </div><div id="a5838" style="position:absolute;font-family:'Calibri';left:94.59px;top:750px;">(a)</div><div id="a5840" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">the occurrence of an Event of Default or a Potential Event of Default; or </div><div id="a5842" style="position:absolute;font-family:'Calibri';left:94.59px;top:784px;">(b)</div><div id="a5844" style="position:absolute;font-family:'Calibri';left:141.79px;top:784px;">any<div style="display:inline-block;width:5.39px"> </div>matter<div style="display:inline-block;width:5.46px"> </div>which<div style="display:inline-block;width:5.05px"> </div>indicates<div style="display:inline-block;width:5.31px"> </div>that<div style="display:inline-block;width:5.25px"> </div>an<div style="display:inline-block;width:5.06px"> </div>Event<div style="display:inline-block;width:5.68px"> </div>of<div style="display:inline-block;width:5.03px"> </div>Default<div style="display:inline-block;width:5.25px"> </div>or<div style="display:inline-block;width:5.19px"> </div>a<div style="display:inline-block;width:5.11px"> </div>Potential<div style="display:inline-block;width:5.54px"> </div>Event<div style="display:inline-block;width:5.52px"> </div>of<div style="display:inline-block;width:5.19px"> </div>Default<div style="display:inline-block;width:5.41px"> </div>may<div style="display:inline-block;width:5.36px"> </div>have </div><div id="a5845" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">occurred, </div><div id="a5847" style="position:absolute;font-family:'Calibri';left:141.79px;top:836px;">and will keep the Agent fully up to date with all developments. </div><div id="a5849" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:870px;">11.16</div><div id="a5851" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:870px;">Provision of further information </div><div id="a5853" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">Each Borrower will, as soon as practicable after receiving the request, provide the Agent with any </div><div id="a5854" style="position:absolute;font-family:'Calibri';left:141.79px;top:922px;">additional financial or other information relating: </div></div>
</div>
<div style="padding: 7px">
<div id="Page47" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a5858" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a5860" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">to the<div style="display:inline-block;width:5.73px"> </div>Borrowers,<div style="display:inline-block;width:4.71px"> </div>the Group,<div style="display:inline-block;width:5.52px"> </div>the Corporate<div style="display:inline-block;width:5.88px"> </div>Guarantor,<div style="display:inline-block;width:5.96px"> </div>the Ships,<div style="display:inline-block;width:5.4px"> </div>the other<div style="display:inline-block;width:5.4px"> </div>Fleet Vessels,<div style="display:inline-block;width:6.04px"> </div>their </div><div id="a5861" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Insurances<div style="display:inline-block;width:5.27px"> </div>or<div style="display:inline-block;width:5.03px"> </div>their<div style="display:inline-block;width:4.94px"> </div>Earnings<div style="display:inline-block;width:5.18px"> </div>(including,<div style="display:inline-block;width:4.68px"> </div>but<div style="display:inline-block;width:5.04px"> </div>not<div style="display:inline-block;width:5.17px"> </div>limited<div style="display:inline-block;width:5px"> </div>to,<div style="display:inline-block;width:5.48px"> </div>any<div style="display:inline-block;width:5.23px"> </div>sales<div style="display:inline-block;width:4.97px"> </div>or<div style="display:inline-block;width:5.03px"> </div>purchases<div style="display:inline-block;width:5.05px"> </div>of<div style="display:inline-block;width:5.19px"> </div>any<div style="display:inline-block;width:5.23px"> </div>Fleet </div><div id="a5862" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Vessels,<div style="display:inline-block;width:7.49px"> </div>the<div style="display:inline-block;width:6.73px"> </div>incurrence<div style="display:inline-block;width:6.65px"> </div>of<div style="display:inline-block;width:6.79px"> </div>Financial<div style="display:inline-block;width:6.71px"> </div>Indebtedness<div style="display:inline-block;width:6.63px"> </div>by<div style="display:inline-block;width:6.64px"> </div>members<div style="display:inline-block;width:6.82px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the<div style="display:inline-block;width:6.73px"> </div>Group,<div style="display:inline-block;width:6.76px"> </div>details<div style="display:inline-block;width:6.79px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the </div><div id="a5864" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">employment of the Fleet Vessels) as the Agent may require; or </div><div id="a5866" style="position:absolute;font-family:'Calibri';left:94.59px;top:182px;">(b)</div><div id="a5868" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">to any other matter relevant to, or to any<div style="display:inline-block;width:4.72px"> </div>provision of, a Finance Document, </div><div id="a5870" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">which may be requested<div style="display:inline-block;width:5.21px"> </div>by the Agent,<div style="display:inline-block;width:4.66px"> </div>the Security Trustee,<div style="display:inline-block;width:5.24px"> </div>the Swap Bank or<div style="display:inline-block;width:4.83px"> </div>any Lender at any </div><div id="a5871" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">time. </div><div id="a5873" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:268px;">11.17</div><div id="a5875" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:268px;">Provision of copies and translation of documents </div><div id="a5877" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">Each Borrower will supply the Agent with<div style="display:inline-block;width:1.71px"> </div>a sufficient number of copies<div style="display:inline-block;width:1.79px"> </div>of the documents referred </div><div id="a5878" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">to above<div style="display:inline-block;width:5.41px"> </div>to provide<div style="display:inline-block;width:5.27px"> </div>one copy<div style="display:inline-block;width:5.22px"> </div>for each<div style="display:inline-block;width:5.34px"> </div>Creditor Party;<div style="display:inline-block;width:5.41px"> </div>and if<div style="display:inline-block;width:5px"> </div>the Agent<div style="display:inline-block;width:5.19px"> </div>so requires<div style="display:inline-block;width:5.23px"> </div>in respect<div style="display:inline-block;width:5.01px"> </div>of </div><div id="a5880" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">any of<div style="display:inline-block;width:4.68px"> </div>those documents, the<div style="display:inline-block;width:4.71px"> </div>Borrowers will<div style="display:inline-block;width:4.88px"> </div>provide a certified<div style="display:inline-block;width:4.89px"> </div>English translation prepared<div style="display:inline-block;width:5.35px"> </div>by a </div><div id="a5881" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">translator approved by the Agent. </div><div id="a5883" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:389px;">11.18</div><div id="a5885" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:389px;">Know your customer </div><div id="a5887" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">Promptly<div style="display:inline-block;width:5.66px"> </div>upon<div style="display:inline-block;width:5.04px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Agent's<div style="display:inline-block;width:5.46px"> </div>request<div style="display:inline-block;width:5.46px"> </div>each<div style="display:inline-block;width:5.27px"> </div>Borrower<div style="display:inline-block;width:5.41px"> </div>will<div style="display:inline-block;width:5.42px"> </div>supply,<div style="display:inline-block;width:6.06px"> </div>or<div style="display:inline-block;width:5.35px"> </div>procure<div style="display:inline-block;width:5.55px"> </div>the<div style="display:inline-block;width:5.45px"> </div>supply<div style="display:inline-block;width:5px"> </div>of,<div style="display:inline-block;width:6.26px"> </div>such </div><div id="a5891" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">documentation<div style="display:inline-block;width:5.36px"> </div>and<div style="display:inline-block;width:5px"> </div>other<div style="display:inline-block;width:5.04px"> </div>evidence<div style="display:inline-block;width:5.1px"> </div>as<div style="display:inline-block;width:5.11px"> </div>is<div style="display:inline-block;width:5.1px"> </div>reasonably<div style="display:inline-block;width:5.01px"> </div>requested<div style="display:inline-block;width:5.6px"> </div>by<div style="display:inline-block;width:5.2px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Agent<div style="display:inline-block;width:5.3px"> </div>in<div style="display:inline-block;width:5.05px"> </div>order<div style="display:inline-block;width:5.36px"> </div>for<div style="display:inline-block;width:5.48px"> </div>each </div><div id="a5892" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">Creditor Party to<div style="display:inline-block;width:4.67px"> </div>carry out and be satisfied with<div style="display:inline-block;width:4.71px"> </div>the results of all necessary "know your<div style="display:inline-block;width:4.76px"> </div>client" or </div><div id="a5898" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">other checks which it is<div style="display:inline-block;width:4.95px"> </div>required to carry out<div style="display:inline-block;width:4.75px"> </div>in relation to the<div style="display:inline-block;width:4.97px"> </div>transactions contemplated by<div style="display:inline-block;width:4.79px"> </div>the </div><div id="a5899" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">Finance<div style="display:inline-block;width:5.47px"> </div>Documents<div style="display:inline-block;width:5.62px"> </div>and<div style="display:inline-block;width:5.48px"> </div>to<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.61px"> </div>identity<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.67px"> </div>any<div style="display:inline-block;width:5.71px"> </div>parties<div style="display:inline-block;width:5.41px"> </div>to<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Finance<div style="display:inline-block;width:5.47px"> </div>Documents<div style="display:inline-block;width:5.46px"> </div>(other<div style="display:inline-block;width:5.53px"> </div>than </div><div id="a5900" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">Creditor Parties) and their directors and officers. </div><div id="a5902" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:547px;">11.19</div><div id="a5904" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:547px;">Payment of taxes </div><div id="a5906" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">Each Borrower shall pay<div style="display:inline-block;width:5.08px"> </div>when due all taxes<div style="display:inline-block;width:5.05px"> </div>applicable to, or imposed on,<div style="display:inline-block;width:4.82px"> </div>its business or the Ship </div><div id="a5911" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">owned by it. </div><div id="a5914" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:632px;">11.20</div><div id="a5916" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:632px;">Bribery and anti-corruption laws </div><div id="a5920" style="position:absolute;font-family:'Calibri';left:94.59px;top:666px;">(a)</div><div id="a5922" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">No Borrower shall use the<div style="display:inline-block;width:4.81px"> </div>proceeds of the Loan for<div style="display:inline-block;width:5.14px"> </div>any purpose which would breach<div style="display:inline-block;width:4.83px"> </div>the Bribery </div><div id="a5926" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">Act 2010,<div style="display:inline-block;width:5.4px"> </div>the United<div style="display:inline-block;width:5.58px"> </div>States<div style="display:inline-block;width:4.68px"> </div>Foreign<div style="display:inline-block;width:4.81px"> </div>Corrupt Practices<div style="display:inline-block;width:5.46px"> </div>Act of<div style="display:inline-block;width:5.55px"> </div>1977 or<div style="display:inline-block;width:5.3px"> </div>other similar<div style="display:inline-block;width:5.4px"> </div>legislation in </div><div id="a5927" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">other jurisdictions. </div><div id="a5929" style="position:absolute;font-family:'Calibri';left:94.59px;top:736px;">(b)</div><div id="a5931" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">Each Borrower shall<div style="display:inline-block;width:4.78px"> </div>(and shall procure that<div style="display:inline-block;width:5.1px"> </div>each other Security Party<div style="display:inline-block;width:4.79px"> </div>and each other member of </div><div id="a5932" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">the Group shall): </div><div id="a5936" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">(i)</div><div id="a5938" style="position:absolute;font-family:'Calibri';left:189.15px;top:788px;">conduct its businesses in compliance with applicable anti-corruption laws; and </div><div id="a5942" style="position:absolute;font-family:'Calibri';left:141.79px;top:822px;">(ii)</div><div id="a5944" style="position:absolute;font-family:'Calibri';left:189.15px;top:822px;">maintain policies and procedures designed to promote and achieve compliance with such </div><div id="a5945" style="position:absolute;font-family:'Calibri';left:189.15px;top:840px;">laws. </div><div id="a5947" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:874px;">11.21</div><div id="a5949" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:874px;">Sanctions </div><div id="a5951" style="position:absolute;font-family:'Calibri';left:94.59px;top:907px;">(a)</div><div id="a5953" style="position:absolute;font-family:'Calibri';left:141.79px;top:907px;">Each Borrower<div style="display:inline-block;width:5.01px"> </div>shall ensure that<div style="display:inline-block;width:5.05px"> </div>none of them or<div style="display:inline-block;width:5.13px"> </div>the Security Parties<div style="display:inline-block;width:4.99px"> </div>nor any of<div style="display:inline-block;width:5.05px"> </div>their respective </div><div id="a5954" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">subsidiaries or any<div style="display:inline-block;width:5.55px"> </div>member of the<div style="display:inline-block;width:5.11px"> </div>Group, their<div style="display:inline-block;width:4.85px"> </div>respective directors,<div style="display:inline-block;width:5.24px"> </div>officers, employees,<div style="display:inline-block;width:5.03px"> </div>agents </div></div>
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<div style="padding: 7px">
<div id="Page48" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a5958" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">or representatives or any<div style="display:inline-block;width:1.92px"> </div>other persons acting<div style="display:inline-block;width:1.43px"> </div>on any of<div style="display:inline-block;width:1.7px"> </div>their behalf, is or<div style="display:inline-block;width:1.57px"> </div>will become a<div style="display:inline-block;width:1.47px"> </div>Restricted </div><div id="a5959" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Party. </div><div id="a5961" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(b)</div><div id="a5963" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Each Borrower<div style="display:inline-block;width:4.85px"> </div>shall supply to the<div style="display:inline-block;width:4.94px"> </div>Agent, promptly upon<div style="display:inline-block;width:4.74px"> </div>becoming aware of<div style="display:inline-block;width:4.95px"> </div>them, the details<div style="display:inline-block;width:4.72px"> </div>of </div><div id="a5964" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">any inquiry, claim, action, suit, proceeding or<div style="display:inline-block;width:1.75px"> </div>investigation pursuant to Sanctions by any Sanctions </div><div id="a5965" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">Authority against a Borrower, any Security Party,<div style="display:inline-block;width:5.32px"> </div>any of their respective direct or indirect owners, </div><div id="a5967" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">their respective<div style="display:inline-block;width:5.94px"> </div>subsidiaries or<div style="display:inline-block;width:5.58px"> </div>any<div style="display:inline-block;width:4.75px"> </div>member of<div style="display:inline-block;width:5.71px"> </div>the Group,<div style="display:inline-block;width:5.84px"> </div>any<div style="display:inline-block;width:4.75px"> </div>of their<div style="display:inline-block;width:5.84px"> </div>joint ventures<div style="display:inline-block;width:6.17px"> </div>or any<div style="display:inline-block;width:5.96px"> </div>of </div><div id="a5968" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">their respective<div style="display:inline-block;width:5.3px"> </div>directors, officers,<div style="display:inline-block;width:5.49px"> </div>employees, agents<div style="display:inline-block;width:5.09px"> </div>or representatives,<div style="display:inline-block;width:5.85px"> </div>as well<div style="display:inline-block;width:4.99px"> </div>as information </div><div id="a5969" style="position:absolute;font-family:'Calibri';left:141.79px;top:236px;">on what steps are being taken with regards to answer or oppose such. </div><div id="a5972" style="position:absolute;font-family:'Calibri';left:94.59px;top:270px;">(c)</div><div id="a5974" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">Each Borrower shall (and shall procure that the other members of the Group will) implement and </div><div id="a5975" style="position:absolute;font-family:'Calibri';left:141.79px;top:288px;">maintain in effect<div style="display:inline-block;width:5.63px"> </div>policies and procedures<div style="display:inline-block;width:4.86px"> </div>designed to promote<div style="display:inline-block;width:5.11px"> </div>and ensure compliance<div style="display:inline-block;width:4.77px"> </div>by them </div><div id="a5976" style="position:absolute;font-family:'Calibri';left:141.79px;top:306px;">and their<div style="display:inline-block;width:5.18px"> </div>respective directors,<div style="display:inline-block;width:5.5px"> </div>officers and<div style="display:inline-block;width:5.35px"> </div>employees acting<div style="display:inline-block;width:5.1px"> </div>on their<div style="display:inline-block;width:5.22px"> </div>behalf with<div style="display:inline-block;width:4.87px"> </div>Sanctions and </div><div id="a5978" style="position:absolute;font-family:'Calibri';left:141.79px;top:323px;">anti-corruption laws and regulations. </div><div id="a5982" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:357px;">11.22</div><div id="a5984" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:357px;">Use of proceeds </div><div id="a5986" style="position:absolute;font-family:'Calibri';left:94.59px;top:391px;">(a)</div><div id="a5988" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">No proceeds of<div style="display:inline-block;width:4.91px"> </div>the Loan or any<div style="display:inline-block;width:5.3px"> </div>part of the Loan<div style="display:inline-block;width:5.15px"> </div>shall be made available,<div style="display:inline-block;width:5.27px"> </div>directly or indirectly<div style="display:inline-block;width:4.84px"> </div>to </div><div id="a5989" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">or for the benefit of a Restricted Party nor shall they be otherwise directly<div style="display:inline-block;width:1.98px"> </div>or indirectly, applied in </div><div id="a5990" style="position:absolute;font-family:'Calibri';left:141.79px;top:427px;">a manner or<div style="display:inline-block;width:5.23px"> </div>for a<div style="display:inline-block;width:4.7px"> </div>purpose prohibited by<div style="display:inline-block;width:5.32px"> </div>Sanctions or could<div style="display:inline-block;width:5.03px"> </div>result in the<div style="display:inline-block;width:5.3px"> </div>imposition of sanctions </div><div id="a5992" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">against any party to any Finance Document.</div><div id="a5994" style="position:absolute;font-family:'Calibri';left:94.59px;top:479px;">(b)</div><div id="a5996" style="position:absolute;font-family:'Calibri';left:141.79px;top:479px;">The Borrowers shall not repay or prepay the<div style="display:inline-block;width:1.88px"> </div>Loan or any part thereof<div style="display:inline-block;width:1.89px"> </div>or fund all or<div style="display:inline-block;width:1.93px"> </div>any part of any </div><div id="a5997" style="position:absolute;font-family:'Calibri';left:141.79px;top:497px;">payment<div style="display:inline-block;width:6.74px"> </div>under<div style="display:inline-block;width:6.26px"> </div>this<div style="display:inline-block;width:6.2px"> </div>Agreement<div style="display:inline-block;width:6.48px"> </div>(i)<div style="display:inline-block;width:6.26px"> </div>out<div style="display:inline-block;width:6.29px"> </div>of<div style="display:inline-block;width:6.31px"> </div>proceeds<div style="display:inline-block;width:6.37px"> </div>from<div style="display:inline-block;width:6.61px"> </div>funds<div style="display:inline-block;width:6.07px"> </div>or<div style="display:inline-block;width:6.47px"> </div>assets<div style="display:inline-block;width:6.22px"> </div>that<div style="display:inline-block;width:6.37px"> </div>(A)<div style="display:inline-block;width:6.24px"> </div>constitute </div><div id="a5998" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">property of, or that are beneficially owned directly or indirectly by,<div style="display:inline-block;width:4.79px"> </div>any Restricted Party or (B) are </div><div id="a6001" style="position:absolute;font-family:'Calibri';left:141.79px;top:533px;">obtained or<div style="display:inline-block;width:5.09px"> </div>derived from<div style="display:inline-block;width:5.03px"> </div>transactions with<div style="display:inline-block;width:4.81px"> </div>or relating<div style="display:inline-block;width:5.13px"> </div>to any<div style="display:inline-block;width:5.35px"> </div>Restricted Party<div style="display:inline-block;width:5.62px"> </div>or transactions<div style="display:inline-block;width:5.04px"> </div>in </div><div id="a6002" style="position:absolute;font-family:'Calibri';left:141.79px;top:551px;">violation<div style="display:inline-block;width:5.23px"> </div>of<div style="display:inline-block;width:5.35px"> </div>Sanctions<div style="display:inline-block;width:5.07px"> </div>or<div style="display:inline-block;width:5.35px"> </div>(ii)<div style="display:inline-block;width:5.12px"> </div>in<div style="display:inline-block;width:5.21px"> </div>any<div style="display:inline-block;width:5.55px"> </div>manner<div style="display:inline-block;width:5.27px"> </div>that<div style="display:inline-block;width:5.25px"> </div>would<div style="display:inline-block;width:5.25px"> </div>cause<div style="display:inline-block;width:5.39px"> </div>any<div style="display:inline-block;width:5.55px"> </div>Lender<div style="display:inline-block;width:5.12px"> </div>to<div style="display:inline-block;width:5.53px"> </div>be<div style="display:inline-block;width:5.1px"> </div>in<div style="display:inline-block;width:5.21px"> </div>violation<div style="display:inline-block;width:5.39px"> </div>of </div><div id="a6003" style="position:absolute;font-family:'Calibri';left:141.79px;top:568px;">Sanctions.</div><div id="a6005" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:602px;">12</div><div id="a6007" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:602px;">CORPORATE UNDERTAKINGS<div style="display:inline-block;width:5.15px"> </div></div><div id="a6009" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:636px;">12.1</div><div id="a6011" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:636px;">General </div><div id="a6013" style="position:absolute;font-family:'Calibri';left:141.79px;top:670px;">Each Borrower<div style="display:inline-block;width:5.01px"> </div>also undertakes<div style="display:inline-block;width:4.69px"> </div>with each Creditor<div style="display:inline-block;width:4.9px"> </div>Party to<div style="display:inline-block;width:4.9px"> </div>comply with the<div style="display:inline-block;width:4.83px"> </div>following provisions </div><div id="a6014" style="position:absolute;font-family:'Calibri';left:141.79px;top:688px;">of this Clause </div><div id="a6015" style="position:absolute;font-family:'Calibri';left:224.51px;top:688px;"><a href="#a5947" style="color:#000000;text-decoration:none;">11.21</a></div><div id="a6016" style="position:absolute;font-family:'Calibri';left:257.99px;top:688px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a6018" style="position:absolute;font-family:'Calibri';font-style:italic;left:265.67px;top:688px;">Corporate Undertakings</div><div id="a6019" style="position:absolute;font-family:'Calibri';left:408.55px;top:688px;">) at all times during the Security Period except as the </div><div id="a6020" style="position:absolute;font-family:'Calibri';left:141.79px;top:706px;">Agent may,<div style="display:inline-block;width:4.68px"> </div>with the authorisation of the Majority Lenders, otherwise permit. </div><div id="a6022" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:740px;">12.2</div><div id="a6024" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:740px;">Maintenance of status </div><div id="a6026" style="position:absolute;font-family:'Calibri';left:94.59px;top:774px;">(a)</div><div id="a6028" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">Each Borrower will<div style="display:inline-block;width:4.71px"> </div>maintain its separate<div style="display:inline-block;width:5.11px"> </div>corporate existence<div style="display:inline-block;width:4.91px"> </div>and remain in good standing<div style="display:inline-block;width:5.09px"> </div>under </div><div id="a6029" style="position:absolute;font-family:'Calibri';left:141.79px;top:792px;">the<div style="display:inline-block;width:5.61px"> </div>laws<div style="display:inline-block;width:5.68px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Marshall<div style="display:inline-block;width:5.79px"> </div>Islands<div style="display:inline-block;width:5.28px"> </div>and<div style="display:inline-block;width:5.48px"> </div>will,<div style="display:inline-block;width:5.59px"> </div>and<div style="display:inline-block;width:5.48px"> </div>shall<div style="display:inline-block;width:5.5px"> </div>procure<div style="display:inline-block;width:6.03px"> </div>that<div style="display:inline-block;width:5.73px"> </div>any<div style="display:inline-block;width:5.71px"> </div>other<div style="display:inline-block;width:5.52px"> </div>Security<div style="display:inline-block;width:5.45px"> </div>Party<div style="display:inline-block;width:5.9px"> </div>(as </div><div id="a6030" style="position:absolute;font-family:'Calibri';left:141.79px;top:810px;">applicable)<div style="display:inline-block;width:6.99px"> </div>will,<div style="display:inline-block;width:7.03px"> </div>comply<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6.81px"> </div>all<div style="display:inline-block;width:6.99px"> </div>respects<div style="display:inline-block;width:7.13px"> </div>with<div style="display:inline-block;width:7.04px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Republic<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7.11px"> </div>the<div style="display:inline-block;width:6.96px"> </div>Marshall<div style="display:inline-block;width:7.23px"> </div>Islands<div style="display:inline-block;width:6.72px"> </div>Economic </div><div id="a6032" style="position:absolute;font-family:'Calibri';left:141.79px;top:828px;">Substance Regulations 2018 (as amended from time to time). </div><div id="a6034" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:861px;">12.3</div><div id="a6036" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:861px;">Negative undertakings </div><div id="a6038" style="position:absolute;font-family:'Calibri';left:141.79px;top:895px;">No Borrower will: </div></div>
</div>
<div style="padding: 7px">
<div id="Page49" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6042" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a6044" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">carry on any<div style="display:inline-block;width:5.56px"> </div>business other than<div style="display:inline-block;width:4.88px"> </div>the ownership,<div style="display:inline-block;width:4.8px"> </div>chartering and operation<div style="display:inline-block;width:5.29px"> </div>of the Ship<div style="display:inline-block;width:5.09px"> </div>owned by </div><div id="a6045" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">that Borrower; or<div style="display:inline-block;width:3.46px"> </div></div><div id="a6047" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(b)</div><div id="a6049" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">if a Potential Event of Default or an Event of Default<div style="display:inline-block;width:4.71px"> </div>has occurred and is continuing, or if an Event </div><div id="a6050" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">of Default would<div style="display:inline-block;width:4.87px"> </div>result therefrom declare,<div style="display:inline-block;width:4.85px"> </div>make or pay<div style="display:inline-block;width:5.23px"> </div>any dividends or return<div style="display:inline-block;width:4.81px"> </div>any capital to<div style="display:inline-block;width:5.14px"> </div>its </div><div id="a6052" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">equity holders<div style="display:inline-block;width:5.86px"> </div>or<div style="display:inline-block;width:4.71px"> </div>authorize<div style="display:inline-block;width:4.75px"> </div>or make<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:4.75px"> </div>other distribution,<div style="display:inline-block;width:5.74px"> </div>payment<div style="display:inline-block;width:4.82px"> </div>or<div style="display:inline-block;width:4.71px"> </div>delivery of<div style="display:inline-block;width:5.71px"> </div>property or </div><div id="a6053" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">cash to its equity holders, or redeem, retire,<div style="display:inline-block;width:5.18px"> </div>purchase or otherwise acquire, directly or indirectly, </div><div id="a6054" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">for value,<div style="display:inline-block;width:3.33px"> </div>any interest of any class or series of its<div style="display:inline-block;width:1.81px"> </div>equity interests (or acquire any rights, options<div style="display:inline-block;width:1.99px"> </div>or </div><div id="a6060" style="position:absolute;font-family:'Calibri';left:141.79px;top:236px;">warrants relating thereto but not including convertible debt) now or hereafter outstanding; or </div><div id="a6064" style="position:absolute;font-family:'Calibri';left:94.59px;top:270px;">(c)</div><div id="a6066" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">provide any form of credit or financial assistance to: </div><div id="a6068" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">(i)</div><div id="a6070" style="position:absolute;font-family:'Calibri';left:189.15px;top:304px;">a person who is directly<div style="display:inline-block;width:1.92px"> </div>or indirectly interested in that Borrower's share or<div style="display:inline-block;width:1.82px"> </div>loan capital; or </div><div id="a6072" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">(ii)</div><div id="a6074" style="position:absolute;font-family:'Calibri';left:189.15px;top:338px;">any<div style="display:inline-block;width:7.31px"> </div>company<div style="display:inline-block;width:7.23px"> </div>in<div style="display:inline-block;width:6.97px"> </div>or<div style="display:inline-block;width:6.95px"> </div>with<div style="display:inline-block;width:6.88px"> </div>which<div style="display:inline-block;width:6.97px"> </div>such<div style="display:inline-block;width:6.95px"> </div>a<div style="display:inline-block;width:7.03px"> </div>person<div style="display:inline-block;width:7.13px"> </div>is<div style="display:inline-block;width:7.02px"> </div>directly<div style="display:inline-block;width:6.95px"> </div>or<div style="display:inline-block;width:7.11px"> </div>indirectly<div style="display:inline-block;width:7.04px"> </div>interested<div style="display:inline-block;width:7.56px"> </div>or </div><div id="a6075" style="position:absolute;font-family:'Calibri';left:189.15px;top:355px;">connected, </div><div id="a6077" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">or enter<div style="display:inline-block;width:4.75px"> </div>into any<div style="display:inline-block;width:4.77px"> </div>transaction with or<div style="display:inline-block;width:5.06px"> </div>involving such a<div style="display:inline-block;width:5px"> </div>person or company<div style="display:inline-block;width:5.21px"> </div>on terms which<div style="display:inline-block;width:4.95px"> </div>are, in </div><div id="a6078" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">any respect, less favourable<div style="display:inline-block;width:5.46px"> </div>to that Borrower than<div style="display:inline-block;width:4.84px"> </div>those which it could obtain in<div style="display:inline-block;width:4.74px"> </div>a bargain made </div><div id="a6079" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">at arms' length; or </div><div id="a6081" style="position:absolute;font-family:'Calibri';left:94.59px;top:459px;">(d)</div><div id="a6083" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">open or<div style="display:inline-block;width:1.7px"> </div>maintain any account<div style="display:inline-block;width:1.51px"> </div>with any bank<div style="display:inline-block;width:1.03px"> </div>or financial<div style="display:inline-block;width:1.52px"> </div>institution except accounts<div style="display:inline-block;width:1.65px"> </div>with the<div style="display:inline-block;width:1.8px"> </div>Agent </div><div id="a6084" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">and the Security Trustee for the purposes of the Finance Documents; or </div><div id="a6086" style="position:absolute;font-family:'Calibri';left:94.59px;top:511px;">(e)</div><div id="a6088" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">purchase, cancel,<div style="display:inline-block;width:5.36px"> </div>redeem or<div style="display:inline-block;width:5.06px"> </div>retire any<div style="display:inline-block;width:5.62px"> </div>of its<div style="display:inline-block;width:5.07px"> </div>issued shares<div style="display:inline-block;width:4.91px"> </div>or increase<div style="display:inline-block;width:5.25px"> </div>or reduce<div style="display:inline-block;width:5.22px"> </div>the number<div style="display:inline-block;width:4.79px"> </div>of </div><div id="a6089" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">shares that it is authorised to issue or change the<div style="display:inline-block;width:1.94px"> </div>par value of such shares or create any new class </div><div id="a6090" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">of shares or issue<div style="display:inline-block;width:1.64px"> </div>any additional shares<div style="display:inline-block;width:1.96px"> </div>except to the Corporate Guarantor and<div style="display:inline-block;width:1.85px"> </div>provided such new </div><div id="a6092" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">shares are made subject to the terms of the Shares Pledge applicable to that Borrower; or </div><div id="a6094" style="position:absolute;font-family:'Calibri';left:94.59px;top:599px;">(f)</div><div id="a6096" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">acquire any shares or<div style="display:inline-block;width:1.96px"> </div>other securities other<div style="display:inline-block;width:1.68px"> </div>than US or<div style="display:inline-block;width:1.59px"> </div>UK Treasury bills and certificates<div style="display:inline-block;width:1.99px"> </div>of deposit </div><div id="a6097" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">issued by major<div style="display:inline-block;width:4.67px"> </div>North American or European<div style="display:inline-block;width:4.92px"> </div>banks, or enter<div style="display:inline-block;width:4.84px"> </div>into any transaction<div style="display:inline-block;width:5.1px"> </div>in a derivative </div><div id="a6098" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">other than the Designated Transactions; or </div><div id="a6100" style="position:absolute;font-family:'Calibri';left:94.59px;top:668px;">(g)</div><div id="a6102" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">enter<div style="display:inline-block;width:5.77px"> </div>into<div style="display:inline-block;width:5.76px"> </div>any<div style="display:inline-block;width:5.71px"> </div>form<div style="display:inline-block;width:5.56px"> </div>of<div style="display:inline-block;width:5.51px"> </div>amalgamation,<div style="display:inline-block;width:5.46px"> </div>merger<div style="display:inline-block;width:5.68px"> </div>or<div style="display:inline-block;width:5.51px"> </div>de-merger<div style="display:inline-block;width:5.44px"> </div>or<div style="display:inline-block;width:5.51px"> </div>any<div style="display:inline-block;width:5.71px"> </div>form<div style="display:inline-block;width:5.56px"> </div>of<div style="display:inline-block;width:5.51px"> </div>reconstruction<div style="display:inline-block;width:5.52px"> </div>or </div><div id="a6105" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">reorganisation. </div><div id="a6107" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:720px;">13</div><div id="a6109" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:720px;">INSURANCE<div style="display:inline-block;width:3.14px"> </div></div><div id="a6111" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:754px;">13.1</div><div id="a6113" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:754px;">General </div><div id="a6115" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Each Borrower<div style="display:inline-block;width:5.01px"> </div>also undertakes<div style="display:inline-block;width:4.69px"> </div>with each Creditor<div style="display:inline-block;width:4.9px"> </div>Party to<div style="display:inline-block;width:4.9px"> </div>comply with the<div style="display:inline-block;width:4.83px"> </div>following provisions </div><div id="a6116" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">of this Clause </div><div id="a6117" style="position:absolute;font-family:'Calibri';left:224.99px;top:806px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a6118" style="position:absolute;font-family:'Calibri';left:239.87px;top:806px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a6120" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.87px;top:806px;">Insurance</div><div id="a6121" style="position:absolute;font-family:'Calibri';left:305.35px;top:806px;">) at all times during the Security Period except as the Agent may,<div style="display:inline-block;width:5.83px"> </div>with </div><div id="a6122" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">the authorisation of the Majority Lenders, otherwise permit. </div><div id="a6124" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:858px;">13.2</div><div id="a6126" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:858px;">Maintenance of obligatory insurances </div><div id="a6128" style="position:absolute;font-family:'Calibri';left:141.79px;top:892px;">Each Borrower shall keep the Ship owned by it insured at the expense of that Borrower against: </div><div id="a6130" style="position:absolute;font-family:'Calibri';left:94.59px;top:925px;">(a)</div><div id="a6132" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">fire and usual marine risks (including hull and machinery and excess risks); </div></div>
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<div style="padding: 7px">
<div id="Page50" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6136" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a6138" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">war risks (including terrorism, piracy and confiscation); </div><div id="a6140" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(c)</div><div id="a6142" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">protection and indemnity risks (other than loss of hire or political risks); and </div><div id="a6144" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(d)</div><div id="a6146" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">any other risks against which the Security Trustee<div style="display:inline-block;width:4.78px"> </div>considers, having regard to practices and other </div><div id="a6147" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">circumstances prevailing<div style="display:inline-block;width:5.64px"> </div>at the<div style="display:inline-block;width:5px"> </div>relevant time,<div style="display:inline-block;width:5.34px"> </div>it would<div style="display:inline-block;width:4.81px"> </div>in the<div style="display:inline-block;width:4.93px"> </div>opinion of<div style="display:inline-block;width:4.86px"> </div>the Security<div style="display:inline-block;width:4.69px"> </div>Trustee<div style="display:inline-block;width:5.3px"> </div>be </div><div id="a6148" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">reasonable for that<div style="display:inline-block;width:4.9px"> </div>Borrower to insure<div style="display:inline-block;width:5.18px"> </div>and which are specified<div style="display:inline-block;width:4.75px"> </div>by the Security Trustee<div style="display:inline-block;width:5.66px"> </div>by notice </div><div id="a6150" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">to that Borrower. </div><div id="a6152" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:250px;">13.3</div><div id="a6154" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:250px;">Terms of obligatory<div style="display:inline-block;width:4.72px"> </div>insurances </div><div id="a6156" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">Each Borrower shall effect such insurances: </div><div id="a6158" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">(a)</div><div id="a6160" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">in Dollars; </div><div id="a6162" style="position:absolute;font-family:'Calibri';left:94.59px;top:352px;">(b)</div><div id="a6164" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">in the case of fire and<div style="display:inline-block;width:1.68px"> </div>usual marine risks and<div style="display:inline-block;width:1.77px"> </div>war risks, (including hull<div style="display:inline-block;width:1.91px"> </div>interest and freight interest) </div><div id="a6165" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">in such amount as shall from time to time be approved<div style="display:inline-block;width:1.89px"> </div>by the Security Trustee but in any event in </div><div id="a6166" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">an amount<div style="display:inline-block;width:5.77px"> </div>not less<div style="display:inline-block;width:5.39px"> </div>than the<div style="display:inline-block;width:5.39px"> </div>greater<div style="display:inline-block;width:4.83px"> </div>of (i)<div style="display:inline-block;width:5.75px"> </div>an amount<div style="display:inline-block;width:5.45px"> </div>which when<div style="display:inline-block;width:5.53px"> </div>aggregated<div style="display:inline-block;width:4.81px"> </div>with the<div style="display:inline-block;width:5.64px"> </div>insured </div><div id="a6170" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">value of<div style="display:inline-block;width:5.14px"> </div>the other<div style="display:inline-block;width:4.76px"> </div>Ships then<div style="display:inline-block;width:4.7px"> </div>subject to<div style="display:inline-block;width:5.06px"> </div>a Mortgage,<div style="display:inline-block;width:4.82px"> </div>120 per<div style="display:inline-block;width:4.98px"> </div>cent. of<div style="display:inline-block;width:4.87px"> </div>the aggregate<div style="display:inline-block;width:5.39px"> </div>of the<div style="display:inline-block;width:4.75px"> </div>Loan </div><div id="a6171" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">and the Swap Exposure of each Swap Bank and (ii) the Market Value of the Ship owned by it;<div style="display:inline-block;width:3.26px"> </div></div><div id="a6173" style="position:absolute;font-family:'Calibri';left:94.59px;top:457px;">(c)</div><div id="a6175" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">in the<div style="display:inline-block;width:5.57px"> </div>case of<div style="display:inline-block;width:5.54px"> </div>hull and<div style="display:inline-block;width:5.37px"> </div>machinery policy<div style="display:inline-block;width:5.34px"> </div>at an<div style="display:inline-block;width:5.56px"> </div>agreed insured<div style="display:inline-block;width:5.49px"> </div>value<div style="display:inline-block;width:4.72px"> </div>(excluding hull<div style="display:inline-block;width:5.57px"> </div>interest<div style="display:inline-block;width:5.18px"> </div>and </div><div id="a6176" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">freight interest) in an amount of not less<div style="display:inline-block;width:1.89px"> </div>than an amount which when<div style="display:inline-block;width:1.67px"> </div>aggregated with the agreed </div><div id="a6177" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">insured values under all<div style="display:inline-block;width:4.68px"> </div>the other hull and machinery policies<div style="display:inline-block;width:4.69px"> </div>for the other Ships then<div style="display:inline-block;width:4.76px"> </div>subject to </div><div id="a6179" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">a Mortgage is not less<div style="display:inline-block;width:1.93px"> </div>than the principal amount<div style="display:inline-block;width:1.92px"> </div>of the Loan and<div style="display:inline-block;width:1.88px"> </div>the Swap Exposure of each<div style="display:inline-block;width:1.76px"> </div>Swap </div><div id="a6180" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">Bank </div><div id="a6181" style="position:absolute;font-family:'Calibri';font-weight:bold;left:175.55px;top:529px;">Provided that</div><div id="a6182" style="position:absolute;font-family:'Calibri';left:259.75px;top:529px;"><div style="display:inline-block;width:4.32px"> </div>the Borrowers<div style="display:inline-block;width:5.55px"> </div>are in<div style="display:inline-block;width:5.29px"> </div>compliance with<div style="display:inline-block;width:5.02px"> </div>their obligations<div style="display:inline-block;width:5.35px"> </div>under paragraph </div><div id="a6184" style="position:absolute;font-family:'Calibri';left:705.09px;top:529px;"><a href="#a6162" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a6186" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">above at all times;<div style="display:inline-block;width:3.26px"> </div></div><div id="a6188" style="position:absolute;font-family:'Calibri';left:94.59px;top:581px;">(d)</div><div id="a6190" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">in the case<div style="display:inline-block;width:1.29px"> </div>of oil pollution<div style="display:inline-block;width:1.26px"> </div>liability risks,<div style="display:inline-block;width:1.87px"> </div>for an aggregate<div style="display:inline-block;width:1.87px"> </div>amount equal<div style="display:inline-block;width:1.9px"> </div>to the highest<div style="display:inline-block;width:1.51px"> </div>level of cover </div><div id="a6191" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">from<div style="display:inline-block;width:8.05px"> </div>time<div style="display:inline-block;width:7.81px"> </div>to<div style="display:inline-block;width:7.77px"> </div>time<div style="display:inline-block;width:7.81px"> </div>available<div style="display:inline-block;width:7.95px"> </div>under<div style="display:inline-block;width:7.7px"> </div>basic<div style="display:inline-block;width:7.78px"> </div>protection<div style="display:inline-block;width:7.88px"> </div>and<div style="display:inline-block;width:7.72px"> </div>indemnity<div style="display:inline-block;width:7.69px"> </div>club<div style="display:inline-block;width:7.73px"> </div>entry<div style="display:inline-block;width:7.8px"> </div>and<div style="display:inline-block;width:7.72px"> </div>in<div style="display:inline-block;width:7.77px"> </div>the </div><div id="a6192" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">international marine insurance market; </div><div id="a6194" style="position:absolute;font-family:'Calibri';left:94.59px;top:650px;">(e)</div><div id="a6196" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">in relation to protection and indemnity risks in respect<div style="display:inline-block;width:1.84px"> </div>of the full tonnage of the Ship<div style="display:inline-block;width:1.6px"> </div>owned by it; </div><div id="a6198" style="position:absolute;font-family:'Calibri';left:94.59px;top:684px;">(f)</div><div id="a6200" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">on approved terms; and </div><div id="a6202" style="position:absolute;font-family:'Calibri';left:94.59px;top:718px;">(g)</div><div id="a6204" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">through approved brokers and with approved insurance companies<div style="display:inline-block;width:1.54px"> </div>and/or underwriters or, in the </div><div id="a6205" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">case of<div style="display:inline-block;width:5.86px"> </div>war<div style="display:inline-block;width:4.82px"> </div>risks and<div style="display:inline-block;width:5.81px"> </div>protection<div style="display:inline-block;width:4.68px"> </div>and indemnity<div style="display:inline-block;width:5.68px"> </div>risks, in<div style="display:inline-block;width:5.71px"> </div>approved<div style="display:inline-block;width:4.77px"> </div>war<div style="display:inline-block;width:4.82px"> </div>risks and<div style="display:inline-block;width:5.65px"> </div>protection<div style="display:inline-block;width:4.84px"> </div>and </div><div id="a6206" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">indemnity risks associations. </div><div id="a6208" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:788px;">13.4</div><div id="a6210" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:788px;">Further protections for the Creditor Parties </div><div id="a6212" style="position:absolute;font-family:'Calibri';left:141.79px;top:822px;">In addition<div style="display:inline-block;width:5.45px"> </div>to<div style="display:inline-block;width:4.73px"> </div>the terms<div style="display:inline-block;width:5.62px"> </div>set out<div style="display:inline-block;width:5.51px"> </div>in Clause </div><div id="a6213" style="position:absolute;font-family:'Calibri';left:398.79px;top:822px;"><a href="#a6152" style="color:#000000;text-decoration:none;">13.3</a></div><div id="a6214" style="position:absolute;font-family:'Calibri';left:424.87px;top:822px;"><div style="display:inline-block;width:4.51px"> </div>(</div><div id="a6216" style="position:absolute;font-family:'Calibri';font-style:italic;left:433.85px;top:822px;">Terms<div style="display:inline-block;width:5.42px"> </div>of obligatory<div style="display:inline-block;width:5.52px"> </div>insurances</div><div id="a6217" style="position:absolute;font-family:'Calibri';left:619.81px;top:822px;">), each<div style="display:inline-block;width:5.32px"> </div>Borrower </div><div id="a6218" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">shall procure that the obligatory insurances effected by it shall: </div><div id="a6220" style="position:absolute;font-family:'Calibri';left:94.59px;top:874px;">(a)</div><div id="a6222" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">subject always to<div style="display:inline-block;width:1.56px"> </div>paragraph </div><div id="a6223" style="position:absolute;font-family:'Calibri';left:309.51px;top:874px;"><a href="#a6263" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a6224" style="position:absolute;font-family:'Calibri';left:326.15px;top:874px;">, name<div style="display:inline-block;width:1.85px"> </div>that Borrower as<div style="display:inline-block;width:1.28px"> </div>the sole<div style="display:inline-block;width:1.9px"> </div>named assured<div style="display:inline-block;width:1.58px"> </div>unless the<div style="display:inline-block;width:1.72px"> </div>interest </div><div id="a6225" style="position:absolute;font-family:'Calibri';left:141.79px;top:892px;">of every other named assured is limited: </div><div id="a6228" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">(i)</div><div id="a6230" style="position:absolute;font-family:'Calibri';left:189.15px;top:925px;">in respect of any obligatory insurances for hull and machinery and war risks; </div></div>
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<div id="a6234" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">(A)</div><div id="a6236" style="position:absolute;font-family:'Calibri';left:236.35px;top:94px;">to any<div style="display:inline-block;width:4.91px"> </div>provable out-of-pocket<div style="display:inline-block;width:5.71px"> </div>expenses that it<div style="display:inline-block;width:4.94px"> </div>has incurred and which<div style="display:inline-block;width:5.01px"> </div>form part </div><div id="a6242" style="position:absolute;font-family:'Calibri';left:236.35px;top:112px;">of any recoverable claim on underwriters; and<div style="display:inline-block;width:3.74px"> </div></div><div id="a6244" style="position:absolute;font-family:'Calibri';left:189.15px;top:146px;">(B)</div><div id="a6246" style="position:absolute;font-family:'Calibri';left:236.35px;top:146px;">to any<div style="display:inline-block;width:5.83px"> </div>third party<div style="display:inline-block;width:5.26px"> </div>liability claims<div style="display:inline-block;width:5.14px"> </div>where cover<div style="display:inline-block;width:5.59px"> </div>for<div style="display:inline-block;width:4.68px"> </div>such claims<div style="display:inline-block;width:5.12px"> </div>is provided<div style="display:inline-block;width:5.43px"> </div>by the </div><div id="a6247" style="position:absolute;font-family:'Calibri';left:236.35px;top:164px;">policy (and then only in respect of discharge of any claims made against it); and<div style="display:inline-block;width:2.68px"> </div></div><div id="a6249" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">(ii)</div><div id="a6251" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">in<div style="display:inline-block;width:7.61px"> </div>respect<div style="display:inline-block;width:7.77px"> </div>of<div style="display:inline-block;width:7.75px"> </div>any<div style="display:inline-block;width:7.79px"> </div>obligatory<div style="display:inline-block;width:8.08px"> </div>insurances<div style="display:inline-block;width:7.68px"> </div>for<div style="display:inline-block;width:8.04px"> </div>protection<div style="display:inline-block;width:7.72px"> </div>and<div style="display:inline-block;width:7.56px"> </div>indemnity<div style="display:inline-block;width:7.53px"> </div>risks,<div style="display:inline-block;width:7.51px"> </div>to<div style="display:inline-block;width:7.93px"> </div>any </div><div id="a6252" style="position:absolute;font-family:'Calibri';left:189.15px;top:216px;">recoveries it is entitled to make by way of reimbursement following discharge of<div style="display:inline-block;width:1.86px"> </div>any third </div><div id="a6253" style="position:absolute;font-family:'Calibri';left:189.15px;top:234px;">party liability claims made specifically against it </div><div id="a6255" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">and every other named assured has undertaken in writing<div style="display:inline-block;width:1.78px"> </div>to the Security Trustee (in such form as </div><div id="a6256" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">it<div style="display:inline-block;width:5.45px"> </div>requires)<div style="display:inline-block;width:5.61px"> </div>that<div style="display:inline-block;width:5.57px"> </div>any<div style="display:inline-block;width:5.55px"> </div>deductible<div style="display:inline-block;width:5.15px"> </div>shall<div style="display:inline-block;width:5.34px"> </div>be<div style="display:inline-block;width:5.26px"> </div>apportioned<div style="display:inline-block;width:5.08px"> </div>between<div style="display:inline-block;width:5.56px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Borrower<div style="display:inline-block;width:5.57px"> </div>and<div style="display:inline-block;width:5.32px"> </div>every<div style="display:inline-block;width:5.45px"> </div>other </div><div id="a6257" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">named assured in proportion to<div style="display:inline-block;width:1.99px"> </div>the gross claims made or<div style="display:inline-block;width:1.85px"> </div>paid by each of them<div style="display:inline-block;width:1.72px"> </div>and that it shall<div style="display:inline-block;width:1.94px"> </div>do </div><div id="a6259" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">all things necessary<div style="display:inline-block;width:4.84px"> </div>and provide all<div style="display:inline-block;width:5.21px"> </div>documents, evidence and<div style="display:inline-block;width:4.79px"> </div>information to<div style="display:inline-block;width:4.74px"> </div>enable the Security </div><div id="a6260" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">Trustee<div style="display:inline-block;width:6.1px"> </div>to<div style="display:inline-block;width:4.89px"> </div>collect<div style="display:inline-block;width:4.9px"> </div>or<div style="display:inline-block;width:4.87px"> </div>recover<div style="display:inline-block;width:5.22px"> </div>any<div style="display:inline-block;width:4.91px"> </div>moneys<div style="display:inline-block;width:5.07px"> </div>which<div style="display:inline-block;width:4.73px"> </div>at<div style="display:inline-block;width:5.12px"> </div>any<div style="display:inline-block;width:5.07px"> </div>time<div style="display:inline-block;width:4.77px"> </div>become<div style="display:inline-block;width:4.79px"> </div>payable<div style="display:inline-block;width:5.24px"> </div>in<div style="display:inline-block;width:4.73px"> </div>respect<div style="display:inline-block;width:4.89px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the </div><div id="a6261" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">obligatory insurances; </div><div id="a6263" style="position:absolute;font-family:'Calibri';left:94.59px;top:391px;">(b)</div><div id="a6265" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">whenever the<div style="display:inline-block;width:4.68px"> </div>Security Trustee<div style="display:inline-block;width:5.34px"> </div>requires, name (or<div style="display:inline-block;width:5.16px"> </div>be amended to<div style="display:inline-block;width:4.92px"> </div>name) the Security Trustee<div style="display:inline-block;width:6.45px"> </div>as </div><div id="a6266" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">additional named assured for its rights<div style="display:inline-block;width:4.87px"> </div>and interests, warranted<div style="display:inline-block;width:5.05px"> </div>no operational interest<div style="display:inline-block;width:4.79px"> </div>and with </div><div id="a6267" style="position:absolute;font-family:'Calibri';left:141.79px;top:427px;">full waiver of rights<div style="display:inline-block;width:4.83px"> </div>of subrogation against<div style="display:inline-block;width:5.08px"> </div>the Security Trustee,<div style="display:inline-block;width:5.24px"> </div>but without the Security Trustee </div><div id="a6269" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">thereby being<div style="display:inline-block;width:4.68px"> </div>liable to pay<div style="display:inline-block;width:5.14px"> </div>(but having the<div style="display:inline-block;width:5.11px"> </div>right to pay)<div style="display:inline-block;width:5.27px"> </div>premiums, calls or<div style="display:inline-block;width:4.81px"> </div>other assessments in </div><div id="a6270" style="position:absolute;font-family:'Calibri';left:141.79px;top:463px;">respect of such insurance; </div><div id="a6272" style="position:absolute;font-family:'Calibri';left:94.59px;top:497px;">(c)</div><div id="a6274" style="position:absolute;font-family:'Calibri';left:141.79px;top:497px;">name the Security Trustee as<div style="display:inline-block;width:4.76px"> </div>loss payee with such directions for payment<div style="display:inline-block;width:4.94px"> </div>as the Security Trustee </div><div id="a6275" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">may specify; </div><div id="a6277" style="position:absolute;font-family:'Calibri';left:94.59px;top:549px;">(d)</div><div id="a6279" style="position:absolute;font-family:'Calibri';left:141.79px;top:549px;">provide that<div style="display:inline-block;width:5.15px"> </div>all payments<div style="display:inline-block;width:4.8px"> </div>by or<div style="display:inline-block;width:4.81px"> </div>on behalf of<div style="display:inline-block;width:5.32px"> </div>the insurers<div style="display:inline-block;width:5.02px"> </div>under the obligatory<div style="display:inline-block;width:5.46px"> </div>insurances to<div style="display:inline-block;width:4.92px"> </div>the </div><div id="a6280" style="position:absolute;font-family:'Calibri';left:141.79px;top:567px;">Security<div style="display:inline-block;width:8.49px"> </div>Trustee<div style="display:inline-block;width:9.78px"> </div>shall<div style="display:inline-block;width:8.38px"> </div>be<div style="display:inline-block;width:8.46px"> </div>made<div style="display:inline-block;width:8.53px"> </div>without<div style="display:inline-block;width:8.37px"> </div>set-off,<div style="display:inline-block;width:10.07px"> </div>counterclaim<div style="display:inline-block;width:9.04px"> </div>or<div style="display:inline-block;width:8.55px"> </div>deductions<div style="display:inline-block;width:8.25px"> </div>or<div style="display:inline-block;width:8.55px"> </div>condition </div><div id="a6283" style="position:absolute;font-family:'Calibri';left:141.79px;top:584px;">whatsoever; </div><div id="a6285" style="position:absolute;font-family:'Calibri';left:94.59px;top:618px;">(e)</div><div id="a6287" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">provide that such obligatory<div style="display:inline-block;width:4.73px"> </div>insurances shall be primary without right of contribution from<div style="display:inline-block;width:5px"> </div>other </div><div id="a6288" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">insurances which may be carried by the Security Trustee or any other Creditor Party; and </div><div id="a6290" style="position:absolute;font-family:'Calibri';left:94.59px;top:670px;">(f)</div><div id="a6292" style="position:absolute;font-family:'Calibri';left:141.79px;top:670px;">provide that the Security Trustee may make<div style="display:inline-block;width:4.83px"> </div>proof of loss if that Borrower fails to do so. </div><div id="a6294" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:704px;">13.5</div><div id="a6296" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:704px;">Renewal of obligatory insurances </div><div id="a6298" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">Each Borrower shall: </div><div id="a6300" style="position:absolute;font-family:'Calibri';left:94.59px;top:772px;">(a)</div><div id="a6302" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">at least 21 days before the expiry of any obligatory insurance effected<div style="display:inline-block;width:5.08px"> </div>by it: </div><div id="a6304" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">(i)</div><div id="a6306" style="position:absolute;font-family:'Calibri';left:189.15px;top:806px;">notify<div style="display:inline-block;width:5.77px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Security<div style="display:inline-block;width:5.65px"> </div>Trustee<div style="display:inline-block;width:6.74px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.93px"> </div>brokers<div style="display:inline-block;width:6.47px"> </div>(or<div style="display:inline-block;width:5.84px"> </div>other<div style="display:inline-block;width:5.68px"> </div>insurers)<div style="display:inline-block;width:6.11px"> </div>and<div style="display:inline-block;width:5.8px"> </div>any<div style="display:inline-block;width:6.03px"> </div>protection<div style="display:inline-block;width:5.96px"> </div>and </div><div id="a6308" style="position:absolute;font-family:'Calibri';left:189.15px;top:824px;">indemnity<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:5.83px"> </div>war<div style="display:inline-block;width:6.1px"> </div>risks<div style="display:inline-block;width:5.9px"> </div>association<div style="display:inline-block;width:5.51px"> </div>through<div style="display:inline-block;width:5.88px"> </div>or<div style="display:inline-block;width:5.83px"> </div>with<div style="display:inline-block;width:5.75px"> </div>whom<div style="display:inline-block;width:5.74px"> </div>that<div style="display:inline-block;width:5.89px"> </div>Borrower<div style="display:inline-block;width:6.05px"> </div>proposes<div style="display:inline-block;width:5.91px"> </div>to </div><div id="a6309" style="position:absolute;font-family:'Calibri';left:189.15px;top:842px;">renew that obligatory insurance and of the proposed terms of renewal; and </div><div id="a6311" style="position:absolute;font-family:'Calibri';left:141.79px;top:876px;">(ii)</div><div id="a6313" style="position:absolute;font-family:'Calibri';left:189.15px;top:876px;">obtain the Security Trustee's approval to the matters<div style="display:inline-block;width:4.93px"> </div>referred to in paragraph </div><div id="a6314" style="position:absolute;font-family:'Calibri';left:655.65px;top:876px;"><a href="#a6304" style="color:#000000;text-decoration:none;">(i);</a></div><div id="a6317" style="position:absolute;font-family:'Calibri';left:94.59px;top:909px;">(b)</div><div id="a6319" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">at least 14 days<div style="display:inline-block;width:4.98px"> </div>before the expiry of<div style="display:inline-block;width:4.74px"> </div>any obligatory insurance,<div style="display:inline-block;width:4.73px"> </div>renew that obligatory insurance<div style="display:inline-block;width:4.93px"> </div>in </div><div id="a6320" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">accordance with the Security Trustee's approval pursuant to paragraph </div><div id="a6321" style="position:absolute;font-family:'Calibri';left:568.41px;top:927px;"><a href="#a6300" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a6322" style="position:absolute;font-family:'Calibri';left:584.25px;top:927px;">; and </div></div>
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<div id="a6326" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a6328" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">procure that the<div style="display:inline-block;width:1.92px"> </div>approved brokers and/or the war<div style="display:inline-block;width:1.59px"> </div>risks and<div style="display:inline-block;width:1.97px"> </div>protection and indemnity<div style="display:inline-block;width:1.6px"> </div>associations </div><div id="a6329" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">with which such a renewal is effected shall promptly after the renewal notify the Security Trustee </div><div id="a6330" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">in writing of the terms each conditions of the renewal. </div><div id="a6332" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">13.6</div><div id="a6334" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Copies of policies; letters of undertaking </div><div id="a6336" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma </div><div id="a6337" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">copies of all policies relating to the obligatory insurances which they are to effect or renew and of </div><div id="a6339" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">a<div style="display:inline-block;width:6.87px"> </div>letter<div style="display:inline-block;width:7.11px"> </div>or<div style="display:inline-block;width:6.79px"> </div>letters<div style="display:inline-block;width:7.2px"> </div>of<div style="display:inline-block;width:6.79px"> </div>undertaking<div style="display:inline-block;width:6.85px"> </div>in<div style="display:inline-block;width:6.65px"> </div>a<div style="display:inline-block;width:6.71px"> </div>form<div style="display:inline-block;width:7px"> </div>required<div style="display:inline-block;width:6.98px"> </div>by<div style="display:inline-block;width:6.8px"> </div>the<div style="display:inline-block;width:6.73px"> </div>Security<div style="display:inline-block;width:6.57px"> </div>Trustee<div style="display:inline-block;width:7.86px"> </div>and<div style="display:inline-block;width:6.76px"> </div>including </div><div id="a6340" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">undertakings by the approved brokers that: </div><div id="a6342" style="position:absolute;font-family:'Calibri';left:94.59px;top:286px;">(a)</div><div id="a6344" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">they will have endorsed<div style="display:inline-block;width:1.86px"> </div>on each policy, immediately upon<div style="display:inline-block;width:1.67px"> </div>issue, a loss<div style="display:inline-block;width:1.86px"> </div>payable clause and<div style="display:inline-block;width:1.96px"> </div>a notice </div><div id="a6345" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">of assignment<div style="display:inline-block;width:4.84px"> </div>complying with<div style="display:inline-block;width:4.83px"> </div>the provisions<div style="display:inline-block;width:4.9px"> </div>of Clause </div><div id="a6346" style="position:absolute;font-family:'Calibri';left:475.13px;top:304px;"><a href="#a6208" style="color:#000000;text-decoration:none;">13.4</a></div><div id="a6347" style="position:absolute;font-family:'Calibri';left:501.21px;top:304px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a6349" style="position:absolute;font-family:'Calibri';font-style:italic;left:509.69px;top:304px;">Further protections<div style="display:inline-block;width:4.86px"> </div>for the<div style="display:inline-block;width:5.03px"> </div>Creditor </div><div id="a6350" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:322px;">Parties</div><div id="a6351" style="position:absolute;font-family:'Calibri';left:183.07px;top:322px;">);<div style="display:inline-block;width:3.12px"> </div></div><div id="a6353" style="position:absolute;font-family:'Calibri';left:94.59px;top:355px;">(b)</div><div id="a6355" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">they will hold<div style="display:inline-block;width:1.76px"> </div>such policies,<div style="display:inline-block;width:1.73px"> </div>and the benefit<div style="display:inline-block;width:1.65px"> </div>of such insurances,<div style="display:inline-block;width:1.64px"> </div>to the order<div style="display:inline-block;width:1.84px"> </div>of the Security<div style="display:inline-block;width:1.43px"> </div>Trustee </div><div id="a6356" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">in accordance with the said loss payable clause;<div style="display:inline-block;width:2.92px"> </div></div><div id="a6358" style="position:absolute;font-family:'Calibri';left:94.59px;top:407px;">(c)</div><div id="a6360" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">they<div style="display:inline-block;width:5.44px"> </div>will<div style="display:inline-block;width:5.42px"> </div>advise<div style="display:inline-block;width:5.31px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Security<div style="display:inline-block;width:5.29px"> </div>Trustee<div style="display:inline-block;width:6.58px"> </div>immediately<div style="display:inline-block;width:5.3px"> </div>of<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.71px"> </div>material<div style="display:inline-block;width:5.65px"> </div>change<div style="display:inline-block;width:5.29px"> </div>to<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.29px"> </div>terms<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the </div><div id="a6361" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">obligatory insurances;<div style="display:inline-block;width:3.7px"> </div></div><div id="a6363" style="position:absolute;font-family:'Calibri';left:94.59px;top:459px;">(d)</div><div id="a6365" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">they<div style="display:inline-block;width:5.12px"> </div>will<div style="display:inline-block;width:5.1px"> </div>notify the<div style="display:inline-block;width:6.45px"> </div>Security<div style="display:inline-block;width:4.81px"> </div>Trustee,<div style="display:inline-block;width:6.11px"> </div>not<div style="display:inline-block;width:4.85px"> </div>less<div style="display:inline-block;width:4.98px"> </div>than<div style="display:inline-block;width:4.87px"> </div>14<div style="display:inline-block;width:5.08px"> </div>days<div style="display:inline-block;width:5.36px"> </div>before<div style="display:inline-block;width:5.5px"> </div>the<div style="display:inline-block;width:4.81px"> </div>expiry<div style="display:inline-block;width:5.15px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>obligatory </div><div id="a6366" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">insurances,<div style="display:inline-block;width:5.6px"> </div>in<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:5.29px"> </div>event<div style="display:inline-block;width:5.59px"> </div>of<div style="display:inline-block;width:5.35px"> </div>their<div style="display:inline-block;width:5.26px"> </div>not<div style="display:inline-block;width:5.33px"> </div>having<div style="display:inline-block;width:5.41px"> </div>received<div style="display:inline-block;width:5.41px"> </div>notice<div style="display:inline-block;width:5.21px"> </div>of<div style="display:inline-block;width:5.35px"> </div>renewal<div style="display:inline-block;width:5.73px"> </div>instructions<div style="display:inline-block;width:5.23px"> </div>from<div style="display:inline-block;width:5.49px"> </div>that </div><div id="a6367" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">Borrower or its agents<div style="display:inline-block;width:1.64px"> </div>and, in the<div style="display:inline-block;width:1.49px"> </div>event of their receiving<div style="display:inline-block;width:1.3px"> </div>instructions to renew, they will promptly </div><div id="a6369" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">notify the Security Trustee of the terms of the instructions; and </div><div id="a6371" style="position:absolute;font-family:'Calibri';left:94.59px;top:547px;">(e)</div><div id="a6373" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">they will not set<div style="display:inline-block;width:4.76px"> </div>off against any<div style="display:inline-block;width:5.01px"> </div>sum recoverable<div style="display:inline-block;width:4.74px"> </div>in respect of a<div style="display:inline-block;width:4.81px"> </div>claim relating to the<div style="display:inline-block;width:4.8px"> </div>Ship owned </div><div id="a6374" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">by that Borrower under<div style="display:inline-block;width:4.78px"> </div>such obligatory insurances any<div style="display:inline-block;width:4.83px"> </div>premiums or other amounts due to them </div><div id="a6375" style="position:absolute;font-family:'Calibri';left:141.79px;top:583px;">or<div style="display:inline-block;width:5.19px"> </div>any<div style="display:inline-block;width:5.23px"> </div>other<div style="display:inline-block;width:5.2px"> </div>person<div style="display:inline-block;width:5.21px"> </div>whether<div style="display:inline-block;width:4.9px"> </div>in<div style="display:inline-block;width:5.05px"> </div>respect<div style="display:inline-block;width:5.21px"> </div>of<div style="display:inline-block;width:5.19px"> </div>that<div style="display:inline-block;width:5.25px"> </div>Ship<div style="display:inline-block;width:4.79px"> </div>or<div style="display:inline-block;width:5.19px"> </div>otherwise,<div style="display:inline-block;width:4.93px"> </div>they<div style="display:inline-block;width:5.12px"> </div>waive<div style="display:inline-block;width:5.22px"> </div>any<div style="display:inline-block;width:5.39px"> </div>lien<div style="display:inline-block;width:5.07px"> </div>on<div style="display:inline-block;width:5.14px"> </div>the </div><div id="a6378" style="position:absolute;font-family:'Calibri';left:141.79px;top:600px;">policies, or any sums received under them, which they<div style="display:inline-block;width:1.79px"> </div>might have in respect of such premiums or </div><div id="a6379" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">other amounts, and they will<div style="display:inline-block;width:4.77px"> </div>not cancel such obligatory<div style="display:inline-block;width:4.89px"> </div>insurances by reason of<div style="display:inline-block;width:4.79px"> </div>non-payment of </div><div id="a6382" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">such premiums or other amounts, and will arrange for a separate policy to be issued in respect of </div><div id="a6384" style="position:absolute;font-family:'Calibri';left:141.79px;top:654px;">that Ship forthwith upon being so requested by the Security Trustee. </div><div id="a6386" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:688px;">13.7</div><div id="a6388" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:688px;">Copies of certificates of entry </div><div id="a6390" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">Each<div style="display:inline-block;width:5.01px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>shall ensure<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:4.93px"> </div>any<div style="display:inline-block;width:4.91px"> </div>protection<div style="display:inline-block;width:5px"> </div>and indemnity<div style="display:inline-block;width:5.84px"> </div>and/or<div style="display:inline-block;width:4.91px"> </div>war<div style="display:inline-block;width:4.82px"> </div>risks<div style="display:inline-block;width:4.78px"> </div>associations<div style="display:inline-block;width:4.71px"> </div>in </div><div id="a6391" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">which the Ship owned by it is entered provides the Security Trustee with: </div><div id="a6393" style="position:absolute;font-family:'Calibri';left:94.59px;top:774px;">(a)</div><div id="a6395" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">a certified copy of the certificate of entry for that Ship ; </div><div id="a6397" style="position:absolute;font-family:'Calibri';left:94.59px;top:808px;">(b)</div><div id="a6399" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">a letter or letters of undertaking in such form as may be required by the Security Trustee;<div style="display:inline-block;width:4.72px"> </div>and </div><div id="a6402" style="position:absolute;font-family:'Calibri';left:94.59px;top:842px;">(c)</div><div id="a6404" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">a<div style="display:inline-block;width:7.67px"> </div>certified<div style="display:inline-block;width:7.52px"> </div>copy<div style="display:inline-block;width:7.65px"> </div>of<div style="display:inline-block;width:7.59px"> </div>each<div style="display:inline-block;width:7.35px"> </div>certificate<div style="display:inline-block;width:7.87px"> </div>of<div style="display:inline-block;width:7.59px"> </div>financial<div style="display:inline-block;width:7.5px"> </div>responsibility<div style="display:inline-block;width:7.51px"> </div>for<div style="display:inline-block;width:7.72px"> </div>pollution<div style="display:inline-block;width:7.49px"> </div>by<div style="display:inline-block;width:7.44px"> </div>oil<div style="display:inline-block;width:7.56px"> </div>or<div style="display:inline-block;width:7.59px"> </div>other </div><div id="a6405" style="position:absolute;font-family:'Calibri';left:141.79px;top:859px;">Environmentally<div style="display:inline-block;width:4.92px"> </div>Sensitive Material<div style="display:inline-block;width:5.2px"> </div>issued by<div style="display:inline-block;width:5.14px"> </div>the relevant<div style="display:inline-block;width:5.7px"> </div>certifying authority<div style="display:inline-block;width:4.78px"> </div>in relation<div style="display:inline-block;width:5.28px"> </div>to that </div><div id="a6406" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">Ship. </div></div>
</div>
<div style="padding: 7px">
<div id="Page53" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6410" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">13.8</div><div id="a6412" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Deposit of original policies </div><div id="a6414" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each<div style="display:inline-block;width:5.17px"> </div>Borrower<div style="display:inline-block;width:5.25px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>ensure<div style="display:inline-block;width:4.95px"> </div>that<div style="display:inline-block;width:5.09px"> </div>all<div style="display:inline-block;width:4.91px"> </div>policies<div style="display:inline-block;width:4.82px"> </div>relating<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.21px"> </div>obligatory<div style="display:inline-block;width:5.2px"> </div>insurances<div style="display:inline-block;width:5.12px"> </div>effected<div style="display:inline-block;width:5.67px"> </div>by<div style="display:inline-block;width:5.04px"> </div>it<div style="display:inline-block;width:4.81px"> </div>are </div><div id="a6415" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">deposited with the approved brokers through which the insurances are effected or renewed. </div><div id="a6417" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">13.9</div><div id="a6419" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Payment of premiums </div><div id="a6421" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">Each Borrower shall<div style="display:inline-block;width:1.42px"> </div>punctually pay<div style="display:inline-block;width:1.9px"> </div>all premiums<div style="display:inline-block;width:1.68px"> </div>or other<div style="display:inline-block;width:1.78px"> </div>sums payable in<div style="display:inline-block;width:1.27px"> </div>respect of<div style="display:inline-block;width:1.95px"> </div>the obligatory </div><div id="a6422" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">insurances<div style="display:inline-block;width:5.92px"> </div>effected<div style="display:inline-block;width:6.47px"> </div>by<div style="display:inline-block;width:5.84px"> </div>it<div style="display:inline-block;width:5.61px"> </div>and<div style="display:inline-block;width:5.64px"> </div>produce<div style="display:inline-block;width:5.95px"> </div>all<div style="display:inline-block;width:5.71px"> </div>relevant<div style="display:inline-block;width:6.3px"> </div>receipts<div style="display:inline-block;width:5.73px"> </div>when<div style="display:inline-block;width:5.73px"> </div>so<div style="display:inline-block;width:5.84px"> </div>required<div style="display:inline-block;width:5.86px"> </div>by<div style="display:inline-block;width:5.84px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Security </div><div id="a6423" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Trustee. </div><div id="a6425" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:284px;">13.10</div><div id="a6427" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:284px;">Guarantees </div><div id="a6429" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">Each Borrower<div style="display:inline-block;width:5.81px"> </div>shall ensure<div style="display:inline-block;width:5.2px"> </div>that any<div style="display:inline-block;width:5.71px"> </div>guarantees<div style="display:inline-block;width:4.67px"> </div>required by<div style="display:inline-block;width:5.48px"> </div>a protection<div style="display:inline-block;width:5.5px"> </div>and indemnity<div style="display:inline-block;width:5.04px"> </div>or war </div><div id="a6430" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">risks association are promptly issued and remain in full force and effect. </div><div id="a6432" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:370px;">13.11</div><div id="a6434" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:370px;">Restrictions on employment </div><div id="a6436" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">No Borrower shall employ its Ship, nor shall permit it to be employed, outside the cover provided </div><div id="a6437" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">by any obligatory insurances. </div><div id="a6439" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:455px;">13.12</div><div id="a6441" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:455px;">Compliance with terms of insurances </div><div id="a6443" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">No Borrower<div style="display:inline-block;width:5.14px"> </div>shall do nor<div style="display:inline-block;width:5.12px"> </div>omit to<div style="display:inline-block;width:4.93px"> </div>do (nor permit<div style="display:inline-block;width:5.14px"> </div>to be<div style="display:inline-block;width:4.91px"> </div>done or not<div style="display:inline-block;width:5.15px"> </div>to be<div style="display:inline-block;width:4.91px"> </div>done) any<div style="display:inline-block;width:4.8px"> </div>act or thing </div><div id="a6444" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">which would or might render any obligatory insurance invalid,<div style="display:inline-block;width:4.93px"> </div>void, voidable or unenforceable or </div><div id="a6445" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">render<div style="display:inline-block;width:5.57px"> </div>any<div style="display:inline-block;width:5.55px"> </div>sum<div style="display:inline-block;width:5.31px"> </div>payable<div style="display:inline-block;width:5.72px"> </div>under<div style="display:inline-block;width:5.3px"> </div>an<div style="display:inline-block;width:5.38px"> </div>obligatory<div style="display:inline-block;width:5.68px"> </div>insurance<div style="display:inline-block;width:5.59px"> </div>repayable<div style="display:inline-block;width:5.94px"> </div>in<div style="display:inline-block;width:5.27px"> </div>whole<div style="display:inline-block;width:5.2px"> </div>or<div style="display:inline-block;width:5.51px"> </div>in<div style="display:inline-block;width:5.21px"> </div>part;<div style="display:inline-block;width:5.45px"> </div>and,<div style="display:inline-block;width:5.33px"> </div>in </div><div id="a6447" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">particular: </div><div id="a6449" style="position:absolute;font-family:'Calibri';left:94.59px;top:577px;">(a)</div><div id="a6451" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">each Borrower<div style="display:inline-block;width:4.79px"> </div>shall take<div style="display:inline-block;width:5.15px"> </div>all necessary action<div style="display:inline-block;width:4.7px"> </div>and comply with<div style="display:inline-block;width:5.18px"> </div>all requirements<div style="display:inline-block;width:4.69px"> </div>which may<div style="display:inline-block;width:4.84px"> </div>from </div><div id="a6452" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">time<div style="display:inline-block;width:6.05px"> </div>to<div style="display:inline-block;width:6.17px"> </div>time<div style="display:inline-block;width:5.89px"> </div>be<div style="display:inline-block;width:5.9px"> </div>applicable<div style="display:inline-block;width:6.02px"> </div>to<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:5.77px"> </div>obligatory<div style="display:inline-block;width:6.48px"> </div>insurances,<div style="display:inline-block;width:6.08px"> </div>and<div style="display:inline-block;width:5.96px"> </div>(without<div style="display:inline-block;width:5.82px"> </div>limiting<div style="display:inline-block;width:5.7px"> </div>the<div style="display:inline-block;width:5.93px"> </div>obligation </div><div id="a6453" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">contained in Clause </div><div id="a6454" style="position:absolute;font-family:'Calibri';left:262.79px;top:613px;"><a href="#a6358" style="color:#000000;text-decoration:none;">13.6(c)</a></div><div id="a6455" style="position:absolute;font-family:'Calibri';left:303.91px;top:613px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a6457" style="position:absolute;font-family:'Calibri';font-style:italic;left:312.23px;top:613px;">Copies of policies; letters<div style="display:inline-block;width:4.75px"> </div>of undertaking</div><div id="a6458" style="position:absolute;font-family:'Calibri';left:551.93px;top:613px;">)) ensure that<div style="display:inline-block;width:4.7px"> </div>the obligatory </div><div id="a6459" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">insurances are not made subject<div style="display:inline-block;width:4.73px"> </div>to any exclusions<div style="display:inline-block;width:4.67px"> </div>or qualifications to which the Security<div style="display:inline-block;width:4.86px"> </div>Trustee </div><div id="a6460" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">has not given its prior approval; </div><div id="a6462" style="position:absolute;font-family:'Calibri';left:94.59px;top:682px;">(b)</div><div id="a6464" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">no<div style="display:inline-block;width:6.26px"> </div>Borrower<div style="display:inline-block;width:6.21px"> </div>shall<div style="display:inline-block;width:5.98px"> </div>make<div style="display:inline-block;width:6.53px"> </div>any<div style="display:inline-block;width:6.35px"> </div>changes<div style="display:inline-block;width:6.09px"> </div>relating<div style="display:inline-block;width:6.15px"> </div>to<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:6.09px"> </div>classification<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6.15px"> </div>classification<div style="display:inline-block;width:6px"> </div>society<div style="display:inline-block;width:6.04px"> </div>or </div><div id="a6465" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">manager<div style="display:inline-block;width:5.22px"> </div>or<div style="display:inline-block;width:5.19px"> </div>operator<div style="display:inline-block;width:5.67px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>owned<div style="display:inline-block;width:5.38px"> </div>by<div style="display:inline-block;width:5.2px"> </div>it<div style="display:inline-block;width:5.29px"> </div>approved<div style="display:inline-block;width:5.41px"> </div>by<div style="display:inline-block;width:5.36px"> </div>the<div style="display:inline-block;width:5.13px"> </div>underwriters<div style="display:inline-block;width:5.22px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.13px"> </div>obligatory </div><div id="a6466" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">insurances; </div><div id="a6468" style="position:absolute;font-family:'Calibri';left:94.59px;top:752px;">(c)</div><div id="a6470" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">each<div style="display:inline-block;width:5.27px"> </div>Borrower<div style="display:inline-block;width:5.25px"> </div>shall<div style="display:inline-block;width:5.02px"> </div>make<div style="display:inline-block;width:5.57px"> </div>(and<div style="display:inline-block;width:5.18px"> </div>promptly<div style="display:inline-block;width:5.21px"> </div>supply<div style="display:inline-block;width:5px"> </div>copies<div style="display:inline-block;width:5.14px"> </div>to<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Agent<div style="display:inline-block;width:5.14px"> </div>of)<div style="display:inline-block;width:4.99px"> </div>all<div style="display:inline-block;width:5.23px"> </div>quarterly<div style="display:inline-block;width:4.92px"> </div>or<div style="display:inline-block;width:5.19px"> </div>other </div><div id="a6471" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">voyage declarations<div style="display:inline-block;width:5.52px"> </div>which may<div style="display:inline-block;width:5px"> </div>be required<div style="display:inline-block;width:5.07px"> </div>by the<div style="display:inline-block;width:4.76px"> </div>protection and<div style="display:inline-block;width:4.92px"> </div>indemnity risks association<div style="display:inline-block;width:5.24px"> </div>in </div><div id="a6472" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">which the Ship<div style="display:inline-block;width:1.27px"> </div>owned by it<div style="display:inline-block;width:1.53px"> </div>is entered to<div style="display:inline-block;width:1.93px"> </div>maintain cover for trading<div style="display:inline-block;width:1.92px"> </div>to the United<div style="display:inline-block;width:1.7px"> </div>States of America </div><div id="a6474" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">and Exclusive Economic<div style="display:inline-block;width:4.86px"> </div>Zone (as defined in the<div style="display:inline-block;width:4.98px"> </div>United States Oil Pollution<div style="display:inline-block;width:5.08px"> </div>Act 1990 or any<div style="display:inline-block;width:4.67px"> </div>other </div><div id="a6475" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">applicable legislation); and </div><div id="a6477" style="position:absolute;font-family:'Calibri';left:94.59px;top:858px;">(d)</div><div id="a6479" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">no Borrower<div style="display:inline-block;width:5.63px"> </div>shall employ<div style="display:inline-block;width:4.99px"> </div>the Ship<div style="display:inline-block;width:5.15px"> </div>owned by<div style="display:inline-block;width:5.49px"> </div>it, nor<div style="display:inline-block;width:5.02px"> </div>allow it<div style="display:inline-block;width:5.45px"> </div>to be<div style="display:inline-block;width:5.23px"> </div>employed, otherwise<div style="display:inline-block;width:5.16px"> </div>than in </div><div id="a6480" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">conformity with the terms and conditions of the obligatory insurances, without<div style="display:inline-block;width:1.92px"> </div>first obtaining the </div><div id="a6481" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">consent of the insurers and complying with any requirements (as<div style="display:inline-block;width:4.72px"> </div>to extra premium or otherwise) </div><div id="a6484" style="position:absolute;font-family:'Calibri';left:141.79px;top:911px;">which the insurers specify. </div></div>
</div>
<div style="padding: 7px">
<div id="Page54" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6488" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">13.13</div><div id="a6490" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Alteration to terms of insurances </div><div id="a6492" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(a)</div><div id="a6494" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">No Borrower shall make<div style="display:inline-block;width:5.59px"> </div>nor agree to any<div style="display:inline-block;width:5.14px"> </div>alteration to the<div style="display:inline-block;width:4.81px"> </div>terms of any<div style="display:inline-block;width:4.69px"> </div>obligatory insurance nor </div><div id="a6496" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">waive any right relating to any obligatory insurance.<div style="display:inline-block;width:4.4px"> </div></div><div id="a6498" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">(b)</div><div id="a6500" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">Without limiting<div style="display:inline-block;width:5.12px"> </div>the generality<div style="display:inline-block;width:5.42px"> </div>of the<div style="display:inline-block;width:5.23px"> </div>foregoing,<div style="display:inline-block;width:4.67px"> </div>no Borrower<div style="display:inline-block;width:5.47px"> </div>shall either<div style="display:inline-block;width:4.91px"> </div>make or<div style="display:inline-block;width:5.71px"> </div>agree to<div style="display:inline-block;width:5.6px"> </div>any </div><div id="a6508" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">alteration<div style="display:inline-block;width:5.93px"> </div>to<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.45px"> </div>terms<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.71px"> </div>war<div style="display:inline-block;width:5.62px"> </div>risks<div style="display:inline-block;width:5.58px"> </div>and<div style="display:inline-block;width:5.32px"> </div>allied<div style="display:inline-block;width:5.2px"> </div>perils<div style="display:inline-block;width:5.38px"> </div>coverage<div style="display:inline-block;width:6.2px"> </div>(including<div style="display:inline-block;width:4.99px"> </div>piracy<div style="display:inline-block;width:5.72px"> </div>coverage) </div><div id="a6509" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">whereby<div style="display:inline-block;width:6.07px"> </div>trading<div style="display:inline-block;width:5.89px"> </div>to<div style="display:inline-block;width:5.85px"> </div>conditional<div style="display:inline-block;width:5.86px"> </div>(excluded)<div style="display:inline-block;width:6.12px"> </div>areas<div style="display:inline-block;width:5.96px"> </div>not<div style="display:inline-block;width:5.65px"> </div>declared<div style="display:inline-block;width:5.73px"> </div>on<div style="display:inline-block;width:5.78px"> </div>the<div style="display:inline-block;width:5.77px"> </div>annual<div style="display:inline-block;width:5.56px"> </div>policy<div style="display:inline-block;width:5.82px"> </div>would<div style="display:inline-block;width:5.89px"> </div>be </div><div id="a6510" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">altered without the consent of the Agent. </div><div id="a6512" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:268px;">13.14</div><div id="a6514" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:268px;">Settlement of claims </div><div id="a6516" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">No Borrower<div style="display:inline-block;width:5.62px"> </div>shall settle,<div style="display:inline-block;width:5.3px"> </div>compromise or<div style="display:inline-block;width:5.39px"> </div>abandon any<div style="display:inline-block;width:5.26px"> </div>claim under<div style="display:inline-block;width:5.06px"> </div>any obligatory<div style="display:inline-block;width:5.82px"> </div>insurance for </div><div id="a6517" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">Total<div style="display:inline-block;width:5.91px"> </div>Loss or<div style="display:inline-block;width:5.51px"> </div>for<div style="display:inline-block;width:4.68px"> </div>a Major<div style="display:inline-block;width:5.41px"> </div>Casualty,<div style="display:inline-block;width:5.36px"> </div>and shall<div style="display:inline-block;width:5.26px"> </div>do all<div style="display:inline-block;width:5.45px"> </div>things necessary<div style="display:inline-block;width:5.17px"> </div>and provide<div style="display:inline-block;width:5.54px"> </div>all documents, </div><div id="a6518" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">evidence and information<div style="display:inline-block;width:4.87px"> </div>to enable the Security<div style="display:inline-block;width:4.95px"> </div>Trustee<div style="display:inline-block;width:4.82px"> </div>to collect or<div style="display:inline-block;width:4.87px"> </div>recover any moneys<div style="display:inline-block;width:5.18px"> </div>which </div><div id="a6521" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">at any time become payable in respect of the obligatory insurances. </div><div id="a6523" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:389px;">13.15</div><div id="a6525" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:389px;">Provision of copies of communications </div><div id="a6527" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">Each Borrower shall provide the Security Trustee, at the time of each<div style="display:inline-block;width:1.98px"> </div>such communication, copies </div><div id="a6529" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">of all written communications between a Borrower and: </div><div id="a6531" style="position:absolute;font-family:'Calibri';left:94.59px;top:475px;">(a)</div><div id="a6533" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">the approved brokers;<div style="display:inline-block;width:4.15px"> </div></div><div id="a6535" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">(b)</div><div id="a6537" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">the approved protection and indemnity and/or war risks associations; and </div><div id="a6539" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">(c)</div><div id="a6541" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">the approved insurance companies and/or underwriters, which relate directly or indirectly to: </div><div id="a6543" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">(i)</div><div id="a6545" style="position:absolute;font-family:'Calibri';left:189.15px;top:577px;">that<div style="display:inline-block;width:7.97px"> </div>Borrower's<div style="display:inline-block;width:7.92px"> </div>obligations<div style="display:inline-block;width:7.9px"> </div>relating<div style="display:inline-block;width:7.91px"> </div>to<div style="display:inline-block;width:7.93px"> </div>the<div style="display:inline-block;width:7.69px"> </div>obligatory<div style="display:inline-block;width:8.08px"> </div>insurances<div style="display:inline-block;width:7.84px"> </div>including,<div style="display:inline-block;width:7.38px"> </div>without </div><div id="a6546" style="position:absolute;font-family:'Calibri';left:189.15px;top:595px;">limitation, all requisite declarations and payments of additional premiums or calls; and<div style="display:inline-block;width:3.01px"> </div></div><div id="a6548" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">(ii)</div><div id="a6550" style="position:absolute;font-family:'Calibri';left:189.15px;top:629px;">any credit arrangements made between that Borrower and any of<div style="display:inline-block;width:1.77px"> </div>the persons referred to </div><div id="a6551" style="position:absolute;font-family:'Calibri';left:189.15px;top:647px;">in paragraphs </div><div id="a6552" style="position:absolute;font-family:'Calibri';left:276.55px;top:647px;"><a href="#a6531" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a6553" style="position:absolute;font-family:'Calibri';left:292.39px;top:647px;"><div style="display:inline-block;width:4.48px"> </div>or </div><div id="a6555" style="position:absolute;font-family:'Calibri';left:314.47px;top:647px;"><a href="#a6535" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a6556" style="position:absolute;font-family:'Calibri';left:330.95px;top:647px;"><div style="display:inline-block;width:4.64px"> </div>relating<div style="display:inline-block;width:4.71px"> </div>wholly or<div style="display:inline-block;width:5.62px"> </div>partly to<div style="display:inline-block;width:5.71px"> </div>the effecting<div style="display:inline-block;width:6.1px"> </div>or maintenance<div style="display:inline-block;width:5.67px"> </div>of the </div><div id="a6558" style="position:absolute;font-family:'Calibri';left:189.15px;top:664px;">obligatory insurances. </div><div id="a6560" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:698px;">13.16</div><div id="a6562" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:698px;">Provision of information </div><div id="a6564" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">In addition,<div style="display:inline-block;width:5.14px"> </div>each Borrower<div style="display:inline-block;width:5.27px"> </div>shall promptly<div style="display:inline-block;width:5.46px"> </div>provide the<div style="display:inline-block;width:5.19px"> </div>Security Trustee<div style="display:inline-block;width:6.14px"> </div>(or any<div style="display:inline-block;width:5.34px"> </div>persons which<div style="display:inline-block;width:5.33px"> </div>it </div><div id="a6565" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">may designate) with any<div style="display:inline-block;width:4.99px"> </div>information which the Security<div style="display:inline-block;width:4.67px"> </div>Trustee<div style="display:inline-block;width:4.66px"> </div>(or any such designated<div style="display:inline-block;width:4.67px"> </div>person) </div><div id="a6566" style="position:absolute;font-family:'Calibri';left:141.79px;top:768px;">requests for the purpose of: </div><div id="a6568" style="position:absolute;font-family:'Calibri';left:94.59px;top:802px;">(a)</div><div id="a6570" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">obtaining<div style="display:inline-block;width:6.81px"> </div>or<div style="display:inline-block;width:6.95px"> </div>preparing<div style="display:inline-block;width:6.69px"> </div>any<div style="display:inline-block;width:6.99px"> </div>report<div style="display:inline-block;width:6.82px"> </div>from<div style="display:inline-block;width:6.93px"> </div>an<div style="display:inline-block;width:6.66px"> </div>independent<div style="display:inline-block;width:6.49px"> </div>marine<div style="display:inline-block;width:6.74px"> </div>insurance<div style="display:inline-block;width:6.87px"> </div>broker<div style="display:inline-block;width:7.34px"> </div>as<div style="display:inline-block;width:6.71px"> </div>to<div style="display:inline-block;width:6.81px"> </div>the </div><div id="a6571" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">adequacy of the obligatory insurances effected or proposed to be effected; and/or </div><div id="a6573" style="position:absolute;font-family:'Calibri';left:94.59px;top:854px;">(b)</div><div id="a6575" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">effecting,<div style="display:inline-block;width:7.49px"> </div>maintaining<div style="display:inline-block;width:7.34px"> </div>or<div style="display:inline-block;width:7.11px"> </div>renewing<div style="display:inline-block;width:7.39px"> </div>any<div style="display:inline-block;width:7.47px"> </div>such<div style="display:inline-block;width:7.11px"> </div>insurances<div style="display:inline-block;width:7.2px"> </div>as<div style="display:inline-block;width:7.19px"> </div>are<div style="display:inline-block;width:7.41px"> </div>referred<div style="display:inline-block;width:7.93px"> </div>to<div style="display:inline-block;width:7.29px"> </div>in<div style="display:inline-block;width:6.97px"> </div>Clause </div><div id="a6576" style="position:absolute;font-family:'Calibri';left:688.13px;top:854px;"><a href="#a6593" style="color:#000000;text-decoration:none;">13.17</a></div><div id="a6578" style="position:absolute;font-family:'Calibri';left:141.79px;top:872px;">(</div><div id="a6579" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:872px;">Mortgagee's interest insurances</div><div id="a6582" style="position:absolute;font-family:'Calibri';left:336.23px;top:872px;">) below or dealing<div style="display:inline-block;width:1.43px"> </div>with or considering<div style="display:inline-block;width:1.88px"> </div>any matters relating to any </div><div id="a6583" style="position:absolute;font-family:'Calibri';left:141.79px;top:890px;">such insurances, </div></div>
</div>
<div style="padding: 7px">
<div id="Page55" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6587" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">and the Borrowers shall, forthwith<div style="display:inline-block;width:4.91px"> </div>upon demand, indemnify the Security Trustee<div style="display:inline-block;width:4.73px"> </div>in respect of all </div><div id="a6588" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">fees and other expenses incurred by or for the account of the Security Trustee in connection with </div><div id="a6589" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">any such report as is referred to in paragraph </div><div id="a6590" style="position:absolute;font-family:'Calibri';left:414.79px;top:130px;"><a href="#a6568" style="color:#000000;text-decoration:none;">(a).</a></div><div id="a6593" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">13.17</div><div id="a6595" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Mortgagee's interest insurances </div><div id="a6597" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">The<div style="display:inline-block;width:7.21px"> </div>Security<div style="display:inline-block;width:7.05px"> </div>Trustee<div style="display:inline-block;width:8.34px"> </div>shall<div style="display:inline-block;width:6.94px"> </div>be<div style="display:inline-block;width:7.18px"> </div>entitled<div style="display:inline-block;width:7.32px"> </div>from<div style="display:inline-block;width:7.25px"> </div>time<div style="display:inline-block;width:7.17px"> </div>to<div style="display:inline-block;width:7.29px"> </div>time<div style="display:inline-block;width:7.17px"> </div>to<div style="display:inline-block;width:7.29px"> </div>effect,<div style="display:inline-block;width:7.62px"> </div>maintain<div style="display:inline-block;width:7.3px"> </div>and<div style="display:inline-block;width:7.08px"> </div>renew<div style="display:inline-block;width:7.51px"> </div>a </div><div id="a6598" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">mortgagee's<div style="display:inline-block;width:6.41px"> </div>interest<div style="display:inline-block;width:6.46px"> </div>marine<div style="display:inline-block;width:5.94px"> </div>insurance<div style="display:inline-block;width:6.23px"> </div>policy<div style="display:inline-block;width:6.14px"> </div>in<div style="display:inline-block;width:6.01px"> </div>such<div style="display:inline-block;width:5.83px"> </div>amounts,<div style="display:inline-block;width:6.14px"> </div>on<div style="display:inline-block;width:6.1px"> </div>such<div style="display:inline-block;width:5.99px"> </div>terms,<div style="display:inline-block;width:6.06px"> </div>through<div style="display:inline-block;width:6.2px"> </div>such </div><div id="a6599" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">insurers<div style="display:inline-block;width:5.14px"> </div>and<div style="display:inline-block;width:4.68px"> </div>generally<div style="display:inline-block;width:5.03px"> </div>in<div style="display:inline-block;width:4.73px"> </div>such manner<div style="display:inline-block;width:6.01px"> </div>as the<div style="display:inline-block;width:5.96px"> </div>Security Trustee<div style="display:inline-block;width:7.1px"> </div>may<div style="display:inline-block;width:5.04px"> </div>from<div style="display:inline-block;width:4.85px"> </div>time to<div style="display:inline-block;width:6.28px"> </div>time consider </div><div id="a6601" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">appropriate and each Borrower shall upon demand fully indemnify the Creditor Parties in respect </div><div id="a6602" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">of<div style="display:inline-block;width:5.51px"> </div>all<div style="display:inline-block;width:5.39px"> </div>premiums<div style="display:inline-block;width:5.38px"> </div>and<div style="display:inline-block;width:5.32px"> </div>other<div style="display:inline-block;width:5.36px"> </div>expenses<div style="display:inline-block;width:5.53px"> </div>which<div style="display:inline-block;width:5.37px"> </div>are<div style="display:inline-block;width:5.65px"> </div>incurred<div style="display:inline-block;width:5.32px"> </div>in<div style="display:inline-block;width:5.37px"> </div>connection<div style="display:inline-block;width:5.47px"> </div>with<div style="display:inline-block;width:5.28px"> </div>or<div style="display:inline-block;width:5.35px"> </div>with<div style="display:inline-block;width:5.44px"> </div>a<div style="display:inline-block;width:5.43px"> </div>view<div style="display:inline-block;width:5.48px"> </div>to </div><div id="a6603" style="position:absolute;font-family:'Calibri';left:141.79px;top:288px;">effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter </div><div id="a6606" style="position:absolute;font-family:'Calibri';left:141.79px;top:306px;">arising out of any such insurance.<div style="display:inline-block;width:3.05px"> </div></div><div id="a6608" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:339px;">13.18</div><div id="a6610" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:339px;">Review of insurance requirements </div><div id="a6612" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">The Agent shall be entitled to review<div style="display:inline-block;width:4.97px"> </div>the requirements of this Clause </div><div id="a6613" style="position:absolute;font-family:'Calibri';left:557.05px;top:373px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a6614" style="position:absolute;font-family:'Calibri';left:571.93px;top:373px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a6616" style="position:absolute;font-family:'Calibri';font-style:italic;left:579.93px;top:373px;">Insurance</div><div id="a6617" style="position:absolute;font-family:'Calibri';left:637.57px;top:373px;">) from time to </div><div id="a6618" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">time in<div style="display:inline-block;width:5.05px"> </div>order to<div style="display:inline-block;width:5.48px"> </div>take<div style="display:inline-block;width:4.74px"> </div>account of<div style="display:inline-block;width:5.18px"> </div>any changes<div style="display:inline-block;width:5.43px"> </div>in circumstances<div style="display:inline-block;width:5.37px"> </div>after the<div style="display:inline-block;width:5.12px"> </div>date of<div style="display:inline-block;width:5.19px"> </div>this Agreement </div><div id="a6619" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">which the Agent<div style="display:inline-block;width:1.79px"> </div>reasonably considers significant<div style="display:inline-block;width:1.84px"> </div>and capable<div style="display:inline-block;width:1.86px"> </div>of affecting the Borrowers,<div style="display:inline-block;width:1.89px"> </div>the Ships </div><div id="a6620" style="position:absolute;font-family:'Calibri';left:141.79px;top:427px;">and<div style="display:inline-block;width:6.28px"> </div>their<div style="display:inline-block;width:6.22px"> </div>Insurances<div style="display:inline-block;width:6.39px"> </div>(including,<div style="display:inline-block;width:5.8px"> </div>without<div style="display:inline-block;width:6.29px"> </div>limitation,<div style="display:inline-block;width:6.39px"> </div>changes<div style="display:inline-block;width:6.25px"> </div>in<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:6.25px"> </div>availability<div style="display:inline-block;width:6.36px"> </div>or<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.25px"> </div>cost<div style="display:inline-block;width:6.49px"> </div>of </div><div id="a6622" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">insurance<div style="display:inline-block;width:6.55px"> </div>coverage<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:6.47px"> </div>the<div style="display:inline-block;width:6.25px"> </div>risks<div style="display:inline-block;width:6.54px"> </div>to<div style="display:inline-block;width:6.49px"> </div>which<div style="display:inline-block;width:6.33px"> </div>each<div style="display:inline-block;width:6.23px"> </div>Borrower<div style="display:inline-block;width:6.69px"> </div>may<div style="display:inline-block;width:6.64px"> </div>be<div style="display:inline-block;width:6.38px"> </div>subject),<div style="display:inline-block;width:6.24px"> </div>and<div style="display:inline-block;width:6.12px"> </div>may<div style="display:inline-block;width:6.8px"> </div>appoint </div><div id="a6623" style="position:absolute;font-family:'Calibri';left:141.79px;top:463px;">insurance consultants in relation to this review at the cost of that Borrower. </div><div id="a6625" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:497px;">13.19</div><div id="a6627" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:497px;">Modification of insurance requirements </div><div id="a6629" style="position:absolute;font-family:'Calibri';left:141.79px;top:531px;">The Agent shall notify the Borrowers of any proposed modification under Clause </div><div id="a6630" style="position:absolute;font-family:'Calibri';left:622.85px;top:531px;"><a href="#a6608" style="color:#000000;text-decoration:none;">13.18</a></div><div id="a6631" style="position:absolute;font-family:'Calibri';left:656.29px;top:531px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a6633" style="position:absolute;font-family:'Calibri';font-style:italic;left:664.13px;top:531px;">Review of </div><div id="a6634" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:549px;">insurance<div style="display:inline-block;width:7.15px"> </div>requirements</div><div id="a6635" style="position:absolute;font-family:'Calibri';left:285.83px;top:549px;">)to<div style="display:inline-block;width:7.31px"> </div>the<div style="display:inline-block;width:7.21px"> </div>requirements<div style="display:inline-block;width:7.42px"> </div>of<div style="display:inline-block;width:7.27px"> </div>this<div style="display:inline-block;width:7.32px"> </div>Clause </div><div id="a6636" style="position:absolute;font-family:'Calibri';left:520.41px;top:549px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a6637" style="position:absolute;font-family:'Calibri';left:535.29px;top:549px;"><div style="display:inline-block;width:7.2px"> </div>(</div><div id="a6639" style="position:absolute;font-family:'Calibri';font-style:italic;left:546.97px;top:549px;">Insurance</div><div id="a6640" style="position:absolute;font-family:'Calibri';left:604.77px;top:549px;">)<div style="display:inline-block;width:7.06px"> </div>which<div style="display:inline-block;width:7.29px"> </div>the<div style="display:inline-block;width:7.21px"> </div>Agent </div><div id="a6641" style="position:absolute;font-family:'Calibri';left:141.79px;top:567px;">reasonably considers appropriate in the circumstances, and such modification shall take effect on </div><div id="a6642" style="position:absolute;font-family:'Calibri';left:141.79px;top:584px;">and from the date<div style="display:inline-block;width:1.94px"> </div>it is notified<div style="display:inline-block;width:1.65px"> </div>in writing to the<div style="display:inline-block;width:1.64px"> </div>relevant Borrower as an<div style="display:inline-block;width:1.97px"> </div>amendment to this<div style="display:inline-block;width:1.94px"> </div>Clause </div><div id="a6643" style="position:absolute;font-family:'Calibri';left:141.79px;top:602px;"><a href="#a6107" style="color:#000000;text-decoration:none;">13</a></div><div id="a6644" style="position:absolute;font-family:'Calibri';left:156.83px;top:602px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a6646" style="position:absolute;font-family:'Calibri';font-style:italic;left:164.51px;top:602px;">Insurance</div><div id="a6647" style="position:absolute;font-family:'Calibri';left:222.27px;top:602px;">) and shall bind that Borrower accordingly. </div><div id="a6650" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:636px;">13.20</div><div id="a6652" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:636px;">Compliance with mortgagee's instructions </div><div id="a6654" style="position:absolute;font-family:'Calibri';left:141.79px;top:670px;">The Agent shall<div style="display:inline-block;width:1.44px"> </div>be entitled<div style="display:inline-block;width:1.9px"> </div>(without prejudice<div style="display:inline-block;width:1.95px"> </div>to or limitation<div style="display:inline-block;width:1.42px"> </div>of any other<div style="display:inline-block;width:1.43px"> </div>rights which<div style="display:inline-block;width:1.92px"> </div>it may have </div><div id="a6655" style="position:absolute;font-family:'Calibri';left:141.79px;top:688px;">or acquire under<div style="display:inline-block;width:1.85px"> </div>any Finance Document)<div style="display:inline-block;width:1.83px"> </div>to require a Ship<div style="display:inline-block;width:1.44px"> </div>to remain at any<div style="display:inline-block;width:1.94px"> </div>safe port or to<div style="display:inline-block;width:1.88px"> </div>proceed </div><div id="a6656" style="position:absolute;font-family:'Calibri';left:141.79px;top:706px;">to<div style="display:inline-block;width:5.69px"> </div>and<div style="display:inline-block;width:5.32px"> </div>remain<div style="display:inline-block;width:5.34px"> </div>at<div style="display:inline-block;width:5.6px"> </div>any<div style="display:inline-block;width:5.55px"> </div>safe<div style="display:inline-block;width:5.59px"> </div>port<div style="display:inline-block;width:5.48px"> </div>designated<div style="display:inline-block;width:5.44px"> </div>by<div style="display:inline-block;width:5.36px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Agent<div style="display:inline-block;width:5.46px"> </div>until<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Borrower<div style="display:inline-block;width:5.57px"> </div>owning<div style="display:inline-block;width:5.28px"> </div>that<div style="display:inline-block;width:5.57px"> </div>Ship </div><div id="a6658" style="position:absolute;font-family:'Calibri';left:141.79px;top:724px;">implements<div style="display:inline-block;width:6.02px"> </div>any<div style="display:inline-block;width:6.19px"> </div>amendments<div style="display:inline-block;width:5.99px"> </div>to<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.09px"> </div>terms<div style="display:inline-block;width:5.9px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the<div style="display:inline-block;width:5.77px"> </div>obligatory<div style="display:inline-block;width:6.48px"> </div>insurances<div style="display:inline-block;width:6.08px"> </div>and<div style="display:inline-block;width:5.8px"> </div>any<div style="display:inline-block;width:6.19px"> </div>operational </div><div id="a6659" style="position:absolute;font-family:'Calibri';left:141.79px;top:742px;">changes<div style="display:inline-block;width:5.13px"> </div>required<div style="display:inline-block;width:5.38px"> </div>as<div style="display:inline-block;width:5.11px"> </div>a<div style="display:inline-block;width:5.11px"> </div>result<div style="display:inline-block;width:5.14px"> </div>of<div style="display:inline-block;width:5.19px"> </div>a<div style="display:inline-block;width:5.11px"> </div>notice<div style="display:inline-block;width:5.05px"> </div>served<div style="display:inline-block;width:5.05px"> </div>under<div style="display:inline-block;width:4.98px"> </div>Clause </div><div id="a6660" style="position:absolute;font-family:'Calibri';left:523.13px;top:742px;"><a href="#a6625" style="color:#000000;text-decoration:none;">13.19</a></div><div id="a6661" style="position:absolute;font-family:'Calibri';left:556.57px;top:742px;"><div style="display:inline-block;width:5.12px"> </div>(</div><div id="a6663" style="position:absolute;font-family:'Calibri';font-style:italic;left:566.17px;top:742px;">Modification<div style="display:inline-block;width:4.81px"> </div>of<div style="display:inline-block;width:5.07px"> </div>insurance </div><div id="a6664" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:760px;">requirements</div><div id="a6665" style="position:absolute;font-family:'Calibri';left:221.15px;top:760px;">). </div><div id="a6667" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:794px;">14</div><div id="a6669" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:794px;">SHIP COVENANTS<div style="display:inline-block;width:3.28px"> </div></div><div id="a6671" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:828px;">14.1</div><div id="a6673" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:828px;">General </div><div id="a6675" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">Each Borrower<div style="display:inline-block;width:5.01px"> </div>also undertakes<div style="display:inline-block;width:4.69px"> </div>with each Creditor<div style="display:inline-block;width:4.9px"> </div>Party to<div style="display:inline-block;width:4.9px"> </div>comply with the<div style="display:inline-block;width:4.83px"> </div>following provisions </div><div id="a6676" style="position:absolute;font-family:'Calibri';left:141.79px;top:879px;">of this Clause </div><div id="a6677" style="position:absolute;font-family:'Calibri';left:224.51px;top:879px;"><a href="#a6667" style="color:#000000;text-decoration:none;">14</a></div><div id="a6678" style="position:absolute;font-family:'Calibri';left:239.39px;top:879px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a6680" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.23px;top:879px;">Ship covenants</div><div id="a6681" style="position:absolute;font-family:'Calibri';left:335.91px;top:879px;">) at all times during the Security Period except as the Agent, with </div><div id="a6682" style="position:absolute;font-family:'Calibri';left:141.79px;top:897px;">the authorisation of the Majority Lenders, may<div style="display:inline-block;width:5.09px"> </div>otherwise permit (and in the case of Clauses </div><div id="a6683" style="position:absolute;font-family:'Calibri';left:695.65px;top:897px;"><a href="#a6700" style="color:#000000;text-decoration:none;">14.2</a></div><div id="a6685" style="position:absolute;font-family:'Calibri';left:141.79px;top:915px;">(</div><div id="a6686" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:915px;">Ship's name and registration</div><div id="a6689" style="position:absolute;font-family:'Calibri';left:316.07px;top:915px;">) and </div><div id="a6690" style="position:absolute;font-family:'Calibri';left:349.67px;top:915px;"><a href="#a7055" style="color:#000000;text-decoration:none;">14.15</a></div><div id="a6691" style="position:absolute;font-family:'Calibri';left:383.11px;top:915px;"><a href="#a7084" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a6692" style="position:absolute;font-family:'Calibri';left:399.43px;top:915px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a6694" style="position:absolute;font-family:'Calibri';font-style:italic;left:407.11px;top:915px;">Restrictions on chartering, appointment of managers </div><div id="a6695" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:933px;">etc</div><div id="a6696" style="position:absolute;font-family:'Calibri';left:159.87px;top:933px;">.), such permission not to be unreasonably withheld). </div></div>
</div>
<div style="padding: 7px">
<div id="Page56" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a6700" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">14.2</div><div id="a6702" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Ship's name and registration </div><div id="a6704" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each Borrower shall<div style="display:inline-block;width:1.9px"> </div>keep the Ship<div style="display:inline-block;width:1.55px"> </div>owned by it<div style="display:inline-block;width:1.69px"> </div>registered in its<div style="display:inline-block;width:1.83px"> </div>name under an<div style="display:inline-block;width:1.36px"> </div>Approved Flag; shall </div><div id="a6705" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">not do,<div style="display:inline-block;width:5.5px"> </div>omit to<div style="display:inline-block;width:5.41px"> </div>do or<div style="display:inline-block;width:5.08px"> </div>allow to<div style="display:inline-block;width:5.37px"> </div>be done<div style="display:inline-block;width:5.14px"> </div>anything as<div style="display:inline-block;width:5.19px"> </div>a result<div style="display:inline-block;width:5.32px"> </div>of which<div style="display:inline-block;width:5.31px"> </div>such registration<div style="display:inline-block;width:5.54px"> </div>might be </div><div id="a6706" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">cancelled or imperilled; and shall not change the name or port<div style="display:inline-block;width:1.9px"> </div>of registry of the Ship owned by it. </div><div id="a6709" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">14.3</div><div id="a6711" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">Repair and classification </div><div id="a6713" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: </div><div id="a6715" style="position:absolute;font-family:'Calibri';left:94.59px;top:266px;">(a)</div><div id="a6717" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">consistent with first class ship ownership and management practice; </div><div id="a6719" style="position:absolute;font-family:'Calibri';left:94.59px;top:300px;">(b)</div><div id="a6721" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">so<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:5.91px"> </div>to<div style="display:inline-block;width:6.01px"> </div>maintain<div style="display:inline-block;width:6.18px"> </div>the<div style="display:inline-block;width:5.93px"> </div>highest<div style="display:inline-block;width:5.82px"> </div>class<div style="display:inline-block;width:5.91px"> </div>free<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5.99px"> </div>overdue<div style="display:inline-block;width:6.18px"> </div>recommendations<div style="display:inline-block;width:6.13px"> </div>and<div style="display:inline-block;width:5.8px"> </div>conditions<div style="display:inline-block;width:5.73px"> </div>with<div style="display:inline-block;width:5.91px"> </div>a </div><div id="a6723" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">classification society which is a member of IACS acceptable to the Agent; and </div><div id="a6725" style="position:absolute;font-family:'Calibri';left:94.59px;top:352px;">(c)</div><div id="a6727" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">so<div style="display:inline-block;width:5.84px"> </div>as<div style="display:inline-block;width:5.59px"> </div>to<div style="display:inline-block;width:5.85px"> </div>comply<div style="display:inline-block;width:5.56px"> </div>with<div style="display:inline-block;width:5.75px"> </div>all<div style="display:inline-block;width:5.55px"> </div>laws<div style="display:inline-block;width:5.84px"> </div>and<div style="display:inline-block;width:5.64px"> </div>regulations<div style="display:inline-block;width:5.7px"> </div>applicable<div style="display:inline-block;width:5.7px"> </div>to<div style="display:inline-block;width:5.76px"> </div>vessels<div style="display:inline-block;width:5.88px"> </div>registered<div style="display:inline-block;width:5.99px"> </div>at<div style="display:inline-block;width:5.91px"> </div>ports<div style="display:inline-block;width:5.64px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the </div><div id="a6729" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">applicable<div style="display:inline-block;width:4.74px"> </div>Approved<div style="display:inline-block;width:5.06px"> </div>Flag State<div style="display:inline-block;width:6.35px"> </div>or<div style="display:inline-block;width:4.87px"> </div>to<div style="display:inline-block;width:4.73px"> </div>vessels<div style="display:inline-block;width:4.92px"> </div>trading<div style="display:inline-block;width:4.77px"> </div>to<div style="display:inline-block;width:5.05px"> </div>any<div style="display:inline-block;width:4.91px"> </div>jurisdiction to<div style="display:inline-block;width:6.1px"> </div>which that<div style="display:inline-block;width:6.17px"> </div>Ship may </div><div id="a6730" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">trade from time to time, including but not limited to the ISM Code and the ISPS Code. </div><div id="a6732" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:421px;">14.4</div><div id="a6734" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:421px;">Classification society undertaking </div><div id="a6736" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">Each<div style="display:inline-block;width:6.45px"> </div>Borrower<div style="display:inline-block;width:6.37px"> </div>shall<div style="display:inline-block;width:6.14px"> </div>instruct<div style="display:inline-block;width:6.19px"> </div>the<div style="display:inline-block;width:6.09px"> </div>classification<div style="display:inline-block;width:6.32px"> </div>society<div style="display:inline-block;width:6.04px"> </div>referred<div style="display:inline-block;width:6.97px"> </div>to<div style="display:inline-block;width:6.33px"> </div>in<div style="display:inline-block;width:6.17px"> </div>Clause </div><div id="a6737" style="position:absolute;font-family:'Calibri';left:617.73px;top:455px;"><a href="#a6709" style="color:#000000;text-decoration:none;">14.3</a></div><div id="a6738" style="position:absolute;font-family:'Calibri';left:643.81px;top:455px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a6740" style="position:absolute;font-family:'Calibri';font-style:italic;left:654.53px;top:455px;">Repair<div style="display:inline-block;width:6.32px"> </div>and </div><div id="a6741" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:473px;">classification</div><div id="a6742" style="position:absolute;font-family:'Calibri';left:218.43px;top:473px;">): </div><div id="a6744" style="position:absolute;font-family:'Calibri';left:94.59px;top:507px;">(a)</div><div id="a6746" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">to send to<div style="display:inline-block;width:5.14px"> </div>the Security Trustee,<div style="display:inline-block;width:5.72px"> </div>following receipt of<div style="display:inline-block;width:4.97px"> </div>a written request<div style="display:inline-block;width:5.29px"> </div>from the Security<div style="display:inline-block;width:4.78px"> </div>Trustee, </div><div id="a6747" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">certified true copies of<div style="display:inline-block;width:4.99px"> </div>all original class records<div style="display:inline-block;width:5.31px"> </div>held by the classification<div style="display:inline-block;width:4.82px"> </div>society in relation<div style="display:inline-block;width:4.79px"> </div>to its </div><div id="a6748" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">Ship; </div><div id="a6750" style="position:absolute;font-family:'Calibri';left:94.59px;top:577px;">(b)</div><div id="a6752" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">to<div style="display:inline-block;width:4.89px"> </div>allow the<div style="display:inline-block;width:5.93px"> </div>Security Trustee<div style="display:inline-block;width:6.94px"> </div>(or<div style="display:inline-block;width:4.72px"> </div>its agents),<div style="display:inline-block;width:6.04px"> </div>at<div style="display:inline-block;width:4.8px"> </div>any<div style="display:inline-block;width:4.91px"> </div>time and<div style="display:inline-block;width:5.96px"> </div>from<div style="display:inline-block;width:4.69px"> </div>time to<div style="display:inline-block;width:6.17px"> </div>time, to<div style="display:inline-block;width:6.18px"> </div>inspect the </div><div id="a6753" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">original class and related<div style="display:inline-block;width:4.84px"> </div>records of its<div style="display:inline-block;width:4.88px"> </div>Ship at the offices of<div style="display:inline-block;width:5.06px"> </div>the classification society and to<div style="display:inline-block;width:4.95px"> </div>take </div><div id="a6754" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">copies of them; </div><div id="a6756" style="position:absolute;font-family:'Calibri';left:94.59px;top:647px;">(c)</div><div id="a6758" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">to notify the Security Trustee immediately in writing if the classification society: </div><div id="a6760" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">(i)</div><div id="a6762" style="position:absolute;font-family:'Calibri';left:189.15px;top:680px;">receives notification<div style="display:inline-block;width:4.84px"> </div>from that<div style="display:inline-block;width:4.69px"> </div>Borrower or<div style="display:inline-block;width:4.71px"> </div>any other person<div style="display:inline-block;width:5.3px"> </div>that its Ship's<div style="display:inline-block;width:5.11px"> </div>classification </div><div id="a6763" style="position:absolute;font-family:'Calibri';left:189.15px;top:698px;">society is to be changed; or </div><div id="a6765" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">(ii)</div><div id="a6767" style="position:absolute;font-family:'Calibri';left:189.15px;top:732px;">becomes aware of<div style="display:inline-block;width:4.79px"> </div>any facts or matters<div style="display:inline-block;width:5.65px"> </div>which may result in<div style="display:inline-block;width:4.69px"> </div>or have resulted<div style="display:inline-block;width:5.04px"> </div>in a change, </div><div id="a6768" style="position:absolute;font-family:'Calibri';left:189.15px;top:750px;">suspension, discontinuance,<div style="display:inline-block;width:5.65px"> </div>withdrawal<div style="display:inline-block;width:4.81px"> </div>or expiry<div style="display:inline-block;width:5.88px"> </div>of that<div style="display:inline-block;width:5.83px"> </div>Ship's class<div style="display:inline-block;width:5.57px"> </div>under the<div style="display:inline-block;width:5.67px"> </div>rules or </div><div id="a6769" style="position:absolute;font-family:'Calibri';left:189.15px;top:768px;">terms<div style="display:inline-block;width:5.58px"> </div>and<div style="display:inline-block;width:5.32px"> </div>conditions<div style="display:inline-block;width:5.41px"> </div>of<div style="display:inline-block;width:5.51px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Borrower's<div style="display:inline-block;width:5.68px"> </div>or<div style="display:inline-block;width:5.51px"> </div>its<div style="display:inline-block;width:5.45px"> </div>Ship's<div style="display:inline-block;width:5.22px"> </div>membership<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.29px"> </div>classification </div><div id="a6771" style="position:absolute;font-family:'Calibri';left:189.15px;top:786px;">society; and </div><div id="a6773" style="position:absolute;font-family:'Calibri';left:94.59px;top:820px;">(d)</div><div id="a6775" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">following receipt of a written request from the Security Trustee: </div><div id="a6777" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">(i)</div><div id="a6779" style="position:absolute;font-family:'Calibri';left:189.15px;top:854px;">to confirm that<div style="display:inline-block;width:1.85px"> </div>a Borrower is<div style="display:inline-block;width:1.45px"> </div>not in default<div style="display:inline-block;width:1.66px"> </div>of any of<div style="display:inline-block;width:1.58px"> </div>its contractual obligations<div style="display:inline-block;width:1.82px"> </div>or liabilities </div><div id="a6780" style="position:absolute;font-family:'Calibri';left:189.15px;top:872px;">to the<div style="display:inline-block;width:4.93px"> </div>classification society and,<div style="display:inline-block;width:4.95px"> </div>without limiting the<div style="display:inline-block;width:5.18px"> </div>foregoing, that<div style="display:inline-block;width:5.09px"> </div>it has paid<div style="display:inline-block;width:5.16px"> </div>in full all </div><div id="a6781" style="position:absolute;font-family:'Calibri';left:189.15px;top:890px;">fees or other charges due and payable to the classification society; or </div><div id="a6784" style="position:absolute;font-family:'Calibri';left:141.79px;top:923px;">(ii)</div><div id="a6786" style="position:absolute;font-family:'Calibri';left:189.15px;top:923px;">if<div style="display:inline-block;width:7.17px"> </div>a<div style="display:inline-block;width:7.19px"> </div>Borrower<div style="display:inline-block;width:7.33px"> </div>is<div style="display:inline-block;width:7.02px"> </div>in<div style="display:inline-block;width:7.13px"> </div>default<div style="display:inline-block;width:7.37px"> </div>of<div style="display:inline-block;width:7.11px"> </div>any<div style="display:inline-block;width:7.15px"> </div>of<div style="display:inline-block;width:7.27px"> </div>its<div style="display:inline-block;width:7.05px"> </div>contractual<div style="display:inline-block;width:7.29px"> </div>obligations<div style="display:inline-block;width:7.26px"> </div>or<div style="display:inline-block;width:7.11px"> </div>liabilities<div style="display:inline-block;width:6.93px"> </div>to<div style="display:inline-block;width:7.29px"> </div>the </div><div id="a6787" style="position:absolute;font-family:'Calibri';left:189.15px;top:941px;">classification society,<div style="display:inline-block;width:5.29px"> </div>to specify to<div style="display:inline-block;width:4.68px"> </div>the Security Trustee<div style="display:inline-block;width:5.55px"> </div>in reasonable detail<div style="display:inline-block;width:4.88px"> </div>the facts and </div></div>
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<div id="a6790" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">circumstances of such default,<div style="display:inline-block;width:4.86px"> </div>the consequences of such default,<div style="display:inline-block;width:4.75px"> </div>and any remedy period </div><div id="a6791" style="position:absolute;font-family:'Calibri';left:189.15px;top:112px;">agreed or allowed by the classification society. </div><div id="a6793" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:146px;">14.5</div><div id="a6795" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:146px;">Modification </div><div id="a6797" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">No Borrower shall make any modification or repairs to, or replacement<div style="display:inline-block;width:1.93px"> </div>of, the Ship owned by it or </div><div id="a6798" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">equipment<div style="display:inline-block;width:5.37px"> </div>installed<div style="display:inline-block;width:5.2px"> </div>on<div style="display:inline-block;width:5.3px"> </div>that<div style="display:inline-block;width:5.25px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>which<div style="display:inline-block;width:5.05px"> </div>would<div style="display:inline-block;width:5.25px"> </div>or<div style="display:inline-block;width:5.19px"> </div>might<div style="display:inline-block;width:5.25px"> </div>materially<div style="display:inline-block;width:5.37px"> </div>alter<div style="display:inline-block;width:5.3px"> </div>the<div style="display:inline-block;width:5.13px"> </div>structure,<div style="display:inline-block;width:5.47px"> </div>type<div style="display:inline-block;width:5.03px"> </div>or </div><div id="a6799" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">performance characteristics of that Ship or materially reduce its value. </div><div id="a6802" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:250px;">14.6</div><div id="a6804" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:250px;">Removal of parts </div><div id="a6806" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">No Borrower<div style="display:inline-block;width:5.62px"> </div>shall remove<div style="display:inline-block;width:5.27px"> </div>any material<div style="display:inline-block;width:5.63px"> </div>part of<div style="display:inline-block;width:5.17px"> </div>the Ship<div style="display:inline-block;width:4.99px"> </div>owned by<div style="display:inline-block;width:5.33px"> </div>it, or<div style="display:inline-block;width:5.24px"> </div>any item<div style="display:inline-block;width:5.38px"> </div>of equipment </div><div id="a6807" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">installed on, that Ship unless the part or<div style="display:inline-block;width:4.88px"> </div>item so removed is forthwith<div style="display:inline-block;width:4.75px"> </div>replaced by a suitable part </div><div id="a6808" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">or item which<div style="display:inline-block;width:1.94px"> </div>is in the<div style="display:inline-block;width:1.59px"> </div>same condition as<div style="display:inline-block;width:1.73px"> </div>or better condition than<div style="display:inline-block;width:1.58px"> </div>the part or<div style="display:inline-block;width:1.69px"> </div>item removed, is<div style="display:inline-block;width:1.94px"> </div>free </div><div id="a6810" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">from any Security Interest or any right in favour of any<div style="display:inline-block;width:1.9px"> </div>person other than the Security<div style="display:inline-block;width:1.67px"> </div>Trustee and </div><div id="a6811" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">becomes on<div style="display:inline-block;width:5.81px"> </div>installation<div style="display:inline-block;width:4.74px"> </div>on that<div style="display:inline-block;width:5.95px"> </div>Ship the<div style="display:inline-block;width:5.47px"> </div>property of<div style="display:inline-block;width:5.84px"> </div>that Borrower<div style="display:inline-block;width:6.05px"> </div>and subject<div style="display:inline-block;width:5.65px"> </div>to the<div style="display:inline-block;width:5.73px"> </div>security </div><div id="a6812" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">constituted by the relevant Mortgage </div><div id="a6814" style="position:absolute;font-family:'Calibri';font-weight:bold;left:369.35px;top:373px;">Provided that</div><div id="a6815" style="position:absolute;font-family:'Calibri';left:452.57px;top:373px;"><div style="display:inline-block;width:3.52px"> </div>a Borrower may install equipment owned by </div><div id="a6817" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">a third party<div style="display:inline-block;width:4.8px"> </div>if the equipment can<div style="display:inline-block;width:4.72px"> </div>be removed without any<div style="display:inline-block;width:5.19px"> </div>risk of damage to<div style="display:inline-block;width:5.01px"> </div>the Ship owned by </div><div id="a6818" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">it. </div><div id="a6820" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:443px;">14.7</div><div id="a6822" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:443px;">Surveys </div><div id="a6824" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Each Borrower shall submit the Ship owned by it regularly to all periodical or other surveys which </div><div id="a6825" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">may be required for classification purposes and, if so required by the Security Trustee provide the </div><div id="a6827" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">Security Trustee, with copies of all survey reports. </div><div id="a6829" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:547px;">14.8</div><div id="a6831" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:547px;">Inspection </div><div id="a6833" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">Each Borrower shall permit the<div style="display:inline-block;width:1.56px"> </div>Security Trustee (by surveyors or other persons appointed<div style="display:inline-block;width:1.79px"> </div>by it for </div><div id="a6834" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">that purpose) to<div style="display:inline-block;width:4.89px"> </div>board the Ship owned<div style="display:inline-block;width:5.15px"> </div>by it at<div style="display:inline-block;width:4.79px"> </div>all reasonable times to<div style="display:inline-block;width:5.1px"> </div>inspect its condition or<div style="display:inline-block;width:4.9px"> </div>to </div><div id="a6835" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">satisfy themselves about<div style="display:inline-block;width:1.63px"> </div>proposed or executed repairs<div style="display:inline-block;width:1.96px"> </div>and shall afford all<div style="display:inline-block;width:1.58px"> </div>proper facilities for such </div><div id="a6837" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">inspections. </div><div id="a6839" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:668px;">14.9</div><div id="a6841" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:668px;">Prevention of and release from arrest </div><div id="a6843" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">Each Borrower shall promptly discharge: </div><div id="a6845" style="position:absolute;font-family:'Calibri';left:94.59px;top:736px;">(a)</div><div id="a6847" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">all liabilities which give<div style="display:inline-block;width:4.7px"> </div>or may give<div style="display:inline-block;width:5.04px"> </div>rise to maritime or<div style="display:inline-block;width:4.75px"> </div>possessory liens on or claims enforceable </div><div id="a6848" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">against the Ship owned by it, the Earnings or the Insurances; </div><div id="a6850" style="position:absolute;font-family:'Calibri';left:94.59px;top:788px;">(b)</div><div id="a6852" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">all taxes, dues and other amounts<div style="display:inline-block;width:4.69px"> </div>charged in respect of the Ship owned by<div style="display:inline-block;width:4.78px"> </div>it, the Earnings or the </div><div id="a6853" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">Insurances; and </div><div id="a6855" style="position:absolute;font-family:'Calibri';left:94.59px;top:840px;">(c)</div><div id="a6857" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances, </div><div id="a6859" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">and, forthwith<div style="display:inline-block;width:5.15px"> </div>upon receiving notice<div style="display:inline-block;width:5.39px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>arrest of<div style="display:inline-block;width:4.97px"> </div>the Ship<div style="display:inline-block;width:4.83px"> </div>owned by<div style="display:inline-block;width:5.01px"> </div>it, or of<div style="display:inline-block;width:5.33px"> </div>its detention<div style="display:inline-block;width:5.09px"> </div>in </div><div id="a6860" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">exercise<div style="display:inline-block;width:5.91px"> </div>or<div style="display:inline-block;width:5.35px"> </div>purported<div style="display:inline-block;width:5.02px"> </div>exercise<div style="display:inline-block;width:5.91px"> </div>of<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.39px"> </div>lien<div style="display:inline-block;width:5.07px"> </div>or<div style="display:inline-block;width:5.19px"> </div>claim,<div style="display:inline-block;width:5.02px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Borrower<div style="display:inline-block;width:5.41px"> </div>shall<div style="display:inline-block;width:5.18px"> </div>procure<div style="display:inline-block;width:5.39px"> </div>its<div style="display:inline-block;width:5.13px"> </div>release<div style="display:inline-block;width:5.38px"> </div>by </div><div id="a6861" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">providing bail or otherwise as the circumstances may require. </div></div>
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<div id="a6865" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">14.10</div><div id="a6867" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Compliance with laws etc. </div><div id="a6869" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each Borrower shall: </div><div id="a6871" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(a)</div><div id="a6873" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">comply,<div style="display:inline-block;width:6.3px"> </div>or<div style="display:inline-block;width:5.35px"> </div>procure<div style="display:inline-block;width:5.55px"> </div>compliance<div style="display:inline-block;width:5.15px"> </div>with<div style="display:inline-block;width:5.28px"> </div>the<div style="display:inline-block;width:5.29px"> </div>ISM<div style="display:inline-block;width:5.1px"> </div>Code,<div style="display:inline-block;width:5.18px"> </div>the<div style="display:inline-block;width:5.13px"> </div>ISPS<div style="display:inline-block;width:5.24px"> </div>Code,<div style="display:inline-block;width:5.34px"> </div>all<div style="display:inline-block;width:5.07px"> </div>Environmental<div style="display:inline-block;width:5.85px"> </div>Laws,<div style="display:inline-block;width:5.44px"> </div>all </div><div id="a6874" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">Sanctions<div style="display:inline-block;width:6.35px"> </div>and<div style="display:inline-block;width:6.28px"> </div>all<div style="display:inline-block;width:6.19px"> </div>other<div style="display:inline-block;width:6.48px"> </div>laws<div style="display:inline-block;width:6.48px"> </div>or<div style="display:inline-block;width:6.31px"> </div>regulations<div style="display:inline-block;width:6.5px"> </div>relating<div style="display:inline-block;width:6.47px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Ship<div style="display:inline-block;width:6.23px"> </div>owned<div style="display:inline-block;width:6.34px"> </div>by<div style="display:inline-block;width:6.48px"> </div>it,<div style="display:inline-block;width:6.26px"> </div>its<div style="display:inline-block;width:6.41px"> </div>ownership, </div><div id="a6875" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">operation and management or to the business of that Borrower; </div><div id="a6877" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(b)</div><div id="a6879" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">not employ the Ship owned by<div style="display:inline-block;width:4.97px"> </div>it nor allow its employment<div style="display:inline-block;width:4.94px"> </div>in any manner contrary<div style="display:inline-block;width:4.86px"> </div>to any law<div style="display:inline-block;width:4.69px"> </div>or </div><div id="a6880" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">regulation in any relevant jurisdiction<div style="display:inline-block;width:1.81px"> </div>including but not<div style="display:inline-block;width:1.66px"> </div>limited to the ISM<div style="display:inline-block;width:1.66px"> </div>Code, the ISPS<div style="display:inline-block;width:1.69px"> </div>Code and </div><div id="a6881" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">all Sanctions; and </div><div id="a6883" style="position:absolute;font-family:'Calibri';left:94.59px;top:302px;">(c)</div><div id="a6885" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">in the event<div style="display:inline-block;width:5.28px"> </div>of hostilities in<div style="display:inline-block;width:5.07px"> </div>any part of<div style="display:inline-block;width:5.31px"> </div>the world (whether<div style="display:inline-block;width:4.84px"> </div>war is<div style="display:inline-block;width:4.68px"> </div>declared or not),<div style="display:inline-block;width:4.98px"> </div>not cause or </div><div id="a6886" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">permit the<div style="display:inline-block;width:5.39px"> </div>Ship owned<div style="display:inline-block;width:5.24px"> </div>by it<div style="display:inline-block;width:5.56px"> </div>to enter<div style="display:inline-block;width:5.73px"> </div>or trade<div style="display:inline-block;width:5.67px"> </div>to any<div style="display:inline-block;width:5.67px"> </div>zone which<div style="display:inline-block;width:5.73px"> </div>is declared<div style="display:inline-block;width:5.43px"> </div>a war<div style="display:inline-block;width:5.64px"> </div>zone by<div style="display:inline-block;width:5.72px"> </div>any </div><div id="a6887" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">government<div style="display:inline-block;width:4.93px"> </div>or<div style="display:inline-block;width:4.71px"> </div>by<div style="display:inline-block;width:4.72px"> </div>the Ship's<div style="display:inline-block;width:5.75px"> </div>war<div style="display:inline-block;width:4.82px"> </div>risks<div style="display:inline-block;width:4.78px"> </div>insurers<div style="display:inline-block;width:4.98px"> </div>unless the<div style="display:inline-block;width:5.88px"> </div>prior written<div style="display:inline-block;width:6.1px"> </div>consent<div style="display:inline-block;width:4.79px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the Security </div><div id="a6889" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">Trustee<div style="display:inline-block;width:4.98px"> </div>has been given and that<div style="display:inline-block;width:4.81px"> </div>Borrower has (at<div style="display:inline-block;width:4.78px"> </div>its expense) effected<div style="display:inline-block;width:5.06px"> </div>any special, additional or </div><div id="a6890" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">modified insurance cover which the Security Trustee may require. </div><div id="a6892" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:407px;">14.11</div><div id="a6894" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:407px;">Environmental</div><div id="a6896" style="position:absolute;font-family:'Calibri';font-weight:bold;left:234.75px;top:407px;">compliance</div><div id="a6898" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">Each Borrower shall, and shall procure that the Corporate Guarantor will: </div><div id="a6907" style="position:absolute;font-family:'Calibri';left:94.59px;top:475px;">(a)</div><div id="a6909" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">comply with all Environmental Laws applicable to it; </div><div id="a6914" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">(b)</div><div id="a6916" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">obtain, maintain and ensure compliance with all requisite Environmental Approvals; </div><div id="a6918" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">(c)</div><div id="a6920" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">implement<div style="display:inline-block;width:10.02px"> </div>procedures<div style="display:inline-block;width:10.17px"> </div>to<div style="display:inline-block;width:10.01px"> </div>monitor<div style="display:inline-block;width:9.93px"> </div>compliance<div style="display:inline-block;width:9.79px"> </div>with<div style="display:inline-block;width:9.91px"> </div>and<div style="display:inline-block;width:9.8px"> </div>to<div style="display:inline-block;width:10.17px"> </div>prevent<div style="display:inline-block;width:10.36px"> </div>liability<div style="display:inline-block;width:9.69px"> </div>under<div style="display:inline-block;width:9.78px"> </div>any </div><div id="a6921" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">Environmental Law applicable to it, </div><div id="a6926" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">(d)</div><div id="a6928" style="position:absolute;font-family:'Calibri';left:190.59px;top:595px;">where failure to do so has or is reasonably likely to have a Material Adverse Effect<div style="display:inline-block;width:1.64px"> </div>. </div><div id="a6932" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:629px;">14.12</div><div id="a6934" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:629px;">Environmental Claims </div><div id="a6936" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">Each<div style="display:inline-block;width:7.57px"> </div>Borrower<div style="display:inline-block;width:7.65px"> </div>shall,<div style="display:inline-block;width:7.31px"> </div>and<div style="display:inline-block;width:7.08px"> </div>shall<div style="display:inline-block;width:7.26px"> </div>procure<div style="display:inline-block;width:7.63px"> </div>that<div style="display:inline-block;width:7.52px"> </div>the<div style="display:inline-block;width:7.21px"> </div>Corporate<div style="display:inline-block;width:7.76px"> </div>Guarantor<div style="display:inline-block;width:7.73px"> </div>shall<div style="display:inline-block;width:7.14px"> </div>promptly<div style="display:inline-block;width:7.61px"> </div>upon </div><div id="a6942" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">becoming aware of the same, inform the Agent in writing of: </div><div id="a6945" style="position:absolute;font-family:'Calibri';left:94.59px;top:714px;">(a)</div><div id="a6947" style="position:absolute;font-family:'Calibri';left:141.79px;top:714px;">any<div style="display:inline-block;width:7.95px"> </div>Environmental<div style="display:inline-block;width:8.25px"> </div>Claim<div style="display:inline-block;width:7.39px"> </div>against<div style="display:inline-block;width:8.05px"> </div>any<div style="display:inline-block;width:7.79px"> </div>member<div style="display:inline-block;width:7.53px"> </div>of<div style="display:inline-block;width:7.59px"> </div>the<div style="display:inline-block;width:7.69px"> </div>Group<div style="display:inline-block;width:7.74px"> </div>which<div style="display:inline-block;width:7.61px"> </div>is<div style="display:inline-block;width:7.66px"> </div>current,<div style="display:inline-block;width:7.81px"> </div>pending<div style="display:inline-block;width:7.43px"> </div>or </div><div id="a6951" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">threatened; and </div><div id="a6953" style="position:absolute;font-family:'Calibri';left:94.59px;top:766px;">(b)</div><div id="a6955" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">any facts or circumstances which are<div style="display:inline-block;width:4.69px"> </div>reasonably likely to result in any<div style="display:inline-block;width:4.73px"> </div>Environmental Claim being </div><div id="a6956" style="position:absolute;font-family:'Calibri';left:141.79px;top:784px;">commenced or threatened against any member of the Group, </div><div id="a6960" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">(c)</div><div id="a6962" style="position:absolute;font-family:'Calibri';left:190.59px;top:818px;">where the<div style="display:inline-block;width:5.4px"> </div>claim, if<div style="display:inline-block;width:5.18px"> </div>determined against<div style="display:inline-block;width:5.58px"> </div>that member<div style="display:inline-block;width:5.2px"> </div>of the<div style="display:inline-block;width:5.39px"> </div>Group, has<div style="display:inline-block;width:5.29px"> </div>or is<div style="display:inline-block;width:5.36px"> </div>reasonably </div><div id="a6965" style="position:absolute;font-family:'Calibri';left:141.79px;top:836px;">likely to have a Material Adverse Effect<div style="display:inline-block;width:1.79px"> </div>. </div><div id="a6968" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:870px;">14.13</div><div id="a6970" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:870px;">Provision of information </div><div id="a6972" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">Each Borrower shall promptly provide the Security Trustee with any information which it requests </div><div id="a6974" style="position:absolute;font-family:'Calibri';left:141.79px;top:922px;">regarding: </div></div>
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<div id="a6978" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a6980" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">the Ship owned by it, its employment, position and engagements; </div><div id="a6982" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(b)</div><div id="a6984" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">the Earnings and payments and amounts due to the master and crew of the Ship owned by it;<div style="display:inline-block;width:2.66px"> </div></div><div id="a6986" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(c)</div><div id="a6988" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or </div><div id="a6989" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">repair of the Ship owned by it and any payments made in respect of that Ship; </div><div id="a6991" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(d)</div><div id="a6993" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">any towages and salvages; and </div><div id="a6995" style="position:absolute;font-family:'Calibri';left:94.59px;top:248px;">(e)</div><div id="a6997" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">its compliance, the Approved<div style="display:inline-block;width:5.22px"> </div>Manager's compliance and the compliance<div style="display:inline-block;width:4.92px"> </div>of the Ship owned<div style="display:inline-block;width:4.75px"> </div>by it </div><div id="a6998" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">with the ISM Code, the ISPS Code and all Sanctions, </div><div id="a7000" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">and,<div style="display:inline-block;width:6.13px"> </div>upon<div style="display:inline-block;width:6.16px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Security<div style="display:inline-block;width:5.93px"> </div>Trustee's<div style="display:inline-block;width:7.34px"> </div>request,<div style="display:inline-block;width:6.43px"> </div>provide<div style="display:inline-block;width:6.27px"> </div>copies<div style="display:inline-block;width:6.1px"> </div>of<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:6.35px"> </div>current<div style="display:inline-block;width:6.36px"> </div>charter<div style="display:inline-block;width:6.23px"> </div>and<div style="display:inline-block;width:6.12px"> </div>charter </div><div id="a7001" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">guarantee<div style="display:inline-block;width:7.07px"> </div>relating<div style="display:inline-block;width:6.63px"> </div>to<div style="display:inline-block;width:6.49px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Ship<div style="display:inline-block;width:6.39px"> </div>owned<div style="display:inline-block;width:6.5px"> </div>by<div style="display:inline-block;width:6.48px"> </div>it<div style="display:inline-block;width:6.57px"> </div>and<div style="display:inline-block;width:6.28px"> </div>copies<div style="display:inline-block;width:6.42px"> </div>of<div style="display:inline-block;width:6.47px"> </div>that<div style="display:inline-block;width:6.53px"> </div>Borrower's<div style="display:inline-block;width:6.64px"> </div>or<div style="display:inline-block;width:6.63px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Approved </div><div id="a7002" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Manager's Document of Compliance. </div><div id="a7004" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:370px;">14.14</div><div id="a7006" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:370px;">Notification of certain events </div><div id="a7008" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">Each Borrower shall immediately notify the Security Trustee by fax, confirmed forthwith, by letter </div><div id="a7009" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">of: </div><div id="a7011" style="position:absolute;font-family:'Calibri';left:94.59px;top:455px;">(a)</div><div id="a7013" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">any casualty which is or is likely to be or to become a Major Casualty; </div><div id="a7015" style="position:absolute;font-family:'Calibri';left:94.59px;top:489px;">(b)</div><div id="a7017" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">any occurrence as a result of which the Ship owned by it<div style="display:inline-block;width:4.68px"> </div>has become or is, by the passing of time </div><div id="a7018" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">or otherwise, likely to become a Total Loss; </div><div id="a7021" style="position:absolute;font-family:'Calibri';left:94.59px;top:541px;">(c)</div><div id="a7023" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">any<div style="display:inline-block;width:6.19px"> </div>requirement<div style="display:inline-block;width:5.98px"> </div>or<div style="display:inline-block;width:5.99px"> </div>recommendation<div style="display:inline-block;width:5.65px"> </div>made<div style="display:inline-block;width:5.97px"> </div>by<div style="display:inline-block;width:5.84px"> </div>any<div style="display:inline-block;width:6.03px"> </div>insurer<div style="display:inline-block;width:5.84px"> </div>or<div style="display:inline-block;width:5.83px"> </div>classification<div style="display:inline-block;width:5.68px"> </div>society<div style="display:inline-block;width:5.88px"> </div>or<div style="display:inline-block;width:5.83px"> </div>by<div style="display:inline-block;width:5.84px"> </div>any </div><div id="a7024" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">competent authority which is not immediately complied with; </div><div id="a7026" style="position:absolute;font-family:'Calibri';left:94.59px;top:593px;">(d)</div><div id="a7028" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">any arrest or detention<div style="display:inline-block;width:4.71px"> </div>of the Ship owned by it, any<div style="display:inline-block;width:4.69px"> </div>exercise or purported exercise<div style="display:inline-block;width:5.29px"> </div>of any lien on </div><div id="a7029" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">that Ship or its Earnings or any requisition of that Ship for hire; </div><div id="a7031" style="position:absolute;font-family:'Calibri';left:94.59px;top:645px;">(e)</div><div id="a7033" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">any intended dry docking of the Ship owned by it; </div><div id="a7035" style="position:absolute;font-family:'Calibri';left:94.59px;top:679px;">(f)</div><div id="a7037" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">any Environmental Claim made against that Borrower or in connection with the Ship owned by it, </div><div id="a7039" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">or any Environmental Incident; </div><div id="a7041" style="position:absolute;font-family:'Calibri';left:94.59px;top:730px;">(g)</div><div id="a7043" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">any<div style="display:inline-block;width:5.07px"> </div>claim<div style="display:inline-block;width:4.69px"> </div>for<div style="display:inline-block;width:5px"> </div>breach of<div style="display:inline-block;width:5.97px"> </div>the ISM<div style="display:inline-block;width:5.95px"> </div>Code or<div style="display:inline-block;width:5.91px"> </div>the<div style="display:inline-block;width:4.81px"> </div>ISPS Code<div style="display:inline-block;width:5.8px"> </div>being made<div style="display:inline-block;width:5.87px"> </div>against<div style="display:inline-block;width:5.13px"> </div>that<div style="display:inline-block;width:4.77px"> </div>Borrower,<div style="display:inline-block;width:6.2px"> </div>the </div><div id="a7044" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">Approved Manager or otherwise in connection with the Ship owned by it; or </div><div id="a7046" style="position:absolute;font-family:'Calibri';left:94.59px;top:782px;">(h)</div><div id="a7048" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">any other matter,<div style="display:inline-block;width:5.02px"> </div>event or incident, actual or threatened, the effect of which will or could lead to </div><div id="a7049" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">the ISM Code or the ISPS Code not being complied with </div><div id="a7051" style="position:absolute;font-family:'Calibri';left:141.79px;top:834px;">and that Borrower shall keep the Security Trustee advised in writing on<div style="display:inline-block;width:1.93px"> </div>a regular basis and in such </div><div id="a7052" style="position:absolute;font-family:'Calibri';left:141.79px;top:852px;">detail<div style="display:inline-block;width:5.18px"> </div>as<div style="display:inline-block;width:4.79px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Security Trustee<div style="display:inline-block;width:7.26px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>require<div style="display:inline-block;width:4.95px"> </div>of<div style="display:inline-block;width:4.87px"> </div>that<div style="display:inline-block;width:5.09px"> </div>Borrower's,<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Approved<div style="display:inline-block;width:4.9px"> </div>Manager's<div style="display:inline-block;width:4.83px"> </div>or<div style="display:inline-block;width:4.87px"> </div>any </div><div id="a7053" style="position:absolute;font-family:'Calibri';left:141.79px;top:870px;">other person's response to any of those events or matters. </div><div id="a7055" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:904px;">14.15</div><div id="a7057" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:904px;">Restrictions on chartering, appointment of managers etc. </div><div id="a7059" style="position:absolute;font-family:'Calibri';left:141.79px;top:938px;">No Borrower shall, in relation to the Ship owned by it: </div></div>
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<div id="a7063" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a7065" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">let that Ship on demise charter for any period; </div><div id="a7067" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(b)</div><div id="a7069" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">enter into any time<div style="display:inline-block;width:1.78px"> </div>or consecutive voyage charter<div style="display:inline-block;width:1.8px"> </div>in respect of<div style="display:inline-block;width:1.59px"> </div>that Ship for<div style="display:inline-block;width:1.99px"> </div>a term which<div style="display:inline-block;width:1.71px"> </div>exceeds, </div><div id="a7070" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">or which by virtue of any optional extensions may exceed, 24 months; </div><div id="a7074" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">(c)</div><div id="a7076" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">enter<div style="display:inline-block;width:4.81px"> </div>into any<div style="display:inline-block;width:5.89px"> </div>charter in<div style="display:inline-block;width:5.55px"> </div>relation to<div style="display:inline-block;width:5.76px"> </div>that Ship<div style="display:inline-block;width:5.59px"> </div>under which<div style="display:inline-block;width:5.26px"> </div>more than<div style="display:inline-block;width:5.6px"> </div>two months'<div style="display:inline-block;width:5.6px"> </div>hire (or<div style="display:inline-block;width:5.7px"> </div>the </div><div id="a7077" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">equivalent) is payable in advance; </div><div id="a7079" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(d)</div><div id="a7081" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">charter that<div style="display:inline-block;width:5.59px"> </div>Ship otherwise<div style="display:inline-block;width:4.88px"> </div>than on<div style="display:inline-block;width:5.25px"> </div>bona fide<div style="display:inline-block;width:5.22px"> </div>arm's length<div style="display:inline-block;width:5.12px"> </div>terms at<div style="display:inline-block;width:5.6px"> </div>the time<div style="display:inline-block;width:4.97px"> </div>when that<div style="display:inline-block;width:5.41px"> </div>Ship is </div><div id="a7082" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">fixed; </div><div id="a7084" style="position:absolute;font-family:'Calibri';left:94.59px;top:284px;">(e)</div><div id="a7086" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">appoint a<div style="display:inline-block;width:5.19px"> </div>manager of<div style="display:inline-block;width:5px"> </div>that Ship<div style="display:inline-block;width:5.11px"> </div>other than<div style="display:inline-block;width:4.98px"> </div>the Approved<div style="display:inline-block;width:5.26px"> </div>Manager or<div style="display:inline-block;width:5.13px"> </div>agree to<div style="display:inline-block;width:5.28px"> </div>any alteration<div style="display:inline-block;width:5.74px"> </div>to </div><div id="a7087" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">the terms of the Approved Manager's appointment; </div><div id="a7089" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(f)</div><div id="a7091" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">de activate or lay-up that Ship; or </div><div id="a7097" style="position:absolute;font-family:'Calibri';left:94.59px;top:370px;">(g)</div><div id="a7099" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">put that Ship into<div style="display:inline-block;width:4.78px"> </div>the possession of any person<div style="display:inline-block;width:4.96px"> </div>for the purpose of work<div style="display:inline-block;width:4.94px"> </div>being done upon it in an </div><div id="a7100" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">amount exceeding or likely to<div style="display:inline-block;width:4.76px"> </div>exceed $1,000,000 (or the equivalent in any other currency) unless </div><div id="a7101" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">that<div style="display:inline-block;width:6.69px"> </div>person<div style="display:inline-block;width:6.49px"> </div>has<div style="display:inline-block;width:6.34px"> </div>first<div style="display:inline-block;width:6.81px"> </div>given<div style="display:inline-block;width:6.53px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Security<div style="display:inline-block;width:6.09px"> </div>Trustee<div style="display:inline-block;width:7.54px"> </div>and<div style="display:inline-block;width:6.44px"> </div>in<div style="display:inline-block;width:6.33px"> </div>terms<div style="display:inline-block;width:6.6px"> </div>satisfactory<div style="display:inline-block;width:6.86px"> </div>to<div style="display:inline-block;width:6.65px"> </div>it<div style="display:inline-block;width:6.41px"> </div>a<div style="display:inline-block;width:6.23px"> </div>written </div><div id="a7103" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">undertaking not<div style="display:inline-block;width:4.85px"> </div>to exercise<div style="display:inline-block;width:5.71px"> </div>any lien<div style="display:inline-block;width:5.04px"> </div>on that<div style="display:inline-block;width:4.99px"> </div>Ship or<div style="display:inline-block;width:4.73px"> </div>its Earnings<div style="display:inline-block;width:4.91px"> </div>for the<div style="display:inline-block;width:5.05px"> </div>cost of<div style="display:inline-block;width:4.99px"> </div>such work<div style="display:inline-block;width:4.85px"> </div>or for </div><div id="a7104" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">any other reason. </div><div id="a7106" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:475px;">14.16</div><div id="a7108" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:475px;">Notice of Mortgage </div><div id="a7110" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">Each<div style="display:inline-block;width:5.01px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>keep<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Mortgage<div style="display:inline-block;width:5.11px"> </div>registered<div style="display:inline-block;width:5.19px"> </div>against<div style="display:inline-block;width:4.97px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Ship owned<div style="display:inline-block;width:6.04px"> </div>by<div style="display:inline-block;width:4.88px"> </div>it as<div style="display:inline-block;width:6.12px"> </div>a<div style="display:inline-block;width:4.79px"> </div>valid<div style="display:inline-block;width:4.83px"> </div>first </div><div id="a7111" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">priority or preferred mortgage, carry on board<div style="display:inline-block;width:1.91px"> </div>that Ship a certified<div style="display:inline-block;width:1.81px"> </div>copy of the such<div style="display:inline-block;width:1.81px"> </div>Mortgage and </div><div id="a7112" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">place and maintain<div style="display:inline-block;width:4.98px"> </div>in a conspicuous place<div style="display:inline-block;width:5.02px"> </div>in the navigation<div style="display:inline-block;width:5.1px"> </div>room and the<div style="display:inline-block;width:4.81px"> </div>Master's cabin of<div style="display:inline-block;width:4.83px"> </div>that </div><div id="a7114" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">Ship a framed printed notice<div style="display:inline-block;width:4.85px"> </div>stating that that Ship is mortgaged<div style="display:inline-block;width:5.25px"> </div>by that Borrower to the<div style="display:inline-block;width:4.73px"> </div>Security </div><div id="a7115" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">Trustee. </div><div id="a7117" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:615px;">14.17</div><div id="a7119" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:615px;">Sharing of Earnings </div><div id="a7121" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">No Borrower shall: </div><div id="a7123" style="position:absolute;font-family:'Calibri';left:94.59px;top:682px;">(a)</div><div id="a7125" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">enter into any agreement or arrangement for the sharing of any Earnings;<div style="display:inline-block;width:4.12px"> </div></div><div id="a7127" style="position:absolute;font-family:'Calibri';left:94.59px;top:716px;">(b)</div><div id="a7129" style="position:absolute;font-family:'Calibri';left:141.79px;top:716px;">enter into any<div style="display:inline-block;width:1.62px"> </div>agreement or<div style="display:inline-block;width:1.64px"> </div>arrangement for the<div style="display:inline-block;width:1.3px"> </div>postponement of<div style="display:inline-block;width:1.67px"> </div>any date on<div style="display:inline-block;width:1.13px"> </div>which any<div style="display:inline-block;width:1.83px"> </div>Earnings </div><div id="a7130" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">are due; and </div><div id="a7132" style="position:absolute;font-family:'Calibri';left:94.59px;top:768px;">(c)</div><div id="a7134" style="position:absolute;font-family:'Calibri';left:141.79px;top:768px;">permit<div style="display:inline-block;width:5.66px"> </div>the<div style="display:inline-block;width:5.77px"> </div>reduction<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.61px"> </div>amount<div style="display:inline-block;width:5.65px"> </div>of<div style="display:inline-block;width:5.83px"> </div>any<div style="display:inline-block;width:6.03px"> </div>Earnings<div style="display:inline-block;width:5.66px"> </div>or<div style="display:inline-block;width:5.67px"> </div>otherwise<div style="display:inline-block;width:5.66px"> </div>for<div style="display:inline-block;width:5.96px"> </div>the<div style="display:inline-block;width:5.61px"> </div>release<div style="display:inline-block;width:5.7px"> </div>or<div style="display:inline-block;width:5.83px"> </div>adverse </div><div id="a7135" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">alteration of any right of that Borrower to any Earnings.<div style="display:inline-block;width:4.28px"> </div></div><div id="a7137" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:820px;">14.18</div><div id="a7139" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:820px;">ISPS Code </div><div id="a7141" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">Each Borrower shall comply with the ISPS Code and in particular, without limitation, shall: </div><div id="a7143" style="position:absolute;font-family:'Calibri';left:94.59px;top:888px;">(a)</div><div id="a7145" style="position:absolute;font-family:'Calibri';left:141.79px;top:888px;">procure that<div style="display:inline-block;width:5.39px"> </div>the Ship<div style="display:inline-block;width:4.83px"> </div>owned by<div style="display:inline-block;width:4.85px"> </div>it and<div style="display:inline-block;width:4.89px"> </div>the company<div style="display:inline-block;width:5.03px"> </div>responsible for<div style="display:inline-block;width:5.33px"> </div>that Ship's<div style="display:inline-block;width:4.75px"> </div>compliance with </div><div id="a7146" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">the ISPS Code comply with the ISPS Code;<div style="display:inline-block;width:2.38px"> </div></div><div id="a7148" style="position:absolute;font-family:'Calibri';left:94.59px;top:940px;">(b)</div><div id="a7150" style="position:absolute;font-family:'Calibri';left:141.79px;top:940px;">maintain for that Ship an ISSC; and </div></div>
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<div id="Page61" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7154" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a7156" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">notify<div style="display:inline-block;width:5.93px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Agent<div style="display:inline-block;width:6.1px"> </div>immediately<div style="display:inline-block;width:5.94px"> </div>in<div style="display:inline-block;width:5.85px"> </div>writing<div style="display:inline-block;width:5.84px"> </div>of<div style="display:inline-block;width:5.99px"> </div>any<div style="display:inline-block;width:6.19px"> </div>actual<div style="display:inline-block;width:5.87px"> </div>or<div style="display:inline-block;width:5.99px"> </div>threatened<div style="display:inline-block;width:6.23px"> </div>withdrawal,<div style="display:inline-block;width:6.42px"> </div>suspension, </div><div id="a7157" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">cancellation or modification of the ISSC. </div><div id="a7159" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:146px;">14.19</div><div id="a7161" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:146px;">Charterparty Assignment </div><div id="a7163" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">If a Borrower enters into any Charter (subject to obtaining<div style="display:inline-block;width:1.88px"> </div>the consent of the Agent in<div style="display:inline-block;width:1.79px"> </div>accordance </div><div id="a7165" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">with Clause </div><div id="a7166" style="position:absolute;font-family:'Calibri';left:215.71px;top:198px;"><a href="#a7067" style="color:#000000;text-decoration:none;">14.15(b)</a></div><div id="a7167" style="position:absolute;font-family:'Calibri';left:265.83px;top:198px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a7169" style="position:absolute;font-family:'Calibri';font-style:italic;left:274.47px;top:198px;">Restrictions on<div style="display:inline-block;width:5.39px"> </div>chartering, appointment<div style="display:inline-block;width:4.87px"> </div>of managers<div style="display:inline-block;width:4.91px"> </div>etc</div><div id="a7170" style="position:absolute;font-family:'Calibri';left:615.81px;top:198px;">.)), that<div style="display:inline-block;width:5.13px"> </div>Borrower </div><div id="a7171" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">shall<div style="display:inline-block;width:6.3px"> </div>at<div style="display:inline-block;width:6.39px"> </div>the<div style="display:inline-block;width:6.41px"> </div>request<div style="display:inline-block;width:6.42px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Agent<div style="display:inline-block;width:6.42px"> </div>execute<div style="display:inline-block;width:6.97px"> </div>in<div style="display:inline-block;width:6.33px"> </div>favour<div style="display:inline-block;width:6.81px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Security<div style="display:inline-block;width:6.09px"> </div>Trustee<div style="display:inline-block;width:7.38px"> </div>(and<div style="display:inline-block;width:6.3px"> </div>register,<div style="display:inline-block;width:8.04px"> </div>if </div><div id="a7172" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">applicable) a Charterparty Assignment and shall: </div><div id="a7174" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(a)</div><div id="a7176" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">serve<div style="display:inline-block;width:4.78px"> </div>notices<div style="display:inline-block;width:4.73px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Charterparty<div style="display:inline-block;width:4.78px"> </div>Assignment on<div style="display:inline-block;width:6.05px"> </div>the Charterer<div style="display:inline-block;width:6.47px"> </div>and<div style="display:inline-block;width:4.68px"> </div>procure<div style="display:inline-block;width:5.07px"> </div>that<div style="display:inline-block;width:4.77px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Charterer </div><div id="a7177" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">acknowledges such notice in such form as the Agent may approve or require; and<div style="display:inline-block;width:3.21px"> </div></div><div id="a7179" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(b)</div><div id="a7181" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and </div><div id="a7182" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">5 of </div><div id="a7185" style="position:absolute;font-family:'Calibri';left:168.19px;top:338px;"><a href="#a11629" style="color:#000000;text-decoration:none;">Part A</a></div><div id="a7186" style="position:absolute;font-family:'Calibri';left:204.67px;top:338px;"><div style="display:inline-block;width:3.2px"> </div>of </div><div id="a7188" style="position:absolute;font-family:'Calibri';left:223.55px;top:338px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule 3</a></div><div id="a7189" style="position:absolute;font-family:'Calibri';left:288.23px;top:338px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a7191" style="position:absolute;font-family:'Calibri';font-style:italic;left:296.07px;top:338px;">Conditions precedent documents</div><div id="a7192" style="position:absolute;font-family:'Calibri';left:490.49px;top:338px;">), as the Agent may require. </div><div id="a7194" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:371px;">14.20</div><div id="a7196" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:371px;">Poseidon Principles </div><div id="a7198" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">Each Borrower shall, upon the request by a Lender and at the cost of the Borrowers, on or before </div><div id="a7199" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">31st July in each calendar year,<div style="display:inline-block;width:5.54px"> </div>supply or procure the supply by the relevant<div style="display:inline-block;width:4.7px"> </div>classification society </div><div id="a7200" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">to the<div style="display:inline-block;width:4.93px"> </div>Agent of<div style="display:inline-block;width:4.76px"> </div>all information<div style="display:inline-block;width:4.92px"> </div>necessary in order<div style="display:inline-block;width:5.19px"> </div>for such<div style="display:inline-block;width:4.69px"> </div>Lender to<div style="display:inline-block;width:4.77px"> </div>comply with its<div style="display:inline-block;width:5.16px"> </div>obligations </div><div id="a7202" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">under the<div style="display:inline-block;width:5.19px"> </div>Poseidon Principles<div style="display:inline-block;width:5.23px"> </div>in respect<div style="display:inline-block;width:5.33px"> </div>of the<div style="display:inline-block;width:5.23px"> </div>preceding year,<div style="display:inline-block;width:6.72px"> </div>including, without<div style="display:inline-block;width:4.74px"> </div>limitation, all </div><div id="a7203" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">ship fuel<div style="display:inline-block;width:1.46px"> </div>oil consumption<div style="display:inline-block;width:1.75px"> </div>data required to<div style="display:inline-block;width:1.32px"> </div>be collected<div style="display:inline-block;width:1.53px"> </div>and reported<div style="display:inline-block;width:1.75px"> </div>in accordance<div style="display:inline-block;width:1.74px"> </div>with Regulation </div><div id="a7204" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">22A of Annex<div style="display:inline-block;width:4.99px"> </div>VI and any<div style="display:inline-block;width:4.99px"> </div>Statement of<div style="display:inline-block;width:4.84px"> </div>Compliance, in each case<div style="display:inline-block;width:5.03px"> </div>relating to<div style="display:inline-block;width:4.68px"> </div>the Ship owned by<div style="display:inline-block;width:5.24px"> </div>it </div><div id="a7206" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">for the preceding<div style="display:inline-block;width:1.28px"> </div>calendar year<div style="display:inline-block;width:1.94px"> </div>provided always that,<div style="display:inline-block;width:1.61px"> </div>for the avoidance<div style="display:inline-block;width:1.35px"> </div>of doubt,<div style="display:inline-block;width:1.72px"> </div>such information </div><div id="a7208" style="position:absolute;font-family:'Calibri';left:141.79px;top:531px;">shall be<div style="display:inline-block;width:5.36px"> </div>confidential information<div style="display:inline-block;width:5.88px"> </div>but each<div style="display:inline-block;width:5.26px"> </div>Borrower acknowledges<div style="display:inline-block;width:5.51px"> </div>that, in<div style="display:inline-block;width:5.54px"> </div>accordance with<div style="display:inline-block;width:5.33px"> </div>the </div><div id="a7212" style="position:absolute;font-family:'Calibri';left:141.79px;top:549px;">Poseidon Principles,<div style="display:inline-block;width:5.55px"> </div>such information<div style="display:inline-block;width:5.52px"> </div>will form<div style="display:inline-block;width:5.74px"> </div>part of<div style="display:inline-block;width:5.33px"> </div>the information<div style="display:inline-block;width:5.62px"> </div>published regarding<div style="display:inline-block;width:5.81px"> </div>the </div><div id="a7213" style="position:absolute;font-family:'Calibri';left:141.79px;top:567px;">relevant Lender's portfolio climate alignment and that a Lender may disclose such information: (i) </div><div id="a7218" style="position:absolute;font-family:'Calibri';left:141.79px;top:584px;">either<div style="display:inline-block;width:6.1px"> </div>to<div style="display:inline-block;width:6.17px"> </div>any<div style="display:inline-block;width:6.19px"> </div>classification<div style="display:inline-block;width:6px"> </div>society<div style="display:inline-block;width:6.04px"> </div>or<div style="display:inline-block;width:5.99px"> </div>other<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6.14px"> </div>which<div style="display:inline-block;width:6.01px"> </div>a<div style="display:inline-block;width:6.07px"> </div>Lender<div style="display:inline-block;width:5.92px"> </div>has<div style="display:inline-block;width:6.02px"> </div>engaged<div style="display:inline-block;width:6.28px"> </div>to<div style="display:inline-block;width:6.17px"> </div>make<div style="display:inline-block;width:6.53px"> </div>the </div><div id="a7222" style="position:absolute;font-family:'Calibri';left:141.79px;top:602px;">calculations<div style="display:inline-block;width:4.7px"> </div>necessary to<div style="display:inline-block;width:5.4px"> </div>enable that<div style="display:inline-block;width:5.54px"> </div>Lender to<div style="display:inline-block;width:5.57px"> </div>comply with<div style="display:inline-block;width:5.59px"> </div>its reporting<div style="display:inline-block;width:5.47px"> </div>obligations<div style="display:inline-block;width:4.86px"> </div>under the </div><div id="a7223" style="position:absolute;font-family:'Calibri';left:141.79px;top:620px;">Poseidon<div style="display:inline-block;width:5.08px"> </div>Principles<div style="display:inline-block;width:4.8px"> </div>(such<div style="display:inline-block;width:4.73px"> </div>calculations<div style="display:inline-block;width:5.02px"> </div>to<div style="display:inline-block;width:5.05px"> </div>be<div style="display:inline-block;width:4.78px"> </div>made<div style="display:inline-block;width:5.01px"> </div>at<div style="display:inline-block;width:4.8px"> </div>the<div style="display:inline-block;width:4.97px"> </div>cost<div style="display:inline-block;width:5.05px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.81px"> </div>relevant<div style="display:inline-block;width:5.34px"> </div>Lender)<div style="display:inline-block;width:4.89px"> </div>or<div style="display:inline-block;width:4.87px"> </div>(ii)<div style="display:inline-block;width:4.96px"> </div>as </div><div id="a7226" style="position:absolute;font-family:'Calibri';left:141.79px;top:638px;">otherwise permitted under the terms of this Agreement. </div><div id="a7228" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:672px;">14.21</div><div id="a7230" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:672px;">Inventory of Hazardous Material </div><div id="a7232" style="position:absolute;font-family:'Calibri';left:141.79px;top:706px;">Each Borrower shall procure that, on the date falling 18 months after the date of this Agreement, </div><div id="a7237" style="position:absolute;font-family:'Calibri';left:141.79px;top:724px;">its Ship has obtained an Inventory of Hazardous Material, which shall be maintained until the end </div><div id="a7240" style="position:absolute;font-family:'Calibri';left:141.79px;top:742px;">of the Security Period.<div style="display:inline-block;width:3.1px"> </div></div><div id="a7243" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:776px;">14.22</div><div id="a7245" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:776px;">Sustainable and socially responsible dismantling of ships </div><div id="a7247" style="position:absolute;font-family:'Calibri';left:94.59px;top:810px;">(a)</div><div id="a7249" style="position:absolute;font-family:'Calibri';left:141.79px;top:810px;">Each Borrower<div style="display:inline-block;width:4.85px"> </div>shall (and shall procure<div style="display:inline-block;width:5.35px"> </div>that each other<div style="display:inline-block;width:4.74px"> </div>member of the Group<div style="display:inline-block;width:5.33px"> </div>shall) procure that </div><div id="a7250" style="position:absolute;font-family:'Calibri';left:141.79px;top:828px;">for the duration of the Security Period: </div><div id="a7252" style="position:absolute;font-family:'Calibri';left:94.59px;top:861px;">(b)</div><div id="a7254" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">the Ship owned by it or any other<div style="display:inline-block;width:1.78px"> </div>Fleet Vessel shall be recycled at a recycling yard which conducts </div><div id="a7256" style="position:absolute;font-family:'Calibri';left:141.79px;top:879px;">its recycling business<div style="display:inline-block;width:1.58px"> </div>in a socially<div style="display:inline-block;width:1.35px"> </div>and environmentally responsible<div style="display:inline-block;width:1.83px"> </div>manner, in accordance with the </div><div id="a7257" style="position:absolute;font-family:'Calibri';left:141.79px;top:897px;">provisions of the Hong Kong<div style="display:inline-block;width:5.1px"> </div>Convention (in the event<div style="display:inline-block;width:5.15px"> </div>that the Approved<div style="display:inline-block;width:4.79px"> </div>Flag State is not<div style="display:inline-block;width:4.85px"> </div>an EEA </div><div id="a7258" style="position:absolute;font-family:'Calibri';left:141.79px;top:915px;">Member Country) or the EU Ship Recycling<div style="display:inline-block;width:5.29px"> </div>Regulation (in the event<div style="display:inline-block;width:4.93px"> </div>that the Approved Flag State </div><div id="a7260" style="position:absolute;font-family:'Calibri';left:141.79px;top:933px;">is an EEA Member Country); or </div></div>
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<div id="a7264" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a7266" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">where the<div style="display:inline-block;width:4.76px"> </div>Ship owned by<div style="display:inline-block;width:5.19px"> </div>it or any<div style="display:inline-block;width:5.37px"> </div>other Fleet Vessel<div style="display:inline-block;width:5.66px"> </div>is sold<div style="display:inline-block;width:4.67px"> </div>to an<div style="display:inline-block;width:4.7px"> </div>intermediary (whether or<div style="display:inline-block;width:5.17px"> </div>not </div><div id="a7267" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">with<div style="display:inline-block;width:5.44px"> </div>the<div style="display:inline-block;width:5.45px"> </div>intention<div style="display:inline-block;width:5.69px"> </div>of<div style="display:inline-block;width:5.51px"> </div>being<div style="display:inline-block;width:5.14px"> </div>recycled),<div style="display:inline-block;width:5.76px"> </div>it<div style="display:inline-block;width:5.45px"> </div>shall<div style="display:inline-block;width:5.34px"> </div>provide<div style="display:inline-block;width:5.63px"> </div>the<div style="display:inline-block;width:5.45px"> </div>intermediary<div style="display:inline-block;width:5.4px"> </div>with<div style="display:inline-block;width:5.44px"> </div>any<div style="display:inline-block;width:5.55px"> </div>ship-relevant </div><div id="a7270" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">information in its possession which it considers necessary for the development of a ship recycling </div><div id="a7271" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">plan in accordance with the EU Ship Recycling Regulation. </div><div id="a7273" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:182px;">14.23</div><div id="a7275" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:182px;">Sanctions provisions<div style="display:inline-block;width:3.1px"> </div></div><div id="a7280" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">Without limiting Clause </div><div id="a7281" style="position:absolute;font-family:'Calibri';left:284.87px;top:216px;"><a href="#a6865" style="color:#000000;text-decoration:none;">14.10</a></div><div id="a7282" style="position:absolute;font-family:'Calibri';left:318.47px;top:216px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a7284" style="position:absolute;font-family:'Calibri';font-style:italic;left:326.15px;top:216px;">Compliance with laws etc.</div><div id="a7285" style="position:absolute;font-family:'Calibri';left:480.41px;top:216px;">), each Borrower: </div><div id="a7290" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">(a)</div><div id="a7292" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">shall, and shall procure that<div style="display:inline-block;width:4.7px"> </div>the Ship owned by it and each<div style="display:inline-block;width:4.73px"> </div>Security Party shall, and, in respect of </div><div id="a7294" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">any<div style="display:inline-block;width:4.91px"> </div>charterer,<div style="display:inline-block;width:5.8px"> </div>shall use<div style="display:inline-block;width:5.68px"> </div>all reasonable<div style="display:inline-block;width:5.61px"> </div>endeavours<div style="display:inline-block;width:4.83px"> </div>to<div style="display:inline-block;width:4.73px"> </div>procure<div style="display:inline-block;width:4.75px"> </div>that the<div style="display:inline-block;width:5.77px"> </div>Charterer<div style="display:inline-block;width:4.66px"> </div>and any<div style="display:inline-block;width:5.78px"> </div>other </div><div id="a7295" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">charterer in respect of its Ship<div style="display:inline-block;width:1.42px"> </div>shall, comply in all respects<div style="display:inline-block;width:1.73px"> </div>with all laws to which it<div style="display:inline-block;width:1.57px"> </div>may be subject, </div><div id="a7297" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">including, without limitation, all national and<div style="display:inline-block;width:1.98px"> </div>international laws, derivatives, regulations, decrees, </div><div id="a7298" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">rulings and such analogous rules, including, but not limited to, rules relating to Sanctions. </div><div id="a7300" style="position:absolute;font-family:'Calibri';left:94.59px;top:355px;">(b)</div><div id="a7302" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">undertakes to make<div style="display:inline-block;width:5.05px"> </div>the Charterer and all other charterers<div style="display:inline-block;width:5.05px"> </div>and operators of the<div style="display:inline-block;width:4.7px"> </div>Ship owned by it </div><div id="a7303" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">aware of the requirements of this Clause and Clause </div><div id="a7304" style="position:absolute;font-family:'Calibri';left:455.45px;top:373px;"><a href="#a5456" style="color:#000000;text-decoration:none;">10.18</a></div><div id="a7305" style="position:absolute;font-family:'Calibri';left:489.05px;top:373px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a7307" style="position:absolute;font-family:'Calibri';font-style:italic;left:496.57px;top:373px;">Sanctions</div><div id="a7308" style="position:absolute;font-family:'Calibri';left:553.53px;top:373px;">) and shall procure that they </div><div id="a7309" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">act in accordance with these requirements. </div><div id="a7311" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:425px;">14.24</div><div id="a7313" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:425px;">Change of Approved Manager </div><div id="a7315" style="position:absolute;font-family:'Calibri';left:94.59px;top:459px;">(a)</div><div id="a7317" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">Each<div style="display:inline-block;width:5.65px"> </div>Borrower<div style="display:inline-block;width:5.57px"> </div>may,<div style="display:inline-block;width:6.74px"> </div>at<div style="display:inline-block;width:5.44px"> </div>its<div style="display:inline-block;width:5.29px"> </div>sole<div style="display:inline-block;width:5.38px"> </div>discretion,<div style="display:inline-block;width:5.41px"> </div>at<div style="display:inline-block;width:5.6px"> </div>any<div style="display:inline-block;width:5.55px"> </div>time<div style="display:inline-block;width:5.41px"> </div>during<div style="display:inline-block;width:5.2px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Security<div style="display:inline-block;width:5.13px"> </div>Period,<div style="display:inline-block;width:5.69px"> </div>change<div style="display:inline-block;width:5.29px"> </div>the </div><div id="a7318" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Approved Manager<div style="display:inline-block;width:1.97px"> </div>of its<div style="display:inline-block;width:1.71px"> </div>Ship from<div style="display:inline-block;width:1.84px"> </div>Diana Shipping<div style="display:inline-block;width:1.42px"> </div>Services S.A.<div style="display:inline-block;width:1.33px"> </div>to Diana<div style="display:inline-block;width:1.69px"> </div>Wilhelmsen Management </div><div id="a7324" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">Limited, </div><div id="a7325" style="position:absolute;font-family:'Calibri';font-weight:bold;left:193.63px;top:495px;">provided that</div><div id="a7326" style="position:absolute;font-family:'Calibri';left:276.87px;top:495px;"><div style="display:inline-block;width:3.52px"> </div>the Borrowers shall give the Agent five Business' Days<div style="display:inline-block;width:4.87px"> </div>prior written notice </div><div id="a7328" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">and shall provide the Agent no later than the date of such change with: </div><div id="a7330" style="position:absolute;font-family:'Calibri';left:94.59px;top:547px;">(b)</div><div id="a7332" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">documents of<div style="display:inline-block;width:4.8px"> </div>the kind specified<div style="display:inline-block;width:5.23px"> </div>in paragraphs </div><div id="a7335" style="position:absolute;font-family:'Calibri';left:425.99px;top:547px;"><a href="#a11665" style="color:#000000;text-decoration:none;">2</a></div><div id="a7336" style="position:absolute;font-family:'Calibri';left:433.37px;top:547px;">, </div><div id="a7337" style="position:absolute;font-family:'Calibri';left:441.05px;top:547px;"><a href="#a11670" style="color:#000000;text-decoration:none;">3</a></div><div id="a7338" style="position:absolute;font-family:'Calibri';left:448.57px;top:547px;">, </div><div id="a7339" style="position:absolute;font-family:'Calibri';left:456.25px;top:547px;"><a href="#a11689" style="color:#000000;text-decoration:none;">5</a></div><div id="a7340" style="position:absolute;font-family:'Calibri';left:463.61px;top:547px;">, and </div><div id="a7341" style="position:absolute;font-family:'Calibri';left:497.85px;top:547px;"><a href="#a11721" style="color:#000000;text-decoration:none;">10</a></div><div id="a7342" style="position:absolute;font-family:'Calibri';left:512.73px;top:547px;"><div style="display:inline-block;width:4.16px"> </div>of </div><div id="a7344" style="position:absolute;font-family:'Calibri';left:533.05px;top:547px;"><a href="#a11629" style="color:#000000;text-decoration:none;">Part A</a></div><div id="a7345" style="position:absolute;font-family:'Calibri';left:570.33px;top:547px;"><div style="display:inline-block;width:4px"> </div>of </div><div id="a7347" style="position:absolute;font-family:'Calibri';left:590.65px;top:547px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule 3</a></div><div id="a7348" style="position:absolute;font-family:'Calibri';left:656.13px;top:547px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a7350" style="position:absolute;font-family:'Calibri';font-style:italic;left:664.77px;top:547px;">Condition </div><div id="a7351" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:565px;">precedent documents</div><div id="a7352" style="position:absolute;font-family:'Calibri';left:270.47px;top:565px;">) in respect of Diana Wilhelmsen Management Limited; </div><div id="a7354" style="position:absolute;font-family:'Calibri';left:94.59px;top:599px;">(c)</div><div id="a7356" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">the documents<div style="display:inline-block;width:1.7px"> </div>referred to in<div style="display:inline-block;width:1.45px"> </div>paragraph </div><div id="a7357" style="position:absolute;font-family:'Calibri';left:377.99px;top:599px;"><a href="#a11825" style="color:#000000;text-decoration:none;">3</a></div><div id="a7358" style="position:absolute;font-family:'Calibri';left:385.51px;top:599px;"><div style="display:inline-block;width:2.4px"> </div>of </div><div id="a7360" style="position:absolute;font-family:'Calibri';left:402.63px;top:599px;"><a href="#a11738" style="color:#000000;text-decoration:none;">Part B</a></div><div id="a7361" style="position:absolute;font-family:'Calibri';left:437.85px;top:599px;"><div style="display:inline-block;width:2.56px"> </div>of </div><div id="a7363" style="position:absolute;font-family:'Calibri';left:455.13px;top:599px;"><a href="#a11627" style="color:#000000;text-decoration:none;">Schedule 3<div style="display:inline-block;width:1.4px"> </div>(</a></div><div id="a7366" style="position:absolute;font-family:'Calibri';font-style:italic;left:526.01px;top:599px;">Condition precedent<div style="display:inline-block;width:1.43px"> </div>documents</div><div id="a7367" style="position:absolute;font-family:'Calibri';left:713.25px;top:599px;">); </div><div id="a7368" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">and </div><div id="a7370" style="position:absolute;font-family:'Calibri';left:94.59px;top:650px;">(d)</div><div id="a7372" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">any other documents that the Agent may reasonably require. </div><div id="a7374" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:684px;">15</div><div id="a7376" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:684px;">SECURITY COVER </div><div id="a7378" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:718px;">15.1</div><div id="a7380" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:718px;">Minimum required security cover </div><div id="a7382" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">Clause </div><div id="a7383" style="position:absolute;font-family:'Calibri';left:183.55px;top:752px;"><a href="#a7458" style="color:#000000;text-decoration:none;">15.2 (</a></div><div id="a7386" style="position:absolute;font-family:'Calibri';font-style:italic;left:216.83px;top:752px;">Provision of additional<div style="display:inline-block;width:1.09px"> </div>security; prepayment</div><div id="a7387" style="position:absolute;font-family:'Calibri';left:476.73px;top:752px;">) applies if<div style="display:inline-block;width:1.37px"> </div>at any relevant time<div style="display:inline-block;width:1.82px"> </div>during the </div><div id="a7391" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">Security Period, the Agent notifies the Borrowers that: </div><div id="a7393" style="position:absolute;font-family:'Calibri';left:141.79px;top:804px;">(i)</div><div id="a7395" style="position:absolute;font-family:'Calibri';left:189.15px;top:804px;">(a)<div style="display:inline-block;width:33.46px"> </div>the aggregate of the Market Value of the Ships then subject to a Mortgage;<div style="display:inline-block;width:4.5px"> </div>plus </div><div id="a7403" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">(ii)</div><div id="a7405" style="position:absolute;font-family:'Calibri';left:189.15px;top:838px;">(b)<div style="display:inline-block;width:32.78px"> </div>the net realisable value<div style="display:inline-block;width:5.21px"> </div>of any additional<div style="display:inline-block;width:4.74px"> </div>security previously provided under<div style="display:inline-block;width:4.99px"> </div>this </div><div id="a7408" style="position:absolute;font-family:'Calibri';left:190.59px;top:856px;">Clause </div><div id="a7409" style="position:absolute;font-family:'Calibri';left:232.99px;top:856px;"><a href="#a7374" style="color:#000000;text-decoration:none;">15</a></div><div id="a7410" style="position:absolute;font-family:'Calibri';left:247.87px;top:856px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a7412" style="position:absolute;font-family:'Calibri';font-style:italic;left:255.59px;top:856px;">Security cover</div><div id="a7413" style="position:absolute;font-family:'Calibri';left:338.31px;top:856px;">), </div><div id="a7416" style="position:absolute;font-family:'Calibri';left:141.79px;top:890px;">(b)</div><div id="a7418" style="position:absolute;font-family:'Calibri';left:190.59px;top:890px;">(the "</div><div id="a7419" style="position:absolute;font-family:'Calibri';font-weight:bold;left:224.19px;top:890px;">Security Cover Ratio</div><div id="a7420" style="position:absolute;font-family:'Calibri';left:347.43px;top:890px;">") is below: </div><div id="a7424" style="position:absolute;font-family:'Calibri';left:142.59px;top:923px;">(c)</div><div id="a7426" style="position:absolute;font-family:'Calibri';left:189.15px;top:923px;">(i)<div style="display:inline-block;width:37.14px"> </div>154 per<div style="display:inline-block;width:4.86px"> </div>cent.<div style="display:inline-block;width:4.1px"> </div>of the<div style="display:inline-block;width:4.75px"> </div>Loan, for<div style="display:inline-block;width:5.11px"> </div>the period starting<div style="display:inline-block;width:5.44px"> </div>on the<div style="display:inline-block;width:4.87px"> </div>date of<div style="display:inline-block;width:5.03px"> </div>this Agreement </div><div id="a7438" style="position:absolute;font-family:'Calibri';left:189.15px;top:941px;">and ending on the date falling six months after the Drawdown Date; or </div></div>
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<div id="a7446" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(ii)</div><div id="a7448" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">125 per cent.<div style="display:inline-block;width:2.23px"> </div>of the Loan and<div style="display:inline-block;width:1.72px"> </div>the Swap Exposure for the remainder<div style="display:inline-block;width:1.69px"> </div>of the Security Period. </div><div id="a7458" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">15.2</div><div id="a7460" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:128px;">Provision of additional security; prepayment </div><div id="a7462" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">If<div style="display:inline-block;width:5.56px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Agent<div style="display:inline-block;width:5.62px"> </div>serves<div style="display:inline-block;width:5.42px"> </div>a<div style="display:inline-block;width:5.59px"> </div>notice<div style="display:inline-block;width:5.21px"> </div>on<div style="display:inline-block;width:5.62px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Borrowers<div style="display:inline-block;width:6.14px"> </div>under<div style="display:inline-block;width:5.3px"> </div>Clause </div><div id="a7463" style="position:absolute;font-family:'Calibri';left:520.57px;top:162px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a7464" style="position:absolute;font-family:'Calibri';left:546.65px;top:162px;"><div style="display:inline-block;width:5.6px"> </div>(</div><div id="a7466" style="position:absolute;font-family:'Calibri';font-style:italic;left:556.57px;top:162px;">Minimum<div style="display:inline-block;width:5.27px"> </div>required<div style="display:inline-block;width:5.45px"> </div>security </div><div id="a7467" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:180px;">cover</div><div id="a7468" style="position:absolute;font-family:'Calibri';left:174.11px;top:180px;">):<div style="display:inline-block;width:3.12px"> </div></div><div id="a7471" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(a)</div><div id="a7473" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">in<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.45px"> </div>case<div style="display:inline-block;width:5.29px"> </div>of<div style="display:inline-block;width:5.51px"> </div>Clause </div><div id="a7475" style="position:absolute;font-family:'Calibri';left:277.35px;top:214px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a7476" style="position:absolute;font-family:'Calibri';left:303.27px;top:214px;">(i)<div style="display:inline-block;width:5.46px"> </div>(</div><div id="a7477" style="position:absolute;font-family:'Calibri';font-style:italic;left:325.51px;top:214px;">Minimum<div style="display:inline-block;width:5.11px"> </div>required<div style="display:inline-block;width:5.29px"> </div>security<div style="display:inline-block;width:5.29px"> </div>cover</div><div id="a7478" style="position:absolute;font-family:'Calibri';left:527.77px;top:214px;">)<div style="display:inline-block;width:5.46px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Borrowers<div style="display:inline-block;width:5.66px"> </div>shall<div style="display:inline-block;width:5.38px"> </div>at<div style="display:inline-block;width:5.6px"> </div>least<div style="display:inline-block;width:5.32px"> </div>1 </div><div id="a7483" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Business Day<div style="display:inline-block;width:1.93px"> </div>before the date<div style="display:inline-block;width:1.56px"> </div>falling one<div style="display:inline-block;width:1.84px"> </div>month after the<div style="display:inline-block;width:1.21px"> </div>date on<div style="display:inline-block;width:1.95px"> </div>which the<div style="display:inline-block;width:1.73px"> </div>Agent's notice<div style="display:inline-block;width:1.83px"> </div>is served </div><div id="a7489" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">under<div style="display:inline-block;width:5.14px"> </div>Clause </div><div id="a7490" style="position:absolute;font-family:'Calibri';left:226.91px;top:250px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a7491" style="position:absolute;font-family:'Calibri';left:252.99px;top:250px;"><div style="display:inline-block;width:5.32px"> </div>(</div><div id="a7493" style="position:absolute;font-family:'Calibri';font-style:italic;left:262.63px;top:250px;">Minimum<div style="display:inline-block;width:5.11px"> </div>required<div style="display:inline-block;width:5.13px"> </div>security<div style="display:inline-block;width:5.13px"> </div>cover</div><div id="a7494" style="position:absolute;font-family:'Calibri';left:464.57px;top:250px;">)<div style="display:inline-block;width:5.3px"> </div>(the<div style="display:inline-block;width:5.31px"> </div>"</div><div id="a7498" style="position:absolute;font-family:'Calibri';font-weight:bold;left:510.01px;top:250px;">Prepayment<div style="display:inline-block;width:5.57px"> </div>Date</div><div id="a7499" style="position:absolute;font-family:'Calibri';left:619.01px;top:250px;">")<div style="display:inline-block;width:5.16px"> </div>have<div style="display:inline-block;width:5.71px"> </div>provided </div><div id="a7501" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">additional security which,<div style="display:inline-block;width:1.69px"> </div>in the opinion<div style="display:inline-block;width:1.72px"> </div>of the Majority<div style="display:inline-block;width:1.92px"> </div>Lenders, has a net<div style="display:inline-block;width:1.82px"> </div>realisable value at least </div><div id="a7502" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">equal to the<div style="display:inline-block;width:4.71px"> </div>shortfall and is<div style="display:inline-block;width:4.68px"> </div>documented in such terms<div style="display:inline-block;width:5.23px"> </div>as the Agent may,<div style="display:inline-block;width:6.22px"> </div>with the authorisation </div><div id="a7503" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">of the Majority Lenders, approve or require;<div style="display:inline-block;width:3.44px"> </div>and </div><div id="a7507" style="position:absolute;font-family:'Calibri';left:94.59px;top:338px;">(b)</div><div id="a7509" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">in the case<div style="display:inline-block;width:5.45px"> </div>of Clause </div><div id="a7511" style="position:absolute;font-family:'Calibri';left:270.47px;top:338px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a7512" style="position:absolute;font-family:'Calibri';left:296.55px;top:338px;">(ii) (</div><div id="a7513" style="position:absolute;font-family:'Calibri';font-style:italic;left:320.55px;top:338px;">Minimum required security<div style="display:inline-block;width:4.88px"> </div>cover</div><div id="a7514" style="position:absolute;font-family:'Calibri';left:518.81px;top:338px;">) the<div style="display:inline-block;width:4.7px"> </div>Borrowers shall<div style="display:inline-block;width:4.96px"> </div>prepay such </div><div id="a7516" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">part at least<div style="display:inline-block;width:4.86px"> </div>of the Loan<div style="display:inline-block;width:4.69px"> </div>as will eliminate<div style="display:inline-block;width:4.72px"> </div>the shortfall on<div style="display:inline-block;width:4.85px"> </div>or before<div style="display:inline-block;width:4.8px"> </div>the Prepayment Date,<div style="display:inline-block;width:5.39px"> </div>unless </div><div id="a7519" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">at<div style="display:inline-block;width:5.75px"> </div>least<div style="display:inline-block;width:5.8px"> </div>1<div style="display:inline-block;width:5.66px"> </div>Business<div style="display:inline-block;width:5.35px"> </div>Day<div style="display:inline-block;width:5.82px"> </div>before<div style="display:inline-block;width:6.14px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Prepayment<div style="display:inline-block;width:5.91px"> </div>Date<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Borrowers<div style="display:inline-block;width:6.14px"> </div>have<div style="display:inline-block;width:5.87px"> </div>provided<div style="display:inline-block;width:5.74px"> </div>additional </div><div id="a7520" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">security which, in the opinion of the Majority Lenders,<div style="display:inline-block;width:4.83px"> </div>has a net realisable value at<div style="display:inline-block;width:5.02px"> </div>least equal to </div><div id="a7521" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">the shortfall<div style="display:inline-block;width:6.08px"> </div>and is<div style="display:inline-block;width:5.82px"> </div>documented<div style="display:inline-block;width:4.68px"> </div>in such<div style="display:inline-block;width:5.79px"> </div>terms as<div style="display:inline-block;width:5.92px"> </div>the Agent<div style="display:inline-block;width:5.89px"> </div>may,<div style="display:inline-block;width:5.94px"> </div>with the<div style="display:inline-block;width:5.8px"> </div>authorisation of<div style="display:inline-block;width:5.66px"> </div>the </div><div id="a7524" style="position:absolute;font-family:'Calibri';left:141.79px;top:427px;">Majority Lenders, approve or require.<div style="display:inline-block;width:3.43px"> </div></div><div id="a7527" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:461px;">15.3</div><div id="a7529" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:461px;">Valuation of Ships </div><div id="a7531" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">The Market<div style="display:inline-block;width:5.84px"> </div>Value<div style="display:inline-block;width:4.9px"> </div>of a<div style="display:inline-block;width:5.37px"> </div>Ship (or<div style="display:inline-block;width:5.07px"> </div>any other<div style="display:inline-block;width:5.5px"> </div>Fleet Vessel)<div style="display:inline-block;width:5.73px"> </div>at any<div style="display:inline-block;width:5.73px"> </div>date during<div style="display:inline-block;width:5.21px"> </div>the Security<div style="display:inline-block;width:5.01px"> </div>Period is </div><div id="a7532" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">that shown by a valuation to be prepared: </div><div id="a7534" style="position:absolute;font-family:'Calibri';left:142.59px;top:547px;">(a)</div><div id="a7536" style="position:absolute;font-family:'Calibri';left:190.59px;top:547px;">as at a date not more than 14 days previously; </div><div id="a7538" style="position:absolute;font-family:'Calibri';left:142.59px;top:581px;">(b)</div><div id="a7540" style="position:absolute;font-family:'Calibri';left:190.59px;top:581px;">by an Approved Broker (selected by the Borrowers and appointed by the Agent); </div><div id="a7542" style="position:absolute;font-family:'Calibri';left:142.59px;top:615px;">(c)</div><div id="a7544" style="position:absolute;font-family:'Calibri';left:190.59px;top:615px;">with or without physical inspection of the Ship (as the Agent may require); </div><div id="a7546" style="position:absolute;font-family:'Calibri';left:142.59px;top:648px;">(d)</div><div id="a7548" style="position:absolute;font-family:'Calibri';left:190.59px;top:648px;">on<div style="display:inline-block;width:4.82px"> </div>the basis<div style="display:inline-block;width:5.89px"> </div>of<div style="display:inline-block;width:4.87px"> </div>a sale<div style="display:inline-block;width:5.95px"> </div>for<div style="display:inline-block;width:4.84px"> </div>prompt<div style="display:inline-block;width:5.01px"> </div>delivery for<div style="display:inline-block;width:6.33px"> </div>cash<div style="display:inline-block;width:4.72px"> </div>on<div style="display:inline-block;width:4.66px"> </div>normal<div style="display:inline-block;width:4.7px"> </div>arm's length<div style="display:inline-block;width:6.08px"> </div>commercial </div><div id="a7549" style="position:absolute;font-family:'Calibri';left:190.59px;top:666px;">terms as between a willing seller and a willing buyer,<div style="display:inline-block;width:5.06px"> </div>free of any existing charter or other </div><div id="a7550" style="position:absolute;font-family:'Calibri';left:190.59px;top:684px;">contract of employment; and </div><div id="a7552" style="position:absolute;font-family:'Calibri';left:142.59px;top:718px;">(e)</div><div id="a7554" style="position:absolute;font-family:'Calibri';left:190.59px;top:718px;">after deducting the estimated amount<div style="display:inline-block;width:1.81px"> </div>of the usual and<div style="display:inline-block;width:1.84px"> </div>reasonable expenses which would </div><div id="a7555" style="position:absolute;font-family:'Calibri';left:190.59px;top:736px;">be incurred in connection with the sale, </div><div id="a7557" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:770px;">Provided that</div><div id="a7558" style="position:absolute;font-family:'Calibri';left:226.43px;top:770px;"><div style="display:inline-block;width:4px"> </div>if the Agent<div style="display:inline-block;width:4.87px"> </div>reasonably determines that<div style="display:inline-block;width:5.2px"> </div>the Market<div style="display:inline-block;width:4.88px"> </div>Value of<div style="display:inline-block;width:5px"> </div>the Ship shown<div style="display:inline-block;width:4.77px"> </div>by a </div><div id="a7560" style="position:absolute;font-family:'Calibri';left:142.59px;top:788px;">valuation<div style="display:inline-block;width:4.69px"> </div>prepared in<div style="display:inline-block;width:5.34px"> </div>accordance with<div style="display:inline-block;width:5.49px"> </div>this Clause </div><div id="a7561" style="position:absolute;font-family:'Calibri';left:450.01px;top:788px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a7562" style="position:absolute;font-family:'Calibri';left:476.09px;top:788px;"><div style="display:inline-block;width:4.32px"> </div>(</div><div id="a7564" style="position:absolute;font-family:'Calibri';font-style:italic;left:484.89px;top:788px;">Valuation<div style="display:inline-block;width:4.77px"> </div>of Ships</div><div id="a7565" style="position:absolute;font-family:'Calibri';left:594.01px;top:788px;">) does<div style="display:inline-block;width:5.23px"> </div>not accurately </div><div id="a7566" style="position:absolute;font-family:'Calibri';left:142.59px;top:806px;">reflect the value<div style="display:inline-block;width:1.35px"> </div>of that<div style="display:inline-block;width:1.99px"> </div>Ship, it<div style="display:inline-block;width:1.48px"> </div>shall have the<div style="display:inline-block;width:1.37px"> </div>right to<div style="display:inline-block;width:1.92px"> </div>appoint (at<div style="display:inline-block;width:1.86px"> </div>the Borrowers' expense)<div style="display:inline-block;width:1.48px"> </div>a second </div><div id="a7567" style="position:absolute;font-family:'Calibri';left:142.59px;top:824px;">Approved<div style="display:inline-block;width:5.7px"> </div>Broker<div style="display:inline-block;width:5.94px"> </div>to<div style="display:inline-block;width:5.37px"> </div>provide<div style="display:inline-block;width:5.47px"> </div>a<div style="display:inline-block;width:5.27px"> </div>valuation<div style="display:inline-block;width:5.49px"> </div>of<div style="display:inline-block;width:5.35px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>addressed<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Agent<div style="display:inline-block;width:5.3px"> </div>and<div style="display:inline-block;width:5.32px"> </div>prepared<div style="display:inline-block;width:5.54px"> </div>in </div><div id="a7568" style="position:absolute;font-family:'Calibri';left:142.59px;top:842px;">accordance<div style="display:inline-block;width:5.46px"> </div>with<div style="display:inline-block;width:5.28px"> </div>the<div style="display:inline-block;width:5.13px"> </div>terms<div style="display:inline-block;width:5.26px"> </div>of<div style="display:inline-block;width:5.35px"> </div>this<div style="display:inline-block;width:5.24px"> </div>Agreement<div style="display:inline-block;width:5.56px"> </div>and<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Market<div style="display:inline-block;width:5.8px"> </div>Value<div style="display:inline-block;width:6.02px"> </div>of<div style="display:inline-block;width:5.19px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Ship<div style="display:inline-block;width:4.95px"> </div>shall<div style="display:inline-block;width:5.18px"> </div>be<div style="display:inline-block;width:5.26px"> </div>the </div><div id="a7570" style="position:absolute;font-family:'Calibri';left:142.59px;top:860px;">arithmetic average of the two valuations. </div></div>
</div>
<div style="padding: 7px">
<div id="Page64" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7574" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">15.4</div><div id="a7576" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Value of additional security </div><div id="a7578" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">The net realisable value of<div style="display:inline-block;width:4.82px"> </div>any additional security which is<div style="display:inline-block;width:4.71px"> </div>provided under Clause </div><div id="a7579" style="position:absolute;font-family:'Calibri';left:633.41px;top:128px;"><a href="#a7458" style="color:#000000;text-decoration:none;">15.2</a></div><div id="a7580" style="position:absolute;font-family:'Calibri';left:659.49px;top:128px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a7582" style="position:absolute;font-family:'Calibri';font-style:italic;left:667.49px;top:128px;">Provision </div><div id="a7583" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:146px;">of additional security; prepayment</div><div id="a7584" style="position:absolute;font-family:'Calibri';left:346.63px;top:146px;">) shall be determined as follows: </div><div id="a7586" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">(a)</div><div id="a7588" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">if it consists of a Security Interest over<div style="display:inline-block;width:4.83px"> </div>a vessel shall be that shown by a valuation complying with </div><div id="a7589" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">the requirements of Clause </div><div id="a7590" style="position:absolute;font-family:'Calibri';left:307.27px;top:198px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a7591" style="position:absolute;font-family:'Calibri';left:333.35px;top:198px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a7593" style="position:absolute;font-family:'Calibri';font-style:italic;left:341.19px;top:198px;">Valuation of Ships</div><div id="a7594" style="position:absolute;font-family:'Calibri';left:448.25px;top:198px;">); and </div><div id="a7596" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(b)</div><div id="a7598" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">if it consists of cash, the US Dollar amount thereof. </div><div id="a7600" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:266px;">15.5</div><div id="a7602" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:266px;">Valuations binding </div><div id="a7604" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">Any valuation<div style="display:inline-block;width:5.44px"> </div>under Clauses </div><div id="a7605" style="position:absolute;font-family:'Calibri';left:317.03px;top:300px;"><a href="#a7458" style="color:#000000;text-decoration:none;">15.2</a></div><div id="a7606" style="position:absolute;font-family:'Calibri';left:343.11px;top:300px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a7608" style="position:absolute;font-family:'Calibri';font-style:italic;left:351.59px;top:300px;">Provision of<div style="display:inline-block;width:4.88px"> </div>additional security; prepayment</div><div id="a7609" style="position:absolute;font-family:'Calibri';left:617.09px;top:300px;">), </div><div id="a7610" style="position:absolute;font-family:'Calibri';left:629.25px;top:300px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a7611" style="position:absolute;font-family:'Calibri';left:655.33px;top:300px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a7613" style="position:absolute;font-family:'Calibri';font-style:italic;left:663.97px;top:300px;">Valuation </div><div id="a7614" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:318px;">of<div style="display:inline-block;width:5.55px"> </div>Ships</div><div id="a7615" style="position:absolute;font-family:'Calibri';left:190.27px;top:318px;">)<div style="display:inline-block;width:5.46px"> </div>or </div><div id="a7616" style="position:absolute;font-family:'Calibri';left:218.75px;top:318px;"><a href="#a7574" style="color:#000000;text-decoration:none;">15.4</a></div><div id="a7617" style="position:absolute;font-family:'Calibri';left:244.83px;top:318px;"><div style="display:inline-block;width:5.6px"> </div>(</div><div id="a7619" style="position:absolute;font-family:'Calibri';font-style:italic;left:254.95px;top:318px;">Value<div style="display:inline-block;width:6.18px"> </div>of<div style="display:inline-block;width:5.39px"> </div>additional<div style="display:inline-block;width:5.3px"> </div>security</div><div id="a7620" style="position:absolute;font-family:'Calibri';left:423.91px;top:318px;">)<div style="display:inline-block;width:5.62px"> </div>shall<div style="display:inline-block;width:5.34px"> </div>be<div style="display:inline-block;width:5.58px"> </div>binding<div style="display:inline-block;width:5.3px"> </div>and<div style="display:inline-block;width:5.48px"> </div>conclusive<div style="display:inline-block;width:5.78px"> </div>as<div style="display:inline-block;width:5.59px"> </div>regards<div style="display:inline-block;width:6.17px"> </div>the </div><div id="a7621" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Borrowers, as<div style="display:inline-block;width:5.06px"> </div>shall be any<div style="display:inline-block;width:5.17px"> </div>valuation which<div style="display:inline-block;width:4.8px"> </div>the Majority Lenders<div style="display:inline-block;width:4.99px"> </div>make of<div style="display:inline-block;width:5.03px"> </div>any additional security </div><div id="a7622" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">which does not consist of or include a Security Interest. </div><div id="a7624" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:387px;">15.6</div><div id="a7626" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:387px;">Provision of information </div><div id="a7628" style="position:absolute;font-family:'Calibri';left:141.79px;top:421px;">The Borrowers<div style="display:inline-block;width:5.71px"> </div>shall promptly<div style="display:inline-block;width:5.14px"> </div>provide the<div style="display:inline-block;width:5.19px"> </div>Agent and<div style="display:inline-block;width:5.22px"> </div>the Approved<div style="display:inline-block;width:5.42px"> </div>Broker<div style="display:inline-block;width:4.82px"> </div>acting under<div style="display:inline-block;width:4.93px"> </div>Clauses </div><div id="a7629" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a7630" style="position:absolute;font-family:'Calibri';left:167.87px;top:439px;"><div style="display:inline-block;width:5.12px"> </div>(</div><div id="a7632" style="position:absolute;font-family:'Calibri';font-style:italic;left:177.47px;top:439px;">Valuation<div style="display:inline-block;width:5.41px"> </div>of<div style="display:inline-block;width:4.91px"> </div>Ships</div><div id="a7633" style="position:absolute;font-family:'Calibri';left:287.91px;top:439px;">)<div style="display:inline-block;width:4.98px"> </div>or </div><div id="a7634" style="position:absolute;font-family:'Calibri';left:315.27px;top:439px;"><a href="#a7574" style="color:#000000;text-decoration:none;">15.4</a></div><div id="a7635" style="position:absolute;font-family:'Calibri';left:341.19px;top:439px;"><div style="display:inline-block;width:5.12px"> </div>(</div><div id="a7637" style="position:absolute;font-family:'Calibri';font-style:italic;left:350.79px;top:439px;">Value<div style="display:inline-block;width:5.7px"> </div>of<div style="display:inline-block;width:4.91px"> </div>additional security</div><div id="a7638" style="position:absolute;font-family:'Calibri';left:518.01px;top:439px;">)<div style="display:inline-block;width:4.98px"> </div>with<div style="display:inline-block;width:4.96px"> </div>any<div style="display:inline-block;width:5.23px"> </div>information<div style="display:inline-block;width:5.26px"> </div>which<div style="display:inline-block;width:4.89px"> </div>the </div><div id="a7639" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">Agent or the<div style="display:inline-block;width:1.45px"> </div>Approved Broker may request<div style="display:inline-block;width:1.92px"> </div>for the purposes<div style="display:inline-block;width:1.18px"> </div>of the<div style="display:inline-block;width:1.87px"> </div>valuation; and,<div style="display:inline-block;width:1.95px"> </div>if the<div style="display:inline-block;width:1.93px"> </div>Borrowers </div><div id="a7640" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">fail to provide the information by the date specified in<div style="display:inline-block;width:1.67px"> </div>the request, the valuation may be made on </div><div id="a7641" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">any<div style="display:inline-block;width:5.39px"> </div>basis<div style="display:inline-block;width:5.04px"> </div>and<div style="display:inline-block;width:5px"> </div>assumptions<div style="display:inline-block;width:4.75px"> </div>which<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Approved<div style="display:inline-block;width:5.38px"> </div>Broker<div style="display:inline-block;width:5.62px"> </div>or<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Majority<div style="display:inline-block;width:4.98px"> </div>Lenders<div style="display:inline-block;width:5.06px"> </div>(or<div style="display:inline-block;width:5.04px"> </div>the<div style="display:inline-block;width:4.97px"> </div>expert </div><div id="a7643" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">appointed by them)<div style="display:inline-block;width:4.76px"> </div>consider prudent. For<div style="display:inline-block;width:4.86px"> </div>the avoidance of<div style="display:inline-block;width:4.74px"> </div>doubt, the Security Cover<div style="display:inline-block;width:4.99px"> </div>Ratio shall </div><div id="a7646" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">be tested on<div style="display:inline-block;width:1.43px"> </div>the date<div style="display:inline-block;width:1.94px"> </div>falling six<div style="display:inline-block;width:1.75px"> </div>months after<div style="display:inline-block;width:1.97px"> </div>the Drawdown Date<div style="display:inline-block;width:1.71px"> </div>and thereafter<div style="display:inline-block;width:1.9px"> </div>once per<div style="display:inline-block;width:1.68px"> </div>calendar </div><div id="a7650" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">year or at such other times as may be requested by the Agent.<div style="display:inline-block;width:6.65px"> </div></div><div id="a7657" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:581px;">15.7</div><div id="a7659" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:581px;">Payment of valuation expenses </div><div id="a7661" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">Without<div style="display:inline-block;width:5px"> </div>prejudice<div style="display:inline-block;width:4.89px"> </div>to<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>generality<div style="display:inline-block;width:5.22px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Borrowers'<div style="display:inline-block;width:5.3px"> </div>obligations<div style="display:inline-block;width:5.34px"> </div>under<div style="display:inline-block;width:4.82px"> </div>Clauses </div><div id="a7662" style="position:absolute;font-family:'Calibri';left:637.73px;top:615px;"><a href="#a8872" style="color:#000000;text-decoration:none;">20.2</a></div><div id="a7663" style="position:absolute;font-family:'Calibri';left:663.81px;top:615px;"><div style="display:inline-block;width:4.96px"> </div>(</div><div id="a7665" style="position:absolute;font-family:'Calibri';font-style:italic;left:673.25px;top:615px;">Costs<div style="display:inline-block;width:5.01px"> </div>of </div><div id="a7666" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:632px;">negotiation, preparation etc</div><div id="a7667" style="position:absolute;font-family:'Calibri';left:309.83px;top:632px;">.), </div><div id="a7668" style="position:absolute;font-family:'Calibri';left:325.19px;top:632px;"><a href="#a8882" style="color:#000000;text-decoration:none;">20.3</a></div><div id="a7669" style="position:absolute;font-family:'Calibri';left:351.27px;top:632px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a7671" style="position:absolute;font-family:'Calibri';font-style:italic;left:359.27px;top:632px;">Costs of variations, amendments, enforcement etc</div><div id="a7672" style="position:absolute;font-family:'Calibri';left:658.21px;top:632px;">.) and </div><div id="a7673" style="position:absolute;font-family:'Calibri';left:695.65px;top:632px;"><a href="#a9061" style="color:#000000;text-decoration:none;">21.2</a></div><div id="a7675" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">(</div><div id="a7676" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:650px;">Miscellaneous indemnities</div><div id="a7677" style="position:absolute;font-family:'Calibri';left:303.91px;top:650px;">), the<div style="display:inline-block;width:5.51px"> </div>Borrowers<div style="display:inline-block;width:4.86px"> </div>shall, on<div style="display:inline-block;width:5.08px"> </div>demand, pay<div style="display:inline-block;width:5.53px"> </div>the Agent<div style="display:inline-block;width:5.51px"> </div>the amount<div style="display:inline-block;width:5.37px"> </div>of the </div><div id="a7678" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">fees and expenses of the Approved<div style="display:inline-block;width:5.03px"> </div>Broker instructed by the Agent<div style="display:inline-block;width:4.96px"> </div>under this Clause and all legal </div><div id="a7679" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">and other<div style="display:inline-block;width:5.27px"> </div>expenses incurred<div style="display:inline-block;width:5.29px"> </div>by any<div style="display:inline-block;width:5.65px"> </div>Creditor Party<div style="display:inline-block;width:5.66px"> </div>in connection<div style="display:inline-block;width:5.11px"> </div>with any<div style="display:inline-block;width:5.25px"> </div>matter<div style="display:inline-block;width:4.82px"> </div>arising out<div style="display:inline-block;width:5.15px"> </div>of </div><div id="a7681" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">this<div style="display:inline-block;width:5.08px"> </div>Clause<div style="display:inline-block;width:4.91px"> </div>(provided<div style="display:inline-block;width:5.11px"> </div>that,<div style="display:inline-block;width:4.98px"> </div>other<div style="display:inline-block;width:4.88px"> </div>than<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.81px"> </div>valuation(s)<div style="display:inline-block;width:5.07px"> </div>obtained<div style="display:inline-block;width:5.32px"> </div>for<div style="display:inline-block;width:5.16px"> </div>the<div style="display:inline-block;width:4.97px"> </div>purpose<div style="display:inline-block;width:4.74px"> </div>of<div style="display:inline-block;width:5.06px"> </div>testing<div style="display:inline-block;width:5.23px"> </div>the </div><div id="a7692" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">Security Cover Ratio<div style="display:inline-block;width:4.99px"> </div>on the date<div style="display:inline-block;width:5.36px"> </div>falling six months<div style="display:inline-block;width:5.04px"> </div>after the Drawdown<div style="display:inline-block;width:5.35px"> </div>Date) no<div style="display:inline-block;width:4.75px"> </div>more than one </div><div id="a7695" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">valuation per Ship subject to<div style="display:inline-block;width:1.8px"> </div>a Mortgage per year and,<div style="display:inline-block;width:1.73px"> </div>if required by the Agent pursuant<div style="display:inline-block;width:1.96px"> </div>to Clause </div><div id="a7700" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a7701" style="position:absolute;font-family:'Calibri';left:167.87px;top:758px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a7703" style="position:absolute;font-family:'Calibri';font-style:italic;left:176.19px;top:758px;">Valuation of Ships</div><div id="a7704" style="position:absolute;font-family:'Calibri';left:284.07px;top:758px;">), one additional valuation<div style="display:inline-block;width:4.89px"> </div>per such Ship per<div style="display:inline-block;width:4.74px"> </div>year shall be payable<div style="display:inline-block;width:5.31px"> </div>by the </div><div id="a7706" style="position:absolute;font-family:'Calibri';left:141.79px;top:776px;">Borrowers,<div style="display:inline-block;width:5.75px"> </div>save<div style="display:inline-block;width:5.45px"> </div>for<div style="display:inline-block;width:5.52px"> </div>if<div style="display:inline-block;width:5.09px"> </div>an<div style="display:inline-block;width:5.06px"> </div>Event<div style="display:inline-block;width:5.84px"> </div>of<div style="display:inline-block;width:5.03px"> </div>Default<div style="display:inline-block;width:5.57px"> </div>has<div style="display:inline-block;width:5.06px"> </div>occurred<div style="display:inline-block;width:5.33px"> </div>which<div style="display:inline-block;width:5.05px"> </div>is<div style="display:inline-block;width:5.26px"> </div>continuing<div style="display:inline-block;width:5.2px"> </div>in<div style="display:inline-block;width:5.05px"> </div>which<div style="display:inline-block;width:5.21px"> </div>case<div style="display:inline-block;width:5.13px"> </div>the </div><div id="a7713" style="position:absolute;font-family:'Calibri';left:141.79px;top:794px;">Borrowers<div style="display:inline-block;width:4.3px"> </div>shall be liable to<div style="display:inline-block;width:4.95px"> </div>pay for all<div style="display:inline-block;width:4.97px"> </div>valuations that take<div style="display:inline-block;width:5.46px"> </div>place during the period such<div style="display:inline-block;width:4.88px"> </div>Event of </div><div id="a7717" style="position:absolute;font-family:'Calibri';left:141.79px;top:811px;">Default is continuing)<div style="display:inline-block;width:1.88px"> </div>and all<div style="display:inline-block;width:1.79px"> </div>legal and other<div style="display:inline-block;width:1.52px"> </div>expenses incurred by<div style="display:inline-block;width:1.56px"> </div>any Creditor Party in<div style="display:inline-block;width:1.44px"> </div>connection </div><div id="a7718" style="position:absolute;font-family:'Calibri';left:141.79px;top:829px;">with any matter arising out of this Clause. </div><div id="a7720" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:863px;">15.8</div><div id="a7722" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:863px;">Application of prepayment </div><div id="a7724" style="position:absolute;font-family:'Calibri';left:141.79px;top:897px;">Clause </div><div id="a7725" style="position:absolute;font-family:'Calibri';left:183.71px;top:897px;"><a href="#a4951" style="color:#000000;text-decoration:none;">8.11 (</a></div><div id="a7728" style="position:absolute;font-family:'Calibri';font-style:italic;left:216.99px;top:897px;">Application of partial<div style="display:inline-block;width:1.62px"> </div>prepayment</div><div id="a7729" style="position:absolute;font-family:'Calibri';left:416.55px;top:897px;">) shall apply<div style="display:inline-block;width:1.5px"> </div>in relation to any<div style="display:inline-block;width:1.86px"> </div>prepayment pursuant </div><div id="a7730" style="position:absolute;font-family:'Calibri';left:141.79px;top:915px;">to Clause </div><div id="a7731" style="position:absolute;font-family:'Calibri';left:200.03px;top:915px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a7732" style="position:absolute;font-family:'Calibri';left:226.11px;top:915px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a7734" style="position:absolute;font-family:'Calibri';font-style:italic;left:233.79px;top:915px;">Security cover</div><div id="a7735" style="position:absolute;font-family:'Calibri';left:316.55px;top:915px;">). </div></div>
</div>
<div style="padding: 7px">
<div id="Page65" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7739" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">16</div><div id="a7741" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">PAYMENTS<div style="display:inline-block;width:5.4px"> </div>AND CALCULATIONS<div style="display:inline-block;width:4.17px"> </div></div><div id="a7743" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">16.1</div><div id="a7745" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:128px;">Currency and method of payments </div><div id="a7747" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">All payments to<div style="display:inline-block;width:5.22px"> </div>be made by the<div style="display:inline-block;width:4.86px"> </div>Lenders or by<div style="display:inline-block;width:4.94px"> </div>any Borrower<div style="display:inline-block;width:4.75px"> </div>under a Finance Document<div style="display:inline-block;width:4.79px"> </div>shall be </div><div id="a7748" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">made to the Agent or to the Security Trustee, in the case of an amount payable to it: </div><div id="a7750" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(a)</div><div id="a7752" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">by not later than 11.00 a.m. (New York City time) on the due date; </div><div id="a7754" style="position:absolute;font-family:'Calibri';left:94.59px;top:248px;">(b)</div><div id="a7756" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">in same day<div style="display:inline-block;width:1.65px"> </div>Dollar funds<div style="display:inline-block;width:1.86px"> </div>settled through the<div style="display:inline-block;width:1.67px"> </div>New York Clearing House<div style="display:inline-block;width:1.6px"> </div>Interbank Payments System </div><div id="a7757" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">(or in<div style="display:inline-block;width:5.32px"> </div>such other<div style="display:inline-block;width:4.98px"> </div>Dollar funds<div style="display:inline-block;width:4.9px"> </div>and/or settled<div style="display:inline-block;width:5.61px"> </div>in such<div style="display:inline-block;width:4.99px"> </div>other manner<div style="display:inline-block;width:5.06px"> </div>as the<div style="display:inline-block;width:5.16px"> </div>Agent shall<div style="display:inline-block;width:5.24px"> </div>specify as </div><div id="a7758" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">being<div style="display:inline-block;width:7.7px"> </div>customary<div style="display:inline-block;width:7.94px"> </div>at<div style="display:inline-block;width:7.84px"> </div>the<div style="display:inline-block;width:7.69px"> </div>time<div style="display:inline-block;width:7.65px"> </div>for<div style="display:inline-block;width:8.04px"> </div>the<div style="display:inline-block;width:7.69px"> </div>settlement<div style="display:inline-block;width:7.99px"> </div>of<div style="display:inline-block;width:7.75px"> </div>international<div style="display:inline-block;width:8.1px"> </div>transactions<div style="display:inline-block;width:7.66px"> </div>of<div style="display:inline-block;width:7.75px"> </div>the<div style="display:inline-block;width:7.69px"> </div>type </div><div id="a7760" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">contemplated by this Agreement);<div style="display:inline-block;width:3.65px"> </div></div><div id="a7762" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(c)</div><div id="a7764" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">in the case of<div style="display:inline-block;width:5.07px"> </div>an amount payable<div style="display:inline-block;width:4.81px"> </div>by a Lender to<div style="display:inline-block;width:4.74px"> </div>the Agent or<div style="display:inline-block;width:4.81px"> </div>by a Borrower<div style="display:inline-block;width:4.74px"> </div>to the Agent or<div style="display:inline-block;width:4.93px"> </div>any </div><div id="a7765" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Lender, to such account as the Agent<div style="display:inline-block;width:1.78px"> </div>may from time to time<div style="display:inline-block;width:1.73px"> </div>notify to the<div style="display:inline-block;width:1.93px"> </div>Borrowers and the other </div><div id="a7766" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">Creditor Parties; and<div style="display:inline-block;width:3.5px"> </div></div><div id="a7768" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(d)</div><div id="a7770" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">in the case of<div style="display:inline-block;width:4.75px"> </div>an amount payable to<div style="display:inline-block;width:4.93px"> </div>the Security Trustee,<div style="display:inline-block;width:5.08px"> </div>to such account as<div style="display:inline-block;width:4.85px"> </div>it may from<div style="display:inline-block;width:4.69px"> </div>time to </div><div id="a7771" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">time notify to the Borrowers and the other Creditor Parties. </div><div id="a7773" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:457px;">16.2</div><div id="a7775" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:457px;">Payment on non-Business Day </div><div id="a7779" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">If any<div style="display:inline-block;width:6.02px"> </div>payment<div style="display:inline-block;width:4.82px"> </div>by any<div style="display:inline-block;width:5.97px"> </div>Borrower<div style="display:inline-block;width:4.77px"> </div>under a<div style="display:inline-block;width:5.48px"> </div>Finance Document<div style="display:inline-block;width:5.52px"> </div>would otherwise<div style="display:inline-block;width:5.49px"> </div>fall<div style="display:inline-block;width:4.71px"> </div>due on<div style="display:inline-block;width:5.58px"> </div>a day </div><div id="a7780" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">which is not a Business Day: </div><div id="a7782" style="position:absolute;font-family:'Calibri';left:94.59px;top:543px;">(a)</div><div id="a7784" style="position:absolute;font-family:'Calibri';left:141.79px;top:543px;">the due date shall be extended to the next succeeding Business Day; or </div><div id="a7786" style="position:absolute;font-family:'Calibri';left:94.59px;top:577px;">(b)</div><div id="a7788" style="position:absolute;font-family:'Calibri';left:141.79px;top:577px;">if the next succeeding<div style="display:inline-block;width:1.45px"> </div>Business Day falls in<div style="display:inline-block;width:1.71px"> </div>the next calendar<div style="display:inline-block;width:1.91px"> </div>Month, the due<div style="display:inline-block;width:1.96px"> </div>date shall be brought </div><div id="a7790" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">forward to the immediately preceding Business Day, </div><div id="a7792" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">and interest shall be payable during any extension under paragraph </div><div id="a7793" style="position:absolute;font-family:'Calibri';left:547.61px;top:629px;"><a href="#a7782" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a7794" style="position:absolute;font-family:'Calibri';left:563.45px;top:629px;"><div style="display:inline-block;width:3.36px"> </div>at the rate payable on the </div><div id="a7796" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">original due date. </div><div id="a7798" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:680px;">16.3</div><div id="a7800" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:680px;">Basis for calculation of periodic payments </div><div id="a7802" style="position:absolute;font-family:'Calibri';left:141.79px;top:714px;">All interest and commitment fee and any other payments under any Finance<div style="display:inline-block;width:1.83px"> </div>Document which are </div><div id="a7803" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">of an annual<div style="display:inline-block;width:4.66px"> </div>or periodic nature<div style="display:inline-block;width:5.01px"> </div>shall accrue from<div style="display:inline-block;width:4.97px"> </div>day to day<div style="display:inline-block;width:5.33px"> </div>and shall be calculated<div style="display:inline-block;width:5.33px"> </div>on the basis </div><div id="a7805" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">of the actual number of days elapsed and a 360 day year. </div><div id="a7807" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:784px;">16.4</div><div id="a7809" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:784px;">Distribution of payments to Creditor Parties </div><div id="a7811" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">Subject to<div style="display:inline-block;width:5.97px"> </div>Clauses </div><div id="a7812" style="position:absolute;font-family:'Calibri';left:257.19px;top:818px;"><a href="#a7846" style="color:#000000;text-decoration:none;">16.5</a></div><div id="a7813" style="position:absolute;font-family:'Calibri';left:283.27px;top:818px;"><div style="display:inline-block;width:4.64px"> </div>(</div><div id="a7815" style="position:absolute;font-family:'Calibri';font-style:italic;left:292.23px;top:818px;">Permitted<div style="display:inline-block;width:5.09px"> </div>deductions by<div style="display:inline-block;width:5.73px"> </div>Agent</div><div id="a7816" style="position:absolute;font-family:'Calibri';left:479.45px;top:818px;">), </div><div id="a7817" style="position:absolute;font-family:'Calibri';left:492.25px;top:818px;"><a href="#a7858" style="color:#000000;text-decoration:none;">16.6</a></div><div id="a7818" style="position:absolute;font-family:'Calibri';left:518.33px;top:818px;"><div style="display:inline-block;width:4.64px"> </div>(</div><div id="a7820" style="position:absolute;font-family:'Calibri';font-style:italic;left:527.45px;top:818px;">Agent only<div style="display:inline-block;width:5.72px"> </div>obliged to<div style="display:inline-block;width:5.92px"> </div>pay when </div><div id="a7821" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:836px;">monies received</div><div id="a7822" style="position:absolute;font-family:'Calibri';left:237.63px;top:836px;">) and </div><div id="a7823" style="position:absolute;font-family:'Calibri';left:271.11px;top:836px;"><a href="#a7868" style="color:#000000;text-decoration:none;">16.7</a></div><div id="a7824" style="position:absolute;font-family:'Calibri';left:297.19px;top:836px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a7826" style="position:absolute;font-family:'Calibri';font-style:italic;left:304.71px;top:836px;">Refund to Agent of monies not received</div><div id="a7827" style="position:absolute;font-family:'Calibri';left:538.97px;top:836px;">): </div><div id="a7829" style="position:absolute;font-family:'Calibri';left:94.59px;top:870px;">(a)</div><div id="a7831" style="position:absolute;font-family:'Calibri';left:141.79px;top:870px;">any amount received<div style="display:inline-block;width:4.83px"> </div>by the Agent under<div style="display:inline-block;width:4.71px"> </div>a Finance Document for<div style="display:inline-block;width:4.81px"> </div>distribution or remittance<div style="display:inline-block;width:4.71px"> </div>to a </div><div id="a7832" style="position:absolute;font-family:'Calibri';left:141.79px;top:888px;">Lender, the Swap Bank or<div style="display:inline-block;width:1.66px"> </div>the Security<div style="display:inline-block;width:1.97px"> </div>Trustee shall be made<div style="display:inline-block;width:1.81px"> </div>available by the Agent<div style="display:inline-block;width:1.43px"> </div>to that Lender, </div><div id="a7833" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">the Swap<div style="display:inline-block;width:5.86px"> </div>Bank or,<div style="display:inline-block;width:6.61px"> </div>as the<div style="display:inline-block;width:5.48px"> </div>case may<div style="display:inline-block;width:5.88px"> </div>be, the<div style="display:inline-block;width:5.47px"> </div>Security Trustee<div style="display:inline-block;width:6.46px"> </div>by payment,<div style="display:inline-block;width:5.8px"> </div>with funds<div style="display:inline-block;width:5.3px"> </div>having the </div><div id="a7835" style="position:absolute;font-family:'Calibri';left:141.79px;top:923px;">same value as the funds received,<div style="display:inline-block;width:4.96px"> </div>to such account as such Lender,<div style="display:inline-block;width:5.78px"> </div>the Swap Bank or the Security </div><div id="a7836" style="position:absolute;font-family:'Calibri';left:141.79px;top:941px;">Trustee may<div style="display:inline-block;width:4.74px"> </div>have notified to the Agent not less than five Business Days previously; and </div></div>
</div>
<div style="padding: 7px">
<div id="Page66" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7840" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a7842" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">amounts to be applied in satisfying amounts<div style="display:inline-block;width:1.69px"> </div>of a particular category which are due<div style="display:inline-block;width:1.88px"> </div>to the Lenders </div><div id="a7843" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">and/or the<div style="display:inline-block;width:5.44px"> </div>Swap Bank<div style="display:inline-block;width:5.49px"> </div>generally shall<div style="display:inline-block;width:5.45px"> </div>be distributed<div style="display:inline-block;width:5.13px"> </div>by the<div style="display:inline-block;width:5.4px"> </div>Agent to<div style="display:inline-block;width:5.43px"> </div>each Lender<div style="display:inline-block;width:5.14px"> </div>and the<div style="display:inline-block;width:5.21px"> </div>Swap </div><div id="a7844" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Bank pro rata to the amount in that category which is due to it. </div><div id="a7846" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">16.5</div><div id="a7848" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Permitted deductions by Agent </div><div id="a7850" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Notwithstanding any other<div style="display:inline-block;width:1.71px"> </div>provision of this<div style="display:inline-block;width:1.75px"> </div>Agreement or any<div style="display:inline-block;width:1.91px"> </div>other Finance<div style="display:inline-block;width:1.9px"> </div>Document, the Agent </div><div id="a7851" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">may, before making an amount available to a Lender or the<div style="display:inline-block;width:1.75px"> </div>Swap Bank, deduct and<div style="display:inline-block;width:1.68px"> </div>withhold from </div><div id="a7852" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">that amount<div style="display:inline-block;width:4.69px"> </div>any sum which<div style="display:inline-block;width:4.93px"> </div>is then due<div style="display:inline-block;width:4.9px"> </div>and payable to<div style="display:inline-block;width:5.28px"> </div>the Agent from<div style="display:inline-block;width:5.34px"> </div>that Lender or<div style="display:inline-block;width:4.9px"> </div>the Swap </div><div id="a7855" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">Bank under any Finance Document<div style="display:inline-block;width:1.7px"> </div>or any sum which the<div style="display:inline-block;width:1.71px"> </div>Agent is then entitled under<div style="display:inline-block;width:1.68px"> </div>any Finance </div><div id="a7856" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">Document to require that Lender or the Swap Bank to pay on demand. </div><div id="a7858" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:304px;">16.6</div><div id="a7860" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:304px;">Agent only obliged to pay when monies received </div><div id="a7862" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">Notwithstanding any other<div style="display:inline-block;width:1.71px"> </div>provision of this<div style="display:inline-block;width:1.75px"> </div>Agreement or any<div style="display:inline-block;width:1.91px"> </div>other Finance<div style="display:inline-block;width:1.9px"> </div>Document, the Agent </div><div id="a7863" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">shall not be obliged<div style="display:inline-block;width:5.04px"> </div>to make<div style="display:inline-block;width:4.73px"> </div>available to<div style="display:inline-block;width:4.71px"> </div>any Borrower or<div style="display:inline-block;width:5.17px"> </div>any Lender or the<div style="display:inline-block;width:5.08px"> </div>Swap Bank any<div style="display:inline-block;width:4.82px"> </div>sum </div><div id="a7864" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">which the<div style="display:inline-block;width:5.89px"> </div>Agent<div style="display:inline-block;width:4.82px"> </div>is expecting<div style="display:inline-block;width:5.81px"> </div>to<div style="display:inline-block;width:4.89px"> </div>receive<div style="display:inline-block;width:4.98px"> </div>for<div style="display:inline-block;width:4.84px"> </div>remittance<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:4.71px"> </div>distribution to<div style="display:inline-block;width:6.13px"> </div>that Borrower<div style="display:inline-block;width:6.21px"> </div>or<div style="display:inline-block;width:4.71px"> </div>that </div><div id="a7866" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">Lender or the Swap Bank until the Agent has satisfied itself that it has received that sum. </div><div id="a7868" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:425px;">16.7</div><div id="a7870" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:425px;">Refund to Agent of monies not received </div><div id="a7872" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">If and to the extent<div style="display:inline-block;width:5.29px"> </div>that the Agent makes<div style="display:inline-block;width:5.04px"> </div>available a sum to<div style="display:inline-block;width:4.79px"> </div>a Borrower or a Lender or<div style="display:inline-block;width:4.88px"> </div>the Swap </div><div id="a7873" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Bank, without first having received that sum, that Borrower or (as the case may be) the Lender or </div><div id="a7874" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">the Swap Bank concerned shall, on demand: </div><div id="a7876" style="position:absolute;font-family:'Calibri';left:94.59px;top:529px;">(a)</div><div id="a7878" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">refund the sum in full to the Agent; and<div style="display:inline-block;width:2.9px"> </div></div><div id="a7880" style="position:absolute;font-family:'Calibri';left:94.59px;top:563px;">(b)</div><div id="a7882" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">pay to<div style="display:inline-block;width:5.67px"> </div>the Agent<div style="display:inline-block;width:5.35px"> </div>the amount<div style="display:inline-block;width:5.05px"> </div>(as certified<div style="display:inline-block;width:5.16px"> </div>by the<div style="display:inline-block;width:5.24px"> </div>Agent) which<div style="display:inline-block;width:5.12px"> </div>will indemnify<div style="display:inline-block;width:5.03px"> </div>the Agent<div style="display:inline-block;width:5.35px"> </div>against </div><div id="a7883" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">any funding or other loss, liability or expense incurred by the Agent as a result of making the sum </div><div id="a7884" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">available before receiving it.<div style="display:inline-block;width:4.07px"> </div></div><div id="a7886" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:632px;">16.8</div><div id="a7888" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:632px;">Agent may assume receipt </div><div id="a7890" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">Clause </div><div id="a7891" style="position:absolute;font-family:'Calibri';left:184.99px;top:666px;"><a href="#a7868" style="color:#000000;text-decoration:none;">16.7</a></div><div id="a7892" style="position:absolute;font-family:'Calibri';left:210.91px;top:666px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a7894" style="position:absolute;font-family:'Calibri';font-style:italic;left:219.55px;top:666px;">Refund to<div style="display:inline-block;width:5.14px"> </div>Agent of<div style="display:inline-block;width:4.84px"> </div>monies not received</div><div id="a7895" style="position:absolute;font-family:'Calibri';left:458.65px;top:666px;">) shall not<div style="display:inline-block;width:5.48px"> </div>affect any<div style="display:inline-block;width:5.42px"> </div>claim which the<div style="display:inline-block;width:5.49px"> </div>Agent </div><div id="a7896" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">has under<div style="display:inline-block;width:4.79px"> </div>the law<div style="display:inline-block;width:4.95px"> </div>of restitution,<div style="display:inline-block;width:5.15px"> </div>and applies<div style="display:inline-block;width:4.76px"> </div>irrespective of<div style="display:inline-block;width:5.03px"> </div>whether the<div style="display:inline-block;width:4.78px"> </div>Agent had<div style="display:inline-block;width:4.9px"> </div>any form<div style="display:inline-block;width:5.54px"> </div>of </div><div id="a7897" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">notice that it had not received the sum which it made available. </div><div id="a7899" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:736px;">16.9</div><div id="a7901" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:736px;">Creditor Party accounts </div><div id="a7903" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">Each<div style="display:inline-block;width:4.69px"> </div>Creditor Party<div style="display:inline-block;width:5.98px"> </div>shall maintain<div style="display:inline-block;width:5.64px"> </div>accounts showing<div style="display:inline-block;width:5.43px"> </div>the amounts<div style="display:inline-block;width:5.53px"> </div>owing to<div style="display:inline-block;width:5.61px"> </div>it by<div style="display:inline-block;width:5.56px"> </div>the Borrowers </div><div id="a7904" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">and<div style="display:inline-block;width:5.96px"> </div>each<div style="display:inline-block;width:6.07px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Party<div style="display:inline-block;width:6.38px"> </div>under<div style="display:inline-block;width:5.78px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:5.94px"> </div>and<div style="display:inline-block;width:5.96px"> </div>all<div style="display:inline-block;width:6.03px"> </div>payments<div style="display:inline-block;width:6.26px"> </div>in<div style="display:inline-block;width:6.01px"> </div>respect<div style="display:inline-block;width:6.01px"> </div>of<div style="display:inline-block;width:5.99px"> </div>those </div><div id="a7905" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">amounts made by the Borrowers and any Security Party. </div><div id="a7907" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:840px;">16.10</div><div id="a7909" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:840px;">Agent's memorandum account </div><div id="a7911" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">The Agent shall maintain a memorandum account showing the amounts advanced<div style="display:inline-block;width:1.8px"> </div>by the Lenders </div><div id="a7912" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">and all other sums owing to the Agent, the Security Trustee<div style="display:inline-block;width:5.71px"> </div>and each Lender from the Borrowers </div><div id="a7913" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">and<div style="display:inline-block;width:5.96px"> </div>each<div style="display:inline-block;width:6.07px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Party<div style="display:inline-block;width:6.38px"> </div>under<div style="display:inline-block;width:5.78px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Documents<div style="display:inline-block;width:5.94px"> </div>and<div style="display:inline-block;width:5.96px"> </div>all<div style="display:inline-block;width:6.03px"> </div>payments<div style="display:inline-block;width:6.26px"> </div>in<div style="display:inline-block;width:6.12px"> </div>respect<div style="display:inline-block;width:6.01px"> </div>of<div style="display:inline-block;width:5.99px"> </div>those </div><div id="a7916" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">amounts made by the Borrowers and any Security Party. </div></div>
</div>
<div style="padding: 7px">
<div id="Page67" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a7920" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">16.11</div><div id="a7922" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Accounts prima facie evidence </div><div id="a7924" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">If<div style="display:inline-block;width:6.36px"> </div>any<div style="display:inline-block;width:6.67px"> </div>accounts<div style="display:inline-block;width:6.36px"> </div>maintained<div style="display:inline-block;width:6.48px"> </div>under<div style="display:inline-block;width:6.26px"> </div>Clauses </div><div id="a7925" style="position:absolute;font-family:'Calibri';left:411.11px;top:128px;"><a href="#a7899" style="color:#000000;text-decoration:none;">16.9</a></div><div id="a7926" style="position:absolute;font-family:'Calibri';left:437.21px;top:128px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a7928" style="position:absolute;font-family:'Calibri';font-style:italic;left:447.93px;top:128px;">Creditor<div style="display:inline-block;width:6.34px"> </div>Party<div style="display:inline-block;width:6.61px"> </div>accounts</div><div id="a7929" style="position:absolute;font-family:'Calibri';left:593.37px;top:128px;">)<div style="display:inline-block;width:6.26px"> </div>and </div><div id="a7930" style="position:absolute;font-family:'Calibri';left:632.93px;top:128px;"><a href="#a7907" style="color:#000000;text-decoration:none;">16.10</a></div><div id="a7931" style="position:absolute;font-family:'Calibri';left:666.53px;top:128px;"><div style="display:inline-block;width:6.4px"> </div>(</div><div id="a7933" style="position:absolute;font-family:'Calibri';font-style:italic;left:677.41px;top:128px;">Agent's </div><div id="a7936" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:146px;">memorandum<div style="display:inline-block;width:5.41px"> </div>account</div><div id="a7937" style="position:absolute;font-family:'Calibri';left:279.27px;top:146px;">)<div style="display:inline-block;width:5.62px"> </div>show<div style="display:inline-block;width:5.72px"> </div>an<div style="display:inline-block;width:5.54px"> </div>amount<div style="display:inline-block;width:5.49px"> </div>to<div style="display:inline-block;width:5.85px"> </div>be<div style="display:inline-block;width:5.42px"> </div>owing<div style="display:inline-block;width:5.33px"> </div>by<div style="display:inline-block;width:5.68px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Borrower<div style="display:inline-block;width:5.89px"> </div>or<div style="display:inline-block;width:5.67px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Security<div style="display:inline-block;width:5.45px"> </div>Party<div style="display:inline-block;width:5.74px"> </div>to<div style="display:inline-block;width:5.85px"> </div>a </div><div id="a7938" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">Creditor<div style="display:inline-block;width:5.02px"> </div>Party,<div style="display:inline-block;width:5.99px"> </div>those<div style="display:inline-block;width:4.73px"> </div>accounts<div style="display:inline-block;width:4.76px"> </div>shall<div style="display:inline-block;width:4.7px"> </div>be<div style="display:inline-block;width:4.78px"> </div>prima facie<div style="display:inline-block;width:6.24px"> </div>evidence that<div style="display:inline-block;width:6.22px"> </div>that<div style="display:inline-block;width:4.77px"> </div>amount<div style="display:inline-block;width:4.69px"> </div>is<div style="display:inline-block;width:4.78px"> </div>owing<div style="display:inline-block;width:4.85px"> </div>to<div style="display:inline-block;width:4.73px"> </div>that </div><div id="a7939" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">Creditor Party. </div><div id="a7941" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">17</div><div id="a7943" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">APPLICATION OF RECEIPTS<div style="display:inline-block;width:4.3px"> </div></div><div id="a7945" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:250px;">17.1</div><div id="a7947" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:250px;">Normal order of application </div><div id="a7949" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">Except<div style="display:inline-block;width:7.5px"> </div>as<div style="display:inline-block;width:7.03px"> </div>any<div style="display:inline-block;width:7.31px"> </div>Finance<div style="display:inline-block;width:6.91px"> </div>Document<div style="display:inline-block;width:7.05px"> </div>may<div style="display:inline-block;width:7.28px"> </div>otherwise<div style="display:inline-block;width:6.78px"> </div>provide,<div style="display:inline-block;width:7.4px"> </div>any<div style="display:inline-block;width:7.31px"> </div>sums<div style="display:inline-block;width:6.91px"> </div>which<div style="display:inline-block;width:6.97px"> </div>are<div style="display:inline-block;width:7.25px"> </div>received<div style="display:inline-block;width:7.17px"> </div>or </div><div id="a7950" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">recovered by any Creditor Party under or by virtue of any Finance Document shall be applied: </div><div id="a7952" style="position:absolute;font-family:'Calibri';left:94.59px;top:336px;">(a)</div><div id="a7954" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">FIRST:<div style="display:inline-block;width:8.12px"> </div>in<div style="display:inline-block;width:6.65px"> </div>or<div style="display:inline-block;width:6.79px"> </div>towards<div style="display:inline-block;width:7.36px"> </div>satisfaction<div style="display:inline-block;width:6.99px"> </div>of<div style="display:inline-block;width:6.79px"> </div>any<div style="display:inline-block;width:7.15px"> </div>amounts<div style="display:inline-block;width:6.61px"> </div>then<div style="display:inline-block;width:6.68px"> </div>due<div style="display:inline-block;width:6.81px"> </div>and<div style="display:inline-block;width:6.76px"> </div>payable<div style="display:inline-block;width:7.16px"> </div>under<div style="display:inline-block;width:6.58px"> </div>the<div style="display:inline-block;width:6.73px"> </div>Finance </div><div id="a7955" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Documents in the following order and proportions: </div><div id="a7957" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">(i)</div><div id="a7959" style="position:absolute;font-family:'Calibri';left:189.15px;top:387px;">first, in<div style="display:inline-block;width:1.97px"> </div>or towards satisfaction<div style="display:inline-block;width:1.68px"> </div>pro rata of<div style="display:inline-block;width:1.47px"> </div>all amounts<div style="display:inline-block;width:1.63px"> </div>then due<div style="display:inline-block;width:1.52px"> </div>and payable<div style="display:inline-block;width:1.96px"> </div>to the<div style="display:inline-block;width:1.57px"> </div>Creditor </div><div id="a7960" style="position:absolute;font-family:'Calibri';left:189.15px;top:405px;">Parties under the Finance<div style="display:inline-block;width:1.54px"> </div>Documents other than<div style="display:inline-block;width:1.83px"> </div>those amounts referred to at<div style="display:inline-block;width:1.89px"> </div>paragraphs </div><div id="a7961" style="position:absolute;font-family:'Calibri';left:189.15px;top:423px;"><a href="#a7988" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a7962" style="position:absolute;font-family:'Calibri';left:204.83px;top:423px;"><div style="display:inline-block;width:3.36px"> </div>and </div><div id="a7964" style="position:absolute;font-family:'Calibri';left:233.95px;top:423px;"><a href="#a8006" style="color:#000000;text-decoration:none;">(iii)</a></div><div id="a7965" style="position:absolute;font-family:'Calibri';left:252.99px;top:423px;"><div style="display:inline-block;width:3.4px"> </div>(including, but without limitation, all amounts payable by any Borrower under </div><div id="a7967" style="position:absolute;font-family:'Calibri';left:189.15px;top:441px;">Clauses </div><div id="a7968" style="position:absolute;font-family:'Calibri';left:237.95px;top:441px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a7969" style="position:absolute;font-family:'Calibri';left:252.83px;top:441px;"><div style="display:inline-block;width:4.04px"> </div>(</div><div id="a7971" style="position:absolute;font-family:'Calibri';font-style:italic;left:261.35px;top:441px;">Fees and<div style="display:inline-block;width:4.76px"> </div>expenses</div><div id="a7972" style="position:absolute;font-family:'Calibri';left:372.39px;top:441px;">), </div><div id="a7973" style="position:absolute;font-family:'Calibri';left:384.39px;top:441px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a7974" style="position:absolute;font-family:'Calibri';left:399.43px;top:441px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a7976" style="position:absolute;font-family:'Calibri';font-style:italic;left:407.91px;top:441px;">Indemnities</div><div id="a7977" style="position:absolute;font-family:'Calibri';left:477.21px;top:441px;">) and </div><div id="a7978" style="position:absolute;font-family:'Calibri';left:511.93px;top:441px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22</a></div><div id="a7979" style="position:absolute;font-family:'Calibri';left:526.97px;top:441px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a7981" style="position:absolute;font-family:'Calibri';font-style:italic;left:535.45px;top:441px;">No set-off<div style="display:inline-block;width:4.91px"> </div>or Tax<div style="display:inline-block;width:5.81px"> </div>Deduction</div><div id="a7984" style="position:absolute;font-family:'Calibri';left:701.09px;top:441px;">) of </div><div id="a7985" style="position:absolute;font-family:'Calibri';left:189.15px;top:459px;">this<div style="display:inline-block;width:5.4px"> </div>Agreement<div style="display:inline-block;width:5.36px"> </div>or<div style="display:inline-block;width:5.51px"> </div>by<div style="display:inline-block;width:5.36px"> </div>any<div style="display:inline-block;width:5.39px"> </div>Borrower<div style="display:inline-block;width:5.57px"> </div>or<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.55px"> </div>Security<div style="display:inline-block;width:5.13px"> </div>Party<div style="display:inline-block;width:5.58px"> </div>under<div style="display:inline-block;width:5.3px"> </div>any<div style="display:inline-block;width:5.55px"> </div>corresponding<div style="display:inline-block;width:5.18px"> </div>or </div><div id="a7986" style="position:absolute;font-family:'Calibri';left:189.15px;top:477px;">similar provision in any other Finance Document); </div><div id="a7988" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">(ii)</div><div id="a7990" style="position:absolute;font-family:'Calibri';left:189.15px;top:511px;">secondly,<div style="display:inline-block;width:4.76px"> </div>in or towards satisfaction<div style="display:inline-block;width:5.32px"> </div>pro rata of<div style="display:inline-block;width:4.83px"> </div>any and all amounts of<div style="display:inline-block;width:4.98px"> </div>interest or default </div><div id="a7991" style="position:absolute;font-family:'Calibri';left:189.15px;top:529px;">interest<div style="display:inline-block;width:7.1px"> </div>payable<div style="display:inline-block;width:6.68px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Creditor<div style="display:inline-block;width:6.62px"> </div>Parties<div style="display:inline-block;width:6.66px"> </div>under<div style="display:inline-block;width:6.26px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Finance<div style="display:inline-block;width:6.43px"> </div>Documents<div style="display:inline-block;width:6.42px"> </div>(and,<div style="display:inline-block;width:6.31px"> </div>for<div style="display:inline-block;width:6.76px"> </div>this </div><div id="a7992" style="position:absolute;font-family:'Calibri';left:189.15px;top:547px;">purpose, the<div style="display:inline-block;width:5.11px"> </div>expression "</div><div id="a7993" style="position:absolute;font-family:'Calibri';font-weight:bold;left:344.71px;top:547px;">interest</div><div id="a7994" style="position:absolute;font-family:'Calibri';left:392.23px;top:547px;">" shall<div style="display:inline-block;width:5.23px"> </div>include any<div style="display:inline-block;width:5.11px"> </div>net amount<div style="display:inline-block;width:5.29px"> </div>which a<div style="display:inline-block;width:5.23px"> </div>Borrower shall </div><div id="a7995" style="position:absolute;font-family:'Calibri';left:189.15px;top:565px;">have<div style="display:inline-block;width:6.83px"> </div>become<div style="display:inline-block;width:6.23px"> </div>liable<div style="display:inline-block;width:6.16px"> </div>to<div style="display:inline-block;width:6.49px"> </div>pay<div style="display:inline-block;width:6.35px"> </div>or<div style="display:inline-block;width:6.47px"> </div>deliver<div style="display:inline-block;width:6.27px"> </div>under<div style="display:inline-block;width:6.26px"> </div>section<div style="display:inline-block;width:6.01px"> </div>2(e)<div style="display:inline-block;width:6.37px"> </div>(</div><div id="a7996" style="position:absolute;font-family:'Calibri';font-style:italic;left:555.61px;top:565px;">Obligations</div><div id="a7997" style="position:absolute;font-family:'Calibri';left:623.65px;top:565px;">)<div style="display:inline-block;width:6.26px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Master </div><div id="a7998" style="position:absolute;font-family:'Calibri';left:189.15px;top:583px;">Agreement<div style="display:inline-block;width:6.64px"> </div>but<div style="display:inline-block;width:6.48px"> </div>shall<div style="display:inline-block;width:6.3px"> </div>have<div style="display:inline-block;width:6.67px"> </div>failed<div style="display:inline-block;width:6.61px"> </div>to<div style="display:inline-block;width:6.65px"> </div>pay<div style="display:inline-block;width:6.51px"> </div>or<div style="display:inline-block;width:6.63px"> </div>deliver<div style="display:inline-block;width:6.27px"> </div>to<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Swap<div style="display:inline-block;width:6.62px"> </div>Bank<div style="display:inline-block;width:6.36px"> </div>at<div style="display:inline-block;width:6.55px"> </div>the<div style="display:inline-block;width:6.41px"> </div>time<div style="display:inline-block;width:6.37px"> </div>of </div><div id="a7999" style="position:absolute;font-family:'Calibri';left:189.15px;top:600px;">application or distribution under this Clause </div><div id="a8000" style="position:absolute;font-family:'Calibri';left:453.69px;top:600px;"><a href="#a7941" style="color:#000000;text-decoration:none;">17</a></div><div id="a8001" style="position:absolute;font-family:'Calibri';left:468.57px;top:600px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a8003" style="position:absolute;font-family:'Calibri';font-style:italic;left:476.41px;top:600px;">Application of receipts</div><div id="a8004" style="position:absolute;font-family:'Calibri';left:608.93px;top:600px;">)); and </div><div id="a8006" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">(iii)</div><div id="a8008" style="position:absolute;font-family:'Calibri';left:189.15px;top:634px;">thirdly, in or towards<div style="display:inline-block;width:4.73px"> </div>satisfaction pro rata of the Loan and the Swap Exposure (in the case </div><div id="a8009" style="position:absolute;font-family:'Calibri';left:189.15px;top:652px;">of the latter, calculated as at the actual Early Termination Date applying to each particular </div><div id="a8010" style="position:absolute;font-family:'Calibri';left:189.15px;top:670px;">Designated<div style="display:inline-block;width:7.96px"> </div>Transaction,<div style="display:inline-block;width:8.57px"> </div>or<div style="display:inline-block;width:7.75px"> </div>if<div style="display:inline-block;width:7.81px"> </div>no<div style="display:inline-block;width:7.7px"> </div>such<div style="display:inline-block;width:7.59px"> </div>Early<div style="display:inline-block;width:7.95px"> </div>Termination<div style="display:inline-block;width:8.89px"> </div>Date<div style="display:inline-block;width:8.09px"> </div>shall<div style="display:inline-block;width:7.74px"> </div>have<div style="display:inline-block;width:7.9px"> </div>occurred, </div><div id="a8012" style="position:absolute;font-family:'Calibri';left:189.15px;top:688px;">calculated<div style="display:inline-block;width:8.03px"> </div>as<div style="display:inline-block;width:7.51px"> </div>if<div style="display:inline-block;width:7.65px"> </div>an<div style="display:inline-block;width:7.46px"> </div>Early<div style="display:inline-block;width:7.63px"> </div>Termination<div style="display:inline-block;width:8.89px"> </div>Date<div style="display:inline-block;width:7.77px"> </div>occurred<div style="display:inline-block;width:7.57px"> </div>on<div style="display:inline-block;width:7.7px"> </div>the<div style="display:inline-block;width:7.53px"> </div>date<div style="display:inline-block;width:7.66px"> </div>of<div style="display:inline-block;width:7.75px"> </div>application<div style="display:inline-block;width:7.5px"> </div>or </div><div id="a8013" style="position:absolute;font-family:'Calibri';left:189.15px;top:706px;">distribution hereunder); </div><div id="a8015" style="position:absolute;font-family:'Calibri';left:94.59px;top:740px;">(b)</div><div id="a8017" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">SECONDLY:<div style="display:inline-block;width:6.4px"> </div>in retention of<div style="display:inline-block;width:4.86px"> </div>an amount equal<div style="display:inline-block;width:4.75px"> </div>to any amount<div style="display:inline-block;width:4.95px"> </div>not then due and<div style="display:inline-block;width:5.04px"> </div>payable under any </div><div id="a8018" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">Finance Document but which the<div style="display:inline-block;width:4.67px"> </div>Agent, by notice to<div style="display:inline-block;width:4.86px"> </div>the Borrowers, the<div style="display:inline-block;width:4.8px"> </div>Security Parties and the </div><div id="a8019" style="position:absolute;font-family:'Calibri';left:141.79px;top:776px;">other Creditor Parties,<div style="display:inline-block;width:1.58px"> </div>states in its<div style="display:inline-block;width:1.54px"> </div>opinion will<div style="display:inline-block;width:1.73px"> </div>either or<div style="display:inline-block;width:1.72px"> </div>may become due<div style="display:inline-block;width:1.41px"> </div>and payable in<div style="display:inline-block;width:1.28px"> </div>the future </div><div id="a8021" style="position:absolute;font-family:'Calibri';left:141.79px;top:794px;">and,<div style="display:inline-block;width:6.13px"> </div>upon<div style="display:inline-block;width:6.16px"> </div>those<div style="display:inline-block;width:6.17px"> </div>amounts<div style="display:inline-block;width:5.97px"> </div>becoming<div style="display:inline-block;width:6.24px"> </div>due<div style="display:inline-block;width:6.17px"> </div>and<div style="display:inline-block;width:6.12px"> </div>payable,<div style="display:inline-block;width:6.37px"> </div>in<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:6.15px"> </div>towards<div style="display:inline-block;width:6.72px"> </div>satisfaction<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.31px"> </div>them<div style="display:inline-block;width:6.01px"> </div>in </div><div id="a8022" style="position:absolute;font-family:'Calibri';left:141.79px;top:812px;">accordance with the provisions of Clause </div><div id="a8023" style="position:absolute;font-family:'Calibri';left:388.39px;top:812px;"><a href="#a7952" style="color:#000000;text-decoration:none;">17.1(a)</a></div><div id="a8024" style="position:absolute;font-family:'Calibri';left:430.33px;top:812px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a8026" style="position:absolute;font-family:'Calibri';font-style:italic;left:438.17px;top:812px;">Normal order of application</div><div id="a8027" style="position:absolute;font-family:'Calibri';left:603.01px;top:812px;">); and </div><div id="a8029" style="position:absolute;font-family:'Calibri';left:94.59px;top:845px;">(c)</div><div id="a8031" style="position:absolute;font-family:'Calibri';left:141.79px;top:845px;">THIRDLY:<div style="display:inline-block;width:4.87px"> </div>any surplus<div style="display:inline-block;width:1.71px"> </div>shall be<div style="display:inline-block;width:1.52px"> </div>paid to<div style="display:inline-block;width:1.75px"> </div>the Borrowers or<div style="display:inline-block;width:1.33px"> </div>to any<div style="display:inline-block;width:1.99px"> </div>other person<div style="display:inline-block;width:1.8px"> </div>appearing to<div style="display:inline-block;width:1.66px"> </div>be entitled </div><div id="a8032" style="position:absolute;font-family:'Calibri';left:141.79px;top:863px;">to it. </div></div>
</div>
<div style="padding: 7px">
<div id="Page68" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8036" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">17.2</div><div id="a8038" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Variation of order of application </div><div id="a8040" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">The Agent<div style="display:inline-block;width:4.87px"> </div>may,<div style="display:inline-block;width:5.46px"> </div>with the<div style="display:inline-block;width:4.68px"> </div>authorisation of the<div style="display:inline-block;width:5.22px"> </div>Majority Lenders<div style="display:inline-block;width:4.79px"> </div>and the<div style="display:inline-block;width:4.73px"> </div>Swap Bank,<div style="display:inline-block;width:4.85px"> </div>by notice<div style="display:inline-block;width:4.67px"> </div>to </div><div id="a8041" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">the Borrowers, the Security<div style="display:inline-block;width:4.84px"> </div>Parties and the other Creditor<div style="display:inline-block;width:4.73px"> </div>Parties provide for<div style="display:inline-block;width:4.88px"> </div>a different manner </div><div id="a8042" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">of application from that<div style="display:inline-block;width:1.61px"> </div>set out in<div style="display:inline-block;width:1.63px"> </div>Clause </div><div id="a8043" style="position:absolute;font-family:'Calibri';left:384.71px;top:164px;"><a href="#a7945" style="color:#000000;text-decoration:none;">17.1 (</a></div><div id="a8046" style="position:absolute;font-family:'Calibri';font-style:italic;left:417.99px;top:164px;">Application of receipts</div><div id="a8047" style="position:absolute;font-family:'Calibri';left:549.69px;top:164px;">) either as<div style="display:inline-block;width:1.53px"> </div>regards a specified </div><div id="a8048" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">sum or sums or as regards sums in a specified category or categories. </div><div id="a8050" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">17.3</div><div id="a8052" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">Notice of variation of order of application </div><div id="a8054" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">The Agent may<div style="display:inline-block;width:1.78px"> </div>give notices<div style="display:inline-block;width:1.59px"> </div>under Clause </div><div id="a8055" style="position:absolute;font-family:'Calibri';left:384.87px;top:250px;"><a href="#a8036" style="color:#000000;text-decoration:none;">17.2 (</a></div><div id="a8058" style="position:absolute;font-family:'Calibri';font-style:italic;left:418.15px;top:250px;">Variation of order<div style="display:inline-block;width:1.63px"> </div>of application</div><div id="a8059" style="position:absolute;font-family:'Calibri';left:606.21px;top:250px;">) from time<div style="display:inline-block;width:1.38px"> </div>to time; </div><div id="a8060" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">and such a notice may be stated to apply not only to sums which may be received or recovered in </div><div id="a8061" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">the future, but<div style="display:inline-block;width:1.41px"> </div>also to any<div style="display:inline-block;width:1.59px"> </div>sum which<div style="display:inline-block;width:1.91px"> </div>has been<div style="display:inline-block;width:1.85px"> </div>received or recovered<div style="display:inline-block;width:1.97px"> </div>on or after<div style="display:inline-block;width:1.39px"> </div>the third Business </div><div id="a8062" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">Day before the date on which the notice is served.<div style="display:inline-block;width:3.15px"> </div></div><div id="a8066" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">17.4</div><div id="a8068" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:338px;">Appropriation rights overridden </div><div id="a8070" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">This Clause </div><div id="a8071" style="position:absolute;font-family:'Calibri';left:213.47px;top:371px;"><a href="#a7941" style="color:#000000;text-decoration:none;">17</a></div><div id="a8072" style="position:absolute;font-family:'Calibri';left:228.35px;top:371px;"><div style="display:inline-block;width:4.32px"> </div>(</div><div id="a8074" style="position:absolute;font-family:'Calibri';font-style:italic;left:237.15px;top:371px;">Application of<div style="display:inline-block;width:5.03px"> </div>receipts</div><div id="a8075" style="position:absolute;font-family:'Calibri';left:371.91px;top:371px;">) and<div style="display:inline-block;width:5.21px"> </div>any notice<div style="display:inline-block;width:5.34px"> </div>which the<div style="display:inline-block;width:5.25px"> </div>Agent gives<div style="display:inline-block;width:5.52px"> </div>under Clause </div><div id="a8076" style="position:absolute;font-family:'Calibri';left:695.81px;top:371px;"><a href="#a8036" style="color:#000000;text-decoration:none;">17.2</a></div><div id="a8078" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">(</div><div id="a8079" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:389px;">Variation<div style="display:inline-block;width:5.54px"> </div>of<div style="display:inline-block;width:4.91px"> </div>order<div style="display:inline-block;width:4.72px"> </div>of<div style="display:inline-block;width:4.91px"> </div>application</div><div id="a8080" style="position:absolute;font-family:'Calibri';left:343.43px;top:389px;">)<div style="display:inline-block;width:4.98px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>override<div style="display:inline-block;width:4.97px"> </div>any<div style="display:inline-block;width:4.91px"> </div>right<div style="display:inline-block;width:4.99px"> </div>of<div style="display:inline-block;width:5.03px"> </div>appropriation<div style="display:inline-block;width:4.9px"> </div>possessed,<div style="display:inline-block;width:4.7px"> </div>and<div style="display:inline-block;width:4.84px"> </div>any </div><div id="a8081" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">appropriation made, by any Borrower or any Security Party. </div><div id="a8083" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:441px;">18</div><div id="a8085" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:441px;">APPLICATION OF EARNINGS </div><div id="a8087" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:475px;">18.1</div><div id="a8089" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:475px;">Payment of Earnings<div style="display:inline-block;width:3.71px"> </div></div><div id="a8091" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">Each Borrower undertakes with<div style="display:inline-block;width:1.83px"> </div>each Creditor Party to<div style="display:inline-block;width:1.49px"> </div>ensure that, throughout<div style="display:inline-block;width:1.97px"> </div>the Security<div style="display:inline-block;width:1.97px"> </div>Period </div><div id="a8092" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">(and subject only to the provisions of the<div style="display:inline-block;width:1.84px"> </div>General Assignment to which it is a party)<div style="display:inline-block;width:1.89px"> </div>all Earnings of </div><div id="a8093" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">the Ship owned by it (including but not limited to any sale and/or insurance proceeds) are paid to </div><div id="a8095" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">the Earnings Account for that Ship. </div><div id="a8097" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:597px;">18.2</div><div id="a8099" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:597px;">Location of accounts </div><div id="a8101" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">Each Borrower shall promptly: </div><div id="a8103" style="position:absolute;font-family:'Calibri';left:94.59px;top:664px;">(a)</div><div id="a8105" style="position:absolute;font-family:'Calibri';left:141.79px;top:664px;">comply with any requirement<div style="display:inline-block;width:1.98px"> </div>of the Agent as<div style="display:inline-block;width:1.63px"> </div>to the location or<div style="display:inline-block;width:1.9px"> </div>re location of its<div style="display:inline-block;width:1.71px"> </div>Earnings Account; </div><div id="a8106" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">and </div><div id="a8108" style="position:absolute;font-family:'Calibri';left:94.59px;top:716px;">(b)</div><div id="a8110" style="position:absolute;font-family:'Calibri';left:141.79px;top:716px;">execute any<div style="display:inline-block;width:5.19px"> </div>documents which the Agent<div style="display:inline-block;width:4.92px"> </div>specifies to create<div style="display:inline-block;width:4.89px"> </div>or maintain in<div style="display:inline-block;width:4.8px"> </div>favour of the<div style="display:inline-block;width:5.03px"> </div>Security </div><div id="a8111" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">Trustee<div style="display:inline-block;width:5.14px"> </div>a Security Interest<div style="display:inline-block;width:5.24px"> </div>over (and/or<div style="display:inline-block;width:4.86px"> </div>rights of set-off,<div style="display:inline-block;width:6.4px"> </div>consolidation or other<div style="display:inline-block;width:4.84px"> </div>rights in relation </div><div id="a8115" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">to) its Earnings Account. </div><div id="a8117" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:786px;">18.3</div><div id="a8119" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:786px;">Debits for expenses etc. </div><div id="a8121" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">The<div style="display:inline-block;width:4.97px"> </div>Agent<div style="display:inline-block;width:5.14px"> </div>shall<div style="display:inline-block;width:4.86px"> </div>be<div style="display:inline-block;width:4.78px"> </div>entitled<div style="display:inline-block;width:4.76px"> </div>(but<div style="display:inline-block;width:4.9px"> </div>not<div style="display:inline-block;width:4.85px"> </div>obliged)<div style="display:inline-block;width:5.02px"> </div>from<div style="display:inline-block;width:5.01px"> </div>time<div style="display:inline-block;width:4.77px"> </div>to<div style="display:inline-block;width:5.05px"> </div>time<div style="display:inline-block;width:4.93px"> </div>to<div style="display:inline-block;width:5.05px"> </div>debit<div style="display:inline-block;width:4.74px"> </div>any<div style="display:inline-block;width:5.07px"> </div>Earnings<div style="display:inline-block;width:4.86px"> </div>Account </div><div id="a8122" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">without prior notice in order<div style="display:inline-block;width:4.89px"> </div>to discharge any<div style="display:inline-block;width:4.92px"> </div>amount due and payable<div style="display:inline-block;width:4.87px"> </div>under Clause </div><div id="a8123" style="position:absolute;font-family:'Calibri';left:655.17px;top:838px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a8124" style="position:absolute;font-family:'Calibri';left:670.21px;top:838px;"><div style="display:inline-block;width:3.52px"> </div>or </div><div id="a8126" style="position:absolute;font-family:'Calibri';left:690.37px;top:838px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a8127" style="position:absolute;font-family:'Calibri';left:705.25px;top:838px;"><div style="display:inline-block;width:3.68px"> </div>to </div><div id="a8129" style="position:absolute;font-family:'Calibri';left:141.79px;top:856px;">a Creditor<div style="display:inline-block;width:5.52px"> </div>Party or<div style="display:inline-block;width:5.51px"> </div>payment of<div style="display:inline-block;width:5.55px"> </div>which any<div style="display:inline-block;width:5.35px"> </div>Creditor Party<div style="display:inline-block;width:5.66px"> </div>has become<div style="display:inline-block;width:5.08px"> </div>entitled to<div style="display:inline-block;width:5.37px"> </div>demand under </div><div id="a8130" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">Clause </div><div id="a8131" style="position:absolute;font-family:'Calibri';left:184.19px;top:874px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a8132" style="position:absolute;font-family:'Calibri';left:199.07px;top:874px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a8134" style="position:absolute;font-family:'Calibri';font-style:italic;left:206.91px;top:874px;">Fees and expenses</div><div id="a8135" style="position:absolute;font-family:'Calibri';left:316.39px;top:874px;">) or </div><div id="a8136" style="position:absolute;font-family:'Calibri';left:340.23px;top:874px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a8137" style="position:absolute;font-family:'Calibri';left:355.27px;top:874px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a8139" style="position:absolute;font-family:'Calibri';font-style:italic;left:362.95px;top:874px;">Indemnities</div><div id="a8140" style="position:absolute;font-family:'Calibri';left:432.25px;top:874px;">). </div><div id="a8142" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:908px;">18.4</div><div id="a8144" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:908px;">Borrowers' obligations unaffected </div><div id="a8146" style="position:absolute;font-family:'Calibri';left:141.79px;top:941px;">The provisions of this Clause </div><div id="a8147" style="position:absolute;font-family:'Calibri';left:314.31px;top:941px;"><a href="#a8083" style="color:#000000;text-decoration:none;">18</a></div><div id="a8148" style="position:absolute;font-family:'Calibri';left:329.19px;top:941px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a8150" style="position:absolute;font-family:'Calibri';font-style:italic;left:337.03px;top:941px;">Application of Earnings</div><div id="a8151" style="position:absolute;font-family:'Calibri';left:474.17px;top:941px;">) do not affect: </div></div>
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<div id="Page69" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8155" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a8157" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">the liability of the Borrowers to make payments of principal and interest on the due dates; or </div><div id="a8159" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(b)</div><div id="a8161" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">any<div style="display:inline-block;width:7.31px"> </div>other<div style="display:inline-block;width:7.12px"> </div>liability<div style="display:inline-block;width:6.81px"> </div>or<div style="display:inline-block;width:6.95px"> </div>obligation<div style="display:inline-block;width:7.25px"> </div>of<div style="display:inline-block;width:7.11px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Borrowers<div style="display:inline-block;width:7.42px"> </div>or<div style="display:inline-block;width:7.11px"> </div>any<div style="display:inline-block;width:7.31px"> </div>Security<div style="display:inline-block;width:6.89px"> </div>Party<div style="display:inline-block;width:7.34px"> </div>under<div style="display:inline-block;width:6.74px"> </div>any<div style="display:inline-block;width:7.31px"> </div>Finance </div><div id="a8162" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Document.<div style="display:inline-block;width:3.18px"> </div></div><div id="a8164" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">18.5</div><div id="a8166" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Earnings Accounts balances </div><div id="a8168" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">Subject<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.29px"> </div>other<div style="display:inline-block;width:5.36px"> </div>terms<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.51px"> </div>this<div style="display:inline-block;width:5.4px"> </div>Agreement<div style="display:inline-block;width:5.52px"> </div>(including,<div style="display:inline-block;width:4.84px"> </div>without<div style="display:inline-block;width:5.49px"> </div>limitation,<div style="display:inline-block;width:5.52px"> </div>the<div style="display:inline-block;width:5.29px"> </div>terms<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.51px"> </div>this </div><div id="a8169" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">Clause </div><div id="a8170" style="position:absolute;font-family:'Calibri';left:184.35px;top:232px;"><a href="#a8083" style="color:#000000;text-decoration:none;">18</a></div><div id="a8171" style="position:absolute;font-family:'Calibri';left:199.23px;top:232px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a8173" style="position:absolute;font-family:'Calibri';font-style:italic;left:207.39px;top:232px;">Application of Earnings</div><div id="a8174" style="position:absolute;font-family:'Calibri';left:345.35px;top:232px;">)), the monies on the Earnings<div style="display:inline-block;width:4.76px"> </div>Account shall be freely available </div><div id="a8175" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">to the Borrowers to be used in<div style="display:inline-block;width:4.74px"> </div>accordance with and in compliance with the terms and conditions </div><div id="a8176" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">of this<div style="display:inline-block;width:1.66px"> </div>Agreement subject<div style="display:inline-block;width:1.68px"> </div>to no<div style="display:inline-block;width:1.75px"> </div>Event of Default<div style="display:inline-block;width:1.62px"> </div>having occurred<div style="display:inline-block;width:1.81px"> </div>which is<div style="display:inline-block;width:1.54px"> </div>continuing and<div style="display:inline-block;width:1.59px"> </div>the Agent </div><div id="a8178" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">having given notice<div style="display:inline-block;width:4.89px"> </div>to the Borrowers<div style="display:inline-block;width:5.35px"> </div>that such monies shall<div style="display:inline-block;width:4.97px"> </div>not be freely<div style="display:inline-block;width:4.86px"> </div>available as a<div style="display:inline-block;width:5.11px"> </div>result of </div><div id="a8179" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">such Event of Default. </div><div id="a8181" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">19</div><div id="a8183" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:338px;">EVENTS OF DEFAULT<div style="display:inline-block;width:5.06px"> </div></div><div id="a8185" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:371px;">19.1</div><div id="a8187" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:371px;">Events of Default </div><div id="a8189" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">An Event of Default occurs if: </div><div id="a8191" style="position:absolute;font-family:'Calibri';left:94.59px;top:439px;">(a)</div><div id="a8193" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">any Borrower<div style="display:inline-block;width:5.23px"> </div>or any<div style="display:inline-block;width:5.16px"> </div>Security Party<div style="display:inline-block;width:4.98px"> </div>fails to<div style="display:inline-block;width:5.15px"> </div>pay when<div style="display:inline-block;width:4.74px"> </div>due or<div style="display:inline-block;width:4.83px"> </div>(if so<div style="display:inline-block;width:4.8px"> </div>payable) on<div style="display:inline-block;width:5.15px"> </div>demand any<div style="display:inline-block;width:4.88px"> </div>sum </div><div id="a8195" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">payable under a Finance Document or under any document relating to a Finance Document; or </div><div id="a8197" style="position:absolute;font-family:'Calibri';left:94.59px;top:491px;">(b)</div><div id="a8199" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">any<div style="display:inline-block;width:5.07px"> </div>breach<div style="display:inline-block;width:4.76px"> </div>occurs<div style="display:inline-block;width:4.94px"> </div>of<div style="display:inline-block;width:4.87px"> </div>Clauses </div><div id="a8200" style="position:absolute;font-family:'Calibri';left:323.91px;top:491px;"><a href="#a5158" style="color:#000000;text-decoration:none;">9.2</a></div><div id="a8201" style="position:absolute;font-family:'Calibri';left:342.47px;top:491px;"><div style="display:inline-block;width:4.8px"> </div>(</div><div id="a8203" style="position:absolute;font-family:'Calibri';font-style:italic;left:351.75px;top:491px;">Waiver<div style="display:inline-block;width:5.26px"> </div>of<div style="display:inline-block;width:4.75px"> </div>conditions precedent</div><div id="a8204" style="position:absolute;font-family:'Calibri';left:541.53px;top:491px;">), </div><div id="a8206" style="position:absolute;font-family:'Calibri';left:554.33px;top:491px;"><a href="#a5448" style="color:#000000;text-decoration:none;">10.17</a></div><div id="a8207" style="position:absolute;font-family:'Calibri';left:587.77px;top:491px;"><div style="display:inline-block;width:4.8px"> </div>(</div><div id="a8209" style="position:absolute;font-family:'Calibri';font-style:italic;left:597.05px;top:491px;">No<div style="display:inline-block;width:4.72px"> </div>immunity</div><div id="a8210" style="position:absolute;font-family:'Calibri';left:675.33px;top:491px;">), </div><div id="a8212" style="position:absolute;font-family:'Calibri';left:688.13px;top:491px;"><a href="#a5456" style="color:#000000;text-decoration:none;">10.18</a></div><div id="a8214" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">(</div><div id="a8215" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:509px;">Sanctions</div><div id="a8216" style="position:absolute;font-family:'Calibri';left:203.23px;top:509px;">), </div><div id="a8218" style="position:absolute;font-family:'Calibri';left:213.95px;top:509px;"><a href="#a5539" style="color:#000000;text-decoration:none;">11.2 (</a></div><div id="a8221" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.07px;top:509px;">Title; negative<div style="display:inline-block;width:1.77px"> </div>pledge</div><div id="a8222" style="position:absolute;font-family:'Calibri';left:373.67px;top:509px;">), </div><div id="a8224" style="position:absolute;font-family:'Calibri';left:384.39px;top:509px;"><a href="#a5562" style="color:#000000;text-decoration:none;">11.3 (</a></div><div id="a8227" style="position:absolute;font-family:'Calibri';font-style:italic;left:417.67px;top:509px;">No disposal<div style="display:inline-block;width:1.72px"> </div>of assets</div><div id="a8228" style="position:absolute;font-family:'Calibri';left:539.61px;top:509px;">), </div><div id="a8230" style="position:absolute;font-family:'Calibri';left:550.33px;top:509px;"><a href="#a5718" style="color:#000000;text-decoration:none;">11.9 (</a></div><div id="a8233" style="position:absolute;font-family:'Calibri';font-style:italic;left:583.61px;top:509px;">Consents</div><div id="a8234" style="position:absolute;font-family:'Calibri';left:637.09px;top:509px;">), </div><div id="a8236" style="position:absolute;font-family:'Calibri';left:647.81px;top:509px;"><a href="#a5883" style="color:#000000;text-decoration:none;">11.18 (</a></div><div id="a8239" style="position:absolute;font-family:'Calibri';font-style:italic;left:688.45px;top:509px;">Know </div><div id="a8240" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:527px;">your<div style="display:inline-block;width:7.81px"> </div>customer</div><div id="a8241" style="position:absolute;font-family:'Calibri';left:231.87px;top:527px;">),<div style="display:inline-block;width:7.7px"> </div>11.20<div style="display:inline-block;width:7.88px"> </div>(</div><div id="a8245" style="position:absolute;font-family:'Calibri';font-style:italic;left:293.67px;top:527px;">Bribery<div style="display:inline-block;width:7.66px"> </div>and<div style="display:inline-block;width:7.69px"> </div>anti-corruption<div style="display:inline-block;width:7.8px"> </div>laws</div><div id="a8248" style="position:absolute;font-family:'Calibri';left:499.45px;top:527px;">), </div><div id="a8250" style="position:absolute;font-family:'Calibri';left:515.45px;top:527px;"><a href="#a5947" style="color:#000000;text-decoration:none;">11.21</a></div><div id="a8251" style="position:absolute;font-family:'Calibri';left:548.89px;top:527px;"><div style="display:inline-block;width:7.84px"> </div>(</div><div id="a8253" style="position:absolute;font-family:'Calibri';font-style:italic;left:561.21px;top:527px;">Sanctions</div><div id="a8254" style="position:absolute;font-family:'Calibri';left:618.05px;top:527px;">),<div style="display:inline-block;width:7.7px"> </div>11.22<div style="display:inline-block;width:7.88px"> </div>(</div><div id="a8257" style="position:absolute;font-family:'Calibri';font-style:italic;left:679.81px;top:527px;">Use<div style="display:inline-block;width:7.72px"> </div>of </div><div id="a8258" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:545px;">proceeds</div><div id="a8259" style="position:absolute;font-family:'Calibri';left:195.39px;top:545px;">), </div><div id="a8260" style="position:absolute;font-family:'Calibri';left:209.63px;top:545px;"><a href="#a6022" style="color:#000000;text-decoration:none;">12.2</a></div><div id="a8261" style="position:absolute;font-family:'Calibri';left:235.55px;top:545px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a8263" style="position:absolute;font-family:'Calibri';font-style:italic;left:246.27px;top:545px;">Maintenance<div style="display:inline-block;width:6.28px"> </div>of<div style="display:inline-block;width:6.19px"> </div>status)</div><div id="a8264" style="position:absolute;font-family:'Calibri';left:390.15px;top:545px;letter-spacing:-0.15px;">, </div><div id="a8265" style="position:absolute;font-family:'Calibri';left:399.91px;top:545px;"><a href="#a6034" style="color:#000000;text-decoration:none;">12.3</a></div><div id="a8266" style="position:absolute;font-family:'Calibri';left:425.83px;top:545px;"><div style="display:inline-block;width:6.27px"> </div>(</div><div id="a8268" style="position:absolute;font-family:'Calibri';font-style:italic;left:436.57px;top:545px;">Negative<div style="display:inline-block;width:5.97px"> </div>undertakings</div><div id="a8269" style="position:absolute;font-family:'Calibri';left:574.01px;top:545px;">), </div><div id="a8271" style="position:absolute;font-family:'Calibri';left:588.25px;top:545px;"><a href="#a6124" style="color:#000000;text-decoration:none;">13.2</a></div><div id="a8272" style="position:absolute;font-family:'Calibri';left:614.21px;top:545px;"><div style="display:inline-block;width:6.24px"> </div>(</div><div id="a8274" style="position:absolute;font-family:'Calibri';font-style:italic;left:624.77px;top:545px;">Maintenance<div style="display:inline-block;width:6.44px"> </div>of </div><div id="a8275" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:563px;">obligatory<div style="display:inline-block;width:5.21px"> </div>insurances</div><div id="a8276" style="position:absolute;font-family:'Calibri';left:271.11px;top:563px;">), </div><div id="a8278" style="position:absolute;font-family:'Calibri';left:284.39px;top:563px;"><a href="#a6152" style="color:#000000;text-decoration:none;">13.3</a></div><div id="a8279" style="position:absolute;font-family:'Calibri';left:310.47px;top:563px;"><div style="display:inline-block;width:5.28px"> </div>(</div><div id="a8281" style="position:absolute;font-family:'Calibri';font-style:italic;left:320.23px;top:563px;">Terms<div style="display:inline-block;width:6.38px"> </div>of<div style="display:inline-block;width:5.07px"> </div>obligatory<div style="display:inline-block;width:5.21px"> </div>insurances</div><div id="a8282" style="position:absolute;font-family:'Calibri';left:508.41px;top:563px;">), </div><div id="a8284" style="position:absolute;font-family:'Calibri';left:521.69px;top:563px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a8285" style="position:absolute;font-family:'Calibri';left:547.77px;top:563px;"><div style="display:inline-block;width:5.28px"> </div>(</div><div id="a8287" style="position:absolute;font-family:'Calibri';font-style:italic;left:557.37px;top:563px;">Minimum<div style="display:inline-block;width:5.11px"> </div>required<div style="display:inline-block;width:5.13px"> </div>security </div><div id="a8288" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:581px;">cover</div><div id="a8289" style="position:absolute;font-family:'Calibri';left:174.11px;top:581px;">), </div><div id="a8291" style="position:absolute;font-family:'Calibri';left:187.39px;top:581px;"><a href="#a7458" style="color:#000000;text-decoration:none;">15.2</a></div><div id="a8292" style="position:absolute;font-family:'Calibri';left:213.31px;top:581px;"><div style="display:inline-block;width:5.28px"> </div>(</div><div id="a8294" style="position:absolute;font-family:'Calibri';font-style:italic;left:222.91px;top:581px;">Provision<div style="display:inline-block;width:5.21px"> </div>of<div style="display:inline-block;width:4.91px"> </div>additional<div style="display:inline-block;width:4.98px"> </div>security;<div style="display:inline-block;width:5.03px"> </div>prepayment</div><div id="a8295" style="position:absolute;font-family:'Calibri';left:492.57px;top:581px;">)<div style="display:inline-block;width:5.14px"> </div>and<div style="display:inline-block;width:5px"> </div>12.4<div style="display:inline-block;width:5.1px"> </div>(</div><div id="a8296" style="position:absolute;font-family:'Calibri';font-style:italic;left:565.37px;top:581px;">Compliance<div style="display:inline-block;width:4.99px"> </div>Check)</div><div id="a8297" style="position:absolute;font-family:'Calibri';left:679.17px;top:581px;"><div style="display:inline-block;width:5.12px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the </div><div id="a8299" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">Corporate Guarantee; or </div><div id="a8301" style="position:absolute;font-family:'Calibri';left:94.59px;top:632px;">(c)</div><div id="a8303" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">any breach by any<div style="display:inline-block;width:4.82px"> </div>Borrower or any Security Party occurs<div style="display:inline-block;width:4.84px"> </div>of any provision of a<div style="display:inline-block;width:4.73px"> </div>Finance Document </div><div id="a8304" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">(other<div style="display:inline-block;width:5.53px"> </div>than<div style="display:inline-block;width:5.51px"> </div>a<div style="display:inline-block;width:5.59px"> </div>breach<div style="display:inline-block;width:5.72px"> </div>covered<div style="display:inline-block;width:5.82px"> </div>by<div style="display:inline-block;width:5.68px"> </div>paragraphs </div><div id="a8305" style="position:absolute;font-family:'Calibri';left:423.11px;top:650px;"><a href="#a8191" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a8306" style="position:absolute;font-family:'Calibri';left:439.13px;top:650px;"><div style="display:inline-block;width:5.44px"> </div>or </div><div id="a8308" style="position:absolute;font-family:'Calibri';left:463.13px;top:650px;"><a href="#a8197" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a8309" style="position:absolute;font-family:'Calibri';left:479.61px;top:650px;">)<div style="display:inline-block;width:5.62px"> </div>which,<div style="display:inline-block;width:5.53px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.45px"> </div>opinion<div style="display:inline-block;width:5.4px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Majority </div><div id="a8311" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">Lenders,<div style="display:inline-block;width:5.23px"> </div>is<div style="display:inline-block;width:4.78px"> </div>capable<div style="display:inline-block;width:4.83px"> </div>of<div style="display:inline-block;width:5.03px"> </div>remedy,<div style="display:inline-block;width:6.04px"> </div>and<div style="display:inline-block;width:4.84px"> </div>such<div style="display:inline-block;width:4.87px"> </div>default<div style="display:inline-block;width:5.13px"> </div>continues<div style="display:inline-block;width:5.04px"> </div>un-remedied<div style="display:inline-block;width:4.98px"> </div>ten<div style="display:inline-block;width:4.97px"> </div>days<div style="display:inline-block;width:5.36px"> </div>after<div style="display:inline-block;width:5.07px"> </div>written </div><div id="a8314" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">notice from the Agent requesting action to remedy the same; or </div><div id="a8316" style="position:absolute;font-family:'Calibri';left:94.59px;top:720px;">(d)</div><div id="a8318" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">(subject<div style="display:inline-block;width:4.95px"> </div>to<div style="display:inline-block;width:5.21px"> </div>any<div style="display:inline-block;width:5.23px"> </div>applicable<div style="display:inline-block;width:4.9px"> </div>grace<div style="display:inline-block;width:5.4px"> </div>period<div style="display:inline-block;width:4.94px"> </div>specified<div style="display:inline-block;width:4.89px"> </div>in<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Finance<div style="display:inline-block;width:4.83px"> </div>Document)<div style="display:inline-block;width:5.15px"> </div>any<div style="display:inline-block;width:5.23px"> </div>breach<div style="display:inline-block;width:5.08px"> </div>by<div style="display:inline-block;width:5.2px"> </div>any </div><div id="a8319" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">Borrower or any<div style="display:inline-block;width:1.81px"> </div>Security Party<div style="display:inline-block;width:1.78px"> </div>occurs of any<div style="display:inline-block;width:1.65px"> </div>provision of<div style="display:inline-block;width:1.91px"> </div>a Finance<div style="display:inline-block;width:1.65px"> </div>Document (other<div style="display:inline-block;width:1.74px"> </div>than a<div style="display:inline-block;width:1.85px"> </div>breach </div><div id="a8320" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">falling within paragraphs </div><div id="a8321" style="position:absolute;font-family:'Calibri';left:292.71px;top:756px;"><a href="#a8191" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a8322" style="position:absolute;font-family:'Calibri';left:308.55px;top:756px;">, </div><div id="a8323" style="position:absolute;font-family:'Calibri';left:315.59px;top:756px;"><a href="#a8197" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a8324" style="position:absolute;font-family:'Calibri';left:332.23px;top:756px;"><div style="display:inline-block;width:3.2px"> </div>or </div><div id="a8326" style="position:absolute;font-family:'Calibri';left:351.75px;top:756px;"><a href="#a8301" style="color:#000000;text-decoration:none;">(c)</a></div><div id="a8327" style="position:absolute;font-family:'Calibri';left:366.79px;top:756px;">); or </div><div id="a8329" style="position:absolute;font-family:'Calibri';left:94.59px;top:790px;">(e)</div><div id="a8331" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">any representation, warranty or statement made or repeated by, or by an officer of, the Borrower </div><div id="a8332" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">or<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Security<div style="display:inline-block;width:4.97px"> </div>Party<div style="display:inline-block;width:5.42px"> </div>in<div style="display:inline-block;width:5.21px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Finance<div style="display:inline-block;width:4.99px"> </div>Document<div style="display:inline-block;width:5.13px"> </div>or<div style="display:inline-block;width:5.19px"> </div>in<div style="display:inline-block;width:5.27px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Drawdown<div style="display:inline-block;width:5.64px"> </div>Notice<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.23px"> </div>other<div style="display:inline-block;width:5.2px"> </div>notice<div style="display:inline-block;width:5.05px"> </div>or </div><div id="a8335" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">document relating<div style="display:inline-block;width:5.12px"> </div>to a<div style="display:inline-block;width:4.91px"> </div>Finance Document is<div style="display:inline-block;width:5.21px"> </div>materially untrue<div style="display:inline-block;width:4.95px"> </div>or misleading when<div style="display:inline-block;width:5.27px"> </div>it is<div style="display:inline-block;width:4.67px"> </div>made or </div><div id="a8336" style="position:absolute;font-family:'Calibri';left:141.79px;top:844px;">repeated; or </div><div id="a8338" style="position:absolute;font-family:'Calibri';left:94.59px;top:877px;">(f)</div><div id="a8340" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">any of the<div style="display:inline-block;width:4.73px"> </div>following occurs in<div style="display:inline-block;width:4.84px"> </div>relation to any<div style="display:inline-block;width:4.94px"> </div>Financial Indebtedness of a Relevant<div style="display:inline-block;width:5.3px"> </div>Person (in<div style="display:inline-block;width:4.76px"> </div>the </div><div id="a8342" style="position:absolute;font-family:'Calibri';left:141.79px;top:895px;">case<div style="display:inline-block;width:6.41px"> </div>of<div style="display:inline-block;width:6.15px"> </div>all<div style="display:inline-block;width:6.19px"> </div>Relevant<div style="display:inline-block;width:6.7px"> </div>Persons<div style="display:inline-block;width:6.64px"> </div>(taken<div style="display:inline-block;width:6.94px"> </div>as<div style="display:inline-block;width:6.23px"> </div>a<div style="display:inline-block;width:6.07px"> </div>whole)<div style="display:inline-block;width:6.2px"> </div>exceeding<div style="display:inline-block;width:6.45px"> </div>in<div style="display:inline-block;width:6.17px"> </div>aggregate<div style="display:inline-block;width:6.79px"> </div>$10,000,000<div style="display:inline-block;width:5.99px"> </div>(or<div style="display:inline-block;width:6.16px"> </div>the </div><div id="a8345" style="position:absolute;font-family:'Calibri';left:141.79px;top:913px;">equivalent in any other currency)<div style="display:inline-block;width:1.72px"> </div>at any relevant time </div><div id="a8347" style="position:absolute;font-family:'Calibri';font-weight:bold;left:462.97px;top:913px;">Provided that</div><div id="a8348" style="position:absolute;font-family:'Calibri';left:545.85px;top:913px;"><div style="display:inline-block;width:3.04px"> </div>in the case of<div style="display:inline-block;width:1.71px"> </div>each Borrower, </div></div>
</div>
<div style="padding: 7px">
<div id="Page70" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8352" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">individually,<div style="display:inline-block;width:7.43px"> </div>any<div style="display:inline-block;width:6.83px"> </div>Financial<div style="display:inline-block;width:6.35px"> </div>Indebtedness<div style="display:inline-block;width:6.63px"> </div>exceeding<div style="display:inline-block;width:6.93px"> </div>$500,000<div style="display:inline-block;width:6.5px"> </div>(or<div style="display:inline-block;width:6.48px"> </div>the<div style="display:inline-block;width:6.57px"> </div>equivalent<div style="display:inline-block;width:6.56px"> </div>in<div style="display:inline-block;width:6.49px"> </div>any<div style="display:inline-block;width:6.83px"> </div>other </div><div id="a8353" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">currency)): </div><div id="a8357" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">(i)</div><div id="a8359" style="position:absolute;font-family:'Calibri';left:189.15px;top:146px;">any Financial Indebtedness of a Relevant Person is not paid when due; or </div><div id="a8361" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">(ii)</div><div id="a8363" style="position:absolute;font-family:'Calibri';left:189.15px;top:180px;">any Financial Indebtedness of<div style="display:inline-block;width:4.92px"> </div>a Relevant Person<div style="display:inline-block;width:5.35px"> </div>becomes due and payable<div style="display:inline-block;width:4.99px"> </div>or capable of </div><div id="a8364" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">being declared due and payable prior to<div style="display:inline-block;width:4.67px"> </div>its stated maturity date as a consequence of<div style="display:inline-block;width:4.72px"> </div>any </div><div id="a8365" style="position:absolute;font-family:'Calibri';left:189.15px;top:216px;">event of default; or </div><div id="a8367" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">(iii)</div><div id="a8369" style="position:absolute;font-family:'Calibri';left:189.15px;top:250px;">a<div style="display:inline-block;width:5.75px"> </div>lease,<div style="display:inline-block;width:5.81px"> </div>hire<div style="display:inline-block;width:5.91px"> </div>purchase<div style="display:inline-block;width:5.85px"> </div>agreement<div style="display:inline-block;width:5.7px"> </div>or<div style="display:inline-block;width:5.83px"> </div>charter<div style="display:inline-block;width:5.91px"> </div>creating<div style="display:inline-block;width:5.71px"> </div>any<div style="display:inline-block;width:6.03px"> </div>Financial<div style="display:inline-block;width:5.55px"> </div>Indebtedness<div style="display:inline-block;width:5.83px"> </div>of<div style="display:inline-block;width:5.67px"> </div>a </div><div id="a8370" style="position:absolute;font-family:'Calibri';left:189.15px;top:268px;">Relevant<div style="display:inline-block;width:7.02px"> </div>Person<div style="display:inline-block;width:7.07px"> </div>is<div style="display:inline-block;width:6.38px"> </div>terminated<div style="display:inline-block;width:6.76px"> </div>by<div style="display:inline-block;width:6.48px"> </div>the<div style="display:inline-block;width:6.41px"> </div>lessor<div style="display:inline-block;width:6.33px"> </div>or<div style="display:inline-block;width:6.47px"> </div>owner<div style="display:inline-block;width:6.38px"> </div>or<div style="display:inline-block;width:6.47px"> </div>becomes<div style="display:inline-block;width:6.4px"> </div>capable<div style="display:inline-block;width:6.43px"> </div>of<div style="display:inline-block;width:6.63px"> </div>being </div><div id="a8371" style="position:absolute;font-family:'Calibri';left:189.15px;top:286px;">terminated as a consequence of any termination event; or </div><div id="a8373" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">(iv)</div><div id="a8375" style="position:absolute;font-family:'Calibri';left:189.15px;top:320px;">any overdraft,<div style="display:inline-block;width:5.54px"> </div>loan, note issuance,<div style="display:inline-block;width:4.88px"> </div>acceptance credit, letter<div style="display:inline-block;width:5.55px"> </div>of credit, guarantee,<div style="display:inline-block;width:5.48px"> </div>foreign </div><div id="a8376" style="position:absolute;font-family:'Calibri';left:189.15px;top:338px;">exchange or other facility, or any swap or<div style="display:inline-block;width:1.85px"> </div>other derivative contract or transaction,<div style="display:inline-block;width:1.54px"> </div>relating </div><div id="a8377" style="position:absolute;font-family:'Calibri';left:189.15px;top:355px;">to<div style="display:inline-block;width:5.37px"> </div>any<div style="display:inline-block;width:5.39px"> </div>Financial<div style="display:inline-block;width:4.91px"> </div>Indebtedness<div style="display:inline-block;width:5.03px"> </div>of<div style="display:inline-block;width:5.19px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Relevant<div style="display:inline-block;width:5.58px"> </div>Person<div style="display:inline-block;width:5.63px"> </div>ceases<div style="display:inline-block;width:5.04px"> </div>to<div style="display:inline-block;width:5.21px"> </div>be<div style="display:inline-block;width:5.1px"> </div>available<div style="display:inline-block;width:5.33px"> </div>or<div style="display:inline-block;width:5.19px"> </div>becomes </div><div id="a8379" style="position:absolute;font-family:'Calibri';left:189.15px;top:373px;">capable of being terminated as<div style="display:inline-block;width:4.75px"> </div>a result of any event<div style="display:inline-block;width:4.94px"> </div>of default, or cash cover<div style="display:inline-block;width:5.2px"> </div>is required, </div><div id="a8380" style="position:absolute;font-family:'Calibri';left:189.15px;top:391px;">or becomes capable of being required, in respect of such a facility as a result of any event </div><div id="a8381" style="position:absolute;font-family:'Calibri';left:189.15px;top:409px;">of default; or </div><div id="a8383" style="position:absolute;font-family:'Calibri';left:141.79px;top:443px;">(v)</div><div id="a8385" style="position:absolute;font-family:'Calibri';left:189.15px;top:443px;">any Security<div style="display:inline-block;width:5.11px"> </div>Interest<div style="display:inline-block;width:4.69px"> </div>securing any<div style="display:inline-block;width:4.81px"> </div>Financial Indebtedness<div style="display:inline-block;width:4.85px"> </div>of a<div style="display:inline-block;width:4.89px"> </div>Relevant Person<div style="display:inline-block;width:5.81px"> </div>becomes </div><div id="a8386" style="position:absolute;font-family:'Calibri';left:189.15px;top:461px;">enforceable; or </div><div id="a8388" style="position:absolute;font-family:'Calibri';left:94.59px;top:495px;">(g)</div><div id="a8390" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">any of the following occurs in relation to a Relevant Person: </div><div id="a8392" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">(i)</div><div id="a8394" style="position:absolute;font-family:'Calibri';left:189.15px;top:529px;">a Relevant Person becomes, in<div style="display:inline-block;width:1.66px"> </div>the opinion of<div style="display:inline-block;width:1.54px"> </div>the Majority Lenders,<div style="display:inline-block;width:1.8px"> </div>unable to pay its<div style="display:inline-block;width:1.54px"> </div>debts </div><div id="a8396" style="position:absolute;font-family:'Calibri';left:189.15px;top:547px;">as they fall due; or </div><div id="a8398" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">(ii)</div><div id="a8400" style="position:absolute;font-family:'Calibri';left:189.15px;top:581px;">any assets of a Relevant<div style="display:inline-block;width:5.21px"> </div>Person are subject to<div style="display:inline-block;width:4.88px"> </div>any form of execution,<div style="display:inline-block;width:5.1px"> </div>attachment, arrest, </div><div id="a8401" style="position:absolute;font-family:'Calibri';left:189.15px;top:599px;">sequestration or<div style="display:inline-block;width:5.51px"> </div>distress in<div style="display:inline-block;width:5.27px"> </div>respect of<div style="display:inline-block;width:5.15px"> </div>a sum<div style="display:inline-block;width:5.01px"> </div>of,<div style="display:inline-block;width:5.14px"> </div>or sums<div style="display:inline-block;width:5px"> </div>exceeding, in<div style="display:inline-block;width:5.29px"> </div>aggregate,<div style="display:inline-block;width:4.75px"> </div>in the </div><div id="a8404" style="position:absolute;font-family:'Calibri';left:189.15px;top:616px;">case of all<div style="display:inline-block;width:1.85px"> </div>Relevant Persons (taken as a whole)<div style="display:inline-block;width:1.66px"> </div>$10,000,000 (or the<div style="display:inline-block;width:1.51px"> </div>equivalent in any other </div><div id="a8408" style="position:absolute;font-family:'Calibri';left:189.15px;top:634px;">currency) at<div style="display:inline-block;width:5.03px"> </div>any relevant<div style="display:inline-block;width:5.31px"> </div>time<div style="display:inline-block;width:3.85px"> </div></div><div id="a8410" style="position:absolute;font-family:'Calibri';font-weight:bold;left:379.91px;top:634px;">Provided that</div><div id="a8411" style="position:absolute;font-family:'Calibri';left:463.77px;top:634px;"><div style="display:inline-block;width:4.16px"> </div>in the case<div style="display:inline-block;width:5.29px"> </div>of each<div style="display:inline-block;width:4.72px"> </div>Borrower,<div style="display:inline-block;width:5.56px"> </div>individually, </div><div id="a8413" style="position:absolute;font-family:'Calibri';left:189.15px;top:652px;">any<div style="display:inline-block;width:5.39px"> </div>sum<div style="display:inline-block;width:4.83px"> </div>of,<div style="display:inline-block;width:5.94px"> </div>or<div style="display:inline-block;width:5.19px"> </div>sums<div style="display:inline-block;width:4.83px"> </div>exceeding,<div style="display:inline-block;width:5.17px"> </div>in<div style="display:inline-block;width:5.05px"> </div>aggregate<div style="display:inline-block;width:5.57px"> </div>$500,000<div style="display:inline-block;width:4.9px"> </div>(or<div style="display:inline-block;width:5.04px"> </div>the<div style="display:inline-block;width:4.97px"> </div>equivalent<div style="display:inline-block;width:5.28px"> </div>in<div style="display:inline-block;width:5.05px"> </div>any<div style="display:inline-block;width:5.23px"> </div>other </div><div id="a8417" style="position:absolute;font-family:'Calibri';left:189.15px;top:670px;">currency); </div><div id="a8420" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">(iii)</div><div id="a8422" style="position:absolute;font-family:'Calibri';left:189.15px;top:704px;">any administrative or other receiver is appointed over any asset of a Relevant Person;<div style="display:inline-block;width:5.07px"> </div>or </div><div id="a8425" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">(iv)</div><div id="a8427" style="position:absolute;font-family:'Calibri';left:189.15px;top:738px;">an administrator is appointed (whether<div style="display:inline-block;width:1.94px"> </div>by the court or<div style="display:inline-block;width:1.71px"> </div>otherwise) in respect<div style="display:inline-block;width:1.91px"> </div>of a Relevant </div><div id="a8428" style="position:absolute;font-family:'Calibri';left:189.15px;top:756px;">Person; or </div><div id="a8430" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">(v)</div><div id="a8432" style="position:absolute;font-family:'Calibri';left:189.15px;top:790px;">any formal declaration of<div style="display:inline-block;width:1.58px"> </div>bankruptcy or any<div style="display:inline-block;width:1.81px"> </div>formal statement to the<div style="display:inline-block;width:1.73px"> </div>effect that a<div style="display:inline-block;width:1.88px"> </div>Relevant </div><div id="a8433" style="position:absolute;font-family:'Calibri';left:189.15px;top:808px;">Person is<div style="display:inline-block;width:5.17px"> </div>insolvent or<div style="display:inline-block;width:4.77px"> </div>likely to<div style="display:inline-block;width:5.3px"> </div>become insolvent<div style="display:inline-block;width:4.7px"> </div>is made by<div style="display:inline-block;width:5.3px"> </div>a Relevant<div style="display:inline-block;width:5.12px"> </div>Person or<div style="display:inline-block;width:5.25px"> </div>by the </div><div id="a8434" style="position:absolute;font-family:'Calibri';left:189.15px;top:826px;">directors<div style="display:inline-block;width:4.98px"> </div>of a<div style="display:inline-block;width:5.69px"> </div>Relevant<div style="display:inline-block;width:4.78px"> </div>Person<div style="display:inline-block;width:4.99px"> </div>or,<div style="display:inline-block;width:5.82px"> </div>in any<div style="display:inline-block;width:5.73px"> </div>proceedings, by<div style="display:inline-block;width:5.56px"> </div>a lawyer<div style="display:inline-block;width:5.74px"> </div>acting for<div style="display:inline-block;width:5.75px"> </div>a Relevant </div><div id="a8436" style="position:absolute;font-family:'Calibri';left:189.15px;top:844px;">Person; or<div style="display:inline-block;width:3.75px"> </div></div><div id="a8438" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">(vi)</div><div id="a8440" style="position:absolute;font-family:'Calibri';left:189.15px;top:877px;">a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is </div><div id="a8441" style="position:absolute;font-family:'Calibri';left:189.15px;top:895px;">made in relation<div style="display:inline-block;width:4.89px"> </div>to a Relevant<div style="display:inline-block;width:5.24px"> </div>Person or<div style="display:inline-block;width:4.77px"> </div>a winding up resolution<div style="display:inline-block;width:4.99px"> </div>is passed by a<div style="display:inline-block;width:5.03px"> </div>Relevant </div><div id="a8442" style="position:absolute;font-family:'Calibri';left:189.15px;top:913px;">Person; or<div style="display:inline-block;width:3.75px"> </div></div></div>
</div>
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<div id="a8446" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(vii)</div><div id="a8448" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">a resolution is passed, an administration notice is given or filed, an application or petition </div><div id="a8449" style="position:absolute;font-family:'Calibri';left:189.15px;top:112px;">to a court is made or presented<div style="display:inline-block;width:4.98px"> </div>or any other step is<div style="display:inline-block;width:4.67px"> </div>taken by (aa) a<div style="display:inline-block;width:4.7px"> </div>Relevant Person, (bb) </div><div id="a8450" style="position:absolute;font-family:'Calibri';left:189.15px;top:130px;">the members<div style="display:inline-block;width:5.11px"> </div>or directors<div style="display:inline-block;width:5.23px"> </div>of a<div style="display:inline-block;width:5.05px"> </div>Relevant Person,<div style="display:inline-block;width:5.97px"> </div>(cc) a<div style="display:inline-block;width:4.73px"> </div>holder of<div style="display:inline-block;width:5.03px"> </div>Security Interests<div style="display:inline-block;width:5.33px"> </div>which </div><div id="a8452" style="position:absolute;font-family:'Calibri';left:189.15px;top:148px;">together<div style="display:inline-block;width:5.88px"> </div>relate<div style="display:inline-block;width:5.83px"> </div>to<div style="display:inline-block;width:5.69px"> </div>all<div style="display:inline-block;width:5.23px"> </div>or<div style="display:inline-block;width:5.67px"> </div>substantially<div style="display:inline-block;width:5.88px"> </div>all<div style="display:inline-block;width:5.39px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.45px"> </div>assets<div style="display:inline-block;width:5.26px"> </div>of<div style="display:inline-block;width:5.67px"> </div>a<div style="display:inline-block;width:5.43px"> </div>Relevant<div style="display:inline-block;width:5.9px"> </div>Person,<div style="display:inline-block;width:5.96px"> </div>or<div style="display:inline-block;width:5.51px"> </div>(dd)<div style="display:inline-block;width:5.37px"> </div>a </div><div id="a8453" style="position:absolute;font-family:'Calibri';left:189.15px;top:166px;">government<div style="display:inline-block;width:5.09px"> </div>minister<div style="display:inline-block;width:5.01px"> </div>or<div style="display:inline-block;width:5.03px"> </div>public or<div style="display:inline-block;width:6.32px"> </div>regulatory<div style="display:inline-block;width:4.93px"> </div>authority<div style="display:inline-block;width:4.69px"> </div>of<div style="display:inline-block;width:5.03px"> </div>a Pertinent<div style="display:inline-block;width:6.6px"> </div>Jurisdiction for<div style="display:inline-block;width:6.32px"> </div>or </div><div id="a8454" style="position:absolute;font-family:'Calibri';left:189.15px;top:184px;">with a view to the winding up of that or another Relevant Person or the appointment of a </div><div id="a8456" style="position:absolute;font-family:'Calibri';left:189.15px;top:202px;">provisional<div style="display:inline-block;width:4.67px"> </div>liquidator or<div style="display:inline-block;width:5.37px"> </div>administrator<div style="display:inline-block;width:4.78px"> </div>in respect<div style="display:inline-block;width:5.33px"> </div>of that<div style="display:inline-block;width:5.35px"> </div>or another<div style="display:inline-block;width:5.23px"> </div>Relevant<div style="display:inline-block;width:4.78px"> </div>Person,<div style="display:inline-block;width:4.68px"> </div>or </div><div id="a8457" style="position:absolute;font-family:'Calibri';left:189.15px;top:220px;">that or another<div style="display:inline-block;width:4.91px"> </div>Relevant Person<div style="display:inline-block;width:5.33px"> </div>ceasing or suspending business<div style="display:inline-block;width:4.78px"> </div>operations or<div style="display:inline-block;width:4.77px"> </div>payments </div><div id="a8458" style="position:absolute;font-family:'Calibri';left:189.15px;top:238px;">to<div style="display:inline-block;width:5.05px"> </div>creditors,<div style="display:inline-block;width:5.14px"> </div>save<div style="display:inline-block;width:5.13px"> </div>that<div style="display:inline-block;width:4.77px"> </div>this paragraph<div style="display:inline-block;width:6.41px"> </div>does<div style="display:inline-block;width:4.86px"> </div>not<div style="display:inline-block;width:4.85px"> </div>apply to<div style="display:inline-block;width:6.19px"> </div>a<div style="display:inline-block;width:4.79px"> </div>fully<div style="display:inline-block;width:4.76px"> </div>solvent<div style="display:inline-block;width:4.75px"> </div>winding up<div style="display:inline-block;width:5.96px"> </div>of<div style="display:inline-block;width:4.87px"> </div>a </div><div id="a8460" style="position:absolute;font-family:'Calibri';left:189.15px;top:256px;">Relevant Person<div style="display:inline-block;width:5.49px"> </div>other than a<div style="display:inline-block;width:5px"> </div>Borrower or<div style="display:inline-block;width:4.71px"> </div>the Corporate<div style="display:inline-block;width:4.92px"> </div>Guarantor which<div style="display:inline-block;width:4.81px"> </div>is, or is<div style="display:inline-block;width:4.91px"> </div>to be, </div><div id="a8461" style="position:absolute;font-family:'Calibri';left:189.15px;top:274px;">effected<div style="display:inline-block;width:4.87px"> </div>for the<div style="display:inline-block;width:5.21px"> </div>purposes of<div style="display:inline-block;width:4.68px"> </div>an amalgamation<div style="display:inline-block;width:4.94px"> </div>or reconstruction<div style="display:inline-block;width:5.14px"> </div>previously approved<div style="display:inline-block;width:5.15px"> </div>by </div><div id="a8462" style="position:absolute;font-family:'Calibri';left:189.15px;top:291px;">the Majority Lenders and effected<div style="display:inline-block;width:5.17px"> </div>not later than three months<div style="display:inline-block;width:4.77px"> </div>after the commencement </div><div id="a8464" style="position:absolute;font-family:'Calibri';left:189.15px;top:309px;">of the winding up; or </div><div id="a8466" style="position:absolute;font-family:'Calibri';left:141.79px;top:343px;">(viii)</div><div id="a8468" style="position:absolute;font-family:'Calibri';left:189.15px;top:343px;">an administration<div style="display:inline-block;width:4.7px"> </div>notice is given<div style="display:inline-block;width:4.75px"> </div>or filed, an<div style="display:inline-block;width:4.81px"> </div>application or petition<div style="display:inline-block;width:4.86px"> </div>to a court<div style="display:inline-block;width:4.96px"> </div>is made or </div><div id="a8469" style="position:absolute;font-family:'Calibri';left:189.15px;top:361px;">presented or any<div style="display:inline-block;width:1.65px"> </div>other step is<div style="display:inline-block;width:1.26px"> </div>taken by a<div style="display:inline-block;width:1.77px"> </div>creditor of a<div style="display:inline-block;width:1.16px"> </div>Relevant Person (other than<div style="display:inline-block;width:1.23px"> </div>a holder </div><div id="a8470" style="position:absolute;font-family:'Calibri';left:189.15px;top:379px;">of<div style="display:inline-block;width:5.51px"> </div>Security<div style="display:inline-block;width:5.29px"> </div>Interests<div style="display:inline-block;width:5.82px"> </div>which<div style="display:inline-block;width:5.21px"> </div>together<div style="display:inline-block;width:5.72px"> </div>relate<div style="display:inline-block;width:5.83px"> </div>to<div style="display:inline-block;width:5.53px"> </div>all<div style="display:inline-block;width:5.23px"> </div>or<div style="display:inline-block;width:5.35px"> </div>substantially<div style="display:inline-block;width:5.88px"> </div>all<div style="display:inline-block;width:5.34px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.29px"> </div>assets<div style="display:inline-block;width:5.26px"> </div>of<div style="display:inline-block;width:5.51px"> </div>a </div><div id="a8472" style="position:absolute;font-family:'Calibri';left:189.15px;top:397px;">Relevant<div style="display:inline-block;width:7.18px"> </div>Person)<div style="display:inline-block;width:7.09px"> </div>for<div style="display:inline-block;width:6.76px"> </div>the<div style="display:inline-block;width:6.41px"> </div>winding<div style="display:inline-block;width:6.35px"> </div>up<div style="display:inline-block;width:6.45px"> </div>of<div style="display:inline-block;width:6.63px"> </div>a<div style="display:inline-block;width:6.55px"> </div>Relevant<div style="display:inline-block;width:7.18px"> </div>Person<div style="display:inline-block;width:7.07px"> </div>or<div style="display:inline-block;width:6.63px"> </div>the<div style="display:inline-block;width:6.57px"> </div>appointment<div style="display:inline-block;width:6.52px"> </div>of<div style="display:inline-block;width:6.47px"> </div>a </div><div id="a8473" style="position:absolute;font-family:'Calibri';left:189.15px;top:415px;">provisional<div style="display:inline-block;width:5.15px"> </div>liquidator<div style="display:inline-block;width:4.79px"> </div>or<div style="display:inline-block;width:4.87px"> </div>administrator<div style="display:inline-block;width:5.26px"> </div>in<div style="display:inline-block;width:4.89px"> </div>respect<div style="display:inline-block;width:4.89px"> </div>of<div style="display:inline-block;width:4.71px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Relevant<div style="display:inline-block;width:5.26px"> </div>Person<div style="display:inline-block;width:5.47px"> </div>in<div style="display:inline-block;width:4.73px"> </div>any<div style="display:inline-block;width:4.91px"> </div>Pertinent </div><div id="a8474" style="position:absolute;font-family:'Calibri';left:189.15px;top:433px;">Jurisdiction, unless<div style="display:inline-block;width:4.92px"> </div>the proposed<div style="display:inline-block;width:5.42px"> </div>winding up,<div style="display:inline-block;width:5px"> </div>appointment of<div style="display:inline-block;width:5.34px"> </div>a provisional<div style="display:inline-block;width:5.39px"> </div>liquidator or </div><div id="a8476" style="position:absolute;font-family:'Calibri';left:189.15px;top:451px;">administration is being<div style="display:inline-block;width:1.77px"> </div>contested in good<div style="display:inline-block;width:1.81px"> </div>faith, on substantial grounds<div style="display:inline-block;width:1.48px"> </div>and not<div style="display:inline-block;width:1.89px"> </div>with a<div style="display:inline-block;width:1.94px"> </div>view </div><div id="a8477" style="position:absolute;font-family:'Calibri';left:189.15px;top:469px;">to some<div style="display:inline-block;width:5.28px"> </div>other insolvency<div style="display:inline-block;width:5.17px"> </div>law procedure<div style="display:inline-block;width:5.51px"> </div>being implemented<div style="display:inline-block;width:5.09px"> </div>instead and<div style="display:inline-block;width:5.29px"> </div>either (aa)<div style="display:inline-block;width:5.18px"> </div>the </div><div id="a8478" style="position:absolute;font-family:'Calibri';left:189.15px;top:487px;">application<div style="display:inline-block;width:7.02px"> </div>or<div style="display:inline-block;width:6.95px"> </div>petition<div style="display:inline-block;width:6.99px"> </div>is<div style="display:inline-block;width:6.7px"> </div>dismissed<div style="display:inline-block;width:6.86px"> </div>or<div style="display:inline-block;width:6.95px"> </div>withdrawn<div style="display:inline-block;width:7.02px"> </div>within<div style="display:inline-block;width:7.03px"> </div>30<div style="display:inline-block;width:6.84px"> </div>days<div style="display:inline-block;width:7.28px"> </div>of<div style="display:inline-block;width:6.95px"> </div>being<div style="display:inline-block;width:6.74px"> </div>made<div style="display:inline-block;width:6.93px"> </div>or </div><div id="a8480" style="position:absolute;font-family:'Calibri';left:189.15px;top:504px;">presented, or (bb) within 30<div style="display:inline-block;width:4.78px"> </div>days of the administration<div style="display:inline-block;width:4.83px"> </div>notice being given or filed, or the </div><div id="a8481" style="position:absolute;font-family:'Calibri';left:189.15px;top:522px;">other relevant steps being taken, other action is taken which will ensure that there<div style="display:inline-block;width:1.92px"> </div>will be </div><div id="a8482" style="position:absolute;font-family:'Calibri';left:189.15px;top:540px;">no<div style="display:inline-block;width:4.98px"> </div>administration<div style="display:inline-block;width:5.05px"> </div>and<div style="display:inline-block;width:4.84px"> </div>(in both<div style="display:inline-block;width:6.06px"> </div>cases<div style="display:inline-block;width:4.97px"> </div>(aa) or<div style="display:inline-block;width:6.26px"> </div>(bb))<div style="display:inline-block;width:4.74px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Relevant<div style="display:inline-block;width:5.26px"> </div>Person<div style="display:inline-block;width:5.31px"> </div>will<div style="display:inline-block;width:4.78px"> </div>continue<div style="display:inline-block;width:4.88px"> </div>to </div><div id="a8485" style="position:absolute;font-family:'Calibri';left:189.15px;top:558px;">carry on business in the ordinary way and without being<div style="display:inline-block;width:1.74px"> </div>the subject of any actual, interim </div><div id="a8486" style="position:absolute;font-family:'Calibri';left:189.15px;top:576px;">or pending insolvency law procedure; or </div><div id="a8488" style="position:absolute;font-family:'Calibri';left:141.79px;top:610px;">(ix)</div><div id="a8490" style="position:absolute;font-family:'Calibri';left:189.15px;top:610px;">a<div style="display:inline-block;width:4.95px"> </div>Relevant<div style="display:inline-block;width:5.42px"> </div>Person<div style="display:inline-block;width:5.47px"> </div>or<div style="display:inline-block;width:4.87px"> </div>its<div style="display:inline-block;width:4.97px"> </div>directors<div style="display:inline-block;width:5.3px"> </div>take<div style="display:inline-block;width:5.54px"> </div>any<div style="display:inline-block;width:5.07px"> </div>steps<div style="display:inline-block;width:5.21px"> </div>(whether<div style="display:inline-block;width:4.92px"> </div>by<div style="display:inline-block;width:4.88px"> </div>making<div style="display:inline-block;width:4.78px"> </div>or<div style="display:inline-block;width:5.03px"> </div>presenting<div style="display:inline-block;width:4.83px"> </div>an </div><div id="a8491" style="position:absolute;font-family:'Calibri';left:189.15px;top:628px;">application or<div style="display:inline-block;width:5.68px"> </div>petition to<div style="display:inline-block;width:5.51px"> </div>a court,<div style="display:inline-block;width:5.33px"> </div>or submitting<div style="display:inline-block;width:5.48px"> </div>or presenting<div style="display:inline-block;width:5.73px"> </div>a document<div style="display:inline-block;width:5.36px"> </div>setting out<div style="display:inline-block;width:5.47px"> </div>a </div><div id="a8492" style="position:absolute;font-family:'Calibri';left:189.15px;top:646px;">proposal or proposed terms, or otherwise) with<div style="display:inline-block;width:4.72px"> </div>a view to obtaining, in relation<div style="display:inline-block;width:4.98px"> </div>to that or </div><div id="a8494" style="position:absolute;font-family:'Calibri';left:189.15px;top:664px;">another Relevant<div style="display:inline-block;width:5.79px"> </div>Person,<div style="display:inline-block;width:4.68px"> </div>any<div style="display:inline-block;width:4.75px"> </div>form of<div style="display:inline-block;width:5.5px"> </div>moratorium,<div style="display:inline-block;width:4.83px"> </div>suspension or<div style="display:inline-block;width:5.11px"> </div>deferral<div style="display:inline-block;width:4.91px"> </div>of payments, </div><div id="a8495" style="position:absolute;font-family:'Calibri';left:189.15px;top:682px;">reorganisation of debt<div style="display:inline-block;width:1.74px"> </div>(or certain<div style="display:inline-block;width:1.88px"> </div>debt) or<div style="display:inline-block;width:1.74px"> </div>arrangement with all<div style="display:inline-block;width:1.35px"> </div>or a<div style="display:inline-block;width:1.85px"> </div>substantial proportion </div><div id="a8496" style="position:absolute;font-family:'Calibri';left:189.15px;top:699px;">(by<div style="display:inline-block;width:6.49px"> </div>number<div style="display:inline-block;width:6.18px"> </div>or<div style="display:inline-block;width:6.31px"> </div>value)<div style="display:inline-block;width:6.5px"> </div>of<div style="display:inline-block;width:6.31px"> </div>creditors<div style="display:inline-block;width:6.9px"> </div>or<div style="display:inline-block;width:6.31px"> </div>of<div style="display:inline-block;width:6.47px"> </div>any<div style="display:inline-block;width:6.51px"> </div>class<div style="display:inline-block;width:6.23px"> </div>of<div style="display:inline-block;width:6.47px"> </div>them<div style="display:inline-block;width:6.17px"> </div>or<div style="display:inline-block;width:6.47px"> </div>any<div style="display:inline-block;width:6.67px"> </div>such<div style="display:inline-block;width:6.26px"> </div>moratorium, </div><div id="a8498" style="position:absolute;font-family:'Calibri';left:189.15px;top:717px;">suspension or<div style="display:inline-block;width:5.43px"> </div>deferral<div style="display:inline-block;width:5.07px"> </div>of payments,<div style="display:inline-block;width:5.72px"> </div>reorganisation<div style="display:inline-block;width:4.79px"> </div>or arrangement<div style="display:inline-block;width:5.92px"> </div>is effected<div style="display:inline-block;width:6.01px"> </div>by court </div><div id="a8499" style="position:absolute;font-family:'Calibri';left:189.15px;top:735px;">order,<div style="display:inline-block;width:4.87px"> </div>by the filing of documents with a court, by means of a contract or in any other way </div><div id="a8500" style="position:absolute;font-family:'Calibri';left:189.15px;top:753px;">at all; or </div><div id="a8502" style="position:absolute;font-family:'Calibri';left:141.79px;top:787px;">(x)</div><div id="a8504" style="position:absolute;font-family:'Calibri';left:189.15px;top:787px;">any<div style="display:inline-block;width:5.23px"> </div>meeting<div style="display:inline-block;width:4.94px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.97px"> </div>members<div style="display:inline-block;width:5.06px"> </div>or<div style="display:inline-block;width:5.03px"> </div>directors,<div style="display:inline-block;width:5.3px"> </div>or<div style="display:inline-block;width:4.87px"> </div>of<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.07px"> </div>committee<div style="display:inline-block;width:5.34px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.81px"> </div>board<div style="display:inline-block;width:4.95px"> </div>or<div style="display:inline-block;width:5.03px"> </div>senior </div><div id="a8505" style="position:absolute;font-family:'Calibri';left:189.15px;top:805px;">management, of a Relevant Person is held or summoned for the purpose of considering a </div><div id="a8506" style="position:absolute;font-family:'Calibri';left:189.15px;top:823px;">resolution or<div style="display:inline-block;width:5.16px"> </div>proposal to<div style="display:inline-block;width:5.17px"> </div>authorise or<div style="display:inline-block;width:4.74px"> </div>take<div style="display:inline-block;width:4.74px"> </div>any action<div style="display:inline-block;width:4.98px"> </div>of a<div style="display:inline-block;width:5.05px"> </div>type described<div style="display:inline-block;width:4.8px"> </div>in paragraphs </div><div id="a8508" style="position:absolute;font-family:'Calibri';left:189.15px;top:841px;"><a href="#a8425" style="color:#000000;text-decoration:none;">(iv)</a></div><div id="a8509" style="position:absolute;font-family:'Calibri';left:208.19px;top:841px;"><div style="display:inline-block;width:4.32px"> </div>to </div><div id="a8511" style="position:absolute;font-family:'Calibri';left:229.47px;top:841px;"><a href="#a8488" style="color:#000000;text-decoration:none;">(ix)</a></div><div id="a8512" style="position:absolute;font-family:'Calibri';left:248.03px;top:841px;"><div style="display:inline-block;width:4.32px"> </div>or a<div style="display:inline-block;width:5.21px"> </div>step preparatory<div style="display:inline-block;width:6.07px"> </div>to such<div style="display:inline-block;width:5.31px"> </div>action, or<div style="display:inline-block;width:5.1px"> </div>(with or<div style="display:inline-block;width:5.23px"> </div>without such<div style="display:inline-block;width:5.11px"> </div>a meeting)<div style="display:inline-block;width:4.98px"> </div>the </div><div id="a8514" style="position:absolute;font-family:'Calibri';left:189.15px;top:859px;">members,<div style="display:inline-block;width:5.55px"> </div>directors<div style="display:inline-block;width:5.62px"> </div>or<div style="display:inline-block;width:5.35px"> </div>such<div style="display:inline-block;width:5.19px"> </div>a<div style="display:inline-block;width:5.43px"> </div>committee<div style="display:inline-block;width:5.66px"> </div>resolve<div style="display:inline-block;width:5.33px"> </div>or<div style="display:inline-block;width:5.35px"> </div>agree<div style="display:inline-block;width:5.47px"> </div>that<div style="display:inline-block;width:5.41px"> </div>such<div style="display:inline-block;width:5.35px"> </div>an<div style="display:inline-block;width:5.22px"> </div>action<div style="display:inline-block;width:5.16px"> </div>or<div style="display:inline-block;width:5.35px"> </div>step </div><div id="a8515" style="position:absolute;font-family:'Calibri';left:189.15px;top:877px;">should be taken or<div style="display:inline-block;width:4.89px"> </div>should be taken if<div style="display:inline-block;width:4.95px"> </div>certain conditions materialise or fail<div style="display:inline-block;width:4.79px"> </div>to materialise; </div><div id="a8516" style="position:absolute;font-family:'Calibri';left:189.15px;top:895px;">or </div></div>
</div>
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<div id="Page72" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8520" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(xi)</div><div id="a8522" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">in<div style="display:inline-block;width:6.65px"> </div>a<div style="display:inline-block;width:6.71px"> </div>country<div style="display:inline-block;width:6.81px"> </div>other<div style="display:inline-block;width:6.8px"> </div>than<div style="display:inline-block;width:6.47px"> </div>England,<div style="display:inline-block;width:6.5px"> </div>any<div style="display:inline-block;width:6.99px"> </div>event<div style="display:inline-block;width:7.03px"> </div>occurs,<div style="display:inline-block;width:6.86px"> </div>any<div style="display:inline-block;width:6.99px"> </div>proceedings<div style="display:inline-block;width:6.72px"> </div>are<div style="display:inline-block;width:6.77px"> </div>opened<div style="display:inline-block;width:6.55px"> </div>or </div><div id="a8523" style="position:absolute;font-family:'Calibri';left:189.15px;top:112px;">commenced or any step is taken which, in the<div style="display:inline-block;width:1.67px"> </div>opinion of the Majority<div style="display:inline-block;width:1.91px"> </div>Lenders is similar to </div><div id="a8524" style="position:absolute;font-family:'Calibri';left:189.15px;top:130px;">any of the foregoing; or </div><div id="a8526" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">(h)</div><div id="a8528" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">any Borrower<div style="display:inline-block;width:5.87px"> </div>ceases or<div style="display:inline-block;width:5.14px"> </div>suspends carrying<div style="display:inline-block;width:5.11px"> </div>on its<div style="display:inline-block;width:5.35px"> </div>business or<div style="display:inline-block;width:5.08px"> </div>a part<div style="display:inline-block;width:5.09px"> </div>of its<div style="display:inline-block;width:5.39px"> </div>business which,<div style="display:inline-block;width:4.95px"> </div>in the </div><div id="a8529" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">opinion of the Majority Lenders, is material in the context of this Agreement; or </div><div id="a8531" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;">(i)</div><div id="a8533" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">it becomes unlawful in any Pertinent Jurisdiction or impossible: </div><div id="a8535" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">(i)</div><div id="a8537" style="position:absolute;font-family:'Calibri';left:189.15px;top:250px;">for any Borrower,<div style="display:inline-block;width:5.39px"> </div>the Corporate Guarantor or any Security Party to discharge<div style="display:inline-block;width:4.79px"> </div>any liability </div><div id="a8538" style="position:absolute;font-family:'Calibri';left:189.15px;top:268px;">under<div style="display:inline-block;width:4.98px"> </div>a<div style="display:inline-block;width:5.11px"> </div>Finance<div style="display:inline-block;width:4.83px"> </div>Document<div style="display:inline-block;width:5.13px"> </div>or<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.21px"> </div>comply<div style="display:inline-block;width:5.08px"> </div>with<div style="display:inline-block;width:4.96px"> </div>any<div style="display:inline-block;width:5.23px"> </div>other<div style="display:inline-block;width:5.04px"> </div>obligation<div style="display:inline-block;width:5.17px"> </div>which<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Majority </div><div id="a8539" style="position:absolute;font-family:'Calibri';left:189.15px;top:286px;">Lenders consider material under a Finance Document; </div><div id="a8541" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">(ii)</div><div id="a8543" style="position:absolute;font-family:'Calibri';left:189.15px;top:320px;">for the<div style="display:inline-block;width:4.73px"> </div>Agent, the Security<div style="display:inline-block;width:4.76px"> </div>Trustee,<div style="display:inline-block;width:5.15px"> </div>the Lenders or<div style="display:inline-block;width:4.88px"> </div>the Swap Bank<div style="display:inline-block;width:5.05px"> </div>to exercise<div style="display:inline-block;width:5.07px"> </div>or enforce </div><div id="a8544" style="position:absolute;font-family:'Calibri';left:189.15px;top:338px;">any right under, or to<div style="display:inline-block;width:4.69px"> </div>enforce any Security Interest created by,<div style="display:inline-block;width:5.57px"> </div>a Finance Document; or </div><div id="a8546" style="position:absolute;font-family:'Calibri';left:94.59px;top:371px;">(j)</div><div id="a8548" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">any official consent necessary to enable any Borrower to own, operate or charter the Ship owned </div><div id="a8549" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">by<div style="display:inline-block;width:5.2px"> </div>it<div style="display:inline-block;width:4.97px"> </div>or<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.05px"> </div>enable<div style="display:inline-block;width:4.9px"> </div>any<div style="display:inline-block;width:5.23px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>or<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.39px"> </div>Security Party<div style="display:inline-block;width:6.74px"> </div>to<div style="display:inline-block;width:5.05px"> </div>comply<div style="display:inline-block;width:4.92px"> </div>with<div style="display:inline-block;width:5.12px"> </div>any<div style="display:inline-block;width:5.23px"> </div>provision<div style="display:inline-block;width:5.02px"> </div>which<div style="display:inline-block;width:5.05px"> </div>the </div><div id="a8551" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">Majority Lenders consider<div style="display:inline-block;width:4.94px"> </div>material of<div style="display:inline-block;width:4.79px"> </div>a Finance Document<div style="display:inline-block;width:4.74px"> </div>is not granted,<div style="display:inline-block;width:5.39px"> </div>expires without<div style="display:inline-block;width:4.67px"> </div>being </div><div id="a8552" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">renewed,<div style="display:inline-block;width:5.07px"> </div>is<div style="display:inline-block;width:4.78px"> </div>revoked<div style="display:inline-block;width:5.38px"> </div>or<div style="display:inline-block;width:4.87px"> </div>becomes<div style="display:inline-block;width:4.8px"> </div>liable to<div style="display:inline-block;width:6.12px"> </div>revocation<div style="display:inline-block;width:5.19px"> </div>or<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:4.91px"> </div>condition<div style="display:inline-block;width:4.76px"> </div>of<div style="display:inline-block;width:4.71px"> </div>such a<div style="display:inline-block;width:6.01px"> </div>consent<div style="display:inline-block;width:5.06px"> </div>is<div style="display:inline-block;width:4.78px"> </div>not </div><div id="a8554" style="position:absolute;font-family:'Calibri';left:141.79px;top:443px;">fulfilled; or<div style="display:inline-block;width:3px"> </div></div><div id="a8556" style="position:absolute;font-family:'Calibri';left:94.59px;top:477px;">(k)</div><div id="a8558" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">it<div style="display:inline-block;width:4.97px"> </div>appears<div style="display:inline-block;width:4.95px"> </div>to<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Majority Lenders<div style="display:inline-block;width:6.39px"> </div>that,<div style="display:inline-block;width:4.94px"> </div>without<div style="display:inline-block;width:4.69px"> </div>their<div style="display:inline-block;width:4.78px"> </div>prior<div style="display:inline-block;width:4.94px"> </div>consent,<div style="display:inline-block;width:4.96px"> </div>a<div style="display:inline-block;width:4.79px"> </div>change<div style="display:inline-block;width:4.81px"> </div>has<div style="display:inline-block;width:4.9px"> </div>occurred<div style="display:inline-block;width:4.85px"> </div>or </div><div id="a8559" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">probably has occurred after the date of this Agreement in the ownership of any of the shares in a </div><div id="a8560" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">Borrower or the Approved Manager; or </div><div id="a8562" style="position:absolute;font-family:'Calibri';left:94.59px;top:547px;">(l)</div><div id="a8564" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">any provision which the<div style="display:inline-block;width:1.64px"> </div>Majority Lenders consider<div style="display:inline-block;width:1.74px"> </div>material of a Finance<div style="display:inline-block;width:1.51px"> </div>Document proves to have </div><div id="a8565" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">been or becomes invalid<div style="display:inline-block;width:4.8px"> </div>or unenforceable, or a<div style="display:inline-block;width:4.93px"> </div>Security Interest created<div style="display:inline-block;width:4.82px"> </div>by a Finance Document </div><div id="a8566" style="position:absolute;font-family:'Calibri';left:141.79px;top:583px;">proves<div style="display:inline-block;width:4.89px"> </div>to<div style="display:inline-block;width:4.73px"> </div>have<div style="display:inline-block;width:4.91px"> </div>been or<div style="display:inline-block;width:5.66px"> </div>becomes invalid<div style="display:inline-block;width:5.83px"> </div>or unenforceable<div style="display:inline-block;width:5.92px"> </div>or such<div style="display:inline-block;width:5.77px"> </div>a Security<div style="display:inline-block;width:5.7px"> </div>Interest<div style="display:inline-block;width:5.01px"> </div>proves<div style="display:inline-block;width:4.73px"> </div>to </div><div id="a8569" style="position:absolute;font-family:'Calibri';left:141.79px;top:600px;">have ranked<div style="display:inline-block;width:5.01px"> </div>after,<div style="display:inline-block;width:5.07px"> </div>or loses its priority to,<div style="display:inline-block;width:5.2px"> </div>another Security Interest or<div style="display:inline-block;width:4.88px"> </div>any other third party<div style="display:inline-block;width:4.86px"> </div>claim </div><div id="a8570" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">or interest; or </div><div id="a8572" style="position:absolute;font-family:'Calibri';left:94.59px;top:652px;">(m)</div><div id="a8574" style="position:absolute;font-family:'Calibri';left:141.79px;top:652px;">the security constituted by a Finance Document is in any way imperilled or in jeopardy; or </div><div id="a8576" style="position:absolute;font-family:'Calibri';left:94.59px;top:686px;">(n)</div><div id="a8578" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">without the prior consent<div style="display:inline-block;width:1.73px"> </div>of the Lenders, the<div style="display:inline-block;width:1.89px"> </div>shares of the Corporate Guarantor cease<div style="display:inline-block;width:1.73px"> </div>to be listed </div><div id="a8579" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">on the New York Stock Exchange; or </div><div id="a8581" style="position:absolute;font-family:'Calibri';left:94.59px;top:738px;">(o)</div><div id="a8583" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">an Event of Default (as defined in section 14 of the Master Agreement) occurs; or </div><div id="a8586" style="position:absolute;font-family:'Calibri';left:94.59px;top:772px;">(p)</div><div id="a8588" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">the Master<div style="display:inline-block;width:6.07px"> </div>Agreement<div style="display:inline-block;width:4.72px"> </div>is terminated,<div style="display:inline-block;width:6.14px"> </div>cancelled, suspended,<div style="display:inline-block;width:5.53px"> </div>rescinded or<div style="display:inline-block;width:5.79px"> </div>revoked<div style="display:inline-block;width:5.22px"> </div>or otherwise </div><div id="a8589" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">ceases to remain in full force and effect for any reason except with the consent of the Swap Bank; </div><div id="a8590" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">or </div><div id="a8592" style="position:absolute;font-family:'Calibri';left:94.59px;top:842px;">(q)</div><div id="a8594" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">any other event occurs or any other circumstances arise or develop including, without limitation: </div><div id="a8596" style="position:absolute;font-family:'Calibri';left:141.79px;top:876px;">(i)</div><div id="a8598" style="position:absolute;font-family:'Calibri';left:189.15px;top:876px;">a change in the financial position, state of affairs or prospects of any Relevant Person; or </div><div id="a8600" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">(ii)</div><div id="a8602" style="position:absolute;font-family:'Calibri';left:189.15px;top:909px;">any<div style="display:inline-block;width:5.55px"> </div>accident<div style="display:inline-block;width:5.22px"> </div>or<div style="display:inline-block;width:5.19px"> </div>other<div style="display:inline-block;width:5.2px"> </div>event<div style="display:inline-block;width:5.43px"> </div>involving<div style="display:inline-block;width:5.51px"> </div>any<div style="display:inline-block;width:5.55px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>or<div style="display:inline-block;width:5.35px"> </div>another<div style="display:inline-block;width:4.97px"> </div>vessel<div style="display:inline-block;width:5.39px"> </div>owned,<div style="display:inline-block;width:5.23px"> </div>chartered<div style="display:inline-block;width:5.29px"> </div>or </div><div id="a8604" style="position:absolute;font-family:'Calibri';left:189.15px;top:927px;">operated by a Relevant Person, </div></div>
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<div id="a8608" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">in the light<div style="display:inline-block;width:1.95px"> </div>of which the<div style="display:inline-block;width:1.83px"> </div>Majority Lenders consider<div style="display:inline-block;width:1.9px"> </div>that there is a<div style="display:inline-block;width:1.71px"> </div>significant risk that<div style="display:inline-block;width:1.87px"> </div>any Borrower </div><div id="a8609" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">or Corporate Guarantor is,<div style="display:inline-block;width:1.4px"> </div>or will later<div style="display:inline-block;width:1.71px"> </div>become, unable<div style="display:inline-block;width:1.8px"> </div>to discharge its<div style="display:inline-block;width:1.63px"> </div>liabilities under<div style="display:inline-block;width:1.55px"> </div>the Finance </div><div id="a8610" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Documents as they fall due. </div><div id="a8612" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">19.2</div><div id="a8614" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:164px;">Actions following an Event of Default </div><div id="a8616" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">On, or at any time after, the occurrence of an Event<div style="display:inline-block;width:4.72px"> </div>of Default: </div><div id="a8618" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(a)</div><div id="a8620" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">the Agent may,<div style="display:inline-block;width:4.73px"> </div>and if so instructed by the Majority Lenders, the Agent shall: </div><div id="a8623" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">(i)</div><div id="a8625" style="position:absolute;font-family:'Calibri';left:189.15px;top:266px;">serve on<div style="display:inline-block;width:5.48px"> </div>the Borrowers<div style="display:inline-block;width:5.87px"> </div>a notice<div style="display:inline-block;width:5.39px"> </div>stating<div style="display:inline-block;width:4.73px"> </div>that all<div style="display:inline-block;width:5.4px"> </div>or part<div style="display:inline-block;width:5.49px"> </div>of the<div style="display:inline-block;width:5.39px"> </div>Commitments and<div style="display:inline-block;width:5.19px"> </div>of the </div><div id="a8626" style="position:absolute;font-family:'Calibri';left:189.15px;top:284px;">other obligations<div style="display:inline-block;width:5.76px"> </div>of each<div style="display:inline-block;width:5.52px"> </div>Lender to<div style="display:inline-block;width:5.73px"> </div>the Borrowers<div style="display:inline-block;width:6.03px"> </div>under this<div style="display:inline-block;width:5.3px"> </div>Agreement<div style="display:inline-block;width:4.72px"> </div>are cancelled; </div><div id="a8627" style="position:absolute;font-family:'Calibri';left:189.15px;top:302px;">and/or </div><div id="a8629" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">(ii)</div><div id="a8631" style="position:absolute;font-family:'Calibri';left:189.15px;top:336px;">serve on the Borrowers a notice stating<div style="display:inline-block;width:4.89px"> </div>that all or part of the Loan together with accrued </div><div id="a8632" style="position:absolute;font-family:'Calibri';left:189.15px;top:354px;">interest<div style="display:inline-block;width:4.86px"> </div>and all<div style="display:inline-block;width:4.83px"> </div>other amounts<div style="display:inline-block;width:4.96px"> </div>accrued or<div style="display:inline-block;width:4.83px"> </div>owing under<div style="display:inline-block;width:4.91px"> </div>this Agreement<div style="display:inline-block;width:5.03px"> </div>are immediately </div><div id="a8633" style="position:absolute;font-family:'Calibri';left:189.15px;top:371px;">due and payable or are due and payable on demand; and/or </div><div id="a8635" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">(iii)</div><div id="a8637" style="position:absolute;font-family:'Calibri';left:189.15px;top:405px;">take any other action which, as a result of the Event of Default or any notice<div style="display:inline-block;width:1.83px"> </div>served under </div><div id="a8638" style="position:absolute;font-family:'Calibri';left:189.15px;top:423px;">paragraph </div><div id="a8639" style="position:absolute;font-family:'Calibri';left:254.31px;top:423px;"><a href="#a8623" style="color:#000000;text-decoration:none;">(i)</a></div><div id="a8640" style="position:absolute;font-family:'Calibri';left:266.63px;top:423px;"><div style="display:inline-block;width:3.68px"> </div>or </div><div id="a8642" style="position:absolute;font-family:'Calibri';left:286.95px;top:423px;"><a href="#a8629" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a8643" style="position:absolute;font-family:'Calibri';left:302.63px;top:423px;">, the Agent and/or<div style="display:inline-block;width:5.05px"> </div>the Lenders are<div style="display:inline-block;width:4.7px"> </div>entitled to take<div style="display:inline-block;width:5.18px"> </div>under any Finance </div><div id="a8644" style="position:absolute;font-family:'Calibri';left:189.15px;top:441px;">Document or any applicable law; and/or </div><div id="a8646" style="position:absolute;font-family:'Calibri';left:94.59px;top:475px;">(b)</div><div id="a8648" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">the Security<div style="display:inline-block;width:4.69px"> </div>Trustee<div style="display:inline-block;width:5.14px"> </div>may,<div style="display:inline-block;width:5.14px"> </div>and if<div style="display:inline-block;width:4.84px"> </div>so instructed<div style="display:inline-block;width:5px"> </div>by the Agent,<div style="display:inline-block;width:5.62px"> </div>acting with the<div style="display:inline-block;width:5.26px"> </div>authorisation of<div style="display:inline-block;width:4.7px"> </div>the </div><div id="a8649" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">Majority<div style="display:inline-block;width:5.14px"> </div>Lenders,<div style="display:inline-block;width:5.23px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Security<div style="display:inline-block;width:4.81px"> </div>Trustee<div style="display:inline-block;width:6.26px"> </div>shall<div style="display:inline-block;width:5.02px"> </div>take<div style="display:inline-block;width:5.86px"> </div>any<div style="display:inline-block;width:5.39px"> </div>action<div style="display:inline-block;width:4.84px"> </div>which,<div style="display:inline-block;width:5.21px"> </div>as<div style="display:inline-block;width:5.11px"> </div>a<div style="display:inline-block;width:5.11px"> </div>result<div style="display:inline-block;width:5.14px"> </div>of<div style="display:inline-block;width:5.19px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Event<div style="display:inline-block;width:5.68px"> </div>of </div><div id="a8650" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">Default or any<div style="display:inline-block;width:4.85px"> </div>notice served under paragraph </div><div id="a8651" style="position:absolute;font-family:'Calibri';left:419.27px;top:511px;"><a href="#a8618" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a8652" style="position:absolute;font-family:'Calibri';left:435.29px;top:511px;"><a href="#a8623" style="color:#000000;text-decoration:none;">(i)</a></div><div id="a8653" style="position:absolute;font-family:'Calibri';left:447.61px;top:511px;"><div style="display:inline-block;width:3.52px"> </div>or </div><div id="a8655" style="position:absolute;font-family:'Calibri';left:467.61px;top:511px;"><a href="#a8629" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a8656" style="position:absolute;font-family:'Calibri';left:483.29px;top:511px;">, the Security Trustee,<div style="display:inline-block;width:5.44px"> </div>the Agent and/or </div><div id="a8657" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">the<div style="display:inline-block;width:5.77px"> </div>Lenders<div style="display:inline-block;width:5.86px"> </div>and/or<div style="display:inline-block;width:5.87px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Swap<div style="display:inline-block;width:5.82px"> </div>Bank<div style="display:inline-block;width:5.72px"> </div>are<div style="display:inline-block;width:5.81px"> </div>entitled<div style="display:inline-block;width:5.88px"> </div>to<div style="display:inline-block;width:5.69px"> </div>take<div style="display:inline-block;width:6.5px"> </div>under<div style="display:inline-block;width:5.62px"> </div>any<div style="display:inline-block;width:6.03px"> </div>Finance<div style="display:inline-block;width:5.47px"> </div>Document<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:5.83px"> </div>any </div><div id="a8658" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">applicable law. </div><div id="a8660" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:581px;">19.3</div><div id="a8662" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:581px;">Termination of Commitments </div><div id="a8664" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">On<div style="display:inline-block;width:5.4px"> </div>the<div style="display:inline-block;width:5.29px"> </div>service<div style="display:inline-block;width:4.96px"> </div>of<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.43px"> </div>notice<div style="display:inline-block;width:5.05px"> </div>under<div style="display:inline-block;width:5.3px"> </div>Clause </div><div id="a8665" style="position:absolute;font-family:'Calibri';left:394.47px;top:615px;"><a href="#a8623" style="color:#000000;text-decoration:none;">19.2(a)(i)</a></div><div id="a8666" style="position:absolute;font-family:'Calibri';left:448.73px;top:615px;"><div style="display:inline-block;width:5.44px"> </div>(</div><div id="a8668" style="position:absolute;font-family:'Calibri';font-style:italic;left:458.65px;top:615px;">Actions<div style="display:inline-block;width:5.21px"> </div>following<div style="display:inline-block;width:5.5px"> </div>an<div style="display:inline-block;width:5.18px"> </div>Event<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.39px"> </div>Default</div><div id="a8672" style="position:absolute;font-family:'Calibri';left:688.29px;top:615px;">),<div style="display:inline-block;width:5.3px"> </div>the </div><div id="a8673" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">Commitments and<div style="display:inline-block;width:5.83px"> </div>all other<div style="display:inline-block;width:5.66px"> </div>obligations<div style="display:inline-block;width:4.86px"> </div>of each<div style="display:inline-block;width:5.68px"> </div>Lender to<div style="display:inline-block;width:5.89px"> </div>the Borrowers<div style="display:inline-block;width:6.35px"> </div>under this<div style="display:inline-block;width:5.62px"> </div>Agreement </div><div id="a8674" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">shall be cancelled. </div><div id="a8676" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:684px;">19.4</div><div id="a8678" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:684px;">Acceleration of Loan </div><div id="a8680" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">On the service of a notice<div style="display:inline-block;width:1.87px"> </div>under Clause </div><div id="a8681" style="position:absolute;font-family:'Calibri';left:377.03px;top:718px;"><a href="#a8629" style="color:#000000;text-decoration:none;">19.2(a)(ii)</a></div><div id="a8682" style="position:absolute;font-family:'Calibri';left:434.65px;top:718px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a8684" style="position:absolute;font-family:'Calibri';font-style:italic;left:442.33px;top:718px;">Actions<div style="display:inline-block;width:2.97px"> </div>following an Event of Default</div><div id="a8688" style="position:absolute;font-family:'Calibri';left:660.93px;top:718px;">), all or, as </div><div id="a8689" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">the case may be, the<div style="display:inline-block;width:1.99px"> </div>part of the Loan<div style="display:inline-block;width:1.79px"> </div>specified in the notice<div style="display:inline-block;width:1.66px"> </div>together with accrued interest and all </div><div id="a8690" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">other amounts accrued or owing from the Borrowers<div style="display:inline-block;width:4.98px"> </div>or any Security Party under this Agreement </div><div id="a8691" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">and every other<div style="display:inline-block;width:1.48px"> </div>Finance Document shall<div style="display:inline-block;width:1.29px"> </div>become immediately due<div style="display:inline-block;width:1.51px"> </div>and payable or, as the<div style="display:inline-block;width:1.63px"> </div>case may </div><div id="a8693" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">be, payable on demand. </div><div id="a8695" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:824px;">19.5</div><div id="a8697" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:824px;">Multiple notices; action without notice </div><div id="a8699" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">The Agent<div style="display:inline-block;width:1.83px"> </div>may serve<div style="display:inline-block;width:1.85px"> </div>notices under<div style="display:inline-block;width:1.26px"> </div>Clauses </div><div id="a8700" style="position:absolute;font-family:'Calibri';left:397.51px;top:858px;"><a href="#a8623" style="color:#000000;text-decoration:none;">19.2(a)(i)</a></div><div id="a8701" style="position:absolute;font-family:'Calibri';left:451.61px;top:858px;"><div style="display:inline-block;width:2.56px"> </div>and </div><div id="a8703" style="position:absolute;font-family:'Calibri';left:478.97px;top:858px;"><a href="#a8629" style="color:#000000;text-decoration:none;">(ii) (</a></div><div id="a8706" style="position:absolute;font-family:'Calibri';font-style:italic;left:501.69px;top:858px;">Actions following<div style="display:inline-block;width:1.57px"> </div>an Event of<div style="display:inline-block;width:1.04px"> </div>Default</div><div id="a8710" style="position:absolute;font-family:'Calibri';left:717.25px;top:858px;">) </div><div id="a8711" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">simultaneously<div style="display:inline-block;width:5.84px"> </div>or<div style="display:inline-block;width:5.67px"> </div>on<div style="display:inline-block;width:5.94px"> </div>different<div style="display:inline-block;width:6.54px"> </div>dates<div style="display:inline-block;width:6.06px"> </div>and<div style="display:inline-block;width:5.8px"> </div>it<div style="display:inline-block;width:5.77px"> </div>and/or<div style="display:inline-block;width:5.87px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Trustee<div style="display:inline-block;width:6.74px"> </div>may<div style="display:inline-block;width:6.16px"> </div>take<div style="display:inline-block;width:6.5px"> </div>any<div style="display:inline-block;width:6.03px"> </div>action </div><div id="a8712" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">referred to<div style="display:inline-block;width:5.17px"> </div>in Clause </div><div id="a8713" style="position:absolute;font-family:'Calibri';left:269.03px;top:893px;"><a href="#a8592" style="color:#000000;text-decoration:none;">19.1(q)</a></div><div id="a8714" style="position:absolute;font-family:'Calibri';left:311.43px;top:893px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a8716" style="position:absolute;font-family:'Calibri';font-style:italic;left:319.75px;top:893px;">Actions following an Event<div style="display:inline-block;width:5.22px"> </div>of Default</div><div id="a8720" style="position:absolute;font-family:'Calibri';left:541.37px;top:893px;">) if no such<div style="display:inline-block;width:4.82px"> </div>notice is served or </div><div id="a8721" style="position:absolute;font-family:'Calibri';left:141.79px;top:911px;">simultaneously with or at any time after the service of both or either of such notices. </div></div>
</div>
<div style="padding: 7px">
<div id="Page74" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8725" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">19.6</div><div id="a8727" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Notification of Creditor Parties and Security Parties </div><div id="a8729" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">The Agent shall send to each Lender, the Swap Bank, the Security Trustee and each Security Party </div><div id="a8730" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">a copy<div style="display:inline-block;width:5.59px"> </div>or the<div style="display:inline-block;width:5.55px"> </div>text of<div style="display:inline-block;width:5.67px"> </div>any notice<div style="display:inline-block;width:5.66px"> </div>which the<div style="display:inline-block;width:5.41px"> </div>Agent serves<div style="display:inline-block;width:5.32px"> </div>on the<div style="display:inline-block;width:5.51px"> </div>Borrowers<div style="display:inline-block;width:4.86px"> </div>under Clause </div><div id="a8732" style="position:absolute;font-family:'Calibri';left:679.01px;top:146px;"><a href="#a8592" style="color:#000000;text-decoration:none;">19.1(q)</a></div><div id="a8734" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">(</div><div id="a8735" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:164px;">Actions following an Event of Default</div><div id="a8739" style="position:absolute;font-family:'Calibri';left:366.15px;top:164px;">); but the notice shall become effective when it is served on </div><div id="a8740" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">the Borrowers, and no failure or delay by the Agent to send a copy or the text of the<div style="display:inline-block;width:1.85px"> </div>notice to any </div><div id="a8741" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">other person<div style="display:inline-block;width:5.48px"> </div>shall invalidate<div style="display:inline-block;width:5.76px"> </div>the notice<div style="display:inline-block;width:5.09px"> </div>or provide<div style="display:inline-block;width:5.57px"> </div>any Borrower<div style="display:inline-block;width:5.71px"> </div>or any<div style="display:inline-block;width:5.64px"> </div>Security Party<div style="display:inline-block;width:5.46px"> </div>with any </div><div id="a8743" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">form of claim or defence. </div><div id="a8745" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:252px;">19.7</div><div id="a8747" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:252px;">Creditor Party's rights unimpaired </div><div id="a8749" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">Nothing in<div style="display:inline-block;width:1.59px"> </div>this Clause<div style="display:inline-block;width:1.54px"> </div>shall be<div style="display:inline-block;width:1.52px"> </div>taken to impair<div style="display:inline-block;width:1.29px"> </div>or restrict<div style="display:inline-block;width:1.97px"> </div>the exercise of<div style="display:inline-block;width:1.41px"> </div>any right given<div style="display:inline-block;width:1.29px"> </div>to individual </div><div id="a8750" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">Lenders or<div style="display:inline-block;width:5px"> </div>the Swap<div style="display:inline-block;width:4.9px"> </div>Bank under a<div style="display:inline-block;width:5.47px"> </div>Finance Document or<div style="display:inline-block;width:5.29px"> </div>the general<div style="display:inline-block;width:5.04px"> </div>law; and,<div style="display:inline-block;width:4.73px"> </div>in particular,<div style="display:inline-block;width:5.73px"> </div>this </div><div id="a8751" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">Clause is without prejudice to Clause </div><div id="a8752" style="position:absolute;font-family:'Calibri';left:364.23px;top:322px;"><a href="#a3753" style="color:#000000;text-decoration:none;">3.1</a></div><div id="a8753" style="position:absolute;font-family:'Calibri';left:382.79px;top:322px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a8755" style="position:absolute;font-family:'Calibri';font-style:italic;left:390.63px;top:322px;">Interest of Lenders and Swap Bank several</div><div id="a8756" style="position:absolute;font-family:'Calibri';left:641.25px;top:322px;">).<div style="display:inline-block;width:3.18px"> </div></div><div id="a8758" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:355px;">19.8</div><div id="a8760" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:355px;">Exclusion of Creditor Party liability </div><div id="a8762" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">No Creditor Party,<div style="display:inline-block;width:6.29px"> </div>and no receiver or<div style="display:inline-block;width:5.04px"> </div>manager appointed by<div style="display:inline-block;width:4.92px"> </div>the Security Trustee,<div style="display:inline-block;width:5.56px"> </div>shall have any </div><div id="a8763" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">liability to a Borrower or a Security Party: </div><div id="a8765" style="position:absolute;font-family:'Calibri';left:94.59px;top:441px;">(a)</div><div id="a8767" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">for any<div style="display:inline-block;width:5.3px"> </div>loss caused by<div style="display:inline-block;width:5.22px"> </div>an exercise<div style="display:inline-block;width:5.23px"> </div>of rights<div style="display:inline-block;width:4.77px"> </div>under,<div style="display:inline-block;width:4.98px"> </div>or enforcement<div style="display:inline-block;width:5.19px"> </div>of a Security<div style="display:inline-block;width:4.93px"> </div>Interest<div style="display:inline-block;width:4.69px"> </div>created </div><div id="a8768" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">by,<div style="display:inline-block;width:5.61px"> </div>a Finance<div style="display:inline-block;width:5.49px"> </div>Document or<div style="display:inline-block;width:5.39px"> </div>by any<div style="display:inline-block;width:6.01px"> </div>failure<div style="display:inline-block;width:4.71px"> </div>or delay<div style="display:inline-block;width:5.82px"> </div>to exercise<div style="display:inline-block;width:6.35px"> </div>such a<div style="display:inline-block;width:5.53px"> </div>right or<div style="display:inline-block;width:5.57px"> </div>to enforce<div style="display:inline-block;width:6.1px"> </div>such a </div><div id="a8770" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">Security Interest; or </div><div id="a8772" style="position:absolute;font-family:'Calibri';left:94.59px;top:511px;">(b)</div><div id="a8774" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">as mortgagee<div style="display:inline-block;width:5.2px"> </div>in possession or<div style="display:inline-block;width:5.25px"> </div>otherwise, for<div style="display:inline-block;width:4.94px"> </div>any income<div style="display:inline-block;width:5.04px"> </div>or principal<div style="display:inline-block;width:4.84px"> </div>amount which might<div style="display:inline-block;width:5.44px"> </div>have </div><div id="a8775" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">been<div style="display:inline-block;width:5.24px"> </div>produced<div style="display:inline-block;width:5.26px"> </div>by<div style="display:inline-block;width:5.04px"> </div>or<div style="display:inline-block;width:5.35px"> </div>realised<div style="display:inline-block;width:5.12px"> </div>from<div style="display:inline-block;width:5.33px"> </div>any<div style="display:inline-block;width:5.39px"> </div>asset<div style="display:inline-block;width:5.1px"> </div>comprised<div style="display:inline-block;width:5.16px"> </div>in<div style="display:inline-block;width:5.21px"> </div>such<div style="display:inline-block;width:5.03px"> </div>a<div style="display:inline-block;width:5.27px"> </div>Security<div style="display:inline-block;width:4.97px"> </div>Interest<div style="display:inline-block;width:5.65px"> </div>or<div style="display:inline-block;width:5.19px"> </div>for<div style="display:inline-block;width:5.48px"> </div>any </div><div id="a8776" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">reduction (however caused) in the value of such an asset, </div><div id="a8778" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">except that this does not exempt a Creditor Party or a receiver or manager from liability<div style="display:inline-block;width:1.66px"> </div>for losses </div><div id="a8779" style="position:absolute;font-family:'Calibri';left:141.79px;top:599px;">shown to have been directly<div style="display:inline-block;width:1.87px"> </div>and mainly caused<div style="display:inline-block;width:1.96px"> </div>by the dishonesty or<div style="display:inline-block;width:1.88px"> </div>the wilful misconduct<div style="display:inline-block;width:1.76px"> </div>of such </div><div id="a8780" style="position:absolute;font-family:'Calibri';left:141.79px;top:616px;">Creditor Party's own officers and employees<div style="display:inline-block;width:4.88px"> </div>or (as the case may be) such receiver's<div style="display:inline-block;width:4.79px"> </div>or manager's </div><div id="a8782" style="position:absolute;font-family:'Calibri';left:141.79px;top:634px;">own partners or employees and any other member of the Group. </div><div id="a8784" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:668px;">19.9</div><div id="a8786" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:668px;">Relevant Persons </div><div id="a8788" style="position:absolute;font-family:'Calibri';left:142.59px;top:702px;">In<div style="display:inline-block;width:5.84px"> </div>this<div style="display:inline-block;width:5.88px"> </div>Clause </div><div id="a8789" style="position:absolute;font-family:'Calibri';left:232.51px;top:702px;"><a href="#a8181" style="color:#000000;text-decoration:none;">19</a></div><div id="a8790" style="position:absolute;font-family:'Calibri';left:247.55px;top:702px;"><div style="display:inline-block;width:5.92px"> </div>(</div><div id="a8792" style="position:absolute;font-family:'Calibri';font-style:italic;left:257.83px;top:702px;">Events<div style="display:inline-block;width:6.27px"> </div>of<div style="display:inline-block;width:5.87px"> </div>Default</div><div id="a8793" style="position:absolute;font-family:'Calibri';left:364.55px;top:702px;">),<div style="display:inline-block;width:5.94px"> </div>a<div style="display:inline-block;width:5.91px"> </div>"</div><div id="a8794" style="position:absolute;font-family:'Calibri';font-weight:bold;left:397.35px;top:702px;">Relevant<div style="display:inline-block;width:6.52px"> </div>Person</div><div id="a8795" style="position:absolute;font-family:'Calibri';left:499.13px;top:702px;">"<div style="display:inline-block;width:5.94px"> </div>means<div style="display:inline-block;width:5.82px"> </div>a<div style="display:inline-block;width:5.91px"> </div>Borrower,<div style="display:inline-block;width:7.32px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Corporate </div><div id="a8796" style="position:absolute;font-family:'Calibri';left:142.59px;top:720px;">Guarantor or a Security Party,<div style="display:inline-block;width:4.89px"> </div>and any company which is a subsidiary of the Corporate Guarantor </div><div id="a8797" style="position:absolute;font-family:'Calibri';left:142.59px;top:738px;">or<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.43px"> </div>Security<div style="display:inline-block;width:4.97px"> </div>Party<div style="display:inline-block;width:5.74px"> </div>and<div style="display:inline-block;width:5.16px"> </div>any<div style="display:inline-block;width:5.39px"> </div>other<div style="display:inline-block;width:5.2px"> </div>member<div style="display:inline-block;width:5.13px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Group<div style="display:inline-block;width:5.47px"> </div>but<div style="display:inline-block;width:5.2px"> </div>excluding<div style="display:inline-block;width:5.66px"> </div>any<div style="display:inline-block;width:5.55px"> </div>company<div style="display:inline-block;width:5.47px"> </div>which<div style="display:inline-block;width:5.21px"> </div>is </div><div id="a8798" style="position:absolute;font-family:'Calibri';left:142.59px;top:756px;">dormant and the value of whose gross assets is $50,000 or less. </div><div id="a8801" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:790px;">19.10</div><div id="a8803" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:790px;">Interpretation </div><div id="a8805" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">In<div style="display:inline-block;width:5.2px"> </div>Clause </div><div id="a8806" style="position:absolute;font-family:'Calibri';left:202.75px;top:824px;"><a href="#a8338" style="color:#000000;text-decoration:none;">19.1(f)</a></div><div id="a8807" style="position:absolute;font-family:'Calibri';left:242.11px;top:824px;"><div style="display:inline-block;width:5.28px"> </div>(</div><div id="a8809" style="position:absolute;font-family:'Calibri';font-style:italic;left:251.87px;top:824px;">Events<div style="display:inline-block;width:5.63px"> </div>of<div style="display:inline-block;width:5.07px"> </div>Default</div><div id="a8810" style="position:absolute;font-family:'Calibri';left:357.19px;top:824px;">),<div style="display:inline-block;width:5.14px"> </div>references<div style="display:inline-block;width:5.92px"> </div>to<div style="display:inline-block;width:5.37px"> </div>an<div style="display:inline-block;width:5.06px"> </div>event<div style="display:inline-block;width:5.59px"> </div>of<div style="display:inline-block;width:5.19px"> </div>default<div style="display:inline-block;width:5.45px"> </div>or<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.11px"> </div>termination<div style="display:inline-block;width:5.34px"> </div>event </div><div id="a8811" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">include<div style="display:inline-block;width:6.09px"> </div>any<div style="display:inline-block;width:6.35px"> </div>event,<div style="display:inline-block;width:6.4px"> </div>howsoever<div style="display:inline-block;width:6.44px"> </div>described,<div style="display:inline-block;width:5.83px"> </div>which<div style="display:inline-block;width:6.17px"> </div>is<div style="display:inline-block;width:6.06px"> </div>similar<div style="display:inline-block;width:5.93px"> </div>to<div style="display:inline-block;width:6.33px"> </div>an<div style="display:inline-block;width:6.02px"> </div>event<div style="display:inline-block;width:6.39px"> </div>of<div style="display:inline-block;width:6.31px"> </div>default<div style="display:inline-block;width:6.25px"> </div>in<div style="display:inline-block;width:6.17px"> </div>a<div style="display:inline-block;width:6.07px"> </div>facility </div><div id="a8812" style="position:absolute;font-family:'Calibri';left:141.79px;top:859px;">agreement<div style="display:inline-block;width:4.9px"> </div>or<div style="display:inline-block;width:4.87px"> </div>a<div style="display:inline-block;width:4.79px"> </div>termination<div style="display:inline-block;width:4.7px"> </div>event<div style="display:inline-block;width:5.11px"> </div>in<div style="display:inline-block;width:4.73px"> </div>a<div style="display:inline-block;width:4.79px"> </div>finance<div style="display:inline-block;width:4.7px"> </div>lease; and<div style="display:inline-block;width:5.78px"> </div>in<div style="display:inline-block;width:4.73px"> </div>Clause </div><div id="a8813" style="position:absolute;font-family:'Calibri';left:558.17px;top:859px;"><a href="#a8388" style="color:#000000;text-decoration:none;">19.1(g)</a></div><div id="a8814" style="position:absolute;font-family:'Calibri';left:600.13px;top:859px;"><div style="display:inline-block;width:4.8px"> </div>(</div><div id="a8816" style="position:absolute;font-family:'Calibri';font-style:italic;left:609.25px;top:859px;">Events<div style="display:inline-block;width:5.15px"> </div>of<div style="display:inline-block;width:4.75px"> </div>Default</div><div id="a8817" style="position:absolute;font-family:'Calibri';left:713.57px;top:859px;">), </div><div id="a8818" style="position:absolute;font-family:'Calibri';left:141.79px;top:877px;">"</div><div id="a8819" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:877px;">petition</div><div id="a8820" style="position:absolute;font-family:'Calibri';left:196.19px;top:877px;">" includes an application. </div></div>
</div>
<div style="padding: 7px">
<div id="Page75" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8824" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">19.11</div><div id="a8826" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Position of Swap Bank </div><div id="a8828" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Neither the Agent<div style="display:inline-block;width:5.34px"> </div>nor the Security<div style="display:inline-block;width:4.9px"> </div>Trustee<div style="display:inline-block;width:5.14px"> </div>shall be obliged,<div style="display:inline-block;width:4.96px"> </div>in connection with<div style="display:inline-block;width:4.98px"> </div>any action<div style="display:inline-block;width:4.82px"> </div>taken </div><div id="a8829" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">or proposed to<div style="display:inline-block;width:4.8px"> </div>be taken<div style="display:inline-block;width:4.7px"> </div>under or pursuant to<div style="display:inline-block;width:4.94px"> </div>the foregoing provisions<div style="display:inline-block;width:5.06px"> </div>of this Clause </div><div id="a8830" style="position:absolute;font-family:'Calibri';left:654.37px;top:146px;"><a href="#a8181" style="color:#000000;text-decoration:none;">19</a></div><div id="a8831" style="position:absolute;font-family:'Calibri';left:669.41px;top:146px;">, to have </div><div id="a8832" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">any regard to the<div style="display:inline-block;width:4.81px"> </div>requirements of the Swap Bank except<div style="display:inline-block;width:4.83px"> </div>to the extent that the Swap<div style="display:inline-block;width:4.69px"> </div>Bank is also </div><div id="a8833" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">a Lender. </div><div id="a8835" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:216px;">20</div><div id="a8837" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:216px;">FEES AND EXPENSES<div style="display:inline-block;width:3.14px"> </div></div><div id="a8839" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:250px;">20.1</div><div id="a8841" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:250px;">Fees </div><div id="a8843" style="position:absolute;font-family:'Calibri';left:141.79px;top:284px;">The Borrowers shall pay to the Agent: </div><div id="a8846" style="position:absolute;font-family:'Calibri';left:94.59px;top:318px;">(a)</div><div id="a8848" style="position:absolute;font-family:'Calibri';left:141.79px;top:318px;">on the<div style="display:inline-block;width:4.87px"> </div>date of<div style="display:inline-block;width:4.87px"> </div>this Agreement,<div style="display:inline-block;width:4.88px"> </div>a non-refundable<div style="display:inline-block;width:4.79px"> </div>arrangement fee<div style="display:inline-block;width:5.16px"> </div>computed at<div style="display:inline-block;width:4.87px"> </div>the rate<div style="display:inline-block;width:5.32px"> </div>of 0.70 </div><div id="a8851" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">per<div style="display:inline-block;width:7.33px"> </div>cent.<div style="display:inline-block;width:7.33px"> </div>of<div style="display:inline-block;width:7.27px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Total<div style="display:inline-block;width:8.63px"> </div>Commitments<div style="display:inline-block;width:7.19px"> </div>for<div style="display:inline-block;width:7.56px"> </div>distribution<div style="display:inline-block;width:7.22px"> </div>among<div style="display:inline-block;width:7.09px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Lenders<div style="display:inline-block;width:7.46px"> </div>pro<div style="display:inline-block;width:7.45px"> </div>rata<div style="display:inline-block;width:7.81px"> </div>to<div style="display:inline-block;width:7.45px"> </div>their </div><div id="a8852" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">Commitments.<div style="display:inline-block;width:3.16px"> </div></div><div id="a8854" style="position:absolute;font-family:'Calibri';left:94.59px;top:387px;">(b)</div><div id="a8856" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">a commitment fee<div style="display:inline-block;width:1.58px"> </div>at a rate<div style="display:inline-block;width:1.81px"> </div>equal to<div style="display:inline-block;width:1.94px"> </div>35 per<div style="display:inline-block;width:1.92px"> </div>cent. of the<div style="display:inline-block;width:1.1px"> </div>Margin per annum<div style="display:inline-block;width:1.18px"> </div>on the<div style="display:inline-block;width:1.83px"> </div>undrawn amount </div><div id="a8860" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">of the Total<div style="display:inline-block;width:5.03px"> </div>Commitments from time to time. The accrued commitment fee is payable on the last </div><div id="a8863" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">day of<div style="display:inline-block;width:5px"> </div>each successive<div style="display:inline-block;width:4.75px"> </div>period of three<div style="display:inline-block;width:5.18px"> </div>Months which ends<div style="display:inline-block;width:5.4px"> </div>during the Availability<div style="display:inline-block;width:5.4px"> </div>Period, on<div style="display:inline-block;width:4.94px"> </div>the </div><div id="a8867" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">last<div style="display:inline-block;width:6.09px"> </div>day<div style="display:inline-block;width:5.87px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Availability<div style="display:inline-block;width:6.04px"> </div>Period<div style="display:inline-block;width:6px"> </div>and,<div style="display:inline-block;width:5.81px"> </div>if<div style="display:inline-block;width:5.73px"> </div>cancelled,<div style="display:inline-block;width:5.68px"> </div>on<div style="display:inline-block;width:5.94px"> </div>the<div style="display:inline-block;width:5.77px"> </div>cancelled<div style="display:inline-block;width:5.67px"> </div>amount<div style="display:inline-block;width:5.65px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.77px"> </div>relevant </div><div id="a8868" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">Lender's Commitment at the time the cancellation is effective. </div><div id="a8872" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:493px;">20.2</div><div id="a8874" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:493px;">Costs of negotiation, preparation etc. </div><div id="a8876" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">The Borrowers<div style="display:inline-block;width:5.23px"> </div>shall pay<div style="display:inline-block;width:4.68px"> </div>to the Agent<div style="display:inline-block;width:5.31px"> </div>on its<div style="display:inline-block;width:4.71px"> </div>demand the amount<div style="display:inline-block;width:5.03px"> </div>of all expenses<div style="display:inline-block;width:5.14px"> </div>incurred by<div style="display:inline-block;width:4.79px"> </div>the </div><div id="a8877" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">Agent<div style="display:inline-block;width:6.58px"> </div>or<div style="display:inline-block;width:6.31px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Security<div style="display:inline-block;width:6.09px"> </div>Trustee<div style="display:inline-block;width:7.54px"> </div>in<div style="display:inline-block;width:6.17px"> </div>connection<div style="display:inline-block;width:6.27px"> </div>with<div style="display:inline-block;width:6.23px"> </div>the<div style="display:inline-block;width:6.25px"> </div>negotiation,<div style="display:inline-block;width:6.37px"> </div>preparation,<div style="display:inline-block;width:6.64px"> </div>execution<div style="display:inline-block;width:6.78px"> </div>or </div><div id="a8878" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">registration<div style="display:inline-block;width:9.12px"> </div>of<div style="display:inline-block;width:8.55px"> </div>any<div style="display:inline-block;width:8.91px"> </div>Finance<div style="display:inline-block;width:8.19px"> </div>Document<div style="display:inline-block;width:8.49px"> </div>or<div style="display:inline-block;width:8.55px"> </div>any<div style="display:inline-block;width:8.75px"> </div>related<div style="display:inline-block;width:8.98px"> </div>document<div style="display:inline-block;width:8.38px"> </div>or<div style="display:inline-block;width:8.55px"> </div>with<div style="display:inline-block;width:8.32px"> </div>any<div style="display:inline-block;width:9.01px"> </div>transaction </div><div id="a8880" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">contemplated by a Finance Document or a related document. </div><div id="a8882" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:615px;">20.3</div><div id="a8884" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:615px;">Costs of variations, amendments, enforcement etc. </div><div id="a8886" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">The Borrowers shall<div style="display:inline-block;width:1.8px"> </div>pay to the<div style="display:inline-block;width:1.55px"> </div>Agent, on the<div style="display:inline-block;width:1.41px"> </div>Agent's demand, for<div style="display:inline-block;width:1.48px"> </div>the account of<div style="display:inline-block;width:1.38px"> </div>the Creditor Party </div><div id="a8887" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">concerned, the amount of all expenses incurred by a Creditor Party in connection with:<div style="display:inline-block;width:2.91px"> </div></div><div id="a8889" style="position:absolute;font-family:'Calibri';left:94.59px;top:700px;">(a)</div><div id="a8891" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">any<div style="display:inline-block;width:5.87px"> </div>amendment<div style="display:inline-block;width:5.35px"> </div>or<div style="display:inline-block;width:5.51px"> </div>supplement<div style="display:inline-block;width:5.53px"> </div>to<div style="display:inline-block;width:5.69px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Finance<div style="display:inline-block;width:5.15px"> </div>Document<div style="display:inline-block;width:5.61px"> </div>(required<div style="display:inline-block;width:5.71px"> </div>for<div style="display:inline-block;width:5.8px"> </div>the<div style="display:inline-block;width:5.45px"> </div>continuation<div style="display:inline-block;width:5.64px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the </div><div id="a8892" style="position:absolute;font-family:'Calibri';left:141.79px;top:718px;">availability of the Loan or<div style="display:inline-block;width:1.78px"> </div>as contemplated under Clause </div><div id="a8896" style="position:absolute;font-family:'Calibri';left:477.05px;top:718px;"><a href="#a10559" style="color:#000000;text-decoration:none;">27.4</a></div><div id="a8897" style="position:absolute;font-family:'Calibri';left:502.97px;top:718px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a8899" style="position:absolute;font-family:'Calibri';font-style:italic;left:510.49px;top:718px;">Changes to reference rates</div><div id="a8900" style="position:absolute;font-family:'Calibri';left:668.93px;top:718px;">)), or any </div><div id="a8903" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">proposal for such an amendment to be made;<div style="display:inline-block;width:3.12px"> </div></div><div id="a8905" style="position:absolute;font-family:'Calibri';left:94.59px;top:770px;">(b)</div><div id="a8907" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">any consent or waiver<div style="display:inline-block;width:4.99px"> </div>by the Lenders, the Swap<div style="display:inline-block;width:4.87px"> </div>Bank, the Majority Lenders or the Creditor<div style="display:inline-block;width:4.74px"> </div>Party </div><div id="a8908" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">concerned under or in connection with a Finance Document, or any request for such a consent or </div><div id="a8909" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">waiver; </div><div id="a8911" style="position:absolute;font-family:'Calibri';left:94.59px;top:840px;">(c)</div><div id="a8913" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">the valuation<div style="display:inline-block;width:5.85px"> </div>of any<div style="display:inline-block;width:5.8px"> </div>security provided<div style="display:inline-block;width:5.67px"> </div>or offered<div style="display:inline-block;width:6.14px"> </div>under Clause </div><div id="a8914" style="position:absolute;font-family:'Calibri';left:527.61px;top:840px;"><a href="#a7374" style="color:#000000;text-decoration:none;">15</a></div><div id="a8915" style="position:absolute;font-family:'Calibri';left:542.49px;top:840px;"><div style="display:inline-block;width:4.48px"> </div>(</div><div id="a8917" style="position:absolute;font-family:'Calibri';font-style:italic;left:551.29px;top:840px;">Security Cover</div><div id="a8918" style="position:absolute;font-family:'Calibri';left:636.93px;top:840px;">) or<div style="display:inline-block;width:5.55px"> </div>any other </div><div id="a8919" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">matter relating to such security; or </div><div id="a8921" style="position:absolute;font-family:'Calibri';left:94.59px;top:891px;">(d)</div><div id="a8923" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">where<div style="display:inline-block;width:5.84px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Security<div style="display:inline-block;width:5.45px"> </div>Trustee,<div style="display:inline-block;width:6.75px"> </div>in<div style="display:inline-block;width:5.53px"> </div>its<div style="display:inline-block;width:5.61px"> </div>absolute<div style="display:inline-block;width:5.68px"> </div>opinion,<div style="display:inline-block;width:5.4px"> </div>considers<div style="display:inline-block;width:5.97px"> </div>that<div style="display:inline-block;width:5.57px"> </div>there<div style="display:inline-block;width:5.83px"> </div>has<div style="display:inline-block;width:5.38px"> </div>been<div style="display:inline-block;width:5.56px"> </div>a<div style="display:inline-block;width:5.59px"> </div>material </div><div id="a8924" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">change to the<div style="display:inline-block;width:4.97px"> </div>insurances in respect<div style="display:inline-block;width:4.88px"> </div>of a Ship,<div style="display:inline-block;width:4.76px"> </div>the review of<div style="display:inline-block;width:4.95px"> </div>the insurances of<div style="display:inline-block;width:4.78px"> </div>that Ship pursuant </div><div id="a8925" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">to Clause </div><div id="a8926" style="position:absolute;font-family:'Calibri';left:200.03px;top:927px;"><a href="#a6608" style="color:#000000;text-decoration:none;">13.18</a></div><div id="a8927" style="position:absolute;font-family:'Calibri';left:233.63px;top:927px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a8929" style="position:absolute;font-family:'Calibri';font-style:italic;left:241.31px;top:927px;">Review of insurance requirements</div><div id="a8930" style="position:absolute;font-family:'Calibri';left:442.49px;top:927px;">); and </div></div>
</div>
<div style="padding: 7px">
<div id="Page76" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a8934" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(e)</div><div id="a8936" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">any step<div style="display:inline-block;width:5.12px"> </div>taken by<div style="display:inline-block;width:5.11px"> </div>the Creditor<div style="display:inline-block;width:4.74px"> </div>party concerned or<div style="display:inline-block;width:4.91px"> </div>the Swap<div style="display:inline-block;width:4.74px"> </div>Bank with a<div style="display:inline-block;width:4.81px"> </div>view to<div style="display:inline-block;width:4.8px"> </div>the protection, </div><div id="a8937" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">exercise or enforcement of any right<div style="display:inline-block;width:1.51px"> </div>or Security Interest created<div style="display:inline-block;width:1.88px"> </div>by a Finance<div style="display:inline-block;width:1.6px"> </div>Document or for<div style="display:inline-block;width:1.95px"> </div>any </div><div id="a8938" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">similar purpose. </div><div id="a8940" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">There shall be<div style="display:inline-block;width:4.82px"> </div>recoverable under paragraph </div><div id="a8941" style="position:absolute;font-family:'Calibri';left:409.03px;top:164px;"><a href="#a8921" style="color:#000000;text-decoration:none;">(d)</a></div><div id="a8942" style="position:absolute;font-family:'Calibri';left:425.67px;top:164px;"><div style="display:inline-block;width:3.87px"> </div>the full amount of<div style="display:inline-block;width:5.08px"> </div>all legal expenses,<div style="display:inline-block;width:4.81px"> </div>whether or </div><div id="a8944" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">not such as would be allowed under rules of court or any taxation<div style="display:inline-block;width:5.29px"> </div>or other procedure carried out </div><div id="a8945" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">under such rules. </div><div id="a8947" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">20.4</div><div id="a8949" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:234px;">Extraordinary management time </div><div id="a8951" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">The Borrowers<div style="display:inline-block;width:5.39px"> </div>shall pay<div style="display:inline-block;width:5px"> </div>to the<div style="display:inline-block;width:5.09px"> </div>Agent on<div style="display:inline-block;width:5.04px"> </div>its demand compensation<div style="display:inline-block;width:5.37px"> </div>in respect<div style="display:inline-block;width:4.85px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>reasonable </div><div id="a8952" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">and documented<div style="display:inline-block;width:6.03px"> </div>amount of<div style="display:inline-block;width:5.74px"> </div>time which<div style="display:inline-block;width:5.69px"> </div>the management<div style="display:inline-block;width:5.83px"> </div>of either<div style="display:inline-block;width:5.88px"> </div>Servicing Bank<div style="display:inline-block;width:5.38px"> </div>has spent<div style="display:inline-block;width:5.99px"> </div>in </div><div id="a8953" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">connection with a matter covered<div style="display:inline-block;width:5.34px"> </div>by Clause </div><div id="a8954" style="position:absolute;font-family:'Calibri';left:409.35px;top:304px;"><a href="#a8882" style="color:#000000;text-decoration:none;">20.3</a></div><div id="a8955" style="position:absolute;font-family:'Calibri';left:435.45px;top:304px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a8957" style="position:absolute;font-family:'Calibri';font-style:italic;left:443.61px;top:304px;">Costs of variations, amendments, enforcement </div><div id="a8958" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:322px;">etc.</div><div id="a8959" style="position:absolute;font-family:'Calibri';left:163.55px;top:322px;">) and which exceeds<div style="display:inline-block;width:4.89px"> </div>the amount of time<div style="display:inline-block;width:4.67px"> </div>which would ordinarily be spent<div style="display:inline-block;width:4.88px"> </div>in the performance </div><div id="a8960" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">of the relevant Servicing Bank's routine functions.<div style="display:inline-block;width:5.45px"> </div>Any such compensation shall be based on such </div><div id="a8961" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">reasonable daily or hourly rates as<div style="display:inline-block;width:1.96px"> </div>the Agent may notify to the<div style="display:inline-block;width:1.83px"> </div>Borrowers and is in addition to any </div><div id="a8963" style="position:absolute;font-family:'Calibri';left:141.79px;top:375px;">fee paid or payable to the relevant Servicing Bank. </div><div id="a8965" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:409px;">20.5</div><div id="a8967" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:409px;">Documentary taxes </div><div id="a8969" style="position:absolute;font-family:'Calibri';left:141.79px;top:443px;">The Borrowers<div style="display:inline-block;width:5.07px"> </div>shall promptly pay<div style="display:inline-block;width:5.28px"> </div>any tax<div style="display:inline-block;width:4.98px"> </div>payable on or<div style="display:inline-block;width:5.4px"> </div>by reference<div style="display:inline-block;width:5.22px"> </div>to any<div style="display:inline-block;width:4.97px"> </div>Finance Document, </div><div id="a8971" style="position:absolute;font-family:'Calibri';left:141.79px;top:461px;">and shall,<div style="display:inline-block;width:1.58px"> </div>on the<div style="display:inline-block;width:1.83px"> </div>Agent's demand,<div style="display:inline-block;width:1.72px"> </div>fully indemnify<div style="display:inline-block;width:1.48px"> </div>each Creditor<div style="display:inline-block;width:1.84px"> </div>Party against any<div style="display:inline-block;width:1.75px"> </div>claims, expenses, </div><div id="a8972" style="position:absolute;font-family:'Calibri';left:141.79px;top:479px;">liabilities and losses resulting from any failure or delay by the Borrowers to pay such a tax. </div><div id="a8974" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:513px;">20.6</div><div id="a8976" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:513px;">Financial Services Authority fees </div><div id="a8978" style="position:absolute;font-family:'Calibri';left:141.79px;top:547px;">The<div style="display:inline-block;width:5.29px"> </div>Borrowers<div style="display:inline-block;width:5.82px"> </div>shall<div style="display:inline-block;width:5.18px"> </div>pay<div style="display:inline-block;width:5.39px"> </div>to<div style="display:inline-block;width:5.37px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Agent,<div style="display:inline-block;width:5.31px"> </div>on<div style="display:inline-block;width:5.3px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Agent's<div style="display:inline-block;width:5.26px"> </div>demand,<div style="display:inline-block;width:5.23px"> </div>for<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.29px"> </div>account<div style="display:inline-block;width:5.24px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Lender </div><div id="a8979" style="position:absolute;font-family:'Calibri';left:141.79px;top:565px;">concerned the amounts<div style="display:inline-block;width:4.73px"> </div>which the Agent<div style="display:inline-block;width:4.83px"> </div>from time to<div style="display:inline-block;width:4.98px"> </div>time notifies the Borrowers<div style="display:inline-block;width:5.46px"> </div>that a Lender </div><div id="a8980" style="position:absolute;font-family:'Calibri';left:141.79px;top:583px;">has notified<div style="display:inline-block;width:1.72px"> </div>the Agent<div style="display:inline-block;width:1.99px"> </div>to be<div style="display:inline-block;width:1.71px"> </div>necessary to<div style="display:inline-block;width:1.88px"> </div>compensate it<div style="display:inline-block;width:1.74px"> </div>for the cost<div style="display:inline-block;width:1.65px"> </div>attributable to its<div style="display:inline-block;width:1.45px"> </div>Contribution </div><div id="a8982" style="position:absolute;font-family:'Calibri';left:141.79px;top:600px;">resulting from the<div style="display:inline-block;width:1.63px"> </div>imposition from time<div style="display:inline-block;width:1.31px"> </div>to time under<div style="display:inline-block;width:1.27px"> </div>or pursuant to<div style="display:inline-block;width:1.84px"> </div>the Bank<div style="display:inline-block;width:1.76px"> </div>of England<div style="display:inline-block;width:1.79px"> </div>Act 1998 </div><div id="a8983" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">and/or by the<div style="display:inline-block;width:1.38px"> </div>Bank of<div style="display:inline-block;width:1.81px"> </div>England and/or<div style="display:inline-block;width:1.84px"> </div>by the<div style="display:inline-block;width:1.88px"> </div>Financial Services<div style="display:inline-block;width:1.53px"> </div>Authority (or<div style="display:inline-block;width:1.57px"> </div>other United<div style="display:inline-block;width:1.8px"> </div>Kingdom </div><div id="a8984" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">governmental<div style="display:inline-block;width:6.36px"> </div>authorities<div style="display:inline-block;width:5.45px"> </div>or<div style="display:inline-block;width:5.99px"> </div>agencies)<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.99px"> </div>a<div style="display:inline-block;width:5.75px"> </div>requirement<div style="display:inline-block;width:6.14px"> </div>to<div style="display:inline-block;width:6.01px"> </div>pay<div style="display:inline-block;width:6.03px"> </div>fees<div style="display:inline-block;width:6.03px"> </div>to<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Financial<div style="display:inline-block;width:5.71px"> </div>Services </div><div id="a8986" style="position:absolute;font-family:'Calibri';left:141.79px;top:654px;">Authority calculated by reference to liabilities used to fund its Contribution. </div><div id="a8988" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:688px;">20.7</div><div id="a8990" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:688px;">Certification of amounts </div><div id="a8992" style="position:absolute;font-family:'Calibri';left:141.79px;top:722px;">A notice which is signed by two officers of<div style="display:inline-block;width:4.79px"> </div>a Creditor Party,<div style="display:inline-block;width:5.11px"> </div>which states that a specified amount, </div><div id="a8993" style="position:absolute;font-family:'Calibri';left:141.79px;top:740px;">or aggregate amount,<div style="display:inline-block;width:4.89px"> </div>is due to that<div style="display:inline-block;width:4.71px"> </div>Creditor Party under this<div style="display:inline-block;width:4.75px"> </div>Clause </div><div id="a8994" style="position:absolute;font-family:'Calibri';left:554.17px;top:740px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a8995" style="position:absolute;font-family:'Calibri';left:569.21px;top:740px;"><div style="display:inline-block;width:7.2px"> </div>(</div><div id="a8998" style="position:absolute;font-family:'Calibri';font-style:italic;left:580.89px;top:740px;">Fees and expenses</div><div id="a8999" style="position:absolute;font-family:'Calibri';left:691.17px;top:740px;">) and </div><div id="a9002" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">which indicates<div style="display:inline-block;width:5.75px"> </div>(without necessarily<div style="display:inline-block;width:5.09px"> </div>specifying a<div style="display:inline-block;width:5.14px"> </div>detailed breakdown)<div style="display:inline-block;width:6.02px"> </div>the matters<div style="display:inline-block;width:6.07px"> </div>in respect<div style="display:inline-block;width:5.33px"> </div>of </div><div id="a9003" style="position:absolute;font-family:'Calibri';left:141.79px;top:776px;">which the amount, or aggregate amount, is due shall be prima facie evidence that the amount,<div style="display:inline-block;width:1.97px"> </div>or </div><div id="a9004" style="position:absolute;font-family:'Calibri';left:141.79px;top:794px;">aggregate amount, is due. </div><div id="a9006" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:828px;">21</div><div id="a9008" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:828px;">INDEMNITIES<div style="display:inline-block;width:3.19px"> </div></div><div id="a9010" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:861px;">21.1</div><div id="a9012" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:861px;">Indemnities regarding borrowing and repayment of Loan </div><div id="a9014" style="position:absolute;font-family:'Calibri';left:141.79px;top:895px;">The Borrowers<div style="display:inline-block;width:5.71px"> </div>shall fully<div style="display:inline-block;width:5.17px"> </div>indemnify the<div style="display:inline-block;width:4.9px"> </div>Agent and<div style="display:inline-block;width:5.22px"> </div>each Lender<div style="display:inline-block;width:4.98px"> </div>on the<div style="display:inline-block;width:5.19px"> </div>Agent's demand<div style="display:inline-block;width:5.08px"> </div>and the </div><div id="a9015" style="position:absolute;font-family:'Calibri';left:141.79px;top:913px;">Security Trustee<div style="display:inline-block;width:5.82px"> </div>on its<div style="display:inline-block;width:4.71px"> </div>demand in respect<div style="display:inline-block;width:5.31px"> </div>of all<div style="display:inline-block;width:4.69px"> </div>claims, expenses,<div style="display:inline-block;width:4.67px"> </div>liabilities and losses<div style="display:inline-block;width:5.06px"> </div>which are </div></div>
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<div id="Page77" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9018" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">made or<div style="display:inline-block;width:1.75px"> </div>brought against or<div style="display:inline-block;width:1.2px"> </div>incurred by<div style="display:inline-block;width:1.91px"> </div>that Creditor<div style="display:inline-block;width:1.98px"> </div>Party, or which<div style="display:inline-block;width:1.89px"> </div>that Creditor<div style="display:inline-block;width:1.98px"> </div>Party reasonably </div><div id="a9019" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">and with due diligence estimates that it will incur, as a result of or in connection with: </div><div id="a9021" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(a)</div><div id="a9023" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">the Loan not being borrowed on the date<div style="display:inline-block;width:4.95px"> </div>specified in the Drawdown Notice for any<div style="display:inline-block;width:4.78px"> </div>reason other </div><div id="a9025" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">than a default by the Lender claiming the indemnity;<div style="display:inline-block;width:2.48px"> </div></div><div id="a9027" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;">(b)</div><div id="a9029" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">the receipt or recovery of all or<div style="display:inline-block;width:1.85px"> </div>any part of the Loan<div style="display:inline-block;width:1.93px"> </div>or an overdue sum otherwise than<div style="display:inline-block;width:1.63px"> </div>on the last </div><div id="a9030" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">day of an Interest Period or other relevant period; </div><div id="a9032" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">(c)</div><div id="a9034" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">any failure (for<div style="display:inline-block;width:4.78px"> </div>whatever reason) by the Borrowers<div style="display:inline-block;width:4.98px"> </div>to make payment of<div style="display:inline-block;width:4.72px"> </div>any amount due under a </div><div id="a9035" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">Finance Document on<div style="display:inline-block;width:1.89px"> </div>the due date or, if so<div style="display:inline-block;width:1.94px"> </div>payable, on demand (after giving<div style="display:inline-block;width:1.36px"> </div>credit for any default </div><div id="a9036" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">interest paid by the Borrowers<div style="display:inline-block;width:1.97px"> </div>on the amount<div style="display:inline-block;width:1.91px"> </div>concerned under Clause </div><div id="a9038" style="position:absolute;font-family:'Calibri';left:562.01px;top:286px;"><a href="#a4146" style="color:#000000;text-decoration:none;">5.3</a></div><div id="a9039" style="position:absolute;font-family:'Calibri';left:580.73px;top:286px;"><div style="display:inline-block;width:2.88px"> </div>(</div><div id="a9041" style="position:absolute;font-family:'Calibri';font-style:italic;left:587.93px;top:286px;">Default Interest</div><div id="a9042" style="position:absolute;font-family:'Calibri';left:680.61px;top:286px;">)) ; and </div><div id="a9045" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(d)</div><div id="a9047" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">the occurrence<div style="display:inline-block;width:4.94px"> </div>of an<div style="display:inline-block;width:4.99px"> </div>Event of<div style="display:inline-block;width:5.46px"> </div>Default or<div style="display:inline-block;width:5.19px"> </div>a Potential<div style="display:inline-block;width:5.24px"> </div>Event<div style="display:inline-block;width:4.72px"> </div>of Default<div style="display:inline-block;width:5.35px"> </div>and/or the<div style="display:inline-block;width:4.96px"> </div>acceleration of </div><div id="a9048" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">repayment of the Loan under Clause </div><div id="a9049" style="position:absolute;font-family:'Calibri';left:362.47px;top:338px;"><a href="#a8181" style="color:#000000;text-decoration:none;">19</a></div><div id="a9050" style="position:absolute;font-family:'Calibri';left:377.35px;top:338px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a9052" style="position:absolute;font-family:'Calibri';font-style:italic;left:385.19px;top:338px;">Events of Default</div><div id="a9053" style="position:absolute;font-family:'Calibri';left:486.33px;top:338px;">), </div><div id="a9055" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">and in respect of<div style="display:inline-block;width:1.82px"> </div>any tax (other than tax<div style="display:inline-block;width:1.8px"> </div>on its overall net income<div style="display:inline-block;width:1.63px"> </div>or a FATCA Deduction) for which </div><div id="a9058" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">a<div style="display:inline-block;width:4.79px"> </div>Creditor<div style="display:inline-block;width:4.86px"> </div>Party<div style="display:inline-block;width:5.1px"> </div>is liable<div style="display:inline-block;width:6.01px"> </div>in connection<div style="display:inline-block;width:5.91px"> </div>with any<div style="display:inline-block;width:6.37px"> </div>amount paid<div style="display:inline-block;width:5.86px"> </div>or<div style="display:inline-block;width:4.87px"> </div>payable<div style="display:inline-block;width:4.92px"> </div>to<div style="display:inline-block;width:4.89px"> </div>that<div style="display:inline-block;width:4.77px"> </div>Creditor<div style="display:inline-block;width:4.86px"> </div>Party </div><div id="a9059" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">(whether for its own account or otherwise) under any Finance Document. </div><div id="a9061" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:441px;">21.2</div><div id="a9063" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:441px;">Miscellaneous indemnities </div><div id="a9065" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">The Borrowers<div style="display:inline-block;width:4.91px"> </div>shall fully indemnify each<div style="display:inline-block;width:4.79px"> </div>Creditor Party<div style="display:inline-block;width:4.7px"> </div>severally on<div style="display:inline-block;width:4.72px"> </div>their respective demands in </div><div id="a9066" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">respect<div style="display:inline-block;width:4.89px"> </div>of<div style="display:inline-block;width:5.03px"> </div>all<div style="display:inline-block;width:4.75px"> </div>claims,<div style="display:inline-block;width:4.7px"> </div>expenses,<div style="display:inline-block;width:4.9px"> </div>liabilities<div style="display:inline-block;width:4.69px"> </div>and<div style="display:inline-block;width:4.68px"> </div>losses which<div style="display:inline-block;width:5.98px"> </div>may<div style="display:inline-block;width:5.2px"> </div>be made<div style="display:inline-block;width:6.15px"> </div>or<div style="display:inline-block;width:4.87px"> </div>brought<div style="display:inline-block;width:5.06px"> </div>against<div style="display:inline-block;width:4.97px"> </div>or </div><div id="a9067" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">incurred by a Creditor Party,<div style="display:inline-block;width:4.78px"> </div>in any country, as a result of or in connection with: </div><div id="a9071" style="position:absolute;font-family:'Calibri';left:94.59px;top:545px;">(a)</div><div id="a9073" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">any action<div style="display:inline-block;width:5.3px"> </div>taken,<div style="display:inline-block;width:4.69px"> </div>or omitted<div style="display:inline-block;width:5.13px"> </div>or neglected<div style="display:inline-block;width:5.03px"> </div>to be<div style="display:inline-block;width:5.23px"> </div>taken,<div style="display:inline-block;width:4.69px"> </div>under or<div style="display:inline-block;width:4.92px"> </div>in connection<div style="display:inline-block;width:4.79px"> </div>with any<div style="display:inline-block;width:5.41px"> </div>Finance </div><div id="a9074" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">Document<div style="display:inline-block;width:5.77px"> </div>by<div style="display:inline-block;width:5.84px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Agent,<div style="display:inline-block;width:5.95px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Trustee<div style="display:inline-block;width:6.74px"> </div>or<div style="display:inline-block;width:5.83px"> </div>any<div style="display:inline-block;width:5.87px"> </div>other<div style="display:inline-block;width:5.68px"> </div>Creditor<div style="display:inline-block;width:5.98px"> </div>Party<div style="display:inline-block;width:6.06px"> </div>or<div style="display:inline-block;width:5.67px"> </div>by<div style="display:inline-block;width:5.84px"> </div>any<div style="display:inline-block;width:6.03px"> </div>receiver </div><div id="a9075" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">appointed under a Finance Document; or </div><div id="a9077" style="position:absolute;font-family:'Calibri';left:94.59px;top:615px;">(b)</div><div id="a9079" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">any civil penalty or fine against, and<div style="display:inline-block;width:4.68px"> </div>all reasonable costs and expenses (including reasonable fees </div><div id="a9080" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">of counsel and<div style="display:inline-block;width:4.94px"> </div>disbursements) incurred in<div style="display:inline-block;width:5.03px"> </div>connection with or the<div style="display:inline-block;width:5.16px"> </div>defence thereof<div style="display:inline-block;width:4.83px"> </div>by,<div style="display:inline-block;width:4.81px"> </div>the Agent </div><div id="a9081" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">or<div style="display:inline-block;width:5.99px"> </div>any<div style="display:inline-block;width:5.87px"> </div>other<div style="display:inline-block;width:5.84px"> </div>Creditor<div style="display:inline-block;width:5.82px"> </div>Party<div style="display:inline-block;width:6.06px"> </div>as<div style="display:inline-block;width:5.91px"> </div>a<div style="display:inline-block;width:5.75px"> </div>result<div style="display:inline-block;width:5.78px"> </div>of<div style="display:inline-block;width:5.83px"> </div>conduct<div style="display:inline-block;width:5.7px"> </div>of<div style="display:inline-block;width:5.99px"> </div>any<div style="display:inline-block;width:5.93px"> </div>Borrower<div style="display:inline-block;width:6.05px"> </div>or<div style="display:inline-block;width:5.83px"> </div>any<div style="display:inline-block;width:5.87px"> </div>of<div style="display:inline-block;width:5.83px"> </div>their<div style="display:inline-block;width:5.74px"> </div>partners, </div><div id="a9085" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">directors, officers, employees, agents or advisors, that violates any Sanctions;<div style="display:inline-block;width:4.25px"> </div>or </div><div id="a9089" style="position:absolute;font-family:'Calibri';left:94.59px;top:702px;">(c)</div><div id="a9091" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">any other Pertinent Matter, </div><div id="a9093" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">other<div style="display:inline-block;width:5.52px"> </div>than<div style="display:inline-block;width:5.35px"> </div>claims,<div style="display:inline-block;width:5.18px"> </div>expenses,<div style="display:inline-block;width:5.54px"> </div>liabilities<div style="display:inline-block;width:5.33px"> </div>and<div style="display:inline-block;width:5.32px"> </div>losses<div style="display:inline-block;width:5.22px"> </div>which<div style="display:inline-block;width:5.21px"> </div>are<div style="display:inline-block;width:5.65px"> </div>shown<div style="display:inline-block;width:5.35px"> </div>to<div style="display:inline-block;width:5.69px"> </div>have<div style="display:inline-block;width:5.71px"> </div>been<div style="display:inline-block;width:5.24px"> </div>directly<div style="display:inline-block;width:5.51px"> </div>and </div><div id="a9094" style="position:absolute;font-family:'Calibri';left:141.79px;top:754px;">mainly caused by the dishonesty or wilful misconduct of the officers or employees of the<div style="display:inline-block;width:2.02px"> </div>Creditor </div><div id="a9095" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">Party concerned. </div><div id="a9097" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">Without prejudice to its<div style="display:inline-block;width:1.6px"> </div>generality, this Clause </div><div id="a9098" style="position:absolute;font-family:'Calibri';left:417.83px;top:806px;"><a href="#a9061" style="color:#000000;text-decoration:none;">21.2 (</a></div><div id="a9101" style="position:absolute;font-family:'Calibri';font-style:italic;left:451.13px;top:806px;">Miscellaneous indemnities</div><div id="a9102" style="position:absolute;font-family:'Calibri';left:607.49px;top:806px;">) covers any claims, </div><div id="a9103" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">expenses, liabilities<div style="display:inline-block;width:4.83px"> </div>and losses which<div style="display:inline-block;width:5.1px"> </div>arise, or are<div style="display:inline-block;width:5.46px"> </div>asserted, under or<div style="display:inline-block;width:5.15px"> </div>in connection with<div style="display:inline-block;width:5.3px"> </div>any law </div><div id="a9104" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law or any Sanctions. </div><div id="a9106" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:876px;">21.3</div><div id="a9108" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:876px;">Environmental Indemnity </div><div id="a9110" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">Without<div style="display:inline-block;width:9.64px"> </div>prejudice<div style="display:inline-block;width:9.69px"> </div>to<div style="display:inline-block;width:9.85px"> </div>its<div style="display:inline-block;width:9.61px"> </div>generality,<div style="display:inline-block;width:11.08px"> </div>Clause </div><div id="a9111" style="position:absolute;font-family:'Calibri';left:434.49px;top:909px;"><a href="#a9061" style="color:#000000;text-decoration:none;">21.2</a></div><div id="a9112" style="position:absolute;font-family:'Calibri';left:460.41px;top:909px;"><div style="display:inline-block;width:9.76px"> </div>(</div><div id="a9114" style="position:absolute;font-family:'Calibri';font-style:italic;left:474.65px;top:909px;">Miscellaneous<div style="display:inline-block;width:9.55px"> </div>indemnities</div><div id="a9115" style="position:absolute;font-family:'Calibri';left:637.73px;top:909px;">)<div style="display:inline-block;width:9.78px"> </div>covers<div style="display:inline-block;width:10.21px"> </div>any </div><div id="a9117" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">Environmental<div style="display:inline-block;width:6.65px"> </div>Claim<div style="display:inline-block;width:5.95px"> </div>and<div style="display:inline-block;width:5.8px"> </div>any<div style="display:inline-block;width:6.35px"> </div>other<div style="display:inline-block;width:6.04px"> </div>claims,<div style="display:inline-block;width:5.82px"> </div>demands,<div style="display:inline-block;width:5.71px"> </div>proceedings,<div style="display:inline-block;width:6.09px"> </div>liabilities,<div style="display:inline-block;width:5.66px"> </div>taxes,<div style="display:inline-block;width:6.71px"> </div>losses<div style="display:inline-block;width:5.86px"> </div>or </div></div>
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<div id="a9122" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">expenses of every kind<div style="display:inline-block;width:4.81px"> </div>which arise, or are asserted,<div style="display:inline-block;width:5.01px"> </div>under or in connection with any<div style="display:inline-block;width:5.11px"> </div>law relating </div><div id="a9123" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">to safety at sea, pollution or the protection of the environment, the ISM Code or the ISPS Code. </div><div id="a9125" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:146px;">21.4</div><div id="a9127" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:146px;">Currency indemnity </div><div id="a9129" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">If<div style="display:inline-block;width:5.56px"> </div>any<div style="display:inline-block;width:5.71px"> </div>sum<div style="display:inline-block;width:5.47px"> </div>due<div style="display:inline-block;width:5.37px"> </div>from<div style="display:inline-block;width:5.65px"> </div>any<div style="display:inline-block;width:5.55px"> </div>Borrower<div style="display:inline-block;width:5.73px"> </div>or<div style="display:inline-block;width:5.51px"> </div>any<div style="display:inline-block;width:5.71px"> </div>Security<div style="display:inline-block;width:5.13px"> </div>Party<div style="display:inline-block;width:5.74px"> </div>to<div style="display:inline-block;width:5.69px"> </div>a<div style="display:inline-block;width:5.43px"> </div>Creditor<div style="display:inline-block;width:5.66px"> </div>Party<div style="display:inline-block;width:5.58px"> </div>under<div style="display:inline-block;width:5.46px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Finance </div><div id="a9130" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Document or<div style="display:inline-block;width:4.91px"> </div>under any<div style="display:inline-block;width:4.96px"> </div>order or<div style="display:inline-block;width:5.14px"> </div>judgment relating<div style="display:inline-block;width:4.98px"> </div>to a<div style="display:inline-block;width:5.07px"> </div>Finance Document<div style="display:inline-block;width:4.72px"> </div>has to<div style="display:inline-block;width:5.02px"> </div>be converted </div><div id="a9131" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">from<div style="display:inline-block;width:7.57px"> </div>the<div style="display:inline-block;width:7.37px"> </div>currency<div style="display:inline-block;width:7.39px"> </div>in<div style="display:inline-block;width:7.29px"> </div>which<div style="display:inline-block;width:7.13px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Finance<div style="display:inline-block;width:7.23px"> </div>Document<div style="display:inline-block;width:7.21px"> </div>provided<div style="display:inline-block;width:7.5px"> </div>for<div style="display:inline-block;width:7.72px"> </div>the<div style="display:inline-block;width:7.21px"> </div>sum<div style="display:inline-block;width:7.23px"> </div>to<div style="display:inline-block;width:7.45px"> </div>be<div style="display:inline-block;width:7.45px"> </div>paid<div style="display:inline-block;width:7.22px"> </div>(the </div><div id="a9134" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">"Contractual Currency") into another currency (the "Payment Currency") for the purpose of: </div><div id="a9136" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(a)</div><div id="a9138" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">making or<div style="display:inline-block;width:5.04px"> </div>lodging any<div style="display:inline-block;width:5.25px"> </div>claim or<div style="display:inline-block;width:4.95px"> </div>proof against<div style="display:inline-block;width:5.63px"> </div>any Borrower<div style="display:inline-block;width:5.39px"> </div>or any<div style="display:inline-block;width:5.48px"> </div>Security Party,<div style="display:inline-block;width:6.04px"> </div>whether in<div style="display:inline-block;width:5.18px"> </div>its </div><div id="a9139" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">liquidation, any arrangement involving it or otherwise; or </div><div id="a9141" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">(b)</div><div id="a9143" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">obtaining an order or judgment from any court or other tribunal; or </div><div id="a9145" style="position:absolute;font-family:'Calibri';left:94.59px;top:354px;">(c)</div><div id="a9147" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">enforcing any such order or judgment, </div><div id="a9149" style="position:absolute;font-family:'Calibri';left:141.79px;top:387px;">the<div style="display:inline-block;width:5.45px"> </div>Borrowers<div style="display:inline-block;width:5.82px"> </div>shall<div style="display:inline-block;width:5.18px"> </div>indemnify<div style="display:inline-block;width:5.01px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Creditor<div style="display:inline-block;width:5.5px"> </div>Party<div style="display:inline-block;width:5.58px"> </div>concerned<div style="display:inline-block;width:5.25px"> </div>against<div style="display:inline-block;width:5.61px"> </div>the<div style="display:inline-block;width:5.29px"> </div>loss<div style="display:inline-block;width:5.18px"> </div>arising<div style="display:inline-block;width:5.12px"> </div>when<div style="display:inline-block;width:5.25px"> </div>the </div><div id="a9150" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">amount of the payment actually received by<div style="display:inline-block;width:4.81px"> </div>that Creditor Party is converted<div style="display:inline-block;width:5.09px"> </div>at the available rate </div><div id="a9151" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">of exchange into the Contractual Currency. </div><div id="a9153" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">In this Clause </div><div id="a9154" style="position:absolute;font-family:'Calibri';left:222.91px;top:457px;"><a href="#a9125" style="color:#000000;text-decoration:none;">21.4</a></div><div id="a9155" style="position:absolute;font-family:'Calibri';left:248.83px;top:457px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a9157" style="position:absolute;font-family:'Calibri';font-style:italic;left:256.39px;top:457px;">Currency indemnity</div><div id="a9158" style="position:absolute;font-family:'Calibri';left:371.27px;top:457px;">), the "</div><div id="a9159" style="position:absolute;font-family:'Calibri';font-weight:bold;left:411.11px;top:457px;">available rate of exchange</div><div id="a9160" style="position:absolute;font-family:'Calibri';left:569.69px;top:457px;">" means the rate at<div style="display:inline-block;width:1.97px"> </div>which </div><div id="a9161" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">the Creditor Party concerned is able<div style="display:inline-block;width:1.71px"> </div>at the opening of<div style="display:inline-block;width:1.65px"> </div>business (London time)<div style="display:inline-block;width:1.9px"> </div>on the Business Day </div><div id="a9162" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">after<div style="display:inline-block;width:6.19px"> </div>it<div style="display:inline-block;width:5.77px"> </div>receives<div style="display:inline-block;width:5.95px"> </div>the<div style="display:inline-block;width:5.93px"> </div>sum<div style="display:inline-block;width:5.63px"> </div>concerned<div style="display:inline-block;width:5.89px"> </div>to<div style="display:inline-block;width:6.01px"> </div>purchase<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Contractual<div style="display:inline-block;width:6.02px"> </div>Currency<div style="display:inline-block;width:5.92px"> </div>with<div style="display:inline-block;width:5.75px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Payment </div><div id="a9163" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">Currency. </div><div id="a9165" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">This Clause </div><div id="a9166" style="position:absolute;font-family:'Calibri';left:210.59px;top:545px;"><a href="#a9125" style="color:#000000;text-decoration:none;">21.4</a></div><div id="a9167" style="position:absolute;font-family:'Calibri';left:236.67px;top:545px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a9169" style="position:absolute;font-family:'Calibri';font-style:italic;left:244.19px;top:545px;">Currency indemnity</div><div id="a9170" style="position:absolute;font-family:'Calibri';left:358.95px;top:545px;">) creates a separate liability<div style="display:inline-block;width:1.9px"> </div>of the Borrowers which is<div style="display:inline-block;width:1.78px"> </div>distinct </div><div id="a9171" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">from<div style="display:inline-block;width:4.85px"> </div>their other<div style="display:inline-block;width:5.53px"> </div>liabilities under<div style="display:inline-block;width:5.39px"> </div>the Finance<div style="display:inline-block;width:5.52px"> </div>Documents and<div style="display:inline-block;width:5.53px"> </div>which shall<div style="display:inline-block;width:5.62px"> </div>not be<div style="display:inline-block;width:5.51px"> </div>merged<div style="display:inline-block;width:4.84px"> </div>in any </div><div id="a9172" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">judgment or order relating to those other liabilities. </div><div id="a9174" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:615px;">21.5</div><div id="a9176" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:615px;">Application to Master Agreement </div><div id="a9178" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">For the<div style="display:inline-block;width:5.23px"> </div>avoidance of<div style="display:inline-block;width:5.17px"> </div>doubt, Clause </div><div id="a9179" style="position:absolute;font-family:'Calibri';left:357.67px;top:648px;"><a href="#a9125" style="color:#000000;text-decoration:none;">21.4</a></div><div id="a9180" style="position:absolute;font-family:'Calibri';left:383.75px;top:648px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a9182" style="position:absolute;font-family:'Calibri';font-style:italic;left:392.23px;top:648px;">Currency indemnity</div><div id="a9183" style="position:absolute;font-family:'Calibri';left:508.25px;top:648px;">) does<div style="display:inline-block;width:4.91px"> </div>not apply<div style="display:inline-block;width:4.81px"> </div>in respect<div style="display:inline-block;width:4.85px"> </div>of sums </div><div id="a9184" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">due from the Borrowers<div style="display:inline-block;width:4.95px"> </div>to the Swap Bank under or<div style="display:inline-block;width:4.69px"> </div>in connection with the Master Agreement<div style="display:inline-block;width:4.79px"> </div>as </div><div id="a9186" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">to which<div style="display:inline-block;width:5.01px"> </div>sums the<div style="display:inline-block;width:4.72px"> </div>provisions of<div style="display:inline-block;width:4.96px"> </div>section 8 (</div><div id="a9187" style="position:absolute;font-family:'Calibri';font-style:italic;left:401.67px;top:684px;">Contractual Currency</div><div id="a9188" style="position:absolute;font-family:'Calibri';left:527.77px;top:684px;">) of<div style="display:inline-block;width:4.91px"> </div>the Master<div style="display:inline-block;width:4.95px"> </div>Agreement shall </div><div id="a9189" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">apply. </div><div id="a9191" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:736px;">21.6</div><div id="a9193" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:736px;">Mandatory Cost </div><div id="a9195" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">Each Borrower<div style="display:inline-block;width:5.49px"> </div>shall, on<div style="display:inline-block;width:4.92px"> </div>demand by<div style="display:inline-block;width:4.85px"> </div>the Agent,<div style="display:inline-block;width:5.04px"> </div>pay to<div style="display:inline-block;width:5.19px"> </div>the Agent<div style="display:inline-block;width:5.19px"> </div>for the<div style="display:inline-block;width:5.21px"> </div>account of<div style="display:inline-block;width:5.02px"> </div>the relevant </div><div id="a9196" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Lender,<div style="display:inline-block;width:6.72px"> </div>such<div style="display:inline-block;width:5.35px"> </div>amount<div style="display:inline-block;width:5.33px"> </div>which<div style="display:inline-block;width:5.21px"> </div>any<div style="display:inline-block;width:5.71px"> </div>Lender<div style="display:inline-block;width:5.28px"> </div>certifies<div style="display:inline-block;width:5.34px"> </div>in<div style="display:inline-block;width:5.37px"> </div>a<div style="display:inline-block;width:5.27px"> </div>notice<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Agent<div style="display:inline-block;width:5.46px"> </div>to<div style="display:inline-block;width:5.53px"> </div>be<div style="display:inline-block;width:5.42px"> </div>its<div style="display:inline-block;width:5.45px"> </div>good<div style="display:inline-block;width:5.43px"> </div>faith </div><div id="a9197" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">determination of the amount necessary to compensate it for complying with: </div><div id="a9200" style="position:absolute;font-family:'Calibri';left:94.59px;top:840px;">(a)</div><div id="a9202" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">in the case<div style="display:inline-block;width:1.77px"> </div>of a Lender<div style="display:inline-block;width:1.72px"> </div>lending from a<div style="display:inline-block;width:1.82px"> </div>Facility Office in<div style="display:inline-block;width:1.83px"> </div>a Participating Member<div style="display:inline-block;width:1.99px"> </div>State, the minimum </div><div id="a9203" style="position:absolute;font-family:'Calibri';left:141.79px;top:858px;">reserve requirements (or other<div style="display:inline-block;width:1.48px"> </div>requirements having the same<div style="display:inline-block;width:1.37px"> </div>or similar purpose)<div style="display:inline-block;width:1.38px"> </div>of the European </div><div id="a9204" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">Central Bank (or any other<div style="display:inline-block;width:1.87px"> </div>authority or agency which<div style="display:inline-block;width:1.85px"> </div>replaces all or any of<div style="display:inline-block;width:1.79px"> </div>its functions) in respect </div><div id="a9207" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">of loans made from that Facility Office; and </div></div>
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<div id="a9211" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a9213" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">in the case of<div style="display:inline-block;width:4.75px"> </div>any Lender lending from<div style="display:inline-block;width:4.69px"> </div>a Facility Office in<div style="display:inline-block;width:4.73px"> </div>the United Kingdom, any<div style="display:inline-block;width:4.79px"> </div>reserve asset, </div><div id="a9214" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">special<div style="display:inline-block;width:6.51px"> </div>deposit<div style="display:inline-block;width:6.26px"> </div>or<div style="display:inline-block;width:6.47px"> </div>liquidity<div style="display:inline-block;width:6.41px"> </div>requirements<div style="display:inline-block;width:6.78px"> </div>(or<div style="display:inline-block;width:6.32px"> </div>other<div style="display:inline-block;width:6.32px"> </div>requirements<div style="display:inline-block;width:6.94px"> </div>having<div style="display:inline-block;width:6.53px"> </div>the<div style="display:inline-block;width:6.25px"> </div>same<div style="display:inline-block;width:6.51px"> </div>or<div style="display:inline-block;width:6.47px"> </div>similar </div><div id="a9215" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">purpose) of the<div style="display:inline-block;width:5.06px"> </div>Bank of England<div style="display:inline-block;width:4.82px"> </div>(or any<div style="display:inline-block;width:4.86px"> </div>other governmental<div style="display:inline-block;width:4.87px"> </div>authority or agency)<div style="display:inline-block;width:5.02px"> </div>and/or paying </div><div id="a9217" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">any<div style="display:inline-block;width:4.91px"> </div>fees<div style="display:inline-block;width:4.91px"> </div>to<div style="display:inline-block;width:4.73px"> </div>the Financial<div style="display:inline-block;width:5.75px"> </div>Conduct Authority<div style="display:inline-block;width:5.6px"> </div>and/or the<div style="display:inline-block;width:5.76px"> </div>Prudential<div style="display:inline-block;width:4.7px"> </div>Regulation<div style="display:inline-block;width:4.82px"> </div>Authority (or<div style="display:inline-block;width:5.57px"> </div>any </div><div id="a9218" style="position:absolute;font-family:'Calibri';left:141.79px;top:166px;">other governmental authority or agency which replaces all or any of their functions), </div><div id="a9220" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">which, in each case, is referable to that Lender's participation in the Loan. </div><div id="a9224" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">21.7</div><div id="a9226" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:234px;">Certification of amounts </div><div id="a9228" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">A notice which is signed by two officers of<div style="display:inline-block;width:4.79px"> </div>a Creditor Party,<div style="display:inline-block;width:5.11px"> </div>which states that a specified amount, </div><div id="a9229" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">or aggregate<div style="display:inline-block;width:4.8px"> </div>amount, is due to<div style="display:inline-block;width:5.11px"> </div>that Creditor Party<div style="display:inline-block;width:5.03px"> </div>under this Clause </div><div id="a9230" style="position:absolute;font-family:'Calibri';left:555.61px;top:286px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a9231" style="position:absolute;font-family:'Calibri';left:570.49px;top:286px;"><div style="display:inline-block;width:7.68px"> </div>(</div><div id="a9234" style="position:absolute;font-family:'Calibri';font-style:italic;left:582.65px;top:286px;">Indemnities</div><div id="a9235" style="position:absolute;font-family:'Calibri';left:651.97px;top:286px;">) and which </div><div id="a9238" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">indicates<div style="display:inline-block;width:4.83px"> </div>(without necessarily<div style="display:inline-block;width:5.09px"> </div>specifying a<div style="display:inline-block;width:5.14px"> </div>detailed breakdown)<div style="display:inline-block;width:5.86px"> </div>the matters<div style="display:inline-block;width:6.07px"> </div>in respect<div style="display:inline-block;width:5.49px"> </div>of which </div><div id="a9239" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">the<div style="display:inline-block;width:5.93px"> </div>amount,<div style="display:inline-block;width:5.81px"> </div>or<div style="display:inline-block;width:5.83px"> </div>aggregate<div style="display:inline-block;width:6.15px"> </div>amount,<div style="display:inline-block;width:5.97px"> </div>is<div style="display:inline-block;width:5.74px"> </div>due<div style="display:inline-block;width:5.85px"> </div>shall<div style="display:inline-block;width:5.82px"> </div>be<div style="display:inline-block;width:5.58px"> </div>prima<div style="display:inline-block;width:5.91px"> </div>facie<div style="display:inline-block;width:6.06px"> </div>evidence<div style="display:inline-block;width:5.74px"> </div>that<div style="display:inline-block;width:5.89px"> </div>the<div style="display:inline-block;width:5.93px"> </div>amount,<div style="display:inline-block;width:5.65px"> </div>or </div><div id="a9240" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">aggregate amount, is due. </div><div id="a9242" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:373px;">21.8</div><div id="a9244" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:373px;">Sums deemed due to a Lender </div><div id="a9246" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">For the purposes of this Clause </div><div id="a9247" style="position:absolute;font-family:'Calibri';left:330.15px;top:407px;"><a href="#a9006" style="color:#000000;text-decoration:none;">21</a></div><div id="a9248" style="position:absolute;font-family:'Calibri';left:345.03px;top:407px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a9250" style="position:absolute;font-family:'Calibri';font-style:italic;left:353.03px;top:407px;">Indemnities</div><div id="a9251" style="position:absolute;font-family:'Calibri';left:422.31px;top:407px;">), a sum payable by the Borrowers<div style="display:inline-block;width:5.12px"> </div>to the Agent or </div><div id="a9252" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender. </div><div id="a9254" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:459px;">22</div><div id="a9256" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:459px;">NO SET-OFF OR TAX<div style="display:inline-block;width:5.18px"> </div>DEDUCTION<div style="display:inline-block;width:2.77px"> </div></div><div id="a9260" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:493px;">22.1</div><div id="a9262" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:493px;">No deductions </div><div id="a9264" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">All amounts due from the Borrowers under a Finance Document shall be paid: </div><div id="a9266" style="position:absolute;font-family:'Calibri';left:94.59px;top:561px;">(a)</div><div id="a9268" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">without any form of set off, cross-claim or condition; and </div><div id="a9273" style="position:absolute;font-family:'Calibri';left:94.59px;top:595px;">(b)</div><div id="a9275" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">free and clear of any tax deduction except a tax deduction which a Borrower is required by law to </div><div id="a9276" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">make. </div><div id="a9278" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:647px;">22.2</div><div id="a9280" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:647px;">Grossing-up for taxes </div><div id="a9284" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">If a Borrower is required by law to make a tax deduction from any payment: </div><div id="a9286" style="position:absolute;font-family:'Calibri';left:94.59px;top:714px;">(a)</div><div id="a9288" style="position:absolute;font-family:'Calibri';left:141.79px;top:714px;">that Borrower shall notify the Agent as soon as it becomes aware of the requirement; </div><div id="a9290" style="position:absolute;font-family:'Calibri';left:94.59px;top:748px;">(b)</div><div id="a9292" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">that Borrower<div style="display:inline-block;width:5.09px"> </div>shall pay<div style="display:inline-block;width:4.68px"> </div>the tax<div style="display:inline-block;width:4.88px"> </div>deducted to<div style="display:inline-block;width:4.66px"> </div>the appropriate taxation<div style="display:inline-block;width:5.95px"> </div>authority promptly,<div style="display:inline-block;width:5.54px"> </div>and in </div><div id="a9293" style="position:absolute;font-family:'Calibri';left:141.79px;top:766px;">any event before any fine or penalty arises; and </div><div id="a9295" style="position:absolute;font-family:'Calibri';left:94.59px;top:800px;">(c)</div><div id="a9297" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">the amount due in respect of the<div style="display:inline-block;width:4.72px"> </div>payment shall be increased by the<div style="display:inline-block;width:4.76px"> </div>amount necessary to ensure </div><div id="a9298" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">that each Creditor Party receives and retains (free from any<div style="display:inline-block;width:4.77px"> </div>liability relating to the tax deduction) </div><div id="a9299" style="position:absolute;font-family:'Calibri';left:141.79px;top:836px;">a net amount which, after the tax deduction, is equal to the full<div style="display:inline-block;width:1.94px"> </div>amount which it would otherwise </div><div id="a9302" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">have received. </div></div>
</div>
<div style="padding: 7px">
<div id="Page80" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9306" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">22.3</div><div id="a9308" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Evidence of payment of taxes </div><div id="a9310" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Within one<div style="display:inline-block;width:5.28px"> </div>month after<div style="display:inline-block;width:5.48px"> </div>making any<div style="display:inline-block;width:5.56px"> </div>tax<div style="display:inline-block;width:4.68px"> </div>deduction, the<div style="display:inline-block;width:5.1px"> </div>Borrower concerned<div style="display:inline-block;width:5.57px"> </div>shall deliver<div style="display:inline-block;width:5.24px"> </div>to the </div><div id="a9311" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Agent<div style="display:inline-block;width:7.38px"> </div>documentary<div style="display:inline-block;width:7.24px"> </div>evidence<div style="display:inline-block;width:7.02px"> </div>satisfactory<div style="display:inline-block;width:7.66px"> </div>to<div style="display:inline-block;width:7.29px"> </div>the<div style="display:inline-block;width:7.28px"> </div>Agent<div style="display:inline-block;width:7.22px"> </div>that<div style="display:inline-block;width:7.33px"> </div>the<div style="display:inline-block;width:7.05px"> </div>tax<div style="display:inline-block;width:7.56px"> </div>had<div style="display:inline-block;width:7.08px"> </div>been<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7.06px"> </div>to<div style="display:inline-block;width:7.45px"> </div>the </div><div id="a9313" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">appropriate taxation authority. </div><div id="a9315" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:198px;">22.4</div><div id="a9317" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:198px;">Exclusion of tax on overall net income </div><div id="a9319" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">In<div style="display:inline-block;width:7.6px"> </div>this<div style="display:inline-block;width:7.64px"> </div>Clause </div><div id="a9320" style="position:absolute;font-family:'Calibri';left:236.99px;top:232px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22</a></div><div id="a9321" style="position:absolute;font-family:'Calibri';left:252.03px;top:232px;"><div style="display:inline-block;width:7.72px"> </div>(</div><div id="a9323" style="position:absolute;font-family:'Calibri';font-style:italic;left:264.23px;top:232px;">No<div style="display:inline-block;width:7.44px"> </div>set-off<div style="display:inline-block;width:8px"> </div>or<div style="display:inline-block;width:7.72px"> </div>Tax<div style="display:inline-block;width:8.77px"> </div>Deduction</div><div id="a9326" style="position:absolute;font-family:'Calibri';left:444.57px;top:232px;">)<div style="display:inline-block;width:7.7px"> </div>"</div><div id="a9327" style="position:absolute;font-family:'Calibri';font-weight:bold;left:462.49px;top:232px;">tax<div style="display:inline-block;width:7.87px"> </div>deduction</div><div id="a9328" style="position:absolute;font-family:'Calibri';left:550.81px;top:232px;">"<div style="display:inline-block;width:7.7px"> </div>means<div style="display:inline-block;width:7.74px"> </div>any<div style="display:inline-block;width:7.79px"> </div>deduction<div style="display:inline-block;width:7.45px"> </div>or </div><div id="a9329" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">withholding for or on account of any present or future tax except<div style="display:inline-block;width:4.89px"> </div>tax on a Creditor Party's overall </div><div id="a9330" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">net income, other than a FATCA<div style="display:inline-block;width:5.11px"> </div>Deduction. </div><div id="a9332" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">22.5</div><div id="a9334" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">Application to Master Agreement </div><div id="a9336" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">For the<div style="display:inline-block;width:4.75px"> </div>avoidance of doubt,<div style="display:inline-block;width:5.06px"> </div>Clause </div><div id="a9337" style="position:absolute;font-family:'Calibri';left:356.07px;top:336px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22</a></div><div id="a9338" style="position:absolute;font-family:'Calibri';left:370.95px;top:336px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a9340" style="position:absolute;font-family:'Calibri';font-style:italic;left:379.43px;top:336px;">No set-off<div style="display:inline-block;width:4.91px"> </div>or Tax<div style="display:inline-block;width:5.49px"> </div>Deduction</div><div id="a9343" style="position:absolute;font-family:'Calibri';left:544.89px;top:336px;">) does not<div style="display:inline-block;width:5px"> </div>apply in respect<div style="display:inline-block;width:4.96px"> </div>of </div><div id="a9344" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">sums<div style="display:inline-block;width:7.07px"> </div>due<div style="display:inline-block;width:6.97px"> </div>from<div style="display:inline-block;width:7.25px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Borrowers<div style="display:inline-block;width:7.58px"> </div>to<div style="display:inline-block;width:7.13px"> </div>the<div style="display:inline-block;width:7.05px"> </div>Swap<div style="display:inline-block;width:7.26px"> </div>Bank<div style="display:inline-block;width:6.84px"> </div>under<div style="display:inline-block;width:6.9px"> </div>or<div style="display:inline-block;width:7.11px"> </div>in<div style="display:inline-block;width:6.97px"> </div>connection<div style="display:inline-block;width:6.91px"> </div>with<div style="display:inline-block;width:7.04px"> </div>the<div style="display:inline-block;width:7.05px"> </div>Master </div><div id="a9345" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">Agreement as to<div style="display:inline-block;width:4.7px"> </div>which sums the provisions of<div style="display:inline-block;width:5.02px"> </div>section 2(d) (</div><div id="a9346" style="position:absolute;font-family:'Calibri';font-style:italic;left:501.85px;top:371px;">Deduction or Withholding for Tax</div><div id="a9347" style="position:absolute;font-family:'Calibri';left:701.25px;top:371px;">) of </div><div id="a9348" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">the Master Agreement shall apply. </div><div id="a9350" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:423px;">22.6</div><div id="a9352" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:423px;">FATCA<div style="display:inline-block;width:5.51px"> </div>Information </div><div id="a9354" style="position:absolute;font-family:'Calibri';left:94.59px;top:457px;">(a)</div><div id="a9356" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">Subject to paragraph </div><div id="a9357" style="position:absolute;font-family:'Calibri';left:269.51px;top:457px;"><a href="#a9404" style="color:#000000;text-decoration:none;">(c)</a></div><div id="a9358" style="position:absolute;font-family:'Calibri';left:284.71px;top:457px;"><div style="display:inline-block;width:3.2px"> </div>below, each Party shall, within ten Business Days of a reasonable request </div><div id="a9360" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">by another Party: </div><div id="a9362" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">(i)</div><div id="a9364" style="position:absolute;font-family:'Calibri';left:189.15px;top:509px;">confirm to that other Party whether it is: </div><div id="a9366" style="position:absolute;font-family:'Calibri';left:189.15px;top:543px;">(A)</div><div id="a9368" style="position:absolute;font-family:'Calibri';left:236.35px;top:543px;">a FATCA<div style="display:inline-block;width:5.53px"> </div>Exempt Party; or </div><div id="a9370" style="position:absolute;font-family:'Calibri';left:189.15px;top:577px;">(B)</div><div id="a9372" style="position:absolute;font-family:'Calibri';left:236.35px;top:577px;">not a FATCA<div style="display:inline-block;width:5.42px"> </div>Exempt Party; and </div><div id="a9374" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">(ii)</div><div id="a9376" style="position:absolute;font-family:'Calibri';left:189.15px;top:611px;">supply to<div style="display:inline-block;width:5.12px"> </div>that other<div style="display:inline-block;width:5.04px"> </div>Party such<div style="display:inline-block;width:5.2px"> </div>forms, documentation<div style="display:inline-block;width:5.36px"> </div>and other<div style="display:inline-block;width:4.95px"> </div>information relating<div style="display:inline-block;width:5.53px"> </div>to </div><div id="a9377" style="position:absolute;font-family:'Calibri';left:189.15px;top:629px;">its status<div style="display:inline-block;width:5.81px"> </div>under FATCA<div style="display:inline-block;width:7.51px"> </div>as that<div style="display:inline-block;width:5.27px"> </div>other Party<div style="display:inline-block;width:5.69px"> </div>reasonably requests<div style="display:inline-block;width:5.55px"> </div>for the<div style="display:inline-block;width:5.53px"> </div>purposes of<div style="display:inline-block;width:5.32px"> </div>that </div><div id="a9378" style="position:absolute;font-family:'Calibri';left:189.15px;top:647px;">other Party's compliance with FATCA;<div style="display:inline-block;width:5.32px"> </div>and </div><div id="a9382" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">(iii)</div><div id="a9384" style="position:absolute;font-family:'Calibri';left:189.15px;top:680px;">supply to<div style="display:inline-block;width:5.12px"> </div>that other<div style="display:inline-block;width:5.04px"> </div>Party such<div style="display:inline-block;width:5.2px"> </div>forms, documentation<div style="display:inline-block;width:5.36px"> </div>and other<div style="display:inline-block;width:4.95px"> </div>information relating<div style="display:inline-block;width:5.53px"> </div>to </div><div id="a9385" style="position:absolute;font-family:'Calibri';left:189.15px;top:698px;">its status<div style="display:inline-block;width:5.97px"> </div>as that<div style="display:inline-block;width:5.59px"> </div>other Party<div style="display:inline-block;width:5.69px"> </div>reasonably requests<div style="display:inline-block;width:5.71px"> </div>for the<div style="display:inline-block;width:5.69px"> </div>purposes of<div style="display:inline-block;width:5.32px"> </div>that other<div style="display:inline-block;width:5.52px"> </div>Party's </div><div id="a9388" style="position:absolute;font-family:'Calibri';left:189.15px;top:716px;">compliance with any other law, regulation or exchange<div style="display:inline-block;width:4.87px"> </div>of information regime. </div><div id="a9390" style="position:absolute;font-family:'Calibri';left:94.59px;top:750px;">(b)</div><div id="a9392" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">If a Party confirms to another Party pursuant to sub-paragraph </div><div id="a9395" style="position:absolute;font-family:'Calibri';left:518.33px;top:750px;"><a href="#a9362" style="color:#000000;text-decoration:none;">(i)</a></div><div id="a9396" style="position:absolute;font-family:'Calibri';left:530.65px;top:750px;"><div style="display:inline-block;width:3.36px"> </div>of paragraph </div><div id="a9398" style="position:absolute;font-family:'Calibri';left:614.21px;top:750px;"><a href="#a9354" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a9399" style="position:absolute;font-family:'Calibri';left:630.05px;top:750px;"><div style="display:inline-block;width:3.36px"> </div>above that it is </div><div id="a9401" style="position:absolute;font-family:'Calibri';left:141.79px;top:768px;">a FATCA<div style="display:inline-block;width:7.96px"> </div>Exempt<div style="display:inline-block;width:4.74px"> </div>Party<div style="display:inline-block;width:4.78px"> </div>and it<div style="display:inline-block;width:5.69px"> </div>subsequently becomes<div style="display:inline-block;width:5.56px"> </div>aware<div style="display:inline-block;width:4.98px"> </div>that it<div style="display:inline-block;width:5.77px"> </div>is not,<div style="display:inline-block;width:5.52px"> </div>or has<div style="display:inline-block;width:5.64px"> </div>ceased to<div style="display:inline-block;width:5.75px"> </div>be a </div><div id="a9402" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">FATCA<div style="display:inline-block;width:5.54px"> </div>Exempt Party,<div style="display:inline-block;width:4.82px"> </div>that Party shall notify that other Party reasonably promptly. </div><div id="a9404" style="position:absolute;font-family:'Calibri';left:94.59px;top:820px;">(c)</div><div id="a9406" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">Paragraph </div><div id="a9407" style="position:absolute;font-family:'Calibri';left:207.07px;top:820px;"><a href="#a9354" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a9408" style="position:absolute;font-family:'Calibri';left:223.07px;top:820px;"><div style="display:inline-block;width:4px"> </div>above shall not<div style="display:inline-block;width:5.15px"> </div>oblige any<div style="display:inline-block;width:4.91px"> </div>Creditor Party<div style="display:inline-block;width:5.05px"> </div>to do<div style="display:inline-block;width:4.79px"> </div>anything and sub-paragraph </div><div id="a9415" style="position:absolute;font-family:'Calibri';left:686.37px;top:820px;"><a href="#a9382" style="color:#000000;text-decoration:none;">(iii)</a></div><div id="a9416" style="position:absolute;font-family:'Calibri';left:705.41px;top:820px;"><div style="display:inline-block;width:4px"> </div>of </div><div id="a9418" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">paragraph </div><div id="a9419" style="position:absolute;font-family:'Calibri';left:207.39px;top:838px;"><a href="#a9354" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a9420" style="position:absolute;font-family:'Calibri';left:223.39px;top:838px;"><div style="display:inline-block;width:4.16px"> </div>above shall<div style="display:inline-block;width:5.06px"> </div>not oblige<div style="display:inline-block;width:5.14px"> </div>any other<div style="display:inline-block;width:5.18px"> </div>Party to<div style="display:inline-block;width:5.38px"> </div>do anything<div style="display:inline-block;width:5.06px"> </div>which would<div style="display:inline-block;width:4.89px"> </div>or might<div style="display:inline-block;width:5.18px"> </div>in its </div><div id="a9422" style="position:absolute;font-family:'Calibri';left:141.79px;top:856px;">reasonable opinion constitute a breach of: </div><div id="a9424" style="position:absolute;font-family:'Calibri';left:141.79px;top:890px;">(i)</div><div id="a9426" style="position:absolute;font-family:'Calibri';left:189.15px;top:890px;">any law or regulation; </div><div id="a9428" style="position:absolute;font-family:'Calibri';left:141.79px;top:924px;">(ii)</div><div id="a9430" style="position:absolute;font-family:'Calibri';left:189.15px;top:924px;">any fiduciary duty; or </div></div>
</div>
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<div id="Page81" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9434" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(iii)</div><div id="a9436" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">any duty of confidentiality. </div><div id="a9438" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(d)</div><div id="a9440" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">If<div style="display:inline-block;width:6.84px"> </div>a<div style="display:inline-block;width:6.87px"> </div>Party<div style="display:inline-block;width:7.34px"> </div>fails<div style="display:inline-block;width:7.11px"> </div>to<div style="display:inline-block;width:6.97px"> </div>confirm<div style="display:inline-block;width:6.85px"> </div>whether<div style="display:inline-block;width:6.82px"> </div>or<div style="display:inline-block;width:6.95px"> </div>not<div style="display:inline-block;width:6.77px"> </div>it<div style="display:inline-block;width:6.89px"> </div>is<div style="display:inline-block;width:6.86px"> </div>a<div style="display:inline-block;width:6.71px"> </div>FATCA<div style="display:inline-block;width:9.06px"> </div>Exempt<div style="display:inline-block;width:7.3px"> </div>Party<div style="display:inline-block;width:7.02px"> </div>or<div style="display:inline-block;width:6.79px"> </div>to<div style="display:inline-block;width:7.13px"> </div>supply<div style="display:inline-block;width:6.76px"> </div>forms, </div><div id="a9441" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">documentation<div style="display:inline-block;width:5.2px"> </div>or<div style="display:inline-block;width:4.87px"> </div>other<div style="display:inline-block;width:4.88px"> </div>information<div style="display:inline-block;width:5.26px"> </div>requested<div style="display:inline-block;width:5.12px"> </div>in<div style="display:inline-block;width:4.89px"> </div>accordance<div style="display:inline-block;width:4.98px"> </div>with<div style="display:inline-block;width:4.96px"> </div>sub-paragraphs </div><div id="a9444" style="position:absolute;font-family:'Calibri';left:653.73px;top:146px;"><a href="#a9362" style="color:#000000;text-decoration:none;">(i)</a></div><div id="a9445" style="position:absolute;font-family:'Calibri';left:666.05px;top:146px;"><div style="display:inline-block;width:4.96px"> </div>or </div><div id="a9447" style="position:absolute;font-family:'Calibri';left:688.93px;top:146px;"><a href="#a9374" style="color:#000000;text-decoration:none;">(ii)</a></div><div id="a9448" style="position:absolute;font-family:'Calibri';left:704.45px;top:146px;"><div style="display:inline-block;width:4.96px"> </div>of </div><div id="a9450" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">paragraph </div><div id="a9451" style="position:absolute;font-family:'Calibri';left:207.23px;top:164px;"><a href="#a9354" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a9452" style="position:absolute;font-family:'Calibri';left:223.23px;top:164px;"><div style="display:inline-block;width:4.16px"> </div>above (including, for<div style="display:inline-block;width:5.59px"> </div>the avoidance<div style="display:inline-block;width:4.8px"> </div>of doubt,<div style="display:inline-block;width:4.92px"> </div>where paragraph </div><div id="a9454" style="position:absolute;font-family:'Calibri';left:611.65px;top:164px;"><a href="#a9404" style="color:#000000;text-decoration:none;">(c)</a></div><div id="a9455" style="position:absolute;font-family:'Calibri';left:626.69px;top:164px;"><div style="display:inline-block;width:4.16px"> </div>above applies), </div><div id="a9457" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">then such Party shall be treated for the purposes of the<div style="display:inline-block;width:1.79px"> </div>Finance Documents (and payments under </div><div id="a9458" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">them) as<div style="display:inline-block;width:5.41px"> </div>if it<div style="display:inline-block;width:5.29px"> </div>is not<div style="display:inline-block;width:5.35px"> </div>a FATCA<div style="display:inline-block;width:7.48px"> </div>Exempt Party<div style="display:inline-block;width:6.03px"> </div>until such<div style="display:inline-block;width:5.09px"> </div>time as<div style="display:inline-block;width:5.43px"> </div>the Party<div style="display:inline-block;width:5.62px"> </div>in question<div style="display:inline-block;width:5.37px"> </div>provides the </div><div id="a9459" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">requested confirmation, forms, documentation or other information. </div><div id="a9463" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;">(e)</div><div id="a9465" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">If a Borrower is<div style="display:inline-block;width:1.44px"> </div>a US Tax Obligor, or the Agent<div style="display:inline-block;width:1.76px"> </div>reasonably believes that<div style="display:inline-block;width:1.67px"> </div>its obligations under<div style="display:inline-block;width:1.76px"> </div>FATCA </div><div id="a9466" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">or any other applicable law<div style="display:inline-block;width:1.54px"> </div>or regulation require it, each<div style="display:inline-block;width:1.89px"> </div>Lender shall, within<div style="display:inline-block;width:1.98px"> </div>ten Business Days of: </div><div id="a9468" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">(i)</div><div id="a9470" style="position:absolute;font-family:'Calibri';left:189.15px;top:304px;">where a Borrower is a US Tax Obligor and the relevant Lender is a Lender as<div style="display:inline-block;width:1.91px"> </div>of the date of </div><div id="a9475" style="position:absolute;font-family:'Calibri';left:189.15px;top:322px;">this Agreement, the date of this Agreement; </div><div id="a9478" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">(ii)</div><div id="a9480" style="position:absolute;font-family:'Calibri';left:189.15px;top:355px;">where a Borrower is a US Tax<div style="display:inline-block;width:5.96px"> </div>Obligor on a date where a transfer<div style="display:inline-block;width:5.22px"> </div>is effected under Clause </div><div id="a9482" style="position:absolute;font-family:'Calibri';left:189.15px;top:373px;"><a href="#a10042" style="color:#000000;text-decoration:none;">26.2</a></div><div id="a9483" style="position:absolute;font-family:'Calibri';left:215.39px;top:373px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a9485" style="position:absolute;font-family:'Calibri';font-style:italic;left:223.87px;top:373px;">Transfer<div style="display:inline-block;width:5.04px"> </div>by a<div style="display:inline-block;width:4.94px"> </div>Lender</div><div id="a9486" style="position:absolute;font-family:'Calibri';left:347.91px;top:373px;">) and<div style="display:inline-block;width:4.73px"> </div>the relevant<div style="display:inline-block;width:5.54px"> </div>Lender is<div style="display:inline-block;width:4.82px"> </div>a Transferee<div style="display:inline-block;width:6.84px"> </div>Lender,<div style="display:inline-block;width:5.44px"> </div>the relevant </div><div id="a9492" style="position:absolute;font-family:'Calibri';left:189.15px;top:391px;">date on which such transfer is effected under Clause </div><div id="a9493" style="position:absolute;font-family:'Calibri';left:505.05px;top:391px;"><a href="#a10042" style="color:#000000;text-decoration:none;">26.2</a></div><div id="a9494" style="position:absolute;font-family:'Calibri';left:531.13px;top:391px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a9496" style="position:absolute;font-family:'Calibri';font-style:italic;left:538.81px;top:391px;">Transfer by a Lender</div><div id="a9497" style="position:absolute;font-family:'Calibri';left:660.29px;top:391px;">); or </div><div id="a9500" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">(iii)</div><div id="a9502" style="position:absolute;font-family:'Calibri';left:189.15px;top:425px;">where a Borrower is not a US Tax Obligor,<div style="display:inline-block;width:5.6px"> </div>the date of a request from the Agent, </div><div id="a9504" style="position:absolute;font-family:'Calibri';left:141.79px;top:459px;">supply to the Agent: </div><div id="a9506" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">(iv)</div><div id="a9508" style="position:absolute;font-family:'Calibri';left:189.15px;top:493px;">a withholding certificate on Form W-8, Form W-9 or any other relevant<div style="display:inline-block;width:4.7px"> </div>form; or </div><div id="a9514" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">(v)</div><div id="a9516" style="position:absolute;font-family:'Calibri';left:189.15px;top:527px;">any withholding statement or other<div style="display:inline-block;width:4.68px"> </div>document, authorisation or waiver as the Agent may </div><div id="a9517" style="position:absolute;font-family:'Calibri';left:189.15px;top:545px;">require to certify or establish<div style="display:inline-block;width:5.04px"> </div>the status of such Lender under<div style="display:inline-block;width:4.82px"> </div>FATCA<div style="display:inline-block;width:5.7px"> </div>or that other law or </div><div id="a9518" style="position:absolute;font-family:'Calibri';left:189.15px;top:563px;">regulation. </div><div id="a9520" style="position:absolute;font-family:'Calibri';left:94.59px;top:597px;">(f)</div><div id="a9522" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">The<div style="display:inline-block;width:10.41px"> </div>Agent<div style="display:inline-block;width:10.42px"> </div>shall<div style="display:inline-block;width:10.14px"> </div>provide<div style="display:inline-block;width:10.43px"> </div>any<div style="display:inline-block;width:10.51px"> </div>withholding<div style="display:inline-block;width:10.07px"> </div>certificate,<div style="display:inline-block;width:10.43px"> </div>withholding<div style="display:inline-block;width:10.07px"> </div>statement,<div style="display:inline-block;width:10.88px"> </div>document, </div><div id="a9523" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">authorisation<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7.11px"> </div>waiver<div style="display:inline-block;width:7.29px"> </div>it<div style="display:inline-block;width:7.05px"> </div>receives<div style="display:inline-block;width:7.39px"> </div>from<div style="display:inline-block;width:7.25px"> </div>a<div style="display:inline-block;width:7.03px"> </div>Lender<div style="display:inline-block;width:6.88px"> </div>pursuant<div style="display:inline-block;width:7.38px"> </div>to<div style="display:inline-block;width:7.29px"> </div>paragraph </div><div id="a9524" style="position:absolute;font-family:'Calibri';left:615.33px;top:615px;"><a href="#a9463" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a9525" style="position:absolute;font-family:'Calibri';left:631.33px;top:615px;"><div style="display:inline-block;width:7.2px"> </div>above<div style="display:inline-block;width:7.21px"> </div>to<div style="display:inline-block;width:7.13px"> </div>the </div><div id="a9527" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">Borrowers. </div><div id="a9529" style="position:absolute;font-family:'Calibri';left:94.59px;top:666px;">(g)</div><div id="a9531" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">If any withholding<div style="display:inline-block;width:1.88px"> </div>certificate, withholding statement, document,<div style="display:inline-block;width:1.94px"> </div>authorisation or<div style="display:inline-block;width:1.98px"> </div>waiver provided </div><div id="a9532" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">to the Agent by<div style="display:inline-block;width:4.94px"> </div>a Lender pursuant to paragraph </div><div id="a9533" style="position:absolute;font-family:'Calibri';left:432.73px;top:684px;"><a href="#a9463" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a9534" style="position:absolute;font-family:'Calibri';left:448.89px;top:684px;"><div style="display:inline-block;width:3.68px"> </div>above is or becomes materially<div style="display:inline-block;width:4.92px"> </div>inaccurate or </div><div id="a9536" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">incomplete, that<div style="display:inline-block;width:1.94px"> </div>Lender shall<div style="display:inline-block;width:1.38px"> </div>promptly update it<div style="display:inline-block;width:1.15px"> </div>and provide<div style="display:inline-block;width:1.7px"> </div>such updated<div style="display:inline-block;width:1.68px"> </div>withholding certificate, </div><div id="a9537" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">withholding statement,<div style="display:inline-block;width:5.46px"> </div>document, authorisation or<div style="display:inline-block;width:5.27px"> </div>waiver to<div style="display:inline-block;width:5.34px"> </div>the Agent<div style="display:inline-block;width:5.25px"> </div>unless it is<div style="display:inline-block;width:5.42px"> </div>unlawful for </div><div id="a9540" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">the Lender<div style="display:inline-block;width:4.69px"> </div>to do<div style="display:inline-block;width:4.95px"> </div>so (in<div style="display:inline-block;width:4.7px"> </div>which case<div style="display:inline-block;width:4.77px"> </div>the Lender<div style="display:inline-block;width:4.69px"> </div>shall promptly<div style="display:inline-block;width:4.66px"> </div>notify the<div style="display:inline-block;width:4.69px"> </div>Agent).<div style="display:inline-block;width:8.17px"> </div>The Agent<div style="display:inline-block;width:5.03px"> </div>shall </div><div id="a9541" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">provide<div style="display:inline-block;width:12.83px"> </div>any<div style="display:inline-block;width:12.59px"> </div>such<div style="display:inline-block;width:12.39px"> </div>updated<div style="display:inline-block;width:12.61px"> </div>withholding<div style="display:inline-block;width:12.15px"> </div>certificate,<div style="display:inline-block;width:12.83px"> </div>withholding<div style="display:inline-block;width:12.15px"> </div>statement,<div style="display:inline-block;width:13.12px"> </div>document, </div><div id="a9542" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">authorisation or waiver to the Borrowers. </div><div id="a9544" style="position:absolute;font-family:'Calibri';left:94.59px;top:808px;">(h)</div><div id="a9546" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">The<div style="display:inline-block;width:10.25px"> </div>Agent<div style="display:inline-block;width:10.26px"> </div>may<div style="display:inline-block;width:10.48px"> </div>rely<div style="display:inline-block;width:10.18px"> </div>on<div style="display:inline-block;width:10.26px"> </div>any<div style="display:inline-block;width:10.51px"> </div>withholding<div style="display:inline-block;width:9.91px"> </div>certificate,<div style="display:inline-block;width:10.43px"> </div>withholding<div style="display:inline-block;width:10.07px"> </div>statement,<div style="display:inline-block;width:10.72px"> </div>document, </div><div id="a9547" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">authorisation or waiver<div style="display:inline-block;width:4.83px"> </div>it receives from<div style="display:inline-block;width:4.95px"> </div>a Lender pursuant to<div style="display:inline-block;width:5.16px"> </div>paragraph </div><div id="a9548" style="position:absolute;font-family:'Calibri';left:578.49px;top:826px;"><a href="#a9463" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a9549" style="position:absolute;font-family:'Calibri';left:594.65px;top:826px;"><div style="display:inline-block;width:3.68px"> </div>or </div><div id="a9551" style="position:absolute;font-family:'Calibri';left:615.17px;top:826px;"><a href="#a9529" style="color:#000000;text-decoration:none;">(g)</a></div><div id="a9552" style="position:absolute;font-family:'Calibri';left:630.85px;top:826px;"><div style="display:inline-block;width:3.84px"> </div>above without </div><div id="a9554" style="position:absolute;font-family:'Calibri';left:141.79px;top:843px;">further verification.<div style="display:inline-block;width:6.17px"> </div>The Agent shall not be liable<div style="display:inline-block;width:1.97px"> </div>for any action taken by it under or in connection </div><div id="a9555" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">with paragraphs </div><div id="a9556" style="position:absolute;font-family:'Calibri';left:242.11px;top:861px;"><a href="#a9463" style="color:#000000;text-decoration:none;">(e)</a></div><div id="a9557" style="position:absolute;font-family:'Calibri';left:258.31px;top:861px;">, </div><div id="a9558" style="position:absolute;font-family:'Calibri';left:265.35px;top:861px;"><a href="#a9520" style="color:#000000;text-decoration:none;">(f)</a></div><div id="a9559" style="position:absolute;font-family:'Calibri';left:278.63px;top:861px;"><div style="display:inline-block;width:3.2px"> </div>or </div><div id="a9561" style="position:absolute;font-family:'Calibri';left:298.15px;top:861px;"><a href="#a9529" style="color:#000000;text-decoration:none;">(g)</a></div><div id="a9562" style="position:absolute;font-family:'Calibri';left:313.83px;top:861px;"><div style="display:inline-block;width:3.36px"> </div>above. </div></div>
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<div id="a9568" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">22.7</div><div id="a9570" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">FATCA<div style="display:inline-block;width:5.67px"> </div>Deduction </div><div id="a9572" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(a)</div><div id="a9574" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">Each<div style="display:inline-block;width:4.69px"> </div>Party<div style="display:inline-block;width:4.78px"> </div>may<div style="display:inline-block;width:4.72px"> </div>make<div style="display:inline-block;width:5.09px"> </div>any FATCA<div style="display:inline-block;width:8.08px"> </div>Deduction it<div style="display:inline-block;width:5.53px"> </div>is required<div style="display:inline-block;width:6.03px"> </div>to make<div style="display:inline-block;width:6.33px"> </div>by FATCA,<div style="display:inline-block;width:7.79px"> </div>and any<div style="display:inline-block;width:5.94px"> </div>payment </div><div id="a9575" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">required in connection with that FATCA<div style="display:inline-block;width:5.12px"> </div>Deduction, and no Party shall be required to increase any </div><div id="a9576" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">payment<div style="display:inline-block;width:5.78px"> </div>in<div style="display:inline-block;width:5.37px"> </div>respect<div style="display:inline-block;width:5.53px"> </div>of<div style="display:inline-block;width:5.51px"> </div>which<div style="display:inline-block;width:5.21px"> </div>it<div style="display:inline-block;width:5.45px"> </div>makes<div style="display:inline-block;width:5.89px"> </div>such<div style="display:inline-block;width:5.35px"> </div>a<div style="display:inline-block;width:5.43px"> </div>FATCA<div style="display:inline-block;width:7.46px"> </div>Deduction<div style="display:inline-block;width:5.32px"> </div>or<div style="display:inline-block;width:5.35px"> </div>otherwise<div style="display:inline-block;width:5.28px"> </div>compensate<div style="display:inline-block;width:5.7px"> </div>the </div><div id="a9578" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">recipient of the payment for that FATCA<div style="display:inline-block;width:5.81px"> </div>Deduction. </div><div id="a9580" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;">(b)</div><div id="a9582" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">Each Party<div style="display:inline-block;width:5.66px"> </div>shall promptly,<div style="display:inline-block;width:6.04px"> </div>upon becoming<div style="display:inline-block;width:5.07px"> </div>aware that<div style="display:inline-block;width:5.46px"> </div>it must<div style="display:inline-block;width:5.07px"> </div>make<div style="display:inline-block;width:4.77px"> </div>a FATCA<div style="display:inline-block;width:7px"> </div>Deduction (or<div style="display:inline-block;width:4.96px"> </div>that </div><div id="a9583" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">there is any change in the rate or the basis of such FATCA<div style="display:inline-block;width:5.81px"> </div>Deduction), notify the Party to whom it </div><div id="a9584" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">is making the<div style="display:inline-block;width:4.84px"> </div>payment and, in<div style="display:inline-block;width:4.86px"> </div>addition, shall notify each<div style="display:inline-block;width:4.93px"> </div>Borrower and<div style="display:inline-block;width:4.68px"> </div>the Agent and the<div style="display:inline-block;width:5.19px"> </div>Agent </div><div id="a9590" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">shall notify the other Creditor Parties. </div><div id="a9595" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:304px;">23</div><div id="a9597" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:304px;">ILLEGALITY AND SANCTIONS AFFECTING A LENDER </div><div id="a9599" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">23.1</div><div id="a9601" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:338px;">Illegality </div><div id="a9603" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">This Clause </div><div id="a9604" style="position:absolute;font-family:'Calibri';left:211.39px;top:371px;"><a href="#a9595" style="color:#000000;text-decoration:none;">23</a></div><div id="a9605" style="position:absolute;font-family:'Calibri';left:226.27px;top:371px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a9607" style="position:absolute;font-family:'Calibri';font-style:italic;left:234.11px;top:371px;">Illegality and Sanctions affecting a Lender</div><div id="a9610" style="position:absolute;font-family:'Calibri';left:481.69px;top:371px;">) applies if: </div><div id="a9612" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(a)<div style="display:inline-block;width:31.22px"> </div>a Lender (the "</div><div id="a9616" style="position:absolute;font-family:'Calibri';font-weight:bold;left:230.59px;top:405px;">Notifying Lender</div><div id="a9617" style="position:absolute;font-family:'Calibri';left:332.07px;top:405px;">") notifies the Agent that it has become, or will with effect from a </div><div id="a9618" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">specified date, become: </div><div id="a9620" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">(i)</div><div id="a9622" style="position:absolute;font-family:'Calibri';left:189.15px;top:457px;">unlawful or prohibited<div style="display:inline-block;width:4.76px"> </div>as a result<div style="display:inline-block;width:4.7px"> </div>of the introduction of<div style="display:inline-block;width:5.22px"> </div>a new law,<div style="display:inline-block;width:5.85px"> </div>an amendment to an </div><div id="a9623" style="position:absolute;font-family:'Calibri';left:189.15px;top:475px;">existing law or a change in the manner in which an existing law is or will be<div style="display:inline-block;width:2.01px"> </div>interpreted or </div><div id="a9624" style="position:absolute;font-family:'Calibri';left:189.15px;top:493px;">applied; or<div style="display:inline-block;width:3.03px"> </div></div><div id="a9626" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">(ii)</div><div id="a9628" style="position:absolute;font-family:'Calibri';left:189.15px;top:527px;">contrary to, or inconsistent with, any regulation or Sanctions, </div><div id="a9630" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">for the Notifying Lender<div style="display:inline-block;width:4.83px"> </div>to maintain or give<div style="display:inline-block;width:5.02px"> </div>effect to<div style="display:inline-block;width:4.7px"> </div>any of its<div style="display:inline-block;width:4.73px"> </div>obligations under this Agreement </div><div id="a9631" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">in the<div style="display:inline-block;width:5.57px"> </div>manner contemplated<div style="display:inline-block;width:5.97px"> </div>by this<div style="display:inline-block;width:5.67px"> </div>Agreement or<div style="display:inline-block;width:5.78px"> </div>to determine<div style="display:inline-block;width:5.72px"> </div>or charge<div style="display:inline-block;width:5.79px"> </div>interest<div style="display:inline-block;width:5.02px"> </div>rates<div style="display:inline-block;width:4.96px"> </div>based </div><div id="a9632" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">upon Term SOFR; and </div><div id="a9634" style="position:absolute;font-family:'Calibri';left:94.59px;top:631px;">(b)</div><div id="a9636" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">without<div style="display:inline-block;width:5.49px"> </div>prejudice<div style="display:inline-block;width:5.53px"> </div>to<div style="display:inline-block;width:5.69px"> </div>any<div style="display:inline-block;width:5.55px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>express<div style="display:inline-block;width:5.73px"> </div>obligations<div style="display:inline-block;width:5.66px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Security<div style="display:inline-block;width:5.36px"> </div>Parties<div style="display:inline-block;width:5.86px"> </div>under<div style="display:inline-block;width:5.3px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Finance </div><div id="a9638" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">Documents, in the opinion of a Lender acting reasonably anything whatsoever is done or omitted </div><div id="a9639" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">to be done<div style="display:inline-block;width:1.42px"> </div>by a Security<div style="display:inline-block;width:1.1px"> </div>Party which would<div style="display:inline-block;width:1.37px"> </div>result in<div style="display:inline-block;width:1.9px"> </div>that Lender<div style="display:inline-block;width:1.93px"> </div>being in<div style="display:inline-block;width:1.9px"> </div>breach of<div style="display:inline-block;width:1.81px"> </div>or made<div style="display:inline-block;width:1.91px"> </div>subject </div><div id="a9640" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">to Sanctions, or at risk of being in breach of or made subject to Sanctions. </div><div id="a9643" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:718px;">23.2</div><div id="a9645" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:718px;">Notification of illegality </div><div id="a9647" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">The Agent shall promptly<div style="display:inline-block;width:4.92px"> </div>notify the Borrowers, the<div style="display:inline-block;width:4.84px"> </div>Security Parties, the Security Trustee<div style="display:inline-block;width:5.73px"> </div>and the </div><div id="a9648" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">other<div style="display:inline-block;width:5.84px"> </div>Lenders<div style="display:inline-block;width:5.86px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.93px"> </div>notice<div style="display:inline-block;width:5.69px"> </div>under<div style="display:inline-block;width:5.62px"> </div>Clause </div><div id="a9649" style="position:absolute;font-family:'Calibri';left:406.47px;top:770px;"><a href="#a9599" style="color:#000000;text-decoration:none;">23.1</a></div><div id="a9650" style="position:absolute;font-family:'Calibri';left:432.57px;top:770px;"><div style="display:inline-block;width:5.76px"> </div>(</div><div id="a9652" style="position:absolute;font-family:'Calibri';font-style:italic;left:442.81px;top:770px;">Illegality</div><div id="a9653" style="position:absolute;font-family:'Calibri';left:493.37px;top:770px;">)<div style="display:inline-block;width:5.94px"> </div>which<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Agent<div style="display:inline-block;width:5.94px"> </div>receives<div style="display:inline-block;width:5.95px"> </div>from<div style="display:inline-block;width:5.97px"> </div>the </div><div id="a9654" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">Notifying Lender. </div><div id="a9656" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:822px;">23.3</div><div id="a9658" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:822px;">Prepayment; termination of Commitment </div><div id="a9660" style="position:absolute;font-family:'Calibri';left:141.79px;top:856px;">On the Agent<div style="display:inline-block;width:5.5px"> </div>notifying the Borrowers<div style="display:inline-block;width:5.47px"> </div>under Clause </div><div id="a9661" style="position:absolute;font-family:'Calibri';left:456.09px;top:856px;"><a href="#a9643" style="color:#000000;text-decoration:none;">23.2</a></div><div id="a9662" style="position:absolute;font-family:'Calibri';left:482.17px;top:856px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a9664" style="position:absolute;font-family:'Calibri';font-style:italic;left:490.65px;top:856px;">Notification of illegality</div><div id="a9665" style="position:absolute;font-family:'Calibri';left:631.01px;top:856px;">), the<div style="display:inline-block;width:4.71px"> </div>Notifying </div><div id="a9666" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">Lender's<div style="display:inline-block;width:5.08px"> </div>Commitment<div style="display:inline-block;width:5.11px"> </div>shall<div style="display:inline-block;width:5.02px"> </div>terminate;<div style="display:inline-block;width:5.43px"> </div>and<div style="display:inline-block;width:5px"> </div>thereupon<div style="display:inline-block;width:5.11px"> </div>or,<div style="display:inline-block;width:6.46px"> </div>if<div style="display:inline-block;width:5.09px"> </div>later,<div style="display:inline-block;width:6.55px"> </div>on<div style="display:inline-block;width:5.14px"> </div>the<div style="display:inline-block;width:5.13px"> </div>date<div style="display:inline-block;width:5.26px"> </div>specified<div style="display:inline-block;width:5.05px"> </div>in<div style="display:inline-block;width:5.21px"> </div>the </div><div id="a9667" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">Notifying Lender's<div style="display:inline-block;width:5.95px"> </div>notice under<div style="display:inline-block;width:5.74px"> </div>Clause </div><div id="a9668" style="position:absolute;font-family:'Calibri';left:382.31px;top:891px;"><a href="#a9599" style="color:#000000;text-decoration:none;">23.1</a></div><div id="a9669" style="position:absolute;font-family:'Calibri';left:408.23px;top:891px;"><div style="display:inline-block;width:4.8px"> </div>(</div><div id="a9671" style="position:absolute;font-family:'Calibri';font-style:italic;left:417.51px;top:891px;">Illegality</div><div id="a9672" style="position:absolute;font-family:'Calibri';left:468.09px;top:891px;">)<div style="display:inline-block;width:4.82px"> </div>as<div style="display:inline-block;width:4.79px"> </div>the date<div style="display:inline-block;width:6.26px"> </div>on<div style="display:inline-block;width:4.66px"> </div>which<div style="display:inline-block;width:4.73px"> </div>the notified<div style="display:inline-block;width:5.95px"> </div>event </div><div id="a9673" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">would<div style="display:inline-block;width:7.49px"> </div>become<div style="display:inline-block;width:7.19px"> </div>effective<div style="display:inline-block;width:7.85px"> </div>the<div style="display:inline-block;width:7.21px"> </div>Borrowers<div style="display:inline-block;width:7.74px"> </div>shall<div style="display:inline-block;width:7.26px"> </div>prepay<div style="display:inline-block;width:7.63px"> </div>the<div style="display:inline-block;width:7.21px"> </div>Notifying<div style="display:inline-block;width:6.92px"> </div>Lender's<div style="display:inline-block;width:7.16px"> </div>Contribution<div style="display:inline-block;width:7.28px"> </div>in </div><div id="a9674" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">accordance with Clause </div><div id="a9675" style="position:absolute;font-family:'Calibri';left:285.51px;top:927px;"><a href="#a4712" style="color:#000000;text-decoration:none;">8</a></div><div id="a9676" style="position:absolute;font-family:'Calibri';left:293.03px;top:927px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a9678" style="position:absolute;font-family:'Calibri';font-style:italic;left:300.55px;top:927px;">Repayment and prepayment</div><div id="a9679" style="position:absolute;font-family:'Calibri';left:469.85px;top:927px;">). </div></div>
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<div id="a9683" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">23.4</div><div id="a9685" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Mitigation </div><div id="a9687" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">If<div style="display:inline-block;width:5.72px"> </div>circumstances<div style="display:inline-block;width:5.89px"> </div>arise<div style="display:inline-block;width:5.6px"> </div>which<div style="display:inline-block;width:5.53px"> </div>would<div style="display:inline-block;width:5.73px"> </div>result<div style="display:inline-block;width:5.62px"> </div>in<div style="display:inline-block;width:5.69px"> </div>a<div style="display:inline-block;width:5.59px"> </div>notification<div style="display:inline-block;width:5.74px"> </div>under<div style="display:inline-block;width:5.62px"> </div>Clause </div><div id="a9688" style="position:absolute;font-family:'Calibri';left:593.53px;top:128px;"><a href="#a9599" style="color:#000000;text-decoration:none;">23.1</a></div><div id="a9689" style="position:absolute;font-family:'Calibri';left:619.49px;top:128px;"><div style="display:inline-block;width:5.6px"> </div>(</div><div id="a9691" style="position:absolute;font-family:'Calibri';font-style:italic;left:629.57px;top:128px;">Illegality</div><div id="a9692" style="position:absolute;font-family:'Calibri';left:680.29px;top:128px;">)<div style="display:inline-block;width:5.78px"> </div>then, </div><div id="a9693" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">without<div style="display:inline-block;width:4.85px"> </div>in<div style="display:inline-block;width:4.89px"> </div>any<div style="display:inline-block;width:5.07px"> </div>way<div style="display:inline-block;width:5.32px"> </div>limiting the<div style="display:inline-block;width:6.22px"> </div>rights<div style="display:inline-block;width:4.84px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Notifying Lender<div style="display:inline-block;width:6.16px"> </div>under<div style="display:inline-block;width:4.66px"> </div>Clause </div><div id="a9694" style="position:absolute;font-family:'Calibri';left:610.05px;top:146px;"><a href="#a9656" style="color:#000000;text-decoration:none;">23.3</a></div><div id="a9695" style="position:absolute;font-family:'Calibri';left:636.13px;top:146px;"><div style="display:inline-block;width:4.96px"> </div>(</div><div id="a9697" style="position:absolute;font-family:'Calibri';font-style:italic;left:645.41px;top:146px;">Prepayment; </div><div id="a9698" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:164px;">termination of Commitment</div><div id="a9699" style="position:absolute;font-family:'Calibri';left:308.23px;top:164px;">), the Notifying Lender shall<div style="display:inline-block;width:1.87px"> </div>use reasonable endeavours to transfer its </div><div id="a9700" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">obligations,<div style="display:inline-block;width:5.34px"> </div>liabilities<div style="display:inline-block;width:4.85px"> </div>and<div style="display:inline-block;width:4.84px"> </div>rights<div style="display:inline-block;width:5.16px"> </div>under<div style="display:inline-block;width:4.98px"> </div>this<div style="display:inline-block;width:5.08px"> </div>Agreement<div style="display:inline-block;width:5.04px"> </div>and<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Finance<div style="display:inline-block;width:4.83px"> </div>Documents<div style="display:inline-block;width:4.98px"> </div>to<div style="display:inline-block;width:5.21px"> </div>another </div><div id="a9701" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">office or financial institution not affected<div style="display:inline-block;width:4.72px"> </div>by the circumstances but the Notifying Lender shall not </div><div id="a9704" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">be under any obligation to take any such action if,<div style="display:inline-block;width:4.87px"> </div>in its opinion, to do would or might: </div><div id="a9706" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;">(a)</div><div id="a9708" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">have an adverse effect on its business, operations or financial condition; or </div><div id="a9710" style="position:absolute;font-family:'Calibri';left:94.59px;top:286px;">(b)</div><div id="a9712" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">involve<div style="display:inline-block;width:5.81px"> </div>it<div style="display:inline-block;width:5.45px"> </div>in<div style="display:inline-block;width:5.21px"> </div>any<div style="display:inline-block;width:5.55px"> </div>activity<div style="display:inline-block;width:5.12px"> </div>which<div style="display:inline-block;width:5.21px"> </div>is<div style="display:inline-block;width:5.42px"> </div>unlawful<div style="display:inline-block;width:5.15px"> </div>or<div style="display:inline-block;width:5.35px"> </div>prohibited<div style="display:inline-block;width:5.4px"> </div>or<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.55px"> </div>activity<div style="display:inline-block;width:5.28px"> </div>that<div style="display:inline-block;width:5.41px"> </div>is<div style="display:inline-block;width:5.1px"> </div>contrary<div style="display:inline-block;width:5.7px"> </div>to,<div style="display:inline-block;width:5.64px"> </div>or </div><div id="a9713" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">inconsistent with, any regulation; or </div><div id="a9715" style="position:absolute;font-family:'Calibri';left:94.59px;top:338px;">(c)</div><div id="a9717" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage. </div><div id="a9719" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:371px;">24</div><div id="a9721" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:371px;">INCREASED COSTS<div style="display:inline-block;width:3.45px"> </div></div><div id="a9723" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:405px;">24.1</div><div id="a9725" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:405px;">Increased costs </div><div id="a9727" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">This Clause </div><div id="a9728" style="position:absolute;font-family:'Calibri';left:210.75px;top:439px;"><a href="#a9719" style="color:#000000;text-decoration:none;">24</a></div><div id="a9729" style="position:absolute;font-family:'Calibri';left:225.63px;top:439px;"><div style="display:inline-block;width:2.88px"> </div>(</div><div id="a9731" style="position:absolute;font-family:'Calibri';font-style:italic;left:232.99px;top:439px;">Increased costs</div><div id="a9732" style="position:absolute;font-family:'Calibri';left:323.11px;top:439px;">) applies if a<div style="display:inline-block;width:1.56px"> </div>Lender (the "</div><div id="a9733" style="position:absolute;font-family:'Calibri';font-weight:bold;left:473.85px;top:439px;">Notifying Lender</div><div id="a9734" style="position:absolute;font-family:'Calibri';left:575.13px;top:439px;">") notifies the<div style="display:inline-block;width:1.92px"> </div>Agent that </div><div id="a9735" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">the Notifying Lender considers that as a result of: </div><div id="a9737" style="position:absolute;font-family:'Calibri';left:94.59px;top:491px;">(a)</div><div id="a9739" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">the introduction or alteration<div style="display:inline-block;width:5.32px"> </div>after the date<div style="display:inline-block;width:4.81px"> </div>of this Agreement of<div style="display:inline-block;width:4.75px"> </div>a law or an<div style="display:inline-block;width:4.84px"> </div>alteration after the </div><div id="a9740" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">date of<div style="display:inline-block;width:5.19px"> </div>this Agreement<div style="display:inline-block;width:4.87px"> </div>in the manner<div style="display:inline-block;width:5.43px"> </div>in which<div style="display:inline-block;width:4.69px"> </div>a law<div style="display:inline-block;width:4.77px"> </div>is interpreted<div style="display:inline-block;width:5.35px"> </div>or applied<div style="display:inline-block;width:4.73px"> </div>(disregarding any </div><div id="a9741" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">effect which relates to the application to payments under this Agreement of a tax on the Lender's </div><div id="a9743" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">overall net income); or </div><div id="a9745" style="position:absolute;font-family:'Calibri';left:94.59px;top:579px;">(b)</div><div id="a9747" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">complying with<div style="display:inline-block;width:1.95px"> </div>any regulation (including<div style="display:inline-block;width:1.26px"> </div>any which<div style="display:inline-block;width:1.99px"> </div>relates to capital<div style="display:inline-block;width:1.9px"> </div>adequacy or<div style="display:inline-block;width:1.62px"> </div>liquidity controls </div><div id="a9748" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">or<div style="display:inline-block;width:6.15px"> </div>which<div style="display:inline-block;width:6.01px"> </div>affects<div style="display:inline-block;width:6.56px"> </div>the<div style="display:inline-block;width:5.93px"> </div>manner<div style="display:inline-block;width:5.91px"> </div>in<div style="display:inline-block;width:6.01px"> </div>which<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Notifying<div style="display:inline-block;width:5.8px"> </div>Lender<div style="display:inline-block;width:6.08px"> </div>allocates<div style="display:inline-block;width:6.44px"> </div>capital<div style="display:inline-block;width:6.15px"> </div>resources<div style="display:inline-block;width:6.42px"> </div>to<div style="display:inline-block;width:6.33px"> </div>its </div><div id="a9749" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">obligations<div style="display:inline-block;width:7.26px"> </div>under<div style="display:inline-block;width:6.74px"> </div>this<div style="display:inline-block;width:6.84px"> </div>Agreement)<div style="display:inline-block;width:6.81px"> </div>which<div style="display:inline-block;width:6.97px"> </div>is<div style="display:inline-block;width:6.86px"> </div>introduced,<div style="display:inline-block;width:6.85px"> </div>or<div style="display:inline-block;width:6.95px"> </div>altered,<div style="display:inline-block;width:7.15px"> </div>or<div style="display:inline-block;width:6.95px"> </div>the<div style="display:inline-block;width:6.89px"> </div>interpretation<div style="display:inline-block;width:7.45px"> </div>or </div><div id="a9751" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">application of which is altered, after the date of this Agreement; or </div><div id="a9753" style="position:absolute;font-family:'Calibri';left:94.59px;top:666px;">(c)</div><div id="a9755" style="position:absolute;font-family:'Calibri';left:141.79px;top:666px;">complying with any regulation (including the "International Convergence of Capital Measurement </div><div id="a9758" style="position:absolute;font-family:'Calibri';left:141.79px;top:684px;">and<div style="display:inline-block;width:5.96px"> </div>Capital<div style="display:inline-block;width:6.17px"> </div>Standards,<div style="display:inline-block;width:6.26px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Revised<div style="display:inline-block;width:6.33px"> </div>Framework"<div style="display:inline-block;width:6.47px"> </div>published<div style="display:inline-block;width:5.81px"> </div>by<div style="display:inline-block;width:6.16px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Basel<div style="display:inline-block;width:5.92px"> </div>Committee<div style="display:inline-block;width:6.15px"> </div>on<div style="display:inline-block;width:5.94px"> </div>Banking </div><div id="a9762" style="position:absolute;font-family:'Calibri';left:141.79px;top:702px;">Supervision<div style="display:inline-block;width:5.56px"> </div>in<div style="display:inline-block;width:5.85px"> </div>June<div style="display:inline-block;width:5.63px"> </div>2004,<div style="display:inline-block;width:5.84px"> </div>in<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.77px"> </div>form<div style="display:inline-block;width:6.04px"> </div>existing<div style="display:inline-block;width:5.94px"> </div>on<div style="display:inline-block;width:5.94px"> </div>the<div style="display:inline-block;width:5.77px"> </div>date<div style="display:inline-block;width:6.06px"> </div>of<div style="display:inline-block;width:5.83px"> </div>this<div style="display:inline-block;width:5.72px"> </div>Agreement<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:5.8px"> </div>any<div style="display:inline-block;width:5.87px"> </div>other </div><div id="a9763" style="position:absolute;font-family:'Calibri';left:141.79px;top:720px;">regulation which<div style="display:inline-block;width:5.02px"> </div>relates to<div style="display:inline-block;width:5.15px"> </div>capital adequacy<div style="display:inline-block;width:4.83px"> </div>or liquidity<div style="display:inline-block;width:4.75px"> </div>controls or<div style="display:inline-block;width:5.03px"> </div>which affects<div style="display:inline-block;width:5.24px"> </div>the manner<div style="display:inline-block;width:4.67px"> </div>in </div><div id="a9764" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">which<div style="display:inline-block;width:4.73px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Notifying Lender<div style="display:inline-block;width:5.72px"> </div>allocates<div style="display:inline-block;width:5.16px"> </div>capital<div style="display:inline-block;width:5.04px"> </div>resources<div style="display:inline-block;width:4.82px"> </div>to<div style="display:inline-block;width:5.05px"> </div>its obligations<div style="display:inline-block;width:6.34px"> </div>under this<div style="display:inline-block;width:5.94px"> </div>Agreement) </div><div id="a9766" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">which is introduced,<div style="display:inline-block;width:5.23px"> </div>or altered, or<div style="display:inline-block;width:5.2px"> </div>the interpretation<div style="display:inline-block;width:4.93px"> </div>or application of<div style="display:inline-block;width:5.14px"> </div>which is altered,<div style="display:inline-block;width:5.14px"> </div>after the </div><div id="a9767" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">date of this Agreement; or </div><div id="a9771" style="position:absolute;font-family:'Calibri';left:94.59px;top:808px;">(d)</div><div id="a9773" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">the introduction, implementation, application, administration or compliance with Basel III or CRD </div><div id="a9776" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">IV, or any law or regulation which implements or applies Basel III or<div style="display:inline-block;width:1.97px"> </div>CRD IV (regardless of the date </div><div id="a9780" style="position:absolute;font-family:'Calibri';left:141.79px;top:843px;">on<div style="display:inline-block;width:4.66px"> </div>which it<div style="display:inline-block;width:5.73px"> </div>is enacted,<div style="display:inline-block;width:5.78px"> </div>adopted<div style="display:inline-block;width:4.67px"> </div>or<div style="display:inline-block;width:4.71px"> </div>issued and<div style="display:inline-block;width:5.59px"> </div>regardless<div style="display:inline-block;width:5.07px"> </div>of whether<div style="display:inline-block;width:5.8px"> </div>any<div style="display:inline-block;width:4.75px"> </div>such implementation, </div><div id="a9781" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">application or compliance is by a government, regulator,<div style="display:inline-block;width:4.88px"> </div>the Creditor Party or any of its affiliates) </div><div id="a9788" style="position:absolute;font-family:'Calibri';left:141.79px;top:879px;">after the date of this Agreement, </div><div id="a9791" style="position:absolute;font-family:'Calibri';left:141.79px;top:913px;">the Notifying Lender (or a parent company of it) has incurred or will incur an "</div><div id="a9792" style="position:absolute;font-family:'Calibri';font-weight:bold;left:606.05px;top:913px;">increased</div><div id="a9794" style="position:absolute;font-family:'Calibri';font-weight:bold;left:667.81px;top:913px;">cost</div><div id="a9795" style="position:absolute;font-family:'Calibri';left:692.93px;top:913px;">". </div></div>
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<div id="a9799" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">24.2</div><div id="a9801" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Meaning of "increased costs" </div><div id="a9803" style="position:absolute;font-family:'Calibri';left:142.59px;top:128px;">In this Clause </div><div id="a9804" style="position:absolute;font-family:'Calibri';left:224.67px;top:128px;"><a href="#a9719" style="color:#000000;text-decoration:none;">24</a></div><div id="a9805" style="position:absolute;font-family:'Calibri';left:239.55px;top:128px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a9807" style="position:absolute;font-family:'Calibri';font-style:italic;left:247.39px;top:128px;">Increased costs</div><div id="a9808" style="position:absolute;font-family:'Calibri';left:337.83px;top:128px;">), "</div><div id="a9809" style="position:absolute;font-family:'Calibri';font-weight:bold;left:355.11px;top:128px;">increased costs</div><div id="a9810" style="position:absolute;font-family:'Calibri';left:447.77px;top:128px;">" means, in relation to a Notifying Lender: </div><div id="a9812" style="position:absolute;font-family:'Calibri';left:142.59px;top:162px;">(a)</div><div id="a9814" style="position:absolute;font-family:'Calibri';left:190.59px;top:162px;">an additional or increased cost incurred<div style="display:inline-block;width:1.9px"> </div>as a result of, or in connection with, the<div style="display:inline-block;width:1.6px"> </div>Notifying </div><div id="a9815" style="position:absolute;font-family:'Calibri';left:190.59px;top:180px;">Lender having entered<div style="display:inline-block;width:4.87px"> </div>into, or being a<div style="display:inline-block;width:4.92px"> </div>party to, this Agreement<div style="display:inline-block;width:4.99px"> </div>or a Transfer<div style="display:inline-block;width:6.12px"> </div>Certificate, </div><div id="a9816" style="position:absolute;font-family:'Calibri';left:190.59px;top:198px;">of funding<div style="display:inline-block;width:5.4px"> </div>or maintaining<div style="display:inline-block;width:5.52px"> </div>its Commitment<div style="display:inline-block;width:5.16px"> </div>or Contribution<div style="display:inline-block;width:5.3px"> </div>or performing<div style="display:inline-block;width:5.78px"> </div>its obligations </div><div id="a9818" style="position:absolute;font-family:'Calibri';left:190.59px;top:216px;">under this Agreement, or of having outstanding all<div style="display:inline-block;width:1.82px"> </div>or any part of its Contribution or<div style="display:inline-block;width:1.82px"> </div>other </div><div id="a9819" style="position:absolute;font-family:'Calibri';left:190.59px;top:234px;">unpaid sums;<div style="display:inline-block;width:3.09px"> </div></div><div id="a9821" style="position:absolute;font-family:'Calibri';left:142.59px;top:268px;">(b)</div><div id="a9823" style="position:absolute;font-family:'Calibri';left:190.59px;top:268px;">a reduction in the amount of any<div style="display:inline-block;width:4.79px"> </div>payment to the Notifying Lender under this Agreement </div><div id="a9824" style="position:absolute;font-family:'Calibri';left:190.59px;top:286px;">or in the effective<div style="display:inline-block;width:4.91px"> </div>return which such a payment<div style="display:inline-block;width:4.82px"> </div>represents to the Notifying Lender or on </div><div id="a9825" style="position:absolute;font-family:'Calibri';left:190.59px;top:304px;">its capital; </div><div id="a9827" style="position:absolute;font-family:'Calibri';left:142.59px;top:338px;">(c)</div><div id="a9829" style="position:absolute;font-family:'Calibri';left:190.59px;top:338px;">an<div style="display:inline-block;width:4.74px"> </div>additional or<div style="display:inline-block;width:5.89px"> </div>increased cost<div style="display:inline-block;width:6.18px"> </div>of<div style="display:inline-block;width:4.71px"> </div>funding all<div style="display:inline-block;width:5.93px"> </div>or maintaining<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:4.75px"> </div>or<div style="display:inline-block;width:4.71px"> </div>any<div style="display:inline-block;width:4.91px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the advances </div><div id="a9830" style="position:absolute;font-family:'Calibri';left:190.59px;top:355px;">comprised<div style="display:inline-block;width:8.84px"> </div>in<div style="display:inline-block;width:8.57px"> </div>a<div style="display:inline-block;width:8.79px"> </div>class<div style="display:inline-block;width:8.47px"> </div>of<div style="display:inline-block;width:8.71px"> </div>advances<div style="display:inline-block;width:8.85px"> </div>formed<div style="display:inline-block;width:8.91px"> </div>by<div style="display:inline-block;width:8.56px"> </div>or<div style="display:inline-block;width:8.71px"> </div>including<div style="display:inline-block;width:8.5px"> </div>the<div style="display:inline-block;width:8.81px"> </div>Notifying<div style="display:inline-block;width:8.2px"> </div>Lender's </div><div id="a9831" style="position:absolute;font-family:'Calibri';left:190.59px;top:373px;">Contribution or (as<div style="display:inline-block;width:5.18px"> </div>the case may<div style="display:inline-block;width:5.44px"> </div>require) the<div style="display:inline-block;width:4.85px"> </div>proportion of that<div style="display:inline-block;width:5.2px"> </div>cost attributable<div style="display:inline-block;width:5.02px"> </div>to the </div><div id="a9833" style="position:absolute;font-family:'Calibri';left:190.59px;top:391px;">Contribution; or </div><div id="a9835" style="position:absolute;font-family:'Calibri';left:142.59px;top:425px;">(d)</div><div id="a9837" style="position:absolute;font-family:'Calibri';left:190.59px;top:425px;">a liability to<div style="display:inline-block;width:1.68px"> </div>make a payment, or<div style="display:inline-block;width:1.74px"> </div>a return foregone, which<div style="display:inline-block;width:1.41px"> </div>is calculated by<div style="display:inline-block;width:1.91px"> </div>reference to any </div><div id="a9838" style="position:absolute;font-family:'Calibri';left:190.59px;top:443px;">amounts received or receivable by the Notifying Lender under this Agreement, </div><div id="a9840" style="position:absolute;font-family:'Calibri';left:141.79px;top:477px;">but not<div style="display:inline-block;width:1.77px"> </div>an item<div style="display:inline-block;width:1.85px"> </div>attributable to<div style="display:inline-block;width:1.98px"> </div>a change<div style="display:inline-block;width:1.79px"> </div>in the<div style="display:inline-block;width:1.73px"> </div>rate of tax<div style="display:inline-block;width:1.61px"> </div>on the<div style="display:inline-block;width:1.67px"> </div>overall net income<div style="display:inline-block;width:1.37px"> </div>of the<div style="display:inline-block;width:1.71px"> </div>Notifying </div><div id="a9841" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">Lender (or a parent company of it)<div style="display:inline-block;width:1.78px"> </div>or an item compensated for by any payment made pursuant<div style="display:inline-block;width:1.93px"> </div>to </div><div id="a9843" style="position:absolute;font-family:'Calibri';left:141.79px;top:513px;">Clause </div><div id="a9844" style="position:absolute;font-family:'Calibri';left:187.87px;top:513px;"><a href="#a9191" style="color:#000000;text-decoration:none;">21.6</a></div><div id="a9845" style="position:absolute;font-family:'Calibri';left:213.95px;top:513px;"><div style="display:inline-block;width:7.04px"> </div>(</div><div id="a9847" style="position:absolute;font-family:'Calibri';font-style:italic;left:225.31px;top:513px;">Mandatory<div style="display:inline-block;width:7.05px"> </div>cost</div><div id="a9848" style="position:absolute;font-family:'Calibri';left:323.43px;top:513px;">)<div style="display:inline-block;width:7.06px"> </div>or<div style="display:inline-block;width:7.11px"> </div>an<div style="display:inline-block;width:6.98px"> </div>item<div style="display:inline-block;width:7.01px"> </div>covered<div style="display:inline-block;width:7.26px"> </div>by<div style="display:inline-block;width:7.12px"> </div>the<div style="display:inline-block;width:7.05px"> </div>indemnity<div style="display:inline-block;width:6.89px"> </div>for<div style="display:inline-block;width:7.24px"> </div>tax<div style="display:inline-block;width:7.24px"> </div>in<div style="display:inline-block;width:6.97px"> </div>Clause </div><div id="a9849" style="position:absolute;font-family:'Calibri';left:695.65px;top:513px;"><a href="#a9010" style="color:#000000;text-decoration:none;">21.1</a></div><div id="a9851" style="position:absolute;font-family:'Calibri';left:141.79px;top:531px;">(</div><div id="a9852" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:531px;">Indemnities<div style="display:inline-block;width:5.51px"> </div>regarding<div style="display:inline-block;width:5.5px"> </div>borrowing<div style="display:inline-block;width:5.47px"> </div>and<div style="display:inline-block;width:5.45px"> </div>repayment<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.39px"> </div>Loan</div><div id="a9853" style="position:absolute;font-family:'Calibri';left:497.21px;top:531px;">)<div style="display:inline-block;width:5.62px"> </div>or<div style="display:inline-block;width:5.83px"> </div>by<div style="display:inline-block;width:5.52px"> </div>Clause </div><div id="a9854" style="position:absolute;font-family:'Calibri';left:590.49px;top:531px;"><a href="#a9254" style="color:#000000;text-decoration:none;">22</a></div><div id="a9855" style="position:absolute;font-family:'Calibri';left:605.25px;top:531px;"><div style="display:inline-block;width:5.76px"> </div>(</div><div id="a9857" style="position:absolute;font-family:'Calibri';font-style:italic;left:615.49px;top:531px;">No<div style="display:inline-block;width:5.52px"> </div>set-off<div style="display:inline-block;width:6.08px"> </div>or<div style="display:inline-block;width:5.48px"> </div>Tax </div><div id="a9860" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:549px;">Deduction</div><div id="a9861" style="position:absolute;font-family:'Calibri';left:202.43px;top:549px;">) or a FATCA<div style="display:inline-block;width:5.32px"> </div>Deduction. </div><div id="a9863" style="position:absolute;font-family:'Calibri';left:141.79px;top:583px;">For the<div style="display:inline-block;width:5.07px"> </div>purposes of<div style="display:inline-block;width:4.68px"> </div>this Clause </div><div id="a9864" style="position:absolute;font-family:'Calibri';left:333.83px;top:583px;"><a href="#a9799" style="color:#000000;text-decoration:none;">24.2</a></div><div id="a9865" style="position:absolute;font-family:'Calibri';left:359.91px;top:583px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a9867" style="position:absolute;font-family:'Calibri';font-style:italic;left:368.39px;top:583px;">Meaning of<div style="display:inline-block;width:4.67px"> </div>"increased costs"</div><div id="a9871" style="position:absolute;font-family:'Calibri';left:544.41px;top:583px;">) the<div style="display:inline-block;width:4.86px"> </div>Notifying Lender may<div style="display:inline-block;width:5.47px"> </div>in </div><div id="a9872" style="position:absolute;font-family:'Calibri';left:141.79px;top:600px;">good faith allocate or spread costs and/or losses among its assets and liabilities<div style="display:inline-block;width:2.02px"> </div>(or any class of its </div><div id="a9873" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">assets and liabilities) on such basis as it considers appropriate. </div><div id="a9875" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:652px;">24.3</div><div id="a9877" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:652px;">Notification to Borrowers of claim for increased costs </div><div id="a9879" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">The Agent<div style="display:inline-block;width:5.83px"> </div>shall promptly<div style="display:inline-block;width:5.46px"> </div>notify the<div style="display:inline-block;width:5.49px"> </div>Borrowers<div style="display:inline-block;width:4.86px"> </div>and the<div style="display:inline-block;width:5.37px"> </div>Security Parties<div style="display:inline-block;width:5.58px"> </div>of the<div style="display:inline-block;width:5.39px"> </div>notice which<div style="display:inline-block;width:5.49px"> </div>the </div><div id="a9880" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">Agent received from the Notifying Lender under Clause </div><div id="a9881" style="position:absolute;font-family:'Calibri';left:474.01px;top:704px;"><a href="#a9723" style="color:#000000;text-decoration:none;">24.1</a></div><div id="a9882" style="position:absolute;font-family:'Calibri';left:500.09px;top:704px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a9884" style="position:absolute;font-family:'Calibri';font-style:italic;left:507.77px;top:704px;">Increased costs</div><div id="a9885" style="position:absolute;font-family:'Calibri';left:598.17px;top:704px;">). </div><div id="a9887" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:738px;">24.4</div><div id="a9889" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:738px;">Payment of increased costs </div><div id="a9891" style="position:absolute;font-family:'Calibri';left:141.79px;top:772px;">The Borrowers<div style="display:inline-block;width:6.03px"> </div>shall pay<div style="display:inline-block;width:5.64px"> </div>to the<div style="display:inline-block;width:5.73px"> </div>Agent, on<div style="display:inline-block;width:5.69px"> </div>the Agent's<div style="display:inline-block;width:5.46px"> </div>demand, for<div style="display:inline-block;width:5.79px"> </div>the account<div style="display:inline-block;width:5.44px"> </div>of the<div style="display:inline-block;width:5.55px"> </div>Notifying </div><div id="a9892" style="position:absolute;font-family:'Calibri';left:141.79px;top:790px;">Lender the amounts which the Agent from<div style="display:inline-block;width:4.72px"> </div>time to time notifies the Borrowers<div style="display:inline-block;width:4.79px"> </div>that the Notifying </div><div id="a9893" style="position:absolute;font-family:'Calibri';left:141.79px;top:808px;">Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. </div><div id="a9896" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:842px;">24.5</div><div id="a9898" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:842px;">Notice of prepayment </div><div id="a9900" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">If the Borrowers are not willing to continue to compensate the Notifying Lender for the increased </div><div id="a9901" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">cost under<div style="display:inline-block;width:4.95px"> </div>Clause </div><div id="a9902" style="position:absolute;font-family:'Calibri';left:253.15px;top:893px;"><a href="#a9887" style="color:#000000;text-decoration:none;">24.4</a></div><div id="a9903" style="position:absolute;font-family:'Calibri';left:279.11px;top:893px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a9905" style="position:absolute;font-family:'Calibri';font-style:italic;left:287.75px;top:893px;">Payment of<div style="display:inline-block;width:5.07px"> </div>increased costs</div><div id="a9906" style="position:absolute;font-family:'Calibri';left:451.61px;top:893px;">), the<div style="display:inline-block;width:4.71px"> </div>Borrowers may<div style="display:inline-block;width:5.46px"> </div>give the<div style="display:inline-block;width:4.71px"> </div>Agent not<div style="display:inline-block;width:4.91px"> </div>less </div><div id="a9908" style="position:absolute;font-family:'Calibri';left:141.79px;top:911px;">than 14 days' notice of its intention to prepay the<div style="display:inline-block;width:1.78px"> </div>Notifying Lender's Contribution at<div style="display:inline-block;width:1.93px"> </div>the end of an </div><div id="a9909" style="position:absolute;font-family:'Calibri';left:141.79px;top:929px;">Interest Period. </div></div>
</div>
<div style="padding: 7px">
<div id="Page85" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a9913" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">24.6</div><div id="a9915" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Prepayment; termination of Commitment </div><div id="a9917" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">A notice under Clause </div><div id="a9918" style="position:absolute;font-family:'Calibri';left:276.87px;top:128px;"><a href="#a9896" style="color:#000000;text-decoration:none;">24.5</a></div><div id="a9919" style="position:absolute;font-family:'Calibri';left:302.79px;top:128px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a9921" style="position:absolute;font-family:'Calibri';font-style:italic;left:310.95px;top:128px;">Notice of prepayment</div><div id="a9922" style="position:absolute;font-family:'Calibri';left:441.05px;top:128px;">) shall be irrevocable;<div style="display:inline-block;width:4.85px"> </div>the Agent shall promptly </div><div id="a9923" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">notify the Notifying Lender of the Borrowers' notice of intended prepayment; and: </div><div id="a9925" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">(a)</div><div id="a9927" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall </div><div id="a9928" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">be cancelled; and </div><div id="a9930" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(b)</div><div id="a9932" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">on the date specified in its notice of intended prepayment, the Borrowers shall prepay (subject to </div><div id="a9933" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">any Break Costs, without premium<div style="display:inline-block;width:4.72px"> </div>or penalty) the Notifying Lender's Contribution, together with </div><div id="a9934" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). </div><div id="a9937" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">24.7</div><div id="a9939" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">Application of prepayment </div><div id="a9941" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Clause </div><div id="a9942" style="position:absolute;font-family:'Calibri';left:184.19px;top:336px;"><a href="#a4712" style="color:#000000;text-decoration:none;">8</a></div><div id="a9943" style="position:absolute;font-family:'Calibri';left:191.55px;top:336px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a9945" style="position:absolute;font-family:'Calibri';font-style:italic;left:199.39px;top:336px;">Repayment and Prepayment</div><div id="a9946" style="position:absolute;font-family:'Calibri';left:368.55px;top:336px;">) shall apply in relation to the prepayment. </div><div id="a9948" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:370px;">25</div><div id="a9950" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:370px;">SET OFF </div><div id="a9952" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:403px;">25.1</div><div id="a9954" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:403px;">Application of credit balances </div><div id="a9956" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">Each Creditor Party may without prior notice: </div><div id="a9958" style="position:absolute;font-family:'Calibri';left:94.59px;top:471px;">(a)</div><div id="a9960" style="position:absolute;font-family:'Calibri';left:141.79px;top:471px;">apply any balance (whether<div style="display:inline-block;width:1.74px"> </div>or not then due)<div style="display:inline-block;width:1.56px"> </div>which at any time stands<div style="display:inline-block;width:1.83px"> </div>to the credit of any<div style="display:inline-block;width:1.87px"> </div>account </div><div id="a9961" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">in<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.77px"> </div>name<div style="display:inline-block;width:5.65px"> </div>of<div style="display:inline-block;width:5.83px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Borrower<div style="display:inline-block;width:6.05px"> </div>at<div style="display:inline-block;width:5.91px"> </div>any<div style="display:inline-block;width:6.03px"> </div>office<div style="display:inline-block;width:5.83px"> </div>in<div style="display:inline-block;width:5.69px"> </div>any<div style="display:inline-block;width:6.03px"> </div>country<div style="display:inline-block;width:5.69px"> </div>of<div style="display:inline-block;width:5.83px"> </div>that<div style="display:inline-block;width:5.89px"> </div>Creditor<div style="display:inline-block;width:5.82px"> </div>Party<div style="display:inline-block;width:6.06px"> </div>in<div style="display:inline-block;width:5.69px"> </div>or<div style="display:inline-block;width:5.83px"> </div>towards </div><div id="a9962" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">satisfaction<div style="display:inline-block;width:5.71px"> </div>of<div style="display:inline-block;width:5.35px"> </div>any<div style="display:inline-block;width:5.55px"> </div>sum<div style="display:inline-block;width:5.31px"> </div>then<div style="display:inline-block;width:5.24px"> </div>due<div style="display:inline-block;width:5.37px"> </div>from<div style="display:inline-block;width:5.33px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Borrower<div style="display:inline-block;width:5.73px"> </div>to<div style="display:inline-block;width:5.37px"> </div>that<div style="display:inline-block;width:5.41px"> </div>Creditor<div style="display:inline-block;width:5.5px"> </div>Party<div style="display:inline-block;width:5.58px"> </div>under<div style="display:inline-block;width:5.3px"> </div>any<div style="display:inline-block;width:5.55px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the </div><div id="a9963" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">Finance Documents; and </div><div id="a9965" style="position:absolute;font-family:'Calibri';left:94.59px;top:559px;">(b)</div><div id="a9967" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">for that purpose: </div><div id="a9969" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">(i)</div><div id="a9971" style="position:absolute;font-family:'Calibri';left:189.15px;top:593px;">break, or alter the maturity of, all or any part of a deposit of that Borrower; </div><div id="a9973" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">(ii)</div><div id="a9975" style="position:absolute;font-family:'Calibri';left:189.15px;top:627px;">convert or translate all or any part of a deposit or other credit balance into Dollars; and </div><div id="a9977" style="position:absolute;font-family:'Calibri';left:141.79px;top:661px;">(iii)</div><div id="a9979" style="position:absolute;font-family:'Calibri';left:189.15px;top:661px;">enter into any other<div style="display:inline-block;width:1.73px"> </div>transaction or make any<div style="display:inline-block;width:1.65px"> </div>entry with regard to<div style="display:inline-block;width:1.67px"> </div>the credit balance<div style="display:inline-block;width:1.45px"> </div>which </div><div id="a9980" style="position:absolute;font-family:'Calibri';left:189.15px;top:679px;">the Creditor Party concerned considers appropriate.<div style="display:inline-block;width:3.94px"> </div></div><div id="a9982" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:712px;">25.2</div><div id="a9984" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:712px;">Existing rights unaffected </div><div id="a9986" style="position:absolute;font-family:'Calibri';left:141.79px;top:746px;">No Creditor<div style="display:inline-block;width:5.38px"> </div>Party shall<div style="display:inline-block;width:5.51px"> </div>be obliged<div style="display:inline-block;width:5.18px"> </div>to exercise<div style="display:inline-block;width:6.03px"> </div>any of<div style="display:inline-block;width:5.32px"> </div>its rights<div style="display:inline-block;width:5.36px"> </div>under Clause </div><div id="a9987" style="position:absolute;font-family:'Calibri';left:603.17px;top:746px;"><a href="#a9952" style="color:#000000;text-decoration:none;">25.1</a></div><div id="a9988" style="position:absolute;font-family:'Calibri';left:629.25px;top:746px;"><div style="display:inline-block;width:4.32px"> </div>(</div><div id="a9990" style="position:absolute;font-family:'Calibri';font-style:italic;left:638.05px;top:746px;">Application of </div><div id="a9991" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:764px;">credit balances</div><div id="a9992" style="position:absolute;font-family:'Calibri';left:231.39px;top:764px;">); and those rights shall be without prejudice<div style="display:inline-block;width:1.93px"> </div>and in addition to any right of set off, </div><div id="a9993" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">combination of accounts, charge,<div style="display:inline-block;width:1.84px"> </div>lien or other<div style="display:inline-block;width:1.91px"> </div>right or remedy to<div style="display:inline-block;width:1.75px"> </div>which a Creditor<div style="display:inline-block;width:1.96px"> </div>Party is entitled </div><div id="a9994" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">(whether under the general law or any document). </div><div id="a9996" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:834px;">25.3</div><div id="a9998" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:834px;">Sums deemed due to a Lender </div><div id="a10000" style="position:absolute;font-family:'Calibri';left:141.79px;top:868px;">For the purposes<div style="display:inline-block;width:4.89px"> </div>of this Clause </div><div id="a10001" style="position:absolute;font-family:'Calibri';left:332.23px;top:868px;"><a href="#a9948" style="color:#000000;text-decoration:none;">25</a></div><div id="a10002" style="position:absolute;font-family:'Calibri';left:347.27px;top:868px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a10004" style="position:absolute;font-family:'Calibri';font-style:italic;left:355.43px;top:868px;">Set-off</div><div id="a10007" style="position:absolute;font-family:'Calibri';left:394.95px;top:868px;">), a sum<div style="display:inline-block;width:4.91px"> </div>payable by<div style="display:inline-block;width:4.71px"> </div>the Borrowers<div style="display:inline-block;width:4.75px"> </div>to the Agent<div style="display:inline-block;width:4.99px"> </div>or the </div><div id="a10008" style="position:absolute;font-family:'Calibri';left:141.79px;top:886px;">Security Trustee<div style="display:inline-block;width:5.18px"> </div>for distribution to,<div style="display:inline-block;width:5.13px"> </div>or for the<div style="display:inline-block;width:4.82px"> </div>account of,<div style="display:inline-block;width:5.13px"> </div>a Lender shall be treated<div style="display:inline-block;width:5.35px"> </div>as a sum due </div><div id="a10009" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">to that<div style="display:inline-block;width:5.53px"> </div>Lender; and<div style="display:inline-block;width:5.1px"> </div>each Lender's<div style="display:inline-block;width:5.1px"> </div>proportion of<div style="display:inline-block;width:5.35px"> </div>a sum<div style="display:inline-block;width:5.33px"> </div>so payable<div style="display:inline-block;width:5.67px"> </div>for distribution<div style="display:inline-block;width:5.38px"> </div>to,<div style="display:inline-block;width:4.68px"> </div>or for<div style="display:inline-block;width:5.58px"> </div>the </div><div id="a10010" style="position:absolute;font-family:'Calibri';left:141.79px;top:922px;">account of, the Lenders shall be treated as a sum due to such Lender. </div></div>
</div>
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<div id="Page86" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a10015" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">25.4</div><div id="a10017" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">No Security Interest </div><div id="a10019" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">This Clause </div><div id="a10020" style="position:absolute;font-family:'Calibri';left:212.19px;top:128px;"><a href="#a9948" style="color:#000000;text-decoration:none;">25</a></div><div id="a10021" style="position:absolute;font-family:'Calibri';left:227.07px;top:128px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a10023" style="position:absolute;font-family:'Calibri';font-style:italic;left:235.07px;top:128px;">Set-off</div><div id="a10026" style="position:absolute;font-family:'Calibri';left:274.79px;top:128px;">) gives the Creditor<div style="display:inline-block;width:4.69px"> </div>Parties a contractual<div style="display:inline-block;width:4.88px"> </div>right of set-off<div style="display:inline-block;width:4.96px"> </div>only, and<div style="display:inline-block;width:4.87px"> </div>does not </div><div id="a10029" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">create any equitable charge or other Security Interest over any credit balance of any Borrower.<div style="display:inline-block;width:5.83px"> </div></div><div id="a10031" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">26</div><div id="a10033" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">TRANSFERS AND CHANGES IN FACILITY OFFICES </div><div id="a10035" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:214px;">26.1</div><div id="a10037" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:214px;">Transfer by Borrowers </div><div id="a10039" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">No Borrower may,<div style="display:inline-block;width:6.31px"> </div>without the consent of<div style="display:inline-block;width:5.17px"> </div>the Agent, given<div style="display:inline-block;width:4.88px"> </div>on the instructions of<div style="display:inline-block;width:4.95px"> </div>all the Lenders </div><div id="a10040" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">transfer any of its rights, liabilities or obligations under any Finance Document. </div><div id="a10042" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:300px;">26.2</div><div id="a10044" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:300px;">Transfer by<div style="display:inline-block;width:4.77px"> </div>a Lender </div><div id="a10046" style="position:absolute;font-family:'Calibri';left:141.79px;top:334px;">Subject to Clause </div><div id="a10047" style="position:absolute;font-family:'Calibri';left:248.67px;top:334px;"><a href="#a10148" style="color:#000000;text-decoration:none;">26.4</a></div><div id="a10048" style="position:absolute;font-family:'Calibri';left:274.79px;top:334px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a10050" style="position:absolute;font-family:'Calibri';font-style:italic;left:282.95px;top:334px;">Effective Date<div style="display:inline-block;width:4.69px"> </div>of Transfer<div style="display:inline-block;width:4.87px"> </div>Certificate</div><div id="a10051" style="position:absolute;font-family:'Calibri';left:500.25px;top:334px;">), a Lender (the "</div><div id="a10052" style="position:absolute;font-family:'Calibri';font-weight:bold;left:601.89px;top:334px;">Transferor<div style="display:inline-block;width:5.15px"> </div>Lender</div><div id="a10053" style="position:absolute;font-family:'Calibri';left:711.33px;top:334px;">") </div><div id="a10054" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">may at any time cause:<div style="display:inline-block;width:3.56px"> </div></div><div id="a10056" style="position:absolute;font-family:'Calibri';left:94.59px;top:386px;">(a)</div><div id="a10058" style="position:absolute;font-family:'Calibri';left:141.79px;top:386px;">its rights in respect of all or part of its Contribution; or </div><div id="a10060" style="position:absolute;font-family:'Calibri';left:94.59px;top:419px;">(b)</div><div id="a10062" style="position:absolute;font-family:'Calibri';left:141.79px;top:419px;">its obligations in respect of all or part of its Commitment; or </div><div id="a10065" style="position:absolute;font-family:'Calibri';left:94.59px;top:453px;">(c)</div><div id="a10067" style="position:absolute;font-family:'Calibri';left:141.79px;top:453px;">a combination of (a) and (b), </div><div id="a10069" style="position:absolute;font-family:'Calibri';left:141.79px;top:487px;">to be (in<div style="display:inline-block;width:1.84px"> </div>the case of<div style="display:inline-block;width:1.59px"> </div>its rights) transferred to, or<div style="display:inline-block;width:1.56px"> </div>(in the case<div style="display:inline-block;width:1.63px"> </div>of its obligations)<div style="display:inline-block;width:1.82px"> </div>assumed by, another </div><div id="a10070" style="position:absolute;font-family:'Calibri';left:141.79px;top:505px;">bank<div style="display:inline-block;width:5.83px"> </div>or<div style="display:inline-block;width:5.99px"> </div>financial<div style="display:inline-block;width:5.74px"> </div>institution<div style="display:inline-block;width:5.56px"> </div>or<div style="display:inline-block;width:5.99px"> </div>a<div style="display:inline-block;width:5.91px"> </div>trust,<div style="display:inline-block;width:5.93px"> </div>fund<div style="display:inline-block;width:5.75px"> </div>or<div style="display:inline-block;width:5.83px"> </div>other<div style="display:inline-block;width:5.68px"> </div>entity<div style="display:inline-block;width:5.98px"> </div>which<div style="display:inline-block;width:5.85px"> </div>is<div style="display:inline-block;width:5.74px"> </div>regularly<div style="display:inline-block;width:5.87px"> </div>engaged<div style="display:inline-block;width:6.17px"> </div>in<div style="display:inline-block;width:5.85px"> </div>or </div><div id="a10071" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">established for the<div style="display:inline-block;width:1.48px"> </div>purpose of<div style="display:inline-block;width:1.48px"> </div>making, purchasing<div style="display:inline-block;width:1.38px"> </div>or investing in<div style="display:inline-block;width:1.43px"> </div>loans, securities<div style="display:inline-block;width:1.34px"> </div>or other<div style="display:inline-block;width:1.78px"> </div>financial </div><div id="a10073" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">assets (a "</div><div id="a10074" style="position:absolute;font-family:'Calibri';font-weight:bold;left:203.39px;top:541px;">Transferee<div style="display:inline-block;width:5.23px"> </div>Lender</div><div id="a10075" style="position:absolute;font-family:'Calibri';left:314.63px;top:541px;">") by delivering<div style="display:inline-block;width:4.88px"> </div>to the Agent<div style="display:inline-block;width:5.15px"> </div>a completed certificate<div style="display:inline-block;width:5.23px"> </div>in the form<div style="display:inline-block;width:5.25px"> </div>set </div><div id="a10076" style="position:absolute;font-family:'Calibri';left:141.79px;top:559px;">out<div style="display:inline-block;width:7.25px"> </div>in </div><div id="a10077" style="position:absolute;font-family:'Calibri';left:187.55px;top:559px;"><a href="#a11969" style="color:#000000;text-decoration:none;">Schedule<div style="display:inline-block;width:6.74px"> </div>4</a></div><div id="a10078" style="position:absolute;font-family:'Calibri';left:256.07px;top:559px;"><div style="display:inline-block;width:7.04px"> </div>with<div style="display:inline-block;width:7.04px"> </div>any<div style="display:inline-block;width:7.15px"> </div>modifications<div style="display:inline-block;width:7.24px"> </div>approved<div style="display:inline-block;width:7.17px"> </div>or<div style="display:inline-block;width:7.11px"> </div>required<div style="display:inline-block;width:7.3px"> </div>by<div style="display:inline-block;width:7.12px"> </div>the<div style="display:inline-block;width:7.05px"> </div>Agent<div style="display:inline-block;width:7.22px"> </div>(a<div style="display:inline-block;width:7.05px"> </div>"</div><div id="a10080" style="position:absolute;font-family:'Calibri';font-weight:bold;left:670.85px;top:559px;">Transfer </div><div id="a10081" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:577px;">Certificate</div><div id="a10082" style="position:absolute;font-family:'Calibri';left:204.99px;top:577px;">") executed by the Transferor<div style="display:inline-block;width:5.35px"> </div>Lender and the Transferee Lender.<div style="display:inline-block;width:5.79px"> </div></div><div id="a10084" style="position:absolute;font-family:'Calibri';left:141.79px;top:611px;">However any<div style="display:inline-block;width:5.7px"> </div>rights and<div style="display:inline-block;width:5.07px"> </div>obligations of<div style="display:inline-block;width:5.43px"> </div>the Transferor<div style="display:inline-block;width:6.67px"> </div>Lender in<div style="display:inline-block;width:5.24px"> </div>its capacity<div style="display:inline-block;width:4.99px"> </div>as Agent<div style="display:inline-block;width:5.33px"> </div>or Security </div><div id="a10085" style="position:absolute;font-family:'Calibri';left:141.79px;top:629px;">Trustee will have to<div style="display:inline-block;width:4.72px"> </div>be dealt with separately in accordance with the Agency and Trust Deed. </div><div id="a10087" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">A transfer pursuant to this Clause </div><div id="a10088" style="position:absolute;font-family:'Calibri';left:344.71px;top:663px;"><a href="#a10042" style="color:#000000;text-decoration:none;">26.2</a></div><div id="a10089" style="position:absolute;font-family:'Calibri';left:370.63px;top:663px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a10091" style="position:absolute;font-family:'Calibri';font-style:italic;left:378.47px;top:663px;">Transfer by a Lender</div><div id="a10092" style="position:absolute;font-family:'Calibri';left:499.77px;top:663px;">) shall be effected: </div><div id="a10096" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">(i)</div><div id="a10098" style="position:absolute;font-family:'Calibri';left:189.15px;top:696px;">without the consent of the Borrowers: </div><div id="a10100" style="position:absolute;font-family:'Calibri';left:189.15px;top:730px;">(A)</div><div id="a10102" style="position:absolute;font-family:'Calibri';left:236.35px;top:730px;">following the occurrence of an Event of Default which is continuing; and/or </div><div id="a10104" style="position:absolute;font-family:'Calibri';left:189.15px;top:764px;">(B)</div><div id="a10106" style="position:absolute;font-family:'Calibri';left:236.35px;top:764px;">if such transfer is to another Lender or an affiliate of a Lender; </div><div id="a10108" style="position:absolute;font-family:'Calibri';left:141.79px;top:798px;">(ii)</div><div id="a10110" style="position:absolute;font-family:'Calibri';left:189.15px;top:798px;">in<div style="display:inline-block;width:5.37px"> </div>all<div style="display:inline-block;width:5.23px"> </div>other<div style="display:inline-block;width:5.36px"> </div>circumstances<div style="display:inline-block;width:5.57px"> </div>with<div style="display:inline-block;width:5.28px"> </div>the<div style="display:inline-block;width:5.29px"> </div>consent<div style="display:inline-block;width:5.27px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Borrowers<div style="display:inline-block;width:5.98px"> </div>(such<div style="display:inline-block;width:5.21px"> </div>consent<div style="display:inline-block;width:5.27px"> </div>not<div style="display:inline-block;width:5.33px"> </div>to<div style="display:inline-block;width:5.53px"> </div>be </div><div id="a10111" style="position:absolute;font-family:'Calibri';left:189.15px;top:816px;">unreasonably withheld or delayed) and the Borrowers will be deemed to have given their </div><div id="a10112" style="position:absolute;font-family:'Calibri';left:189.15px;top:834px;">consent<div style="display:inline-block;width:5.75px"> </div>five<div style="display:inline-block;width:5.5px"> </div>Business<div style="display:inline-block;width:5.19px"> </div>Days<div style="display:inline-block;width:5.96px"> </div>following<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>request<div style="display:inline-block;width:5.62px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Transferor<div style="display:inline-block;width:7.11px"> </div>Lender,<div style="display:inline-block;width:6.72px"> </div>unless<div style="display:inline-block;width:5.36px"> </div>the </div><div id="a10114" style="position:absolute;font-family:'Calibri';left:189.15px;top:852px;">consent is expressly refused by the Borrowers within that time. </div><div id="a10116" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:886px;">26.3</div><div id="a10118" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:886px;">Transfer Certificate,<div style="display:inline-block;width:4.8px"> </div>delivery and notification </div><div id="a10120" style="position:absolute;font-family:'Calibri';left:141.79px;top:920px;">As<div style="display:inline-block;width:4.93px"> </div>soon<div style="display:inline-block;width:4.9px"> </div>as<div style="display:inline-block;width:4.79px"> </div>reasonably<div style="display:inline-block;width:4.85px"> </div>practicable<div style="display:inline-block;width:4.98px"> </div>after<div style="display:inline-block;width:5.07px"> </div>a<div style="display:inline-block;width:4.79px"> </div>Transfer<div style="display:inline-block;width:6.48px"> </div>Certificate<div style="display:inline-block;width:5.12px"> </div>is<div style="display:inline-block;width:4.78px"> </div>delivered<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Agent,<div style="display:inline-block;width:4.99px"> </div>it<div style="display:inline-block;width:4.81px"> </div>shall </div><div id="a10121" style="position:absolute;font-family:'Calibri';left:141.79px;top:938px;">(unless it has reason to believe that the Transfer<div style="display:inline-block;width:4.8px"> </div>Certificate may be defective): </div></div>
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<div style="padding: 7px">
<div id="Page87" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a10125" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(a)</div><div id="a10127" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">sign the<div style="display:inline-block;width:5.21px"> </div>Transfer<div style="display:inline-block;width:5.84px"> </div>Certificate on<div style="display:inline-block;width:5.5px"> </div>behalf of<div style="display:inline-block;width:5.1px"> </div>itself,<div style="display:inline-block;width:5.09px"> </div>the Borrowers,<div style="display:inline-block;width:5.56px"> </div>the Security<div style="display:inline-block;width:5.01px"> </div>Parties, the<div style="display:inline-block;width:5.43px"> </div>Security </div><div id="a10128" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Trustee, each of the other Lenders and the Swap Bank; </div><div id="a10130" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(b)</div><div id="a10132" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">on behalf of the<div style="display:inline-block;width:1.68px"> </div>Transferee Lender,<div style="display:inline-block;width:5.34px"> </div>send to each<div style="display:inline-block;width:1.99px"> </div>Borrower and each Security<div style="display:inline-block;width:1.71px"> </div>Party letters or faxes </div><div id="a10133" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">notifying them of the Transfer Certificate and attaching a copy of it; and </div><div id="a10135" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;">(c)</div><div id="a10137" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">send to the Transferee<div style="display:inline-block;width:4.89px"> </div>Lender copies of the letters or faxes sent under paragraph </div><div id="a10138" style="position:absolute;font-family:'Calibri';left:629.89px;top:198px;"><a href="#a10130" style="color:#000000;text-decoration:none;">(b)</a></div><div id="a10139" style="position:absolute;font-family:'Calibri';left:646.53px;top:198px;"><div style="display:inline-block;width:3.36px"> </div>above, </div><div id="a10142" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">but<div style="display:inline-block;width:6.48px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Agent<div style="display:inline-block;width:6.58px"> </div>shall<div style="display:inline-block;width:6.3px"> </div>only<div style="display:inline-block;width:6.3px"> </div>be<div style="display:inline-block;width:6.38px"> </div>obliged<div style="display:inline-block;width:6.6px"> </div>to<div style="display:inline-block;width:6.49px"> </div>execute<div style="display:inline-block;width:7.13px"> </div>a<div style="display:inline-block;width:6.23px"> </div>Transfer<div style="display:inline-block;width:8.08px"> </div>Certificate<div style="display:inline-block;width:6.72px"> </div>delivered<div style="display:inline-block;width:6.6px"> </div>to<div style="display:inline-block;width:6.49px"> </div>it<div style="display:inline-block;width:6.57px"> </div>by<div style="display:inline-block;width:6.32px"> </div>the </div><div id="a10143" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Transferor<div style="display:inline-block;width:5.19px"> </div>Lender and the Transferee Lender once it is satisfied it has complied with all necessary </div><div id="a10144" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">"know your customer" or other<div style="display:inline-block;width:1.98px"> </div>similar checks under all<div style="display:inline-block;width:1.86px"> </div>applicable laws and regulations in relation </div><div id="a10146" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">to the transfer to that Transferee<div style="display:inline-block;width:5.83px"> </div>Lender. </div><div id="a10148" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:320px;">26.4</div><div id="a10150" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:320px;">Effective Date of Transfer<div style="display:inline-block;width:5.24px"> </div>Certificate </div><div id="a10152" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">A Transfer Certificate becomes effective on the date, if any,<div style="display:inline-block;width:5.01px"> </div>specified in the Transfer Certificate as </div><div id="a10153" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">its effective<div style="display:inline-block;width:4.69px"> </div>date,<div style="display:inline-block;width:6.99px"> </div></div><div id="a10154" style="position:absolute;font-family:'Calibri';font-weight:bold;left:252.99px;top:371px;">Provided that</div><div id="a10155" style="position:absolute;font-family:'Calibri';left:336.39px;top:371px;"><div style="display:inline-block;width:3.68px"> </div>it is signed by the<div style="display:inline-block;width:4.72px"> </div>Agent under Clause </div><div id="a10157" style="position:absolute;font-family:'Calibri';left:569.37px;top:371px;"><a href="#a10116" style="color:#000000;text-decoration:none;">26.3</a></div><div id="a10158" style="position:absolute;font-family:'Calibri';left:595.45px;top:371px;"><div style="display:inline-block;width:3.56px"> </div>(</div><div id="a10160" style="position:absolute;font-family:'Calibri';font-style:italic;left:603.49px;top:371px;">Transfer Certificate, </div><div id="a10162" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:389px;">delivery and notification</div><div id="a10163" style="position:absolute;font-family:'Calibri';left:285.83px;top:389px;">) on or before that date. </div><div id="a10165" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:423px;">26.5</div><div id="a10167" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:423px;">No transfer without Transfer<div style="display:inline-block;width:4.87px"> </div>Certificate </div><div id="a10169" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">Except as provided in Clause </div><div id="a10170" style="position:absolute;font-family:'Calibri';left:312.23px;top:457px;"><a href="#a10379" style="color:#000000;text-decoration:none;">26.16</a></div><div id="a10171" style="position:absolute;font-family:'Calibri';left:345.67px;top:457px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a10173" style="position:absolute;font-family:'Calibri';font-style:italic;left:353.19px;top:457px;">Security over Lenders'<div style="display:inline-block;width:1.72px"> </div>rights</div><div id="a10177" style="position:absolute;font-family:'Calibri';left:518.49px;top:457px;">), no assignment<div style="display:inline-block;width:1.98px"> </div>or transfer of any </div><div id="a10178" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">right or obligation of<div style="display:inline-block;width:4.79px"> </div>a Lender under any Finance Document<div style="display:inline-block;width:4.97px"> </div>is binding on, or effective<div style="display:inline-block;width:5.2px"> </div>in relation </div><div id="a10179" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">to,<div style="display:inline-block;width:6.44px"> </div>any<div style="display:inline-block;width:6.03px"> </div>Borrower,<div style="display:inline-block;width:7.32px"> </div>any<div style="display:inline-block;width:6.03px"> </div>Security<div style="display:inline-block;width:5.61px"> </div>Party,<div style="display:inline-block;width:7.27px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Agent<div style="display:inline-block;width:5.94px"> </div>or<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Security<div style="display:inline-block;width:5.61px"> </div>Trustee<div style="display:inline-block;width:7.06px"> </div>unless<div style="display:inline-block;width:5.68px"> </div>it<div style="display:inline-block;width:5.93px"> </div>is<div style="display:inline-block;width:5.74px"> </div>effected, </div><div id="a10180" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">evidenced or perfected by a Transfer<div style="display:inline-block;width:4.92px"> </div>Certificate.<div style="display:inline-block;width:3.51px"> </div></div><div id="a10183" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:545px;">26.6</div><div id="a10185" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:545px;">Lender re-organisation; waiver of Transfer<div style="display:inline-block;width:5.01px"> </div>Certificate </div><div id="a10189" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">However,<div style="display:inline-block;width:6.51px"> </div>if<div style="display:inline-block;width:4.93px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Lender<div style="display:inline-block;width:4.8px"> </div>enters<div style="display:inline-block;width:5.38px"> </div>into<div style="display:inline-block;width:5.28px"> </div>any<div style="display:inline-block;width:5.07px"> </div>merger,<div style="display:inline-block;width:6.48px"> </div>de-merger<div style="display:inline-block;width:5.07px"> </div>or<div style="display:inline-block;width:4.87px"> </div>other<div style="display:inline-block;width:5.04px"> </div>reorganisation<div style="display:inline-block;width:5.43px"> </div>as<div style="display:inline-block;width:4.95px"> </div>a<div style="display:inline-block;width:4.95px"> </div>result<div style="display:inline-block;width:4.98px"> </div>of </div><div id="a10192" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">which all its rights<div style="display:inline-block;width:1.79px"> </div>or obligations vest in another person<div style="display:inline-block;width:1.76px"> </div>(the "</div><div id="a10194" style="position:absolute;font-family:'Calibri';font-weight:bold;left:505.05px;top:597px;">successor</div><div id="a10195" style="position:absolute;font-family:'Calibri';left:563.29px;top:597px;">"), the Agent may, if it sees </div><div id="a10196" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">fit, by notice to the successor and the Borrowers<div style="display:inline-block;width:5.02px"> </div>and the Security Trustee waive<div style="display:inline-block;width:5.09px"> </div>the need for the </div><div id="a10197" style="position:absolute;font-family:'Calibri';left:141.79px;top:632px;">execution<div style="display:inline-block;width:6.3px"> </div>and<div style="display:inline-block;width:5.64px"> </div>delivery<div style="display:inline-block;width:5.61px"> </div>of<div style="display:inline-block;width:5.67px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Transfer<div style="display:inline-block;width:7.44px"> </div>Certificate;<div style="display:inline-block;width:5.98px"> </div>and,<div style="display:inline-block;width:5.49px"> </div>upon<div style="display:inline-block;width:5.68px"> </div>service<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Agent's<div style="display:inline-block;width:5.74px"> </div>notice,<div style="display:inline-block;width:5.69px"> </div>the </div><div id="a10198" style="position:absolute;font-family:'Calibri';left:141.79px;top:650px;">successor shall<div style="display:inline-block;width:5.14px"> </div>become a<div style="display:inline-block;width:5.14px"> </div>Lender with<div style="display:inline-block;width:5.03px"> </div>the same<div style="display:inline-block;width:5.11px"> </div>Commitment and<div style="display:inline-block;width:5.03px"> </div>Contribution as<div style="display:inline-block;width:5.06px"> </div>were held<div style="display:inline-block;width:5.48px"> </div>by </div><div id="a10200" style="position:absolute;font-family:'Calibri';left:141.79px;top:668px;">the predecessor Lender. </div><div id="a10202" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:702px;">26.7</div><div id="a10204" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:702px;">Effect of Transfer<div style="display:inline-block;width:5.15px"> </div>Certificate </div><div id="a10206" style="position:absolute;font-family:'Calibri';left:141.79px;top:736px;">A Transfer<div style="display:inline-block;width:4.85px"> </div>Certificate takes effect in accordance with English law as follows: </div><div id="a10209" style="position:absolute;font-family:'Calibri';left:94.59px;top:770px;">(a)</div><div id="a10211" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">to<div style="display:inline-block;width:6.17px"> </div>the<div style="display:inline-block;width:5.93px"> </div>extent<div style="display:inline-block;width:6.34px"> </div>specified<div style="display:inline-block;width:5.69px"> </div>in<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Transfer<div style="display:inline-block;width:7.44px"> </div>Certificate,<div style="display:inline-block;width:6.09px"> </div>all<div style="display:inline-block;width:6.03px"> </div>rights<div style="display:inline-block;width:5.96px"> </div>and<div style="display:inline-block;width:5.96px"> </div>interests<div style="display:inline-block;width:6.31px"> </div>(present,<div style="display:inline-block;width:6.26px"> </div>future<div style="display:inline-block;width:5.89px"> </div>or </div><div id="a10212" style="position:absolute;font-family:'Calibri';left:141.79px;top:788px;">contingent)<div style="display:inline-block;width:5.13px"> </div>which<div style="display:inline-block;width:4.89px"> </div>the Transferor<div style="display:inline-block;width:7.95px"> </div>Lender has<div style="display:inline-block;width:6.21px"> </div>under or<div style="display:inline-block;width:6.2px"> </div>by<div style="display:inline-block;width:4.72px"> </div>virtue<div style="display:inline-block;width:4.69px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Finance Documents<div style="display:inline-block;width:6px"> </div>are </div><div id="a10213" style="position:absolute;font-family:'Calibri';left:141.79px;top:806px;">assigned to<div style="display:inline-block;width:4.78px"> </div>the Transferee<div style="display:inline-block;width:6.15px"> </div>Lender absolutely,<div style="display:inline-block;width:5.69px"> </div>free of any<div style="display:inline-block;width:5.6px"> </div>defects in<div style="display:inline-block;width:5.06px"> </div>the Transferor<div style="display:inline-block;width:6.35px"> </div>Lender's title </div><div id="a10215" style="position:absolute;font-family:'Calibri';left:141.79px;top:824px;">and of any rights or equities which any Borrower<div style="display:inline-block;width:4.7px"> </div>or any Security Party had against the<div style="display:inline-block;width:4.7px"> </div>Transferor </div><div id="a10216" style="position:absolute;font-family:'Calibri';left:141.79px;top:842px;">Lender; </div><div id="a10218" style="position:absolute;font-family:'Calibri';left:94.59px;top:875px;">(b)</div><div id="a10220" style="position:absolute;font-family:'Calibri';left:141.79px;top:875px;">the<div style="display:inline-block;width:7.53px"> </div>Transferor<div style="display:inline-block;width:9.19px"> </div>Lender's<div style="display:inline-block;width:7.32px"> </div>Commitment<div style="display:inline-block;width:7.35px"> </div>is<div style="display:inline-block;width:7.34px"> </div>discharged<div style="display:inline-block;width:7.49px"> </div>to<div style="display:inline-block;width:7.61px"> </div>the<div style="display:inline-block;width:7.37px"> </div>extent<div style="display:inline-block;width:7.78px"> </div>specified<div style="display:inline-block;width:7.13px"> </div>in<div style="display:inline-block;width:7.45px"> </div>the<div style="display:inline-block;width:7.53px"> </div>Transfer </div><div id="a10221" style="position:absolute;font-family:'Calibri';left:141.79px;top:893px;">Certificate; </div></div>
</div>
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<div id="Page88" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a10225" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(c)</div><div id="a10227" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">the Transferee<div style="display:inline-block;width:5.51px"> </div>Lender becomes a Lender with the Contribution previously held by<div style="display:inline-block;width:4.68px"> </div>the Transferor </div><div id="a10228" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Lender and a Commitment of an amount specified in the Transfer Certificate; </div><div id="a10230" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(d)</div><div id="a10232" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">the Transferee<div style="display:inline-block;width:5.83px"> </div>Lender becomes bound by all<div style="display:inline-block;width:4.82px"> </div>the provisions of the<div style="display:inline-block;width:4.88px"> </div>Finance Documents which are </div><div id="a10233" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">applicable to<div style="display:inline-block;width:5.34px"> </div>the Lenders<div style="display:inline-block;width:5.26px"> </div>generally,<div style="display:inline-block;width:5.77px"> </div>including those<div style="display:inline-block;width:4.78px"> </div>about pro<div style="display:inline-block;width:5.55px"> </div>rata<div style="display:inline-block;width:4.77px"> </div>sharing and<div style="display:inline-block;width:4.84px"> </div>the exclusion<div style="display:inline-block;width:5.57px"> </div>of </div><div id="a10234" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">liability on the part of,<div style="display:inline-block;width:4.67px"> </div>and the indemnification of, the Agent<div style="display:inline-block;width:4.87px"> </div>and the Security Trustee<div style="display:inline-block;width:4.73px"> </div>and, to the </div><div id="a10236" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">extent that the Transferee<div style="display:inline-block;width:6.44px"> </div>Lender becomes bound by those provisions<div style="display:inline-block;width:4.73px"> </div>(other than those relating </div><div id="a10237" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">to exclusion of liability), the Transferor<div style="display:inline-block;width:5.11px"> </div>Lender ceases to be bound by them; </div><div id="a10239" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;">(e)</div><div id="a10241" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">any part<div style="display:inline-block;width:1.85px"> </div>of the<div style="display:inline-block;width:1.71px"> </div>Loan which<div style="display:inline-block;width:1.62px"> </div>the Transferee Lender advances<div style="display:inline-block;width:1.63px"> </div>after the<div style="display:inline-block;width:1.76px"> </div>Transfer Certificate's effective </div><div id="a10242" style="position:absolute;font-family:'Calibri';left:141.79px;top:270px;">date ranks<div style="display:inline-block;width:5.36px"> </div>in point<div style="display:inline-block;width:4.72px"> </div>of priority and<div style="display:inline-block;width:5.02px"> </div>security in the<div style="display:inline-block;width:5.18px"> </div>same way<div style="display:inline-block;width:5.14px"> </div>as it would<div style="display:inline-block;width:5.31px"> </div>have ranked<div style="display:inline-block;width:5.65px"> </div>had it been </div><div id="a10243" style="position:absolute;font-family:'Calibri';left:141.79px;top:288px;">advanced by<div style="display:inline-block;width:5.38px"> </div>the transferor,<div style="display:inline-block;width:7.19px"> </div>assuming that<div style="display:inline-block;width:5.18px"> </div>any defects<div style="display:inline-block;width:5.81px"> </div>in the<div style="display:inline-block;width:5.16px"> </div>transferor's<div style="display:inline-block;width:5.19px"> </div>title and<div style="display:inline-block;width:4.93px"> </div>any rights<div style="display:inline-block;width:5.61px"> </div>or </div><div id="a10245" style="position:absolute;font-family:'Calibri';left:141.79px;top:306px;">equities of any Borrower or any Security Party against the Transferor<div style="display:inline-block;width:5.43px"> </div>Lender had not existed; </div><div id="a10247" style="position:absolute;font-family:'Calibri';left:94.59px;top:339px;">(f)</div><div id="a10249" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">the Transferee<div style="display:inline-block;width:5.51px"> </div>Lender becomes entitled to all the rights under the<div style="display:inline-block;width:4.67px"> </div>Finance Documents which are </div><div id="a10250" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">applicable<div style="display:inline-block;width:4.9px"> </div>to<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Lenders<div style="display:inline-block;width:4.9px"> </div>generally,<div style="display:inline-block;width:6.41px"> </div>including but<div style="display:inline-block;width:6.21px"> </div>not<div style="display:inline-block;width:4.85px"> </div>limited<div style="display:inline-block;width:5px"> </div>to<div style="display:inline-block;width:5.05px"> </div>those<div style="display:inline-block;width:4.89px"> </div>relating<div style="display:inline-block;width:5.03px"> </div>to<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Majority </div><div id="a10251" style="position:absolute;font-family:'Calibri';left:141.79px;top:375px;">Lenders and those under<div style="display:inline-block;width:1.79px"> </div>Clause </div><div id="a10254" style="position:absolute;font-family:'Calibri';left:333.99px;top:375px;"><a href="#a4467" style="color:#000000;text-decoration:none;">7.2</a></div><div id="a10255" style="position:absolute;font-family:'Calibri';left:352.71px;top:375px;"><div style="display:inline-block;width:2.88px"> </div>(</div><div id="a10257" style="position:absolute;font-family:'Calibri';font-style:italic;left:360.07px;top:375px;">Market disruption</div><div id="a10258" style="position:absolute;font-family:'Calibri';left:466.65px;top:375px;">) and Clause </div><div id="a10259" style="position:absolute;font-family:'Calibri';left:541.37px;top:375px;"><a href="#a8835" style="color:#000000;text-decoration:none;">20</a></div><div id="a10260" style="position:absolute;font-family:'Calibri';left:556.25px;top:375px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a10262" style="position:absolute;font-family:'Calibri';font-style:italic;left:563.77px;top:375px;">Fees and expenses</div><div id="a10263" style="position:absolute;font-family:'Calibri';left:672.61px;top:375px;">), and to </div><div id="a10264" style="position:absolute;font-family:'Calibri';left:141.79px;top:393px;">the<div style="display:inline-block;width:5.45px"> </div>extent<div style="display:inline-block;width:5.7px"> </div>that<div style="display:inline-block;width:5.41px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Transferee<div style="display:inline-block;width:7.07px"> </div>Lender<div style="display:inline-block;width:5.28px"> </div>becomes<div style="display:inline-block;width:5.28px"> </div>entitled<div style="display:inline-block;width:5.4px"> </div>to<div style="display:inline-block;width:5.53px"> </div>such<div style="display:inline-block;width:5.19px"> </div>rights,<div style="display:inline-block;width:5.48px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Transferor<div style="display:inline-block;width:7.11px"> </div>Lender </div><div id="a10265" style="position:absolute;font-family:'Calibri';left:141.79px;top:411px;">ceases to be entitled to them; and </div><div id="a10267" style="position:absolute;font-family:'Calibri';left:94.59px;top:445px;">(g)</div><div id="a10269" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">in<div style="display:inline-block;width:4.89px"> </div>respect<div style="display:inline-block;width:5.05px"> </div>of<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.23px"> </div>breach<div style="display:inline-block;width:4.92px"> </div>of<div style="display:inline-block;width:4.87px"> </div>a<div style="display:inline-block;width:4.95px"> </div>warranty,<div style="display:inline-block;width:6.65px"> </div>undertaking, condition<div style="display:inline-block;width:6.05px"> </div>or<div style="display:inline-block;width:5.03px"> </div>other<div style="display:inline-block;width:4.88px"> </div>provision<div style="display:inline-block;width:5.02px"> </div>of<div style="display:inline-block;width:5.03px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Finance </div><div id="a10270" style="position:absolute;font-family:'Calibri';left:141.79px;top:463px;">Document<div style="display:inline-block;width:5.61px"> </div>or<div style="display:inline-block;width:5.67px"> </div>any<div style="display:inline-block;width:5.55px"> </div>misrepresentation<div style="display:inline-block;width:6.06px"> </div>made<div style="display:inline-block;width:5.65px"> </div>in<div style="display:inline-block;width:5.37px"> </div>or<div style="display:inline-block;width:5.67px"> </div>in<div style="display:inline-block;width:5.53px"> </div>connection<div style="display:inline-block;width:5.63px"> </div>with<div style="display:inline-block;width:5.43px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Finance<div style="display:inline-block;width:5.31px"> </div>Document,<div style="display:inline-block;width:5.62px"> </div>the </div><div id="a10271" style="position:absolute;font-family:'Calibri';left:141.79px;top:481px;">Transferee<div style="display:inline-block;width:4.99px"> </div>Lender shall be entitled to recover damages by reference to the loss incurred by it as<div style="display:inline-block;width:1.7px"> </div>a </div><div id="a10273" style="position:absolute;font-family:'Calibri';left:141.79px;top:499px;">result of the breach or misrepresentation, irrespective of whether the original Lender would have </div><div id="a10274" style="position:absolute;font-family:'Calibri';left:141.79px;top:517px;">incurred a loss of that kind or amount. </div><div id="a10276" style="position:absolute;font-family:'Calibri';left:141.79px;top:551px;">The rights<div style="display:inline-block;width:4.88px"> </div>and equities of<div style="display:inline-block;width:5.09px"> </div>any Borrower<div style="display:inline-block;width:5.23px"> </div>or any<div style="display:inline-block;width:5.16px"> </div>Security Party<div style="display:inline-block;width:4.82px"> </div>referred<div style="display:inline-block;width:4.73px"> </div>to above<div style="display:inline-block;width:4.93px"> </div>include, but are </div><div id="a10277" style="position:absolute;font-family:'Calibri';left:141.79px;top:568px;">not limited to, any right of set off and any other kind of cross claim. </div><div id="a10279" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:602px;">26.8</div><div id="a10281" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:602px;">Maintenance of register of Lenders </div><div id="a10283" style="position:absolute;font-family:'Calibri';left:141.79px;top:636px;">During the<div style="display:inline-block;width:4.88px"> </div>Security Period<div style="display:inline-block;width:4.92px"> </div>the Agent<div style="display:inline-block;width:5.19px"> </div>shall maintain<div style="display:inline-block;width:5px"> </div>a register<div style="display:inline-block;width:5.35px"> </div>in which<div style="display:inline-block;width:4.85px"> </div>it shall<div style="display:inline-block;width:4.91px"> </div>record the<div style="display:inline-block;width:5.25px"> </div>name, </div><div id="a10284" style="position:absolute;font-family:'Calibri';left:141.79px;top:654px;">Commitment, Contribution and<div style="display:inline-block;width:5.3px"> </div>administrative details<div style="display:inline-block;width:5.22px"> </div>(including the Facility<div style="display:inline-block;width:5.46px"> </div>Office) from<div style="display:inline-block;width:4.91px"> </div>time to </div><div id="a10285" style="position:absolute;font-family:'Calibri';left:141.79px;top:672px;">time of<div style="display:inline-block;width:1.67px"> </div>each Lender<div style="display:inline-block;width:1.46px"> </div>holding a<div style="display:inline-block;width:1.45px"> </div>Transfer Certificate and the<div style="display:inline-block;width:1.52px"> </div>effective date (in<div style="display:inline-block;width:1.66px"> </div>accordance with<div style="display:inline-block;width:1.65px"> </div>Clause </div><div id="a10287" style="position:absolute;font-family:'Calibri';left:141.79px;top:690px;"><a href="#a10148" style="color:#000000;text-decoration:none;">26.4</a></div><div id="a10288" style="position:absolute;font-family:'Calibri';left:167.87px;top:690px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a10290" style="position:absolute;font-family:'Calibri';font-style:italic;left:176.19px;top:690px;">Effective Date<div style="display:inline-block;width:4.69px"> </div>of Transfer<div style="display:inline-block;width:5.03px"> </div>Certificate</div><div id="a10291" style="position:absolute;font-family:'Calibri';left:393.67px;top:690px;">)) of the Transfer<div style="display:inline-block;width:6.53px"> </div>Certificate; and the Agent<div style="display:inline-block;width:5.2px"> </div>shall make </div><div id="a10292" style="position:absolute;font-family:'Calibri';left:141.79px;top:708px;">the register available for inspection by any Lender, the Security Trustee<div style="display:inline-block;width:5.04px"> </div>and the Borrowers during </div><div id="a10293" style="position:absolute;font-family:'Calibri';left:141.79px;top:726px;">normal banking hours, subject to receiving at least three Business Days' prior notice. </div><div id="a10295" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:760px;">26.9</div><div id="a10297" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:760px;">Reliance on register of Lenders </div><div id="a10299" style="position:absolute;font-family:'Calibri';left:141.79px;top:794px;">The entries<div style="display:inline-block;width:4.68px"> </div>on that<div style="display:inline-block;width:4.67px"> </div>register shall,<div style="display:inline-block;width:4.79px"> </div>in the absence<div style="display:inline-block;width:5.17px"> </div>of manifest<div style="display:inline-block;width:5px"> </div>error,<div style="display:inline-block;width:5.43px"> </div>be conclusive<div style="display:inline-block;width:4.68px"> </div>in determining </div><div id="a10300" style="position:absolute;font-family:'Calibri';left:141.79px;top:811px;">the identities<div style="display:inline-block;width:4.95px"> </div>of the<div style="display:inline-block;width:4.91px"> </div>Lenders and<div style="display:inline-block;width:4.97px"> </div>the amounts<div style="display:inline-block;width:5.05px"> </div>of their<div style="display:inline-block;width:4.72px"> </div>Commitments and<div style="display:inline-block;width:4.87px"> </div>Contributions and<div style="display:inline-block;width:4.8px"> </div>the </div><div id="a10301" style="position:absolute;font-family:'Calibri';left:141.79px;top:829px;">effective dates of Transfer<div style="display:inline-block;width:5.28px"> </div>Certificates and may be relied upon by the Agent and the other parties </div><div id="a10303" style="position:absolute;font-family:'Calibri';left:141.79px;top:847px;">to the Finance Documents for all purposes relating to the Finance Documents. </div><div id="a10305" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:881px;">26.10</div><div id="a10307" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:881px;">Authorisation of Agent to sign Transfer Certificates </div><div id="a10309" style="position:absolute;font-family:'Calibri';left:141.79px;top:915px;">Each<div style="display:inline-block;width:4.69px"> </div>Borrower,<div style="display:inline-block;width:6.04px"> </div>the Security<div style="display:inline-block;width:5.49px"> </div>Trustee,<div style="display:inline-block;width:5.63px"> </div>each Lender<div style="display:inline-block;width:5.46px"> </div>and the<div style="display:inline-block;width:5.37px"> </div>Swap<div style="display:inline-block;width:4.7px"> </div>Bank irrevocably<div style="display:inline-block;width:5.93px"> </div>authorise the </div><div id="a10310" style="position:absolute;font-family:'Calibri';left:141.79px;top:933px;">Agent to sign Transfer<div style="display:inline-block;width:5.04px"> </div>Certificates on its behalf. </div></div>
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<div id="a10314" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">26.11</div><div id="a10316" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Registration fee </div><div id="a10318" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">In respect<div style="display:inline-block;width:5px"> </div>of any<div style="display:inline-block;width:5px"> </div>Transfer<div style="display:inline-block;width:5.68px"> </div>Certificate, the<div style="display:inline-block;width:5.17px"> </div>Agent shall<div style="display:inline-block;width:4.76px"> </div>be entitled<div style="display:inline-block;width:4.94px"> </div>to recover<div style="display:inline-block;width:5.34px"> </div>a registration<div style="display:inline-block;width:5.46px"> </div>fee of </div><div id="a10319" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">$5,000 from the Transferor<div style="display:inline-block;width:4.91px"> </div>Lender or (at the Agent's option) the Transferee Lender. </div><div id="a10321" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">26.12</div><div id="a10323" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Sub-participation; subrogation assignment </div><div id="a10327" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">A Lender may<div style="display:inline-block;width:1.87px"> </div>sub participate and/or<div style="display:inline-block;width:1.78px"> </div>take out credit insurance<div style="display:inline-block;width:1.71px"> </div>on all or<div style="display:inline-block;width:1.73px"> </div>any part of<div style="display:inline-block;width:1.63px"> </div>its rights and/or </div><div id="a10330" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">obligations<div style="display:inline-block;width:4.86px"> </div>under or<div style="display:inline-block;width:5.56px"> </div>in connection<div style="display:inline-block;width:5.59px"> </div>with the<div style="display:inline-block;width:5.64px"> </div>Finance Documents<div style="display:inline-block;width:5.36px"> </div>without the<div style="display:inline-block;width:5.53px"> </div>consent of,<div style="display:inline-block;width:6.76px"> </div>or any </div><div id="a10331" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">notice to, any<div style="display:inline-block;width:1.9px"> </div>Borrower, any Security Party, the Agent or<div style="display:inline-block;width:1.73px"> </div>the Security<div style="display:inline-block;width:1.81px"> </div>Trustee or any other<div style="display:inline-block;width:1.97px"> </div>Creditor </div><div id="a10332" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">Party; and the Lenders may<div style="display:inline-block;width:4.69px"> </div>assign, in any manner and terms agreed by the Majority Lenders,<div style="display:inline-block;width:4.91px"> </div>the </div><div id="a10334" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">Agent<div style="display:inline-block;width:4.98px"> </div>and<div style="display:inline-block;width:4.68px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Security<div style="display:inline-block;width:4.81px"> </div>Trustee,<div style="display:inline-block;width:5.95px"> </div>all<div style="display:inline-block;width:4.75px"> </div>or<div style="display:inline-block;width:4.87px"> </div>any<div style="display:inline-block;width:4.91px"> </div>part<div style="display:inline-block;width:4.75px"> </div>of<div style="display:inline-block;width:4.87px"> </div>those<div style="display:inline-block;width:4.73px"> </div>rights<div style="display:inline-block;width:4.84px"> </div>to<div style="display:inline-block;width:4.89px"> </div>an<div style="display:inline-block;width:4.74px"> </div>insurer<div style="display:inline-block;width:4.88px"> </div>or<div style="display:inline-block;width:4.71px"> </div>surety<div style="display:inline-block;width:5.13px"> </div>who<div style="display:inline-block;width:4.7px"> </div>has </div><div id="a10335" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">become subrogated to them. </div><div id="a10337" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">26.13</div><div id="a10339" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:338px;">Disclosure of information </div><div id="a10341" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">A Lender<div style="display:inline-block;width:1.76px"> </div>may disclose to<div style="display:inline-block;width:1.4px"> </div>a potential Transferee Lender,<div style="display:inline-block;width:2.21px"> </div>sub participant,<div style="display:inline-block;width:1.8px"> </div>insurance and<div style="display:inline-block;width:1.99px"> </div>reinsurance </div><div id="a10348" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">broker,<div style="display:inline-block;width:7.33px"> </div>insurer<div style="display:inline-block;width:5.36px"> </div>or<div style="display:inline-block;width:5.35px"> </div>reinsurer<div style="display:inline-block;width:5.62px"> </div>any<div style="display:inline-block;width:5.71px"> </div>information<div style="display:inline-block;width:5.58px"> </div>which<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Lender<div style="display:inline-block;width:5.28px"> </div>has<div style="display:inline-block;width:5.22px"> </div>received<div style="display:inline-block;width:5.57px"> </div>in<div style="display:inline-block;width:5.21px"> </div>relation<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:5.37px"> </div>any </div><div id="a10351" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">Borrower,<div style="display:inline-block;width:5.56px"> </div>any Security Party<div style="display:inline-block;width:5.12px"> </div>or their affairs<div style="display:inline-block;width:5.61px"> </div>under or in<div style="display:inline-block;width:4.72px"> </div>connection with any<div style="display:inline-block;width:5.16px"> </div>Finance Document, </div><div id="a10352" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">unless the information is clearly of a confidential nature. </div><div id="a10354" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:459px;">26.14</div><div id="a10356" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:459px;">Change of Facility Office </div><div id="a10358" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">A Lender may change its Facility Office by giving notice to the Agent and the change shall become </div><div id="a10361" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">effective on the later of: </div><div id="a10363" style="position:absolute;font-family:'Calibri';left:94.59px;top:545px;">(a)</div><div id="a10365" style="position:absolute;font-family:'Calibri';left:141.79px;top:545px;">the date on which the Agent receives the notice; and </div><div id="a10367" style="position:absolute;font-family:'Calibri';left:94.59px;top:579px;">(b)</div><div id="a10369" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">the date, if any, specified in the notice as the date on which the change will come into effect. </div><div id="a10371" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:613px;">26.15</div><div id="a10373" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:613px;">Notification </div><div id="a10375" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">On receiving<div style="display:inline-block;width:5.79px"> </div>such a<div style="display:inline-block;width:5.69px"> </div>notice, the<div style="display:inline-block;width:5.58px"> </div>Agent<div style="display:inline-block;width:4.66px"> </div>shall notify<div style="display:inline-block;width:5.38px"> </div>the Borrowers<div style="display:inline-block;width:6.19px"> </div>and the<div style="display:inline-block;width:5.69px"> </div>Security Trustee;<div style="display:inline-block;width:6.53px"> </div>and, </div><div id="a10376" style="position:absolute;font-family:'Calibri';left:141.79px;top:664px;">until the Agent receives such<div style="display:inline-block;width:1.4px"> </div>a notice, it shall<div style="display:inline-block;width:1.53px"> </div>be entitled to assume<div style="display:inline-block;width:1.47px"> </div>that a Lender<div style="display:inline-block;width:1.95px"> </div>is acting through </div><div id="a10377" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">the Facility Office of which the Agent last had notice. </div><div id="a10379" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:716px;">26.16</div><div id="a10381" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:716px;">Security over Lenders' rights </div><div id="a10383" style="position:absolute;font-family:'Calibri';left:141.79px;top:750px;">In addition to the other rights provided to Lenders under this Clause </div><div id="a10384" style="position:absolute;font-family:'Calibri';left:551.29px;top:750px;"><a href="#a10031" style="color:#000000;text-decoration:none;">26</a></div><div id="a10385" style="position:absolute;font-family:'Calibri';left:566.33px;top:750px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a10387" style="position:absolute;font-family:'Calibri';font-style:italic;left:574.01px;top:750px;">Transfers and changes in </div><div id="a10388" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:768px;">Facility Offices</div><div id="a10389" style="position:absolute;font-family:'Calibri';left:227.23px;top:768px;">), each Lender<div style="display:inline-block;width:1.36px"> </div>may without consulting<div style="display:inline-block;width:1.63px"> </div>with or obtaining<div style="display:inline-block;width:1.5px"> </div>consent from any Borrower </div><div id="a10390" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">or any Security Party,<div style="display:inline-block;width:5.28px"> </div>at any time charge, assign or otherwise create a Security Interest<div style="display:inline-block;width:5.22px"> </div>in or over </div><div id="a10391" style="position:absolute;font-family:'Calibri';left:141.79px;top:804px;">(whether by way of collateral or otherwise) all or any of its rights under any Finance Document to </div><div id="a10393" style="position:absolute;font-family:'Calibri';left:141.79px;top:822px;">secure obligations of that Lender including, without limitation: </div><div id="a10395" style="position:absolute;font-family:'Calibri';left:94.59px;top:856px;">(a)</div><div id="a10397" style="position:absolute;font-family:'Calibri';left:141.79px;top:856px;">any<div style="display:inline-block;width:5.23px"> </div>charge,<div style="display:inline-block;width:5.22px"> </div>assignment<div style="display:inline-block;width:4.74px"> </div>or<div style="display:inline-block;width:4.87px"> </div>other<div style="display:inline-block;width:5.04px"> </div>Security Interest<div style="display:inline-block;width:6.82px"> </div>to<div style="display:inline-block;width:4.89px"> </div>secure<div style="display:inline-block;width:5.02px"> </div>obligations<div style="display:inline-block;width:5.18px"> </div>to<div style="display:inline-block;width:5.05px"> </div>a<div style="display:inline-block;width:4.95px"> </div>federal<div style="display:inline-block;width:5.43px"> </div>reserve<div style="display:inline-block;width:5px"> </div>or </div><div id="a10398" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">central bank; and<div style="display:inline-block;width:3.32px"> </div></div><div id="a10400" style="position:absolute;font-family:'Calibri';left:94.59px;top:907px;">(b)</div><div id="a10402" style="position:absolute;font-family:'Calibri';left:141.79px;top:907px;">in the<div style="display:inline-block;width:1.89px"> </div>case of<div style="display:inline-block;width:1.86px"> </div>any Lender<div style="display:inline-block;width:1.9px"> </div>which is<div style="display:inline-block;width:1.86px"> </div>a fund,<div style="display:inline-block;width:1.78px"> </div>any charge, assignment<div style="display:inline-block;width:1.17px"> </div>or other<div style="display:inline-block;width:1.94px"> </div>Security Interest granted </div><div id="a10403" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">to any holders (or trustee or representatives<div style="display:inline-block;width:5.24px"> </div>of holders) of obligations owed, or securities issued, </div><div id="a10404" style="position:absolute;font-family:'Calibri';left:141.79px;top:943px;">by that Lender as security for those obligations or securities, </div></div>
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<div id="a10409" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">except that no such charge, assignment or Security Interest shall: </div><div id="a10411" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">(i)</div><div id="a10413" style="position:absolute;font-family:'Calibri';left:189.15px;top:128px;">release a<div style="display:inline-block;width:5.4px"> </div>Lender from<div style="display:inline-block;width:5.37px"> </div>any of<div style="display:inline-block;width:5.48px"> </div>its obligations<div style="display:inline-block;width:5.54px"> </div>under the<div style="display:inline-block;width:5.03px"> </div>Finance Documents<div style="display:inline-block;width:5.04px"> </div>or substitute </div><div id="a10414" style="position:absolute;font-family:'Calibri';left:189.15px;top:146px;">the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a </div><div id="a10416" style="position:absolute;font-family:'Calibri';left:189.15px;top:164px;">party to any of the Finance Documents; or<div style="display:inline-block;width:2.99px"> </div></div><div id="a10418" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">(ii)</div><div id="a10420" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">require any<div style="display:inline-block;width:5.09px"> </div>payments to<div style="display:inline-block;width:4.94px"> </div>be made by<div style="display:inline-block;width:4.97px"> </div>any Borrower<div style="display:inline-block;width:4.91px"> </div>or any<div style="display:inline-block;width:4.84px"> </div>Security Party or<div style="display:inline-block;width:5.08px"> </div>grant to<div style="display:inline-block;width:4.95px"> </div>any </div><div id="a10421" style="position:absolute;font-family:'Calibri';left:189.15px;top:216px;">person<div style="display:inline-block;width:6.17px"> </div>any<div style="display:inline-block;width:5.87px"> </div>more<div style="display:inline-block;width:5.98px"> </div>extensive<div style="display:inline-block;width:6.25px"> </div>rights<div style="display:inline-block;width:5.8px"> </div>than<div style="display:inline-block;width:5.83px"> </div>those<div style="display:inline-block;width:5.85px"> </div>required<div style="display:inline-block;width:6.02px"> </div>to<div style="display:inline-block;width:6.01px"> </div>be<div style="display:inline-block;width:5.74px"> </div>made<div style="display:inline-block;width:5.65px"> </div>or<div style="display:inline-block;width:5.99px"> </div>granted<div style="display:inline-block;width:6.08px"> </div>to<div style="display:inline-block;width:6.01px"> </div>the </div><div id="a10422" style="position:absolute;font-family:'Calibri';left:189.15px;top:234px;">relevant Lender under the Finance Documents. </div><div id="a10424" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:268px;">27</div><div id="a10426" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:268px;">VARIATIONS<div style="display:inline-block;width:5.04px"> </div>AND WAIVERS<div style="display:inline-block;width:3.83px"> </div></div><div id="a10428" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">27.1</div><div id="a10430" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">Variations, waivers etc.<div style="display:inline-block;width:4.73px"> </div>by Majority Lenders </div><div id="a10432" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">Subject to<div style="display:inline-block;width:5.01px"> </div>Clause </div><div id="a10433" style="position:absolute;font-family:'Calibri';left:250.11px;top:336px;"><a href="#a10445" style="color:#000000;text-decoration:none;">27.2</a></div><div id="a10434" style="position:absolute;font-family:'Calibri';left:276.23px;top:336px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a10436" style="position:absolute;font-family:'Calibri';font-style:italic;left:284.71px;top:336px;">Variations, waivers<div style="display:inline-block;width:5.37px"> </div>etc. requiring<div style="display:inline-block;width:4.81px"> </div>agreement of<div style="display:inline-block;width:5.12px"> </div>all Lenders</div><div id="a10437" style="position:absolute;font-family:'Calibri';left:637.25px;top:336px;">), a<div style="display:inline-block;width:5.01px"> </div>document </div><div id="a10438" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">shall be<div style="display:inline-block;width:5.84px"> </div>effective<div style="display:inline-block;width:5.29px"> </div>to<div style="display:inline-block;width:4.73px"> </div>vary,<div style="display:inline-block;width:5.63px"> </div>waive,<div style="display:inline-block;width:4.91px"> </div>suspend or<div style="display:inline-block;width:5.84px"> </div>limit any<div style="display:inline-block;width:5.95px"> </div>provision<div style="display:inline-block;width:4.7px"> </div>of<div style="display:inline-block;width:4.71px"> </div>a Finance<div style="display:inline-block;width:5.65px"> </div>Document, or<div style="display:inline-block;width:5.88px"> </div>any </div><div id="a10439" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">Creditor Party's rights or remedies<div style="display:inline-block;width:1.8px"> </div>under such a<div style="display:inline-block;width:1.91px"> </div>provision or the general law, only if<div style="display:inline-block;width:1.93px"> </div>the document </div><div id="a10440" style="position:absolute;font-family:'Calibri';left:141.79px;top:389px;">is signed, or specifically agreed<div style="display:inline-block;width:1.73px"> </div>to by fax, by the Borrowers, by the Agent<div style="display:inline-block;width:1.81px"> </div>on behalf of the<div style="display:inline-block;width:1.84px"> </div>Majority </div><div id="a10442" style="position:absolute;font-family:'Calibri';left:141.79px;top:407px;">Lenders, by the Agent and the Security<div style="display:inline-block;width:1.75px"> </div>Trustee in their own rights, and, if the document relates to </div><div id="a10443" style="position:absolute;font-family:'Calibri';left:141.79px;top:425px;">a Finance Document to which a Security Party is party, by that Security Party. </div><div id="a10445" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:459px;">27.2</div><div id="a10447" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:459px;">Variations, waivers etc. requiring agreement of all Lenders </div><div id="a10449" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">However,<div style="display:inline-block;width:7.31px"> </div>as<div style="display:inline-block;width:5.75px"> </div>regards<div style="display:inline-block;width:6.33px"> </div>the<div style="display:inline-block;width:5.61px"> </div>following,<div style="display:inline-block;width:5.67px"> </div>Clause </div><div id="a10450" style="position:absolute;font-family:'Calibri';left:409.03px;top:493px;"><a href="#a10428" style="color:#000000;text-decoration:none;">27.1</a></div><div id="a10451" style="position:absolute;font-family:'Calibri';left:435.29px;top:493px;"><div style="display:inline-block;width:5.6px"> </div>(</div><div id="a10453" style="position:absolute;font-family:'Calibri';font-style:italic;left:445.37px;top:493px;">Variations,<div style="display:inline-block;width:6.21px"> </div>waivers<div style="display:inline-block;width:5.69px"> </div>etc.<div style="display:inline-block;width:5.96px"> </div>by<div style="display:inline-block;width:5.6px"> </div>Majority<div style="display:inline-block;width:5.63px"> </div>Lenders</div><div id="a10454" style="position:absolute;font-family:'Calibri';left:717.25px;top:493px;">) </div><div id="a10455" style="position:absolute;font-family:'Calibri';left:141.79px;top:511px;">applies<div style="display:inline-block;width:4.68px"> </div>as if<div style="display:inline-block;width:5.91px"> </div>the words<div style="display:inline-block;width:6.19px"> </div>"by<div style="display:inline-block;width:4.73px"> </div>the Agent<div style="display:inline-block;width:5.99px"> </div>on<div style="display:inline-block;width:4.82px"> </div>behalf of<div style="display:inline-block;width:5.74px"> </div>the Majority<div style="display:inline-block;width:5.98px"> </div>Lenders" were<div style="display:inline-block;width:6.17px"> </div>replaced<div style="display:inline-block;width:4.93px"> </div>by the </div><div id="a10456" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">words "by or on behalf of every Lender and the Swap Bank": </div><div id="a10458" style="position:absolute;font-family:'Calibri';left:94.59px;top:563px;">(a)</div><div id="a10460" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">a reduction in the Margin; </div><div id="a10462" style="position:absolute;font-family:'Calibri';left:94.59px;top:597px;">(b)</div><div id="a10464" style="position:absolute;font-family:'Calibri';left:141.79px;top:597px;">a<div style="display:inline-block;width:5.75px"> </div>postponement<div style="display:inline-block;width:5.74px"> </div>to<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.77px"> </div>date<div style="display:inline-block;width:5.9px"> </div>for,<div style="display:inline-block;width:7.07px"> </div>or<div style="display:inline-block;width:5.67px"> </div>a<div style="display:inline-block;width:5.75px"> </div>reduction<div style="display:inline-block;width:5.6px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.77px"> </div>amount<div style="display:inline-block;width:5.49px"> </div>of,<div style="display:inline-block;width:6.74px"> </div>any<div style="display:inline-block;width:5.87px"> </div>payment<div style="display:inline-block;width:5.77px"> </div>of<div style="display:inline-block;width:5.83px"> </div>principal, </div><div id="a10465" style="position:absolute;font-family:'Calibri';left:141.79px;top:615px;">interest, fees or other sum payable under this Agreement; </div><div id="a10467" style="position:absolute;font-family:'Calibri';left:94.59px;top:648px;">(c)</div><div id="a10469" style="position:absolute;font-family:'Calibri';left:141.79px;top:648px;">an increase in any Lender's Commitment; </div><div id="a10471" style="position:absolute;font-family:'Calibri';left:94.59px;top:682px;">(d)</div><div id="a10473" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">a change to the definition of "</div><div id="a10474" style="position:absolute;font-family:'Calibri';font-weight:bold;left:320.07px;top:682px;">Majority Lenders</div><div id="a10475" style="position:absolute;font-family:'Calibri';left:423.59px;top:682px;">"; </div><div id="a10477" style="position:absolute;font-family:'Calibri';left:94.59px;top:716px;">(e)</div><div id="a10479" style="position:absolute;font-family:'Calibri';left:141.79px;top:716px;">a change to Clause </div><div id="a10480" style="position:absolute;font-family:'Calibri';left:257.35px;top:716px;"><a href="#a3749" style="color:#000000;text-decoration:none;">3</a></div><div id="a10481" style="position:absolute;font-family:'Calibri';left:264.87px;top:716px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a10483" style="position:absolute;font-family:'Calibri';font-style:italic;left:272.87px;top:716px;">Position of Lenders, the Swap Bank and Majority Lenders</div><div id="a10484" style="position:absolute;font-family:'Calibri';left:611.17px;top:716px;">), or this Clause </div><div id="a10485" style="position:absolute;font-family:'Calibri';left:706.69px;top:716px;"><a href="#a10424" style="color:#000000;text-decoration:none;">27</a></div><div id="a10487" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">(</div><div id="a10488" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:734px;">Variations and waivers</div><div id="a10489" style="position:absolute;font-family:'Calibri';left:282.15px;top:734px;">); </div><div id="a10491" style="position:absolute;font-family:'Calibri';left:94.59px;top:768px;">(f)</div><div id="a10493" style="position:absolute;font-family:'Calibri';left:141.79px;top:768px;">any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination </div><div id="a10494" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">arrangement set out in a Finance Document; and </div><div id="a10496" style="position:absolute;font-family:'Calibri';left:94.59px;top:820px;">(g)</div><div id="a10498" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">any<div style="display:inline-block;width:6.35px"> </div>other<div style="display:inline-block;width:6px"> </div>change<div style="display:inline-block;width:5.93px"> </div>or<div style="display:inline-block;width:5.99px"> </div>matter<div style="display:inline-block;width:6.42px"> </div>as<div style="display:inline-block;width:6.07px"> </div>regards<div style="display:inline-block;width:6.49px"> </div>which<div style="display:inline-block;width:6.01px"> </div>this<div style="display:inline-block;width:5.72px"> </div>Agreement<div style="display:inline-block;width:6.16px"> </div>or<div style="display:inline-block;width:6.15px"> </div>another<div style="display:inline-block;width:5.93px"> </div>Finance<div style="display:inline-block;width:5.79px"> </div>Document </div><div id="a10499" style="position:absolute;font-family:'Calibri';left:141.79px;top:838px;">expressly provides that each Lender's consent is required. </div><div id="a10501" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:872px;">27.3</div><div id="a10503" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:872px;">Exclusion of other or implied variations </div><div id="a10505" style="position:absolute;font-family:'Calibri';left:141.79px;top:906px;">Except for<div style="display:inline-block;width:5.17px"> </div>a document which<div style="display:inline-block;width:5px"> </div>satisfies the requirements<div style="display:inline-block;width:5.55px"> </div>of Clauses </div><div id="a10506" style="position:absolute;font-family:'Calibri';left:547.45px;top:906px;"><a href="#a10428" style="color:#000000;text-decoration:none;">27.1</a></div><div id="a10507" style="position:absolute;font-family:'Calibri';left:573.53px;top:906px;"><div style="display:inline-block;width:3.84px"> </div>(</div><div id="a10509" style="position:absolute;font-family:'Calibri';font-style:italic;left:581.85px;top:906px;">Variations, waivers<div style="display:inline-block;width:4.89px"> </div>etc. </div><div id="a10510" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:923px;">requiring<div style="display:inline-block;width:6.33px"> </div>agreement<div style="display:inline-block;width:6.25px"> </div>of<div style="display:inline-block;width:6.35px"> </div>all<div style="display:inline-block;width:6.16px"> </div>Lenders</div><div id="a10511" style="position:absolute;font-family:'Calibri';left:358.79px;top:923px;">), </div><div id="a10512" style="position:absolute;font-family:'Calibri';left:373.19px;top:923px;"><a href="#a10445" style="color:#000000;text-decoration:none;">27.2</a></div><div id="a10513" style="position:absolute;font-family:'Calibri';left:399.27px;top:923px;"><div style="display:inline-block;width:6.4px"> </div>(</div><div id="a10515" style="position:absolute;font-family:'Calibri';font-style:italic;left:410.15px;top:923px;">Exclusion<div style="display:inline-block;width:6.44px"> </div>of<div style="display:inline-block;width:6.35px"> </div>other<div style="display:inline-block;width:6.27px"> </div>or<div style="display:inline-block;width:6.44px"> </div>implied<div style="display:inline-block;width:6.14px"> </div>variations</div><div id="a10516" style="position:absolute;font-family:'Calibri';left:656.13px;top:923px;">)<div style="display:inline-block;width:6.42px"> </div>and </div><div id="a10519" style="position:absolute;font-family:'Calibri';left:695.81px;top:923px;"><a href="#a10559" style="color:#000000;text-decoration:none;">27.4</a></div><div id="a10521" style="position:absolute;font-family:'Calibri';left:141.79px;top:941px;">(</div><div id="a10522" style="position:absolute;font-family:'Calibri';font-style:italic;left:146.27px;top:941px;">Changes<div style="display:inline-block;width:2.71px"> </div>to reference rates</div><div id="a10526" style="position:absolute;font-family:'Calibri';left:304.07px;top:941px;">), no document,<div style="display:inline-block;width:1.77px"> </div>and no act,<div style="display:inline-block;width:1.45px"> </div>course of conduct,<div style="display:inline-block;width:1.96px"> </div>failure or neglect<div style="display:inline-block;width:1.8px"> </div>to act, </div></div>
</div>
<div style="padding: 7px">
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<div id="a10531" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">delay or acquiescence on the part of the Creditor Parties<div style="display:inline-block;width:5.02px"> </div>or any of them (or any person<div style="display:inline-block;width:4.93px"> </div>acting on </div><div id="a10532" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">behalf of any of them)<div style="display:inline-block;width:4.68px"> </div>shall result in the Creditor Parties<div style="display:inline-block;width:4.98px"> </div>or any of them (or<div style="display:inline-block;width:4.7px"> </div>any person acting on </div><div id="a10533" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">behalf<div style="display:inline-block;width:6.45px"> </div>of<div style="display:inline-block;width:6.47px"> </div>any<div style="display:inline-block;width:6.51px"> </div>of<div style="display:inline-block;width:6.47px"> </div>them)<div style="display:inline-block;width:6.35px"> </div>being<div style="display:inline-block;width:6.26px"> </div>taken<div style="display:inline-block;width:6.92px"> </div>to<div style="display:inline-block;width:6.65px"> </div>have<div style="display:inline-block;width:6.67px"> </div>varied,<div style="display:inline-block;width:6.48px"> </div>waived,<div style="display:inline-block;width:6.69px"> </div>suspended<div style="display:inline-block;width:6.05px"> </div>or<div style="display:inline-block;width:6.63px"> </div>limited,<div style="display:inline-block;width:6.28px"> </div>or<div style="display:inline-block;width:6.63px"> </div>being </div><div id="a10536" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">precluded (permanently or temporarily) from enforcing, relying on or exercising: </div><div id="a10538" style="position:absolute;font-family:'Calibri';left:94.59px;top:182px;">(a)</div><div id="a10540" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">a provision of this Agreement or another Finance Document; or </div><div id="a10542" style="position:absolute;font-family:'Calibri';left:94.59px;top:216px;">(b)</div><div id="a10544" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">an Event of Default; or<div style="display:inline-block;width:3.74px"> </div></div><div id="a10546" style="position:absolute;font-family:'Calibri';left:94.59px;top:250px;">(c)</div><div id="a10548" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">a<div style="display:inline-block;width:4.95px"> </div>breach<div style="display:inline-block;width:5.08px"> </div>by<div style="display:inline-block;width:5.04px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Borrower<div style="display:inline-block;width:5.09px"> </div>or<div style="display:inline-block;width:4.87px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Security<div style="display:inline-block;width:4.81px"> </div>Party<div style="display:inline-block;width:5.1px"> </div>of<div style="display:inline-block;width:5.03px"> </div>an<div style="display:inline-block;width:4.9px"> </div>obligation<div style="display:inline-block;width:5.17px"> </div>under<div style="display:inline-block;width:4.82px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Finance<div style="display:inline-block;width:4.67px"> </div>Document<div style="display:inline-block;width:4.81px"> </div>or<div style="display:inline-block;width:5.03px"> </div>the </div><div id="a10549" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">general law; or </div><div id="a10551" style="position:absolute;font-family:'Calibri';left:94.59px;top:302px;">(d)</div><div id="a10553" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">any right or remedy conferred by any Finance Document or by the general law, </div><div id="a10555" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">and there<div style="display:inline-block;width:6.06px"> </div>shall not<div style="display:inline-block;width:5.75px"> </div>be implied<div style="display:inline-block;width:5.57px"> </div>into<div style="display:inline-block;width:4.96px"> </div>any<div style="display:inline-block;width:4.75px"> </div>Finance Document<div style="display:inline-block;width:5.52px"> </div>any<div style="display:inline-block;width:4.91px"> </div>term or<div style="display:inline-block;width:5.83px"> </div>condition requiring<div style="display:inline-block;width:5.72px"> </div>any </div><div id="a10556" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">such<div style="display:inline-block;width:6.15px"> </div>provision<div style="display:inline-block;width:6.3px"> </div>to<div style="display:inline-block;width:6.33px"> </div>be<div style="display:inline-block;width:6.06px"> </div>enforced,<div style="display:inline-block;width:6.57px"> </div>or<div style="display:inline-block;width:6.31px"> </div>such<div style="display:inline-block;width:5.99px"> </div>right<div style="display:inline-block;width:6.11px"> </div>or<div style="display:inline-block;width:6.31px"> </div>remedy<div style="display:inline-block;width:6.26px"> </div>to<div style="display:inline-block;width:6.33px"> </div>be<div style="display:inline-block;width:6.06px"> </div>exercised,<div style="display:inline-block;width:6.82px"> </div>within<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6.23px"> </div>certain<div style="display:inline-block;width:6.09px"> </div>or </div><div id="a10557" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">reasonable time. </div><div id="a10559" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:405px;">27.4</div><div id="a10561" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:405px;">Changes to reference rates </div><div id="a10564" style="position:absolute;font-family:'Calibri';left:94.59px;top:439px;">(a)</div><div id="a10566" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">If<div style="display:inline-block;width:6.52px"> </div>a<div style="display:inline-block;width:6.55px"> </div>Published<div style="display:inline-block;width:6.42px"> </div>Rate<div style="display:inline-block;width:6.76px"> </div>Replacement<div style="display:inline-block;width:6.58px"> </div>Event<div style="display:inline-block;width:6.96px"> </div>has<div style="display:inline-block;width:6.34px"> </div>occurred<div style="display:inline-block;width:6.61px"> </div>in<div style="display:inline-block;width:6.49px"> </div>relation<div style="display:inline-block;width:6.76px"> </div>to<div style="display:inline-block;width:6.65px"> </div>any<div style="display:inline-block;width:6.67px"> </div>Published<div style="display:inline-block;width:6.26px"> </div>Rate,<div style="display:inline-block;width:6.76px"> </div>any </div><div id="a10569" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">amendment or waiver which relates to: </div><div id="a10571" style="position:absolute;font-family:'Calibri';left:141.79px;top:491px;">(i)</div><div id="a10573" style="position:absolute;font-family:'Calibri';left:189.15px;top:491px;">providing for the use<div style="display:inline-block;width:1.29px"> </div>of a Replacement<div style="display:inline-block;width:1.74px"> </div>Reference Rate in place<div style="display:inline-block;width:1.71px"> </div>of that Published<div style="display:inline-block;width:1.4px"> </div>Rate; and </div><div id="a10575" style="position:absolute;font-family:'Calibri';left:141.79px;top:525px;">(ii)</div><div id="a10578" style="position:absolute;font-family:'Calibri';left:189.15px;top:559px;">(A)</div><div id="a10580" style="position:absolute;font-family:'Calibri';left:236.35px;top:559px;">aligning any<div style="display:inline-block;width:5.31px"> </div>provision of<div style="display:inline-block;width:5.59px"> </div>any Finance<div style="display:inline-block;width:5.29px"> </div>Document to<div style="display:inline-block;width:5.42px"> </div>the use<div style="display:inline-block;width:5.15px"> </div>of that<div style="display:inline-block;width:5.35px"> </div>Replacement </div><div id="a10581" style="position:absolute;font-family:'Calibri';left:236.35px;top:577px;">Reference Rate; </div><div id="a10583" style="position:absolute;font-family:'Calibri';left:189.15px;top:611px;">(B)</div><div id="a10585" style="position:absolute;font-family:'Calibri';left:236.35px;top:611px;">enabling<div style="display:inline-block;width:6.5px"> </div>that<div style="display:inline-block;width:6.85px"> </div>Replacement<div style="display:inline-block;width:6.74px"> </div>Reference<div style="display:inline-block;width:7.44px"> </div>Rate<div style="display:inline-block;width:6.76px"> </div>to<div style="display:inline-block;width:6.81px"> </div>be<div style="display:inline-block;width:6.54px"> </div>used<div style="display:inline-block;width:6.49px"> </div>for<div style="display:inline-block;width:6.92px"> </div>the<div style="display:inline-block;width:6.57px"> </div>calculation<div style="display:inline-block;width:6.61px"> </div>of </div><div id="a10586" style="position:absolute;font-family:'Calibri';left:236.35px;top:629px;">interest<div style="display:inline-block;width:5.66px"> </div>under<div style="display:inline-block;width:4.66px"> </div>this<div style="display:inline-block;width:4.92px"> </div>Agreement<div style="display:inline-block;width:5.2px"> </div>(including, without<div style="display:inline-block;width:6.04px"> </div>limitation,<div style="display:inline-block;width:5.04px"> </div>any<div style="display:inline-block;width:5.07px"> </div>consequential </div><div id="a10587" style="position:absolute;font-family:'Calibri';left:236.35px;top:647px;">changes required<div style="display:inline-block;width:4.94px"> </div>to enable that<div style="display:inline-block;width:5.34px"> </div>Replacement Reference<div style="display:inline-block;width:5.41px"> </div>Rate to<div style="display:inline-block;width:5.12px"> </div>be used for<div style="display:inline-block;width:5.3px"> </div>the </div><div id="a10588" style="position:absolute;font-family:'Calibri';left:236.35px;top:664px;">purposes of this Agreement); </div><div id="a10591" style="position:absolute;font-family:'Calibri';left:189.15px;top:698px;">(C)</div><div id="a10593" style="position:absolute;font-family:'Calibri';left:236.35px;top:698px;">implementing<div style="display:inline-block;width:7.02px"> </div>market<div style="display:inline-block;width:7.59px"> </div>conventions<div style="display:inline-block;width:7.34px"> </div>applicable<div style="display:inline-block;width:6.98px"> </div>to<div style="display:inline-block;width:7.29px"> </div>that<div style="display:inline-block;width:7.17px"> </div>Replacement<div style="display:inline-block;width:7.22px"> </div>Reference </div><div id="a10594" style="position:absolute;font-family:'Calibri';left:236.35px;top:716px;">Rate; </div><div id="a10596" style="position:absolute;font-family:'Calibri';left:189.15px;top:750px;">(D)</div><div id="a10598" style="position:absolute;font-family:'Calibri';left:236.35px;top:750px;">providing<div style="display:inline-block;width:6.59px"> </div>for<div style="display:inline-block;width:6.6px"> </div>appropriate<div style="display:inline-block;width:6.53px"> </div>fallback<div style="display:inline-block;width:6.61px"> </div>(and<div style="display:inline-block;width:6.14px"> </div>market<div style="display:inline-block;width:6.95px"> </div>disruption)<div style="display:inline-block;width:6.17px"> </div>provisions<div style="display:inline-block;width:6.46px"> </div>for<div style="display:inline-block;width:6.6px"> </div>that </div><div id="a10599" style="position:absolute;font-family:'Calibri';left:236.35px;top:768px;">Replacement Reference Rate; or </div><div id="a10601" style="position:absolute;font-family:'Calibri';left:189.15px;top:802px;">(E)</div><div id="a10603" style="position:absolute;font-family:'Calibri';left:236.35px;top:802px;">adjusting the pricing to reduce or eliminate, to the extent<div style="display:inline-block;width:4.85px"> </div>reasonably practicable, </div><div id="a10604" style="position:absolute;font-family:'Calibri';left:236.35px;top:820px;">any<div style="display:inline-block;width:6.35px"> </div>transfer<div style="display:inline-block;width:6.69px"> </div>of<div style="display:inline-block;width:6.15px"> </div>economic<div style="display:inline-block;width:5.79px"> </div>value<div style="display:inline-block;width:6.32px"> </div>from<div style="display:inline-block;width:6.13px"> </div>one<div style="display:inline-block;width:5.98px"> </div>Party<div style="display:inline-block;width:6.38px"> </div>to<div style="display:inline-block;width:6.01px"> </div>another<div style="display:inline-block;width:6.09px"> </div>as<div style="display:inline-block;width:5.91px"> </div>a<div style="display:inline-block;width:6.07px"> </div>result<div style="display:inline-block;width:6.1px"> </div>of<div style="display:inline-block;width:6.15px"> </div>the </div><div id="a10605" style="position:absolute;font-family:'Calibri';left:236.35px;top:838px;">application of that Replacement<div style="display:inline-block;width:1.9px"> </div>Reference Rate (and if any<div style="display:inline-block;width:1.98px"> </div>adjustment or method </div><div id="a10606" style="position:absolute;font-family:'Calibri';left:236.35px;top:856px;">for<div style="display:inline-block;width:7.88px"> </div>calculating<div style="display:inline-block;width:7.49px"> </div>any<div style="display:inline-block;width:7.79px"> </div>adjustment<div style="display:inline-block;width:7.35px"> </div>has<div style="display:inline-block;width:7.46px"> </div>been<div style="display:inline-block;width:7.32px"> </div>formally<div style="display:inline-block;width:7.49px"> </div>designated,<div style="display:inline-block;width:7.69px"> </div>nominated<div style="display:inline-block;width:7.37px"> </div>or </div><div id="a10608" style="position:absolute;font-family:'Calibri';left:236.35px;top:874px;">recommended<div style="display:inline-block;width:8.83px"> </div>by<div style="display:inline-block;width:8.56px"> </div>the<div style="display:inline-block;width:8.49px"> </div>Relevant<div style="display:inline-block;width:9.1px"> </div>Nominating<div style="display:inline-block;width:8.38px"> </div>Body,<div style="display:inline-block;width:9.45px"> </div>the<div style="display:inline-block;width:8.65px"> </div>adjustment<div style="display:inline-block;width:8.63px"> </div>shall<div style="display:inline-block;width:8.54px"> </div>be </div><div id="a10609" style="position:absolute;font-family:'Calibri';left:236.35px;top:892px;">determined on the basis of that designation, nomination or recommendation), </div><div id="a10611" style="position:absolute;font-family:'Calibri';left:141.79px;top:925px;">may be<div style="display:inline-block;width:4.9px"> </div>made with the<div style="display:inline-block;width:5.08px"> </div>consent of the<div style="display:inline-block;width:5.29px"> </div>Agent (acting on<div style="display:inline-block;width:5px"> </div>the instructions of<div style="display:inline-block;width:5.21px"> </div>the Majority Lenders) </div><div id="a10617" style="position:absolute;font-family:'Calibri';left:141.79px;top:943px;">and the Borrowers. </div></div>
</div>
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<div id="Page92" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a10623" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a10625" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">If any Lender fails to respond to a request for an amendment<div style="display:inline-block;width:1.83px"> </div>or waiver described in paragraph </div><div id="a10626" style="position:absolute;font-family:'Calibri';left:705.73px;top:94px;"><a href="#a10564" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a10628" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">above</div><div id="a10629" style="position:absolute;font-family:'Calibri';font-style:italic;left:178.27px;top:112px;">, </div><div id="a10630" style="position:absolute;font-family:'Calibri';left:186.43px;top:112px;">or for<div style="display:inline-block;width:5.9px"> </div>any other<div style="display:inline-block;width:5.5px"> </div>vote<div style="display:inline-block;width:4.83px"> </div>of Lenders<div style="display:inline-block;width:5.64px"> </div>in relation<div style="display:inline-block;width:5.76px"> </div>to,<div style="display:inline-block;width:4.84px"> </div>paragraph </div><div id="a10632" style="position:absolute;font-family:'Calibri';left:541.05px;top:112px;"><a href="#a10564" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a10633" style="position:absolute;font-family:'Calibri';left:557.05px;top:112px;"><div style="display:inline-block;width:4.48px"> </div>above within<div style="display:inline-block;width:5.28px"> </div>five<div style="display:inline-block;width:4.7px"> </div>Business </div><div id="a10640" style="position:absolute;font-family:'Calibri';left:141.79px;top:130px;">Days<div style="display:inline-block;width:4.84px"> </div>(or such<div style="display:inline-block;width:5.15px"> </div>longer time<div style="display:inline-block;width:5.06px"> </div>period in<div style="display:inline-block;width:5.22px"> </div>relation to<div style="display:inline-block;width:5.76px"> </div>any request<div style="display:inline-block;width:5.76px"> </div>which the<div style="display:inline-block;width:5.25px"> </div>Borrowers and<div style="display:inline-block;width:5.52px"> </div>the Agent </div><div id="a10646" style="position:absolute;font-family:'Calibri';left:141.79px;top:148px;">may agree) of that request being made: </div><div id="a10648" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">(i)</div><div id="a10650" style="position:absolute;font-family:'Calibri';left:189.15px;top:182px;">its Commitment or its participation in the Loan (as the case may be) shall not be included </div><div id="a10651" style="position:absolute;font-family:'Calibri';left:189.15px;top:200px;">for<div style="display:inline-block;width:5.96px"> </div>the<div style="display:inline-block;width:5.45px"> </div>purpose<div style="display:inline-block;width:5.38px"> </div>of<div style="display:inline-block;width:5.51px"> </div>calculating<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Total<div style="display:inline-block;width:6.87px"> </div>Commitments<div style="display:inline-block;width:5.43px"> </div>or<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.61px"> </div>amount<div style="display:inline-block;width:5.33px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Loan<div style="display:inline-block;width:5.5px"> </div>(as </div><div id="a10652" style="position:absolute;font-family:'Calibri';left:189.15px;top:218px;">applicable) when ascertaining whether any relevant percentage of Total<div style="display:inline-block;width:4.9px"> </div>Commitments or </div><div id="a10655" style="position:absolute;font-family:'Calibri';left:189.15px;top:236px;">the aggregate<div style="display:inline-block;width:4.91px"> </div>of participations in<div style="display:inline-block;width:5.06px"> </div>the Loan (as<div style="display:inline-block;width:4.95px"> </div>applicable) has been<div style="display:inline-block;width:4.72px"> </div>obtained to approve </div><div id="a10656" style="position:absolute;font-family:'Calibri';left:189.15px;top:254px;">that request; and </div><div id="a10658" style="position:absolute;font-family:'Calibri';left:141.79px;top:288px;">(ii)</div><div id="a10660" style="position:absolute;font-family:'Calibri';left:189.15px;top:288px;">its<div style="display:inline-block;width:4.81px"> </div>status<div style="display:inline-block;width:5.12px"> </div>as<div style="display:inline-block;width:4.79px"> </div>a Lender<div style="display:inline-block;width:6.11px"> </div>shall be<div style="display:inline-block;width:6px"> </div>disregarded<div style="display:inline-block;width:5.28px"> </div>for<div style="display:inline-block;width:5px"> </div>the purpose<div style="display:inline-block;width:5.91px"> </div>of<div style="display:inline-block;width:4.87px"> </div>ascertaining<div style="display:inline-block;width:4.68px"> </div>whether the </div><div id="a10661" style="position:absolute;font-family:'Calibri';left:189.15px;top:306px;">agreement of any specified group of Lenders has been obtained to approve that request. </div><div id="a10663" style="position:absolute;font-family:'Calibri';left:94.59px;top:339px;">(c)</div><div id="a10665" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">In this Clause </div><div id="a10666" style="position:absolute;font-family:'Calibri';left:223.87px;top:339px;"><a href="#a10559" style="color:#000000;text-decoration:none;">27.4</a></div><div id="a10667" style="position:absolute;font-family:'Calibri';left:249.95px;top:339px;"><div style="display:inline-block;width:6.6px"> </div>(</div><div id="a10670" style="position:absolute;font-family:'Calibri';font-style:italic;left:261.03px;top:339px;">Changes to reference rates</div><div id="a10671" style="position:absolute;font-family:'Calibri';left:420.39px;top:339px;">): </div><div id="a10674" style="position:absolute;font-family:'Calibri';left:142.59px;top:373px;">"</div><div id="a10675" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:373px;">Published Rate</div><div id="a10678" style="position:absolute;font-family:'Calibri';left:239.55px;top:373px;">" means: </div><div id="a10682" style="position:absolute;font-family:'Calibri';left:142.59px;top:407px;">(a)</div><div id="a10684" style="position:absolute;font-family:'Calibri';left:190.59px;top:407px;">SOFR; or </div><div id="a10686" style="position:absolute;font-family:'Calibri';left:142.59px;top:441px;">(b)</div><div id="a10688" style="position:absolute;font-family:'Calibri';left:190.59px;top:441px;">Term SOFR for<div style="display:inline-block;width:4.78px"> </div>any Quoted Tenor. </div><div id="a10690" style="position:absolute;font-family:'Calibri';left:142.59px;top:475px;">"</div><div id="a10691" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:475px;">Published Rate Replacement Event</div><div id="a10692" style="position:absolute;font-family:'Calibri';left:360.87px;top:475px;">" means, in relation to a Published Rate:<div style="display:inline-block;width:2.94px"> </div></div><div id="a10696" style="position:absolute;font-family:'Calibri';left:142.59px;top:509px;">(a)</div><div id="a10698" style="position:absolute;font-family:'Calibri';left:190.59px;top:509px;">the methodology, formula<div style="display:inline-block;width:4.71px"> </div>or other means of determining that Published Rate has, in the </div><div id="a10699" style="position:absolute;font-family:'Calibri';left:190.59px;top:527px;">opinion of the Majority Lenders and the Borrowers, materially changed; </div><div id="a10703" style="position:absolute;font-family:'Calibri';left:142.59px;top:561px;">(b)</div><div id="a10706" style="position:absolute;font-family:'Calibri';left:190.59px;top:595px;">(i)</div><div id="a10709" style="position:absolute;font-family:'Calibri';left:238.59px;top:629px;">(A)</div><div id="a10711" style="position:absolute;font-family:'Calibri';left:286.63px;top:629px;">the<div style="display:inline-block;width:8.49px"> </div>administrator<div style="display:inline-block;width:8.94px"> </div>of<div style="display:inline-block;width:8.55px"> </div>that<div style="display:inline-block;width:8.29px"> </div>Published<div style="display:inline-block;width:8.34px"> </div>Rate<div style="display:inline-block;width:8.68px"> </div>or<div style="display:inline-block;width:8.55px"> </div>its<div style="display:inline-block;width:8.49px"> </div>supervisor<div style="display:inline-block;width:8.22px"> </div>publicly </div><div id="a10712" style="position:absolute;font-family:'Calibri';left:286.63px;top:647px;">announces that such administrator is insolvent; or </div><div id="a10714" style="position:absolute;font-family:'Calibri';left:238.59px;top:680px;">(B)</div><div id="a10716" style="position:absolute;font-family:'Calibri';left:286.63px;top:680px;">information<div style="display:inline-block;width:5.42px"> </div>is<div style="display:inline-block;width:4.94px"> </div>published<div style="display:inline-block;width:4.69px"> </div>in<div style="display:inline-block;width:4.73px"> </div>any<div style="display:inline-block;width:5.23px"> </div>order,<div style="display:inline-block;width:6.34px"> </div>decree,<div style="display:inline-block;width:5.06px"> </div>notice,<div style="display:inline-block;width:4.73px"> </div>petition<div style="display:inline-block;width:4.75px"> </div>or<div style="display:inline-block;width:5.03px"> </div>filing, </div><div id="a10718" style="position:absolute;font-family:'Calibri';left:286.63px;top:698px;">however described, of<div style="display:inline-block;width:1.91px"> </div>or filed with<div style="display:inline-block;width:1.5px"> </div>a court, tribunal,<div style="display:inline-block;width:1.66px"> </div>exchange, regulatory </div><div id="a10719" style="position:absolute;font-family:'Calibri';left:286.63px;top:716px;">authority<div style="display:inline-block;width:6.77px"> </div>or<div style="display:inline-block;width:7.11px"> </div>similar<div style="display:inline-block;width:6.73px"> </div>administrative,<div style="display:inline-block;width:7.53px"> </div>regulatory<div style="display:inline-block;width:7.01px"> </div>or<div style="display:inline-block;width:6.95px"> </div>judicial<div style="display:inline-block;width:6.72px"> </div>body<div style="display:inline-block;width:6.91px"> </div>which </div><div id="a10720" style="position:absolute;font-family:'Calibri';left:286.63px;top:734px;">reasonably<div style="display:inline-block;width:6.77px"> </div>confirms<div style="display:inline-block;width:6.69px"> </div>that<div style="display:inline-block;width:6.69px"> </div>the<div style="display:inline-block;width:6.73px"> </div>administrator<div style="display:inline-block;width:7.18px"> </div>of<div style="display:inline-block;width:6.63px"> </div>that<div style="display:inline-block;width:6.69px"> </div>Published<div style="display:inline-block;width:6.58px"> </div>Rate<div style="display:inline-block;width:6.92px"> </div>is </div><div id="a10721" style="position:absolute;font-family:'Calibri';left:286.63px;top:752px;">insolvent, </div><div id="a10724" style="position:absolute;font-family:'Calibri';left:236.35px;top:786px;">provided<div style="display:inline-block;width:4.78px"> </div>that, in<div style="display:inline-block;width:5.54px"> </div>each case,<div style="display:inline-block;width:5.63px"> </div>at that<div style="display:inline-block;width:5.92px"> </div>time, there<div style="display:inline-block;width:5.68px"> </div>is no<div style="display:inline-block;width:5.48px"> </div>successor administrator<div style="display:inline-block;width:6.02px"> </div>to </div><div id="a10725" style="position:absolute;font-family:'Calibri';left:236.35px;top:804px;">continue to provide that Published Rate; </div><div id="a10727" style="position:absolute;font-family:'Calibri';left:190.59px;top:838px;">(ii)</div><div id="a10729" style="position:absolute;font-family:'Calibri';left:238.59px;top:838px;">the administrator of that Published Rate publicly announces that it has ceased or </div><div id="a10730" style="position:absolute;font-family:'Calibri';left:238.59px;top:856px;">will cease to provide that Published Rate permanently or indefinitely<div style="display:inline-block;width:4.69px"> </div>and, at that </div><div id="a10731" style="position:absolute;font-family:'Calibri';left:238.59px;top:874px;">time, there<div style="display:inline-block;width:5.84px"> </div>is no<div style="display:inline-block;width:5.64px"> </div>successor administrator<div style="display:inline-block;width:6.18px"> </div>to continue<div style="display:inline-block;width:5.8px"> </div>to<div style="display:inline-block;width:4.73px"> </div>provide<div style="display:inline-block;width:4.67px"> </div>that Published </div><div id="a10732" style="position:absolute;font-family:'Calibri';left:238.59px;top:892px;">Rate; </div></div>
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<div id="a10736" style="position:absolute;font-family:'Calibri';left:190.59px;top:94px;">(iii)</div><div id="a10738" style="position:absolute;font-family:'Calibri';left:238.59px;top:94px;">the supervisor<div style="display:inline-block;width:1.71px"> </div>of the administrator<div style="display:inline-block;width:1.88px"> </div>of that<div style="display:inline-block;width:1.99px"> </div>Published Rate publicly<div style="display:inline-block;width:1.42px"> </div>announces that </div><div id="a10739" style="position:absolute;font-family:'Calibri';left:238.59px;top:112px;">such Published Rate has been<div style="display:inline-block;width:1.76px"> </div>or will be permanently or<div style="display:inline-block;width:1.68px"> </div>indefinitely discontinued; </div><div id="a10740" style="position:absolute;font-family:'Calibri';left:238.59px;top:130px;">or<div style="display:inline-block;width:3.31px"> </div></div><div id="a10742" style="position:absolute;font-family:'Calibri';left:190.59px;top:164px;">(iv)</div><div id="a10744" style="position:absolute;font-family:'Calibri';left:238.59px;top:164px;">the<div style="display:inline-block;width:5.13px"> </div>administrator<div style="display:inline-block;width:5.58px"> </div>of<div style="display:inline-block;width:5.19px"> </div>that<div style="display:inline-block;width:5.09px"> </div>Published<div style="display:inline-block;width:4.98px"> </div>Rate<div style="display:inline-block;width:5.32px"> </div>or<div style="display:inline-block;width:5.19px"> </div>its<div style="display:inline-block;width:5.13px"> </div>supervisor<div style="display:inline-block;width:4.86px"> </div>announces<div style="display:inline-block;width:4.87px"> </div>that<div style="display:inline-block;width:5.09px"> </div>that </div><div id="a10745" style="position:absolute;font-family:'Calibri';left:238.59px;top:182px;">Published Rate may no longer be used; or </div><div id="a10747" style="position:absolute;font-family:'Calibri';left:142.59px;top:216px;">(c)</div><div id="a10749" style="position:absolute;font-family:'Calibri';left:190.59px;top:216px;">the administrator of that Published Rate (or the administrator of an interest rate which is </div><div id="a10750" style="position:absolute;font-family:'Calibri';left:190.59px;top:234px;">a constituent element of that Published<div style="display:inline-block;width:1.76px"> </div>Rate) determines that that Published Rate should </div><div id="a10751" style="position:absolute;font-family:'Calibri';left:190.59px;top:252px;">be calculated in accordance with its reduced submissions<div style="display:inline-block;width:1.4px"> </div>or other contingency or fallback </div><div id="a10753" style="position:absolute;font-family:'Calibri';left:190.59px;top:270px;">policies<div style="display:inline-block;width:10.74px"> </div>or<div style="display:inline-block;width:10.95px"> </div>arrangements<div style="display:inline-block;width:11.1px"> </div>and<div style="display:inline-block;width:10.8px"> </div>the<div style="display:inline-block;width:10.89px"> </div>circumstance(s)<div style="display:inline-block;width:11.2px"> </div>or<div style="display:inline-block;width:10.95px"> </div>event(s)<div style="display:inline-block;width:11.07px"> </div>leading<div style="display:inline-block;width:10.71px"> </div>to<div style="display:inline-block;width:10.97px"> </div>such </div><div id="a10755" style="position:absolute;font-family:'Calibri';left:190.59px;top:288px;">determination<div style="display:inline-block;width:7.32px"> </div>are<div style="display:inline-block;width:7.25px"> </div>not<div style="display:inline-block;width:7.09px"> </div>(in<div style="display:inline-block;width:6.98px"> </div>the<div style="display:inline-block;width:7.05px"> </div>opinion<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7.11px"> </div>the<div style="display:inline-block;width:6.89px"> </div>Majority<div style="display:inline-block;width:7.06px"> </div>Lenders<div style="display:inline-block;width:7.14px"> </div>and<div style="display:inline-block;width:7.08px"> </div>the<div style="display:inline-block;width:7.16px"> </div>Borrowers) </div><div id="a10757" style="position:absolute;font-family:'Calibri';left:190.59px;top:306px;">temporary; or </div><div id="a10759" style="position:absolute;font-family:'Calibri';left:142.59px;top:339px;">(d)</div><div id="a10761" style="position:absolute;font-family:'Calibri';left:190.59px;top:339px;">in the opinion<div style="display:inline-block;width:1.24px"> </div>of the<div style="display:inline-block;width:1.87px"> </div>Majority Lenders and<div style="display:inline-block;width:1.18px"> </div>the Borrowers, that<div style="display:inline-block;width:1.64px"> </div>Published Rate is<div style="display:inline-block;width:1.39px"> </div>otherwise </div><div id="a10764" style="position:absolute;font-family:'Calibri';left:190.59px;top:357px;">no longer appropriate for the purposes of calculating interest under this Agreement. </div><div id="a10766" style="position:absolute;font-family:'Calibri';left:142.59px;top:391px;">"</div><div id="a10767" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:391px;">Quoted Tenor</div><div id="a10768" style="position:absolute;font-family:'Calibri';left:234.59px;top:391px;">" means,<div style="display:inline-block;width:5.39px"> </div>in relation<div style="display:inline-block;width:5.44px"> </div>to Term<div style="display:inline-block;width:6.68px"> </div>SOFR, any<div style="display:inline-block;width:5.59px"> </div>period for<div style="display:inline-block;width:5.33px"> </div>which that<div style="display:inline-block;width:5.37px"> </div>rate<div style="display:inline-block;width:4.96px"> </div>is customarily </div><div id="a10774" style="position:absolute;font-family:'Calibri';left:142.59px;top:409px;">displayed on the relevant page or screen of an information service. </div><div id="a10776" style="position:absolute;font-family:'Calibri';left:142.59px;top:443px;">"</div><div id="a10777" style="position:absolute;font-family:'Calibri';font-weight:bold;left:148.51px;top:443px;">Replacement Reference Rate</div><div id="a10778" style="position:absolute;font-family:'Calibri';left:324.87px;top:443px;">" means a reference rate which is: </div><div id="a10782" style="position:absolute;font-family:'Calibri';left:142.59px;top:477px;">(a)</div><div id="a10784" style="position:absolute;font-family:'Calibri';left:190.59px;top:477px;">formally designated, nominated<div style="display:inline-block;width:1.49px"> </div>or recommended<div style="display:inline-block;width:1.88px"> </div>as the<div style="display:inline-block;width:1.8px"> </div>replacement for a<div style="display:inline-block;width:1.31px"> </div>Published Rate </div><div id="a10785" style="position:absolute;font-family:'Calibri';left:190.59px;top:495px;">by: </div><div id="a10787" style="position:absolute;font-family:'Calibri';left:190.59px;top:529px;">(i)</div><div id="a10789" style="position:absolute;font-family:'Calibri';left:238.59px;top:529px;">the administrator<div style="display:inline-block;width:5.14px"> </div>of that Published<div style="display:inline-block;width:4.92px"> </div>Rate (provided<div style="display:inline-block;width:5.02px"> </div>that the market<div style="display:inline-block;width:5.55px"> </div>or economic </div><div id="a10790" style="position:absolute;font-family:'Calibri';left:238.59px;top:547px;">reality that<div style="display:inline-block;width:5.7px"> </div>such reference<div style="display:inline-block;width:6.02px"> </div>rate<div style="display:inline-block;width:4.8px"> </div>measures is<div style="display:inline-block;width:5.41px"> </div>the same<div style="display:inline-block;width:5.43px"> </div>as that<div style="display:inline-block;width:5.27px"> </div>measured by<div style="display:inline-block;width:5.61px"> </div>that </div><div id="a10791" style="position:absolute;font-family:'Calibri';left:238.59px;top:565px;">Published Rate); or </div><div id="a10793" style="position:absolute;font-family:'Calibri';left:190.59px;top:599px;">(ii)</div><div id="a10795" style="position:absolute;font-family:'Calibri';left:238.59px;top:599px;">any Relevant Nominating Body, </div><div id="a10797" style="position:absolute;font-family:'Calibri';left:189.15px;top:632px;">and if<div style="display:inline-block;width:4.84px"> </div>replacements have,<div style="display:inline-block;width:5.21px"> </div>at the<div style="display:inline-block;width:5.16px"> </div>relevant time,<div style="display:inline-block;width:5.18px"> </div>been formally<div style="display:inline-block;width:4.93px"> </div>designated, nominated<div style="display:inline-block;width:5.01px"> </div>or </div><div id="a10798" style="position:absolute;font-family:'Calibri';left:189.15px;top:650px;">recommended<div style="display:inline-block;width:5.47px"> </div>under<div style="display:inline-block;width:5.3px"> </div>both<div style="display:inline-block;width:5.12px"> </div>paragraphs,<div style="display:inline-block;width:5.79px"> </div>the<div style="display:inline-block;width:5.36px"> </div>"</div><div id="a10800" style="position:absolute;font-family:'Calibri';font-weight:bold;left:463.77px;top:650px;">Replacement<div style="display:inline-block;width:5.36px"> </div>Reference<div style="display:inline-block;width:5.91px"> </div>Rate</div><div id="a10801" style="position:absolute;font-family:'Calibri';left:644.29px;top:650px;">"<div style="display:inline-block;width:5.3px"> </div>will<div style="display:inline-block;width:5.26px"> </div>be<div style="display:inline-block;width:5.42px"> </div>the </div><div id="a10804" style="position:absolute;font-family:'Calibri';left:189.15px;top:668px;">replacement under paragraph (ii) above; </div><div id="a10806" style="position:absolute;font-family:'Calibri';left:142.59px;top:702px;">(b)</div><div id="a10808" style="position:absolute;font-family:'Calibri';left:190.59px;top:702px;">in<div style="display:inline-block;width:5.85px"> </div>the<div style="display:inline-block;width:5.77px"> </div>opinion<div style="display:inline-block;width:5.72px"> </div>of<div style="display:inline-block;width:5.99px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Majority<div style="display:inline-block;width:5.78px"> </div>Lenders<div style="display:inline-block;width:6.02px"> </div>and<div style="display:inline-block;width:5.64px"> </div>the<div style="display:inline-block;width:5.93px"> </div>Borrowers,<div style="display:inline-block;width:6.07px"> </div>generally<div style="display:inline-block;width:5.99px"> </div>accepted<div style="display:inline-block;width:5.84px"> </div>in<div style="display:inline-block;width:5.85px"> </div>the </div><div id="a10811" style="position:absolute;font-family:'Calibri';left:190.59px;top:720px;">international<div style="display:inline-block;width:7.55px"> </div>or<div style="display:inline-block;width:7.43px"> </div>any<div style="display:inline-block;width:7.47px"> </div>relevant<div style="display:inline-block;width:7.74px"> </div>domestic<div style="display:inline-block;width:7.38px"> </div>syndicated<div style="display:inline-block;width:7.67px"> </div>loan<div style="display:inline-block;width:7.35px"> </div>markets<div style="display:inline-block;width:7.75px"> </div>as<div style="display:inline-block;width:7.35px"> </div>the<div style="display:inline-block;width:7.21px"> </div>appropriate </div><div id="a10812" style="position:absolute;font-family:'Calibri';left:190.59px;top:738px;">successor or alternative to a Published Rate; or </div><div id="a10814" style="position:absolute;font-family:'Calibri';left:142.59px;top:772px;">(c)</div><div id="a10816" style="position:absolute;font-family:'Calibri';left:190.59px;top:772px;">in the<div style="display:inline-block;width:5.89px"> </div>opinion of<div style="display:inline-block;width:5.82px"> </div>the Majority<div style="display:inline-block;width:5.82px"> </div>Lenders<div style="display:inline-block;width:4.74px"> </div>and the<div style="display:inline-block;width:5.85px"> </div>Borrowers,<div style="display:inline-block;width:4.95px"> </div>an appropriate<div style="display:inline-block;width:6.18px"> </div>successor or </div><div id="a10819" style="position:absolute;font-family:'Calibri';left:190.59px;top:790px;">alternative to a Published Rate. </div><div id="a10821" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:824px;">28</div><div id="a10823" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:824px;">NOTICES<div style="display:inline-block;width:3.68px"> </div></div><div id="a10825" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:858px;">28.1</div><div id="a10827" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:858px;">General </div><div id="a10829" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">Unless<div style="display:inline-block;width:6.69px"> </div>otherwise<div style="display:inline-block;width:6.46px"> </div>specifically<div style="display:inline-block;width:6.5px"> </div>provided,<div style="display:inline-block;width:6.86px"> </div>any<div style="display:inline-block;width:6.99px"> </div>notice<div style="display:inline-block;width:6.49px"> </div>under<div style="display:inline-block;width:6.58px"> </div>or<div style="display:inline-block;width:6.79px"> </div>in<div style="display:inline-block;width:6.65px"> </div>connection<div style="display:inline-block;width:6.59px"> </div>with<div style="display:inline-block;width:6.55px"> </div>any<div style="display:inline-block;width:6.99px"> </div>Finance </div><div id="a10830" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">Document<div style="display:inline-block;width:5.29px"> </div>shall<div style="display:inline-block;width:5.02px"> </div>be<div style="display:inline-block;width:5.1px"> </div>given<div style="display:inline-block;width:5.09px"> </div>by<div style="display:inline-block;width:5.36px"> </div>letter<div style="display:inline-block;width:5.51px"> </div>or<div style="display:inline-block;width:5.19px"> </div>fax<div style="display:inline-block;width:5.55px"> </div>and<div style="display:inline-block;width:5.16px"> </div>references<div style="display:inline-block;width:5.76px"> </div>in<div style="display:inline-block;width:5.05px"> </div>the<div style="display:inline-block;width:5.13px"> </div>Finance<div style="display:inline-block;width:4.99px"> </div>Documents<div style="display:inline-block;width:5.14px"> </div>to<div style="display:inline-block;width:5.21px"> </div>written </div><div id="a10831" style="position:absolute;font-family:'Calibri';left:141.79px;top:927px;">notices, notices in writing and<div style="display:inline-block;width:1.64px"> </div>notices signed by particular<div style="display:inline-block;width:1.9px"> </div>persons shall be construed accordingly. </div></div>
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<div id="a10836" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">28.2</div><div id="a10838" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Addresses for communications </div><div id="a10840" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">A notice by letter or fax shall be sent: </div><div id="a10842" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">(a)</div><div id="a10844" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">to the Borrowers:<div style="display:inline-block;width:87.82px"> </div>c/o Approved Manager </div><div id="a10849" style="position:absolute;font-family:'Calibri';left:334.63px;top:180px;">16 Pendelis Street </div><div id="a10851" style="position:absolute;font-family:'Calibri';left:334.63px;top:198px;">175 64 Palaio Faliro<div style="display:inline-block;width:27.95px"> </div></div><div id="a10856" style="position:absolute;font-family:'Calibri';left:334.63px;top:216px;">Athens<div style="display:inline-block;width:6.38px"> </div></div><div id="a10859" style="position:absolute;font-family:'Calibri';left:334.63px;top:234px;">Greece </div><div id="a10861" style="position:absolute;font-family:'Calibri';left:334.63px;top:252px;">E-mail: corpgov@dianashippingservices.com</div><div id="a10866" style="position:absolute;font-family:'Calibri';left:603.49px;top:252px;">and </div><div id="a10867" style="position:absolute;font-family:'Calibri';left:330.95px;top:270px;">finance@dianashippingservices.com</div><div id="a10870" style="position:absolute;font-family:'Calibri';left:94.59px;top:304px;">(b)</div><div id="a10872" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">to a Lender:<div style="display:inline-block;width:121.15px"> </div>at the address below its name in </div><div id="a10880" style="position:absolute;font-family:'Calibri';left:531.61px;top:304px;"><a href="#a11423" style="color:#000000;text-decoration:none;">Schedule 1</a></div><div id="a10881" style="position:absolute;font-family:'Calibri';left:596.41px;top:304px;"><div style="display:inline-block;width:3.24px"> </div>or (as the case </div><div id="a10884" style="position:absolute;font-family:'Calibri';left:334.63px;top:322px;">may require) in the </div><div id="a10886" style="position:absolute;font-family:'Calibri';left:334.63px;top:339px;">relevant Transfer<div style="display:inline-block;width:5.42px"> </div>Certificate. </div><div id="a10888" style="position:absolute;font-family:'Calibri';left:94.59px;top:373px;">(c)</div><div id="a10890" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">to the Swap Bank:<div style="display:inline-block;width:85.05px"> </div>c/o<div style="display:inline-block;width:3.46px"> </div></div><div id="a10897" style="position:absolute;font-family:'Calibri';left:334.63px;top:391px;">Nordea Danmark, Filial af Nordea Bank Abp, Finland </div><div id="a10901" style="position:absolute;font-family:'Calibri';left:334.63px;top:409px;">7288 Derivatives Services </div><div id="a10903" style="position:absolute;font-family:'Calibri';left:334.63px;top:427px;">PO box 850 DK-0900 Copenhagen K, Denmark </div><div id="a10907" style="position:absolute;font-family:'Calibri';left:334.63px;top:445px;">Telephone number: +45 55 47 51 71 </div><div id="a10910" style="position:absolute;font-family:'Calibri';left:334.63px;top:463px;">E-mail: sls.norway@nordea.com<div style="display:inline-block;width:3.51px"> </div></div><div id="a10916" style="position:absolute;font-family:'Calibri';left:94.59px;top:497px;">(d)</div><div id="a10918" style="position:absolute;font-family:'Calibri';left:141.79px;top:497px;">to the Lead Arranger,<div style="display:inline-block;width:4.78px"> </div>Agent<div style="display:inline-block;width:3.22px"> </div></div><div id="a10923" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">or the Security Trustee:<div style="display:inline-block;width:53.58px"> </div>Essendropsgate 7 </div><div id="a10930" style="position:absolute;font-family:'Calibri';left:334.63px;top:533px;">0368 Oslo </div><div id="a10932" style="position:absolute;font-family:'Calibri';left:334.63px;top:551px;">Norway </div><div id="a10934" style="position:absolute;font-family:'Calibri';left:334.63px;top:568px;">Loan administration matters: </div><div id="a10937" style="position:absolute;font-family:'Calibri';left:334.63px;top:586px;">Fax No: +47 24013444 </div><div id="a10941" style="position:absolute;font-family:'Calibri';left:334.63px;top:604px;">Attn: Structured Loan & Collateral Services NO </div><div id="a10945" style="position:absolute;font-family:'Calibri';left:141.79px;top:638px;">or to such other address as the relevant party may notify the Agent or,<div style="display:inline-block;width:5.98px"> </div>if the relevant party is the </div><div id="a10946" style="position:absolute;font-family:'Calibri';left:141.79px;top:656px;">Agent or the<div style="display:inline-block;width:1.93px"> </div>Security Trustee, the Borrowers, the<div style="display:inline-block;width:1.86px"> </div>Lenders, the Swap Bank<div style="display:inline-block;width:1.35px"> </div>and the Security<div style="display:inline-block;width:1.41px"> </div>Parties. </div><div id="a10948" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:690px;">28.3</div><div id="a10950" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:690px;">Effective date of notices </div><div id="a10952" style="position:absolute;font-family:'Calibri';left:141.79px;top:724px;">Subject to Clauses </div><div id="a10953" style="position:absolute;font-family:'Calibri';left:253.15px;top:724px;"><a href="#a10975" style="color:#000000;text-decoration:none;">28.4</a></div><div id="a10954" style="position:absolute;font-family:'Calibri';left:279.27px;top:724px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a10956" style="position:absolute;font-family:'Calibri';font-style:italic;left:287.11px;top:724px;">Service outside business hours</div><div id="a10957" style="position:absolute;font-family:'Calibri';left:465.69px;top:724px;">) and </div><div id="a10958" style="position:absolute;font-family:'Calibri';left:499.29px;top:724px;"><a href="#a11007" style="color:#000000;text-decoration:none;">28.5</a></div><div id="a10959" style="position:absolute;font-family:'Calibri';left:525.21px;top:724px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a10961" style="position:absolute;font-family:'Calibri';font-style:italic;left:533.05px;top:724px;">Illegible notices</div><div id="a10963" style="position:absolute;font-family:'Calibri';left:624.77px;top:724px;">): </div><div id="a10965" style="position:absolute;font-family:'Calibri';left:94.59px;top:758px;">(a)</div><div id="a10967" style="position:absolute;font-family:'Calibri';left:141.79px;top:758px;">a notice<div style="display:inline-block;width:1.71px"> </div>which is<div style="display:inline-block;width:1.7px"> </div>delivered personally<div style="display:inline-block;width:1.77px"> </div>or posted<div style="display:inline-block;width:1.9px"> </div>shall be<div style="display:inline-block;width:1.68px"> </div>deemed to<div style="display:inline-block;width:1.8px"> </div>be served,<div style="display:inline-block;width:1.55px"> </div>and shall<div style="display:inline-block;width:1.42px"> </div>take effect, </div><div id="a10968" style="position:absolute;font-family:'Calibri';left:141.79px;top:776px;">at the time when it is delivered; and </div><div id="a10970" style="position:absolute;font-family:'Calibri';left:94.59px;top:810px;">(b)</div><div id="a10972" style="position:absolute;font-family:'Calibri';left:141.79px;top:810px;">a notice which is sent<div style="display:inline-block;width:4.75px"> </div>by fax shall be<div style="display:inline-block;width:4.8px"> </div>deemed to be served, and shall take<div style="display:inline-block;width:5.44px"> </div>effect, 2 hours<div style="display:inline-block;width:4.76px"> </div>after its </div><div id="a10973" style="position:absolute;font-family:'Calibri';left:141.79px;top:828px;">transmission is completed.<div style="display:inline-block;width:3.39px"> </div></div><div id="a10975" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:861px;">28.4</div><div id="a10977" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:861px;">Service outside business hours </div><div id="a10979" style="position:absolute;font-family:'Calibri';left:141.79px;top:895px;">However,<div style="display:inline-block;width:4.91px"> </div>if under Clause </div><div id="a10980" style="position:absolute;font-family:'Calibri';left:294.79px;top:895px;"><a href="#a10948" style="color:#000000;text-decoration:none;">28.3</a></div><div id="a10981" style="position:absolute;font-family:'Calibri';left:320.87px;top:895px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a10983" style="position:absolute;font-family:'Calibri';font-style:italic;left:328.55px;top:895px;">Effective date of notices</div><div id="a10984" style="position:absolute;font-family:'Calibri';left:470.65px;top:895px;">) a notice would be deemed to be served: </div><div id="a10986" style="position:absolute;font-family:'Calibri';left:94.59px;top:929px;">(a)</div><div id="a10988" style="position:absolute;font-family:'Calibri';left:141.79px;top:929px;">on a day which is not a business day in the place of receipt; or </div></div>
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<div id="a10992" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(b)</div><div id="a10994" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">on such a business day, but after five p.m. local time, </div><div id="a10996" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">the notice shall (subject to Clause </div><div id="a10997" style="position:absolute;font-family:'Calibri';left:347.11px;top:128px;"><a href="#a11007" style="color:#000000;text-decoration:none;">28.5</a></div><div id="a10998" style="position:absolute;font-family:'Calibri';left:373.03px;top:128px;"><div style="display:inline-block;width:3.68px"> </div>(</div><div id="a11000" style="position:absolute;font-family:'Calibri';font-style:italic;left:381.19px;top:128px;">Illegible notices</div><div id="a11004" style="position:absolute;font-family:'Calibri';left:473.05px;top:128px;">)) be deemed to be served,<div style="display:inline-block;width:4.75px"> </div>and shall take </div><div id="a11005" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">effect, at 9 a.m. on the next day which is such a business day. </div><div id="a11007" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">28.5</div><div id="a11009" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Illegible notices </div><div id="a11011" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">Clauses </div><div id="a11012" style="position:absolute;font-family:'Calibri';left:189.47px;top:214px;"><a href="#a10948" style="color:#000000;text-decoration:none;">28.3 (</a></div><div id="a11015" style="position:absolute;font-family:'Calibri';font-style:italic;left:222.75px;top:214px;">Effective date of notices</div><div id="a11016" style="position:absolute;font-family:'Calibri';left:363.59px;top:214px;">) and </div><div id="a11017" style="position:absolute;font-family:'Calibri';left:396.23px;top:214px;"><a href="#a10975" style="color:#000000;text-decoration:none;">28.4 (</a></div><div id="a11020" style="position:absolute;font-family:'Calibri';font-style:italic;left:429.53px;top:214px;">Service outside business<div style="display:inline-block;width:1.42px"> </div>hours</div><div id="a11021" style="position:absolute;font-family:'Calibri';left:606.85px;top:214px;">) do not<div style="display:inline-block;width:1.92px"> </div>apply if the </div><div id="a11022" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">recipient of a notice notifies the sender within one hour after the time at which the notice would </div><div id="a11023" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">otherwise be deemed to be served<div style="display:inline-block;width:1.72px"> </div>that the notice has been received in<div style="display:inline-block;width:1.82px"> </div>a form which is illegible in </div><div id="a11024" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">a material respect. </div><div id="a11026" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">28.6</div><div id="a11028" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">Valid notices </div><div id="a11030" style="position:absolute;font-family:'Calibri';left:141.79px;top:336px;">A notice<div style="display:inline-block;width:5.04px"> </div>under or<div style="display:inline-block;width:4.76px"> </div>in connection<div style="display:inline-block;width:4.95px"> </div>with a<div style="display:inline-block;width:4.82px"> </div>Finance Document<div style="display:inline-block;width:4.88px"> </div>shall not<div style="display:inline-block;width:4.79px"> </div>be invalid<div style="display:inline-block;width:5.17px"> </div>by reason<div style="display:inline-block;width:5.14px"> </div>that its </div><div id="a11031" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">contents or<div style="display:inline-block;width:4.73px"> </div>the manner of serving<div style="display:inline-block;width:4.8px"> </div>it do not comply<div style="display:inline-block;width:5.11px"> </div>with the requirements<div style="display:inline-block;width:4.93px"> </div>of this Agreement or, </div><div id="a11032" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">where appropriate, any other Finance Document under which it is served if: </div><div id="a11035" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(a)</div><div id="a11037" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">the failure<div style="display:inline-block;width:6.36px"> </div>to<div style="display:inline-block;width:4.73px"> </div>serve it<div style="display:inline-block;width:5.79px"> </div>in accordance<div style="display:inline-block;width:5.9px"> </div>with the<div style="display:inline-block;width:5.8px"> </div>requirements<div style="display:inline-block;width:4.86px"> </div>of this<div style="display:inline-block;width:5.82px"> </div>Agreement<div style="display:inline-block;width:4.72px"> </div>or<div style="display:inline-block;width:4.71px"> </div>other Finance </div><div id="a11038" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">Document, as the case<div style="display:inline-block;width:1.73px"> </div>may be, has not caused<div style="display:inline-block;width:1.69px"> </div>any party to suffer any significant loss<div style="display:inline-block;width:1.58px"> </div>or prejudice; </div><div id="a11039" style="position:absolute;font-family:'Calibri';left:141.79px;top:441px;">or </div><div id="a11041" style="position:absolute;font-family:'Calibri';left:94.59px;top:475px;">(b)</div><div id="a11043" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">in the case<div style="display:inline-block;width:4.97px"> </div>of incorrect<div style="display:inline-block;width:4.81px"> </div>and/or incomplete contents,<div style="display:inline-block;width:5.47px"> </div>it should have<div style="display:inline-block;width:5.37px"> </div>been reasonably clear<div style="display:inline-block;width:4.73px"> </div>to the </div><div id="a11044" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">party on which the notice was served what the correct or missing particulars should have been. </div><div id="a11046" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:527px;">28.7</div><div id="a11048" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:527px;">Electronic communication </div><div id="a11050" style="position:absolute;font-family:'Calibri';left:142.59px;top:561px;">Any<div style="display:inline-block;width:5.84px"> </div>communication<div style="display:inline-block;width:5.67px"> </div>to<div style="display:inline-block;width:5.69px"> </div>be<div style="display:inline-block;width:5.42px"> </div>made<div style="display:inline-block;width:5.65px"> </div>between<div style="display:inline-block;width:5.56px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Agent<div style="display:inline-block;width:5.62px"> </div>and<div style="display:inline-block;width:5.48px"> </div>a<div style="display:inline-block;width:5.59px"> </div>Lender<div style="display:inline-block;width:5.44px"> </div>or<div style="display:inline-block;width:5.67px"> </div>Swap<div style="display:inline-block;width:5.66px"> </div>Bank<div style="display:inline-block;width:5.4px"> </div>under<div style="display:inline-block;width:5.46px"> </div>or<div style="display:inline-block;width:5.67px"> </div>in </div><div id="a11051" style="position:absolute;font-family:'Calibri';left:142.59px;top:579px;">connection<div style="display:inline-block;width:5.63px"> </div>with<div style="display:inline-block;width:5.59px"> </div>the<div style="display:inline-block;width:5.77px"> </div>Finance<div style="display:inline-block;width:5.31px"> </div>Documents<div style="display:inline-block;width:5.62px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:5.58px"> </div>made<div style="display:inline-block;width:5.49px"> </div>by<div style="display:inline-block;width:5.68px"> </div>electronic<div style="display:inline-block;width:5.63px"> </div>mail<div style="display:inline-block;width:5.63px"> </div>or<div style="display:inline-block;width:5.67px"> </div>other<div style="display:inline-block;width:5.68px"> </div>electronic </div><div id="a11052" style="position:absolute;font-family:'Calibri';left:142.59px;top:597px;">means, if the Agent and the relevant Creditor Party: </div><div id="a11054" style="position:absolute;font-family:'Calibri';left:142.59px;top:631px;">(a)</div><div id="a11056" style="position:absolute;font-family:'Calibri';left:190.59px;top:631px;">agree<div style="display:inline-block;width:5.15px"> </div>that,<div style="display:inline-block;width:5.1px"> </div>unless<div style="display:inline-block;width:4.88px"> </div>and<div style="display:inline-block;width:5px"> </div>until<div style="display:inline-block;width:4.98px"> </div>notified<div style="display:inline-block;width:4.79px"> </div>to<div style="display:inline-block;width:5.21px"> </div>the<div style="display:inline-block;width:4.81px"> </div>contrary,<div style="display:inline-block;width:6.44px"> </div>this<div style="display:inline-block;width:4.92px"> </div>is<div style="display:inline-block;width:4.94px"> </div>to<div style="display:inline-block;width:5.21px"> </div>be<div style="display:inline-block;width:4.94px"> </div>an<div style="display:inline-block;width:4.9px"> </div>accepted<div style="display:inline-block;width:4.88px"> </div>form<div style="display:inline-block;width:5.24px"> </div>of </div><div id="a11057" style="position:absolute;font-family:'Calibri';left:190.59px;top:648px;">communication; </div><div id="a11059" style="position:absolute;font-family:'Calibri';left:142.59px;top:682px;">(b)</div><div id="a11061" style="position:absolute;font-family:'Calibri';left:190.59px;top:682px;">notify each other in writing of their electronic mail address and/or any other information </div><div id="a11062" style="position:absolute;font-family:'Calibri';left:190.59px;top:700px;">required to enable the sending and receipt of information by that means; and </div><div id="a11064" style="position:absolute;font-family:'Calibri';left:142.59px;top:734px;">(c)</div><div id="a11066" style="position:absolute;font-family:'Calibri';left:190.59px;top:734px;">notify<div style="display:inline-block;width:7.85px"> </div>each<div style="display:inline-block;width:7.67px"> </div>other<div style="display:inline-block;width:7.76px"> </div>of<div style="display:inline-block;width:7.91px"> </div>any<div style="display:inline-block;width:8.11px"> </div>change<div style="display:inline-block;width:7.85px"> </div>to<div style="display:inline-block;width:7.93px"> </div>their<div style="display:inline-block;width:7.82px"> </div>respective<div style="display:inline-block;width:8px"> </div>addresses<div style="display:inline-block;width:7.82px"> </div>or<div style="display:inline-block;width:7.91px"> </div>any<div style="display:inline-block;width:7.95px"> </div>other<div style="display:inline-block;width:7.92px"> </div>such </div><div id="a11067" style="position:absolute;font-family:'Calibri';left:190.59px;top:752px;">information supplied to them. </div><div id="a11069" style="position:absolute;font-family:'Calibri';left:141.79px;top:786px;">Any electronic<div style="display:inline-block;width:5.42px"> </div>communication made<div style="display:inline-block;width:4.8px"> </div>between the<div style="display:inline-block;width:4.96px"> </div>Agent and<div style="display:inline-block;width:4.9px"> </div>a Lender<div style="display:inline-block;width:4.83px"> </div>or the<div style="display:inline-block;width:5.07px"> </div>Swap Bank<div style="display:inline-block;width:5.01px"> </div>will be </div><div id="a11070" style="position:absolute;font-family:'Calibri';left:141.79px;top:804px;">effective<div style="display:inline-block;width:8.01px"> </div>only<div style="display:inline-block;width:7.26px"> </div>when<div style="display:inline-block;width:7.33px"> </div>actually<div style="display:inline-block;width:7.19px"> </div>received<div style="display:inline-block;width:7.65px"> </div>in<div style="display:inline-block;width:7.29px"> </div>readable<div style="display:inline-block;width:7.15px"> </div>form<div style="display:inline-block;width:7.8px"> </div>and,<div style="display:inline-block;width:7.25px"> </div>in<div style="display:inline-block;width:7.29px"> </div>the<div style="display:inline-block;width:7.21px"> </div>case<div style="display:inline-block;width:7.37px"> </div>of<div style="display:inline-block;width:7.43px"> </div>any<div style="display:inline-block;width:7.63px"> </div>electronic </div><div id="a11071" style="position:absolute;font-family:'Calibri';left:141.79px;top:822px;">communication made by a Creditor Party to<div style="display:inline-block;width:4.89px"> </div>the Agent, only if it is addressed in<div style="display:inline-block;width:4.74px"> </div>such a manner as </div><div id="a11074" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">the Agent shall specify for this purpose. </div><div id="a11076" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:874px;">28.8</div><div id="a11078" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:874px;">English language </div><div id="a11080" style="position:absolute;font-family:'Calibri';left:141.79px;top:908px;">Any notice under or in connection with a Finance Document shall be in English. </div></div>
</div>
<div style="padding: 7px">
<div id="Page96" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a11084" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">28.9</div><div id="a11086" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Meaning of "notice" </div><div id="a11088" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">In<div style="display:inline-block;width:6.48px"> </div>this<div style="display:inline-block;width:6.52px"> </div>Clause </div><div id="a11089" style="position:absolute;font-family:'Calibri';left:233.63px;top:128px;"><a href="#a10821" style="color:#000000;text-decoration:none;">28</a></div><div id="a11090" style="position:absolute;font-family:'Calibri';left:248.67px;top:128px;"><div style="display:inline-block;width:6.6px"> </div>(</div><div id="a11092" style="position:absolute;font-family:'Calibri';font-style:italic;left:259.75px;top:128px;">Notices</div><div id="a11093" style="position:absolute;font-family:'Calibri';left:303.59px;top:128px;">),<div style="display:inline-block;width:6.58px"> </div>"</div><div id="a11094" style="position:absolute;font-family:'Calibri';font-weight:bold;left:324.23px;top:128px;">notice</div><div id="a11095" style="position:absolute;font-family:'Calibri';left:362.31px;top:128px;">"<div style="display:inline-block;width:6.58px"> </div>includes<div style="display:inline-block;width:6.42px"> </div>any<div style="display:inline-block;width:6.67px"> </div>demand,<div style="display:inline-block;width:6.51px"> </div>consent,<div style="display:inline-block;width:6.72px"> </div>authorisation,<div style="display:inline-block;width:6.37px"> </div>approval, </div><div id="a11096" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">instruction, waiver or other communication.<div style="display:inline-block;width:3.25px"> </div></div><div id="a11098" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">29</div><div id="a11100" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">JOINT AND SEVERAL LIABILITY<div style="display:inline-block;width:2.66px"> </div></div><div id="a11102" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:214px;">29.1</div><div id="a11104" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:214px;">General </div><div id="a11106" style="position:absolute;font-family:'Calibri';left:141.79px;top:248px;">All liabilities and<div style="display:inline-block;width:4.89px"> </div>obligations of the<div style="display:inline-block;width:5.16px"> </div>Borrowers under<div style="display:inline-block;width:4.76px"> </div>this Agreement shall,<div style="display:inline-block;width:4.97px"> </div>whether expressed to </div><div id="a11107" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">be so<div style="display:inline-block;width:4.89px"> </div>or not,<div style="display:inline-block;width:4.8px"> </div>be several<div style="display:inline-block;width:5.12px"> </div>and, if<div style="display:inline-block;width:4.69px"> </div>and to<div style="display:inline-block;width:4.96px"> </div>the extent<div style="display:inline-block;width:5.1px"> </div>consistent with<div style="display:inline-block;width:5.16px"> </div>Clause </div><div id="a11108" style="position:absolute;font-family:'Calibri';left:580.25px;top:266px;"><a href="#a11117" style="color:#000000;text-decoration:none;">29.2</a></div><div id="a11109" style="position:absolute;font-family:'Calibri';left:606.37px;top:266px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a11111" style="position:absolute;font-family:'Calibri';font-style:italic;left:615.01px;top:266px;">No impairment<div style="display:inline-block;width:4.74px"> </div>of </div><div id="a11112" style="position:absolute;font-family:'Calibri';font-style:italic;left:141.79px;top:284px;">Borrower's obligations</div><div id="a11115" style="position:absolute;font-family:'Calibri';left:275.75px;top:284px;">), joint. </div><div id="a11117" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:318px;">29.2</div><div id="a11119" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:318px;">No impairment of Borrower's obligations </div><div id="a11121" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">The liabilities and obligations of a Borrower shall not be impaired by: </div><div id="a11123" style="position:absolute;font-family:'Calibri';left:94.59px;top:386px;">(a)</div><div id="a11125" style="position:absolute;font-family:'Calibri';left:141.79px;top:386px;">this<div style="display:inline-block;width:6.52px"> </div>Agreement<div style="display:inline-block;width:6.64px"> </div>being<div style="display:inline-block;width:6.1px"> </div>or<div style="display:inline-block;width:6.63px"> </div>later<div style="display:inline-block;width:6.72px"> </div>becoming<div style="display:inline-block;width:6.24px"> </div>void,<div style="display:inline-block;width:6.62px"> </div>unenforceable<div style="display:inline-block;width:6.62px"> </div>or<div style="display:inline-block;width:6.47px"> </div>illegal<div style="display:inline-block;width:6.74px"> </div>as<div style="display:inline-block;width:6.39px"> </div>regards<div style="display:inline-block;width:6.97px"> </div>any<div style="display:inline-block;width:6.67px"> </div>other </div><div id="a11126" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">Borrower; </div><div id="a11128" style="position:absolute;font-family:'Calibri';left:94.59px;top:437px;">(b)</div><div id="a11130" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">any Lender,<div style="display:inline-block;width:5.41px"> </div>the Swap Bank or<div style="display:inline-block;width:4.67px"> </div>the Security Trustee<div style="display:inline-block;width:5.07px"> </div>entering into any<div style="display:inline-block;width:5.02px"> </div>rescheduling, refinancing or </div><div id="a11131" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">other arrangement of any kind with any other Borrower; </div><div id="a11133" style="position:absolute;font-family:'Calibri';left:94.59px;top:489px;">(c)</div><div id="a11135" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">any Lender,<div style="display:inline-block;width:6.05px"> </div>the Swap<div style="display:inline-block;width:4.74px"> </div>Bank or the<div style="display:inline-block;width:4.9px"> </div>Security Trustee<div style="display:inline-block;width:5.5px"> </div>releasing any<div style="display:inline-block;width:4.72px"> </div>other Borrower<div style="display:inline-block;width:4.72px"> </div>or any<div style="display:inline-block;width:4.84px"> </div>Security </div><div id="a11136" style="position:absolute;font-family:'Calibri';left:141.79px;top:507px;">Interest created by a Finance Document; or </div><div id="a11138" style="position:absolute;font-family:'Calibri';left:94.59px;top:541px;">(d)</div><div id="a11140" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">any combination of the foregoing. </div><div id="a11142" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:575px;">29.3</div><div id="a11144" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:575px;">Principal debtors </div><div id="a11146" style="position:absolute;font-family:'Calibri';left:141.79px;top:609px;">Each<div style="display:inline-block;width:5.81px"> </div>Borrower<div style="display:inline-block;width:5.73px"> </div>declares<div style="display:inline-block;width:5.47px"> </div>that<div style="display:inline-block;width:5.73px"> </div>it<div style="display:inline-block;width:5.45px"> </div>is<div style="display:inline-block;width:5.58px"> </div>and<div style="display:inline-block;width:5.32px"> </div>will,<div style="display:inline-block;width:5.43px"> </div>throughout<div style="display:inline-block;width:5.62px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Security<div style="display:inline-block;width:5.29px"> </div>Period,<div style="display:inline-block;width:5.85px"> </div>remain<div style="display:inline-block;width:5.5px"> </div>a<div style="display:inline-block;width:5.43px"> </div>principal </div><div id="a11147" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">debtor for all amounts owing under this Agreement and<div style="display:inline-block;width:1.97px"> </div>the Finance Documents and no Borrower </div><div id="a11148" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">shall in any<div style="display:inline-block;width:5.12px"> </div>circumstances be<div style="display:inline-block;width:4.79px"> </div>construed to be<div style="display:inline-block;width:5.05px"> </div>a surety<div style="display:inline-block;width:4.67px"> </div>for the obligations<div style="display:inline-block;width:5.36px"> </div>of any other<div style="display:inline-block;width:4.95px"> </div>Borrower </div><div id="a11150" style="position:absolute;font-family:'Calibri';left:141.79px;top:663px;">under this Agreement. </div><div id="a11152" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:696px;">29.4</div><div id="a11154" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:696px;">Subordination </div><div id="a11156" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">Subject to Clause </div><div id="a11157" style="position:absolute;font-family:'Calibri';left:247.23px;top:730px;"><a href="#a11193" style="color:#000000;text-decoration:none;">29.5</a></div><div id="a11158" style="position:absolute;font-family:'Calibri';left:273.35px;top:730px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a11160" style="position:absolute;font-family:'Calibri';font-style:italic;left:281.03px;top:730px;">Borrower's required action</div><div id="a11163" style="position:absolute;font-family:'Calibri';left:438.97px;top:730px;">), during the Security Period, no Borrower shall: </div><div id="a11165" style="position:absolute;font-family:'Calibri';left:94.59px;top:764px;">(a)</div><div id="a11167" style="position:absolute;font-family:'Calibri';left:141.79px;top:764px;">claim<div style="display:inline-block;width:5.65px"> </div>any<div style="display:inline-block;width:5.87px"> </div>amount<div style="display:inline-block;width:5.49px"> </div>which<div style="display:inline-block;width:5.37px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:5.58px"> </div>due<div style="display:inline-block;width:5.37px"> </div>to<div style="display:inline-block;width:5.85px"> </div>it<div style="display:inline-block;width:5.61px"> </div>from<div style="display:inline-block;width:5.65px"> </div>any<div style="display:inline-block;width:5.71px"> </div>other<div style="display:inline-block;width:5.52px"> </div>Borrower<div style="display:inline-block;width:5.89px"> </div>whether<div style="display:inline-block;width:5.38px"> </div>in<div style="display:inline-block;width:5.53px"> </div>respect<div style="display:inline-block;width:5.85px"> </div>of<div style="display:inline-block;width:5.67px"> </div>a </div><div id="a11168" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">payment made, or matter arising out of, this Agreement or any Finance Document, or any matter </div><div id="a11169" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">unconnected with this Agreement or any Finance Document; or </div><div id="a11171" style="position:absolute;font-family:'Calibri';left:94.59px;top:834px;">(b)</div><div id="a11173" style="position:absolute;font-family:'Calibri';left:141.79px;top:834px;">take or enforce any form of security from any other Borrower for such an amount, or in any other </div><div id="a11174" style="position:absolute;font-family:'Calibri';left:141.79px;top:852px;">way seek to have recourse in respect of such an amount against any<div style="display:inline-block;width:4.87px"> </div>asset of any other Borrower; </div><div id="a11175" style="position:absolute;font-family:'Calibri';left:141.79px;top:870px;">or </div><div id="a11177" style="position:absolute;font-family:'Calibri';left:94.59px;top:904px;">(c)</div><div id="a11179" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">set off such an amount against any sum due from it to any other Borrower; or </div></div>
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<div id="a11184" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">(d)</div><div id="a11186" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">prove<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:5.67px"> </div>claim<div style="display:inline-block;width:5.49px"> </div>for<div style="display:inline-block;width:5.8px"> </div>such<div style="display:inline-block;width:5.51px"> </div>an<div style="display:inline-block;width:5.38px"> </div>amount<div style="display:inline-block;width:5.81px"> </div>in<div style="display:inline-block;width:5.53px"> </div>any<div style="display:inline-block;width:5.87px"> </div>liquidation,<div style="display:inline-block;width:5.39px"> </div>administration,<div style="display:inline-block;width:6.02px"> </div>arrangement<div style="display:inline-block;width:5.82px"> </div>or<div style="display:inline-block;width:5.67px"> </div>similar </div><div id="a11187" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">procedure involving any other Borrower or other Security Party; or </div><div id="a11189" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">(e)</div><div id="a11191" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">exercise or assert any combination of the foregoing. </div><div id="a11193" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:180px;">29.5</div><div id="a11195" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:180px;">Borrower's required action </div><div id="a11199" style="position:absolute;font-family:'Calibri';left:141.79px;top:214px;">If during<div style="display:inline-block;width:5.67px"> </div>the Security<div style="display:inline-block;width:5.65px"> </div>Period,<div style="display:inline-block;width:4.73px"> </div>the Agent,<div style="display:inline-block;width:5.84px"> </div>by<div style="display:inline-block;width:4.72px"> </div>notice to<div style="display:inline-block;width:5.65px"> </div>a Borrower,<div style="display:inline-block;width:7.34px"> </div>requires<div style="display:inline-block;width:4.79px"> </div>it to<div style="display:inline-block;width:5.89px"> </div>take<div style="display:inline-block;width:5.06px"> </div>any<div style="display:inline-block;width:4.91px"> </div>action </div><div id="a11200" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">referred<div style="display:inline-block;width:7.29px"> </div>to<div style="display:inline-block;width:6.49px"> </div>in<div style="display:inline-block;width:6.49px"> </div>paragraphs </div><div id="a11201" style="position:absolute;font-family:'Calibri';left:307.91px;top:232px;"><a href="#a11165" style="color:#000000;text-decoration:none;">(a)</a></div><div id="a11202" style="position:absolute;font-family:'Calibri';left:323.75px;top:232px;"><div style="display:inline-block;width:6.56px"> </div>to </div><div id="a11204" style="position:absolute;font-family:'Calibri';left:349.35px;top:232px;"><a href="#a11184" style="color:#000000;text-decoration:none;">(d)</a></div><div id="a11205" style="position:absolute;font-family:'Calibri';left:365.83px;top:232px;"><div style="display:inline-block;width:6.56px"> </div>of<div style="display:inline-block;width:6.47px"> </div>Clause </div><div id="a11207" style="position:absolute;font-family:'Calibri';left:436.41px;top:232px;"><a href="#a11152" style="color:#000000;text-decoration:none;">29.4</a></div><div id="a11208" style="position:absolute;font-family:'Calibri';left:462.33px;top:232px;"><div style="display:inline-block;width:6.56px"> </div>(</div><div id="a11210" style="position:absolute;font-family:'Calibri';font-style:italic;left:473.37px;top:232px;">Subordination</div><div id="a11211" style="position:absolute;font-family:'Calibri';left:556.89px;top:232px;">),<div style="display:inline-block;width:6.58px"> </div>in<div style="display:inline-block;width:6.33px"> </div>relation<div style="display:inline-block;width:6.44px"> </div>to<div style="display:inline-block;width:6.65px"> </div>any<div style="display:inline-block;width:6.51px"> </div>other </div><div id="a11212" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">Borrower,<div style="display:inline-block;width:5.56px"> </div>that Borrower<div style="display:inline-block;width:5.09px"> </div>shall take<div style="display:inline-block;width:5.15px"> </div>that action<div style="display:inline-block;width:4.68px"> </div>as soon as<div style="display:inline-block;width:5.11px"> </div>practicable after<div style="display:inline-block;width:5.29px"> </div>receiving the Agent's </div><div id="a11213" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">notice. </div><div id="a11215" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:302px;">30</div><div id="a11217" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:302px;">SUPPLEMENTAL </div><div id="a11219" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:336px;">30.1</div><div id="a11221" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:336px;">Rights cumulative, non-exclusive </div><div id="a11225" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">The rights and remedies which the Finance Documents give to each Creditor Party are: </div><div id="a11227" style="position:absolute;font-family:'Calibri';left:94.59px;top:403px;">(a)</div><div id="a11229" style="position:absolute;font-family:'Calibri';left:141.79px;top:403px;">cumulative; </div><div id="a11231" style="position:absolute;font-family:'Calibri';left:94.59px;top:437px;">(b)</div><div id="a11233" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">may be exercised as often as appears expedient; and </div><div id="a11235" style="position:absolute;font-family:'Calibri';left:94.59px;top:471px;">(c)</div><div id="a11237" style="position:absolute;font-family:'Calibri';left:141.79px;top:471px;">shall not,<div style="display:inline-block;width:5.11px"> </div>unless a<div style="display:inline-block;width:4.9px"> </div>Finance Document<div style="display:inline-block;width:4.72px"> </div>explicitly and<div style="display:inline-block;width:5.13px"> </div>specifically states<div style="display:inline-block;width:5.5px"> </div>so, be<div style="display:inline-block;width:5.17px"> </div>taken<div style="display:inline-block;width:4.68px"> </div>to exclude<div style="display:inline-block;width:5.46px"> </div>or </div><div id="a11238" style="position:absolute;font-family:'Calibri';left:141.79px;top:489px;">limit any right or remedy conferred by any law. </div><div id="a11240" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:523px;">30.2</div><div id="a11242" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:523px;">Severability of provisions </div><div id="a11244" style="position:absolute;font-family:'Calibri';left:141.79px;top:557px;">If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, </div><div id="a11245" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">that shall<div style="display:inline-block;width:4.7px"> </div>not affect<div style="display:inline-block;width:5.21px"> </div>the validity,<div style="display:inline-block;width:5.68px"> </div>enforceability or<div style="display:inline-block;width:5.08px"> </div>legality of the<div style="display:inline-block;width:5.22px"> </div>other provisions of<div style="display:inline-block;width:5.23px"> </div>that Finance </div><div id="a11246" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">Document or of the provisions of any other Finance Document. </div><div id="a11249" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:627px;">30.3</div><div id="a11251" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:627px;">Counterparts </div><div id="a11253" style="position:absolute;font-family:'Calibri';left:141.79px;top:661px;">A Finance Document may be executed in any number of counterparts. </div><div id="a11255" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:695px;">30.4</div><div id="a11257" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:695px;">Third Party rights </div><div id="a11259" style="position:absolute;font-family:'Calibri';left:141.79px;top:728px;">A person who is not a<div style="display:inline-block;width:4.78px"> </div>Party has no right under the<div style="display:inline-block;width:4.81px"> </div>Contracts (Rights of Third Parties)<div style="display:inline-block;width:4.98px"> </div>Act 1999 to </div><div id="a11260" style="position:absolute;font-family:'Calibri';left:141.79px;top:746px;">enforce or to enjoy the benefit of any term of this Agreement. </div><div id="a11262" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:780px;">31</div><div id="a11264" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:780px;">BAIL-IN </div><div id="a11268" style="position:absolute;font-family:'Calibri';left:141.79px;top:814px;">Notwithstanding any other term of any Finance Document or any other agreement,<div style="display:inline-block;width:4.91px"> </div>arrangement </div><div id="a11269" style="position:absolute;font-family:'Calibri';left:141.79px;top:832px;">or<div style="display:inline-block;width:5.83px"> </div>understanding<div style="display:inline-block;width:6.01px"> </div>between<div style="display:inline-block;width:5.72px"> </div>the<div style="display:inline-block;width:5.77px"> </div>parties<div style="display:inline-block;width:5.57px"> </div>to<div style="display:inline-block;width:5.85px"> </div>a<div style="display:inline-block;width:5.75px"> </div>Finance<div style="display:inline-block;width:5.31px"> </div>Document,<div style="display:inline-block;width:5.78px"> </div>each<div style="display:inline-block;width:5.59px"> </div>Party<div style="display:inline-block;width:5.9px"> </div>acknowledges<div style="display:inline-block;width:5.67px"> </div>and </div><div id="a11270" style="position:absolute;font-family:'Calibri';left:141.79px;top:850px;">accepts<div style="display:inline-block;width:5.06px"> </div>that<div style="display:inline-block;width:5.09px"> </div>any<div style="display:inline-block;width:5.23px"> </div>liability<div style="display:inline-block;width:4.73px"> </div>of<div style="display:inline-block;width:5.03px"> </div>any<div style="display:inline-block;width:5.23px"> </div>party<div style="display:inline-block;width:4.81px"> </div>to<div style="display:inline-block;width:5.21px"> </div>a<div style="display:inline-block;width:4.95px"> </div>Finance<div style="display:inline-block;width:4.83px"> </div>Document<div style="display:inline-block;width:4.97px"> </div>under<div style="display:inline-block;width:4.82px"> </div>or<div style="display:inline-block;width:5.03px"> </div>in<div style="display:inline-block;width:5.05px"> </div>connection<div style="display:inline-block;width:4.78px"> </div>with<div style="display:inline-block;width:4.96px"> </div>the </div><div id="a11272" style="position:absolute;font-family:'Calibri';left:141.79px;top:868px;">Finance<div style="display:inline-block;width:5.15px"> </div>Documents<div style="display:inline-block;width:4.98px"> </div>may<div style="display:inline-block;width:5.52px"> </div>be<div style="display:inline-block;width:5.1px"> </div>subject<div style="display:inline-block;width:4.93px"> </div>to<div style="display:inline-block;width:5.37px"> </div>Bail-In<div style="display:inline-block;width:5.16px"> </div>Action<div style="display:inline-block;width:4.97px"> </div>by<div style="display:inline-block;width:5.2px"> </div>the<div style="display:inline-block;width:5.13px"> </div>relevant<div style="display:inline-block;width:5.66px"> </div>Resolution<div style="display:inline-block;width:5.15px"> </div>Authority<div style="display:inline-block;width:4.98px"> </div>and </div><div id="a11275" style="position:absolute;font-family:'Calibri';left:141.79px;top:886px;">acknowledges and accepts to be bound by the effect of: </div><div id="a11277" style="position:absolute;font-family:'Calibri';left:94.59px;top:920px;">(a)</div><div id="a11279" style="position:absolute;font-family:'Calibri';left:141.79px;top:920px;">any Bail-In Action in relation to any such liability, including (without limitation): </div></div>
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<div id="a11285" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(i)</div><div id="a11287" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">a<div style="display:inline-block;width:6.87px"> </div>reduction,<div style="display:inline-block;width:6.73px"> </div>in<div style="display:inline-block;width:6.81px"> </div>full<div style="display:inline-block;width:6.62px"> </div>or<div style="display:inline-block;width:6.79px"> </div>in<div style="display:inline-block;width:6.65px"> </div>part,<div style="display:inline-block;width:6.84px"> </div>in<div style="display:inline-block;width:6.65px"> </div>the<div style="display:inline-block;width:6.73px"> </div>principal<div style="display:inline-block;width:6.66px"> </div>amount,<div style="display:inline-block;width:6.61px"> </div>or<div style="display:inline-block;width:6.79px"> </div>outstanding<div style="display:inline-block;width:6.91px"> </div>amount<div style="display:inline-block;width:6.61px"> </div>due </div><div id="a11288" style="position:absolute;font-family:'Calibri';left:189.15px;top:112px;">(including any accrued but unpaid interest) in respect of any such liability; </div><div id="a11291" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">(ii)</div><div id="a11293" style="position:absolute;font-family:'Calibri';left:189.15px;top:146px;">a<div style="display:inline-block;width:6.23px"> </div>conversion<div style="display:inline-block;width:6.83px"> </div>of<div style="display:inline-block;width:6.15px"> </div>all,<div style="display:inline-block;width:6.04px"> </div>or<div style="display:inline-block;width:6.31px"> </div>part<div style="display:inline-block;width:6.03px"> </div>of,<div style="display:inline-block;width:7.06px"> </div>any<div style="display:inline-block;width:6.51px"> </div>such<div style="display:inline-block;width:6.15px"> </div>liability<div style="display:inline-block;width:6.01px"> </div>into<div style="display:inline-block;width:6.4px"> </div>shares<div style="display:inline-block;width:6.08px"> </div>or<div style="display:inline-block;width:6.31px"> </div>other<div style="display:inline-block;width:6.16px"> </div>instruments<div style="display:inline-block;width:6.21px"> </div>of </div><div id="a11294" style="position:absolute;font-family:'Calibri';left:189.15px;top:164px;">ownership that may be issued to, or conferred on, it; and </div><div id="a11296" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">(iii)</div><div id="a11298" style="position:absolute;font-family:'Calibri';left:189.15px;top:198px;">a cancellation of any such liability; and </div><div id="a11300" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">(b)</div><div id="a11302" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">a variation of any term<div style="display:inline-block;width:1.95px"> </div>of any Finance Document<div style="display:inline-block;width:1.91px"> </div>to the extent necessary to<div style="display:inline-block;width:1.86px"> </div>give effect to any Bail-</div><div id="a11304" style="position:absolute;font-family:'Calibri';left:141.79px;top:250px;">In Action in relation to any such liability. </div><div id="a11307" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:284px;">32</div><div id="a11309" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:284px;">LAW AND JURISDICTION<div style="display:inline-block;width:3.29px"> </div></div><div id="a11311" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:318px;">32.1</div><div id="a11313" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:318px;">English law </div><div id="a11315" style="position:absolute;font-family:'Calibri';left:141.79px;top:352px;">This Agreement and any non-contractual obligations arising<div style="display:inline-block;width:1.48px"> </div>out of or in<div style="display:inline-block;width:1.81px"> </div>connection with it shall<div style="display:inline-block;width:1.8px"> </div>be </div><div id="a11318" style="position:absolute;font-family:'Calibri';left:141.79px;top:370px;">governed by, and construed in accordance with, English law. </div><div id="a11320" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:403px;">32.2</div><div id="a11322" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:403px;">Exclusive English jurisdiction </div><div id="a11324" style="position:absolute;font-family:'Calibri';left:141.79px;top:437px;">Subject to Clause </div><div id="a11325" style="position:absolute;font-family:'Calibri';left:248.03px;top:437px;"><a href="#a11332" style="color:#000000;text-decoration:none;">32.3</a></div><div id="a11326" style="position:absolute;font-family:'Calibri';left:274.15px;top:437px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a11328" style="position:absolute;font-family:'Calibri';font-style:italic;left:282.15px;top:437px;">Choice of forum for the exclusive<div style="display:inline-block;width:4.69px"> </div>benefit of Creditor Parties</div><div id="a11329" style="position:absolute;font-family:'Calibri';left:633.57px;top:437px;">), the courts of </div><div id="a11330" style="position:absolute;font-family:'Calibri';left:141.79px;top:455px;">England shall have exclusive jurisdiction to settle any Dispute. </div><div id="a11332" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:489px;">32.3</div><div id="a11334" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:489px;">Choice of forum for the exclusive benefit of Creditor Parties </div><div id="a11336" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">Clause </div><div id="a11337" style="position:absolute;font-family:'Calibri';left:184.19px;top:523px;"><a href="#a11320" style="color:#000000;text-decoration:none;">32.2</a></div><div id="a11338" style="position:absolute;font-family:'Calibri';left:210.27px;top:523px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a11340" style="position:absolute;font-family:'Calibri';font-style:italic;left:218.11px;top:523px;">Exclusive English jurisdiction</div><div id="a11341" style="position:absolute;font-family:'Calibri';left:385.83px;top:523px;">) is for the exclusive benefit of the Creditor<div style="display:inline-block;width:4.79px"> </div>Parties, each </div><div id="a11342" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">of which reserves the rights: </div><div id="a11344" style="position:absolute;font-family:'Calibri';left:94.59px;top:575px;">(a)</div><div id="a11346" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">to<div style="display:inline-block;width:5.69px"> </div>commence<div style="display:inline-block;width:5.53px"> </div>proceedings<div style="display:inline-block;width:5.44px"> </div>in<div style="display:inline-block;width:5.53px"> </div>relation<div style="display:inline-block;width:5.64px"> </div>to<div style="display:inline-block;width:5.69px"> </div>any<div style="display:inline-block;width:5.71px"> </div>Dispute<div style="display:inline-block;width:5.6px"> </div>in<div style="display:inline-block;width:5.53px"> </div>the<div style="display:inline-block;width:5.45px"> </div>courts<div style="display:inline-block;width:5.46px"> </div>of<div style="display:inline-block;width:5.51px"> </div>any<div style="display:inline-block;width:5.71px"> </div>country<div style="display:inline-block;width:5.37px"> </div>other<div style="display:inline-block;width:5.52px"> </div>than </div><div id="a11347" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">England and which have or claim jurisdiction to that Dispute; and </div><div id="a11349" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">(b)</div><div id="a11351" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">to commence<div style="display:inline-block;width:4.69px"> </div>such proceedings in<div style="display:inline-block;width:4.87px"> </div>the courts of<div style="display:inline-block;width:5.12px"> </div>any such country<div style="display:inline-block;width:5.13px"> </div>or countries concurrently<div style="display:inline-block;width:5.21px"> </div>with </div><div id="a11352" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">or in addition to proceedings in England or without commencing proceedings in England. </div><div id="a11354" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">No Borrower shall commence<div style="display:inline-block;width:4.72px"> </div>any proceedings in any<div style="display:inline-block;width:5.04px"> </div>country other than England in<div style="display:inline-block;width:4.71px"> </div>relation to a </div><div id="a11355" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">Dispute. </div><div id="a11357" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:730px;">32.4</div><div id="a11359" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:730px;">Process agent </div><div id="a11361" style="position:absolute;font-family:'Calibri';left:141.79px;top:764px;">Each Borrower irrevocably appoints Hill Dickinson Services (London) Ltd at its registered office for </div><div id="a11364" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">the time being at The Broadgate<div style="display:inline-block;width:5.29px"> </div>Tower,<div style="display:inline-block;width:6.13px"> </div>20 Primrose Street, London EC2A 2EW,<div style="display:inline-block;width:6.11px"> </div>United Kingdom, </div><div id="a11368" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">to act<div style="display:inline-block;width:4.8px"> </div>as its agent<div style="display:inline-block;width:5.4px"> </div>to receive<div style="display:inline-block;width:4.95px"> </div>and accept on<div style="display:inline-block;width:5.03px"> </div>its behalf any<div style="display:inline-block;width:5.35px"> </div>process or other<div style="display:inline-block;width:5.31px"> </div>document relating to </div><div id="a11370" style="position:absolute;font-family:'Calibri';left:141.79px;top:818px;">any proceedings in the English courts which are connected with a Dispute. </div><div id="a11372" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:852px;">32.5</div><div id="a11374" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:852px;">Creditor Party rights unaffected </div><div id="a11376" style="position:absolute;font-family:'Calibri';left:141.79px;top:886px;">Nothing in this Clause </div><div id="a11377" style="position:absolute;font-family:'Calibri';left:275.11px;top:886px;"><a href="#a11307" style="color:#000000;text-decoration:none;">32</a></div><div id="a11378" style="position:absolute;font-family:'Calibri';left:289.99px;top:886px;"><div style="display:inline-block;width:3.52px"> </div>(</div><div id="a11380" style="position:absolute;font-family:'Calibri';font-style:italic;left:297.99px;top:886px;">Law and Jurisdiction</div><div id="a11381" style="position:absolute;font-family:'Calibri';left:418.31px;top:886px;">) shall exclude or limit any right which any Creditor </div><div id="a11382" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">Party may have (whether under the law of any country, an international convention or otherwise) </div><div id="a11383" style="position:absolute;font-family:'Calibri';left:141.79px;top:922px;">with regard to the bringing of proceedings,<div style="display:inline-block;width:1.75px"> </div>the service of process,<div style="display:inline-block;width:1.92px"> </div>the recognition or enforcement </div><div id="a11384" style="position:absolute;font-family:'Calibri';left:141.79px;top:940px;">of a judgment or any similar or related matter in any jurisdiction. </div></div>
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<div id="a11389" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">32.6</div><div id="a11391" style="position:absolute;font-family:'Calibri';font-weight:bold;left:141.79px;top:94px;">Meaning of "proceedings" and "Dispute" </div><div id="a11393" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">In this Clause </div><div id="a11394" style="position:absolute;font-family:'Calibri';left:225.95px;top:128px;"><a href="#a11307" style="color:#000000;text-decoration:none;">32</a></div><div id="a11395" style="position:absolute;font-family:'Calibri';left:240.83px;top:128px;"><div style="display:inline-block;width:4px"> </div>(</div><div id="a11397" style="position:absolute;font-family:'Calibri';font-style:italic;left:249.31px;top:128px;">Law and Jurisdiction</div><div id="a11398" style="position:absolute;font-family:'Calibri';left:370.79px;top:128px;">), "</div><div id="a11399" style="position:absolute;font-family:'Calibri';font-weight:bold;left:388.87px;top:128px;">proceedings</div><div id="a11400" style="position:absolute;font-family:'Calibri';left:462.81px;top:128px;">" means proceedings<div style="display:inline-block;width:5.26px"> </div>of any<div style="display:inline-block;width:4.84px"> </div>kind, including </div><div id="a11401" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">an application for a<div style="display:inline-block;width:4.85px"> </div>provisional or protective measure and<div style="display:inline-block;width:4.81px"> </div>a "</div><div id="a11402" style="position:absolute;font-family:'Calibri';font-weight:bold;left:509.85px;top:146px;">Dispute</div><div id="a11403" style="position:absolute;font-family:'Calibri';left:556.73px;top:146px;">" means any dispute arising </div><div id="a11404" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">out of or in connection with this Agreement (including a dispute relating to the existence, validity </div><div id="a11405" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">or termination of<div style="display:inline-block;width:1.7px"> </div>this Agreement) or<div style="display:inline-block;width:1.78px"> </div>any non-contractual obligation arising<div style="display:inline-block;width:1.61px"> </div>out of or<div style="display:inline-block;width:1.69px"> </div>in connection </div><div id="a11408" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">with this Agreement. </div><div id="a11410" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:234px;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div></div>
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<div id="a11418" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a11419" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>1 </div><div id="a11423" style="position:absolute;font-family:'Calibri';font-weight:bold;left:314.31px;top:130px;">LENDERS AND COMMITMENTS<div style="display:inline-block;width:2.97px"> </div></div><div id="a11425" style="position:absolute;font-family:'Calibri';font-weight:bold;left:101.79px;top:164px;">Lender </div><div id="a11427" style="position:absolute;font-family:'Calibri';font-weight:bold;left:353.51px;top:164px;">Facility Office </div><div id="a11431" style="position:absolute;font-family:'Calibri';font-weight:bold;left:557.53px;top:164px;">Commitment </div><div id="a11433" style="position:absolute;font-family:'Calibri';font-weight:bold;left:557.53px;top:182px;">(US Dollars) </div><div id="a11435" style="position:absolute;font-family:'Calibri';left:101.79px;top:216px;">Nordea Bank Abp, filial i Norge </div><div id="a11437" style="position:absolute;font-family:'Calibri';left:353.51px;top:216px;">Essendrops gate 7, Postboks </div><div id="a11438" style="position:absolute;font-family:'Calibri';left:353.51px;top:234px;">1166, Sentrum, 0107 Oslo </div><div id="a11442" style="position:absolute;font-family:'Calibri';left:353.51px;top:252px;">920058817 MVA </div><div id="a11444" style="position:absolute;font-family:'Calibri';left:353.51px;top:270px;">Norway </div><div id="a11446" style="position:absolute;font-family:'Calibri';left:557.53px;top:216px;">$167,263,025 </div><div id="a11450" style="position:absolute;font-family:'Calibri';left:94.59px;top:338px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a11454" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a11455" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>2 </div><div id="a11459" style="position:absolute;font-family:'Calibri';font-weight:bold;left:342.63px;top:130px;">DRAWDOWN NOTICE </div><div id="a11461" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">To:<div style="display:inline-block;width:30.43px"> </div>Nordea Bank Abp, filial i Norge </div><div id="a11465" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">Essendrops gate 7, Postboks<div style="display:inline-block;width:4.25px"> </div></div><div id="a11467" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">1166, Sentrum, 0107 Oslo<div style="display:inline-block;width:2.87px"> </div></div><div id="a11472" style="position:absolute;font-family:'Calibri';left:141.79px;top:218px;">920058817 MVA,<div style="display:inline-block;width:3.85px"> </div>Norway </div><div id="a11475" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;">Attention:<div style="display:inline-block;width:35.69px"> </div>[Loans Administration]<div style="display:inline-block;width:296.65px"> </div>[</div><div id="a11486" style="position:absolute;font-family:'Arial';left:627.17px;top:252px;">●</div><div id="a11487" style="position:absolute;font-family:'Calibri';left:635.33px;top:252px;">] 202[</div><div id="a11491" style="position:absolute;font-family:'Arial';left:670.05px;top:252px;">●</div><div id="a11492" style="position:absolute;font-family:'Calibri';left:678.21px;top:252px;">] </div><div id="a11494" style="position:absolute;font-family:'Calibri';font-weight:bold;left:342.63px;top:286px;">DRAWDOWN NOTICE</div><div id="a11496" style="position:absolute;font-family:'Calibri';left:94.59px;top:320px;">1</div><div id="a11498" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">We<div style="display:inline-block;width:6.2px"> </div>refer<div style="display:inline-block;width:6.17px"> </div>to<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.45px"> </div>loan<div style="display:inline-block;width:5.59px"> </div>agreement<div style="display:inline-block;width:5.54px"> </div>(the<div style="display:inline-block;width:5.47px"> </div>"</div><div id="a11499" style="position:absolute;font-family:'Calibri';font-weight:bold;left:384.55px;top:320px;">Loan<div style="display:inline-block;width:5.42px"> </div>Agreement</div><div id="a11500" style="position:absolute;font-family:'Calibri';left:487.29px;top:320px;">")<div style="display:inline-block;width:5.64px"> </div>dated<div style="display:inline-block;width:5.84px"> </div>[</div><div id="a11502" style="position:absolute;font-family:'Arial';left:548.09px;top:320px;">●</div><div id="a11503" style="position:absolute;font-family:'Calibri';left:556.25px;top:320px;">]<div style="display:inline-block;width:5.41px"> </div>2024<div style="display:inline-block;width:5.68px"> </div>and<div style="display:inline-block;width:5.32px"> </div>made<div style="display:inline-block;width:5.65px"> </div>between </div><div id="a11506" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">ourselves, as joint<div style="display:inline-block;width:1.25px"> </div>and several<div style="display:inline-block;width:1.82px"> </div>Borrowers, the Lenders<div style="display:inline-block;width:1.37px"> </div>referred to therein,<div style="display:inline-block;width:1.69px"> </div>and yourselves<div style="display:inline-block;width:1.96px"> </div>as Agent, </div><div id="a11507" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">as Security Trustee,<div style="display:inline-block;width:6.18px"> </div>as Bookrunner and as<div style="display:inline-block;width:5.11px"> </div>Lead Arranger and<div style="display:inline-block;width:5.2px"> </div>as Swap Bank<div style="display:inline-block;width:5.19px"> </div>in connection with<div style="display:inline-block;width:4.82px"> </div>a </div><div id="a11508" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">facility of up to $167,263,025. Terms defined in the Loan Agreement have their defined meanings </div><div id="a11511" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">when used in this Drawdown Notice. </div><div id="a11513" style="position:absolute;font-family:'Calibri';left:94.59px;top:417px;">2</div><div id="a11515" style="position:absolute;font-family:'Calibri';left:141.79px;top:417px;">We request to borrow the Loan as follows: </div><div id="a11521" style="position:absolute;font-family:'Calibri';left:94.59px;top:451px;">(a)</div><div id="a11523" style="position:absolute;font-family:'Calibri';left:141.79px;top:451px;">Amount: US$[167,263,025]; </div><div id="a11529" style="position:absolute;font-family:'Calibri';left:94.59px;top:485px;">(b)</div><div id="a11531" style="position:absolute;font-family:'Calibri';left:141.79px;top:485px;">Drawdown Date: [</div><div id="a11533" style="position:absolute;font-family:'Arial';left:250.59px;top:485px;">●</div><div id="a11534" style="position:absolute;font-family:'Calibri';left:258.79px;top:485px;">] 2024; </div><div id="a11540" style="position:absolute;font-family:'Calibri';left:94.59px;top:519px;">(c)</div><div id="a11542" style="position:absolute;font-family:'Calibri';left:141.79px;top:519px;">[Duration of the first Interest Period shall be [one][three] Months;] and </div><div id="a11544" style="position:absolute;font-family:'Calibri';left:94.59px;top:553px;">(d)</div><div id="a11546" style="position:absolute;font-family:'Calibri';left:141.79px;top:553px;">Payment instructions:<div style="display:inline-block;width:7.2px"> </div>account in our name and numbered [</div><div id="a11548" style="position:absolute;font-family:'Arial';left:500.73px;top:553px;">●</div><div id="a11549" style="position:absolute;font-family:'Calibri';left:508.89px;top:553px;">] with [</div><div id="a11553" style="position:absolute;font-family:'Arial';left:550.97px;top:553px;">●</div><div id="a11554" style="position:absolute;font-family:'Calibri';left:559.13px;top:553px;">] of [</div><div id="a11558" style="position:absolute;font-family:'Arial';left:586.97px;top:553px;">●</div><div id="a11559" style="position:absolute;font-family:'Calibri';left:595.13px;top:553px;">]. </div><div id="a11562" style="position:absolute;font-family:'Calibri';left:94.59px;top:587px;">3</div><div id="a11564" style="position:absolute;font-family:'Calibri';left:141.79px;top:587px;">We represent and warrant that: </div><div id="a11566" style="position:absolute;font-family:'Calibri';left:94.59px;top:621px;">(a)</div><div id="a11568" style="position:absolute;font-family:'Calibri';left:141.79px;top:621px;">the<div style="display:inline-block;width:5.13px"> </div>representations<div style="display:inline-block;width:5.52px"> </div>and<div style="display:inline-block;width:4.84px"> </div>warranties<div style="display:inline-block;width:5.55px"> </div>in<div style="display:inline-block;width:4.93px"> </div>clause </div><div id="a11571" style="position:absolute;font-family:'Calibri';left:421.19px;top:621px;"><a href="#a5174" style="color:#000000;text-decoration:none;">10</a></div><div id="a11572" style="position:absolute;font-family:'Calibri';left:436.09px;top:621px;"><div style="display:inline-block;width:5.12px"> </div>(</div><div id="a11574" style="position:absolute;font-family:'Calibri';font-style:italic;left:445.69px;top:621px;">Representations<div style="display:inline-block;width:5.39px"> </div>and<div style="display:inline-block;width:4.81px"> </div>Warranties</div><div id="a11575" style="position:absolute;font-family:'Calibri';left:641.41px;top:621px;">)<div style="display:inline-block;width:4.98px"> </div>of<div style="display:inline-block;width:5.03px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Loan </div><div id="a11576" style="position:absolute;font-family:'Calibri';left:141.79px;top:639px;">Agreement<div style="display:inline-block;width:5.52px"> </div>would<div style="display:inline-block;width:5.25px"> </div>remain<div style="display:inline-block;width:5.34px"> </div>true<div style="display:inline-block;width:5.28px"> </div>and<div style="display:inline-block;width:5.16px"> </div>not<div style="display:inline-block;width:5.33px"> </div>misleading<div style="display:inline-block;width:5.02px"> </div>if<div style="display:inline-block;width:5.25px"> </div>repeated<div style="display:inline-block;width:5.62px"> </div>on<div style="display:inline-block;width:5.3px"> </div>the<div style="display:inline-block;width:5.29px"> </div>date<div style="display:inline-block;width:5.42px"> </div>of<div style="display:inline-block;width:5.19px"> </div>this<div style="display:inline-block;width:5.24px"> </div>notice<div style="display:inline-block;width:5.21px"> </div>with </div><div id="a11577" style="position:absolute;font-family:'Calibri';left:141.79px;top:656px;">reference to the circumstances now existing; and </div><div id="a11579" style="position:absolute;font-family:'Calibri';left:94.59px;top:690px;">(b)</div><div id="a11581" style="position:absolute;font-family:'Calibri';left:141.79px;top:690px;">no Event of Default or Potential Event of Default has occurred or will result from the borrowing of </div><div id="a11582" style="position:absolute;font-family:'Calibri';left:141.79px;top:708px;">the Loan. </div><div id="a11585" style="position:absolute;font-family:'Calibri';left:94.59px;top:742px;">4</div><div id="a11587" style="position:absolute;font-family:'Calibri';left:141.79px;top:742px;">This notice cannot be revoked without the prior consent of the Majority Lenders. </div><div id="a11589" style="position:absolute;font-family:'Calibri';left:305.83px;top:776px;">____________________________ </div><div id="a11591" style="position:absolute;font-family:'Calibri';left:348.23px;top:794px;">[Name of Signatory] </div><div id="a11594" style="position:absolute;font-family:'Calibri';left:384.23px;top:812px;">[officer] </div><div id="a11596" style="position:absolute;font-family:'Calibri';left:348.87px;top:830px;">for and on behalf of </div><div id="a11598" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.55px;top:848px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:3.62px"> </div></div><div id="a11600" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.63px;top:866px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a11602" style="position:absolute;font-family:'Calibri';font-weight:bold;left:303.11px;top:883px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.78px"> </div></div><div id="a11604" style="position:absolute;font-family:'Calibri';font-weight:bold;left:300.55px;top:901px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a11606" style="position:absolute;font-family:'Calibri';font-weight:bold;left:312.23px;top:919px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:3.56px"> </div></div><div id="a11608" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.79px;top:937px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:3.71px"> </div></div></div>
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<div id="a11612" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.39px;top:94px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.15px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a11614" style="position:absolute;font-family:'Calibri';font-weight:bold;left:313.67px;top:112px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.75px"> </div></div><div id="a11616" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.55px;top:130px;">GUAM SHIPPING COMPANY INC. </div><div id="a11618" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.23px;top:148px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC. </div></div>
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<div id="a11622" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a11623" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>3 </div><div id="a11627" style="position:absolute;font-family:'Calibri';font-weight:bold;left:293.19px;top:130px;">CONDITION PRECEDENT DOCUMENTS<div style="display:inline-block;width:2.81px"> </div></div><div id="a11629" style="position:absolute;font-family:'Calibri';font-weight:bold;left:385.83px;top:164px;">PART A </div><div id="a11633" style="position:absolute;font-family:'Calibri';left:94.59px;top:198px;">The following are the documents referred to in Clause </div><div id="a11634" style="position:absolute;font-family:'Calibri';left:419.91px;top:198px;"><a href="#a5030" style="color:#000000;text-decoration:none;">9.1(a)</a></div><div id="a11635" style="position:absolute;font-family:'Calibri';left:454.49px;top:198px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a11637" style="position:absolute;font-family:'Calibri';font-style:italic;left:462.17px;top:198px;">Documents, fees and no default</div><div id="a11638" style="position:absolute;font-family:'Calibri';left:650.37px;top:198px;">). </div><div id="a11640" style="position:absolute;font-family:'Calibri';left:94.59px;top:232px;">1</div><div id="a11642" style="position:absolute;font-family:'Calibri';left:141.79px;top:232px;">A duly executed original of: </div><div id="a11645" style="position:absolute;font-family:'Calibri';left:94.59px;top:266px;">(a)</div><div id="a11647" style="position:absolute;font-family:'Calibri';left:141.79px;top:266px;">this Agreement; </div><div id="a11649" style="position:absolute;font-family:'Calibri';left:94.59px;top:300px;">(b)</div><div id="a11651" style="position:absolute;font-family:'Calibri';left:141.79px;top:300px;">the Corporate Guarantee; </div><div id="a11653" style="position:absolute;font-family:'Calibri';left:94.59px;top:334px;">(c)</div><div id="a11655" style="position:absolute;font-family:'Calibri';left:141.79px;top:334px;">the Agency and Trust Deed; </div><div id="a11657" style="position:absolute;font-family:'Calibri';left:94.59px;top:368px;">(d)</div><div id="a11659" style="position:absolute;font-family:'Calibri';left:141.79px;top:368px;">the Master Agreement; and </div><div id="a11661" style="position:absolute;font-family:'Calibri';left:94.59px;top:402px;">(e)</div><div id="a11663" style="position:absolute;font-family:'Calibri';left:141.79px;top:402px;">any Master Agreement Assignment.<div style="display:inline-block;width:3.57px"> </div></div><div id="a11665" style="position:absolute;font-family:'Calibri';left:94.59px;top:435px;">2</div><div id="a11667" style="position:absolute;font-family:'Calibri';left:141.79px;top:435px;">Copies of the constitutional<div style="display:inline-block;width:1.97px"> </div>documents of each Borrower, the Corporate Guarantor and any other </div><div id="a11668" style="position:absolute;font-family:'Calibri';left:141.79px;top:453px;">Security Party. </div><div id="a11670" style="position:absolute;font-family:'Calibri';left:94.59px;top:487px;">3</div><div id="a11672" style="position:absolute;font-family:'Calibri';left:141.79px;top:487px;">Copies of resolutions of the shareholders and directors<div style="display:inline-block;width:4.92px"> </div>of each Borrower and each Security Party </div><div id="a11673" style="position:absolute;font-family:'Calibri';left:141.79px;top:505px;">(other than the<div style="display:inline-block;width:1.52px"> </div>Corporate Guarantor) authorising the<div style="display:inline-block;width:1.54px"> </div>execution of each of<div style="display:inline-block;width:1.56px"> </div>the Finance<div style="display:inline-block;width:1.84px"> </div>Documents </div><div id="a11674" style="position:absolute;font-family:'Calibri';left:141.79px;top:523px;">to which that Borrower or that Security<div style="display:inline-block;width:1.96px"> </div>Party is a party and, in the<div style="display:inline-block;width:1.97px"> </div>case of a Borrower, authorising </div><div id="a11676" style="position:absolute;font-family:'Calibri';left:141.79px;top:541px;">named officers to give the Drawdown Notice. </div><div id="a11678" style="position:absolute;font-family:'Calibri';left:94.59px;top:575px;">4</div><div id="a11680" style="position:absolute;font-family:'Calibri';left:141.79px;top:575px;">Copies<div style="display:inline-block;width:5.32px"> </div>of<div style="display:inline-block;width:5.51px"> </div>resolutions<div style="display:inline-block;width:5.38px"> </div>of<div style="display:inline-block;width:5.51px"> </div>the<div style="display:inline-block;width:5.33px"> </div>executive<div style="display:inline-block;width:6.21px"> </div>committee<div style="display:inline-block;width:5.68px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Corporate<div style="display:inline-block;width:6px"> </div>Guarantor<div style="display:inline-block;width:5.69px"> </div>authorising<div style="display:inline-block;width:5.28px"> </div>the </div><div id="a11686" style="position:absolute;font-family:'Calibri';left:141.79px;top:593px;">execution of each of the Finance Documents to which it is a party. </div><div id="a11689" style="position:absolute;font-family:'Calibri';left:94.59px;top:627px;">5</div><div id="a11691" style="position:absolute;font-family:'Calibri';left:141.79px;top:627px;">The original of any<div style="display:inline-block;width:1.93px"> </div>power of attorney under which<div style="display:inline-block;width:1.79px"> </div>any Finance Document is<div style="display:inline-block;width:1.83px"> </div>executed on behalf of </div><div id="a11692" style="position:absolute;font-family:'Calibri';left:141.79px;top:645px;">a Borrower,<div style="display:inline-block;width:4.91px"> </div>the Corporate Guarantor or any other Security Party. </div><div id="a11694" style="position:absolute;font-family:'Calibri';left:94.59px;top:679px;">6</div><div id="a11696" style="position:absolute;font-family:'Calibri';left:141.79px;top:679px;">Copies of all<div style="display:inline-block;width:1.56px"> </div>consents which any Borrower, the Corporate Guarantor<div style="display:inline-block;width:1.93px"> </div>or any Security<div style="display:inline-block;width:1.69px"> </div>Party requires </div><div id="a11697" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">to enter into, or make any payment<div style="display:inline-block;width:4.75px"> </div>under, any Finance Document. </div><div id="a11699" style="position:absolute;font-family:'Calibri';left:94.59px;top:730px;">7</div><div id="a11701" style="position:absolute;font-family:'Calibri';left:141.79px;top:730px;">The originals<div style="display:inline-block;width:5.86px"> </div>of<div style="display:inline-block;width:4.71px"> </div>any<div style="display:inline-block;width:4.75px"> </div>mandates<div style="display:inline-block;width:4.79px"> </div>or other<div style="display:inline-block;width:5.94px"> </div>documents required<div style="display:inline-block;width:6.11px"> </div>in connection<div style="display:inline-block;width:5.75px"> </div>with the<div style="display:inline-block;width:5.96px"> </div>opening or </div><div id="a11702" style="position:absolute;font-family:'Calibri';left:141.79px;top:748px;">operation of the Earnings Accounts. </div><div id="a11704" style="position:absolute;font-family:'Calibri';left:94.59px;top:782px;">8</div><div id="a11706" style="position:absolute;font-family:'Calibri';left:141.79px;top:782px;">Such<div style="display:inline-block;width:4.82px"> </div>documents<div style="display:inline-block;width:5.02px"> </div>as<div style="display:inline-block;width:4.95px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Agent<div style="display:inline-block;width:5.14px"> </div>may<div style="display:inline-block;width:5.2px"> </div>require<div style="display:inline-block;width:5.27px"> </div>for<div style="display:inline-block;width:5.16px"> </div>its<div style="display:inline-block;width:4.81px"> </div>"Know<div style="display:inline-block;width:5.2px"> </div>your<div style="display:inline-block;width:5.04px"> </div>customer"<div style="display:inline-block;width:4.99px"> </div>and<div style="display:inline-block;width:4.84px"> </div>other<div style="display:inline-block;width:5.04px"> </div>customary </div><div id="a11707" style="position:absolute;font-family:'Calibri';left:141.79px;top:800px;">money laundering and sanctions and counter-terrorist financing checks. </div><div id="a11711" style="position:absolute;font-family:'Calibri';left:94.59px;top:834px;">9</div><div id="a11713" style="position:absolute;font-family:'Calibri';left:141.79px;top:834px;">Documentary evidence that the agent for service<div style="display:inline-block;width:1.84px"> </div>of process named in Clause </div><div id="a11714" style="position:absolute;font-family:'Calibri';left:600.29px;top:834px;"><a href="#a11357" style="color:#000000;text-decoration:none;">32.4</a></div><div id="a11715" style="position:absolute;font-family:'Calibri';left:626.37px;top:834px;"><div style="display:inline-block;width:3.2px"> </div>(</div><div id="a11717" style="position:absolute;font-family:'Calibri';font-style:italic;left:634.05px;top:834px;">Process Agent)</div><div id="a11719" style="position:absolute;font-family:'Calibri';left:141.79px;top:852px;">has accepted its appointment. </div><div id="a11721" style="position:absolute;font-family:'Calibri';left:94.59px;top:886px;">10</div><div id="a11723" style="position:absolute;font-family:'Calibri';left:141.79px;top:886px;">Favourable<div style="display:inline-block;width:5.06px"> </div>legal opinions<div style="display:inline-block;width:5.01px"> </div>from lawyers<div style="display:inline-block;width:5.26px"> </div>appointed by<div style="display:inline-block;width:4.94px"> </div>the Agent<div style="display:inline-block;width:5.09px"> </div>on such<div style="display:inline-block;width:4.77px"> </div>matters<div style="display:inline-block;width:4.75px"> </div>concerning the </div><div id="a11725" style="position:absolute;font-family:'Calibri';left:141.79px;top:904px;">laws of Marshall Islands and such other relevant jurisdictions as the Agent may require. </div></div>
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<div id="a11729" style="position:absolute;font-family:'Calibri';left:94.59px;top:94px;">11</div><div id="a11731" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">If the Agent so requires,<div style="display:inline-block;width:5px"> </div>in respect of any of<div style="display:inline-block;width:4.86px"> </div>the documents referred to<div style="display:inline-block;width:4.99px"> </div>above, a certified English </div><div id="a11732" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">translation prepared by a translator approved by the Agent. </div><div id="a11734" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div style="padding: 7px">
<div id="Page105" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a11738" style="position:absolute;font-family:'Calibri';font-weight:bold;left:386.15px;top:94px;">PART B </div><div id="a11742" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">The following<div style="display:inline-block;width:5.07px"> </div>are the<div style="display:inline-block;width:4.89px"> </div>documents referred<div style="display:inline-block;width:5.46px"> </div>to in<div style="display:inline-block;width:5.01px"> </div>Clause </div><div id="a11743" style="position:absolute;font-family:'Calibri';left:427.13px;top:128px;"><a href="#a5057" style="color:#000000;text-decoration:none;">9.1(b)</a></div><div id="a11744" style="position:absolute;font-family:'Calibri';left:462.17px;top:128px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a11746" style="position:absolute;font-family:'Calibri';font-style:italic;left:470.81px;top:128px;">Documents, fees<div style="display:inline-block;width:4.77px"> </div>and no<div style="display:inline-block;width:4.76px"> </div>default</div><div id="a11747" style="position:absolute;font-family:'Calibri';left:662.05px;top:128px;">) required </div><div id="a11748" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">before the Drawdown Date.<div style="display:inline-block;width:4.24px"> </div></div><div id="a11752" style="position:absolute;font-family:'Calibri';left:94.59px;top:180px;">1</div><div id="a11754" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">A<div style="display:inline-block;width:6.52px"> </div>duly<div style="display:inline-block;width:6.49px"> </div>executed<div style="display:inline-block;width:7.24px"> </div>original<div style="display:inline-block;width:6.3px"> </div>of<div style="display:inline-block;width:6.67px"> </div>each<div style="display:inline-block;width:6.39px"> </div>Mortgage<div style="display:inline-block;width:6.87px"> </div>and<div style="display:inline-block;width:6.47px"> </div>each<div style="display:inline-block;width:6.39px"> </div>General<div style="display:inline-block;width:6.83px"> </div>Assignment,<div style="display:inline-block;width:6.52px"> </div>any<div style="display:inline-block;width:6.67px"> </div>Charterparty </div><div id="a11768" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">Assignment, each Shares<div style="display:inline-block;width:4.73px"> </div>Pledge and the<div style="display:inline-block;width:4.75px"> </div>Account Pledge in<div style="display:inline-block;width:4.71px"> </div>respect of the<div style="display:inline-block;width:4.87px"> </div>Earnings Account<div style="display:inline-block;width:4.67px"> </div>held </div><div id="a11772" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">by<div style="display:inline-block;width:5.84px"> </div>each<div style="display:inline-block;width:5.75px"> </div>Borrower<div style="display:inline-block;width:5.89px"> </div>and<div style="display:inline-block;width:5.64px"> </div>any<div style="display:inline-block;width:6.03px"> </div>other<div style="display:inline-block;width:5.68px"> </div>Finance<div style="display:inline-block;width:5.47px"> </div>Document<div style="display:inline-block;width:5.61px"> </div>not<div style="display:inline-block;width:5.81px"> </div>delivered<div style="display:inline-block;width:5.8px"> </div>pursuant<div style="display:inline-block;width:5.94px"> </div>to<div style="display:inline-block;width:5.85px"> </div>Part<div style="display:inline-block;width:6px"> </div>A<div style="display:inline-block;width:5.56px"> </div>of<div style="display:inline-block;width:5.83px"> </div>this </div><div id="a11776" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">Schedule 3 (</div><div id="a11779" style="position:absolute;font-family:'Calibri';font-style:italic;left:214.43px;top:234px;">Condition precedent documents</div><div id="a11780" style="position:absolute;font-family:'Calibri';left:403.27px;top:234px;">). </div><div id="a11783" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">2</div><div id="a11785" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">Documentary evidence that: </div><div id="a11787" style="position:absolute;font-family:'Calibri';left:94.59px;top:302px;">(a)</div><div id="a11789" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">each Ship is definitively<div style="display:inline-block;width:5.01px"> </div>and permanently registered<div style="display:inline-block;width:4.99px"> </div>in the name of<div style="display:inline-block;width:4.79px"> </div>the relevant Borrower<div style="display:inline-block;width:5.45px"> </div>under </div><div id="a11792" style="position:absolute;font-family:'Calibri';left:141.79px;top:320px;">an Approved Flag; </div><div id="a11794" style="position:absolute;font-family:'Calibri';left:94.59px;top:354px;">(b)</div><div id="a11796" style="position:absolute;font-family:'Calibri';left:141.79px;top:354px;">each<div style="display:inline-block;width:5.75px"> </div>Ship<div style="display:inline-block;width:5.59px"> </div>is<div style="display:inline-block;width:5.74px"> </div>in<div style="display:inline-block;width:5.69px"> </div>the<div style="display:inline-block;width:5.77px"> </div>absolute<div style="display:inline-block;width:5.84px"> </div>and<div style="display:inline-block;width:5.64px"> </div>unencumbered<div style="display:inline-block;width:5.5px"> </div>ownership<div style="display:inline-block;width:5.87px"> </div>of<div style="display:inline-block;width:5.83px"> </div>the<div style="display:inline-block;width:5.61px"> </div>relevant<div style="display:inline-block;width:6.3px"> </div>Borrower<div style="display:inline-block;width:5.89px"> </div>save<div style="display:inline-block;width:6.09px"> </div>as </div><div id="a11797" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">contemplated by the Finance Documents; </div><div id="a11799" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(c)</div><div id="a11801" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">each Ship maintains the class specified in Clause </div><div id="a11802" style="position:absolute;font-family:'Calibri';left:431.93px;top:405px;"><a href="#a6719" style="color:#000000;text-decoration:none;">14.3(b)</a></div><div id="a11803" style="position:absolute;font-family:'Calibri';left:474.49px;top:405px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a11805" style="position:absolute;font-family:'Calibri';font-style:italic;left:482.33px;top:405px;">Repair and classification</div><div id="a11806" style="position:absolute;font-family:'Calibri';left:626.53px;top:405px;">); </div><div id="a11808" style="position:absolute;font-family:'Calibri';left:94.59px;top:439px;">(d)</div><div id="a11810" style="position:absolute;font-family:'Calibri';left:141.79px;top:439px;">each<div style="display:inline-block;width:5.27px"> </div>Mortgage<div style="display:inline-block;width:5.75px"> </div>has<div style="display:inline-block;width:5.22px"> </div>been<div style="display:inline-block;width:5.08px"> </div>duly<div style="display:inline-block;width:5.37px"> </div>registered<div style="display:inline-block;width:5.83px"> </div>or<div style="display:inline-block;width:5.35px"> </div>recorded<div style="display:inline-block;width:5.67px"> </div>against<div style="display:inline-block;width:5.77px"> </div>the<div style="display:inline-block;width:5.36px"> </div>relevant<div style="display:inline-block;width:5.82px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>as<div style="display:inline-block;width:5.43px"> </div>a<div style="display:inline-block;width:5.27px"> </div>valid<div style="display:inline-block;width:5.47px"> </div>first </div><div id="a11813" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">priority or,<div style="display:inline-block;width:5.1px"> </div>as the case may be,<div style="display:inline-block;width:4.85px"> </div>preferred statutory<div style="display:inline-block;width:4.93px"> </div>ship mortgage in accordance with<div style="display:inline-block;width:4.77px"> </div>the laws of </div><div id="a11814" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">the applicable Approved Flag State; and </div><div id="a11816" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">(e)</div><div id="a11818" style="position:absolute;font-family:'Calibri';left:141.79px;top:509px;">each<div style="display:inline-block;width:4.95px"> </div>Ship<div style="display:inline-block;width:4.79px"> </div>is<div style="display:inline-block;width:4.78px"> </div>insured<div style="display:inline-block;width:4.84px"> </div>in<div style="display:inline-block;width:4.73px"> </div>accordance<div style="display:inline-block;width:4.98px"> </div>with<div style="display:inline-block;width:4.8px"> </div>the<div style="display:inline-block;width:4.81px"> </div>provisions<div style="display:inline-block;width:4.86px"> </div>of<div style="display:inline-block;width:4.87px"> </div>this<div style="display:inline-block;width:4.76px"> </div>Agreement<div style="display:inline-block;width:4.88px"> </div>and<div style="display:inline-block;width:4.68px"> </div>all<div style="display:inline-block;width:4.91px"> </div>requirements </div><div id="a11823" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">therein in respect of insurances have been complied with. </div><div id="a11825" style="position:absolute;font-family:'Calibri';left:94.59px;top:561px;">3</div><div id="a11827" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">Documents<div style="display:inline-block;width:5.3px"> </div>establishing<div style="display:inline-block;width:5.42px"> </div>that<div style="display:inline-block;width:5.61px"> </div>each<div style="display:inline-block;width:5.27px"> </div>Ship<div style="display:inline-block;width:5.11px"> </div>will,<div style="display:inline-block;width:5.27px"> </div>as<div style="display:inline-block;width:5.43px"> </div>from<div style="display:inline-block;width:5.17px"> </div>the<div style="display:inline-block;width:5.29px"> </div>Drawdown<div style="display:inline-block;width:5.8px"> </div>Date,<div style="display:inline-block;width:5.54px"> </div>be<div style="display:inline-block;width:5.1px"> </div>managed<div style="display:inline-block;width:5.5px"> </div>by<div style="display:inline-block;width:5.2px"> </div>the </div><div id="a11831" style="position:absolute;font-family:'Calibri';left:141.79px;top:579px;">Approved Manager on terms acceptable to the Lenders, together with: </div><div id="a11833" style="position:absolute;font-family:'Calibri';left:94.59px;top:613px;">(a)</div><div id="a11835" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">a<div style="display:inline-block;width:6.87px"> </div>copy<div style="display:inline-block;width:6.85px"> </div>of<div style="display:inline-block;width:6.79px"> </div>the<div style="display:inline-block;width:6.73px"> </div>Management<div style="display:inline-block;width:6.72px"> </div>Agreement<div style="display:inline-block;width:6.96px"> </div>and<div style="display:inline-block;width:6.6px"> </div>the<div style="display:inline-block;width:6.73px"> </div>Manager's<div style="display:inline-block;width:6.75px"> </div>Undertaking<div style="display:inline-block;width:6.74px"> </div>duly<div style="display:inline-block;width:6.65px"> </div>signed<div style="display:inline-block;width:6.74px"> </div>by<div style="display:inline-block;width:6.8px"> </div>the </div><div id="a11836" style="position:absolute;font-family:'Calibri';left:141.79px;top:631px;">Approved Manager; and </div><div id="a11838" style="position:absolute;font-family:'Calibri';left:94.59px;top:664px;">(b)</div><div id="a11840" style="position:absolute;font-family:'Calibri';left:141.79px;top:664px;">copies<div style="display:inline-block;width:9.14px"> </div>of<div style="display:inline-block;width:9.19px"> </div>the<div style="display:inline-block;width:9.13px"> </div>Approved<div style="display:inline-block;width:9.22px"> </div>Manager's<div style="display:inline-block;width:9.15px"> </div>Document<div style="display:inline-block;width:8.97px"> </div>of<div style="display:inline-block;width:9.03px"> </div>Compliance<div style="display:inline-block;width:9.01px"> </div>and<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9.29px"> </div>each<div style="display:inline-block;width:8.95px"> </div>Ship's<div style="display:inline-block;width:8.9px"> </div>Safety </div><div id="a11844" style="position:absolute;font-family:'Calibri';left:141.79px;top:682px;">Management<div style="display:inline-block;width:4.96px"> </div>Certificate<div style="display:inline-block;width:4.96px"> </div>(together<div style="display:inline-block;width:4.94px"> </div>with<div style="display:inline-block;width:4.8px"> </div>any<div style="display:inline-block;width:4.91px"> </div>other<div style="display:inline-block;width:4.88px"> </div>details<div style="display:inline-block;width:4.87px"> </div>of<div style="display:inline-block;width:4.87px"> </div>the<div style="display:inline-block;width:4.81px"> </div>applicable<div style="display:inline-block;width:4.74px"> </div>safety<div style="display:inline-block;width:5.11px"> </div>management </div><div id="a11845" style="position:absolute;font-family:'Calibri';left:141.79px;top:700px;">system which the Agent requires) and ISSC. </div><div id="a11847" style="position:absolute;font-family:'Calibri';left:94.59px;top:734px;">3.1</div><div id="a11849" style="position:absolute;font-family:'Calibri';left:141.79px;top:734px;">Favourable<div style="display:inline-block;width:5.06px"> </div>legal opinions<div style="display:inline-block;width:5.01px"> </div>from lawyers<div style="display:inline-block;width:5.26px"> </div>appointed by<div style="display:inline-block;width:4.94px"> </div>the Agent<div style="display:inline-block;width:5.03px"> </div>on such<div style="display:inline-block;width:4.77px"> </div>matters<div style="display:inline-block;width:4.75px"> </div>concerning the </div><div id="a11850" style="position:absolute;font-family:'Calibri';left:141.79px;top:752px;">laws of Marshall<div style="display:inline-block;width:1.52px"> </div>Islands, the<div style="display:inline-block;width:1.65px"> </div>Approved Flag State<div style="display:inline-block;width:1.68px"> </div>and such<div style="display:inline-block;width:1.58px"> </div>other relevant jurisdictions<div style="display:inline-block;width:1.38px"> </div>as the<div style="display:inline-block;width:1.64px"> </div>Agent </div><div id="a11851" style="position:absolute;font-family:'Calibri';left:141.79px;top:770px;">may require.<div style="display:inline-block;width:3.72px"> </div></div><div id="a11853" style="position:absolute;font-family:'Calibri';left:94.59px;top:804px;">4</div><div id="a11855" style="position:absolute;font-family:'Calibri';left:141.79px;top:804px;">At<div style="display:inline-block;width:5.81px"> </div>the<div style="display:inline-block;width:5.29px"> </div>cost<div style="display:inline-block;width:5.53px"> </div>of<div style="display:inline-block;width:5.35px"> </div>the<div style="display:inline-block;width:5.45px"> </div>Borrowers<div style="display:inline-block;width:5.82px"> </div>a<div style="display:inline-block;width:5.43px"> </div>favourable<div style="display:inline-block;width:5.94px"> </div>opinion<div style="display:inline-block;width:5.24px"> </div>from<div style="display:inline-block;width:5.49px"> </div>an<div style="display:inline-block;width:5.38px"> </div>independent<div style="display:inline-block;width:5.21px"> </div>insurance<div style="display:inline-block;width:5.43px"> </div>consultant </div><div id="a11856" style="position:absolute;font-family:'Calibri';left:141.79px;top:822px;">acceptable to the Agent on such matters<div style="display:inline-block;width:5.3px"> </div>relating to the insurances for<div style="display:inline-block;width:4.66px"> </div>the Ship as the Agent may </div><div id="a11857" style="position:absolute;font-family:'Calibri';left:141.79px;top:840px;">require. </div><div id="a11859" style="position:absolute;font-family:'Calibri';left:94.59px;top:874px;">5</div><div id="a11861" style="position:absolute;font-family:'Calibri';left:141.79px;top:874px;">Two<div style="display:inline-block;width:7.14px"> </div>valuations<div style="display:inline-block;width:6.66px"> </div>of<div style="display:inline-block;width:6.51px"> </div>each<div style="display:inline-block;width:6.39px"> </div>Ship<div style="display:inline-block;width:6.23px"> </div>addressed<div style="display:inline-block;width:6.49px"> </div>to<div style="display:inline-block;width:6.49px"> </div>the<div style="display:inline-block;width:6.41px"> </div>Agent,<div style="display:inline-block;width:6.62px"> </div>stated<div style="display:inline-block;width:6.91px"> </div>to<div style="display:inline-block;width:6.65px"> </div>be<div style="display:inline-block;width:6.38px"> </div>for<div style="display:inline-block;width:6.6px"> </div>the<div style="display:inline-block;width:6.25px"> </div>purposes<div style="display:inline-block;width:6.35px"> </div>of<div style="display:inline-block;width:6.47px"> </div>this </div><div id="a11871" style="position:absolute;font-family:'Calibri';left:141.79px;top:891px;">Agreement and dated not earlier than 40<div style="display:inline-block;width:4.96px"> </div>days before the Drawdown<div style="display:inline-block;width:5.25px"> </div>Date in respect of that<div style="display:inline-block;width:4.86px"> </div>Ship </div><div id="a11880" style="position:absolute;font-family:'Calibri';left:141.79px;top:909px;">and each<div style="display:inline-block;width:5.82px"> </div>prepared<div style="display:inline-block;width:4.9px"> </div>in accordance<div style="display:inline-block;width:5.74px"> </div>with Clause </div><div id="a11883" style="position:absolute;font-family:'Calibri';left:424.39px;top:909px;"><a href="#a7527" style="color:#000000;text-decoration:none;">15.3</a></div><div id="a11884" style="position:absolute;font-family:'Calibri';left:450.49px;top:909px;"><div style="display:inline-block;width:4.64px"> </div>(</div><div id="a11886" style="position:absolute;font-family:'Calibri';font-style:italic;left:459.61px;top:909px;">Valuation<div style="display:inline-block;width:4.93px"> </div>of ships</div><div id="a11887" style="position:absolute;font-family:'Calibri';left:568.25px;top:909px;">) each<div style="display:inline-block;width:5.96px"> </div>from<div style="display:inline-block;width:4.73px"> </div>an Approved </div></div>
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<div id="a11895" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">Broker (</div><div id="a11896" style="position:absolute;font-family:'Calibri';left:189.79px;top:94px;">selected by the Borrowers and<div style="display:inline-block;width:4.69px"> </div>approved by the Agent) which evidences compliance<div style="display:inline-block;width:4.71px"> </div>with </div><div id="a11897" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">Clause </div><div id="a11898" style="position:absolute;font-family:'Calibri';left:184.19px;top:112px;"><a href="#a7378" style="color:#000000;text-decoration:none;">15.1</a></div><div id="a11899" style="position:absolute;font-family:'Calibri';left:210.11px;top:112px;"><div style="display:inline-block;width:3.36px"> </div>(</div><div id="a11901" style="position:absolute;font-family:'Calibri';font-style:italic;left:217.95px;top:112px;">Minimum required security cover</div><div id="a11902" style="position:absolute;font-family:'Calibri';left:413.99px;top:112px;">) immediately after the Drawdown Date. </div><div id="a11905" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">6</div><div id="a11907" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">Evidence<div style="display:inline-block;width:6.15px"> </div>satisfactory<div style="display:inline-block;width:6.06px"> </div>to<div style="display:inline-block;width:6.01px"> </div>the<div style="display:inline-block;width:5.81px"> </div>Agent<div style="display:inline-block;width:5.94px"> </div>that<div style="display:inline-block;width:5.89px"> </div>(i)<div style="display:inline-block;width:5.77px"> </div>the<div style="display:inline-block;width:5.61px"> </div>Existing<div style="display:inline-block;width:5.86px"> </div>Indebtedness<div style="display:inline-block;width:5.85px"> </div>is<div style="display:inline-block;width:5.74px"> </div>repaid<div style="display:inline-block;width:5.84px"> </div>in<div style="display:inline-block;width:5.85px"> </div>full<div style="display:inline-block;width:5.66px"> </div>and<div style="display:inline-block;width:5.84px"> </div>the </div><div id="a11915" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">relevant Borrowers<div style="display:inline-block;width:4.08px"> </div>are released from all their obligations and liabilities under the Existing Facility </div><div id="a11928" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">Agreement to<div style="display:inline-block;width:5.16px"> </div>which each of<div style="display:inline-block;width:5.52px"> </div>them is<div style="display:inline-block;width:4.75px"> </div>a party,<div style="display:inline-block;width:5.89px"> </div>and (ii) the<div style="display:inline-block;width:5.39px"> </div>Existing Security<div style="display:inline-block;width:4.78px"> </div>Interests in<div style="display:inline-block;width:5.3px"> </div>respect of </div><div id="a11931" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">the Ships and the Borrowers<div style="display:inline-block;width:3.32px"> </div>have been discharged.<div style="display:inline-block;width:3.39px"> </div></div><div id="a11942" style="position:absolute;font-family:'Calibri';left:94.59px;top:234px;">7</div><div id="a11944" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">If the Agent so requires,<div style="display:inline-block;width:5px"> </div>in respect of any of<div style="display:inline-block;width:4.86px"> </div>the documents referred to<div style="display:inline-block;width:4.99px"> </div>above, a certified English </div><div id="a11945" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">translation prepared by a translator approved by the Agent. </div><div id="a11947" style="position:absolute;font-family:'Calibri';left:94.59px;top:286px;">Each<div style="display:inline-block;width:4.69px"> </div>of<div style="display:inline-block;width:4.71px"> </div>the documents<div style="display:inline-block;width:5.54px"> </div>specified in<div style="display:inline-block;width:5.49px"> </div>paragraphs<div style="display:inline-block;width:4.82px"> </div>2, 3,<div style="display:inline-block;width:5.61px"> </div>5<div style="display:inline-block;width:4.7px"> </div>and 9<div style="display:inline-block;width:5.63px"> </div>of </div><div id="a11951" style="position:absolute;font-family:'Calibri';left:483.77px;top:286px;"><a href="#a11629" style="color:#000000;text-decoration:none;">Part<div style="display:inline-block;width:4.88px"> </div>A</a></div><div id="a11952" style="position:absolute;font-family:'Calibri';left:521.37px;top:286px;"><div style="display:inline-block;width:4.64px"> </div>and every<div style="display:inline-block;width:5.53px"> </div>other copy<div style="display:inline-block;width:5.84px"> </div>document </div><div id="a11954" style="position:absolute;font-family:'Calibri';left:94.59px;top:304px;">delivered under<div style="display:inline-block;width:4.74px"> </div>this Schedule shall<div style="display:inline-block;width:4.91px"> </div>be certified as<div style="display:inline-block;width:5.16px"> </div>a true and<div style="display:inline-block;width:5.05px"> </div>up to<div style="display:inline-block;width:4.82px"> </div>date copy<div style="display:inline-block;width:5.1px"> </div>by a senior<div style="display:inline-block;width:5.18px"> </div>officer of each </div><div id="a11957" style="position:absolute;font-family:'Calibri';left:94.59px;top:322px;">Borrower or a qualified lawyer. </div><div id="a11960" style="position:absolute;font-family:'Calibri';left:94.59px;top:389px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a11964" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a11965" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>4 </div><div id="a11969" style="position:absolute;font-family:'Calibri';font-weight:bold;left:336.71px;top:130px;">TRANSFER CERTIFICATE<div style="display:inline-block;width:4.18px"> </div></div><div id="a11971" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:164px;">The Transferor<div style="display:inline-block;width:5.79px"> </div>and the Transferee<div style="display:inline-block;width:5.97px"> </div>accept exclusive<div style="display:inline-block;width:4.77px"> </div>responsibility for ensuring<div style="display:inline-block;width:4.75px"> </div>that this Certificate<div style="display:inline-block;width:5.22px"> </div>and </div><div id="a11972" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:182px;">the transaction to which it relates comply<div style="display:inline-block;width:1.83px"> </div>with all legal and<div style="display:inline-block;width:1.99px"> </div>regulatory requirements applicable to them </div><div id="a11974" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:200px;">respectively.</div><div id="a11976" style="position:absolute;font-family:'Calibri';left:94.59px;top:234px;">To:<div style="display:inline-block;width:30.43px"> </div>Nordea<div style="display:inline-block;width:4.82px"> </div>Bank Abp,<div style="display:inline-block;width:5.61px"> </div>filial i<div style="display:inline-block;width:5.84px"> </div>Norge<div style="display:inline-block;width:4.83px"> </div>for<div style="display:inline-block;width:4.84px"> </div>itself and<div style="display:inline-block;width:5.69px"> </div>for<div style="display:inline-block;width:4.84px"> </div>and on<div style="display:inline-block;width:5.7px"> </div>behalf of<div style="display:inline-block;width:5.74px"> </div>the Borrower,<div style="display:inline-block;width:7.05px"> </div>[each Security </div><div id="a11981" style="position:absolute;font-family:'Calibri';left:94.59px;top:252px;">Party], the Security<div style="display:inline-block;width:4.68px"> </div>Trustee,<div style="display:inline-block;width:4.67px"> </div>each Lender and the Swap<div style="display:inline-block;width:5.19px"> </div>Bank, as defined in<div style="display:inline-block;width:4.79px"> </div>the Loan Agreement referred </div><div id="a11982" style="position:absolute;font-family:'Calibri';left:94.59px;top:270px;">to below. </div><div id="a11984" style="position:absolute;font-family:'Calibri';left:704.45px;top:304px;">[</div><div id="a11985" style="position:absolute;font-family:'Arial';left:708.93px;top:304px;">●</div><div id="a11986" style="position:absolute;font-family:'Calibri';left:717.09px;top:304px;">] </div><div id="a11988" style="position:absolute;font-family:'Calibri';left:94.59px;top:338px;">1</div><div id="a11990" style="position:absolute;font-family:'Calibri';left:141.79px;top:338px;">This Certificate relates to<div style="display:inline-block;width:1.82px"> </div>a Loan Agreement<div style="display:inline-block;width:1.8px"> </div>(the "</div><div id="a11991" style="position:absolute;font-family:'Calibri';font-weight:bold;left:436.09px;top:338px;">Agreement</div><div id="a11992" style="position:absolute;font-family:'Calibri';left:504.09px;top:338px;">") dated [</div><div id="a11994" style="position:absolute;font-family:'Arial';left:559.29px;top:338px;">●</div><div id="a11995" style="position:absolute;font-family:'Calibri';left:567.45px;top:338px;">] 2024 and<div style="display:inline-block;width:1.43px"> </div>made between </div><div id="a11998" style="position:absolute;font-family:'Calibri';left:141.79px;top:355px;">(1) Manra Shipping Company Inc.,<div style="display:inline-block;width:4.73px"> </div>Jabwot Shipping Company Inc., Arorae<div style="display:inline-block;width:4.87px"> </div>Shipping Company Inc., </div><div id="a12000" style="position:absolute;font-family:'Calibri';left:141.79px;top:373px;">Tamana<div style="display:inline-block;width:6.93px"> </div>Shipping<div style="display:inline-block;width:5.58px"> </div>Company<div style="display:inline-block;width:6.12px"> </div>Inc.,<div style="display:inline-block;width:5.82px"> </div>Beru<div style="display:inline-block;width:5.72px"> </div>Shipping<div style="display:inline-block;width:5.58px"> </div>Company<div style="display:inline-block;width:5.96px"> </div>Inc.,<div style="display:inline-block;width:5.82px"> </div>Bonriki<div style="display:inline-block;width:5.76px"> </div>Shipping<div style="display:inline-block;width:5.58px"> </div>Company<div style="display:inline-block;width:6.12px"> </div>Inc., </div><div id="a12001" style="position:absolute;font-family:'Calibri';left:141.79px;top:391px;">Taongi<div style="display:inline-block;width:6.24px"> </div>Shipping<div style="display:inline-block;width:4.78px"> </div>Company<div style="display:inline-block;width:5.32px"> </div>Inc.,<div style="display:inline-block;width:5.02px"> </div>Ejite<div style="display:inline-block;width:5.34px"> </div>Shipping<div style="display:inline-block;width:4.78px"> </div>Company<div style="display:inline-block;width:5.32px"> </div>Inc.,<div style="display:inline-block;width:5.02px"> </div>Guam<div style="display:inline-block;width:5.13px"> </div>Shipping<div style="display:inline-block;width:4.78px"> </div>Company<div style="display:inline-block;width:5.43px"> </div>Inc.<div style="display:inline-block;width:5.02px"> </div>and </div><div id="a12003" style="position:absolute;font-family:'Calibri';left:141.79px;top:409px;">Palau Shipping Company Inc. as joint and several borrowers</div><div id="a12005" style="position:absolute;font-family:'Calibri';left:500.25px;top:409px;"><div style="display:inline-block;width:3.2px"> </div>(the "</div><div id="a12007" style="position:absolute;font-family:'Calibri';font-weight:bold;left:537.05px;top:409px;">Borrowers</div><div id="a12008" style="position:absolute;font-family:'Calibri';left:600.93px;top:409px;">"), (2) the banks and </div><div id="a12009" style="position:absolute;font-family:'Calibri';left:141.79px;top:427px;">financial institutions named therein, (3) Nordea Bank Abp, filial i Norge as Agent, (4) Nordea Bank </div><div id="a12014" style="position:absolute;font-family:'Calibri';left:141.79px;top:445px;">Abp, filial i Norge as<div style="display:inline-block;width:1.78px"> </div>Security Trustee, (5) Nordea Bank Abp,<div style="display:inline-block;width:1.77px"> </div>filial i Norge as Lead<div style="display:inline-block;width:1.81px"> </div>Arranger [and] (6) </div><div id="a12021" style="position:absolute;font-family:'Calibri';left:141.79px;top:463px;">Nordea Bank Abp,<div style="display:inline-block;width:4.86px"> </div>filial I Norge<div style="display:inline-block;width:4.89px"> </div>as Bookrunner and (7)<div style="display:inline-block;width:4.8px"> </div>Nordea Bank Abp<div style="display:inline-block;width:4.85px"> </div>as Swap Bank<div style="display:inline-block;width:4.71px"> </div>for a<div style="display:inline-block;width:4.7px"> </div>loan </div><div id="a12025" style="position:absolute;font-family:'Calibri';left:141.79px;top:481px;">facility of up to $167,263,025. </div><div id="a12033" style="position:absolute;font-family:'Calibri';left:94.59px;top:515px;">2</div><div id="a12035" style="position:absolute;font-family:'Calibri';left:141.79px;top:515px;">In this<div style="display:inline-block;width:5.51px"> </div>Certificate,<div style="display:inline-block;width:4.81px"> </div>terms defined<div style="display:inline-block;width:5.62px"> </div>in the<div style="display:inline-block;width:5.57px"> </div>Agreement shall,<div style="display:inline-block;width:5.46px"> </div>unless the<div style="display:inline-block;width:5.56px"> </div>contrary<div style="display:inline-block;width:4.9px"> </div>intention<div style="display:inline-block;width:4.73px"> </div>appears, </div><div id="a12036" style="position:absolute;font-family:'Calibri';left:141.79px;top:533px;">have the same meanings when used in this Certificate and: </div><div id="a12038" style="position:absolute;font-family:'Calibri';left:141.79px;top:567px;">"</div><div id="a12039" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:567px;">Relevant<div style="display:inline-block;width:5.24px"> </div>Parties</div><div id="a12040" style="position:absolute;font-family:'Calibri';left:248.51px;top:567px;">" means<div style="display:inline-block;width:5.71px"> </div>the<div style="display:inline-block;width:4.81px"> </div>Agent,<div style="display:inline-block;width:4.83px"> </div>the Borrower,<div style="display:inline-block;width:7.53px"> </div>[each Security<div style="display:inline-block;width:5.76px"> </div>Party],<div style="display:inline-block;width:4.91px"> </div>the Security<div style="display:inline-block;width:5.81px"> </div>Trustee, </div><div id="a12041" style="position:absolute;font-family:'Calibri';left:141.79px;top:584px;">each Lender and the Swap Bank; </div><div id="a12043" style="position:absolute;font-family:'Calibri';left:141.79px;top:618px;">"</div><div id="a12044" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:618px;">Transferor</div><div id="a12045" style="position:absolute;font-family:'Calibri';left:211.55px;top:618px;">" means [full name] of [facility office]; and </div><div id="a12047" style="position:absolute;font-family:'Calibri';left:141.79px;top:652px;">"</div><div id="a12048" style="position:absolute;font-family:'Calibri';font-weight:bold;left:147.71px;top:652px;">Transferee</div><div id="a12049" style="position:absolute;font-family:'Calibri';left:213.15px;top:652px;">" means [full name] of [facility office]. </div><div id="a12051" style="position:absolute;font-family:'Calibri';left:94.59px;top:686px;">3</div><div id="a12053" style="position:absolute;font-family:'Calibri';left:141.79px;top:686px;">The effective date of this Certificate is [</div><div id="a12055" style="position:absolute;font-family:'Arial';left:374.63px;top:687px;">●</div><div id="a12056" style="position:absolute;font-family:'Calibri';left:382.79px;top:686px;">], </div><div id="a12058" style="position:absolute;font-family:'Calibri';font-weight:bold;left:393.99px;top:686px;">Provided that</div><div id="a12059" style="position:absolute;font-family:'Calibri';left:476.89px;top:686px;"><div style="display:inline-block;width:3.2px"> </div>this Certificate shall not come into effect </div><div id="a12061" style="position:absolute;font-family:'Calibri';left:141.79px;top:704px;">unless it is signed by the Agent on or before that date. </div><div id="a12063" style="position:absolute;font-family:'Calibri';left:94.59px;top:738px;">4</div><div id="a12065" style="position:absolute;font-family:'Calibri';left:141.79px;top:738px;">[The<div style="display:inline-block;width:4.94px"> </div>Transferor<div style="display:inline-block;width:6.79px"> </div>assigns<div style="display:inline-block;width:4.68px"> </div>to<div style="display:inline-block;width:4.89px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Transferee<div style="display:inline-block;width:6.59px"> </div>absolutely<div style="display:inline-block;width:4.92px"> </div>all<div style="display:inline-block;width:4.91px"> </div>rights<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:4.84px"> </div>interests<div style="display:inline-block;width:5.51px"> </div>(present,<div style="display:inline-block;width:5.14px"> </div>future<div style="display:inline-block;width:4.77px"> </div>or </div><div id="a12066" style="position:absolute;font-family:'Calibri';left:141.79px;top:756px;">contingent)<div style="display:inline-block;width:4.81px"> </div>which the<div style="display:inline-block;width:5.25px"> </div>Transferor<div style="display:inline-block;width:6.31px"> </div>has as<div style="display:inline-block;width:5.24px"> </div>Lender under<div style="display:inline-block;width:5.34px"> </div>or by<div style="display:inline-block;width:5.45px"> </div>virtue of<div style="display:inline-block;width:5.43px"> </div>the Agreement<div style="display:inline-block;width:5.56px"> </div>and every </div><div id="a12067" style="position:absolute;font-family:'Calibri';left:141.79px;top:774px;">other<div style="display:inline-block;width:7.12px"> </div>Finance<div style="display:inline-block;width:6.91px"> </div>Document<div style="display:inline-block;width:7.05px"> </div>in<div style="display:inline-block;width:7.13px"> </div>relation<div style="display:inline-block;width:7.4px"> </div>to<div style="display:inline-block;width:7.33px"> </div>[</div><div id="a12069" style="position:absolute;font-family:'Arial';left:400.71px;top:774px;">●</div><div id="a12070" style="position:absolute;font-family:'Calibri';left:408.87px;top:774px;">]<div style="display:inline-block;width:7.01px"> </div>per<div style="display:inline-block;width:7.01px"> </div>cent.<div style="display:inline-block;width:7.17px"> </div>of<div style="display:inline-block;width:7.11px"> </div>its<div style="display:inline-block;width:7.05px"> </div>Contribution,<div style="display:inline-block;width:6.97px"> </div>which<div style="display:inline-block;width:6.97px"> </div>percentage </div><div id="a12073" style="position:absolute;font-family:'Calibri';left:141.79px;top:792px;">represents $[</div><div id="a12075" style="position:absolute;font-family:'Arial';left:221.15px;top:792px;">●</div><div id="a12076" style="position:absolute;font-family:'Calibri';left:229.31px;top:792px;">].] </div><div id="a12079" style="position:absolute;font-family:'Calibri';left:94.59px;top:826px;">5</div><div id="a12081" style="position:absolute;font-family:'Calibri';left:141.79px;top:826px;">[By virtue<div style="display:inline-block;width:5.05px"> </div>of this<div style="display:inline-block;width:4.86px"> </div>Transfer<div style="display:inline-block;width:5.68px"> </div>Certificate and<div style="display:inline-block;width:5.2px"> </div>Clause </div><div id="a12082" style="position:absolute;font-family:'Calibri';left:436.09px;top:826px;"><a href="#a10031" style="color:#000000;text-decoration:none;">26</a></div><div id="a12083" style="position:absolute;font-family:'Calibri';left:451.13px;top:826px;"><div style="display:inline-block;width:4.16px"> </div>(</div><div id="a12085" style="position:absolute;font-family:'Calibri';font-style:italic;left:459.61px;top:826px;">Transfers<div style="display:inline-block;width:5.07px"> </div>and changes in<div style="display:inline-block;width:5.42px"> </div>Facility Offices</div><div id="a12086" style="position:absolute;font-family:'Calibri';left:700.93px;top:826px;">) of </div><div id="a12087" style="position:absolute;font-family:'Calibri';left:141.79px;top:843px;">the Loan Agreement, the<div style="display:inline-block;width:4.75px"> </div>Transferor<div style="display:inline-block;width:5.51px"> </div>is discharged [entirely<div style="display:inline-block;width:4.69px"> </div>from its Commitment which amounts </div><div id="a12088" style="position:absolute;font-family:'Calibri';left:141.79px;top:861px;">to<div style="display:inline-block;width:6.97px"> </div>$[</div><div id="a12090" style="position:absolute;font-family:'Arial';left:173.31px;top:862px;">●</div><div id="a12091" style="position:absolute;font-family:'Calibri';left:181.47px;top:861px;">]<div style="display:inline-block;width:6.69px"> </div>[from<div style="display:inline-block;width:6.9px"> </div>[</div><div id="a12095" style="position:absolute;font-family:'Arial';left:237.47px;top:862px;">●</div><div id="a12096" style="position:absolute;font-family:'Calibri';left:245.63px;top:861px;">]<div style="display:inline-block;width:6.89px"> </div>per<div style="display:inline-block;width:6.53px"> </div>cent.<div style="display:inline-block;width:6.85px"> </div>of<div style="display:inline-block;width:6.79px"> </div>its<div style="display:inline-block;width:6.73px"> </div>Commitment,<div style="display:inline-block;width:6.56px"> </div>which<div style="display:inline-block;width:6.65px"> </div>percentage<div style="display:inline-block;width:7.19px"> </div>represents<div style="display:inline-block;width:7.1px"> </div>$[</div><div id="a12100" style="position:absolute;font-family:'Arial';left:648.77px;top:862px;">●</div><div id="a12101" style="position:absolute;font-family:'Calibri';left:656.93px;top:861px;">]]<div style="display:inline-block;width:6.65px"> </div>and<div style="display:inline-block;width:6.76px"> </div>the </div><div id="a12104" style="position:absolute;font-family:'Calibri';left:141.79px;top:879px;">Transferee<div style="display:inline-block;width:5.15px"> </div>acquires a Commitment of $[</div><div id="a12106" style="position:absolute;font-family:'Arial';left:382.95px;top:880px;">●</div><div id="a12107" style="position:absolute;font-family:'Calibri';left:391.11px;top:879px;">].] </div><div id="a12110" style="position:absolute;font-family:'Calibri';left:94.59px;top:913px;">6</div><div id="a12112" style="position:absolute;font-family:'Calibri';left:141.79px;top:913px;">The<div style="display:inline-block;width:7.53px"> </div>Transferee<div style="display:inline-block;width:9.15px"> </div>undertakes<div style="display:inline-block;width:7.8px"> </div>with<div style="display:inline-block;width:7.36px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Transferor<div style="display:inline-block;width:9.19px"> </div>and<div style="display:inline-block;width:7.24px"> </div>each<div style="display:inline-block;width:7.35px"> </div>of<div style="display:inline-block;width:7.43px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Relevant<div style="display:inline-block;width:7.82px"> </div>Parties<div style="display:inline-block;width:7.78px"> </div>that<div style="display:inline-block;width:7.49px"> </div>the </div><div id="a12113" style="position:absolute;font-family:'Calibri';left:141.79px;top:931px;">Transferee will observe and<div style="display:inline-block;width:1.51px"> </div>perform all<div style="display:inline-block;width:1.84px"> </div>the obligations<div style="display:inline-block;width:1.7px"> </div>under the<div style="display:inline-block;width:1.67px"> </div>Finance Documents<div style="display:inline-block;width:1.36px"> </div>which Clause </div></div>
</div>
<div style="padding: 7px">
<div id="Page108" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a12116" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;"><a href="#a10031" style="color:#000000;text-decoration:none;">26</a></div><div id="a12117" style="position:absolute;font-family:'Calibri';left:156.83px;top:94px;"><div style="display:inline-block;width:3.04px"> </div>(</div><div id="a12119" style="position:absolute;font-family:'Calibri';font-style:italic;left:164.19px;top:94px;">Transfers and Changes in Facility Offices</div><div id="a12120" style="position:absolute;font-family:'Calibri';left:401.19px;top:94px;">) of the Loan<div style="display:inline-block;width:1.85px"> </div>Agreement provides will become binding </div><div id="a12121" style="position:absolute;font-family:'Calibri';left:141.79px;top:112px;">on it upon this Certificate taking effect. </div><div id="a12123" style="position:absolute;font-family:'Calibri';left:94.59px;top:146px;">7</div><div id="a12125" style="position:absolute;font-family:'Calibri';left:141.79px;top:146px;">The Agent, at the request of<div style="display:inline-block;width:1.74px"> </div>the Transferee (which request is hereby made) accepts, for the Agent </div><div id="a12126" style="position:absolute;font-family:'Calibri';left:141.79px;top:164px;">itself and for and on behalf of every other Relevant<div style="display:inline-block;width:4.9px"> </div>Party,<div style="display:inline-block;width:4.71px"> </div>this Certificate as a Transfer<div style="display:inline-block;width:5.72px"> </div>Certificate </div><div id="a12127" style="position:absolute;font-family:'Calibri';left:141.79px;top:182px;">taking<div style="display:inline-block;width:6.35px"> </div>effect<div style="display:inline-block;width:6.81px"> </div>in<div style="display:inline-block;width:6.17px"> </div>accordance<div style="display:inline-block;width:6.26px"> </div>with<div style="display:inline-block;width:6.23px"> </div>Clause </div><div id="a12128" style="position:absolute;font-family:'Calibri';left:395.27px;top:182px;"><a href="#a10031" style="color:#000000;text-decoration:none;">26</a></div><div id="a12129" style="position:absolute;font-family:'Calibri';left:410.31px;top:182px;"><div style="display:inline-block;width:6.08px"> </div>(</div><div id="a12131" style="position:absolute;font-family:'Calibri';font-style:italic;left:420.87px;top:182px;">Transfers<div style="display:inline-block;width:6.99px"> </div>and<div style="display:inline-block;width:6.09px"> </div>changes<div style="display:inline-block;width:6.04px"> </div>in<div style="display:inline-block;width:6.17px"> </div>Facility<div style="display:inline-block;width:6.26px"> </div>Offices</div><div id="a12132" style="position:absolute;font-family:'Calibri';left:672.45px;top:182px;">)<div style="display:inline-block;width:6.26px"> </div>of<div style="display:inline-block;width:6.31px"> </div>the </div><div id="a12133" style="position:absolute;font-family:'Calibri';left:141.79px;top:200px;">Agreement. </div><div id="a12135" style="position:absolute;font-family:'Calibri';left:94.59px;top:234px;">8</div><div id="a12137" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">The Transferor: </div><div id="a12140" style="position:absolute;font-family:'Calibri';left:94.59px;top:268px;">(a)</div><div id="a12142" style="position:absolute;font-family:'Calibri';left:141.79px;top:268px;">warrants to the Transferee<div style="display:inline-block;width:5.44px"> </div>and each Relevant Party that: </div><div id="a12144" style="position:absolute;font-family:'Calibri';left:141.79px;top:302px;">(i)</div><div id="a12146" style="position:absolute;font-family:'Calibri';left:189.15px;top:302px;">the Transferor<div style="display:inline-block;width:6.35px"> </div>has full capacity<div style="display:inline-block;width:4.69px"> </div>to enter<div style="display:inline-block;width:4.77px"> </div>into this transaction<div style="display:inline-block;width:5.28px"> </div>and has taken<div style="display:inline-block;width:5.37px"> </div>all corporate </div><div id="a12147" style="position:absolute;font-family:'Calibri';left:189.15px;top:320px;">action and<div style="display:inline-block;width:4.75px"> </div>obtained all<div style="display:inline-block;width:4.98px"> </div>consents which<div style="display:inline-block;width:4.75px"> </div>are required<div style="display:inline-block;width:5.14px"> </div>in connection<div style="display:inline-block;width:4.79px"> </div>with this<div style="display:inline-block;width:4.79px"> </div>transaction; </div><div id="a12148" style="position:absolute;font-family:'Calibri';left:189.15px;top:338px;">and </div><div id="a12150" style="position:absolute;font-family:'Calibri';left:141.79px;top:371px;">(ii)</div><div id="a12152" style="position:absolute;font-family:'Calibri';left:189.15px;top:371px;">this Certificate is valid and binding as regards the Transferor; </div><div id="a12154" style="position:absolute;font-family:'Calibri';left:94.59px;top:405px;">(b)</div><div id="a12156" style="position:absolute;font-family:'Calibri';left:141.79px;top:405px;">warrants to the Transferee<div style="display:inline-block;width:5.89px"> </div>that the Transferor<div style="display:inline-block;width:5.55px"> </div>is absolutely entitled, free of encumbrances, to all </div><div id="a12157" style="position:absolute;font-family:'Calibri';left:141.79px;top:423px;">the rights and interests covered by the assignment in paragraph 4; and </div><div id="a12159" style="position:absolute;font-family:'Calibri';left:94.59px;top:457px;">(c)</div><div id="a12161" style="position:absolute;font-family:'Calibri';left:141.79px;top:457px;">undertakes<div style="display:inline-block;width:7.96px"> </div>with<div style="display:inline-block;width:7.52px"> </div>the<div style="display:inline-block;width:7.37px"> </div>Transferee<div style="display:inline-block;width:9.15px"> </div>that<div style="display:inline-block;width:7.49px"> </div>the<div style="display:inline-block;width:7.53px"> </div>Transferor<div style="display:inline-block;width:9.19px"> </div>will,<div style="display:inline-block;width:7.51px"> </div>at<div style="display:inline-block;width:7.68px"> </div>its<div style="display:inline-block;width:7.21px"> </div>own<div style="display:inline-block;width:7.48px"> </div>expense,<div style="display:inline-block;width:7.62px"> </div>execute<div style="display:inline-block;width:8.09px"> </div>any </div><div id="a12162" style="position:absolute;font-family:'Calibri';left:141.79px;top:475px;">documents which<div style="display:inline-block;width:5.62px"> </div>the Transferee<div style="display:inline-block;width:7.43px"> </div>reasonably requests<div style="display:inline-block;width:5.87px"> </div>for<div style="display:inline-block;width:4.84px"> </div>perfecting<div style="display:inline-block;width:4.77px"> </div>in any<div style="display:inline-block;width:5.93px"> </div>relevant<div style="display:inline-block;width:5.02px"> </div>jurisdiction </div><div id="a12164" style="position:absolute;font-family:'Calibri';left:141.79px;top:493px;">the Transferee's<div style="display:inline-block;width:4.95px"> </div>title under this Certificate or for a similar purpose. </div><div id="a12166" style="position:absolute;font-family:'Calibri';left:94.59px;top:527px;">9</div><div id="a12168" style="position:absolute;font-family:'Calibri';left:141.79px;top:527px;">The Transferee: </div><div id="a12170" style="position:absolute;font-family:'Calibri';left:94.59px;top:561px;">(a)</div><div id="a12172" style="position:absolute;font-family:'Calibri';left:141.79px;top:561px;">confirms that it has received a copy of the Agreement and each of the other Finance Documents; </div><div id="a12174" style="position:absolute;font-family:'Calibri';left:94.59px;top:595px;">(b)</div><div id="a12176" style="position:absolute;font-family:'Calibri';left:141.79px;top:595px;">agrees<div style="display:inline-block;width:5.16px"> </div>that<div style="display:inline-block;width:5.25px"> </div>it<div style="display:inline-block;width:4.81px"> </div>will<div style="display:inline-block;width:5.1px"> </div>have<div style="display:inline-block;width:5.39px"> </div>no<div style="display:inline-block;width:4.82px"> </div>rights<div style="display:inline-block;width:5px"> </div>of<div style="display:inline-block;width:5.19px"> </div>recourse<div style="display:inline-block;width:5.3px"> </div>on<div style="display:inline-block;width:4.98px"> </div>any<div style="display:inline-block;width:5.23px"> </div>ground<div style="display:inline-block;width:5.21px"> </div>against<div style="display:inline-block;width:5.29px"> </div>either<div style="display:inline-block;width:4.82px"> </div>the<div style="display:inline-block;width:4.97px"> </div>Transferor,<div style="display:inline-block;width:8.06px"> </div>the </div><div id="a12177" style="position:absolute;font-family:'Calibri';left:141.79px;top:613px;">Agent, the Security Trustee, any Lender or the Swap Bank in the event that: </div><div id="a12179" style="position:absolute;font-family:'Calibri';left:141.79px;top:647px;">(i)</div><div id="a12181" style="position:absolute;font-family:'Calibri';left:189.15px;top:647px;">any of the Finance Documents prove to be invalid or ineffective; </div><div id="a12183" style="position:absolute;font-family:'Calibri';left:141.79px;top:680px;">(ii)</div><div id="a12185" style="position:absolute;font-family:'Calibri';left:189.15px;top:680px;">any<div style="display:inline-block;width:6.51px"> </div>Borrower<div style="display:inline-block;width:6.21px"> </div>or<div style="display:inline-block;width:6.31px"> </div>any<div style="display:inline-block;width:6.35px"> </div>Security<div style="display:inline-block;width:5.77px"> </div>Party<div style="display:inline-block;width:6.54px"> </div>fails<div style="display:inline-block;width:6.31px"> </div>to<div style="display:inline-block;width:6.17px"> </div>observe<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6.31px"> </div>perform<div style="display:inline-block;width:6.33px"> </div>its<div style="display:inline-block;width:5.93px"> </div>obligations,<div style="display:inline-block;width:6.3px"> </div>or<div style="display:inline-block;width:6.15px"> </div>to </div><div id="a12186" style="position:absolute;font-family:'Calibri';left:189.15px;top:698px;">discharge its liabilities, under any of the Finance Documents; and </div><div id="a12188" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">(iii)</div><div id="a12190" style="position:absolute;font-family:'Calibri';left:189.15px;top:732px;">it proves impossible<div style="display:inline-block;width:1.32px"> </div>to realise any<div style="display:inline-block;width:1.75px"> </div>asset covered by<div style="display:inline-block;width:1.45px"> </div>a Security<div style="display:inline-block;width:1.79px"> </div>Interest created by<div style="display:inline-block;width:1.84px"> </div>a Finance </div><div id="a12191" style="position:absolute;font-family:'Calibri';left:189.15px;top:750px;">Document, or the proceeds<div style="display:inline-block;width:1.92px"> </div>of such assets are insufficient<div style="display:inline-block;width:1.86px"> </div>to discharge the liabilities of<div style="display:inline-block;width:1.81px"> </div>the </div><div id="a12192" style="position:absolute;font-family:'Calibri';left:189.15px;top:768px;">Borrowers or any Security Party under any of the Finance Documents;<div style="display:inline-block;width:3.39px"> </div></div><div id="a12194" style="position:absolute;font-family:'Calibri';left:94.59px;top:802px;">(c)</div><div id="a12196" style="position:absolute;font-family:'Calibri';left:141.79px;top:802px;">agrees that it<div style="display:inline-block;width:1.68px"> </div>will have no<div style="display:inline-block;width:1.78px"> </div>rights of recourse<div style="display:inline-block;width:1.78px"> </div>on any ground<div style="display:inline-block;width:1.73px"> </div>against the Agent, the<div style="display:inline-block;width:1.28px"> </div>Security Trustee, </div><div id="a12197" style="position:absolute;font-family:'Calibri';left:141.79px;top:820px;">any Lender or the Swap Bank in the event that this Certificate proves to be invalid or ineffective;<div style="display:inline-block;width:4.21px"> </div></div><div id="a12199" style="position:absolute;font-family:'Calibri';left:94.59px;top:854px;">(d)</div><div id="a12201" style="position:absolute;font-family:'Calibri';left:141.79px;top:854px;">warrants to the Transferor<div style="display:inline-block;width:5.48px"> </div>and each Relevant Party that: </div><div id="a12203" style="position:absolute;font-family:'Calibri';left:141.79px;top:888px;">(i)</div><div id="a12205" style="position:absolute;font-family:'Calibri';left:189.15px;top:888px;">it has<div style="display:inline-block;width:5.9px"> </div>full capacity<div style="display:inline-block;width:5.84px"> </div>to<div style="display:inline-block;width:4.73px"> </div>enter into<div style="display:inline-block;width:6.28px"> </div>this transaction<div style="display:inline-block;width:5.89px"> </div>and has<div style="display:inline-block;width:5.61px"> </div>taken<div style="display:inline-block;width:5.32px"> </div>all corporate<div style="display:inline-block;width:6.29px"> </div>action and </div><div id="a12206" style="position:absolute;font-family:'Calibri';left:189.15px;top:906px;">obtained all consents which it needs to take or obtain in connection with this transaction; </div><div id="a12207" style="position:absolute;font-family:'Calibri';left:189.15px;top:924px;">and </div></div>
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<div id="a12211" style="position:absolute;font-family:'Calibri';left:141.79px;top:94px;">(ii)</div><div id="a12213" style="position:absolute;font-family:'Calibri';left:189.15px;top:94px;">this Certificate is valid and binding as regards the Transferee;<div style="display:inline-block;width:5.12px"> </div>and </div><div id="a12215" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">(e)</div><div id="a12217" style="position:absolute;font-family:'Calibri';left:141.79px;top:128px;">confirms the accuracy of the administrative details set out below regarding the Transferee. </div><div id="a12219" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">10</div><div id="a12221" style="position:absolute;font-family:'Calibri';left:141.79px;top:162px;">The<div style="display:inline-block;width:6.25px"> </div>Transferor<div style="display:inline-block;width:8.07px"> </div>and<div style="display:inline-block;width:6.28px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Transferee<div style="display:inline-block;width:8.03px"> </div>each<div style="display:inline-block;width:6.23px"> </div>undertake<div style="display:inline-block;width:6.68px"> </div>with<div style="display:inline-block;width:6.23px"> </div>the<div style="display:inline-block;width:6.25px"> </div>Agent<div style="display:inline-block;width:6.26px"> </div>and<div style="display:inline-block;width:6.28px"> </div>the<div style="display:inline-block;width:6.09px"> </div>Security<div style="display:inline-block;width:6.25px"> </div>Trustee </div><div id="a12222" style="position:absolute;font-family:'Calibri';left:141.79px;top:180px;">severally,<div style="display:inline-block;width:5.4px"> </div>on demand, fully<div style="display:inline-block;width:4.8px"> </div>to indemnify the<div style="display:inline-block;width:5.02px"> </div>Agent and/or the<div style="display:inline-block;width:5.17px"> </div>Security Trustee<div style="display:inline-block;width:5.5px"> </div>in respect of<div style="display:inline-block;width:5.11px"> </div>any </div><div id="a12223" style="position:absolute;font-family:'Calibri';left:141.79px;top:198px;">claim, proceeding, liability or<div style="display:inline-block;width:5.11px"> </div>expense (including all legal<div style="display:inline-block;width:5.35px"> </div>expenses) which they<div style="display:inline-block;width:4.97px"> </div>or either of<div style="display:inline-block;width:4.85px"> </div>them </div><div id="a12226" style="position:absolute;font-family:'Calibri';left:141.79px;top:216px;">may<div style="display:inline-block;width:4.88px"> </div>incur in<div style="display:inline-block;width:5.76px"> </div>connection with<div style="display:inline-block;width:5.66px"> </div>this Certificate<div style="display:inline-block;width:6.08px"> </div>or any<div style="display:inline-block;width:5.96px"> </div>matter<div style="display:inline-block;width:5.14px"> </div>arising out<div style="display:inline-block;width:5.53px"> </div>of<div style="display:inline-block;width:4.71px"> </div>it, except<div style="display:inline-block;width:6.36px"> </div>such as<div style="display:inline-block;width:5.69px"> </div>are </div><div id="a12227" style="position:absolute;font-family:'Calibri';left:141.79px;top:234px;">shown to have<div style="display:inline-block;width:1.93px"> </div>been mainly<div style="display:inline-block;width:1.79px"> </div>and directly caused<div style="display:inline-block;width:1.51px"> </div>by the<div style="display:inline-block;width:1.88px"> </div>gross and culpable<div style="display:inline-block;width:1.49px"> </div>negligence or dishonesty </div><div id="a12228" style="position:absolute;font-family:'Calibri';left:141.79px;top:252px;">of the Agent's or the Security Trustee's own officers or employees. </div><div id="a12231" style="position:absolute;font-family:'Calibri';left:94.59px;top:286px;">11</div><div id="a12233" style="position:absolute;font-family:'Calibri';left:141.79px;top:286px;">The Transferee shall repay to<div style="display:inline-block;width:1.76px"> </div>the Transferor on demand<div style="display:inline-block;width:1.9px"> </div>so much<div style="display:inline-block;width:1.7px"> </div>of any sum<div style="display:inline-block;width:1.39px"> </div>paid by<div style="display:inline-block;width:1.89px"> </div>the Transferor </div><div id="a12234" style="position:absolute;font-family:'Calibri';left:141.79px;top:304px;">under<div style="display:inline-block;width:4.66px"> </div>paragraph<div style="display:inline-block;width:5.14px"> </div>9<div style="display:inline-block;width:4.86px"> </div>as exceeds<div style="display:inline-block;width:6.59px"> </div>one-half of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:4.81px"> </div>amount<div style="display:inline-block;width:4.69px"> </div>demanded by<div style="display:inline-block;width:6.11px"> </div>the Agent<div style="display:inline-block;width:6.15px"> </div>or<div style="display:inline-block;width:4.87px"> </div>the Security </div><div id="a12237" style="position:absolute;font-family:'Calibri';left:141.79px;top:322px;">Trustee<div style="display:inline-block;width:9.3px"> </div>in<div style="display:inline-block;width:7.93px"> </div>respect<div style="display:inline-block;width:7.93px"> </div>of<div style="display:inline-block;width:8.07px"> </div>a<div style="display:inline-block;width:7.83px"> </div>claim,<div style="display:inline-block;width:8.06px"> </div>proceeding,<div style="display:inline-block;width:7.68px"> </div>liability<div style="display:inline-block;width:7.93px"> </div>or<div style="display:inline-block;width:8.07px"> </div>expense<div style="display:inline-block;width:7.93px"> </div>which<div style="display:inline-block;width:7.99px"> </div>was<div style="display:inline-block;width:8.03px"> </div>not<div style="display:inline-block;width:8.05px"> </div>reasonably </div><div id="a12240" style="position:absolute;font-family:'Calibri';left:141.79px;top:339px;">foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of </div><div id="a12241" style="position:absolute;font-family:'Calibri';left:141.79px;top:357px;">each of the Transferor and the Transferee<div style="display:inline-block;width:5.2px"> </div>to the Agent or the Security Trustee for the full amount </div><div id="a12242" style="position:absolute;font-family:'Calibri';left:141.79px;top:375px;">demanded by it. </div><div id="a12244" style="position:absolute;font-family:'Calibri';left:94.59px;top:409px;">[Name of Transferor]<div style="display:inline-block;width:211.75px"> </div>[Name of Transferee] </div><div id="a12252" style="position:absolute;font-family:'Calibri';left:94.59px;top:443px;">By:<div style="display:inline-block;width:317.6px"> </div>By: </div><div id="a12262" style="position:absolute;font-family:'Calibri';left:94.59px;top:477px;">Date:<div style="display:inline-block;width:304.06px"> </div>Date: </div><div id="a12272" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:511px;">Agent</div><div id="a12274" style="position:absolute;font-family:'Calibri';left:94.59px;top:545px;">Signed for itself and for and on behalf of itself </div><div id="a12276" style="position:absolute;font-family:'Calibri';left:94.59px;top:563px;">as Agent and for every other Relevant Party </div><div id="a12279" style="position:absolute;font-family:'Calibri';left:94.59px;top:599px;">[Name of Agent] </div><div id="a12281" style="position:absolute;font-family:'Calibri';left:94.59px;top:632px;">By: </div><div id="a12283" style="position:absolute;font-family:'Calibri';left:94.59px;top:666px;">Date: </div><div id="a12286" style="position:absolute;font-family:'Calibri';left:94.59px;top:734px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a12290" style="position:absolute;font-family:'Calibri';font-weight:bold;left:297.99px;top:94px;">Administrative Details of Transferee</div><div id="a12293" style="position:absolute;font-family:'Calibri';left:94.59px;top:128px;">Name of Transferee:<div style="display:inline-block;width:22.98px"> </div></div><div id="a12296" style="position:absolute;font-family:'Calibri';left:94.59px;top:162px;">Facility Office:<div style="display:inline-block;width:11.81px"> </div></div><div id="a12299" style="position:absolute;font-family:'Calibri';left:94.59px;top:196px;">Contact Person </div><div id="a12301" style="position:absolute;font-family:'Calibri';left:94.59px;top:214px;">(Loan Administration Department):<div style="display:inline-block;width:30.34px"> </div></div><div id="a12304" style="position:absolute;font-family:'Calibri';left:94.59px;top:248px;">Telephone:<div style="display:inline-block;width:29.88px"> </div></div><div id="a12307" style="position:absolute;font-family:'Calibri';left:94.59px;top:282px;">Fax:<div style="display:inline-block;width:24.4px"> </div></div><div id="a12310" style="position:absolute;font-family:'Calibri';left:94.59px;top:316px;">Contact Person </div><div id="a12312" style="position:absolute;font-family:'Calibri';left:94.59px;top:334px;">(Credit Administration Department):<div style="display:inline-block;width:22.92px"> </div></div><div id="a12315" style="position:absolute;font-family:'Calibri';left:94.59px;top:368px;">Telephone:<div style="display:inline-block;width:29.88px"> </div></div><div id="a12318" style="position:absolute;font-family:'Calibri';left:94.59px;top:402px;">Fax:<div style="display:inline-block;width:24.4px"> </div></div><div id="a12321" style="position:absolute;font-family:'Calibri';left:94.59px;top:435px;">Account for payments:<div style="display:inline-block;width:8.85px"> </div></div><div id="a12325" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:469px;">Note</div><div id="a12326" style="position:absolute;font-family:'Calibri';left:124.67px;top:469px;">:<div style="display:inline-block;width:13.98px"> </div>This<div style="display:inline-block;width:5.56px"> </div>Transfer<div style="display:inline-block;width:7.28px"> </div>Certificate<div style="display:inline-block;width:5.76px"> </div>alone<div style="display:inline-block;width:5.31px"> </div>may<div style="display:inline-block;width:6px"> </div>not<div style="display:inline-block;width:5.49px"> </div>be<div style="display:inline-block;width:5.58px"> </div>sufficient<div style="display:inline-block;width:5.48px"> </div>to<div style="display:inline-block;width:5.85px"> </div>transfer<div style="display:inline-block;width:6.21px"> </div>a<div style="display:inline-block;width:5.59px"> </div>proportionate<div style="display:inline-block;width:5.77px"> </div>share<div style="display:inline-block;width:5.6px"> </div>of<div style="display:inline-block;width:5.67px"> </div>the </div><div id="a12329" style="position:absolute;font-family:'Calibri';left:142.59px;top:487px;">Transferor's<div style="display:inline-block;width:5.78px"> </div>interest in<div style="display:inline-block;width:4.98px"> </div>the security constituted<div style="display:inline-block;width:5.26px"> </div>by the Finance<div style="display:inline-block;width:4.82px"> </div>Documents in the<div style="display:inline-block;width:5.14px"> </div>Transferor's<div style="display:inline-block;width:5.62px"> </div>or </div><div id="a12330" style="position:absolute;font-family:'Calibri';left:142.59px;top:505px;">Transferee's<div style="display:inline-block;width:6.38px"> </div>jurisdiction.<div style="display:inline-block;width:8.98px"> </div>It is<div style="display:inline-block;width:5.94px"> </div>the responsibility<div style="display:inline-block;width:5.8px"> </div>of each<div style="display:inline-block;width:5.75px"> </div>Lender to<div style="display:inline-block;width:6.05px"> </div>ascertain whether<div style="display:inline-block;width:5.73px"> </div>any<div style="display:inline-block;width:4.75px"> </div>other </div><div id="a12332" style="position:absolute;font-family:'Calibri';left:142.59px;top:523px;">documents are required for this purpose. </div><div id="a12335" style="position:absolute;font-family:'Calibri';left:94.59px;top:591px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a12339" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a12340" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>5 </div><div id="a12344" style="position:absolute;font-family:'Calibri';font-weight:bold;left:340.55px;top:130px;">DESIGNATION NOTICE </div><div id="a12346" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">Nordea Bank Abp, filial i Norge </div><div id="a12349" style="position:absolute;font-family:'Calibri';left:94.59px;top:182px;">Essendrops gate 7, Postboks<div style="display:inline-block;width:4.25px"> </div></div><div id="a12351" style="position:absolute;font-family:'Calibri';left:94.59px;top:200px;">1166, Sentrum, 0107 Oslo </div><div id="a12356" style="position:absolute;font-family:'Calibri';left:94.59px;top:218px;">920058817 MVA,<div style="display:inline-block;width:3.85px"> </div>Norway </div><div id="a12360" style="position:absolute;font-family:'Calibri';left:701.09px;top:270px;"><div style="display:inline-block;width:3.36px"> </div>[</div><div id="a12362" style="position:absolute;font-family:'Arial';left:708.93px;top:270px;">●</div><div id="a12363" style="position:absolute;font-family:'Calibri';left:717.09px;top:270px;">] </div><div id="a12365" style="position:absolute;font-family:'Calibri';left:94.59px;top:304px;">Dear Sirs </div><div id="a12367" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:338px;">Loan<div style="display:inline-block;width:5.42px"> </div>Agreement<div style="display:inline-block;width:5.88px"> </div>dated<div style="display:inline-block;width:5.69px"> </div>[</div><div id="a12369" style="position:absolute;font-family:'Arial';left:248.99px;top:338px;">●</div><div id="a12370" style="position:absolute;font-family:'Calibri';font-weight:bold;left:257.19px;top:338px;">]<div style="display:inline-block;width:5.62px"> </div>2024<div style="display:inline-block;width:5.68px"> </div>made<div style="display:inline-block;width:5.45px"> </div>between<div style="display:inline-block;width:5.64px"> </div>(i)<div style="display:inline-block;width:5.45px"> </div>Manra<div style="display:inline-block;width:5.71px"> </div>Shipping<div style="display:inline-block;width:5.64px"> </div>Company<div style="display:inline-block;width:5.59px"> </div>Inc.,<div style="display:inline-block;width:5.65px"> </div>Jabwot<div style="display:inline-block;width:5.61px"> </div>Shipping </div><div id="a12377" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:355px;">Company Inc., Arorae Shipping Company<div style="display:inline-block;width:4.8px"> </div>Inc., Tamana<div style="display:inline-block;width:4.72px"> </div>Shipping Company Inc., Beru Shipping Company </div><div id="a12378" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:373px;">Inc., Bonriki Shipping Company Inc., Taongi<div style="display:inline-block;width:5.49px"> </div>Shipping Company Inc., Ejite Shipping Company Inc.,<div style="display:inline-block;width:4.82px"> </div>Guam </div><div id="a12379" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:391px;">Shipping Company Inc.<div style="display:inline-block;width:1.85px"> </div>and Palau Shipping<div style="display:inline-block;width:1.84px"> </div>Company Inc. as<div style="display:inline-block;width:1.87px"> </div>joint and several borrowers, (ii)<div style="display:inline-block;width:1.66px"> </div>the Lenders, </div><div id="a12382" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:409px;">(iii) yourselves as<div style="display:inline-block;width:4.78px"> </div>Agent, Security Trustee,<div style="display:inline-block;width:5.35px"> </div>Bookrunner and Lead Arranger<div style="display:inline-block;width:4.87px"> </div>and (iv) Nordea Bank Abp<div style="display:inline-block;width:5.13px"> </div>as </div><div id="a12386" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:427px;">Swap Bank (the "Loan Agreement"). </div><div id="a12393" style="position:absolute;font-family:'Calibri';left:94.59px;top:461px;">We refer to: </div><div id="a12395" style="position:absolute;font-family:'Calibri';left:94.59px;top:495px;">1</div><div id="a12397" style="position:absolute;font-family:'Calibri';left:141.79px;top:495px;">the Loan Agreement;<div style="display:inline-block;width:3.13px"> </div></div><div id="a12399" style="position:absolute;font-family:'Calibri';left:94.59px;top:529px;">2</div><div id="a12401" style="position:absolute;font-family:'Calibri';left:141.79px;top:529px;">the Master Agreement dated [</div><div id="a12403" style="position:absolute;font-family:'Arial';left:323.59px;top:529px;">●</div><div id="a12404" style="position:absolute;font-family:'Calibri';left:331.75px;top:529px;">] 2024 made between ourselves and the Swap Bank; and </div><div id="a12408" style="position:absolute;font-family:'Calibri';left:94.59px;top:563px;">3</div><div id="a12410" style="position:absolute;font-family:'Calibri';left:141.79px;top:563px;">a Confirmation delivered pursuant<div style="display:inline-block;width:5.09px"> </div>to the said Master<div style="display:inline-block;width:5.02px"> </div>Agreement dated [</div><div id="a12412" style="position:absolute;font-family:'Arial';left:579.13px;top:563px;">●</div><div id="a12413" style="position:absolute;font-family:'Calibri';left:587.29px;top:563px;">] and addressed by [</div><div id="a12417" style="position:absolute;font-family:'Arial';left:709.09px;top:563px;">●</div><div id="a12418" style="position:absolute;font-family:'Calibri';left:717.25px;top:563px;">] </div><div id="a12420" style="position:absolute;font-family:'Calibri';left:141.79px;top:581px;">to us. </div><div id="a12422" style="position:absolute;font-family:'Calibri';left:94.59px;top:615px;">In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation </div><div id="a12423" style="position:absolute;font-family:'Calibri';left:94.59px;top:632px;">and hereby confirm that the Transaction evidenced by it will be designated as a "Designated Transaction" </div><div id="a12424" style="position:absolute;font-family:'Calibri';left:94.59px;top:650px;">for the purposes of the Loan Agreement and the Finance Documents. </div><div id="a12427" style="position:absolute;font-family:'Calibri';left:94.59px;top:684px;">Yours<div style="display:inline-block;width:4.75px"> </div>faithfully, </div><div id="a12432" style="position:absolute;font-family:'Calibri';left:317.35px;top:772px;">................................................. </div><div id="a12434" style="position:absolute;font-family:'Calibri';left:399.43px;top:790px;">[</div><div id="a12435" style="position:absolute;font-family:'Arial';left:403.91px;top:790px;">●</div><div id="a12436" style="position:absolute;font-family:'Calibri';left:412.07px;top:790px;">] </div><div id="a12438" style="position:absolute;font-family:'Calibri';left:348.87px;top:808px;">for and on behalf of </div><div id="a12440" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.55px;top:826px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:3.62px"> </div></div><div id="a12442" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.63px;top:843px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a12444" style="position:absolute;font-family:'Calibri';font-weight:bold;left:303.11px;top:861px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.78px"> </div></div><div id="a12446" style="position:absolute;font-family:'Calibri';font-weight:bold;left:300.55px;top:879px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div><div id="a12448" style="position:absolute;font-family:'Calibri';font-weight:bold;left:312.23px;top:897px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:3.56px"> </div></div><div id="a12450" style="position:absolute;font-family:'Calibri';font-weight:bold;left:302.79px;top:915px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:3.71px"> </div></div><div id="a12452" style="position:absolute;font-family:'Calibri';font-weight:bold;left:304.39px;top:933px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.15px"> </div>INC.<div style="display:inline-block;width:3.16px"> </div></div></div>
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<div id="a12456" style="position:absolute;font-family:'Calibri';font-weight:bold;left:313.67px;top:94px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.75px"> </div></div><div id="a12458" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.55px;top:112px;">GUAM SHIPPING COMPANY INC. </div><div id="a12460" style="position:absolute;font-family:'Calibri';font-weight:bold;left:308.23px;top:130px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC. </div></div>
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<div id="a12466" style="position:absolute;font-family:'Calibri';font-weight:bold;left:370.95px;top:94px;">SCHEDULE</div><div id="a12467" style="position:absolute;font-family:'Calibri';font-weight:bold;left:434.33px;top:94px;"><div style="display:inline-block;width:3.36px"> </div>6 </div><div id="a12471" style="position:absolute;font-family:'Calibri';font-weight:bold;left:350.63px;top:130px;">SELECTION NOTICE </div><div id="a12473" style="position:absolute;font-family:'Calibri';left:94.59px;top:164px;">From: </div><div id="a12475" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:164px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:3.63px"> </div></div><div id="a12477" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:182px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:3.18px"> </div></div><div id="a12479" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:200px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.8px"> </div></div><div id="a12481" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:218px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:3.18px"> </div></div><div id="a12483" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:236px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:3.57px"> </div></div><div id="a12485" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:254px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:3.72px"> </div></div><div id="a12487" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:272px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.15px"> </div>INC.<div style="display:inline-block;width:3.18px"> </div></div><div id="a12489" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:290px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.76px"> </div></div><div id="a12491" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:307px;">GUAM SHIPPING COMPANY INC. </div><div id="a12493" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:325px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC. </div><div id="a12496" style="position:absolute;font-family:'Calibri';left:94.59px;top:361px;">To: </div><div id="a12498" style="position:absolute;font-family:'Calibri';font-weight:bold;left:142.59px;top:361px;">Nordea Bank Abp, filial i Norge </div><div id="a12500" style="position:absolute;font-family:'Calibri';left:141.79px;top:379px;">Essendrops gate 7, Postboks<div style="display:inline-block;width:4.25px"> </div></div><div id="a12502" style="position:absolute;font-family:'Calibri';left:141.79px;top:397px;">1166, Sentrum, 0107 Oslo<div style="display:inline-block;width:2.87px"> </div></div><div id="a12507" style="position:absolute;font-family:'Calibri';left:141.79px;top:415px;">920058817 MVA,<div style="display:inline-block;width:3.85px"> </div>Norway </div><div id="a12510" style="position:absolute;font-family:'Calibri';left:661.25px;top:449px;">Dated: [</div><div id="a12511" style="position:absolute;font-family:'Arial';left:709.09px;top:449px;">●</div><div id="a12512" style="position:absolute;font-family:'Calibri';left:717.25px;top:449px;">] </div><div id="a12515" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:485px;">Loan<div style="display:inline-block;width:5.42px"> </div>Agreement<div style="display:inline-block;width:5.88px"> </div>dated<div style="display:inline-block;width:5.69px"> </div>[</div><div id="a12517" style="position:absolute;font-family:'Arial';left:248.99px;top:485px;">●</div><div id="a12518" style="position:absolute;font-family:'Calibri';font-weight:bold;left:257.19px;top:485px;">]<div style="display:inline-block;width:5.62px"> </div>2024<div style="display:inline-block;width:5.68px"> </div>made<div style="display:inline-block;width:5.45px"> </div>between<div style="display:inline-block;width:5.64px"> </div>(i)<div style="display:inline-block;width:5.45px"> </div>Manra<div style="display:inline-block;width:5.71px"> </div>Shipping<div style="display:inline-block;width:5.64px"> </div>Company<div style="display:inline-block;width:5.59px"> </div>Inc.,<div style="display:inline-block;width:5.65px"> </div>Jabwot<div style="display:inline-block;width:5.61px"> </div>Shipping </div><div id="a12525" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:503px;">Company Inc., Arorae Shipping Company<div style="display:inline-block;width:4.8px"> </div>Inc., Tamana<div style="display:inline-block;width:4.72px"> </div>Shipping Company Inc., Beru Shipping Company </div><div id="a12526" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:520px;">Inc., Bonriki Shipping Company Inc., Taongi<div style="display:inline-block;width:5.49px"> </div>Shipping Company Inc., Ejite Shipping Company Inc.,<div style="display:inline-block;width:4.82px"> </div>Guam </div><div id="a12527" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:538px;">Shipping Company Inc.<div style="display:inline-block;width:1.85px"> </div>and Palau Shipping<div style="display:inline-block;width:1.84px"> </div>Company Inc. as<div style="display:inline-block;width:1.87px"> </div>joint and several borrowers, (ii)<div style="display:inline-block;width:1.66px"> </div>the Lenders, </div><div id="a12530" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:556px;">(iii) yourselves as<div style="display:inline-block;width:4.78px"> </div>Agent, Security Trustee,<div style="display:inline-block;width:5.35px"> </div>Bookrunner and Lead Arranger<div style="display:inline-block;width:4.87px"> </div>and (iv) Nordea Bank Abp<div style="display:inline-block;width:5.13px"> </div>as </div><div id="a12534" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:574px;">Swap Bank (the "Loan Agreement"). </div><div id="a12541" style="position:absolute;font-family:'Calibri';left:94.59px;top:608px;">1</div><div id="a12543" style="position:absolute;font-family:'Calibri';left:141.79px;top:608px;">We refer to the Loan Agreement.<div style="display:inline-block;width:4.93px"> </div>This is a<div style="display:inline-block;width:1.92px"> </div>Selection Notice.<div style="display:inline-block;width:4.94px"> </div>Terms defined in the Loan Agreement </div><div id="a12548" style="position:absolute;font-family:'Calibri';left:141.79px;top:626px;">have the same meaning in this Selection Notice<div style="display:inline-block;width:4.7px"> </div>unless given a different meaning<div style="display:inline-block;width:4.68px"> </div>in this Selection </div><div id="a12549" style="position:absolute;font-family:'Calibri';left:141.79px;top:644px;">Notice. </div><div id="a12551" style="position:absolute;font-family:'Calibri';left:94.59px;top:678px;">2</div><div id="a12553" style="position:absolute;font-family:'Calibri';left:141.79px;top:678px;">We request [that the next Interest Period<div style="display:inline-block;width:4.76px"> </div>for the Loan be [</div><div id="a12554" style="position:absolute;font-family:'Arial';left:490.81px;top:678px;">●</div><div id="a12555" style="position:absolute;font-family:'Calibri';left:498.97px;top:678px;">]] OR [ an Interest Period for a part of </div><div id="a12562" style="position:absolute;font-family:'Calibri';left:141.79px;top:696px;">the Loan in an amount<div style="display:inline-block;width:4.75px"> </div>equal to [</div><div id="a12563" style="position:absolute;font-family:'Arial';left:338.95px;top:696px;">●</div><div id="a12564" style="position:absolute;font-family:'Calibri';left:347.11px;top:696px;">] (which is the amount of<div style="display:inline-block;width:4.82px"> </div>the Repayment Instalment<div style="display:inline-block;width:4.89px"> </div>next due) </div><div id="a12565" style="position:absolute;font-family:'Calibri';left:141.79px;top:714px;">ending on [</div><div id="a12566" style="position:absolute;font-family:'Arial';left:209.79px;top:714px;">●</div><div id="a12567" style="position:absolute;font-family:'Calibri';left:217.95px;top:714px;">] (which is the Repayment<div style="display:inline-block;width:4.83px"> </div>Date relating to<div style="display:inline-block;width:4.8px"> </div>that Repayment Instalment)<div style="display:inline-block;width:4.86px"> </div>and that the </div><div id="a12568" style="position:absolute;font-family:'Calibri';left:141.79px;top:732px;">Interest Period for the remaining part of the Loan shall be [</div><div id="a12569" style="position:absolute;font-family:'Arial';left:493.69px;top:732px;">●</div><div id="a12570" style="position:absolute;font-family:'Calibri';left:501.85px;top:732px;">]]. </div><div id="a12574" style="position:absolute;font-family:'Calibri';left:94.59px;top:765px;">3</div><div id="a12576" style="position:absolute;font-family:'Calibri';left:141.79px;top:765px;">This Selection Notice is irrevocable.</div><div id="a12578" style="position:absolute;font-family:'Calibri';left:94.59px;top:799px;">Yours<div style="display:inline-block;width:4.75px"> </div>faithfully </div><div id="a12583" style="position:absolute;font-family:'Calibri';left:94.59px;top:871px;">____________________</div><div id="a12585" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:889px;">[</div><div id="a12586" style="position:absolute;font-family:'Arial';left:99.39px;top:889px;">●</div><div id="a12587" style="position:absolute;font-family:'Calibri';font-weight:bold;left:107.55px;top:889px;">] </div><div id="a12589" style="position:absolute;font-family:'Calibri';left:94.59px;top:907px;">authorised signatory for </div><div id="a12591" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:925px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:3.63px"> </div></div><div id="a12593" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:942px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:3.17px"> </div></div></div>
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<div id="a12597" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.79px"> </div></div><div id="a12599" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:112px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:3.17px"> </div></div><div id="a12601" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:130px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:3.56px"> </div></div><div id="a12603" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:148px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:3.72px"> </div></div><div id="a12605" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:166px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.15px"> </div>INC.<div style="display:inline-block;width:3.17px"> </div></div><div id="a12607" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:184px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:3.76px"> </div></div><div id="a12609" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:202px;">GUAM SHIPPING COMPANY INC. </div><div id="a12611" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:220px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC. </div><div id="a12613" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:238px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="Page115" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;">
<div id="a12617" style="position:absolute;font-family:'Calibri';font-weight:bold;left:351.11px;top:94px;">EXECUTION PAGES </div><div id="a12619" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:128px;">THE BORROWERS </div><div id="a12622" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:161px;">SIGNED</div><div id="a12623" style="position:absolute;font-family:'Calibri';left:140.99px;top:161px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12629" style="position:absolute;font-family:'Calibri';left:94.59px;top:177px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12633" style="position:absolute;font-family:'Calibri';left:94.59px;top:193px;">Its<div style="display:inline-block;width:3.2px"> </div></div><div id="a12635" style="position:absolute;font-family:'Calibri';left:94.59px;top:209px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12640" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:225px;">MANRA SHIPPING COMPANY INC.<div style="display:inline-block;width:33.55px"> </div></div><div id="a12645" style="position:absolute;font-family:'Calibri';left:382.63px;top:225px;">)</div><div id="a12647" style="position:absolute;font-family:'Calibri';left:94.59px;top:241px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12655" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:305px;">SIGNED</div><div id="a12656" style="position:absolute;font-family:'Calibri';left:140.99px;top:305px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12662" style="position:absolute;font-family:'Calibri';left:94.59px;top:321px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12666" style="position:absolute;font-family:'Calibri';left:94.59px;top:337px;">Its<div style="display:inline-block;width:273.64px"> </div>) </div><div id="a12671" style="position:absolute;font-family:'Calibri';left:94.59px;top:353px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12676" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:369px;">JABWOT SHIPPING COMPANY<div style="display:inline-block;width:4.89px"> </div>INC.<div style="display:inline-block;width:32.45px"> </div></div><div id="a12681" style="position:absolute;font-family:'Calibri';left:382.63px;top:369px;">)</div><div id="a12683" style="position:absolute;font-family:'Calibri';left:94.59px;top:385px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12691" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:449px;">SIGNED</div><div id="a12692" style="position:absolute;font-family:'Calibri';left:140.99px;top:449px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12698" style="position:absolute;font-family:'Calibri';left:94.59px;top:465px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12702" style="position:absolute;font-family:'Calibri';left:94.59px;top:481px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12707" style="position:absolute;font-family:'Calibri';left:94.59px;top:497px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12712" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:513px;">ARORAE SHIPPING COMPANY INC.<div style="display:inline-block;width:34.19px"> </div></div><div id="a12717" style="position:absolute;font-family:'Calibri';left:382.63px;top:513px;">)</div><div id="a12719" style="position:absolute;font-family:'Calibri';left:94.59px;top:529px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12727" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:593px;">SIGNED</div><div id="a12728" style="position:absolute;font-family:'Calibri';left:140.99px;top:593px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12734" style="position:absolute;font-family:'Calibri';left:94.59px;top:609px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12738" style="position:absolute;font-family:'Calibri';left:94.59px;top:625px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12743" style="position:absolute;font-family:'Calibri';left:94.59px;top:641px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12748" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:657px;">TAMANA SHIPPING COMPANY<div style="display:inline-block;width:4.99px"> </div>INC.<div style="display:inline-block;width:28.45px"> </div></div><div id="a12753" style="position:absolute;font-family:'Calibri';left:382.63px;top:657px;">)</div><div id="a12755" style="position:absolute;font-family:'Calibri';left:94.59px;top:673px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12763" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:737px;">SIGNED</div><div id="a12764" style="position:absolute;font-family:'Calibri';left:140.99px;top:737px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12770" style="position:absolute;font-family:'Calibri';left:94.59px;top:753px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12774" style="position:absolute;font-family:'Calibri';left:94.59px;top:769px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12779" style="position:absolute;font-family:'Calibri';left:94.59px;top:785px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12784" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:801px;">BERU SHIPPING COMPANY INC.<div style="display:inline-block;width:52.2px"> </div></div><div id="a12789" style="position:absolute;font-family:'Calibri';left:382.63px;top:801px;">)</div><div id="a12791" style="position:absolute;font-family:'Calibri';left:94.59px;top:817px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12799" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:881px;">SIGNED</div><div id="a12800" style="position:absolute;font-family:'Calibri';left:140.99px;top:881px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12806" style="position:absolute;font-family:'Calibri';left:94.59px;top:897px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12810" style="position:absolute;font-family:'Calibri';left:94.59px;top:913px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12815" style="position:absolute;font-family:'Calibri';left:94.59px;top:929px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div></div>
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<div id="a12822" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:93px;">BONRIKI SHIPPING COMPANY INC.<div style="display:inline-block;width:33.48px"> </div></div><div id="a12827" style="position:absolute;font-family:'Calibri';left:382.63px;top:93px;">)</div><div id="a12829" style="position:absolute;font-family:'Calibri';left:94.59px;top:109px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12837" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:173px;">SIGNED</div><div id="a12838" style="position:absolute;font-family:'Calibri';left:140.99px;top:173px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12844" style="position:absolute;font-family:'Calibri';left:94.59px;top:189px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12848" style="position:absolute;font-family:'Calibri';left:94.59px;top:205px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12853" style="position:absolute;font-family:'Calibri';left:94.59px;top:221px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12858" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:237px;">TAONGI SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC.<div style="display:inline-block;width:35.98px"> </div></div><div id="a12864" style="position:absolute;font-family:'Calibri';left:382.63px;top:237px;">)</div><div id="a12866" style="position:absolute;font-family:'Calibri';left:94.59px;top:253px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12874" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:317px;">SIGNED</div><div id="a12875" style="position:absolute;font-family:'Calibri';left:140.99px;top:317px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12881" style="position:absolute;font-family:'Calibri';left:94.59px;top:333px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12885" style="position:absolute;font-family:'Calibri';left:94.59px;top:349px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12890" style="position:absolute;font-family:'Calibri';left:94.59px;top:365px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12895" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:381px;">EJITE SHIPPING COMPANY INC.<div style="display:inline-block;width:55.12px"> </div></div><div id="a12900" style="position:absolute;font-family:'Calibri';left:382.63px;top:381px;">)</div><div id="a12902" style="position:absolute;font-family:'Calibri';left:94.59px;top:397px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12910" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:461px;">SIGNED</div><div id="a12911" style="position:absolute;font-family:'Calibri';left:140.99px;top:461px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12917" style="position:absolute;font-family:'Calibri';left:94.59px;top:477px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12921" style="position:absolute;font-family:'Calibri';left:94.59px;top:493px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12926" style="position:absolute;font-family:'Calibri';left:94.59px;top:509px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12931" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:525px;">GUAM SHIPPING COMPANY INC.<div style="display:inline-block;width:45.22px"> </div></div><div id="a12936" style="position:absolute;font-family:'Calibri';left:382.63px;top:525px;">)</div><div id="a12938" style="position:absolute;font-family:'Calibri';left:94.59px;top:541px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12946" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:605px;">SIGNED</div><div id="a12947" style="position:absolute;font-family:'Calibri';left:140.99px;top:605px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12953" style="position:absolute;font-family:'Calibri';left:94.59px;top:621px;"><div style="display:inline-block;width:288.03px"> </div>) </div><div id="a12957" style="position:absolute;font-family:'Calibri';left:94.59px;top:637px;">its<div style="display:inline-block;width:273.97px"> </div>) </div><div id="a12962" style="position:absolute;font-family:'Calibri';left:94.59px;top:653px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a12967" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:669px;">PALAU SHIPPING COMPANY<div style="display:inline-block;width:5.14px"> </div>INC.<div style="display:inline-block;width:40.14px"> </div></div><div id="a12971" style="position:absolute;font-family:'Calibri';left:382.63px;top:669px;">)</div><div id="a12973" style="position:absolute;font-family:'Calibri';left:94.59px;top:685px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a12986" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:815px;">THE LENDERS</div><div id="a12989" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:850px;">SIGNED</div><div id="a12990" style="position:absolute;font-family:'Calibri';left:140.99px;top:850px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a12999" style="position:absolute;font-family:'Calibri';left:382.63px;top:868px;">) </div><div id="a13001" style="position:absolute;font-family:'Calibri';left:94.59px;top:886px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13013" style="position:absolute;font-family:'Calibri';left:94.59px;top:904px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13020" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:922px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE</div><div id="a13021" style="position:absolute;font-family:'Calibri';left:311.91px;top:922px;"><div style="display:inline-block;width:70.72px"> </div>) </div><div id="a13025" style="position:absolute;font-family:'Calibri';left:94.59px;top:940px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div></div>
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<div id="a13035" style="position:absolute;font-family:'Calibri';left:94.59px;top:112px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div style="padding: 7px">
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<div id="a13039" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">THE SWAP BANK </div><div id="a13043" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:130px;">SIGNED</div><div id="a13044" style="position:absolute;font-family:'Calibri';left:140.99px;top:130px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a13053" style="position:absolute;font-family:'Calibri';left:382.63px;top:148px;">) </div><div id="a13055" style="position:absolute;font-family:'Calibri';left:94.59px;top:166px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13067" style="position:absolute;font-family:'Calibri';left:94.59px;top:184px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13074" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:202px;">NORDEA BANK ABP<div style="display:inline-block;width:24.39px"> </div></div><div id="a13077" style="position:absolute;font-family:'Calibri';left:286.63px;top:202px;"><div style="display:inline-block;width:96px"> </div>) </div><div id="a13081" style="position:absolute;font-family:'Calibri';left:94.59px;top:220px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a13093" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:327px;">THE AGENT </div><div id="a13097" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:363px;">SIGNED</div><div id="a13098" style="position:absolute;font-family:'Calibri';left:140.99px;top:363px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a13107" style="position:absolute;font-family:'Calibri';left:382.63px;top:381px;">) </div><div id="a13109" style="position:absolute;font-family:'Calibri';left:94.59px;top:399px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13121" style="position:absolute;font-family:'Calibri';left:94.59px;top:417px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13128" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:435px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE</div><div id="a13129" style="position:absolute;font-family:'Calibri';left:311.91px;top:435px;"><div style="display:inline-block;width:70.72px"> </div>) </div><div id="a13133" style="position:absolute;font-family:'Calibri';left:94.59px;top:453px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a13145" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:560px;">THE SECURITY TRUSTEE</div><div id="a13148" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:596px;">SIGNED</div><div id="a13149" style="position:absolute;font-family:'Calibri';left:140.99px;top:596px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a13158" style="position:absolute;font-family:'Calibri';left:382.63px;top:614px;">) </div><div id="a13160" style="position:absolute;font-family:'Calibri';left:94.59px;top:632px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13172" style="position:absolute;font-family:'Calibri';left:94.59px;top:650px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13179" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:667px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE</div><div id="a13180" style="position:absolute;font-family:'Calibri';left:311.91px;top:667px;"><div style="display:inline-block;width:70.72px"> </div>) </div><div id="a13184" style="position:absolute;font-family:'Calibri';left:94.59px;top:685px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div><div id="a13196" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:793px;">THE LEAD ARRANGER </div><div id="a13200" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:829px;">SIGNED</div><div id="a13201" style="position:absolute;font-family:'Calibri';left:140.99px;top:829px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a13210" style="position:absolute;font-family:'Calibri';left:382.63px;top:846px;">) </div><div id="a13212" style="position:absolute;font-family:'Calibri';left:94.59px;top:864px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13224" style="position:absolute;font-family:'Calibri';left:94.59px;top:882px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13231" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:900px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE</div><div id="a13232" style="position:absolute;font-family:'Calibri';left:311.91px;top:900px;"><div style="display:inline-block;width:70.72px"> </div>) </div><div id="a13236" style="position:absolute;font-family:'Calibri';left:94.59px;top:918px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div></div>
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<div id="a13248" style="position:absolute;font-family:'Calibri';left:94.59px;top:130px;"><div style="display:inline-block;width:192.03px"> </div></div></div>
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<div id="a13252" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:94px;">THE BOOKRUNNER </div><div id="a13256" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:130px;">SIGNED</div><div id="a13257" style="position:absolute;font-family:'Calibri';left:140.99px;top:130px;"><div style="display:inline-block;width:3.36px"> </div>by<div style="display:inline-block;width:223.96px"> </div>) </div><div id="a13266" style="position:absolute;font-family:'Calibri';left:382.63px;top:148px;">) </div><div id="a13268" style="position:absolute;font-family:'Calibri';left:94.59px;top:166px;">attorney-in-fact<div style="display:inline-block;width:194.63px"> </div>) </div><div id="a13280" style="position:absolute;font-family:'Calibri';left:94.59px;top:184px;">for and on behalf of<div style="display:inline-block;width:169.6px"> </div>) </div><div id="a13287" style="position:absolute;font-family:'Calibri';font-weight:bold;left:94.59px;top:202px;">NORDEA BANK ABP,<div style="display:inline-block;width:4.94px"> </div>FILIAL I NORGE</div><div id="a13288" style="position:absolute;font-family:'Calibri';left:311.91px;top:202px;"><div style="display:inline-block;width:70.72px"> </div>) </div><div id="a13292" style="position:absolute;font-family:'Calibri';left:94.59px;top:220px;">in the presence of:<div style="display:inline-block;width:176.33px"> </div>) </div></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover - shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document type</a></td>
<td class="text">20-F<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document registration statement</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document annual report</a></td>
<td class="text">true<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document period end date</a></td>
<td class="text">Dec. 31, 2024<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current fiscal year end date</a></td>
<td class="text">--12-31<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document transition report</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document shell company report</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity file number</a></td>
<td class="text">001-32458<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity registrant name</a></td>
<td class="text">DIANA SHIPPING INC.<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity incorporation state country code</a></td>
<td class="text">1T<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity address, address line one</a></td>
<td class="text">Pendelis 16<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity address, city or town</a></td>
<td class="text">Athens<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity address, postal zip code</a></td>
<td class="text">175 64 Palaio Faliro<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity address, country</a></td>
<td class="text">GR<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact personnel name</a></td>
<td class="text">Ms Maria Dede<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity common stock shares outstanding</a></td>
<td class="nump">125,203,405<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity well known seasoned issuer</a></td>
<td class="text">No<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity voluntary filers</a></td>
<td class="text">No<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity current reporting status</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity interactive data current</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity filer category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity emerging growth company</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document accounting standard</a></td>
<td class="text">U.S. GAAP<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity shell company</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity central index key</a></td>
<td class="text">0001318885<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document fiscal year focus</a></td>
<td class="text">2024<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document fiscal period focus</a></td>
<td class="text">FY<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Fin Stmt Error Correction Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR auditor attestation flag</a></td>
<td class="text">true<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor firm ID</a></td>
<td class="text">1163<span></span>
</td>
<td class="text">1457<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor name</a></td>
<td class="text">Deloitte Certified Public Accountants S.A.<span></span>
</td>
<td class="text">Ernst & Young<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor location</a></td>
<td class="text">Athens, Greece<span></span>
</td>
<td class="text">Athens, Greece<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity address, address line one</a></td>
<td class="text">Pendelis 16<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity address, city or town</a></td>
<td class="text">Athens<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity address, postal zip code</a></td>
<td class="text">175 64 Palaio Faliro<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity address, country</a></td>
<td class="text">GR<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact personnel name</a></td>
<td class="text">Ms Maria Dede<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CountryRegion', window );">Country Region</a></td>
<td class="text">30<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City area code</a></td>
<td class="text">210<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local phone number</a></td>
<td class="text">9470-100<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelFaxNumber', window );">Contact personnel fax number</a></td>
<td class="text">30-210-9470-101<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelEmailAddress', window );">Contact personnel email address</a></td>
<td class="text">mdede@dianashippinginc.com<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) security</a></td>
<td class="text">Common Stock, $0.01 par value including the Preferred Stock Purchase Rights<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading symbol</a></td>
<td class="text">DSX<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security exchange name</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember', window );">Series B Cumulative Redeemable Perpetual Preferred Shares at 8.875% [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) security</a></td>
<td class="text">8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading symbol</a></td>
<td class="text">DSXPRB<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security exchange name</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=dsx_WarrantsToPurchaseCommonStockMember', window );">Warrants To Purchase Common Stock [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) security</a></td>
<td class="text">Warrants to Purchase Common Stock, Expiring on or about December 14, 2026<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading symbol</a></td>
<td class="text">DSX WS<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security exchange name</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelEmailAddress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Email address of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelEmailAddress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelFaxNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fax Number of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelFaxNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CountryRegion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Region code of country</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CountryRegion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFinStmtErrorCorrectionFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityListingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=dsx_SeriesBCumulativeRedeemablePerpetualPreferredSharesAt8875PercentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=dsx_WarrantsToPurchaseCommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=dsx_WarrantsToPurchaseCommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
function toggleNextSibling (e) {
if (e.nextSibling.style.display=='none') {
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents (Note 2(e))</a></td>
<td class="nump">$ 124,666<span></span>
</td>
<td class="nump">$ 101,592<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherShortTermInvestments', window );">Time deposits (Note 2(e))</a></td>
<td class="nump">63,500<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, trade (Note 2(f))</a></td>
<td class="nump">6,565<span></span>
</td>
<td class="nump">5,870<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories (Note 2(g))</a></td>
<td class="nump">4,193<span></span>
</td>
<td class="nump">5,056<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other assets</a></td>
<td class="nump">7,490<span></span>
</td>
<td class="nump">8,696<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNi', window );">Investments in equity securities (Note 5(b))</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">20,729<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Fair value of derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">129<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="nump">206,608<span></span>
</td>
<td class="nump">182,221<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Fixed Assets:</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_AdvancesForVesselsUnderConstruction', window );">Advances for vessels under construction (Note 6)</a></td>
<td class="nump">19,558<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Vessels, net (Note 6)</a></td>
<td class="nump">833,412<span></span>
</td>
<td class="nump">900,192<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_PropertyAndEquipmentNet', window );">Property and equipment, net (Note 7)</a></td>
<td class="nump">27,175<span></span>
</td>
<td class="nump">24,282<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_TotalFixedAssets', window );">Total fixed assets</a></td>
<td class="nump">880,145<span></span>
</td>
<td class="nump">924,474<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_OtherNonCurrentAssetsAbstract', window );"><strong>Other Noncurrent Assets</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash, non-current (Note 2(e) and 8)</a></td>
<td class="nump">19,000<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Equity method investments (Note 4)</a></td>
<td class="nump">42,826<span></span>
</td>
<td class="nump">15,769<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred costs</a></td>
<td class="nump">17,838<span></span>
</td>
<td class="nump">15,278<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-current Assets</a></td>
<td class="nump">964,410<span></span>
</td>
<td class="nump">984,189<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,171,018<span></span>
</td>
<td class="nump">1,166,410<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Long-term debt, current, net of deferred financing costs (Note 8)</a></td>
<td class="nump">45,230<span></span>
</td>
<td class="nump">49,512<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityCurrent', window );">Finance liabilities, current (Note 9)</a></td>
<td class="nump">9,608<span></span>
</td>
<td class="nump">9,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">8,990<span></span>
</td>
<td class="nump">9,663<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
<td class="nump">11,896<span></span>
</td>
<td class="nump">12,416<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">4,235<span></span>
</td>
<td class="nump">3,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Fair value of derivatives</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="nump">80,180<span></span>
</td>
<td class="nump">85,134<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current Liabilities</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion and deferred financing costs (Note 8)</a></td>
<td class="nump">469,387<span></span>
</td>
<td class="nump">461,131<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityNoncurrent', window );">Finance liabilities, net of current portion (Note 9)</a></td>
<td class="nump">113,300<span></span>
</td>
<td class="nump">122,908<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Fair value of derivatives (Note 2 (dd))</a></td>
<td class="nump">134<span></span>
</td>
<td class="nump">568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_WarrantLiabilityNonCurrentLiabilities', window );">Warrant liability (Note 11(e))</a></td>
<td class="nump">1,802<span></span>
</td>
<td class="nump">6,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">1,158<span></span>
</td>
<td class="nump">1,316<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Noncurrent Liabilities</a></td>
<td class="nump">585,781<span></span>
</td>
<td class="nump">592,255<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies (Note 10)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' Equity</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock (Note 11)</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.01 par value; 1,000,000,000 shares authorized and 125,203,405 and 113,065,725 issued and outstanding on December 31, 2024 and 2023, respectively (Note 11)</a></td>
<td class="nump">1,252<span></span>
</td>
<td class="nump">1,131<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid in capital</a></td>
<td class="nump">1,139,363<span></span>
</td>
<td class="nump">1,101,425<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">312<span></span>
</td>
<td class="nump">308<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(635,896)<span></span>
</td>
<td class="num">(613,869)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Stockholders' Equity</a></td>
<td class="nump">505,057<span></span>
</td>
<td class="nump">489,021<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Stockholders' Equity</a></td>
<td class="nump">1,171,018<span></span>
</td>
<td class="nump">1,166,410<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, trade (Note 2(f))</a></td>
<td class="nump">194<span></span>
</td>
<td class="nump">149<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_OtherNonCurrentAssetsAbstract', window );"><strong>Other Noncurrent Assets</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetNoncurrent', window );">Due from related parties, non-current (Note 4)</a></td>
<td class="nump">155<span></span>
</td>
<td class="nump">319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFVNINoncurrent', window );">Investments in a related party (Notes 2(aa) and 5(a))</a></td>
<td class="nump">4,415<span></span>
</td>
<td class="nump">8,318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">$ 190<span></span>
</td>
<td class="nump">$ 759<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_AdvancesForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value of capitalized payments made for vessel under construction that is expected to be received within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_AdvancesForVesselsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_OtherNonCurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_OtherNonCurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_PropertyAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Real estate, furniture and fixtures net of depreciation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_PropertyAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_TotalFixedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of carrying amounts as of the balance sheet date of assets under construction and acquisition, tangible assets held by the entity for use in the production or supply of goods and services, net of depreciation and furniture and fixtures net of depreciation</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_TotalFixedAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_WarrantLiabilityNonCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Warrant Liability, Non-Current Liabilities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_WarrantLiabilityNonCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(18))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iv))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(15))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred cost, excluding capitalized cost related to contract with customer; classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFVNINoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFVNINoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNi">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFvNi</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeaseLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeaseLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeaseLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeaseLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
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<tr>
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<td>xbrli:monetaryItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of short-term investments classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(g))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 360<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478451/942-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 210<br> -Topic 954<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477220/954-210-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated undistributed earnings (deficit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>24
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>CONSOLIDATED BALANCE SHEETS</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value per share</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">125,203,405<span></span>
</td>
<td class="nump">113,065,725<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">125,203,405<span></span>
</td>
<td class="nump">113,065,725<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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e.nextSibling.style.display='block';
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES:</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Time charter revenues</a></td>
<td class="nump">$ 228,209<span></span>
</td>
<td class="nump">$ 262,098<span></span>
</td>
<td class="nump">$ 289,972<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DirectOperatingCosts', window );">Voyage expenses</a></td>
<td class="nump">13,607<span></span>
</td>
<td class="nump">13,621<span></span>
</td>
<td class="nump">6,942<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">82,587<span></span>
</td>
<td class="nump">85,486<span></span>
</td>
<td class="nump">72,033<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization of deferred charges</a></td>
<td class="nump">44,691<span></span>
</td>
<td class="nump">49,785<span></span>
</td>
<td class="nump">43,326<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">33,435<span></span>
</td>
<td class="nump">32,968<span></span>
</td>
<td class="nump">29,367<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Management fees to a related party (Note 4(a))</a></td>
<td class="nump">1,332<span></span>
</td>
<td class="nump">1,313<span></span>
</td>
<td class="nump">511<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain on sale of vessels (Notes 6)</a></td>
<td class="num">(5,799)<span></span>
</td>
<td class="num">(5,323)<span></span>
</td>
<td class="num">(2,850)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InsuranceRecoveries', window );">Insurance recoveries</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,789)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other operating income</a></td>
<td class="num">(422)<span></span>
</td>
<td class="num">(1,464)<span></span>
</td>
<td class="nump">265<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income, total</a></td>
<td class="nump">58,778<span></span>
</td>
<td class="nump">85,712<span></span>
</td>
<td class="nump">142,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLossesAbstract', window );"><strong>OTHER INCOME/(EXPENSES)</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense and finance costs (Note 13)</a></td>
<td class="num">(47,468)<span></span>
</td>
<td class="num">(49,331)<span></span>
</td>
<td class="num">(27,419)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest and other income</a></td>
<td class="nump">8,369<span></span>
</td>
<td class="nump">8,170<span></span>
</td>
<td class="nump">2,737<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments', window );">Gain/(loss) on derivative instruments (Note 8)</a></td>
<td class="nump">274<span></span>
</td>
<td class="num">(439)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on extinguishment of debt (Note 8)</a></td>
<td class="num">(3,475)<span></span>
</td>
<td class="num">(748)<span></span>
</td>
<td class="num">(435)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeconsolidationGainOrLossAmount', window );">Gain on deconsolidation of subsidiary</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">844<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNiRealizedGainLoss', window );">Gain/(loss) on equity securities (Note 5(b))</a></td>
<td class="num">(400)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss', window );">Gain/(loss) on equity securities (Note 5(b))</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,813<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAdjustmentOfWarrants', window );">Gain on warrants (Note 11(e))</a></td>
<td class="nump">719<span></span>
</td>
<td class="nump">1,583<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Gain/(loss) from equity method investments (Note 4)</a></td>
<td class="num">(146)<span></span>
</td>
<td class="num">(262)<span></span>
</td>
<td class="nump">894<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLosses', window );">Total other expenses, net</a></td>
<td class="num">(46,032)<span></span>
</td>
<td class="num">(35,868)<span></span>
</td>
<td class="num">(23,634)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">12,746<span></span>
</td>
<td class="nump">49,844<span></span>
</td>
<td class="nump">119,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends on series B preferred shares (Notes 11(b) and 14)</a></td>
<td class="num">(5,769)<span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to common stockholders</a></td>
<td class="nump">$ 6,977<span></span>
</td>
<td class="nump">$ 44,075<span></span>
</td>
<td class="nump">$ 113,294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Earnings per common share, basic (Note 14)</a></td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="nump">$ 0.44<span></span>
</td>
<td class="nump">$ 1.42<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Earnings per common share, diluted (Note 14)</a></td>
<td class="nump">$ 0.05<span></span>
</td>
<td class="nump">$ 0.42<span></span>
</td>
<td class="nump">$ 1.36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of common shares outstanding, basic (Note 14)</a></td>
<td class="nump">115,956,249<span></span>
</td>
<td class="nump">100,166,629<span></span>
</td>
<td class="nump">80,061,040<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of common shares outstanding, diluted (Note 14)</a></td>
<td class="nump">118,655,243<span></span>
</td>
<td class="nump">101,877,142<span></span>
</td>
<td class="nump">83,318,901<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Gain/(loss) on related party investments (Note 5(a))</a></td>
<td class="num">$ (3,905)<span></span>
</td>
<td class="nump">$ 1,502<span></span>
</td>
<td class="nump">$ 589<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Gain/(loss) on related party investments (Note 5(a))</a></td>
<td class="num">$ (3,905)<span></span>
</td>
<td class="nump">$ 1,502<span></span>
</td>
<td class="nump">$ 589<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Costs of sales and operating expenses for the period incurred from transactions with related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesRelatedParty</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) from deconsolidation of subsidiary and derecognition of group of assets constituting transfer of business or nonprofit activity, excluding conveyance of oil and gas mineral rights and transfer of good or service in contract with customer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeconsolidationGainOrLossAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectOperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate direct operating costs incurred during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectOperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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-Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-2<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
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Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNiRealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(d)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 321<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479536/321-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFvNiRealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(d)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 321<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479536/321-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAdjustmentOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (income) related to adjustment to fair value of warrant liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 25<br> -Paragraph 13<br> -SubTopic 10<br> -Topic 480<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481766/480-10-25-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAdjustmentOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InsuranceRecoveries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recovered from insurance. These recoveries reduce costs and losses that are reported as a separate line item under operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InsuranceRecoveries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of gains or losses resulting from nonoperating activities (for example, interest and dividend revenue, property, plant and equipment impairment loss, and so forth).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLosses</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLossesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLossesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 12,746<span></span>
</td>
<td class="nump">$ 49,844<span></span>
</td>
<td class="nump">$ 119,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income - Defined benefit plan</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="nump">182<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td>
<td class="nump">$ 12,750<span></span>
</td>
<td class="nump">$ 49,899<span></span>
</td>
<td class="nump">$ 119,245<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(26))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-17<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-4<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-5<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482739/220-10-55-15<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th">
<div>Preferred Stock [Member] </div>
<div>Series B Preferred Stock [Member]</div>
</th>
<th class="th">
<div>Preferred Stock [Member] </div>
<div>Series C Preferred Stock [Member]</div>
</th>
<th class="th">
<div>Preferred Stock [Member] </div>
<div>Series D Preferred Stock [Member]</div>
</th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Other Comprehensive Income [Member]</div></th>
<th class="th"><div>Accumulated Deficit [Member]</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2021</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">84,672,258<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2021</a></td>
<td class="nump">$ 393,195<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 847<span></span>
</td>
<td class="nump">$ 982,537<span></span>
</td>
<td class="nump">$ 71<span></span>
</td>
<td class="num">$ (590,286)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">119,063<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">119,063<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of stock, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">877,581<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock (Note 11(e))</a></td>
<td class="nump">5,322<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 9<span></span>
</td>
<td class="nump">5,313<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted stock and compensation cost, shares (Note 11(h))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,470,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock and compensation cost (Note 11(h))</a></td>
<td class="nump">9,282<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="nump">9,267<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Stock repurchased and retired, shares (Note 11(e))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(820,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Stock repurchased and retired (Note 11(e))</a></td>
<td class="num">(3,799)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (8)<span></span>
</td>
<td class="num">(3,791)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Issuance of common stock for vessel acquisitions, shares (Notes 6 and 11(e))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">16,453,780<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets', window );">Issuance of common stock for vessel acquisitions (Notes 6 and 11(e))</a></td>
<td class="nump">67,853<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
<td class="nump">67,689<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends on series B preferred stock ($2.21875) (Note 11(d))</a></td>
<td class="num">(5,769)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends on common stock (Note 11(f))</a></td>
<td class="num">(79,812)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(79,812)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPaidinkind', window );">Dividends in kind (Note 9(g))</a></td>
<td class="num">(18,189)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(18,189)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income</a></td>
<td class="nump">182<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">182<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2022</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">102,653,619<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2022</a></td>
<td class="nump">487,328<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,027<span></span>
</td>
<td class="nump">1,061,015<span></span>
</td>
<td class="nump">253<span></span>
</td>
<td class="num">(574,993)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">49,844<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">49,844<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of stock, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">6,628,493<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock (Note 11(e))</a></td>
<td class="nump">22,846<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 66<span></span>
</td>
<td class="nump">22,780<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted stock and compensation cost, shares (Note 11(h))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,750,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock and compensation cost (Note 11(h))</a></td>
<td class="nump">9,938<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="nump">9,920<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Issuance of common stock for vessel acquisitions, shares (Notes 6 and 11(e))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,033,613<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets', window );">Issuance of common stock for vessel acquisitions (Notes 6 and 11(e))</a></td>
<td class="nump">7,730<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 20<span></span>
</td>
<td class="nump">7,710<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends on series B preferred stock ($2.21875) (Note 11(d))</a></td>
<td class="num">(5,769)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends on common stock (Note 11(f))</a></td>
<td class="num">(64,276)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(64,276)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_IncreaseDecreaseInEquityFromWarrants', window );">Warrants (Note 11(g))</a></td>
<td class="num">(7,914)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(7,914)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPaidinkind', window );">Dividends in kind (Note 9(g))</a></td>
<td class="num">(10,761)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(10,761)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income</a></td>
<td class="nump">55<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2023</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">113,065,725<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2023</a></td>
<td class="nump">489,021<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,131<span></span>
</td>
<td class="nump">1,101,425<span></span>
</td>
<td class="nump">308<span></span>
</td>
<td class="num">(613,869)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 12,746<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">12,746<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of stock, shares</a></td>
<td class="nump">9,837,680<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">9,837,680<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock (Note 11(e))</a></td>
<td class="nump">$ 28,047<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 98<span></span>
</td>
<td class="nump">27,949<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted stock and compensation cost, shares (Note 11(h))</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock and compensation cost (Note 11(h))</a></td>
<td class="nump">10,012<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 23<span></span>
</td>
<td class="nump">9,989<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends on series B preferred stock ($2.21875) (Note 11(d))</a></td>
<td class="num">(5,769)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends on common stock (Note 11(f))</a></td>
<td class="num">(29,004)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(29,004)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income</a></td>
<td class="nump">4<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2024</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">125,203,405<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2024</a></td>
<td class="nump">$ 505,057<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,252<span></span>
</td>
<td class="nump">$ 1,139,363<span></span>
</td>
<td class="nump">$ 312<span></span>
</td>
<td class="num">$ (635,896)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_IncreaseDecreaseInEquityFromWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase decrease in equity from warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_IncreaseDecreaseInEquityFromWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPaidinkind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid paid-in-kind dividends (PIK) declared for classes of stock, for example, but not limited to, common and preferred.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPaidinkind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-17<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-4<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-5<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482739/220-10-55-15<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased and retired during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
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<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 18, 2024</div></th>
<th class="th"><div>Aug. 30, 2024</div></th>
<th class="th"><div>Jun. 18, 2024</div></th>
<th class="th"><div>Mar. 12, 2024</div></th>
<th class="th"><div>Dec. 04, 2023</div></th>
<th class="th"><div>Sep. 08, 2023</div></th>
<th class="th"><div>Jul. 10, 2023</div></th>
<th class="th"><div>Mar. 20, 2023</div></th>
<th class="th"><div>Dec. 15, 2022</div></th>
<th class="th"><div>Aug. 19, 2022</div></th>
<th class="th"><div>Jun. 17, 2022</div></th>
<th class="th"><div>Mar. 21, 2022</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsPerShareCashPaid', window );">Preferred Stock, Dividends per share</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2.21875<span></span>
</td>
<td class="nump">$ 2.21875<span></span>
</td>
<td class="nump">$ 2.21875<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Dividend paid on common stock per share</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.075<span></span>
</td>
<td class="nump">$ 0.075<span></span>
</td>
<td class="nump">$ 0.075<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.175<span></span>
</td>
<td class="nump">$ 0.275<span></span>
</td>
<td class="nump">$ 0.25<span></span>
</td>
<td class="nump">$ 0.20<span></span>
</td>
<td class="nump">$ 0.90<span></span>
</td>
<td class="nump">$ 0.60<span></span>
</td>
<td class="nump">$ 0.235<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of preferred stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities:</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 12,746<span></span>
</td>
<td class="nump">$ 49,844<span></span>
</td>
<td class="nump">$ 119,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to cash provided by operating activities</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization of deferred charges</a></td>
<td class="nump">44,691<span></span>
</td>
<td class="nump">49,785<span></span>
</td>
<td class="nump">43,326<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of debt issuance costs (Note 13)</a></td>
<td class="nump">2,372<span></span>
</td>
<td class="nump">2,620<span></span>
</td>
<td class="nump">2,286<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedStockExpense', window );">Compensation cost on restricted stock (Note 11(g))</a></td>
<td class="nump">10,012<span></span>
</td>
<td class="nump">9,938<span></span>
</td>
<td class="nump">9,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Provision for credit loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">133<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentIncomeDividend', window );">Dividend income (Note 5(a))</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(3)<span></span>
</td>
<td class="num">(100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash', window );">Pension and other postretirement benefits</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="nump">182<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments', window );">(Gain)/loss on derivative instruments (Note 8)</a></td>
<td class="num">(274)<span></span>
</td>
<td class="nump">439<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain on sale of vessels (Notes 6)</a></td>
<td class="num">(5,799)<span></span>
</td>
<td class="num">(5,323)<span></span>
</td>
<td class="num">(2,850)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">(Gain)/loss on related party investments (Note 5)</a></td>
<td class="nump">3,905<span></span>
</td>
<td class="num">(1,502)<span></span>
</td>
<td class="num">(589)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on extinguishment of debt</a></td>
<td class="nump">3,475<span></span>
</td>
<td class="nump">748<span></span>
</td>
<td class="nump">435<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeconsolidationGainOrLossAmount', window );">Gain on deconsolidation of subsidiary</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(844)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">(Gain)/loss from equity method investments (Note 4)</a></td>
<td class="nump">146<span></span>
</td>
<td class="nump">262<span></span>
</td>
<td class="num">(894)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNiRealizedGainLoss', window );">Gain/(loss) on equity securities (Note 5(b))</a></td>
<td class="nump">400<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss', window );">Gain/(loss) on equity securities (Note 5(b))</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,813)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAdjustmentOfWarrants', window );">Gain on warrants (Note 11(e))</a></td>
<td class="num">(719)<span></span>
</td>
<td class="num">(1,583)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>(Increase) / Decrease</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable, trade</a></td>
<td class="num">(695)<span></span>
</td>
<td class="nump">256<span></span>
</td>
<td class="num">(3,427)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties', window );">Due from related parties</a></td>
<td class="nump">119<span></span>
</td>
<td class="num">(252)<span></span>
</td>
<td class="nump">736<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="nump">863<span></span>
</td>
<td class="num">(511)<span></span>
</td>
<td class="nump">1,768<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses and other assets</a></td>
<td class="nump">1,247<span></span>
</td>
<td class="num">(1,950)<span></span>
</td>
<td class="num">(1,265)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">70<span></span>
</td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi', window );">Investments in equity securities</a></td>
<td class="nump">20,329<span></span>
</td>
<td class="num">(17,916)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>Increase / (Decrease)</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable, trade and other</a></td>
<td class="num">(673)<span></span>
</td>
<td class="num">(1,761)<span></span>
</td>
<td class="nump">1,465<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent', window );">Due to related parties</a></td>
<td class="num">(569)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
<td class="num">(72)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities</a></td>
<td class="num">(520)<span></span>
</td>
<td class="nump">282<span></span>
</td>
<td class="nump">3,956<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">672<span></span>
</td>
<td class="num">(4,195)<span></span>
</td>
<td class="nump">2,026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="num">(158)<span></span>
</td>
<td class="nump">437<span></span>
</td>
<td class="num">(218)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_PaymentsForDrydocking', window );">Drydock cost</a></td>
<td class="num">(8,044)<span></span>
</td>
<td class="num">(5,646)<span></span>
</td>
<td class="num">(16,368)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash Provided by Operating Activities</a></td>
<td class="nump">83,530<span></span>
</td>
<td class="nump">70,380<span></span>
</td>
<td class="nump">158,859<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows from Investing Activities:</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements', window );">Payments for vessels under construction and vessel improvements</a></td>
<td class="num">(20,516)<span></span>
</td>
<td class="num">(29,732)<span></span>
</td>
<td class="num">(230,302)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from sale of vessels, net of expenses (Note 6)</a></td>
<td class="nump">35,154<span></span>
</td>
<td class="nump">36,560<span></span>
</td>
<td class="nump">4,372<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Payments to acquire investments (Note 4)</a></td>
<td class="num">(27,203)<span></span>
</td>
<td class="num">(10,595)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_PaymentsForProceedsFromTimeDeposits', window );">Time deposits (Note 2(e))</a></td>
<td class="num">(23,500)<span></span>
</td>
<td class="nump">6,500<span></span>
</td>
<td class="nump">46,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_PaymentsToAcquireOtherAssets', window );">Payments to acquire other assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(216)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashDivestedFromDeconsolidation', window );">Cash divested from deconsolidation</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(771)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties', window );">Proceeds from convertible loan with limited partnership</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">25,189<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherProductiveAssets', window );">Payments to acquire property, furniture and fixtures (Note 7))</a></td>
<td class="num">(3,718)<span></span>
</td>
<td class="num">(2,006)<span></span>
</td>
<td class="num">(667)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net Cash Provided By/(Used) in Investing Activities</a></td>
<td class="num">(39,783)<span></span>
</td>
<td class="nump">24,929<span></span>
</td>
<td class="num">(273,097)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities:</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet', window );">Proceeds from issuance of long-term debt and finance liabilities</a></td>
<td class="nump">117,150<span></span>
</td>
<td class="nump">57,696<span></span>
</td>
<td class="nump">275,133<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock, net of expenses (Note 11(e))</a></td>
<td class="nump">24,195<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments for issuance of common stock (Note 11(e))</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(79)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Payments of dividends, preferred stock (Note 11(b))</a></td>
<td class="num">(5,769)<span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
<td class="num">(5,769)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Payments of dividends, common stock (Note 11(f))</a></td>
<td class="num">(29,004)<span></span>
</td>
<td class="num">(41,427)<span></span>
</td>
<td class="num">(79,812)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Payments for repurchase of common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,799)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payments of financing costs (Notes 8 and 9)</a></td>
<td class="num">(5,238)<span></span>
</td>
<td class="num">(1,724)<span></span>
</td>
<td class="num">(3,302)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities', window );">Repayments of long-term debt and finance liabilities (Notes 8 and 9)</a></td>
<td class="num">(123,007)<span></span>
</td>
<td class="num">(79,842)<span></span>
</td>
<td class="num">(102,839)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net Cash Provided by/(Used) in Financing Activities</a></td>
<td class="num">(21,673)<span></span>
</td>
<td class="num">(71,145)<span></span>
</td>
<td class="nump">84,878<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Cash, Cash Equivalents and Restricted Cash, Period Increase/(Decrease)</a></td>
<td class="nump">22,074<span></span>
</td>
<td class="nump">24,164<span></span>
</td>
<td class="num">(29,360)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, Cash Equivalents and Restricted Cash, Beginning Balance</a></td>
<td class="nump">121,592<span></span>
</td>
<td class="nump">97,428<span></span>
</td>
<td class="nump">126,788<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, Cash Equivalents and Restricted Cash, Ending Balance</a></td>
<td class="nump">143,666<span></span>
</td>
<td class="nump">121,592<span></span>
</td>
<td class="nump">97,428<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract', window );"><strong>RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">124,666<span></span>
</td>
<td class="nump">101,592<span></span>
</td>
<td class="nump">76,428<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash, non-current</a></td>
<td class="nump">19,000<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">21,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, Cash Equivalents and Restricted Cash, Total</a></td>
<td class="nump">143,666<span></span>
</td>
<td class="nump">121,592<span></span>
</td>
<td class="nump">97,428<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL CASH FLOW INFORMATION</strong></a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1', window );">Non-cash acquisition of assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">7,809<span></span>
</td>
<td class="nump">136,038<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1', window );">Non-cash debt assumed</a></td>
<td class="nump">0<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">20,571<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAssumed1', window );">Non-cash finance liability</a></td>
<td class="nump">0<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">47,782<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssued1', window );">Stock issued in noncash financing activities</a></td>
<td class="nump">3,852<span></span>
</td>
<td class="nump">7,809<span></span>
</td>
<td class="nump">67,909<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1', window );">Non-cash investments acquired</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dsx_NoncashDividends', window );">Noncash dividend</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">41,521<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TransferToInvestments', window );">Transfer to investments</a></td>
<td class="nump">0<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid, net of amounts capitalized</a></td>
<td class="nump">$ 46,257<span></span>
</td>
<td class="nump">$ 46,473<span></span>
</td>
<td class="nump">$ 21,306<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_NoncashDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Noncash Dividends</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_NoncashDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_PaymentsForDrydocking">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The payments for drydock costs of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_PaymentsForDrydocking</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_PaymentsForProceedsFromTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount from time deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_PaymentsForProceedsFromTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments For Vessels Under Construction And Vessels Improvements</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_PaymentsForVesselsUnderConstructionAndVesselsImprovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dsx_PaymentsToAcquireOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments To Acquire Other Assets</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dsx_PaymentsToAcquireOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dsx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1F<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -SubTopic 230<br> -Topic 830<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477401/830-230-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashDivestedFromDeconsolidation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Reduction in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashDivestedFromDeconsolidation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeconsolidationGainOrLossAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) from deconsolidation of subsidiary and derecognition of group of assets constituting transfer of business or nonprofit activity, excluding conveyance of oil and gas mineral rights and transfer of good or service in contract with customer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeconsolidationGainOrLossAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNiRealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(d)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 321<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479536/321-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFvNiRealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(d)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 321<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479536/321-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAdjustmentOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (income) related to adjustment to fair value of warrant liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 25<br> -Paragraph 13<br> -SubTopic 10<br> -Topic 480<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481766/480-10-25-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAdjustmentOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-19<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 321<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479567/321-10-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInEquitySecuritiesFvNi</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in noncurrent operating liabilities classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-17<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of dividend income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAssumed1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of liabilities assumed in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAssumed1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The value of an asset or business acquired in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherProductiveAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for the purchase of or improvements to tangible or intangible assets, used to produce goods or deliver services, classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOtherProductiveAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense (reversal of expense) for pension and other postretirement benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with collection, whether partial or full, of long-term loans to a related party. Alternate caption: Proceeds from Advances to Affiliates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from long-term debt, finance lease obligation, and mandatorily redeemable capital security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (reversal of expense) for expected credit loss on accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for debt, mandatory redeemable security, and principal payment for finance lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 210<br> -Topic 954<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477220/954-210-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedStockExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for award of restricted stock or unit under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedStockExpense</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of stock issued in noncash financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TransferToInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of investments transferred to the entity's investments in noncash transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TransferToInvestments</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Basis of Presentation and General Information [Abstract]</strong></a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Basis of Presentation and General Information</a></td>
<td class="text"><div id="TextBlockContainer38" style="position:relative;line-height:normal;width:706px;height:239px;"><div id="TextContainer38" style="position:relative;width:706px;z-index:1;"><div id="a65237" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">1.<div style="display:inline-block;width:24px"> </div>Basis of Presentation and General Information<div style="display:inline-block;width:4px"> </div></div><div id="a65243" style="position:absolute;font-family:'Arial';left:6px;top:35px;">The accompanying consolidated financial statements include the accounts<div style="display:inline-block;width:3px"> </div>of Diana Shipping Inc., or DSI, </div><div id="a65244" style="position:absolute;font-family:'Arial';left:6px;top:52px;">and<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>wholly owned<div style="display:inline-block;width:7px"> </div>subsidiaries (collectively,<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:5px"> </div>“Company”). DSI<div style="display:inline-block;width:7px"> </div>was formed<div style="display:inline-block;width:7px"> </div>on </div><div id="a65244_83_13" style="position:absolute;font-family:'Arial';left:568px;top:52px;">March 8, 1999</div><div id="a65244_96_5" style="position:absolute;font-family:'Arial';left:665px;top:52px;">,<div style="display:inline-block;width:6px"> </div>as </div><div id="a65245" style="position:absolute;font-family:'Arial';left:6px;top:69px;">Diana<div style="display:inline-block;width:7px"> </div>Shipping<div style="display:inline-block;width:7px"> </div>Investment<div style="display:inline-block;width:7px"> </div>Corp.,<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>laws<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Republic<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>Liberia.<div style="display:inline-block;width:7px"> </div>In<div style="display:inline-block;width:7px"> </div>February<div style="display:inline-block;width:7px"> </div>2005,<div style="display:inline-block;width:7px"> </div>the </div><div id="a65247" style="position:absolute;font-family:'Arial';left:6px;top:86px;">Company’s<div style="display:inline-block;width:7px"> </div>articles<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>incorporation<div style="display:inline-block;width:6px"> </div>were<div style="display:inline-block;width:7px"> </div>amended.<div style="display:inline-block;width:6px"> </div>Under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>amended<div style="display:inline-block;width:6px"> </div>articles<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>incorporation,<div style="display:inline-block;width:6px"> </div>the </div><div id="a65248" style="position:absolute;font-family:'Arial';left:6px;top:103px;">Company<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>renamed<div style="display:inline-block;width:6px"> </div>Diana<div style="display:inline-block;width:6px"> </div>Shipping<div style="display:inline-block;width:6px"> </div>Inc.<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>re-domiciled<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Republic<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Liberia<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the </div><div id="a65251" style="position:absolute;font-family:'Arial';left:6px;top:119px;">Republic of the Marshall Islands. </div><div id="a65255" style="position:absolute;font-family:'Arial';left:6px;top:153px;">The Company<div style="display:inline-block;width:3px"> </div>is engaged<div style="display:inline-block;width:3px"> </div>in the ocean<div style="display:inline-block;width:2px"> </div>transportation of<div style="display:inline-block;width:3px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>cargoes worldwide<div style="display:inline-block;width:2px"> </div>through the ownership </div><div id="a65256" style="position:absolute;font-family:'Arial';left:6px;top:170px;">and<div style="display:inline-block;width:6px"> </div>bareboat charter<div style="display:inline-block;width:7px"> </div>in of<div style="display:inline-block;width:7px"> </div>dry bulk<div style="display:inline-block;width:7px"> </div>carrier vessels.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:7px"> </div>operates its<div style="display:inline-block;width:7px"> </div>own fleet<div style="display:inline-block;width:7px"> </div>through Diana </div><div id="a65257" style="position:absolute;font-family:'Arial';left:6px;top:187px;">Shipping Services<div style="display:inline-block;width:2px"> </div>S.A. (or<div style="display:inline-block;width:2px"> </div>“DSS”), a<div style="display:inline-block;width:3px"> </div>wholly owned<div style="display:inline-block;width:2px"> </div>subsidiary and<div style="display:inline-block;width:2px"> </div>through Diana<div style="display:inline-block;width:2px"> </div>Wilhelmsen Management </div><div id="a65259" style="position:absolute;font-family:'Arial';left:6px;top:204px;">Limited,<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>DWM,<div style="display:inline-block;width:6px"> </div>a </div><div id="a65259_19_2" style="position:absolute;font-family:'Arial';left:145px;top:204px;">50</div><div id="a65259_21_76" style="position:absolute;font-family:'Arial';left:161px;top:204px;">%<div style="display:inline-block;width:6px"> </div>owned<div style="display:inline-block;width:6px"> </div>joint<div style="display:inline-block;width:6px"> </div>venture<div style="display:inline-block;width:6px"> </div>(Note<div style="display:inline-block;width:6px"> </div>4(a)).<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>fees<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>DSS<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>eliminated<div style="display:inline-block;width:6px"> </div>upon </div><div id="a65265" style="position:absolute;font-family:'Arial';left:6px;top:221px;">consolidation.</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480424/946-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480424/946-10-50-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/810/tableOfContent<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 205<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/205/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies and Recent Accounting Pronouncements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies and Recent Accounting Pronouncements</a></td>
<td class="text"><div id="TextBlockContainer53" style="position:relative;line-height:normal;width:706px;height:593px;"><div id="TextContainer53" style="position:relative;width:706px;z-index:1;"><div id="a65268" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">2.<div style="display:inline-block;width:24px"> </div>Significant Accounting Policies and Recent Accounting Pronouncements</div><div id="a65275" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)</div></div><div id="div_41_XBRL_TS_bae722e957b94ad5b83857eac908abe2" style="position:absolute;left:38px;top:35px;float:left;"><div id="TextBlockContainer42" style="position:relative;line-height:normal;width:666px;height:322px;"><div id="TextContainer42" style="position:relative;width:666px;z-index:1;"><div id="a65276_1_27" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Principles<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:8px"> </div>Consolidation</div><div id="a65278" style="position:absolute;font-family:'Arial';left:202px;top:0px;">:<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:7px"> </div>accompanying<div style="display:inline-block;width:7px"> </div>consolidated<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>statements<div style="display:inline-block;width:7px"> </div>have<div style="display:inline-block;width:7px"> </div>been </div><div id="a65280" style="position:absolute;font-family:'Arial';left:5px;top:17px;">prepared in accordance<div style="display:inline-block;width:2px"> </div>with U.S. generally<div style="display:inline-block;width:2px"> </div>accepted accounting<div style="display:inline-block;width:3px"> </div>principles and include<div style="display:inline-block;width:2px"> </div>the accounts </div><div id="a65281" style="position:absolute;font-family:'Arial';left:5px;top:34px;">of Diana<div style="display:inline-block;width:2px"> </div>Shipping Inc.<div style="display:inline-block;width:2px"> </div>and its<div style="display:inline-block;width:2px"> </div>wholly owned<div style="display:inline-block;width:2px"> </div>subsidiaries. All<div style="display:inline-block;width:2px"> </div>intercompany balances<div style="display:inline-block;width:2px"> </div>and transactions </div><div id="a65284" style="position:absolute;font-family:'Arial';left:5px;top:51px;">have<div style="display:inline-block;width:6px"> </div>been<div style="display:inline-block;width:6px"> </div>eliminated<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>consolidation.<div style="display:inline-block;width:6px"> </div>Under<div style="display:inline-block;width:6px"> </div>Accounting<div style="display:inline-block;width:6px"> </div>Standards<div style="display:inline-block;width:6px"> </div>Codification<div style="display:inline-block;width:6px"> </div>(“ASC”)<div style="display:inline-block;width:6px"> </div>810 </div><div id="a65285" style="position:absolute;font-family:'Arial';left:5px;top:68px;">“Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by </div><div id="a65288" style="position:absolute;font-family:'Arial';left:5px;top:84px;">first<div style="display:inline-block;width:6px"> </div>considering<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>meets<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>definition<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>variable<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>("VIE")<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the </div><div id="a65289" style="position:absolute;font-family:'Arial';left:5px;top:101px;">Company is deemed to be the primary<div style="display:inline-block;width:5px"> </div>beneficiary under the VIE model, or if<div style="display:inline-block;width:5px"> </div>the Company controls </div><div id="a65290" style="position:absolute;font-family:'Arial';left:5px;top:118px;">an<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:6px"> </div>through<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>majority<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>voting<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>based<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>voting<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>model.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>Company </div><div id="a65292" style="position:absolute;font-family:'Arial';left:5px;top:135px;">evaluates<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>instruments,<div style="display:inline-block;width:7px"> </div>service<div style="display:inline-block;width:7px"> </div>contracts,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>arrangements<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>determine<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:8px"> </div>any </div><div id="a65293" style="position:absolute;font-family:'Arial';left:5px;top:152px;">variable interests relating<div style="display:inline-block;width:2px"> </div>to an entity<div style="display:inline-block;width:2px"> </div>exist. For entities<div style="display:inline-block;width:2px"> </div>in which the<div style="display:inline-block;width:2px"> </div>Company has<div style="display:inline-block;width:3px"> </div>a variable interest, </div><div id="a65294" style="position:absolute;font-family:'Arial';left:5px;top:169px;">the Company determines if the entity<div style="display:inline-block;width:6px"> </div>is a VIE by considering whether the entity’s<div style="display:inline-block;width:6px"> </div>equity investment </div><div id="a65296" style="position:absolute;font-family:'Arial';left:5px;top:186px;">at<div style="display:inline-block;width:7px"> </div>risk<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>sufficient<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>finance<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>activities<div style="display:inline-block;width:7px"> </div>without<div style="display:inline-block;width:7px"> </div>additional<div style="display:inline-block;width:7px"> </div>subordinated<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>support<div style="display:inline-block;width:7px"> </div>and </div><div id="a65297" style="position:absolute;font-family:'Arial';left:5px;top:202px;">whether the entity’s<div style="display:inline-block;width:6px"> </div>at-risk equity holders<div style="display:inline-block;width:5px"> </div>have the characteristics<div style="display:inline-block;width:6px"> </div>of a controlling<div style="display:inline-block;width:6px"> </div>financial interest. </div><div id="a65301" style="position:absolute;font-family:'Arial';left:5px;top:219px;">In<div style="display:inline-block;width:5px"> </div>performing analysis<div style="display:inline-block;width:6px"> </div>of whether<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company is<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>primary beneficiary<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:5px"> </div>a VIE,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>Company </div><div id="a65305" style="position:absolute;font-family:'Arial';left:5px;top:236px;">considers whether<div style="display:inline-block;width:2px"> </div>it individually<div style="display:inline-block;width:2px"> </div>has the<div style="display:inline-block;width:3px"> </div>power to<div style="display:inline-block;width:3px"> </div>direct the<div style="display:inline-block;width:2px"> </div>activities of<div style="display:inline-block;width:3px"> </div>the VIE<div style="display:inline-block;width:3px"> </div>that most<div style="display:inline-block;width:2px"> </div>significantly </div><div id="a65306" style="position:absolute;font-family:'Arial';left:5px;top:253px;">affect the<div style="display:inline-block;width:7px"> </div>entity’s performance<div style="display:inline-block;width:6px"> </div>and also<div style="display:inline-block;width:6px"> </div>has the<div style="display:inline-block;width:6px"> </div>obligation to<div style="display:inline-block;width:6px"> </div>absorb losses<div style="display:inline-block;width:6px"> </div>or the<div style="display:inline-block;width:6px"> </div>right to<div style="display:inline-block;width:6px"> </div>receive </div><div id="a65308" style="position:absolute;font-family:'Arial';left:5px;top:270px;">benefits of<div style="display:inline-block;width:6px"> </div>the VIE<div style="display:inline-block;width:6px"> </div>that could<div style="display:inline-block;width:6px"> </div>potentially be<div style="display:inline-block;width:6px"> </div>significant to<div style="display:inline-block;width:6px"> </div>the VIE.<div style="display:inline-block;width:6px"> </div>If the<div style="display:inline-block;width:6px"> </div>Company holds<div style="display:inline-block;width:6px"> </div>a variable </div><div id="a65309" style="position:absolute;font-family:'Arial';left:5px;top:287px;">interest in<div style="display:inline-block;width:6px"> </div>an entity<div style="display:inline-block;width:6px"> </div>that previously<div style="display:inline-block;width:6px"> </div>was not<div style="display:inline-block;width:6px"> </div>a VIE,<div style="display:inline-block;width:6px"> </div>it reconsiders<div style="display:inline-block;width:6px"> </div>whether the<div style="display:inline-block;width:6px"> </div>entity has<div style="display:inline-block;width:6px"> </div>become a </div><div id="a65310" style="position:absolute;font-family:'Arial';left:5px;top:304px;">VIE.</div></div></div></div><div id="TextContainer54" style="position:relative;width:706px;z-index:1;"><div id="a65310_4_2" style="position:absolute;font-family:'Arial';left:72px;top:339px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65313" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:372px;">b)</div></div><div id="div_44_XBRL_TS_42cf22f0409649928ee93ab600dac765" style="position:absolute;left:38px;top:372px;float:left;"><div id="TextBlockContainer45" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer45" style="position:relative;width:666px;z-index:1;"><div id="a65314_1_18" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Use<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:7px"> </div>Estimates: </div><div id="a65317" style="position:absolute;font-family:'Arial';left:140px;top:0px;">The<div style="display:inline-block;width:6px"> </div>preparation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>financial<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>conformity<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>U.S. </div><div id="a65318" style="position:absolute;font-family:'Arial';left:5px;top:17px;">generally accepted accounting<div style="display:inline-block;width:3px"> </div>principles requires management<div style="display:inline-block;width:2px"> </div>to make estimates and<div style="display:inline-block;width:2px"> </div>assumptions </div><div id="a65319" style="position:absolute;font-family:'Arial';left:5px;top:34px;">that<div style="display:inline-block;width:6px"> </div>affect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>reported<div style="display:inline-block;width:5px"> </div>amounts<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>liabilities<div style="display:inline-block;width:5px"> </div>and<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>contingent<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>and </div><div id="a65321" style="position:absolute;font-family:'Arial';left:5px;top:51px;">liabilities at the date of the consolidated financial statements and the reported amounts<div style="display:inline-block;width:5px"> </div>of revenues </div><div id="a65322" style="position:absolute;font-family:'Arial';left:5px;top:68px;">and expenses during the reporting period.<div style="display:inline-block;width:7px"> </div>Actual results could differ from those estimates.</div></div></div></div><div id="TextContainer55" style="position:relative;width:706px;z-index:1;"><div id="a65326" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:474px;">c)</div></div><div id="div_47_XBRL_TS_fd557c2ea7f146999ef5c03184ae97cf" style="position:absolute;left:38px;top:474px;float:left;"><div id="TextBlockContainer48" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer48" style="position:relative;width:666px;z-index:1;"><div id="a65327_1_37" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Other Comprehensive<div style="display:inline-block;width:6px"> </div>Income /<div style="display:inline-block;width:7px"> </div>(Loss): </div><div id="a65330" style="position:absolute;font-family:'Arial';left:286px;top:0px;">The Company<div style="display:inline-block;width:6px"> </div>separately presents<div style="display:inline-block;width:6px"> </div>certain transactions, </div><div id="a65331" style="position:absolute;font-family:'Arial';left:5px;top:17px;">which are<div style="display:inline-block;width:6px"> </div>recorded directly<div style="display:inline-block;width:6px"> </div>as components<div style="display:inline-block;width:5px"> </div>of stockholders’<div style="display:inline-block;width:6px"> </div>equity.<div style="display:inline-block;width:6px"> </div>Other Comprehensive<div style="display:inline-block;width:6px"> </div>Income/ </div><div id="a65333" style="position:absolute;font-family:'Arial';left:5px;top:34px;">(Loss) is presented in a separate statement.</div></div></div></div><div id="TextContainer56" style="position:relative;width:706px;z-index:1;"><div id="a65338" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:541px;">d)</div></div><div id="div_50_XBRL_TS_335351e8b59643cc948d5850971b059a" style="position:absolute;left:38px;top:541px;float:left;"><div id="TextBlockContainer51" style="position:relative;line-height:normal;width:666px;height:52px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:61.1px; background-color:#000000; "> </div>
<div id="TextContainer51" style="position:relative;width:666px;z-index:1;"><div id="a65339_1_30" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Foreign Currency Translation: </div><div id="a65343" style="position:absolute;font-family:'Arial';left:220px;top:0px;">The functional currency of the Company is the U.S. dollar because </div><div id="a65344" style="position:absolute;font-family:'Arial';left:5px;top:17px;">the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>vessels operate<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>international shipping<div style="display:inline-block;width:6px"> </div>markets,<div style="display:inline-block;width:5px"> </div>and therefore<div style="display:inline-block;width:7px"> </div>primarily transact </div><div id="a65345" style="position:absolute;font-family:'Arial';left:5px;top:34px;">business<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>dollars.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:9px"> </div>Company’s<div style="display:inline-block;width:8px"> </div>accounting<div style="display:inline-block;width:8px"> </div>records<div style="display:inline-block;width:9px"> </div>are<div style="display:inline-block;width:8px"> </div>maintained<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:9px"> </div>U.S.<div style="display:inline-block;width:8px"> </div>dollars. </div></div></div></div></div><div id="TextBlockContainer78" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_60_XBRL_TS_335351e8b59643cc948d5850971b059a_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer61" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer61" style="position:relative;width:666px;z-index:1;"><div id="a65363" style="position:absolute;font-family:'Arial';left:5px;top:0px;">Transactions<div style="display:inline-block;width:6px"> </div>involving<div style="display:inline-block;width:6px"> </div>other<div style="display:inline-block;width:6px"> </div>currencies<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>converted<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>U.S.<div style="display:inline-block;width:6px"> </div>dollars<div style="display:inline-block;width:6px"> </div>using<div style="display:inline-block;width:6px"> </div>the </div><div id="a65364" style="position:absolute;font-family:'Arial';left:5px;top:17px;">exchange rates in effect at<div style="display:inline-block;width:3px"> </div>the time of the<div style="display:inline-block;width:3px"> </div>transactions. At the balance<div style="display:inline-block;width:3px"> </div>sheet dates, monetary assets </div><div id="a65365" style="position:absolute;font-family:'Arial';left:5px;top:34px;">and liabilities which are denominated in other currencies<div style="display:inline-block;width:4px"> </div>are translated into U.S. dollars at the year-</div><div id="a65368" style="position:absolute;font-family:'Arial';left:5px;top:51px;">end exchange rates.<div style="display:inline-block;width:5px"> </div>Resulting gains or losses<div style="display:inline-block;width:6px"> </div>are included in other<div style="display:inline-block;width:6px"> </div>operating income/ (loss) in<div style="display:inline-block;width:6px"> </div>the </div><div id="a65372" style="position:absolute;font-family:'Arial';left:5px;top:68px;">accompanying consolidated statements of income/(loss).</div></div></div></div><div id="TextContainer78" style="position:relative;width:704px;z-index:1;"><div id="a65372_54_2" style="position:absolute;font-family:'Arial';left:412px;top:68px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65377" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:101px;">e)</div></div><div id="div_63_XBRL_TS_3d06cdda0356493ea917ab7aee4a4a26" style="position:absolute;left:38px;top:101px;float:left;"><div id="TextBlockContainer64" style="position:relative;line-height:normal;width:666px;height:187px;"><div id="TextContainer64" style="position:relative;width:666px;z-index:1;"><div id="a65378_1_59" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Cash,<div style="display:inline-block;width:6px"> </div>Cash Equivalents,<div style="display:inline-block;width:6px"> </div>Time<div style="display:inline-block;width:6px"> </div>Deposits and<div style="display:inline-block;width:6px"> </div>Restricted Cash: </div><div id="a65387" style="position:absolute;font-family:'Arial';left:446px;top:0px;">The Company<div style="display:inline-block;width:6px"> </div>considers highly </div><div id="a65388" style="position:absolute;font-family:'Arial';left:5px;top:17px;">liquid investments such as<div style="display:inline-block;width:3px"> </div>time deposits, certificates of<div style="display:inline-block;width:3px"> </div>deposit and their equivalents<div style="display:inline-block;width:3px"> </div>with an original </div><div id="a65389" style="position:absolute;font-family:'Arial';left:5px;top:34px;">maturity<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>up<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>three<div style="display:inline-block;width:6px"> </div>months<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>equivalents.<div style="display:inline-block;width:6px"> </div>Time<div style="display:inline-block;width:7px"> </div>deposits<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>maturity<div style="display:inline-block;width:6px"> </div>above<div style="display:inline-block;width:6px"> </div>three </div><div id="a65394" style="position:absolute;font-family:'Arial';left:5px;top:51px;">months are<div style="display:inline-block;width:2px"> </div>separately presented<div style="display:inline-block;width:2px"> </div>as time<div style="display:inline-block;width:2px"> </div>deposits. As<div style="display:inline-block;width:2px"> </div>of December<div style="display:inline-block;width:2px"> </div>31, 2024<div style="display:inline-block;width:2px"> </div>and 2023,<div style="display:inline-block;width:2px"> </div>time deposits </div><div id="a65400" style="position:absolute;font-family:'Arial';left:5px;top:68px;">(with<div style="display:inline-block;width:6px"> </div>maturity above<div style="display:inline-block;width:7px"> </div>three<div style="display:inline-block;width:5px"> </div>months)<div style="display:inline-block;width:6px"> </div>amounted to<div style="display:inline-block;width:7px"> </div>$</div><div id="a65400_48_6" style="position:absolute;font-family:'Arial';left:340px;top:68px;">63,500</div><div id="a65400_54_6" style="position:absolute;font-family:'Arial';left:385px;top:68px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a65400_60_6" style="position:absolute;font-family:'Arial';left:429px;top:68px;">40,000</div><div id="a65400_66_28" style="position:absolute;font-family:'Arial';left:473px;top:68px;">,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:6px"> </div>During<div style="display:inline-block;width:5px"> </div>2024 </div><div id="a65405" style="position:absolute;font-family:'Arial';left:5px;top:85px;">and 2023, the Company<div style="display:inline-block;width:3px"> </div>placed new time deposits<div style="display:inline-block;width:3px"> </div>exceeding three months of<div style="display:inline-block;width:3px"> </div>$</div><div id="a65405_74_6" style="position:absolute;font-family:'Arial';left:517px;top:85px;">63,500</div><div id="a65405_80_6" style="position:absolute;font-family:'Arial';left:562px;top:85px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65405_86_6" style="position:absolute;font-family:'Arial';left:603px;top:85px;">50,000</div><div id="a65405_92_2" style="position:absolute;font-family:'Arial';left:647px;top:85px;">, </div><div id="a65408" style="position:absolute;font-family:'Arial';left:5px;top:101px;">respectively,<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>same<div style="display:inline-block;width:6px"> </div>periods,<div style="display:inline-block;width:6px"> </div>deposits<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>$</div><div id="a65408_56_6" style="position:absolute;font-family:'Arial';left:382px;top:101px;">40,000</div><div id="a65408_62_6" style="position:absolute;font-family:'Arial';left:427px;top:101px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a65408_68_6" style="position:absolute;font-family:'Arial';left:471px;top:101px;">56,500</div><div id="a65408_74_21" style="position:absolute;font-family:'Arial';left:516px;top:101px;"><div style="display:inline-block;width:6px"> </div>matured.<div style="display:inline-block;width:6px"> </div>Restricted </div><div id="a65411" style="position:absolute;font-family:'Arial';left:5px;top:118px;">cash consists<div style="display:inline-block;width:6px"> </div>mainly of<div style="display:inline-block;width:6px"> </div>cash deposits<div style="display:inline-block;width:6px"> </div>required to<div style="display:inline-block;width:6px"> </div>be maintained<div style="display:inline-block;width:5px"> </div>at all<div style="display:inline-block;width:6px"> </div>times under<div style="display:inline-block;width:5px"> </div>the Company’s </div><div id="a65412" style="position:absolute;font-family:'Arial';left:5px;top:135px;">loan facilities<div style="display:inline-block;width:6px"> </div>(Note<div style="display:inline-block;width:5px"> </div>8) as<div style="display:inline-block;width:6px"> </div>compensating cash<div style="display:inline-block;width:6px"> </div>balances and<div style="display:inline-block;width:6px"> </div>are not<div style="display:inline-block;width:7px"> </div>pledged. As<div style="display:inline-block;width:6px"> </div>of December<div style="display:inline-block;width:6px"> </div>31, </div><div id="a65416" style="position:absolute;font-family:'Arial';left:5px;top:152px;">2024 and 2023, accrued<div style="display:inline-block;width:3px"> </div>interest income amounted to<div style="display:inline-block;width:3px"> </div>$</div><div id="a65416_52_3" style="position:absolute;font-family:'Arial';left:364px;top:152px;">605</div><div id="a65416_55_6" style="position:absolute;font-family:'Arial';left:388px;top:152px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65416_61_5" style="position:absolute;font-family:'Arial';left:428px;top:152px;">1,206</div><div id="a65416_66_31" style="position:absolute;font-family:'Arial';left:465px;top:152px;">, respectively and is included </div><div id="a65424" style="position:absolute;font-family:'Arial';left:5px;top:169px;">in prepaid expenses and other assets in the accompanying consolidated<div style="display:inline-block;width:3px"> </div>balance sheets.</div></div></div></div><div id="TextContainer79" style="position:relative;width:704px;z-index:1;"><div id="a65427" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:304px;">f)</div></div><div id="div_66_XBRL_TS_e8dfb19b743c43b1bfa8b552d9719f76" style="position:absolute;left:38px;top:304px;float:left;"><div id="TextBlockContainer67" style="position:relative;line-height:normal;width:666px;height:103px;"><div id="TextContainer67" style="position:relative;width:666px;z-index:1;"><div id="a65428_1_28" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Accounts Receivable, Trade: </div><div id="a65431" style="position:absolute;font-family:'Arial';left:213px;top:0px;">The amount<div style="display:inline-block;width:5px"> </div>shown as<div style="display:inline-block;width:5px"> </div>accounts receivable, trade,<div style="display:inline-block;width:6px"> </div>at each<div style="display:inline-block;width:5px"> </div>balance </div><div id="a65432" style="position:absolute;font-family:'Arial';left:5px;top:17px;">sheet date, includes<div style="display:inline-block;width:2px"> </div>receivables from charterers<div style="display:inline-block;width:2px"> </div>for hire from<div style="display:inline-block;width:3px"> </div>lease agreements,<div style="display:inline-block;width:3px"> </div>net of provisions<div style="display:inline-block;width:2px"> </div>for </div><div id="a65433" style="position:absolute;font-family:'Arial';left:5px;top:34px;">doubtful<div style="display:inline-block;width:7px"> </div>accounts,<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>any.<div style="display:inline-block;width:8px"> </div>At<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>balance<div style="display:inline-block;width:7px"> </div>sheet<div style="display:inline-block;width:7px"> </div>date,<div style="display:inline-block;width:7px"> </div>all<div style="display:inline-block;width:7px"> </div>potentially<div style="display:inline-block;width:7px"> </div>uncollectible<div style="display:inline-block;width:7px"> </div>accounts<div style="display:inline-block;width:7px"> </div>are </div><div id="a65435" style="position:absolute;font-family:'Arial';left:5px;top:51px;">assessed individually<div style="display:inline-block;width:3px"> </div>for purposes of<div style="display:inline-block;width:2px"> </div>determining the<div style="display:inline-block;width:3px"> </div>appropriate provision<div style="display:inline-block;width:3px"> </div>for doubtful accounts.<div style="display:inline-block;width:2px"> </div>As </div><div id="a65438" style="position:absolute;font-family:'Arial';left:5px;top:68px;">of December 31,<div style="display:inline-block;width:6px"> </div>2024 and 2023 there<div style="display:inline-block;width:6px"> </div>was </div><div id="a65438_40_2" style="position:absolute;font-family:'Arial';left:292px;top:68px;">no</div><div id="a65438_42_51" style="position:absolute;font-family:'Arial';left:308px;top:68px;"><div style="display:inline-block;width:5px"> </div>provision for doubtful accounts.<div style="display:inline-block;width:6px"> </div>The Company does </div><div id="a65442" style="position:absolute;font-family:'Arial';left:5px;top:84px;">not recognize interest income on trade receivables as all balances are<div style="display:inline-block;width:3px"> </div>settled within a year.</div></div></div></div><div id="TextContainer80" style="position:relative;width:704px;z-index:1;"><div id="a65448" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:422px;">g)</div></div><div id="div_69_XBRL_TS_a1a2fade1b2741dba6b2a5d1fd008bfc" style="position:absolute;left:38px;top:422px;float:left;"><div id="TextBlockContainer70" style="position:relative;line-height:normal;width:666px;height:153px;"><div id="TextContainer70" style="position:relative;width:666px;z-index:1;"><div id="a65449_1_13" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Inventories: </div><div id="a65452" style="position:absolute;font-family:'Arial';left:93px;top:0px;">Inventories consist of lubricants and victualing which are stated, on a consistent<div style="display:inline-block;width:2px"> </div>basis, </div><div id="a65456" style="position:absolute;font-family:'Arial';left:5px;top:17px;">at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the </div><div id="a65457" style="position:absolute;font-family:'Arial';left:5px;top:34px;">ordinary<div style="display:inline-block;width:9px"> </div>course<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>business,<div style="display:inline-block;width:9px"> </div>less<div style="display:inline-block;width:9px"> </div>reasonably<div style="display:inline-block;width:9px"> </div>predictable<div style="display:inline-block;width:9px"> </div>costs<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>completion,<div style="display:inline-block;width:9px"> </div>disposal,<div style="display:inline-block;width:9px"> </div>and </div><div id="a65458" style="position:absolute;font-family:'Arial';left:5px;top:51px;">transportation. When evidence exists that the net realizable value of inventory is lower than its cost, </div><div id="a65460" style="position:absolute;font-family:'Arial';left:5px;top:68px;">the difference is recognized as a loss in<div style="display:inline-block;width:3px"> </div>earnings in the period in<div style="display:inline-block;width:3px"> </div>which it occurs. Cost is determined </div><div id="a65461" style="position:absolute;font-family:'Arial';left:5px;top:84px;">by the first<div style="display:inline-block;width:6px"> </div>in, first out method.<div style="display:inline-block;width:6px"> </div>Amounts removed from inventory are<div style="display:inline-block;width:6px"> </div>also determined by the<div style="display:inline-block;width:5px"> </div>first in </div><div id="a65463" style="position:absolute;font-family:'Arial';left:5px;top:101px;">first out method. Inventories may also consist of bunkers,<div style="display:inline-block;width:4px"> </div>when on the balance sheet date, a vessel </div><div id="a65470" style="position:absolute;font-family:'Arial';left:5px;top:118px;">is without<div style="display:inline-block;width:6px"> </div>employment. Bunkers, if<div style="display:inline-block;width:6px"> </div>any,<div style="display:inline-block;width:6px"> </div>are also<div style="display:inline-block;width:6px"> </div>stated at<div style="display:inline-block;width:6px"> </div>the lower<div style="display:inline-block;width:6px"> </div>of cost<div style="display:inline-block;width:6px"> </div>or net<div style="display:inline-block;width:6px"> </div>realizable value </div><div id="a65473" style="position:absolute;font-family:'Arial';left:5px;top:135px;">and cost is determined by the first in, first out method.</div></div></div></div><div id="TextContainer81" style="position:relative;width:704px;z-index:1;"><div id="a65473_57_2" style="position:absolute;font-family:'Arial';left:392px;top:557px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65477" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:590px;">h)</div></div><div id="div_72_XBRL_TS_c0cad2f9804545dea4842822fee751fd" style="position:absolute;left:38px;top:590px;float:left;"><div id="TextBlockContainer73" style="position:relative;line-height:normal;width:666px;height:137px;"><div id="TextContainer73" style="position:relative;width:666px;z-index:1;"><div id="a65478_1_11" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessel<div style="display:inline-block;width:6px"> </div>Cost</div><div id="a65480" style="position:absolute;font-family:'Arial';left:90px;top:0px;">: Vessels<div style="display:inline-block;width:7px"> </div>are stated<div style="display:inline-block;width:6px"> </div>at cost<div style="display:inline-block;width:6px"> </div>which consists<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>contract price<div style="display:inline-block;width:6px"> </div>and any<div style="display:inline-block;width:6px"> </div>capitalizable </div><div id="a65482" style="position:absolute;font-family:'Arial';left:5px;top:17px;">expenditures<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>upon<div style="display:inline-block;width:6px"> </div>acquisition<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>during<div style="display:inline-block;width:6px"> </div>construction.<div style="display:inline-block;width:6px"> </div>Expenditures<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:7px"> </div>conversions<div style="display:inline-block;width:6px"> </div>and </div><div id="a65485" style="position:absolute;font-family:'Arial';left:5px;top:34px;">major improvements are<div style="display:inline-block;width:3px"> </div>also capitalized when they<div style="display:inline-block;width:3px"> </div>appreciably extend the<div style="display:inline-block;width:3px"> </div>life, increase the earning </div><div id="a65486" style="position:absolute;font-family:'Arial';left:5px;top:51px;">capacity or improve the efficiency or safety of the vessels; otherwise,<div style="display:inline-block;width:4px"> </div>these amounts are charged to </div><div id="a65490" style="position:absolute;font-family:'Arial';left:5px;top:68px;">expense as incurred. Interest incurred during<div style="display:inline-block;width:3px"> </div>the assets' construction period,<div style="display:inline-block;width:3px"> </div>that theoretically could </div><div id="a65497" style="position:absolute;font-family:'Arial';left:5px;top:84px;">have<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>avoided<div style="display:inline-block;width:7px"> </div>if<div style="display:inline-block;width:7px"> </div>expenditure<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>assets<div style="display:inline-block;width:7px"> </div>had<div style="display:inline-block;width:7px"> </div>not<div style="display:inline-block;width:7px"> </div>been<div style="display:inline-block;width:7px"> </div>made,<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>also<div style="display:inline-block;width:7px"> </div>capitalized.<div style="display:inline-block;width:7px"> </div>The </div><div id="a65501" style="position:absolute;font-family:'Arial';left:5px;top:101px;">capitalization rate,<div style="display:inline-block;width:6px"> </div>applied on<div style="display:inline-block;width:6px"> </div>accumulated expenditures<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:7px"> </div>vessel, is<div style="display:inline-block;width:6px"> </div>based on<div style="display:inline-block;width:7px"> </div>interest rates </div><div id="a65502" style="position:absolute;font-family:'Arial';left:5px;top:118px;">applicable to outstanding borrowings of the period.</div></div></div></div><div id="TextContainer82" style="position:relative;width:704px;z-index:1;"><div id="a65505" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:742px;">i)</div></div><div id="div_75_XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a" style="position:absolute;left:38px;top:742px;float:left;"><div id="TextBlockContainer76" style="position:relative;line-height:normal;width:666px;height:103px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:114.7px; background-color:#000000; "> </div>
<div id="TextContainer76" style="position:relative;width:666px;z-index:1;"><div id="a65506_1_22" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessels held<div style="display:inline-block;width:5px"> </div>for sale:</div><div id="a65509" style="position:absolute;font-family:'Arial';left:157px;top:0px;"><div style="display:inline-block;width:4px"> </div>A long-lived asset classified<div style="display:inline-block;width:5px"> </div>as held for<div style="display:inline-block;width:6px"> </div>sale is measured at<div style="display:inline-block;width:6px"> </div>the lower of its </div><div id="a65518" style="position:absolute;font-family:'Arial';left:5px;top:17px;">carrying amount or fair value less cost to sell when the respective held for sale criteria are met. The </div><div id="a65524" style="position:absolute;font-family:'Arial';left:5px;top:34px;">asset is<div style="display:inline-block;width:6px"> </div>not depreciated<div style="display:inline-block;width:6px"> </div>while it<div style="display:inline-block;width:6px"> </div>is classified<div style="display:inline-block;width:6px"> </div>as held<div style="display:inline-block;width:6px"> </div>for sale.<div style="display:inline-block;width:6px"> </div>The fair<div style="display:inline-block;width:6px"> </div>value less<div style="display:inline-block;width:6px"> </div>cost to<div style="display:inline-block;width:6px"> </div>sell of<div style="display:inline-block;width:6px"> </div>an </div><div id="a65529" style="position:absolute;font-family:'Arial';left:5px;top:51px;">asset held for<div style="display:inline-block;width:6px"> </div>sale is assessed<div style="display:inline-block;width:6px"> </div>at each reporting period<div style="display:inline-block;width:6px"> </div>it remains classified as<div style="display:inline-block;width:6px"> </div>held for sale.<div style="display:inline-block;width:6px"> </div>If the </div><div id="a65538" style="position:absolute;font-family:'Arial';left:5px;top:68px;">plan to sell the<div style="display:inline-block;width:6px"> </div>asset changes, the asset is<div style="display:inline-block;width:5px"> </div>reclassified as held and used,<div style="display:inline-block;width:5px"> </div>measured at the lower of </div><div id="a65544" style="position:absolute;font-family:'Arial';left:5px;top:84px;">its carrying amount<div style="display:inline-block;width:6px"> </div>before it was<div style="display:inline-block;width:6px"> </div>classified as held<div style="display:inline-block;width:6px"> </div>for sale,<div style="display:inline-block;width:5px"> </div>adjusted for any<div style="display:inline-block;width:6px"> </div>depreciation expense </div></div></div></div></div><div id="TextBlockContainer98" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_86_XBRL_TS_3c6e938a742448fe83c5b5fa7a9e167a_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer87" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer87" style="position:relative;width:666px;z-index:1;"><div id="a65565" style="position:absolute;font-family:'Arial';left:5px;top:0px;">that would have been<div style="display:inline-block;width:6px"> </div>recognized had the asset<div style="display:inline-block;width:5px"> </div>been continuously classified as<div style="display:inline-block;width:6px"> </div>held and used</div><div id="a65566" style="position:absolute;font-family:'Arial';left:623px;top:0px;"><div style="display:inline-block;width:5px"> </div>and </div><div id="a65568" style="position:absolute;font-family:'Arial';left:5px;top:17px;">its fair value at the date of the subsequent decision not to sell.</div></div></div></div><div id="TextContainer98" style="position:relative;width:704px;z-index:1;"><div id="a65568_66_2" style="position:absolute;font-family:'Arial';left:445px;top:17px;"><div style="display:inline-block;width:4px"> </div></div><div id="a65571" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">j)</div></div><div id="div_89_XBRL_TS_579320005d0c473e9d152c8c6be6d815" style="position:absolute;left:38px;top:51px;float:left;"><div id="TextBlockContainer90" style="position:relative;line-height:normal;width:666px;height:137px;"><div id="TextContainer90" style="position:relative;width:666px;z-index:1;"><div id="a65572_1_19" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Sale<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>leaseback:</div><div id="a65575" style="position:absolute;font-family:'Arial';left:150px;top:0px;"><div style="display:inline-block;width:4px"> </div>In<div style="display:inline-block;width:7px"> </div>accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:7px"> </div>ASC<div style="display:inline-block;width:6px"> </div>842-40,<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>sale<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>leaseback<div style="display:inline-block;width:7px"> </div>transaction<div style="display:inline-block;width:6px"> </div>the </div><div id="a65586" style="position:absolute;font-family:'Arial';left:5px;top:17px;">Company,<div style="display:inline-block;width:6px"> </div>as seller-lessee, determines<div style="display:inline-block;width:6px"> </div>whether the transfer<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>asset is<div style="display:inline-block;width:5px"> </div>a sale<div style="display:inline-block;width:6px"> </div>under ASC 606. </div><div id="a65596" style="position:absolute;font-family:'Arial';left:5px;top:34px;">For a sale<div style="display:inline-block;width:5px"> </div>to have occurred, the<div style="display:inline-block;width:6px"> </div>control of the asset<div style="display:inline-block;width:6px"> </div>would need to be<div style="display:inline-block;width:6px"> </div>transferred to the buyer<div style="display:inline-block;width:6px"> </div>and </div><div id="a65597" style="position:absolute;font-family:'Arial';left:5px;top:51px;">the<div style="display:inline-block;width:6px"> </div>buyer<div style="display:inline-block;width:6px"> </div>would<div style="display:inline-block;width:6px"> </div>need<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>obtain<div style="display:inline-block;width:6px"> </div>substantially<div style="display:inline-block;width:6px"> </div>all<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>benefits<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>use<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>asset.<div style="display:inline-block;width:6px"> </div>Sale<div style="display:inline-block;width:6px"> </div>and </div><div id="a65600" style="position:absolute;font-family:'Arial';left:5px;top:68px;">leaseback transactions,<div style="display:inline-block;width:2px"> </div>which include<div style="display:inline-block;width:3px"> </div>an obligation for<div style="display:inline-block;width:2px"> </div>the Company, as seller-lessee,<div style="display:inline-block;width:2px"> </div>to repurchase </div><div id="a65603" style="position:absolute;font-family:'Arial';left:5px;top:84px;">the<div style="display:inline-block;width:7px"> </div>asset,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>other<div style="display:inline-block;width:7px"> </div>situations<div style="display:inline-block;width:7px"> </div>where<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>leaseback<div style="display:inline-block;width:7px"> </div>would<div style="display:inline-block;width:7px"> </div>be<div style="display:inline-block;width:7px"> </div>classified<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>finance<div style="display:inline-block;width:7px"> </div>lease,<div style="display:inline-block;width:7px"> </div>are </div><div id="a65604" style="position:absolute;font-family:'Arial';left:5px;top:101px;">determined to<div style="display:inline-block;width:3px"> </div>be failed<div style="display:inline-block;width:3px"> </div>sales under<div style="display:inline-block;width:3px"> </div>ASC 842-40.<div style="display:inline-block;width:2px"> </div>In these<div style="display:inline-block;width:3px"> </div>cases, the<div style="display:inline-block;width:3px"> </div>Company does<div style="display:inline-block;width:2px"> </div>not derecognize </div><div id="a65611" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the asset from its balance sheet and accounts for any amounts<div style="display:inline-block;width:3px"> </div>received as financial liability.</div></div></div></div><div id="TextContainer99" style="position:relative;width:704px;z-index:1;"><div id="a65616" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:202px;">k)</div></div><div id="div_92_XBRL_TS_54e733d519504be8b7bf4a0a632f647d" style="position:absolute;left:38px;top:202px;float:left;"><div id="TextBlockContainer93" style="position:relative;line-height:normal;width:666px;height:103px;"><div id="TextContainer93" style="position:relative;width:666px;z-index:1;"><div id="a65617_1_23" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Property and equipment:</div><div id="a65620" style="position:absolute;font-family:'Arial';left:180px;top:0px;"><div style="display:inline-block;width:5px"> </div>The Company owns the<div style="display:inline-block;width:6px"> </div>land and building where<div style="display:inline-block;width:6px"> </div>its offices are<div style="display:inline-block;width:6px"> </div>located. </div><div id="a65623" style="position:absolute;font-family:'Arial';left:5px;top:17px;">The Company also owns other plots<div style="display:inline-block;width:4px"> </div>acquired for office use (Note 7). Land is stated at cost, and it is </div><div id="a65634" style="position:absolute;font-family:'Arial';left:5px;top:34px;">not<div style="display:inline-block;width:5px"> </div>subject to<div style="display:inline-block;width:7px"> </div>depreciation. The<div style="display:inline-block;width:6px"> </div>building has<div style="display:inline-block;width:7px"> </div>an estimated<div style="display:inline-block;width:7px"> </div>useful life<div style="display:inline-block;width:7px"> </div>of </div><div id="a65634_74_8" style="position:absolute;font-family:'Arial';left:484px;top:34px;">55 years</div><div id="a65634_82_6" style="position:absolute;font-family:'Arial';left:541px;top:34px;"><div style="display:inline-block;width:6px"> </div>with </div><div id="a65634_88_2" style="position:absolute;font-family:'Arial';left:578px;top:34px;">no</div><div id="a65634_90_10" style="position:absolute;font-family:'Arial';left:595px;top:34px;"><div style="display:inline-block;width:5px"> </div>residual </div><div id="a65635" style="position:absolute;font-family:'Arial';left:5px;top:51px;">value. Furniture, office equipment and vehicles have a useful life of </div><div id="a65635_70_7" style="position:absolute;font-family:'Arial';left:446px;top:51px;">5 years</div><div id="a65635_77_25" style="position:absolute;font-family:'Arial';left:494px;top:51px;">, except for a car owned </div><div id="a65644" style="position:absolute;font-family:'Arial';left:5px;top:68px;">by the Company, which has a<div style="display:inline-block;width:2px"> </div>useful life of </div><div id="a65644_43_8" style="position:absolute;font-family:'Arial';left:281px;top:68px;">10 years</div><div id="a65644_51_47" style="position:absolute;font-family:'Arial';left:337px;top:68px;">. Computer software<div style="display:inline-block;width:3px"> </div>and hardware have<div style="display:inline-block;width:2px"> </div>a useful </div><div id="a65648" style="position:absolute;font-family:'Arial';left:5px;top:84px;">life of </div><div id="a65648_8_11" style="position:absolute;font-family:'Arial';left:45px;top:84px;">three years</div><div id="a65648_19_54" style="position:absolute;font-family:'Arial';left:118px;top:84px;">. Depreciation is calculated on a straight-line basis.</div></div></div></div><div id="TextContainer100" style="position:relative;width:704px;z-index:1;"><div id="a65654" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:321px;">l)</div></div><div id="div_95_XBRL_TS_d55ae47bf47d462bb872cc93e42f3def" style="position:absolute;left:0px;top:321px;float:left;"><div id="TextBlockContainer96" style="position:relative;line-height:normal;width:704px;height:524px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:536.3px; background-color:#000000; "> </div>
<div id="TextContainer96" style="position:relative;width:704px;z-index:1;"><div id="a65655_1_33" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:43px;top:0px;">Impairment of<div style="display:inline-block;width:2px"> </div>Long-Lived Assets: </div><div id="a65660" style="position:absolute;font-family:'Arial';left:281px;top:0px;">Long-lived assets<div style="display:inline-block;width:2px"> </div>are reviewed<div style="display:inline-block;width:2px"> </div>for impairment<div style="display:inline-block;width:2px"> </div>whenever events </div><div id="a65665" style="position:absolute;font-family:'Arial';left:43px;top:17px;">or<div style="display:inline-block;width:6px"> </div>changes<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>circumstances<div style="display:inline-block;width:6px"> </div>(such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>market<div style="display:inline-block;width:6px"> </div>conditions,<div style="display:inline-block;width:6px"> </div>obsolescence<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>damage<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>asset, </div><div id="a65669" style="position:absolute;font-family:'Arial';left:43px;top:34px;">potential sales and<div style="display:inline-block;width:6px"> </div>other business plans)<div style="display:inline-block;width:6px"> </div>indicate that the<div style="display:inline-block;width:6px"> </div>carrying amount of<div style="display:inline-block;width:6px"> </div>an asset may<div style="display:inline-block;width:6px"> </div>not be </div><div id="a65677" style="position:absolute;font-family:'Arial';left:43px;top:51px;">recoverable. When impairment<div style="display:inline-block;width:5px"> </div>indicators are identified and<div style="display:inline-block;width:6px"> </div>the estimate of<div style="display:inline-block;width:6px"> </div>undiscounted projected </div><div id="a65680" style="position:absolute;font-family:'Arial';left:43px;top:67px;">net operating<div style="display:inline-block;width:2px"> </div>cash flows,<div style="display:inline-block;width:2px"> </div>excluding interest<div style="display:inline-block;width:2px"> </div>charges, expected<div style="display:inline-block;width:2px"> </div>to be<div style="display:inline-block;width:2px"> </div>generated by<div style="display:inline-block;width:2px"> </div>the use<div style="display:inline-block;width:2px"> </div>of an<div style="display:inline-block;width:2px"> </div>asset </div><div id="a65684" style="position:absolute;font-family:'Arial';left:43px;top:84px;">over<div style="display:inline-block;width:8px"> </div>its<div style="display:inline-block;width:7px"> </div>remaining<div style="display:inline-block;width:7px"> </div>useful<div style="display:inline-block;width:7px"> </div>life<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>eventual<div style="display:inline-block;width:7px"> </div>disposition<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>less<div style="display:inline-block;width:7px"> </div>than<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>carrying<div style="display:inline-block;width:7px"> </div>amount,<div style="display:inline-block;width:7px"> </div>the </div><div id="a65687" style="position:absolute;font-family:'Arial';left:43px;top:101px;">Company evaluates the asset for impairment loss. Measurement of the<div style="display:inline-block;width:3px"> </div>impairment loss is based on </div><div id="a65693" style="position:absolute;font-family:'Arial';left:43px;top:118px;">the fair value of the asset, determined mainly by third party valuations.<div style="display:inline-block;width:3px"> </div></div><div id="a65700" style="position:absolute;font-family:'Arial';left:43px;top:152px;">For vessels,<div style="display:inline-block;width:2px"> </div>the Company<div style="display:inline-block;width:2px"> </div>calculates undiscounted<div style="display:inline-block;width:2px"> </div>projected net<div style="display:inline-block;width:2px"> </div>operating cash<div style="display:inline-block;width:2px"> </div>flows by<div style="display:inline-block;width:2px"> </div>considering </div><div id="a65701" style="position:absolute;font-family:'Arial';left:43px;top:169px;">the historical<div style="display:inline-block;width:2px"> </div>and estimated<div style="display:inline-block;width:2px"> </div>vessels’ performance<div style="display:inline-block;width:1px"> </div>and utilization<div style="display:inline-block;width:2px"> </div>with the<div style="display:inline-block;width:2px"> </div>significant assumption<div style="display:inline-block;width:2px"> </div>being </div><div id="a65702" style="position:absolute;font-family:'Arial';left:43px;top:185px;">future charter rates for<div style="display:inline-block;width:6px"> </div>the unfixed days, using<div style="display:inline-block;width:5px"> </div>the most recent </div><div id="a65702_65_2" style="position:absolute;font-family:'Arial';left:457px;top:185px;">10</div><div id="a65702_67_35" style="position:absolute;font-family:'Arial';left:473px;top:185px;">-year average of historical<div style="display:inline-block;width:6px"> </div>1 year </div><div id="a65706" style="position:absolute;font-family:'Arial';left:43px;top:202px;">time charter rates available for each type of vessel over the remaining estimated life of each vessel, </div><div id="a65707" style="position:absolute;font-family:'Arial';left:43px;top:219px;">net of commissions. Historical ten-year blended average one-year time charter rates are in line with </div><div id="a65712" style="position:absolute;font-family:'Arial';left:43px;top:236px;">the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>overall<div style="display:inline-block;width:6px"> </div>chartering<div style="display:inline-block;width:6px"> </div>strategy,<div style="display:inline-block;width:7px"> </div>they<div style="display:inline-block;width:6px"> </div>reflect<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>full<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>history<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>vessels<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the </div><div id="a65715" style="position:absolute;font-family:'Arial';left:43px;top:253px;">same type and particulars with the Company’s operating fleet and they cover at least<div style="display:inline-block;width:3px"> </div>a full business </div><div id="a65716" style="position:absolute;font-family:'Arial';left:43px;top:270px;">cycle,<div style="display:inline-block;width:6px"> </div>where<div style="display:inline-block;width:6px"> </div>applicable.<div style="display:inline-block;width:6px"> </div>When<div style="display:inline-block;width:6px"> </div>the </div><div id="a65716_34_2" style="position:absolute;font-family:'Arial';left:281px;top:270px;">10</div><div id="a65716_36_61" style="position:absolute;font-family:'Arial';left:297px;top:270px;">-year<div style="display:inline-block;width:6px"> </div>average<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>historical<div style="display:inline-block;width:6px"> </div>1<div style="display:inline-block;width:6px"> </div>year<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>rates<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>not </div><div id="a65720" style="position:absolute;font-family:'Arial';left:43px;top:287px;">available for a type<div style="display:inline-block;width:6px"> </div>of vessel, the Company uses<div style="display:inline-block;width:6px"> </div>the average of historical 1<div style="display:inline-block;width:6px"> </div>year time charter rates </div><div id="a65721" style="position:absolute;font-family:'Arial';left:43px;top:304px;">of the available<div style="display:inline-block;width:2px"> </div>period. Other<div style="display:inline-block;width:3px"> </div>assumptions used in<div style="display:inline-block;width:2px"> </div>developing estimates<div style="display:inline-block;width:3px"> </div>of future undiscounted<div style="display:inline-block;width:2px"> </div>cash </div><div id="a65722" style="position:absolute;font-family:'Arial';left:43px;top:321px;">flow are<div style="display:inline-block;width:6px"> </div>charter rates calculated<div style="display:inline-block;width:6px"> </div>for the<div style="display:inline-block;width:6px"> </div>fixed days using<div style="display:inline-block;width:6px"> </div>the fixed<div style="display:inline-block;width:5px"> </div>charter rate of<div style="display:inline-block;width:6px"> </div>each vessel from </div><div id="a65724" style="position:absolute;font-family:'Arial';left:43px;top:337px;">existing time charters, the<div style="display:inline-block;width:6px"> </div>expected outflows for scheduled<div style="display:inline-block;width:6px"> </div>vessels’ maintenance; vessel operating </div><div id="a65725" style="position:absolute;font-family:'Arial';left:43px;top:354px;">expenses; fleet utilization, and the<div style="display:inline-block;width:6px"> </div>vessels’ residual value if sold for<div style="display:inline-block;width:6px"> </div>scrap.<div style="display:inline-block;width:9px"> </div>Assumptions are in line </div><div id="a65727" style="position:absolute;font-family:'Arial';left:43px;top:371px;">with the<div style="display:inline-block;width:7px"> </div>Company’s historical<div style="display:inline-block;width:6px"> </div>performance and<div style="display:inline-block;width:6px"> </div>its expectations<div style="display:inline-block;width:6px"> </div>for future<div style="display:inline-block;width:6px"> </div>fleet utilization<div style="display:inline-block;width:6px"> </div>under its </div><div id="a65728" style="position:absolute;font-family:'Arial';left:43px;top:388px;">current fleet deployment<div style="display:inline-block;width:3px"> </div>strategy. This calculation is then compared<div style="display:inline-block;width:3px"> </div>with the vessels’<div style="display:inline-block;width:3px"> </div>net book value </div><div id="a65729" style="position:absolute;font-family:'Arial';left:43px;top:405px;">plus<div style="display:inline-block;width:6px"> </div>unamortized<div style="display:inline-block;width:6px"> </div>deferred<div style="display:inline-block;width:6px"> </div>costs.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>difference<div style="display:inline-block;width:6px"> </div>between<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>carrying<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:6px"> </div>plus </div><div id="a65731" style="position:absolute;font-family:'Arial';left:43px;top:422px;">unamortized<div style="display:inline-block;width:8px"> </div>deferred<div style="display:inline-block;width:8px"> </div>costs<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:8px"> </div>their<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>value<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>recognized<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company's<div style="display:inline-block;width:8px"> </div>accounts<div style="display:inline-block;width:8px"> </div>as </div><div id="a65732" style="position:absolute;font-family:'Arial';left:43px;top:438px;">impairment loss. </div><div id="a65735" style="position:absolute;font-family:'Arial';left:43px;top:472px;">The Company’s impairment<div style="display:inline-block;width:3px"> </div>assessment did not<div style="display:inline-block;width:2px"> </div>result in the<div style="display:inline-block;width:2px"> </div>recognition of impairment<div style="display:inline-block;width:2px"> </div>on any vessel </div><div id="a65741" style="position:absolute;font-family:'Arial';left:43px;top:489px;">and therefore </div><div id="a65741_14_2" style="position:absolute;font-family:'Arial';left:135px;top:489px;">no</div><div id="a65741_16_68" style="position:absolute;font-family:'Arial';left:151px;top:489px;"><div style="display:inline-block;width:4px"> </div>impairment loss was identified or recorded in 2024, 2023 and 2022. </div></div></div></div></div><div id="TextBlockContainer122" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_104_XBRL_TS_d55ae47bf47d462bb872cc93e42f3def_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer105" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer105" style="position:relative;width:666px;z-index:1;"><div id="a65766" style="position:absolute;font-family:'Arial';left:5px;top:0px;">For<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>building,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>determines<div style="display:inline-block;width:7px"> </div>undiscounted<div style="display:inline-block;width:7px"> </div>projected<div style="display:inline-block;width:7px"> </div>net<div style="display:inline-block;width:7px"> </div>operating<div style="display:inline-block;width:7px"> </div>cash<div style="display:inline-block;width:7px"> </div>flows<div style="display:inline-block;width:7px"> </div>by </div><div id="a65769" style="position:absolute;font-family:'Arial';left:5px;top:17px;">considering the<div style="display:inline-block;width:5px"> </div>estimated monthly rent<div style="display:inline-block;width:6px"> </div>the Company would<div style="display:inline-block;width:6px"> </div>have to<div style="display:inline-block;width:5px"> </div>pay in order<div style="display:inline-block;width:6px"> </div>to lease<div style="display:inline-block;width:6px"> </div>a similar </div><div id="a65773" style="position:absolute;font-family:'Arial';left:5px;top:34px;">building for a period equal to its remaining useful life. </div><div id="a65773_58_2" style="position:absolute;font-family:'Arial';left:353px;top:34px;">No</div><div id="a65773_60_44" style="position:absolute;font-family:'Arial';left:372px;top:34px;"><div style="display:inline-block;width:4px"> </div>impairment loss was identified or recorded </div><div id="a65781" style="position:absolute;font-family:'Arial';left:5px;top:51px;">for 2024, 2023 and<div style="display:inline-block;width:6px"> </div>2022 and the Company has<div style="display:inline-block;width:6px"> </div>not identified any other facts<div style="display:inline-block;width:6px"> </div>or circumstances that </div><div id="a65790" style="position:absolute;font-family:'Arial';left:5px;top:68px;">would require the write down of the value of its land or building in<div style="display:inline-block;width:3px"> </div>the near future.</div></div></div></div><div id="TextContainer122" style="position:relative;width:704px;z-index:1;"><div id="a65793" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:101px;">m)</div></div><div id="div_107_XBRL_TS_2e9c03ab1c654bf48e04d9d041c558b8" style="position:absolute;left:38px;top:101px;float:left;"><div id="TextBlockContainer108" style="position:relative;line-height:normal;width:666px;height:221px;"><div id="TextContainer108" style="position:relative;width:666px;z-index:1;"><div id="a65794_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Vessel<div style="display:inline-block;width:6px"> </div>Depreciation: </div><div id="a65797" style="position:absolute;font-family:'Arial';left:156px;top:0px;">Depreciation is<div style="display:inline-block;width:6px"> </div>computed using<div style="display:inline-block;width:6px"> </div>the straight-line<div style="display:inline-block;width:6px"> </div>method over<div style="display:inline-block;width:6px"> </div>the estimated </div><div id="a65800" style="position:absolute;font-family:'Arial';left:5px;top:17px;">useful<div style="display:inline-block;width:7px"> </div>life<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessels,<div style="display:inline-block;width:7px"> </div>after<div style="display:inline-block;width:7px"> </div>considering<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>estimated<div style="display:inline-block;width:7px"> </div>salvage<div style="display:inline-block;width:7px"> </div>(scrap)<div style="display:inline-block;width:7px"> </div>value.<div style="display:inline-block;width:7px"> </div>Each<div style="display:inline-block;width:7px"> </div>vessel’s </div><div id="a65803" style="position:absolute;font-family:'Arial';left:5px;top:34px;">salvage<div style="display:inline-block;width:9px"> </div>value<div style="display:inline-block;width:9px"> </div>is<div style="display:inline-block;width:9px"> </div>equal<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>the<div style="display:inline-block;width:9px"> </div>product<div style="display:inline-block;width:9px"> </div>of<div style="display:inline-block;width:9px"> </div>its<div style="display:inline-block;width:9px"> </div>lightweight<div style="display:inline-block;width:9px"> </div>tonnage<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:9px"> </div>estimated<div style="display:inline-block;width:9px"> </div>scrap<div style="display:inline-block;width:9px"> </div>rate. </div><div id="a65804" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Management estimates<div style="display:inline-block;width:3px"> </div>the useful<div style="display:inline-block;width:3px"> </div>life of<div style="display:inline-block;width:3px"> </div>the Company’s vessels<div style="display:inline-block;width:2px"> </div>to be </div><div id="a65804_68_8" style="position:absolute;font-family:'Arial';left:454px;top:51px;">25 years</div><div id="a65804_76_26" style="position:absolute;font-family:'Arial';left:510px;top:51px;"><div style="display:inline-block;width:4px"> </div>from the date<div style="display:inline-block;width:2px"> </div>of initial </div><div id="a65805" style="position:absolute;font-family:'Arial';left:5px;top:68px;">delivery from<div style="display:inline-block;width:6px"> </div>the shipyard.<div style="display:inline-block;width:5px"> </div>Second-hand vessels are<div style="display:inline-block;width:6px"> </div>depreciated from the<div style="display:inline-block;width:6px"> </div>date of<div style="display:inline-block;width:6px"> </div>their acquisition </div><div id="a65808" style="position:absolute;font-family:'Arial';left:5px;top:85px;">through their remaining estimated useful life. When regulations place limitations over the ability of a </div><div id="a65809" style="position:absolute;font-family:'Arial';left:5px;top:101px;">vessel to trade on<div style="display:inline-block;width:3px"> </div>a worldwide basis,<div style="display:inline-block;width:3px"> </div>its remaining useful<div style="display:inline-block;width:3px"> </div>life is adjusted at<div style="display:inline-block;width:2px"> </div>the date such regulations </div><div id="a65811" style="position:absolute;font-family:'Arial';left:5px;top:118px;">are<div style="display:inline-block;width:7px"> </div>adopted. </div><div id="a65811_13_80" style="position:absolute;font-family:'Arial';left:97px;top:118px;">Effective July 1, 2023, the Company reassessed the estimated scrap rate used to </div><div id="a65829" style="position:absolute;font-family:'Arial';left:5px;top:135px;">calculate depreciation and, based on the average demolition prices in different markets during the </div><div id="a65831" style="position:absolute;font-family:'Arial';left:5px;top:152px;">last 15 years, adjusted upwards the estimated scrap rate of its vessels. This change in estimate</div><div id="a65840" style="position:absolute;font-family:'Arial';left:5px;top:169px;">resulted<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>salvage<div style="display:inline-block;width:7px"> </div>values,<div style="display:inline-block;width:7px"> </div>decreased<div style="display:inline-block;width:6px"> </div>depreciation<div style="display:inline-block;width:7px"> </div>expense<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>increased<div style="display:inline-block;width:7px"> </div>operating </div><div id="a65854" style="position:absolute;font-family:'Arial';left:5px;top:186px;">income. Additionally, for<div style="display:inline-block;width:2px"> </div>the period<div style="display:inline-block;width:2px"> </div>from July<div style="display:inline-block;width:2px"> </div>1, 2023<div style="display:inline-block;width:2px"> </div>to December<div style="display:inline-block;width:2px"> </div>31, 2023,<div style="display:inline-block;width:2px"> </div>net income<div style="display:inline-block;width:2px"> </div>and earnings </div><div id="a65888" style="position:absolute;font-family:'Arial';left:5px;top:202px;">per share, basic and diluted, increased by $</div><div id="a65888_44_5" style="position:absolute;font-family:'Arial';left:289px;top:202px;">3,773</div><div id="a65888_49_6" style="position:absolute;font-family:'Arial';left:326px;top:202px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a65888_55_4" style="position:absolute;font-family:'Arial';left:367px;top:202px;">0.04</div><div id="a65888_59_15" style="position:absolute;font-family:'Arial';left:395px;top:202px;">, respectively.</div></div></div></div><div id="TextContainer123" style="position:relative;width:704px;z-index:1;"><div id="a65912" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">n)</div></div><div id="div_110_XBRL_TS_14ddde107fbb4cbf83cefc0fc73c56b2" style="position:absolute;left:38px;top:337px;float:left;"><div id="TextBlockContainer111" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer111" style="position:relative;width:666px;z-index:1;"><div id="a65913_1_14" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Deferred Costs</div><div id="a65917" style="position:absolute;font-family:'Arial';left:110px;top:0px;">: The<div style="display:inline-block;width:2px"> </div>Company follows<div style="display:inline-block;width:2px"> </div>the deferral<div style="display:inline-block;width:2px"> </div>method of<div style="display:inline-block;width:2px"> </div>accounting for<div style="display:inline-block;width:2px"> </div>dry-docking and<div style="display:inline-block;width:2px"> </div>special </div><div id="a65921" style="position:absolute;font-family:'Arial';left:5px;top:17px;">survey costs whereby actual costs incurred are deferred and amortized on a straight-line basis over </div><div id="a65925" style="position:absolute;font-family:'Arial';left:5px;top:34px;">the period<div style="display:inline-block;width:3px"> </div>through the date<div style="display:inline-block;width:2px"> </div>the next<div style="display:inline-block;width:3px"> </div>survey is<div style="display:inline-block;width:3px"> </div>scheduled to<div style="display:inline-block;width:3px"> </div>become due.<div style="display:inline-block;width:3px"> </div>Unamortized deferred<div style="display:inline-block;width:2px"> </div>costs </div><div id="a65932" style="position:absolute;font-family:'Arial';left:5px;top:51px;">of vessels that<div style="display:inline-block;width:3px"> </div>are sold or impaired<div style="display:inline-block;width:2px"> </div>are written off<div style="display:inline-block;width:3px"> </div>and included in<div style="display:inline-block;width:3px"> </div>the calculation of<div style="display:inline-block;width:3px"> </div>the resulting gain </div><div id="a65933" style="position:absolute;font-family:'Arial';left:5px;top:68px;">or loss in the year of the vessel’s sale (Note 6) or impairment.</div></div></div></div><div id="TextContainer124" style="position:relative;width:704px;z-index:1;"><div id="a65938" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:439px;">o)</div></div><div id="div_113_XBRL_TS_60436da5647f432382b57672f487ab51" style="position:absolute;left:38px;top:439px;float:left;"><div id="TextBlockContainer114" style="position:relative;line-height:normal;width:666px;height:187px;"><div id="TextContainer114" style="position:relative;width:666px;z-index:1;"><div id="a65939_1_15" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financing Costs</div><div id="a65941" style="position:absolute;font-family:'Arial';left:120px;top:0px;">: Fees<div style="display:inline-block;width:5px"> </div>paid for<div style="display:inline-block;width:6px"> </div>obtaining finance liabilities,<div style="display:inline-block;width:6px"> </div>fees paid<div style="display:inline-block;width:6px"> </div>to lenders<div style="display:inline-block;width:5px"> </div>for obtaining<div style="display:inline-block;width:6px"> </div>new </div><div id="a65944" style="position:absolute;font-family:'Arial';left:5px;top:17px;">loans,<div style="display:inline-block;width:4px"> </div>new bonds, refinancing or amending existing loans,<div style="display:inline-block;width:4px"> </div>are deferred and recorded as a contra to </div><div id="a65954" style="position:absolute;font-family:'Arial';left:5px;top:34px;">debt. Other<div style="display:inline-block;width:6px"> </div>fees paid<div style="display:inline-block;width:6px"> </div>for obtaining<div style="display:inline-block;width:6px"> </div>loan facilities<div style="display:inline-block;width:6px"> </div>not used<div style="display:inline-block;width:6px"> </div>at the<div style="display:inline-block;width:6px"> </div>balance sheet<div style="display:inline-block;width:6px"> </div>date are<div style="display:inline-block;width:6px"> </div>deferred. </div><div id="a65955" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Fees relating to<div style="display:inline-block;width:6px"> </div>drawn loan facilities<div style="display:inline-block;width:6px"> </div>are amortized to<div style="display:inline-block;width:6px"> </div>interest and finance<div style="display:inline-block;width:6px"> </div>costs over the<div style="display:inline-block;width:6px"> </div>life of the </div><div id="a65956" style="position:absolute;font-family:'Arial';left:5px;top:67px;">related debt<div style="display:inline-block;width:6px"> </div>using the<div style="display:inline-block;width:6px"> </div>effective interest method<div style="display:inline-block;width:6px"> </div>and fees<div style="display:inline-block;width:5px"> </div>incurred for<div style="display:inline-block;width:6px"> </div>loan facilities not<div style="display:inline-block;width:6px"> </div>used at<div style="display:inline-block;width:5px"> </div>the </div><div id="a65958" style="position:absolute;font-family:'Arial';left:5px;top:84px;">balance sheet date are amortized using<div style="display:inline-block;width:3px"> </div>the straight-line method according to<div style="display:inline-block;width:3px"> </div>their availability terms. </div><div id="a65961" style="position:absolute;font-family:'Arial';left:5px;top:101px;">Unamortized<div style="display:inline-block;width:10px"> </div>fees<div style="display:inline-block;width:9px"> </div>relating<div style="display:inline-block;width:10px"> </div>to<div style="display:inline-block;width:10px"> </div>loans<div style="display:inline-block;width:10px"> </div>or<div style="display:inline-block;width:10px"> </div>bonds<div style="display:inline-block;width:9px"> </div>repaid<div style="display:inline-block;width:10px"> </div>or<div style="display:inline-block;width:9px"> </div>repurchased<div style="display:inline-block;width:9px"> </div>or<div style="display:inline-block;width:10px"> </div>refinanced<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:10px"> </div>debt </div><div id="a65966" style="position:absolute;font-family:'Arial';left:5px;top:118px;">extinguishment<div style="display:inline-block;width:12px"> </div>are<div style="display:inline-block;width:12px"> </div>written<div style="display:inline-block;width:12px"> </div>off<div style="display:inline-block;width:12px"> </div>in<div style="display:inline-block;width:12px"> </div>the<div style="display:inline-block;width:12px"> </div>period<div style="display:inline-block;width:12px"> </div>the<div style="display:inline-block;width:12px"> </div>repayment,<div style="display:inline-block;width:12px"> </div>prepayment,<div style="display:inline-block;width:12px"> </div>repurchase<div style="display:inline-block;width:12px"> </div>or </div><div id="a65973" style="position:absolute;font-family:'Arial';left:5px;top:135px;">extinguishment is made and<div style="display:inline-block;width:2px"> </div>included in the determination<div style="display:inline-block;width:3px"> </div>of gain/loss on debt extinguishment.<div style="display:inline-block;width:2px"> </div>Loan </div><div id="a65981" style="position:absolute;font-family:'Arial';left:5px;top:152px;">commitment fees are<div style="display:inline-block;width:2px"> </div>expensed<div style="display:inline-block;width:3px"> </div>in the period<div style="display:inline-block;width:2px"> </div>incurred, unless they<div style="display:inline-block;width:2px"> </div>relate to loans<div style="display:inline-block;width:2px"> </div>obtained to finance </div><div id="a65986" style="position:absolute;font-family:'Arial';left:5px;top:169px;">vessels under construction, in which case, they are capitalized<div style="display:inline-block;width:3px"> </div>to the vessels’ cost.</div></div></div></div><div id="TextContainer125" style="position:relative;width:704px;z-index:1;"><div id="a65992" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:641px;">p)</div></div><div id="div_116_XBRL_TS_558c82f47d124522be099ec91f873ac0" style="position:absolute;left:38px;top:641px;float:left;"><div id="TextBlockContainer117" style="position:relative;line-height:normal;width:666px;height:136px;"><div id="TextContainer117" style="position:relative;width:666px;z-index:1;"><div id="a65993_1_28" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Concentration<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Credit<div style="display:inline-block;width:6px"> </div>Risk</div><div id="a65995" style="position:absolute;font-family:'Arial';left:212px;top:0px;">:<div style="display:inline-block;width:7px"> </div>Financial<div style="display:inline-block;width:6px"> </div>instruments,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>potentially<div style="display:inline-block;width:6px"> </div>subject<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>to </div><div id="a65996" style="position:absolute;font-family:'Arial';left:5px;top:17px;">significant concentrations<div style="display:inline-block;width:2px"> </div>of credit<div style="display:inline-block;width:3px"> </div>risk, consist<div style="display:inline-block;width:2px"> </div>principally of<div style="display:inline-block;width:2px"> </div>cash and<div style="display:inline-block;width:2px"> </div>trade accounts<div style="display:inline-block;width:2px"> </div>receivable. The </div><div id="a65997" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Company places<div style="display:inline-block;width:2px"> </div>its temporary<div style="display:inline-block;width:2px"> </div>cash investments,<div style="display:inline-block;width:2px"> </div>consisting mostly<div style="display:inline-block;width:2px"> </div>of deposits,<div style="display:inline-block;width:2px"> </div>with various<div style="display:inline-block;width:2px"> </div>qualified </div><div id="a65999" style="position:absolute;font-family:'Arial';left:5px;top:51px;">financial institutions<div style="display:inline-block;width:2px"> </div>and performs<div style="display:inline-block;width:2px"> </div>periodic evaluations<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>relative credit<div style="display:inline-block;width:2px"> </div>standing of<div style="display:inline-block;width:2px"> </div>those financial </div><div id="a66000" style="position:absolute;font-family:'Arial';left:5px;top:67px;">institutions that are considered in the Company’s investment strategy. The Company<div style="display:inline-block;width:5px"> </div>limits its credit </div><div id="a66001" style="position:absolute;font-family:'Arial';left:5px;top:84px;">risk<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>accounts<div style="display:inline-block;width:6px"> </div>receivable<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>performing<div style="display:inline-block;width:6px"> </div>ongoing<div style="display:inline-block;width:6px"> </div>credit<div style="display:inline-block;width:6px"> </div>evaluations<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>customers’<div style="display:inline-block;width:6px"> </div>financial </div><div id="a66003" style="position:absolute;font-family:'Arial';left:5px;top:101px;">condition and generally does<div style="display:inline-block;width:2px"> </div>not require collateral for<div style="display:inline-block;width:3px"> </div>its accounts receivable<div style="display:inline-block;width:3px"> </div>and does not have<div style="display:inline-block;width:3px"> </div>any </div><div id="a66004" style="position:absolute;font-family:'Arial';left:5px;top:118px;">agreements to mitigate credit risk.</div></div></div></div><div id="TextContainer126" style="position:relative;width:704px;z-index:1;"><div id="a66007" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:793px;">q)</div></div><div id="div_119_XBRL_TS_a3db25736cc0448e9eb5f24156986151" style="position:absolute;left:38px;top:793px;float:left;"><div id="TextBlockContainer120" style="position:relative;line-height:normal;width:666px;height:52px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:64.1px; background-color:#000000; "> </div>
<div id="TextContainer120" style="position:relative;width:666px;z-index:1;"><div id="a66008_1_38" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Accounting for Revenues and Expenses: </div><div id="a66011" style="position:absolute;font-family:'Arial';left:294px;top:0px;">Revenues are generated from time<div style="display:inline-block;width:3px"> </div>charter agreements </div><div id="a66012" style="position:absolute;font-family:'Arial';left:5px;top:17px;">which contain a lease<div style="display:inline-block;width:2px"> </div>as they meet the<div style="display:inline-block;width:3px"> </div>criteria of a lease<div style="display:inline-block;width:2px"> </div>under ASC 842.<div style="display:inline-block;width:3px"> </div>The time charter contracts </div><div id="a66014" style="position:absolute;font-family:'Arial';left:5px;top:34px;">are considered<div style="display:inline-block;width:6px"> </div>operating leases because<div style="display:inline-block;width:6px"> </div>(i) the vessel<div style="display:inline-block;width:6px"> </div>is an<div style="display:inline-block;width:6px"> </div>identifiable asset (ii)<div style="display:inline-block;width:6px"> </div>the owner<div style="display:inline-block;width:5px"> </div>of the </div></div></div></div></div><div id="TextBlockContainer142" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_130_XBRL_TS_a3db25736cc0448e9eb5f24156986151_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer131" style="position:relative;line-height:normal;width:666px;height:541px;"><div id="TextContainer131" style="position:relative;width:666px;z-index:1;"><div id="a66032" style="position:absolute;font-family:'Arial';left:5px;top:0px;">vessel does not have substantive substitution<div style="display:inline-block;width:3px"> </div>rights and (iii) the charterer has<div style="display:inline-block;width:3px"> </div>the right to control the </div><div id="a66033" style="position:absolute;font-family:'Arial';left:5px;top:17px;">use of the<div style="display:inline-block;width:6px"> </div>vessel during the term<div style="display:inline-block;width:6px"> </div>of the contract and<div style="display:inline-block;width:6px"> </div>derives the economic benefits<div style="display:inline-block;width:6px"> </div>from such use. </div><div id="a66035" style="position:absolute;font-family:'Arial';left:5px;top:34px;">Agreements with<div style="display:inline-block;width:6px"> </div>the same<div style="display:inline-block;width:6px"> </div>charterer are<div style="display:inline-block;width:6px"> </div>accounted for<div style="display:inline-block;width:6px"> </div>as separate<div style="display:inline-block;width:6px"> </div>agreements according to<div style="display:inline-block;width:6px"> </div>their </div><div id="a66036" style="position:absolute;font-family:'Arial';left:5px;top:51px;">specific<div style="display:inline-block;width:6px"> </div>terms<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>conditions.<div style="display:inline-block;width:6px"> </div>All<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>contain<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>minimum<div style="display:inline-block;width:6px"> </div>non-cancellable<div style="display:inline-block;width:6px"> </div>period<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>an </div><div id="a66039" style="position:absolute;font-family:'Arial';left:5px;top:68px;">extension period at the option<div style="display:inline-block;width:5px"> </div>of the charterer.<div style="display:inline-block;width:6px"> </div>Each lease term is assessed at<div style="display:inline-block;width:6px"> </div>the inception of that </div><div id="a66042" style="position:absolute;font-family:'Arial';left:5px;top:84px;">lease. Under a time charter agreement, the charterer pays<div style="display:inline-block;width:6px"> </div>a daily hire for the use of the<div style="display:inline-block;width:6px"> </div>vessel and </div><div id="a66043" style="position:absolute;font-family:'Arial';left:5px;top:101px;">reimburses the owner for<div style="display:inline-block;width:2px"> </div>hold cleanings, extra<div style="display:inline-block;width:3px"> </div>insurance premiums for navigating<div style="display:inline-block;width:2px"> </div>in restricted areas </div><div id="a66044" style="position:absolute;font-family:'Arial';left:5px;top:118px;">and<div style="display:inline-block;width:7px"> </div>damages<div style="display:inline-block;width:7px"> </div>caused<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charterers.<div style="display:inline-block;width:7px"> </div>Revenues<div style="display:inline-block;width:7px"> </div>from<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>agreements<div style="display:inline-block;width:7px"> </div>providing<div style="display:inline-block;width:7px"> </div>for </div><div id="a66047" style="position:absolute;font-family:'Arial';left:5px;top:135px;">varying annual<div style="display:inline-block;width:6px"> </div>rates are<div style="display:inline-block;width:6px"> </div>accounted for<div style="display:inline-block;width:6px"> </div>as operating<div style="display:inline-block;width:6px"> </div>leases and<div style="display:inline-block;width:6px"> </div>thus recognized<div style="display:inline-block;width:6px"> </div>on a<div style="display:inline-block;width:6px"> </div>straight-line </div><div id="a66050" style="position:absolute;font-family:'Arial';left:5px;top:152px;">basis over the non-cancellable rental periods of such agreements,<div style="display:inline-block;width:3px"> </div>as service is performed.<div style="display:inline-block;width:4px"> </div></div><div id="a66055" style="position:absolute;font-family:'Arial';left:5px;top:186px;">The charterer<div style="display:inline-block;width:7px"> </div>pays to<div style="display:inline-block;width:7px"> </div>third parties<div style="display:inline-block;width:7px"> </div>port, canal<div style="display:inline-block;width:6px"> </div>and bunkers<div style="display:inline-block;width:7px"> </div>consumed during<div style="display:inline-block;width:6px"> </div>the term<div style="display:inline-block;width:7px"> </div>of the<div style="display:inline-block;width:7px"> </div>time </div><div id="a66059" style="position:absolute;font-family:'Arial';left:5px;top:202px;">charter agreement, unless they are for the account of the owner, in which case,<div style="display:inline-block;width:4px"> </div>they are included in </div><div id="a66064" style="position:absolute;font-family:'Arial';left:5px;top:219px;">voyage expenses. Voyage expenses also include commissions on time charter revenue (paid to the </div><div id="a66076" style="position:absolute;font-family:'Arial';left:5px;top:236px;">charterers, the brokers<div style="display:inline-block;width:6px"> </div>and the managers)<div style="display:inline-block;width:6px"> </div>and gain or<div style="display:inline-block;width:6px"> </div>loss from bunkers<div style="display:inline-block;width:6px"> </div>resulting mainly from<div style="display:inline-block;width:6px"> </div>the </div><div id="a66087" style="position:absolute;font-family:'Arial';left:5px;top:253px;">difference<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>bunkers<div style="display:inline-block;width:7px"> </div>paid<div style="display:inline-block;width:7px"> </div>by<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>when<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>redelivered<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the </div><div id="a66088" style="position:absolute;font-family:'Arial';left:5px;top:270px;">Company from<div style="display:inline-block;width:6px"> </div>the charterer<div style="display:inline-block;width:6px"> </div>under the<div style="display:inline-block;width:6px"> </div>vessel’s previous<div style="display:inline-block;width:6px"> </div>time charter<div style="display:inline-block;width:6px"> </div>agreement and<div style="display:inline-block;width:6px"> </div>the value<div style="display:inline-block;width:6px"> </div>of </div><div id="a66089" style="position:absolute;font-family:'Arial';left:5px;top:287px;">bunkers sold<div style="display:inline-block;width:6px"> </div>by the<div style="display:inline-block;width:6px"> </div>Company when<div style="display:inline-block;width:6px"> </div>the vessel<div style="display:inline-block;width:6px"> </div>is delivered<div style="display:inline-block;width:6px"> </div>to a<div style="display:inline-block;width:6px"> </div>new charterer<div style="display:inline-block;width:6px"> </div>(Note 12).<div style="display:inline-block;width:6px"> </div>Under a </div><div id="a66098" style="position:absolute;font-family:'Arial';left:5px;top:304px;">time<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>agreement,<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>owner<div style="display:inline-block;width:7px"> </div>pays<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>operation<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>maintenance<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>vessel, </div><div id="a66099" style="position:absolute;font-family:'Arial';left:5px;top:321px;">including<div style="display:inline-block;width:6px"> </div>crew,<div style="display:inline-block;width:7px"> </div>insurance,<div style="display:inline-block;width:6px"> </div>spares<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>repairs,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>recognized<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>expenses.<div style="display:inline-block;width:6px"> </div>The </div><div id="a66100" style="position:absolute;font-family:'Arial';left:5px;top:337px;">Company,<div style="display:inline-block;width:6px"> </div>as lessor, has<div style="display:inline-block;width:6px"> </div>elected not to allocate the consideration<div style="display:inline-block;width:6px"> </div>in the agreement to the<div style="display:inline-block;width:6px"> </div>separate </div><div id="a66102" style="position:absolute;font-family:'Arial';left:5px;top:354px;">lease<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>non-lease<div style="display:inline-block;width:6px"> </div>components<div style="display:inline-block;width:6px"> </div>(operation<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>maintenance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel)<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>their<div style="display:inline-block;width:6px"> </div>timing<div style="display:inline-block;width:6px"> </div>and </div><div id="a66105" style="position:absolute;font-family:'Arial';left:5px;top:371px;">pattern<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>transfer<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charterer,<div style="display:inline-block;width:8px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:8px"> </div>lessee,<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>same<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>lease<div style="display:inline-block;width:7px"> </div>component,<div style="display:inline-block;width:7px"> </div>if </div><div id="a66106" style="position:absolute;font-family:'Arial';left:5px;top:388px;">accounted<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>separately,<div style="display:inline-block;width:10px"> </div>would<div style="display:inline-block;width:9px"> </div>be<div style="display:inline-block;width:9px"> </div>classified<div style="display:inline-block;width:9px"> </div>as<div style="display:inline-block;width:9px"> </div>an<div style="display:inline-block;width:9px"> </div>operating<div style="display:inline-block;width:9px"> </div>lease.<div style="display:inline-block;width:9px"> </div>Additionally,<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:9px"> </div>lease </div><div id="a66109" style="position:absolute;font-family:'Arial';left:5px;top:405px;">component<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>considered<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>predominant<div style="display:inline-block;width:6px"> </div>component,<div style="display:inline-block;width:5px"> </div>as<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:5px"> </div>has<div style="display:inline-block;width:6px"> </div>assessed<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>more </div><div id="a66112" style="position:absolute;font-family:'Arial';left:5px;top:422px;">value is ascribed to the vessel rather than to the services provided under the time charter contracts. </div><div id="a66114" style="position:absolute;font-family:'Arial';left:5px;top:439px;">In<div style="display:inline-block;width:6px"> </div>time<div style="display:inline-block;width:6px"> </div>charter<div style="display:inline-block;width:6px"> </div>agreements<div style="display:inline-block;width:6px"> </div>apart<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>agreed<div style="display:inline-block;width:6px"> </div>hire<div style="display:inline-block;width:6px"> </div>rate,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>may<div style="display:inline-block;width:6px"> </div>be<div style="display:inline-block;width:6px"> </div>entitled<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>an </div><div id="a66148" style="position:absolute;font-family:'Arial';left:5px;top:455px;">additional income,<div style="display:inline-block;width:6px"> </div>such as<div style="display:inline-block;width:6px"> </div>ballast bonus.<div style="display:inline-block;width:6px"> </div>Ballast bonus<div style="display:inline-block;width:6px"> </div>is paid<div style="display:inline-block;width:6px"> </div>by charterers<div style="display:inline-block;width:6px"> </div>for repositioning<div style="display:inline-block;width:6px"> </div>the </div><div id="a66161" style="position:absolute;font-family:'Arial';left:5px;top:472px;">vessel. The Company analyzes<div style="display:inline-block;width:2px"> </div>terms of each contract<div style="display:inline-block;width:2px"> </div>to assess whether income<div style="display:inline-block;width:2px"> </div>from ballast bonus </div><div id="a66192" style="position:absolute;font-family:'Arial';left:5px;top:489px;">is<div style="display:inline-block;width:7px"> </div>accounted<div style="display:inline-block;width:7px"> </div>together<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>lease<div style="display:inline-block;width:7px"> </div>component<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>duration<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>service </div><div id="a66224" style="position:absolute;font-family:'Arial';left:5px;top:506px;">component under<div style="display:inline-block;width:3px"> </div>ASC 606.<div style="display:inline-block;width:3px"> </div>Deferred revenue<div style="display:inline-block;width:3px"> </div>includes cash<div style="display:inline-block;width:3px"> </div>received prior<div style="display:inline-block;width:3px"> </div>to the balance<div style="display:inline-block;width:2px"> </div>sheet date </div><div id="a66233" style="position:absolute;font-family:'Arial';left:5px;top:523px;">for which all criteria to recognize as revenue have not been<div style="display:inline-block;width:3px"> </div>met.</div></div></div></div><div id="TextContainer142" style="position:relative;width:704px;z-index:1;"><div id="a66237" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:557px;">r)</div></div><div id="div_133_XBRL_TS_bb714f16de314b59b3d3a3f148f5cd87" style="position:absolute;left:38px;top:557px;float:left;"><div id="TextBlockContainer134" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer134" style="position:relative;width:666px;z-index:1;"><div id="a66238_1_24" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Repairs and<div style="display:inline-block;width:6px"> </div>Maintenance:</div><div id="a66241" style="position:absolute;font-family:'Arial';left:189px;top:0px;"><div style="display:inline-block;width:5px"> </div>All repair<div style="display:inline-block;width:6px"> </div>and maintenance<div style="display:inline-block;width:6px"> </div>expenses including underwater<div style="display:inline-block;width:6px"> </div>inspection </div><div id="a66243" style="position:absolute;font-family:'Arial';left:5px;top:17px;">expenses are expensed in the year incurred. Such costs are included in<div style="display:inline-block;width:5px"> </div>vessel operating expenses </div><div id="a66244" style="position:absolute;font-family:'Arial';left:5px;top:34px;">in the accompanying consolidated statements of income.</div></div></div></div><div id="TextContainer143" style="position:relative;width:704px;z-index:1;"><div id="a66249" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:624px;">s)</div></div><div id="div_136_XBRL_TS_0e0819f4a402450e86459b7e02b8fbe6" style="position:absolute;left:38px;top:624px;float:left;"><div id="TextBlockContainer137" style="position:relative;line-height:normal;width:666px;height:120px;"><div id="TextContainer137" style="position:relative;width:666px;z-index:1;"><div id="a66250_1_35" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Earnings / (loss) per Common Share:</div><div id="a66253" style="position:absolute;font-family:'Arial';left:264px;top:0px;"><div style="display:inline-block;width:4px"> </div>Basic earnings / (loss) per common share are<div style="display:inline-block;width:3px"> </div>computed by </div><div id="a66255" style="position:absolute;font-family:'Arial';left:5px;top:17px;">dividing net<div style="display:inline-block;width:6px"> </div>income /<div style="display:inline-block;width:6px"> </div>(loss) available<div style="display:inline-block;width:6px"> </div>to common<div style="display:inline-block;width:6px"> </div>stockholders by<div style="display:inline-block;width:6px"> </div>the weighted<div style="display:inline-block;width:6px"> </div>average number<div style="display:inline-block;width:6px"> </div>of </div><div id="a66256" style="position:absolute;font-family:'Arial';left:5px;top:34px;">common shares outstanding during the year. Shares issuable at little or no cash consideration upon </div><div id="a66258" style="position:absolute;font-family:'Arial';left:5px;top:51px;">satisfaction of<div style="display:inline-block;width:2px"> </div>certain conditions,<div style="display:inline-block;width:2px"> </div>are considered<div style="display:inline-block;width:2px"> </div>outstanding and<div style="display:inline-block;width:2px"> </div>included in<div style="display:inline-block;width:2px"> </div>the computation<div style="display:inline-block;width:2px"> </div>of basic </div><div id="a66263" style="position:absolute;font-family:'Arial';left:5px;top:68px;">earnings/(loss) per<div style="display:inline-block;width:6px"> </div>share as<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:7px"> </div>date that<div style="display:inline-block;width:6px"> </div>all necessary<div style="display:inline-block;width:6px"> </div>conditions have<div style="display:inline-block;width:6px"> </div>been satisfied.<div style="display:inline-block;width:6px"> </div>Diluted </div><div id="a66265" style="position:absolute;font-family:'Arial';left:5px;top:84px;">earnings<div style="display:inline-block;width:6px"> </div>per<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>share,<div style="display:inline-block;width:6px"> </div>reflects<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>potential<div style="display:inline-block;width:6px"> </div>dilution<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>could<div style="display:inline-block;width:6px"> </div>occur<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>securities<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>other </div><div id="a66266" style="position:absolute;font-family:'Arial';left:5px;top:101px;">contracts to issue common stock were exercised.</div></div></div></div><div id="TextContainer144" style="position:relative;width:704px;z-index:1;"><div id="a66266_47_2" style="position:absolute;font-family:'Arial';left:363px;top:725px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66269" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:759px;">t)</div></div><div id="div_139_XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62" style="position:absolute;left:38px;top:759px;float:left;"><div id="TextBlockContainer140" style="position:relative;line-height:normal;width:666px;height:86px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:97.9px; background-color:#000000; "> </div>
<div id="TextContainer140" style="position:relative;width:666px;z-index:1;"><div id="a66270_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Segmental Reporting: </div><div id="a66273" style="position:absolute;font-family:'Arial';left:161px;top:0px;">The Company reports financial<div style="display:inline-block;width:3px"> </div>information and evaluates its<div style="display:inline-block;width:3px"> </div>operations and </div><div id="a66274" style="position:absolute;font-family:'Arial';left:5px;top:17px;">operating<div style="display:inline-block;width:6px"> </div>results<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>revenue<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>operating<div style="display:inline-block;width:6px"> </div>expenses.<div style="display:inline-block;width:6px"> </div>As<div style="display:inline-block;width:6px"> </div>a<div style="display:inline-block;width:6px"> </div>result,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>management, </div><div id="a66281" style="position:absolute;font-family:'Arial';left:5px;top:34px;">including its<div style="display:inline-block;width:6px"> </div>Chief Executive<div style="display:inline-block;width:6px"> </div>Officer,<div style="display:inline-block;width:6px"> </div>who is<div style="display:inline-block;width:6px"> </div>the chief<div style="display:inline-block;width:6px"> </div>operating decision<div style="display:inline-block;width:6px"> </div>maker,<div style="display:inline-block;width:6px"> </div>reviews operating </div><div id="a66283" style="position:absolute;font-family:'Arial';left:5px;top:51px;">results solely by revenue and operating<div style="display:inline-block;width:5px"> </div>results of the fleet, and<div style="display:inline-block;width:5px"> </div>thus, the Company has determined </div><div id="a66284" style="position:absolute;font-family:'Arial';left:5px;top:68px;">that it operates<div style="display:inline-block;width:2px"> </div>under one<div style="display:inline-block;width:3px"> </div>reportable segment,<div style="display:inline-block;width:3px"> </div>that of operating<div style="display:inline-block;width:2px"> </div>dry bulk<div style="display:inline-block;width:3px"> </div>vessels. The<div style="display:inline-block;width:3px"> </div>chief operating </div></div></div></div></div><div id="TextBlockContainer160" style="position:relative;line-height:normal;width:704px;height:828px;"><div id="div_148_XBRL_TS_7cd7bd227fa846a0b5786ec49883cb62_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer149" style="position:relative;line-height:normal;width:666px;height:322px;"><div id="TextContainer149" style="position:relative;width:666px;z-index:1;"><div id="a66304" style="position:absolute;font-family:'Arial';left:5px;top:0px;">decision maker</div><div id="a66305" style="position:absolute;font-family:'Arial';left:103px;top:0px;"><div style="display:inline-block;width:3px"> </div>(“CODM”) does<div style="display:inline-block;width:2px"> </div>not use<div style="display:inline-block;width:2px"> </div>discrete financial<div style="display:inline-block;width:2px"> </div>information to<div style="display:inline-block;width:2px"> </div>evaluate the<div style="display:inline-block;width:2px"> </div>operating results </div><div id="a66309" style="position:absolute;font-family:'Arial';left:5px;top:17px;">for<div style="display:inline-block;width:7px"> </div>each<div style="display:inline-block;width:7px"> </div>type<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>charter<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>vessel<div style="display:inline-block;width:7px"> </div>but<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>instead<div style="display:inline-block;width:7px"> </div>regularly<div style="display:inline-block;width:7px"> </div>provided<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>only<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>consolidated </div><div id="a66310" style="position:absolute;font-family:'Arial';left:5px;top:34px;">expenses<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>noted<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>face<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>consolidated<div style="display:inline-block;width:6px"> </div>statements<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>income.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>CODM<div style="display:inline-block;width:6px"> </div>assesses </div><div id="a66313" style="position:absolute;font-family:'Arial';left:5px;top:51px;">performance<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>vessel<div style="display:inline-block;width:5px"> </div>operations<div style="display:inline-block;width:6px"> </div>segment and<div style="display:inline-block;width:7px"> </div>decides<div style="display:inline-block;width:6px"> </div>how<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>allocate<div style="display:inline-block;width:6px"> </div>resources<div style="display:inline-block;width:5px"> </div>based<div style="display:inline-block;width:6px"> </div>on </div><div id="a66314" style="position:absolute;font-family:'Arial';left:5px;top:68px;">consolidated net<div style="display:inline-block;width:6px"> </div>income. Additionally,<div style="display:inline-block;width:7px"> </div>the vessels<div style="display:inline-block;width:6px"> </div>do not<div style="display:inline-block;width:6px"> </div>operate in<div style="display:inline-block;width:6px"> </div>specific geographic<div style="display:inline-block;width:6px"> </div>areas, as </div><div id="a66317" style="position:absolute;font-family:'Arial';left:5px;top:84px;">they trade worldwide; they do not<div style="display:inline-block;width:6px"> </div>trade in specific trade routes, as<div style="display:inline-block;width:5px"> </div>their trading (route and cargo) is </div><div id="a66318" style="position:absolute;font-family:'Arial';left:5px;top:101px;">dictated by the charterers;<div style="display:inline-block;width:2px"> </div>and the Company<div style="display:inline-block;width:3px"> </div>does not evaluate<div style="display:inline-block;width:3px"> </div>the operating results<div style="display:inline-block;width:3px"> </div>for each type<div style="display:inline-block;width:3px"> </div>of </div><div id="a66320" style="position:absolute;font-family:'Arial';left:5px;top:118px;">dry bulk vessels (i.e. Panamax, Capesize etc.) for the purpose of making decisions about allocating </div><div id="a66321" style="position:absolute;font-family:'Arial';left:5px;top:135px;">resources and assessing performance.</div><div id="a66324" style="position:absolute;font-family:'Arial';left:5px;top:169px;">In<div style="display:inline-block;width:7px"> </div>November<div style="display:inline-block;width:6px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>FASB<div style="display:inline-block;width:7px"> </div>issued<div style="display:inline-block;width:7px"> </div>ASU<div style="display:inline-block;width:7px"> </div>2023-07,<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>requires<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:6px"> </div>significant </div><div id="a66327" style="position:absolute;font-family:'Arial';left:5px;top:186px;">segment<div style="display:inline-block;width:7px"> </div>expenses<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>part<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>entity’s<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>measure<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>profit<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>loss<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>regularly </div><div id="a66328" style="position:absolute;font-family:'Arial';left:5px;top:202px;">provided to<div style="display:inline-block;width:6px"> </div>the chief<div style="display:inline-block;width:6px"> </div>operating decision<div style="display:inline-block;width:6px"> </div>maker.<div style="display:inline-block;width:6px"> </div>In addition,<div style="display:inline-block;width:6px"> </div>it adds<div style="display:inline-block;width:6px"> </div>or makes<div style="display:inline-block;width:6px"> </div>clarifications to<div style="display:inline-block;width:6px"> </div>other </div><div id="a66330" style="position:absolute;font-family:'Arial';left:5px;top:219px;">segment-related<div style="display:inline-block;width:6px"> </div>disclosures,<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>clarifying<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>requirements<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>280<div style="display:inline-block;width:6px"> </div>are </div><div id="a66333" style="position:absolute;font-family:'Arial';left:5px;top:236px;">required<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>entities<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>single<div style="display:inline-block;width:7px"> </div>reportable<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>that<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>entity<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:7px"> </div>disclose<div style="display:inline-block;width:7px"> </div>multiple </div><div id="a66334" style="position:absolute;font-family:'Arial';left:5px;top:253px;">measures<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>segment<div style="display:inline-block;width:7px"> </div>profit<div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:7px"> </div>loss.<div style="display:inline-block;width:7px"> </div>ASU<div style="display:inline-block;width:7px"> </div>2023-07<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:7px"> </div>effective<div style="display:inline-block;width:7px"> </div>for<div style="display:inline-block;width:7px"> </div>fiscal<div style="display:inline-block;width:7px"> </div>years<div style="display:inline-block;width:7px"> </div>beginning<div style="display:inline-block;width:7px"> </div>after </div><div id="a66338" style="position:absolute;font-family:'Arial';left:5px;top:270px;">December 15, 2023 and<div style="display:inline-block;width:3px"> </div>interim periods beginning<div style="display:inline-block;width:3px"> </div>after December 15, 2024.<div style="display:inline-block;width:3px"> </div>The Company adopted </div><div id="a66340" style="position:absolute;font-family:'Arial';left:5px;top:287px;">ASU 2023-07 as of January 1, 2024 and its adoption has limited impact on the<div style="display:inline-block;width:6px"> </div>Company’s financial </div><div id="a66343" style="position:absolute;font-family:'Arial';left:5px;top:304px;">disclosures and there was no impact to financial position or results<div style="display:inline-block;width:3px"> </div>of operations.</div></div></div></div><div id="TextContainer160" style="position:relative;width:704px;z-index:1;"><div id="a66346" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">u)</div></div><div id="div_151_XBRL_TS_435872e7f96d443e869fc1eed2c4c94c" style="position:absolute;left:38px;top:337px;float:left;"><div id="TextBlockContainer152" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer152" style="position:relative;width:666px;z-index:1;"><div id="a66347_1_23" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Fair Value<div style="display:inline-block;width:6px"> </div>Measurements</div><div id="a66349" style="position:absolute;font-family:'Arial';left:184px;top:0px;">: The<div style="display:inline-block;width:6px"> </div>Company classifies and<div style="display:inline-block;width:6px"> </div>discloses its<div style="display:inline-block;width:5px"> </div>assets and<div style="display:inline-block;width:5px"> </div>liabilities carried </div><div id="a66350" style="position:absolute;font-family:'Arial';left:5px;top:17px;">at fair<div style="display:inline-block;width:6px"> </div>value in<div style="display:inline-block;width:6px"> </div>one of the<div style="display:inline-block;width:6px"> </div>following categories: Level<div style="display:inline-block;width:6px"> </div>1: Quoted<div style="display:inline-block;width:5px"> </div>market prices in<div style="display:inline-block;width:6px"> </div>active markets for </div><div id="a66351" style="position:absolute;font-family:'Arial';left:5px;top:34px;">identical assets<div style="display:inline-block;width:6px"> </div>or liabilities;<div style="display:inline-block;width:6px"> </div>Level 2:<div style="display:inline-block;width:6px"> </div>Observable market-based<div style="display:inline-block;width:6px"> </div>inputs or<div style="display:inline-block;width:6px"> </div>unobservable inputs<div style="display:inline-block;width:6px"> </div>that </div><div id="a66357" style="position:absolute;font-family:'Arial';left:5px;top:51px;">are corroborated by market data; Level 3:<div style="display:inline-block;width:6px"> </div>Unobservable inputs that are not corroborated by<div style="display:inline-block;width:5px"> </div>market </div><div id="a66358" style="position:absolute;font-family:'Arial';left:5px;top:68px;">data.</div></div></div></div><div id="TextContainer161" style="position:relative;width:704px;z-index:1;"><div id="a66361" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:439px;">v)</div></div><div id="div_154_XBRL_TS_f7b6c21c1e704d45b0c903d075261618" style="position:absolute;left:38px;top:439px;float:left;"><div id="TextBlockContainer155" style="position:relative;line-height:normal;width:666px;height:153px;"><div id="TextContainer155" style="position:relative;width:666px;z-index:1;"><div id="a66362_1_21" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Share Based Payments:</div><div id="a66365" style="position:absolute;font-family:'Arial';left:172px;top:0px;"><div style="display:inline-block;width:4px"> </div>The Company issues<div style="display:inline-block;width:2px"> </div>restricted share awards<div style="display:inline-block;width:3px"> </div>which are measured<div style="display:inline-block;width:2px"> </div>at their </div><div id="a66367" style="position:absolute;font-family:'Arial';left:5px;top:17px;">grant date fair value and are not subsequently<div style="display:inline-block;width:3px"> </div>re-measured. That cost is recognized over the period </div><div id="a66372" style="position:absolute;font-family:'Arial';left:5px;top:34px;">during which<div style="display:inline-block;width:6px"> </div>an employee<div style="display:inline-block;width:6px"> </div>is required<div style="display:inline-block;width:6px"> </div>to provide<div style="display:inline-block;width:6px"> </div>service in<div style="display:inline-block;width:6px"> </div>exchange for<div style="display:inline-block;width:6px"> </div>the award—the<div style="display:inline-block;width:6px"> </div>requisite </div><div id="a66375" style="position:absolute;font-family:'Arial';left:5px;top:51px;">service period<div style="display:inline-block;width:2px"> </div>(usually the<div style="display:inline-block;width:2px"> </div>vesting period).<div style="display:inline-block;width:2px"> </div>No compensation<div style="display:inline-block;width:2px"> </div>cost is<div style="display:inline-block;width:2px"> </div>recognized for<div style="display:inline-block;width:2px"> </div>equity instruments </div><div id="a66376" style="position:absolute;font-family:'Arial';left:5px;top:67px;">for<div style="display:inline-block;width:6px"> </div>which employees<div style="display:inline-block;width:7px"> </div>do not<div style="display:inline-block;width:7px"> </div>render<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:5px"> </div>requisite service<div style="display:inline-block;width:7px"> </div>unless the<div style="display:inline-block;width:7px"> </div>board of<div style="display:inline-block;width:7px"> </div>directors determines </div><div id="a66381" style="position:absolute;font-family:'Arial';left:5px;top:84px;">otherwise.<div style="display:inline-block;width:6px"> </div>Forfeitures<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>awards<div style="display:inline-block;width:6px"> </div>are<div style="display:inline-block;width:6px"> </div>accounted<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>when<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>they<div style="display:inline-block;width:6px"> </div>occur.<div style="display:inline-block;width:6px"> </div>If<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>award<div style="display:inline-block;width:6px"> </div>is </div><div id="a66383" style="position:absolute;font-family:'Arial';left:5px;top:101px;">modified after the grant date, incremental compensation cost will be recognized in an amount equal </div><div id="a66384" style="position:absolute;font-family:'Arial';left:5px;top:118px;">to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>excess<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>modified<div style="display:inline-block;width:7px"> </div>award<div style="display:inline-block;width:7px"> </div>over<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>original<div style="display:inline-block;width:7px"> </div>award </div><div id="a66386" style="position:absolute;font-family:'Arial';left:5px;top:135px;">immediately before the modification.</div></div></div></div><div id="TextContainer162" style="position:relative;width:704px;z-index:1;"><div id="a66386_36_2" style="position:absolute;font-family:'Arial';left:278px;top:574px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66389" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:607px;">w)</div></div><div id="div_157_XBRL_TS_6a002913c54147aaa30353082754b546" style="position:absolute;left:38px;top:607px;float:left;"><div id="TextBlockContainer158" style="position:relative;line-height:normal;width:666px;height:221px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:249.6px; background-color:#000000; "> </div>
<div id="TextContainer158" style="position:relative;width:666px;z-index:1;"><div id="a66390_1_26" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Equity<div style="display:inline-block;width:6px"> </div>method<div style="display:inline-block;width:6px"> </div>investments:</div><div id="a66393" style="position:absolute;font-family:'Arial';left:205px;top:0px;"><div style="display:inline-block;width:6px"> </div>Investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>common<div style="display:inline-block;width:6px"> </div>stock<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>entities<div style="display:inline-block;width:6px"> </div>over<div style="display:inline-block;width:6px"> </div>which<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company </div><div id="a66395" style="position:absolute;font-family:'Arial';left:5px;top:17px;">exercises significant influence but does not exercise control are accounted for by the equity method </div><div id="a66399" style="position:absolute;font-family:'Arial';left:5px;top:34px;">of accounting. Under this<div style="display:inline-block;width:5px"> </div>method, the Company records such<div style="display:inline-block;width:6px"> </div>an investment at cost<div style="display:inline-block;width:5px"> </div>(or fair value if </div><div id="a66401" style="position:absolute;font-family:'Arial';left:5px;top:51px;">a consequence of deconsolidation) and<div style="display:inline-block;width:6px"> </div>adjusts the carrying amount for<div style="display:inline-block;width:6px"> </div>its share of the<div style="display:inline-block;width:6px"> </div>earnings or </div><div id="a66403" style="position:absolute;font-family:'Arial';left:5px;top:67px;">losses<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>entity<div style="display:inline-block;width:5px"> </div>subsequent to<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>investment and<div style="display:inline-block;width:7px"> </div>reports<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>recognized<div style="display:inline-block;width:5px"> </div>earnings<div style="display:inline-block;width:5px"> </div>or </div><div id="a66404" style="position:absolute;font-family:'Arial';left:5px;top:84px;">losses in income. Dividends received,<div style="display:inline-block;width:5px"> </div>if any,<div style="display:inline-block;width:6px"> </div>reduce the carrying amount of the<div style="display:inline-block;width:6px"> </div>investment and are </div><div id="a66409" style="position:absolute;font-family:'Arial';left:5px;top:101px;">recorded<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>receivable<div style="display:inline-block;width:7px"> </div>on<div style="display:inline-block;width:7px"> </div>dividend<div style="display:inline-block;width:7px"> </div>declaration.<div style="display:inline-block;width:7px"> </div>When<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>carrying<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>an<div style="display:inline-block;width:7px"> </div>equity<div style="display:inline-block;width:7px"> </div>method </div><div id="a66412" style="position:absolute;font-family:'Arial';left:5px;top:118px;">investment is<div style="display:inline-block;width:3px"> </div>reduced to<div style="display:inline-block;width:2px"> </div>zero because of<div style="display:inline-block;width:2px"> </div>losses, the<div style="display:inline-block;width:2px"> </div>Company does<div style="display:inline-block;width:3px"> </div>not provide<div style="display:inline-block;width:3px"> </div>for additional<div style="display:inline-block;width:3px"> </div>losses </div><div id="a66413" style="position:absolute;font-family:'Arial';left:5px;top:135px;">unless<div style="display:inline-block;width:8px"> </div>it<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:7px"> </div>committed<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:8px"> </div>provide<div style="display:inline-block;width:7px"> </div>further<div style="display:inline-block;width:7px"> </div>financial<div style="display:inline-block;width:7px"> </div>support<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>investee.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:7px"> </div>also </div><div id="a66418" style="position:absolute;font-family:'Arial';left:5px;top:152px;">evaluates whether a loss in value of an investment that<div style="display:inline-block;width:5px"> </div>is other than a temporary decline should be </div><div id="a66419" style="position:absolute;font-family:'Arial';left:5px;top:169px;">recognized. Evidence<div style="display:inline-block;width:5px"> </div>of a<div style="display:inline-block;width:6px"> </div>loss in<div style="display:inline-block;width:6px"> </div>value might<div style="display:inline-block;width:6px"> </div>include absence<div style="display:inline-block;width:5px"> </div>of an<div style="display:inline-block;width:6px"> </div>ability to<div style="display:inline-block;width:6px"> </div>recover the<div style="display:inline-block;width:6px"> </div>carrying </div><div id="a66420" style="position:absolute;font-family:'Arial';left:5px;top:185px;">amount of the investment<div style="display:inline-block;width:2px"> </div>or inability of<div style="display:inline-block;width:3px"> </div>the investee to<div style="display:inline-block;width:3px"> </div>sustain an earnings<div style="display:inline-block;width:2px"> </div>capacity that would<div style="display:inline-block;width:2px"> </div>justify </div><div id="a66422" style="position:absolute;font-family:'Arial';left:5px;top:202px;">the carrying amount<div style="display:inline-block;width:2px"> </div>of the investment.<div style="display:inline-block;width:2px"> </div>For equity<div style="display:inline-block;width:3px"> </div>method investments<div style="display:inline-block;width:3px"> </div>that the Company<div style="display:inline-block;width:2px"> </div>has elected </div></div></div></div></div><div id="TextBlockContainer184" style="position:relative;line-height:normal;width:704px;height:845px;"><div id="div_166_XBRL_TS_6a002913c54147aaa30353082754b546_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer167" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer167" style="position:relative;width:666px;z-index:1;"><div id="a66442" style="position:absolute;font-family:'Arial';left:5px;top:0px;">to account<div style="display:inline-block;width:2px"> </div>for using<div style="display:inline-block;width:2px"> </div>the fair<div style="display:inline-block;width:2px"> </div>value option,<div style="display:inline-block;width:2px"> </div>all subsequent<div style="display:inline-block;width:2px"> </div>changes in<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>are included<div style="display:inline-block;width:2px"> </div>in gain/loss </div><div id="a66443" style="position:absolute;font-family:'Arial';left:5px;top:17px;">on related party investments.</div></div></div></div><div id="TextContainer184" style="position:relative;width:704px;z-index:1;"><div id="a66446" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">x)</div></div><div id="div_169_XBRL_TS_cb472c3c4194410790d82af31211770c" style="position:absolute;left:38px;top:51px;float:left;"><div id="TextBlockContainer170" style="position:relative;line-height:normal;width:666px;height:52px;"><div id="TextContainer170" style="position:relative;width:666px;z-index:1;"><div id="a66447_1_15" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Going concern: </div><div id="a66450" style="position:absolute;font-family:'Arial';left:119px;top:0px;">Management evaluates, at each<div style="display:inline-block;width:6px"> </div>reporting period, whether there<div style="display:inline-block;width:6px"> </div>are conditions or </div><div id="a66452" style="position:absolute;font-family:'Arial';left:5px;top:17px;">events that raise<div style="display:inline-block;width:3px"> </div>substantial doubt about<div style="display:inline-block;width:2px"> </div>the Company's ability<div style="display:inline-block;width:2px"> </div>to continue as<div style="display:inline-block;width:3px"> </div>a going concern<div style="display:inline-block;width:2px"> </div>within </div><div id="a66453" style="position:absolute;font-family:'Arial';left:5px;top:34px;">one year from the date the financial statements are issued.</div></div></div></div><div id="TextContainer185" style="position:relative;width:704px;z-index:1;"><div id="a66456" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:118px;">y)</div></div><div id="div_172_XBRL_TS_536b36ec62c74443817de6e889b89375" style="position:absolute;left:38px;top:118px;float:left;"><div id="TextBlockContainer173" style="position:relative;line-height:normal;width:666px;height:69px;"><div id="TextContainer173" style="position:relative;width:666px;z-index:1;"><div id="a66457_1_32" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Shares repurchased and retired: </div><div id="a66460" style="position:absolute;font-family:'Arial';left:238px;top:0px;">The Company’s shares<div style="display:inline-block;width:6px"> </div>repurchased are immediately cancelled </div><div id="a66462" style="position:absolute;font-family:'Arial';left:5px;top:17px;">and the Company’s share capital<div style="display:inline-block;width:6px"> </div>is accordingly reduced. Any excess of<div style="display:inline-block;width:6px"> </div>the cost of the shares<div style="display:inline-block;width:6px"> </div>over </div><div id="a66463" style="position:absolute;font-family:'Arial';left:5px;top:34px;">their par value is allocated<div style="display:inline-block;width:3px"> </div>in additional paid-in capital, in<div style="display:inline-block;width:3px"> </div>accordance with ASC 505-30-30, Treasury </div><div id="a66470" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Stock.</div></div></div></div><div id="TextContainer186" style="position:relative;width:704px;z-index:1;"><div id="a66470_6_2" style="position:absolute;font-family:'Arial';left:84px;top:169px;"><div style="display:inline-block;width:4px"> </div></div><div id="a66474" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:202px;">z)</div></div><div id="div_175_XBRL_TS_66aee280cb734e63aa566e7c1f61d476" style="position:absolute;left:38px;top:202px;float:left;"><div id="TextBlockContainer176" style="position:relative;line-height:normal;width:666px;height:120px;"><div id="TextContainer176" style="position:relative;width:666px;z-index:1;"><div id="a66475_1_36" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financial Instruments, credit losses</div><div id="a66477" style="position:absolute;font-family:'Arial';left:256px;top:0px;">: At each reporting date,<div style="display:inline-block;width:6px"> </div>the Company evaluates its financial </div><div id="a66478" style="position:absolute;font-family:'Arial';left:5px;top:17px;">assets<div style="display:inline-block;width:6px"> </div>individually<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>credit<div style="display:inline-block;width:6px"> </div>losses<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>presents<div style="display:inline-block;width:6px"> </div>such<div style="display:inline-block;width:6px"> </div>assets<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>net<div style="display:inline-block;width:6px"> </div>amount<div style="display:inline-block;width:6px"> </div>expected<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>be </div><div id="a66479" style="position:absolute;font-family:'Arial';left:5px;top:34px;">collected on<div style="display:inline-block;width:3px"> </div>such financial<div style="display:inline-block;width:2px"> </div>asset. When<div style="display:inline-block;width:3px"> </div>financial assets<div style="display:inline-block;width:2px"> </div>present similar<div style="display:inline-block;width:2px"> </div>risk characteristics,<div style="display:inline-block;width:2px"> </div>these are </div><div id="a66481" style="position:absolute;font-family:'Arial';left:5px;top:51px;">evaluated<div style="display:inline-block;width:8px"> </div>on<div style="display:inline-block;width:8px"> </div>a<div style="display:inline-block;width:8px"> </div>collective<div style="display:inline-block;width:8px"> </div>basis.<div style="display:inline-block;width:8px"> </div>When<div style="display:inline-block;width:8px"> </div>developing<div style="display:inline-block;width:8px"> </div>an<div style="display:inline-block;width:8px"> </div>estimate<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>expected<div style="display:inline-block;width:8px"> </div>credit<div style="display:inline-block;width:8px"> </div>losses,<div style="display:inline-block;width:8px"> </div>the </div><div id="a66482" style="position:absolute;font-family:'Arial';left:5px;top:68px;">Company considers available information relevant to assessing the<div style="display:inline-block;width:5px"> </div>collectability of cash flows such </div><div id="a66483" style="position:absolute;font-family:'Arial';left:5px;top:84px;">as internal<div style="display:inline-block;width:6px"> </div>information, past<div style="display:inline-block;width:6px"> </div>events, current<div style="display:inline-block;width:6px"> </div>conditions and<div style="display:inline-block;width:6px"> </div>reasonable and<div style="display:inline-block;width:6px"> </div>supportable forecasts. </div><div id="a66485" style="position:absolute;font-family:'Arial';left:5px;top:101px;">No</div><div id="a66485_2_61" style="position:absolute;font-family:'Arial';left:24px;top:101px;"><div style="display:inline-block;width:4px"> </div>credit losses were identified and recorded in 2024 and 2023.</div></div></div></div><div id="TextContainer187" style="position:relative;width:704px;z-index:1;"><div id="a66493" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:337px;">aa)</div></div><div id="div_178_XBRL_TS_2a7e056b82874d379378aa5cc4cc3251" style="position:absolute;left:38px;top:337px;float:left;"><div id="TextBlockContainer179" style="position:relative;line-height:normal;width:666px;height:305px;"><div id="TextContainer179" style="position:relative;width:666px;z-index:1;"><div id="a66494_1_81" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Financial Instruments, Investments-Equity<div style="display:inline-block;width:6px"> </div>Securities, Recognition and<div style="display:inline-block;width:6px"> </div>Measurement</div><div id="a66498" style="position:absolute;font-family:'Arial';left:602px;top:0px;">: Equity </div><div id="a66501" style="position:absolute;font-family:'Arial';left:5px;top:17px;">investments<div style="display:inline-block;width:8px"> </div>with<div style="display:inline-block;width:8px"> </div>readily<div style="display:inline-block;width:8px"> </div>determinable<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>values<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>recognized<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>transaction<div style="display:inline-block;width:8px"> </div>price<div style="display:inline-block;width:8px"> </div>and </div><div id="a66506" style="position:absolute;font-family:'Arial';left:5px;top:34px;">subsequently<div style="display:inline-block;width:7px"> </div>measured<div style="display:inline-block;width:8px"> </div>at<div style="display:inline-block;width:8px"> </div>fair<div style="display:inline-block;width:8px"> </div>value<div style="display:inline-block;width:8px"> </div>through<div style="display:inline-block;width:8px"> </div>net<div style="display:inline-block;width:8px"> </div>income.<div style="display:inline-block;width:8px"> </div>According<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>ASC<div style="display:inline-block;width:8px"> </div>321-10-35-2,<div style="display:inline-block;width:7px"> </div>the </div><div id="a66519" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Company has elected to measure equity securities without a readily determinable fair value, that do </div><div id="a66527" style="position:absolute;font-family:'Arial';left:5px;top:68px;">not<div style="display:inline-block;width:6px"> </div>qualify<div style="display:inline-block;width:5px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>practical expedient<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>820 </div><div id="a66528" style="position:absolute;font-family:'Arial';font-style:italic;left:342px;top:68px;">Fair<div style="display:inline-block;width:6px"> </div>Value<div style="display:inline-block;width:6px"> </div>Measurement </div><div id="a66529" style="position:absolute;font-family:'Arial';left:511px;top:68px;">to<div style="display:inline-block;width:6px"> </div>estimate<div style="display:inline-block;width:5px"> </div>fair<div style="display:inline-block;width:6px"> </div>value </div><div id="a66530" style="position:absolute;font-family:'Arial';left:5px;top:84px;">using<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>NAV<div style="display:inline-block;width:7px"> </div>per<div style="display:inline-block;width:6px"> </div>share<div style="display:inline-block;width:6px"> </div>(or<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>equivalent),<div style="display:inline-block;width:5px"> </div>at<div style="display:inline-block;width:6px"> </div>its<div style="display:inline-block;width:6px"> </div>cost<div style="display:inline-block;width:6px"> </div>minus<div style="display:inline-block;width:6px"> </div>impairment,<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>any.<div style="display:inline-block;width:7px"> </div>If<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company </div><div id="a66533" style="position:absolute;font-family:'Arial';left:5px;top:101px;">identifies observable price changes in orderly<div style="display:inline-block;width:3px"> </div>transactions for the identical or<div style="display:inline-block;width:3px"> </div>a similar investment of </div><div id="a66534" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the same<div style="display:inline-block;width:6px"> </div>issuer,<div style="display:inline-block;width:6px"> </div>it shall<div style="display:inline-block;width:6px"> </div>measure equity<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>as of<div style="display:inline-block;width:6px"> </div>the date<div style="display:inline-block;width:6px"> </div>that the<div style="display:inline-block;width:6px"> </div>observable </div><div id="a66535" style="position:absolute;font-family:'Arial';left:5px;top:135px;">transaction occurred.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:6px"> </div>shall continue<div style="display:inline-block;width:6px"> </div>to apply<div style="display:inline-block;width:6px"> </div>this measurement<div style="display:inline-block;width:6px"> </div>until the<div style="display:inline-block;width:6px"> </div>investment </div><div id="a66558" style="position:absolute;font-family:'Arial';left:5px;top:152px;">does<div style="display:inline-block;width:6px"> </div>not qualify<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:5px"> </div>be measured<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>accordance with<div style="display:inline-block;width:6px"> </div>this paragraph.<div style="display:inline-block;width:7px"> </div>At<div style="display:inline-block;width:5px"> </div>each reporting<div style="display:inline-block;width:7px"> </div>period,<div style="display:inline-block;width:5px"> </div>the </div><div id="a66585" style="position:absolute;font-family:'Arial';left:5px;top:169px;">Company reassesses<div style="display:inline-block;width:2px"> </div>whether an<div style="display:inline-block;width:2px"> </div>equity investment<div style="display:inline-block;width:2px"> </div>without a<div style="display:inline-block;width:2px"> </div>readily determinable<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>qualifies </div><div id="a66587" style="position:absolute;font-family:'Arial';left:5px;top:186px;">to<div style="display:inline-block;width:8px"> </div>be<div style="display:inline-block;width:8px"> </div>measured<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>accordance<div style="display:inline-block;width:7px"> </div>with<div style="display:inline-block;width:8px"> </div>this<div style="display:inline-block;width:8px"> </div>paragraph.<div style="display:inline-block;width:7px"> </div>The<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:7px"> </div>may<div style="display:inline-block;width:8px"> </div>subsequently<div style="display:inline-block;width:7px"> </div>elect<div style="display:inline-block;width:7px"> </div>to </div><div id="a66589" style="position:absolute;font-family:'Arial';left:5px;top:202px;">measure equity<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>and the<div style="display:inline-block;width:6px"> </div>election to measure<div style="display:inline-block;width:6px"> </div>securities at<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>shall be </div><div id="a66590" style="position:absolute;font-family:'Arial';left:5px;top:219px;">irrevocable. Any resulting<div style="display:inline-block;width:6px"> </div>gains or<div style="display:inline-block;width:6px"> </div>losses on the<div style="display:inline-block;width:6px"> </div>securities for<div style="display:inline-block;width:6px"> </div>which that election<div style="display:inline-block;width:6px"> </div>is made shall<div style="display:inline-block;width:6px"> </div>be </div><div id="a66592" style="position:absolute;font-family:'Arial';left:5px;top:236px;">recorded in<div style="display:inline-block;width:2px"> </div>earnings at<div style="display:inline-block;width:2px"> </div>the time<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:2px"> </div>election. At<div style="display:inline-block;width:2px"> </div>each reporting<div style="display:inline-block;width:2px"> </div>period, the<div style="display:inline-block;width:2px"> </div>Company also<div style="display:inline-block;width:2px"> </div>evaluates </div><div id="a66596" style="position:absolute;font-family:'Arial';left:5px;top:253px;">indicators such<div style="display:inline-block;width:3px"> </div>as the<div style="display:inline-block;width:3px"> </div>investee’s performance<div style="display:inline-block;width:2px"> </div>and its<div style="display:inline-block;width:3px"> </div>ability to<div style="display:inline-block;width:3px"> </div>continue as<div style="display:inline-block;width:2px"> </div>going concern<div style="display:inline-block;width:2px"> </div>and market </div><div id="a66597" style="position:absolute;font-family:'Arial';left:5px;top:270px;">conditions, to determine<div style="display:inline-block;width:2px"> </div>whether an investment<div style="display:inline-block;width:2px"> </div>is impaired<div style="display:inline-block;width:3px"> </div>in which<div style="display:inline-block;width:3px"> </div>case, the Company<div style="display:inline-block;width:2px"> </div>will estimate </div><div id="a66601" style="position:absolute;font-family:'Arial';left:5px;top:287px;">the fair value of the investment to determine the amount of impairment<div style="display:inline-block;width:3px"> </div>loss.</div></div></div></div><div id="TextContainer188" style="position:relative;width:704px;z-index:1;"><div id="a66604" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:658px;">bb)</div></div><div id="div_181_XBRL_TS_82cc770467364c219625d5385517f1ee" style="position:absolute;left:38px;top:658px;float:left;"><div id="TextBlockContainer182" style="position:relative;line-height:normal;width:666px;height:187px;"><div style="position:absolute; width:687.7px; height:1px; left:-34.1px; top:199px; background-color:#000000; "> </div>
<div id="TextContainer182" style="position:relative;width:666px;z-index:1;"><div id="a66605_1_30" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Contracts<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>entity’s<div style="display:inline-block;width:6px"> </div>equity: </div><div id="a66607" style="position:absolute;font-family:'Arial';left:210px;top:0px;">Under<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>815-40<div style="display:inline-block;width:6px"> </div>contracts<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>settlement<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>shares<div style="display:inline-block;width:6px"> </div>are </div><div id="a66610" style="position:absolute;font-family:'Arial';left:5px;top:17px;">considered equity instruments, unless an event that is not in the entity’s control will require net cash </div><div id="a66611" style="position:absolute;font-family:'Arial';left:5px;top:34px;">settlement.<div style="display:inline-block;width:10px"> </div>Additional<div style="display:inline-block;width:9px"> </div>conditions<div style="display:inline-block;width:9px"> </div>necessary<div style="display:inline-block;width:9px"> </div>for<div style="display:inline-block;width:9px"> </div>equity<div style="display:inline-block;width:9px"> </div>classification<div style="display:inline-block;width:9px"> </div>include<div style="display:inline-block;width:9px"> </div>settlement<div style="display:inline-block;width:9px"> </div>to<div style="display:inline-block;width:9px"> </div>be </div><div id="a66614" style="position:absolute;font-family:'Arial';left:5px;top:51px;">permitted in<div style="display:inline-block;width:6px"> </div>unregistered shares,<div style="display:inline-block;width:6px"> </div>the entity<div style="display:inline-block;width:6px"> </div>to have<div style="display:inline-block;width:6px"> </div>sufficient authorized<div style="display:inline-block;width:6px"> </div>and unissued<div style="display:inline-block;width:6px"> </div>shares, the </div><div id="a66618" style="position:absolute;font-family:'Arial';left:5px;top:68px;">contract to contain an explicit share<div style="display:inline-block;width:6px"> </div>limit, there should be no requirement<div style="display:inline-block;width:5px"> </div>for net cash settlement in </div><div id="a66630" style="position:absolute;font-family:'Arial';left:5px;top:84px;">the event the entity fails to make timely filings with the Securities and Exchange Commission (SEC) </div><div id="a66633" style="position:absolute;font-family:'Arial';left:5px;top:101px;">and there are no cash settled top-off or make-whole provisions. The Company,<div style="display:inline-block;width:6px"> </div>when assessing the </div><div id="a66638" style="position:absolute;font-family:'Arial';left:5px;top:118px;">accounting<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>warrants<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>pre-funded<div style="display:inline-block;width:6px"> </div>warrants, takes<div style="display:inline-block;width:6px"> </div>into<div style="display:inline-block;width:6px"> </div>consideration<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>480<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>determine </div><div id="a66644" style="position:absolute;font-family:'Arial';left:5px;top:135px;">whether the warrants<div style="display:inline-block;width:6px"> </div>and pre-funded warrants should be<div style="display:inline-block;width:6px"> </div>classified as permanent<div style="display:inline-block;width:6px"> </div>equity instead of </div><div id="a66649" style="position:absolute;font-family:'Arial';left:5px;top:152px;">temporary equity<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:5px"> </div>liability.<div style="display:inline-block;width:6px"> </div>The Company<div style="display:inline-block;width:6px"> </div>further analyses<div style="display:inline-block;width:6px"> </div>the key<div style="display:inline-block;width:7px"> </div>features of<div style="display:inline-block;width:7px"> </div>warrants and<div style="display:inline-block;width:6px"> </div>pre-</div><div id="a66651" style="position:absolute;font-family:'Arial';left:5px;top:169px;">funded warrants<div style="display:inline-block;width:6px"> </div>and examines<div style="display:inline-block;width:6px"> </div>whether these<div style="display:inline-block;width:6px"> </div>fall under<div style="display:inline-block;width:6px"> </div>the definition<div style="display:inline-block;width:6px"> </div>of a<div style="display:inline-block;width:6px"> </div>derivative according<div style="display:inline-block;width:6px"> </div>to </div></div></div></div></div><div id="TextBlockContainer204" style="position:relative;line-height:normal;width:704px;height:524px;"><div id="div_192_XBRL_TS_82cc770467364c219625d5385517f1ee_1" style="position:absolute;left:38px;top:0px;float:left;"><div id="TextBlockContainer193" style="position:relative;line-height:normal;width:666px;height:35px;"><div id="TextContainer193" style="position:relative;width:666px;z-index:1;"><div id="a66670" style="position:absolute;font-family:'Arial';left:5px;top:0px;">ASC 815 applicable guidance or whether certain of these<div style="display:inline-block;width:6px"> </div>features affect the classification. In cases </div><div id="a66671" style="position:absolute;font-family:'Arial';left:5px;top:17px;">when derivative accounting is deemed inappropriate, no bifurcation<div style="display:inline-block;width:3px"> </div>of these features is performed.</div></div></div></div><div id="TextContainer204" style="position:relative;width:704px;z-index:1;"><div id="a66674" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:51px;">cc)</div></div><div id="div_195_XBRL_TS_c5b4c4731ca34e3c8311d8a62b1f2588" style="position:absolute;left:38px;top:51px;float:left;"><div id="TextBlockContainer196" style="position:relative;line-height:normal;width:666px;height:154px;"><div id="TextContainer196" style="position:relative;width:666px;z-index:1;"><div id="a66675_1_12" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Guarantees: </div><div id="a66677" style="position:absolute;font-family:'Arial';left:101px;top:0px;">Guarantees<div style="display:inline-block;width:10px"> </div>issued<div style="display:inline-block;width:10px"> </div>by<div style="display:inline-block;width:10px"> </div>the<div style="display:inline-block;width:10px"> </div>Company,<div style="display:inline-block;width:11px"> </div>excluding<div style="display:inline-block;width:10px"> </div>those<div style="display:inline-block;width:10px"> </div>that<div style="display:inline-block;width:10px"> </div>guarantee<div style="display:inline-block;width:10px"> </div>its<div style="display:inline-block;width:10px"> </div>own </div><div id="a66678" style="position:absolute;font-family:'Arial';left:5px;top:17px;">performance,<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>recognized<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>fair<div style="display:inline-block;width:7px"> </div>value<div style="display:inline-block;width:7px"> </div>at<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>time<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>guarantees<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>issued,<div style="display:inline-block;width:7px"> </div>or<div style="display:inline-block;width:7px"> </div>upon<div style="display:inline-block;width:7px"> </div>the </div><div id="a66679" style="position:absolute;font-family:'Arial';left:5px;top:34px;">deconsolidation of a subsidiary. A liability<div style="display:inline-block;width:2px"> </div>for the fair value<div style="display:inline-block;width:3px"> </div>of the obligation undertaken<div style="display:inline-block;width:2px"> </div>in issuing the </div><div id="a66681" style="position:absolute;font-family:'Arial';left:5px;top:51px;">guarantee<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>recognized. If<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>becomes<div style="display:inline-block;width:6px"> </div>probable<div style="display:inline-block;width:6px"> </div>that<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company<div style="display:inline-block;width:6px"> </div>will<div style="display:inline-block;width:6px"> </div>have<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>perform<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>a </div><div id="a66684" style="position:absolute;font-family:'Arial';left:5px;top:68px;">guarantee (Note<div style="display:inline-block;width:6px"> </div>10(c)), the<div style="display:inline-block;width:6px"> </div>Company will<div style="display:inline-block;width:6px"> </div>recognize an<div style="display:inline-block;width:6px"> </div>additional liability<div style="display:inline-block;width:6px"> </div>if the<div style="display:inline-block;width:6px"> </div>amount of<div style="display:inline-block;width:6px"> </div>the loss </div><div id="a66685" style="position:absolute;font-family:'Arial';left:5px;top:84px;">can be<div style="display:inline-block;width:3px"> </div>reasonably estimated.<div style="display:inline-block;width:2px"> </div>The recognition<div style="display:inline-block;width:3px"> </div>of fair<div style="display:inline-block;width:3px"> </div>value is<div style="display:inline-block;width:3px"> </div>not required<div style="display:inline-block;width:2px"> </div>for certain<div style="display:inline-block;width:3px"> </div>guarantees such </div><div id="a66687" style="position:absolute;font-family:'Arial';left:5px;top:101px;">as the parent's guarantee of<div style="display:inline-block;width:3px"> </div>a subsidiary's debt to a<div style="display:inline-block;width:3px"> </div>third party. For those guarantees excluded from </div><div id="a66688" style="position:absolute;font-family:'Arial';left:5px;top:118px;">the above<div style="display:inline-block;width:6px"> </div>guidance requiring the<div style="display:inline-block;width:6px"> </div>fair value<div style="display:inline-block;width:6px"> </div>recognition provision of<div style="display:inline-block;width:6px"> </div>the liability,<div style="display:inline-block;width:7px"> </div>financial statement </div><div id="a66690" style="position:absolute;font-family:'Arial';left:5px;top:135px;">disclosures of such items are made.</div></div></div></div><div id="TextContainer205" style="position:relative;width:704px;z-index:1;"><div id="a66693" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:219px;">dd)</div></div><div id="div_198_XBRL_TS_9ea4ad5ea5ff45bf8c874814bab55cb0" style="position:absolute;left:38px;top:219px;float:left;"><div id="TextBlockContainer199" style="position:relative;line-height:normal;width:666px;height:86px;"><div id="TextContainer199" style="position:relative;width:666px;z-index:1;"><div id="a66694_1_25" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:0px;">Derivative instruments:<div style="display:inline-block;width:2px"> </div></div><div id="a66700" style="position:absolute;font-family:'Arial';left:174px;top:0px;">Derivative instruments<div style="display:inline-block;width:2px"> </div>are recorded<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>balance sheet<div style="display:inline-block;width:2px"> </div>as either<div style="display:inline-block;width:2px"> </div>an asset </div><div id="a66701" style="position:absolute;font-family:'Arial';left:5px;top:17px;">or liability measured at its fair value<div style="display:inline-block;width:5px"> </div>with changes in the instruments' fair value recognized as<div style="display:inline-block;width:6px"> </div>either </div><div id="a66702" style="position:absolute;font-family:'Arial';left:5px;top:34px;">a<div style="display:inline-block;width:8px"> </div>component<div style="display:inline-block;width:8px"> </div>in<div style="display:inline-block;width:8px"> </div>other<div style="display:inline-block;width:8px"> </div>comprehensive<div style="display:inline-block;width:8px"> </div>income<div style="display:inline-block;width:8px"> </div>if<div style="display:inline-block;width:8px"> </div>specific<div style="display:inline-block;width:8px"> </div>hedge<div style="display:inline-block;width:8px"> </div>accounting<div style="display:inline-block;width:8px"> </div>criteria<div style="display:inline-block;width:8px"> </div>are<div style="display:inline-block;width:8px"> </div>met<div style="display:inline-block;width:8px"> </div>in </div><div id="a66704" style="position:absolute;font-family:'Arial';left:5px;top:51px;">accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>guidance<div style="display:inline-block;width:6px"> </div>relating<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>“Derivatives<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>Hedging”<div style="display:inline-block;width:6px"> </div>or<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>earnings<div style="display:inline-block;width:6px"> </div>if<div style="display:inline-block;width:6px"> </div>hedging<div style="display:inline-block;width:6px"> </div>criteria </div><div id="a66705" style="position:absolute;font-family:'Arial';left:5px;top:68px;">are not met.</div></div></div></div><div id="TextContainer206" style="position:relative;width:704px;z-index:1;"></div><div id="div_201_XBRL_TS_10eb600b7aca43bf993f6410f5324e42" style="position:absolute;left:0px;top:321px;float:left;"><div id="TextBlockContainer202" style="position:relative;line-height:normal;width:704px;height:204px;"><div id="TextContainer202" style="position:relative;width:704px;z-index:1;"><div id="a66712" style="position:absolute;font-family:'Arial';font-weight:bold;left:5px;top:0px;">New Accounting Pronouncements </div><div id="a66715" style="position:absolute;font-family:'Arial';left:5px;top:34px;">In November<div style="display:inline-block;width:9px"> </div>2024, the<div style="display:inline-block;width:8px"> </div>FASB<div style="display:inline-block;width:10px"> </div>issued<div style="display:inline-block;width:9px"> </div>ASU 2024-03, “Income<div style="display:inline-block;width:8px"> </div>Statement<div style="display:inline-block;width:8px"> </div>-<div style="display:inline-block;width:9px"> </div>Reporting<div style="display:inline-block;width:9px"> </div>Comprehensive </div><div id="a66729" style="position:absolute;font-family:'Arial';left:5px;top:51px;">Income<div style="display:inline-block;width:6px"> </div>-<div style="display:inline-block;width:6px"> </div>Expense<div style="display:inline-block;width:6px"> </div>Disaggregation<div style="display:inline-block;width:5px"> </div>Disclosures<div style="display:inline-block;width:6px"> </div>(Subtopic 220-40):<div style="display:inline-block;width:6px"> </div>Disaggregation<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>Income<div style="display:inline-block;width:6px"> </div>Statement </div><div id="a66737" style="position:absolute;font-family:'Arial';left:5px;top:67px;">Expenses”.<div style="display:inline-block;width:6px"> </div>The<div style="display:inline-block;width:6px"> </div>standard<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>intended<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>require<div style="display:inline-block;width:6px"> </div>more<div style="display:inline-block;width:6px"> </div>detailed<div style="display:inline-block;width:6px"> </div>disclosure<div style="display:inline-block;width:6px"> </div>about<div style="display:inline-block;width:6px"> </div>specified<div style="display:inline-block;width:6px"> </div>categories<div style="display:inline-block;width:6px"> </div>of </div><div id="a66739" style="position:absolute;font-family:'Arial';left:5px;top:84px;">expenses (including employee compensation, depreciation,<div style="display:inline-block;width:3px"> </div>and amortization) included in certain expense </div><div id="a66740" style="position:absolute;font-family:'Arial';left:5px;top:101px;">captions presented on<div style="display:inline-block;width:6px"> </div>the face<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>income statement. This<div style="display:inline-block;width:6px"> </div>ASU is effective<div style="display:inline-block;width:6px"> </div>for fiscal<div style="display:inline-block;width:6px"> </div>years beginning </div><div id="a66741" style="position:absolute;font-family:'Arial';left:5px;top:118px;">after December<div style="display:inline-block;width:9px"> </div>15,<div style="display:inline-block;width:9px"> </div>2026, and<div style="display:inline-block;width:8px"> </div>for<div style="display:inline-block;width:9px"> </div>interim<div style="display:inline-block;width:8px"> </div>periods<div style="display:inline-block;width:9px"> </div>within<div style="display:inline-block;width:9px"> </div>fiscal<div style="display:inline-block;width:9px"> </div>years<div style="display:inline-block;width:8px"> </div>beginning<div style="display:inline-block;width:8px"> </div>after December<div style="display:inline-block;width:9px"> </div>15, </div><div id="a66749" style="position:absolute;font-family:'Arial';left:5px;top:135px;">2027. Early<div style="display:inline-block;width:8px"> </div>adoption<div style="display:inline-block;width:8px"> </div>is<div style="display:inline-block;width:8px"> </div>permitted.<div style="display:inline-block;width:8px"> </div>The<div style="display:inline-block;width:8px"> </div>amendments may be<div style="display:inline-block;width:7px"> </div>applied<div style="display:inline-block;width:8px"> </div>either<div style="display:inline-block;width:8px"> </div>prospectively<div style="display:inline-block;width:8px"> </div>to<div style="display:inline-block;width:8px"> </div>financial </div><div id="a66756" style="position:absolute;font-family:'Arial';left:5px;top:152px;">statements issued<div style="display:inline-block;width:6px"> </div>for reporting<div style="display:inline-block;width:6px"> </div>periods after<div style="display:inline-block;width:6px"> </div>the effective<div style="display:inline-block;width:6px"> </div>date of<div style="display:inline-block;width:6px"> </div>this ASU<div style="display:inline-block;width:6px"> </div>or retrospectively<div style="display:inline-block;width:6px"> </div>to all<div style="display:inline-block;width:6px"> </div>prior </div><div id="a66759" style="position:absolute;font-family:'Arial';left:5px;top:169px;">periods presented<div style="display:inline-block;width:2px"> </div>in the<div style="display:inline-block;width:2px"> </div>financial statements.<div style="display:inline-block;width:2px"> </div>The Company<div style="display:inline-block;width:2px"> </div>is currently<div style="display:inline-block;width:2px"> </div>assessing the<div style="display:inline-block;width:2px"> </div>impact this<div style="display:inline-block;width:2px"> </div>standard </div><div id="a66760" style="position:absolute;font-family:'Arial';left:5px;top:185px;">will have on its consolidated financial statements.</div></div></div></div></div><span></span>
</td>
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</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/235/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Transactions/Investments with Related Parties [Abstract]</strong></a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Transactions with related parties</a></td>
<td class="text"><div id="TextBlockContainer210" style="position:relative;line-height:normal;width:706px;height:307px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:317px; background-color:#000000; "> </div>
<div id="TextContainer210" style="position:relative;width:706px;z-index:1;"><div id="a66763" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">3.<div style="display:inline-block;width:35px"> </div>Transactions with related parties</div><div id="a66768" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>Altair Travel Agency S.A. (“Altair”):</div><div id="a66772" style="position:absolute;font-family:'Arial';left:298px;top:35px;"><div style="display:inline-block;width:4px"> </div>The Company uses the<div style="display:inline-block;width:3px"> </div>services of an affiliated<div style="display:inline-block;width:3px"> </div>travel agent, </div><div id="a66774" style="position:absolute;font-family:'Arial';left:6px;top:52px;">Altair, which is controlled by the Company’s CEO Mrs. Semiramis Paliou. Travel expenses for 2024, 2023 </div><div id="a66777" style="position:absolute;font-family:'Arial';left:6px;top:69px;">and<div style="display:inline-block;width:7px"> </div>2022<div style="display:inline-block;width:7px"> </div>amounted<div style="display:inline-block;width:7px"> </div>to<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_22_5" style="position:absolute;font-family:'Arial';left:179px;top:69px;">2,569</div><div id="a66777_27_3" style="position:absolute;font-family:'Arial';left:215px;top:69px;">,<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_30_5" style="position:absolute;font-family:'Arial';left:235px;top:69px;">2,525</div><div id="a66777_35_6" style="position:absolute;font-family:'Arial';left:272px;top:69px;"><div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>$</div><div id="a66777_41_5" style="position:absolute;font-family:'Arial';left:319px;top:69px;">2,644</div><div id="a66777_46_50" style="position:absolute;font-family:'Arial';left:356px;top:69px;">,<div style="display:inline-block;width:7px"> </div>respectively,<div style="display:inline-block;width:8px"> </div>and<div style="display:inline-block;width:7px"> </div>are<div style="display:inline-block;width:7px"> </div>mainly<div style="display:inline-block;width:7px"> </div>included<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:7px"> </div>vessel </div><div id="a66790" style="position:absolute;font-family:'Arial';left:6px;top:86px;">operating expenses and general and administrative expenses in the accompanying consolidated financial </div><div id="a66793" style="position:absolute;font-family:'Arial';left:6px;top:103px;">statements. As of<div style="display:inline-block;width:6px"> </div>December 31, 2024<div style="display:inline-block;width:5px"> </div>and 2023, an<div style="display:inline-block;width:6px"> </div>amount of $</div><div id="a66793_60_3" style="position:absolute;font-family:'Arial';left:430px;top:103px;">190</div><div id="a66793_63_6" style="position:absolute;font-family:'Arial';left:454px;top:103px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a66793_69_2" style="position:absolute;font-family:'Arial';left:496px;top:103px;">62</div><div id="a66793_71_28" style="position:absolute;font-family:'Arial';left:513px;top:103px;">, respectively,<div style="display:inline-block;width:6px"> </div>was payable </div><div id="a66794" style="position:absolute;font-family:'Arial';left:6px;top:120px;">to Altair and is included in “Due to related parties” in the accompanying<div style="display:inline-block;width:3px"> </div>consolidated balance sheets.<div style="display:inline-block;width:3px"> </div></div><div id="a66798" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:153px;">b)<div style="display:inline-block;width:34px"> </div>Steamship Shipbroking Enterprises Inc. or<div style="display:inline-block;width:5px"> </div>Steamship:</div><div id="a66802" style="position:absolute;font-family:'Arial';left:436px;top:153px;"><div style="display:inline-block;width:5px"> </div>Steamship is a company controlled by </div><div id="a66804" style="position:absolute;font-family:'Arial';left:6px;top:170px;">the Company’s<div style="display:inline-block;width:6px"> </div>CEO Mrs.<div style="display:inline-block;width:6px"> </div>Semiramis Paliou<div style="display:inline-block;width:6px"> </div>and provides<div style="display:inline-block;width:6px"> </div>brokerage services<div style="display:inline-block;width:6px"> </div>to DSI<div style="display:inline-block;width:6px"> </div>for a<div style="display:inline-block;width:6px"> </div>fixed monthly </div><div id="a66809" style="position:absolute;font-family:'Arial';left:6px;top:187px;">fee plus commission on<div style="display:inline-block;width:3px"> </div>the sale of vessels, pursuant<div style="display:inline-block;width:2px"> </div>to a Brokerage Services<div style="display:inline-block;width:3px"> </div>Agreement.<div style="display:inline-block;width:4px"> </div>For 2024, 2023 </div><div id="a66813" style="position:absolute;font-family:'Arial';left:6px;top:204px;">and 2022<div style="display:inline-block;width:2px"> </div>brokerage fees<div style="display:inline-block;width:2px"> </div>amounted to<div style="display:inline-block;width:2px"> </div>$</div><div id="a66813_37_5" style="position:absolute;font-family:'Arial';left:261px;top:204px;">4,093</div><div id="a66813_42_3" style="position:absolute;font-family:'Arial';left:298px;top:204px;">, $</div><div id="a66813_45_5" style="position:absolute;font-family:'Arial';left:313px;top:204px;">3,900</div><div id="a66813_50_6" style="position:absolute;font-family:'Arial';left:350px;top:204px;"><div style="display:inline-block;width:3px"> </div>and $</div><div id="a66813_56_5" style="position:absolute;font-family:'Arial';left:388px;top:204px;">3,309</div><div id="a66813_61_44" style="position:absolute;font-family:'Arial';left:425px;top:204px;">, respectively, and<div style="display:inline-block;width:2px"> </div>are included<div style="display:inline-block;width:2px"> </div>in general </div><div id="a66816" style="position:absolute;font-family:'Arial';left:6px;top:221px;">and<div style="display:inline-block;width:6px"> </div>administrative expenses<div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:5px"> </div>accompanying consolidated<div style="display:inline-block;width:6px"> </div>statements of<div style="display:inline-block;width:7px"> </div>income.<div style="display:inline-block;width:5px"> </div>For<div style="display:inline-block;width:5px"> </div>2024, 2023, </div><div id="a66820" style="position:absolute;font-family:'Arial';left:6px;top:238px;">and 2022,<div style="display:inline-block;width:6px"> </div>commissions related to<div style="display:inline-block;width:6px"> </div>Steamship amounted to<div style="display:inline-block;width:6px"> </div>$</div><div id="a66820_56_3" style="position:absolute;font-family:'Arial';left:403px;top:238px;">544</div><div id="a66820_59_3" style="position:absolute;font-family:'Arial';left:427px;top:238px;">, $</div><div id="a66820_62_3" style="position:absolute;font-family:'Arial';left:444px;top:238px;">906</div><div id="a66820_65_6" style="position:absolute;font-family:'Arial';left:469px;top:238px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a66820_71_5" style="position:absolute;font-family:'Arial';left:511px;top:238px;">1,219</div><div id="a66820_76_23" style="position:absolute;font-family:'Arial';left:548px;top:238px;">, respectively<div style="display:inline-block;width:5px"> </div>and are </div><div id="a66834" style="position:absolute;font-family:'Arial';left:6px;top:254px;">included in gain<div style="display:inline-block;width:6px"> </div>on the sale<div style="display:inline-block;width:6px"> </div>of vessels,<div style="display:inline-block;width:5px"> </div>vessel cost and<div style="display:inline-block;width:6px"> </div>equity method investments.<div style="display:inline-block;width:6px"> </div>As of December<div style="display:inline-block;width:6px"> </div>31, </div><div id="a66843" style="position:absolute;font-family:'Arial';left:6px;top:271px;">2024 and 2023,<div style="display:inline-block;width:3px"> </div>an amount of<div style="display:inline-block;width:3px"> </div>$</div><div id="a66843_29_1" style="position:absolute;font-family:'Arial';left:208px;top:271px;">0</div><div id="a66843_30_6" style="position:absolute;font-family:'Arial';left:216px;top:271px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a66843_36_3" style="position:absolute;font-family:'Arial';left:256px;top:271px;">697</div><div id="a66843_39_65" style="position:absolute;font-family:'Arial';left:280px;top:271px;">, respectively, was due to Steamship<div style="display:inline-block;width:2px"> </div>included in “Due<div style="display:inline-block;width:2px"> </div>to related </div><div id="a66851" style="position:absolute;font-family:'Arial';left:6px;top:288px;">parties” in the accompanying consolidated balance sheets. </div></div></div><div id="TextBlockContainer213" style="position:relative;line-height:normal;width:704px;height:69px;"><div id="TextContainer213" style="position:relative;width:704px;z-index:1;"><div id="a66872" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:5px;top:17px;">c)<div style="display:inline-block;width:35px"> </div>Bond<div style="display:inline-block;width:8px"> </div>issuance:</div><div id="a66877" style="position:absolute;font-family:'Arial';left:167px;top:17px;"><div style="display:inline-block;width:8px"> </div>Officers<div style="display:inline-block;width:9px"> </div>and<div style="display:inline-block;width:8px"> </div>directors<div style="display:inline-block;width:8px"> </div>of<div style="display:inline-block;width:8px"> </div>the<div style="display:inline-block;width:8px"> </div>Company<div style="display:inline-block;width:8px"> </div>and/or<div style="display:inline-block;width:8px"> </div>entities<div style="display:inline-block;width:8px"> </div>affiliated<div style="display:inline-block;width:9px"> </div>with<div style="display:inline-block;width:8px"> </div>them </div><div id="a66884" style="position:absolute;font-family:'Arial';left:5px;top:34px;">purchased an<div style="display:inline-block;width:6px"> </div>aggregate of<div style="display:inline-block;width:6px"> </div>$</div><div id="a66884_27_6" style="position:absolute;font-family:'Arial';left:197px;top:34px;">47,300</div><div id="a66884_33_26" style="position:absolute;font-family:'Arial';left:242px;top:34px;"><div style="display:inline-block;width:5px"> </div>principal amount<div style="display:inline-block;width:6px"> </div>of the<div style="display:inline-block;width:6px"> </div>$</div><div id="a66884_59_7" style="position:absolute;font-family:'Arial';left:411px;top:34px;">150,000</div><div id="a66884_66_33" style="position:absolute;font-family:'Arial';left:464px;top:34px;"><div style="display:inline-block;width:5px"> </div>senior unsecured<div style="display:inline-block;width:6px"> </div>bond issued<div style="display:inline-block;width:6px"> </div>on </div><div id="a66888" style="position:absolute;font-family:'Arial';left:5px;top:51px;">July 2, 2024 (Note 8).</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/850/tableOfContent<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity Method Investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract', window );"><strong>Equity Method Investments [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsTextBlock', window );">Equity Method Investments</a></td>
<td class="text"><div id="TextBlockContainer216" style="position:relative;line-height:normal;width:706px;height:762px;"><div style="position:absolute; width:687.7px; height:1px; left:3.9px; top:772.4px; background-color:#000000; "> </div>
<div id="TextContainer216" style="position:relative;width:706px;z-index:1;"><div id="a66892" style="position:absolute;font-family:'Arial';font-size:16px;font-weight:bold;left:6px;top:0px;">4.<div style="display:inline-block;width:35px"> </div>Equity Method Investments</div><div id="a66897" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:35px;">a)<div style="display:inline-block;width:35px"> </div>Diana Wilhelmsen Management Limited, or DWM:</div><div id="a66901" style="position:absolute;font-family:'Arial';left:400px;top:35px;"><div style="display:inline-block;width:4px"> </div>DWM is a joint venture between<div style="display:inline-block;width:6px"> </div>Diana Ship </div><div id="a66909" style="position:absolute;font-family:'Arial';left:6px;top:52px;">Management Inc., a<div style="display:inline-block;width:6px"> </div>wholly owned subsidiary<div style="display:inline-block;width:6px"> </div>of DSI, and<div style="display:inline-block;width:6px"> </div>Wilhelmsen Ship Management<div style="display:inline-block;width:6px"> </div>Holding AS, an </div><div id="a66939" style="position:absolute;font-family:'Arial';left:6px;top:69px;">unaffiliated third party,<div style="display:inline-block;width:6px"> </div>each holding </div><div id="a66939_39_2" style="position:absolute;font-family:'Arial';left:243px;top:69px;">50</div><div id="a66939_41_62" style="position:absolute;font-family:'Arial';left:259px;top:69px;">% of DWM. As of December 31, 2024 and 2023, the investment in </div><div id="a66962" style="position:absolute;font-family:'Arial';left:6px;top:86px;">DWM<div style="display:inline-block;width:6px"> </div>amounted to<div style="display:inline-block;width:7px"> </div>$</div><div id="a66962_17_3" style="position:absolute;font-family:'Arial';left:146px;top:86px;">794</div><div id="a66962_20_6" style="position:absolute;font-family:'Arial';left:170px;top:86px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a66962_26_3" style="position:absolute;font-family:'Arial';left:214px;top:86px;">734</div><div id="a66962_29_66" style="position:absolute;font-family:'Arial';left:239px;top:86px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>is<div style="display:inline-block;width:6px"> </div>included<div style="display:inline-block;width:5px"> </div>in<div style="display:inline-block;width:6px"> </div>equity<div style="display:inline-block;width:6px"> </div>method<div style="display:inline-block;width:6px"> </div>investments<div style="display:inline-block;width:6px"> </div>in<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>accompanying </div><div id="a66979" style="position:absolute;font-family:'Arial';left:6px;top:103px;">consolidated balance sheets.<div style="display:inline-block;width:6px"> </div>In 2024, 2023<div style="display:inline-block;width:6px"> </div>and 2022, the<div style="display:inline-block;width:6px"> </div>investment in DWM<div style="display:inline-block;width:6px"> </div>resulted in a<div style="display:inline-block;width:6px"> </div>gain of $</div><div id="a66979_98_2" style="position:absolute;font-family:'Arial';left:670px;top:103px;">60</div><div id="a66979_100_2" style="position:absolute;font-family:'Arial';left:686px;top:103px;">, </div><div id="a67019" style="position:absolute;font-family:'Arial';left:6px;top:120px;">$</div><div id="a67019_1_3" style="position:absolute;font-family:'Arial';left:14px;top:120px;">228</div><div id="a67019_4_6" style="position:absolute;font-family:'Arial';left:39px;top:120px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67019_10_3" style="position:absolute;font-family:'Arial';left:79px;top:120px;">894</div><div id="a67019_13_91" style="position:absolute;font-family:'Arial';left:104px;top:120px;">, respectively, included in gain/(loss) from equity method investments in the accompanying </div><div id="a67045" style="position:absolute;font-family:'Arial';left:6px;top:136px;">consolidated statements of income. </div><div id="a67050" style="position:absolute;font-family:'Arial';left:6px;top:170px;">DWM performs the<div style="display:inline-block;width:2px"> </div>technical and commercial<div style="display:inline-block;width:2px"> </div>management of </div><div id="a67050_56_3" style="position:absolute;font-family:'Arial';left:405px;top:170px;">six</div><div id="a67050_59_44" style="position:absolute;font-family:'Arial';left:423px;top:170px;"><div style="display:inline-block;width:4px"> </div>vessels of<div style="display:inline-block;width:3px"> </div>the Company’s fleet<div style="display:inline-block;width:2px"> </div>for a fixed </div><div id="a67082" style="position:absolute;font-family:'Arial';left:6px;top:187px;">monthly fee separately presented as management fees to a<div style="display:inline-block;width:6px"> </div>related party and a percentage of their gross </div><div id="a67104" style="position:absolute;font-family:'Arial';left:6px;top:204px;">revenues included in voyage expenses. Management fees to<div style="display:inline-block;width:5px"> </div>DWM in 2024, 2023 and 2022 amounted to </div><div id="a67116" style="position:absolute;font-family:'Arial';left:6px;top:221px;">$</div><div id="a67116_1_5" style="position:absolute;font-family:'Arial';left:14px;top:221px;">1,332</div><div id="a67116_6_3" style="position:absolute;font-family:'Arial';left:51px;top:221px;">,<div style="display:inline-block;width:6px"> </div>$</div><div id="a67116_9_5" style="position:absolute;font-family:'Arial';left:70px;top:221px;">1,313</div><div id="a67116_14_6" style="position:absolute;font-family:'Arial';left:106px;top:221px;"><div style="display:inline-block;width:7px"> </div>and<div style="display:inline-block;width:6px"> </div>$</div><div id="a67116_20_3" style="position:absolute;font-family:'Arial';left:152px;top:221px;">511</div><div id="a67116_23_72" style="position:absolute;font-family:'Arial';left:176px;top:221px;">,<div style="display:inline-block;width:6px"> </div>respectively.<div style="display:inline-block;width:7px"> </div>Voyage<div style="display:inline-block;width:7px"> </div>expenses<div style="display:inline-block;width:6px"> </div>(commissions)<div style="display:inline-block;width:6px"> </div>incurred<div style="display:inline-block;width:6px"> </div>by<div style="display:inline-block;width:6px"> </div>DWM<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the </div><div id="a67130" style="position:absolute;font-family:'Arial';left:6px;top:238px;">management agreements during 2024,<div style="display:inline-block;width:5px"> </div>2023 and 2022, amounted<div style="display:inline-block;width:6px"> </div>to $</div><div id="a67130_63_3" style="position:absolute;font-family:'Arial';left:468px;top:238px;">368</div><div id="a67130_66_3" style="position:absolute;font-family:'Arial';left:492px;top:238px;">, $</div><div id="a67130_69_3" style="position:absolute;font-family:'Arial';left:509px;top:238px;">390</div><div id="a67130_72_6" style="position:absolute;font-family:'Arial';left:533px;top:238px;"><div style="display:inline-block;width:5px"> </div>and $</div><div id="a67130_78_3" style="position:absolute;font-family:'Arial';left:575px;top:238px;">162</div><div id="a67130_81_16" style="position:absolute;font-family:'Arial';left:600px;top:238px;">, respectively. </div><div id="a67164" style="position:absolute;font-family:'Arial';left:6px;top:254px;">As of December 31, 2024 and 2023, there was an amount of $</div><div id="a67164_58_1" style="position:absolute;font-family:'Arial';left:413px;top:254px;">3</div><div id="a67164_59_6" style="position:absolute;font-family:'Arial';left:422px;top:254px;"><div style="display:inline-block;width:4px"> </div>and $</div><div id="a67164_65_2" style="position:absolute;font-family:'Arial';left:463px;top:254px;">25</div><div id="a67164_67_31" style="position:absolute;font-family:'Arial';left:479px;top:254px;"><div style="display:inline-block;width:4px"> </div>due from DWM, included in due </div><div id="a67171" style="position:absolute;font-family:'Arial';left:6px;top:271px;">from related parties in the accompanying consolidated balance<div style="display:inline-block;width:3px"> </div>sheets.<div style="display:inline-block;width:4px"> </div></div><div id="a67174" style="position:absolute;font-family:'Arial';font-weight:bold;font-style:italic;left:6px;top:305px;">b)<div style="display:inline-block;width:34px"> </div>Bergen Ultra<div style="display:inline-block;width:2px"> </div>LP, or Bergen:</div><div id="a67178" style="position:absolute;font-family:'Arial';left:244px;top:305px;"><div style="display:inline-block;width:3px"> </div>Bergen is<div style="display:inline-block;width:2px"> </div>a limited<div style="display:inline-block;width:2px"> </div>partnership which<div style="display:inline-block;width:2px"> </div>was established<div style="display:inline-block;width:2px"> </div>for the<div style="display:inline-block;width:2px"> </div>purpose </div><div id="a67182" style="position:absolute;font-family:'Arial';left:6px;top:322px;">of acquiring,<div style="display:inline-block;width:2px"> </div>owning, chartering<div style="display:inline-block;width:2px"> </div>and/or operating<div style="display:inline-block;width:2px"> </div>a vessel.<div style="display:inline-block;width:2px"> </div>Bergen was<div style="display:inline-block;width:2px"> </div>a wholly<div style="display:inline-block;width:2px"> </div>owned subsidiary<div style="display:inline-block;width:2px"> </div>of Diana, </div><div id="a67183" style="position:absolute;font-family:'Arial';left:6px;top:339px;">which on February<div style="display:inline-block;width:3px"> </div>14, 2023, signed<div style="display:inline-block;width:2px"> </div>a Memorandum of<div style="display:inline-block;width:3px"> </div>Agreement to acquire<div style="display:inline-block;width:2px"> </div>from an unrelated<div style="display:inline-block;width:3px"> </div>third-party </div><div id="a67191" style="position:absolute;font-family:'Arial';left:6px;top:356px;">an Ultramax dry bulk vessel,<div style="display:inline-block;width:5px"> </div>delivered on April 10, 2023. On March<div style="display:inline-block;width:6px"> </div>30, 2023, Bergen entered into a loan </div><div id="a67198" style="position:absolute;font-family:'Arial';left:6px;top:373px;">agreement with Nordea<div style="display:inline-block;width:2px"> </div>for a $</div><div id="a67198_29_6" style="position:absolute;font-family:'Arial';left:202px;top:373px;">15,400</div><div id="a67198_35_71" style="position:absolute;font-family:'Arial';left:247px;top:373px;"><div style="display:inline-block;width:4px"> </div>loan to finance<div style="display:inline-block;width:2px"> </div>part of the<div style="display:inline-block;width:3px"> </div>purchase price of<div style="display:inline-block;width:2px"> </div>the vessel. On<div style="display:inline-block;width:3px"> </div>the same </div><div id="a67199" style="position:absolute;font-family:'Arial';left:6px;top:389px;">date, the Company entered into a<div style="display:inline-block;width:6px"> </div>corporate guarantee with Nordea to secure<div style="display:inline-block;width:6px"> </div>Bergen’s obligations under </div><div id="a67202" style="position:absolute;font-family:'Arial';left:6px;top:406px;">the loan. On April 28, 2023,<div style="display:inline-block;width:3px"> </div>the Company entered into (i)<div style="display:inline-block;width:3px"> </div>an investment agreement with an<div style="display:inline-block;width:3px"> </div>unrelated third </div><div id="a67207" style="position:absolute;font-family:'Arial';left:6px;top:423px;">party to<div style="display:inline-block;width:6px"> </div>acquire </div><div id="a67207_17_2" style="position:absolute;font-family:'Arial';left:115px;top:423px;">75</div><div id="a67207_19_86" style="position:absolute;font-family:'Arial';left:131px;top:423px;">% of<div style="display:inline-block;width:6px"> </div>the limited<div style="display:inline-block;width:6px"> </div>partnership interests;<div style="display:inline-block;width:6px"> </div>(ii) an<div style="display:inline-block;width:6px"> </div>amended limited<div style="display:inline-block;width:6px"> </div>partnership agreement </div><div id="a67211" style="position:absolute;font-family:'Arial';left:6px;top:440px;">under<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>acts<div style="display:inline-block;width:7px"> </div>as<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>General<div style="display:inline-block;width:7px"> </div>Partner<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>partnership<div style="display:inline-block;width:7px"> </div>through<div style="display:inline-block;width:7px"> </div>its<div style="display:inline-block;width:7px"> </div>wholly<div style="display:inline-block;width:7px"> </div>owned </div><div id="a67212" style="position:absolute;font-family:'Arial';left:6px;top:457px;">subsidiary Diana General<div style="display:inline-block;width:2px"> </div>Partner Inc.; (iii)<div style="display:inline-block;width:3px"> </div>an administrative service<div style="display:inline-block;width:2px"> </div>agreement under which<div style="display:inline-block;width:2px"> </div>DSS provides </div><div id="a67213" style="position:absolute;font-family:'Arial';left:6px;top:474px;">administrative<div style="display:inline-block;width:7px"> </div>services<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:7px"> </div>Bergen;<div style="display:inline-block;width:7px"> </div>(iv)<div style="display:inline-block;width:7px"> </div>a<div style="display:inline-block;width:7px"> </div>commission<div style="display:inline-block;width:6px"> </div>agreement<div style="display:inline-block;width:7px"> </div>under<div style="display:inline-block;width:7px"> </div>which<div style="display:inline-block;width:7px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:7px"> </div>is<div style="display:inline-block;width:6px"> </div>paid<div style="display:inline-block;width:7px"> </div>a </div><div id="a67215" style="position:absolute;font-family:'Arial';left:6px;top:491px;">commission<div style="display:inline-block;width:6px"> </div>on<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>outstanding<div style="display:inline-block;width:6px"> </div>balance<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>loan,<div style="display:inline-block;width:6px"> </div>as<div style="display:inline-block;width:6px"> </div>compensation<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>guarantee<div style="display:inline-block;width:6px"> </div>it<div style="display:inline-block;width:6px"> </div>provided<div style="display:inline-block;width:6px"> </div>to </div><div id="a67216" style="position:absolute;font-family:'Arial';left:6px;top:507px;">Nordea and (v)<div style="display:inline-block;width:5px"> </div>a convertible loan with<div style="display:inline-block;width:6px"> </div>Bergen under which Bergen<div style="display:inline-block;width:6px"> </div>would have to repay<div style="display:inline-block;width:6px"> </div>all expenditures </div><div id="a67218" style="position:absolute;font-family:'Arial';left:6px;top:524px;">made by the<div style="display:inline-block;width:6px"> </div>Company for the acquisition<div style="display:inline-block;width:6px"> </div>of the vessel.<div style="display:inline-block;width:5px"> </div>Pursuant to the<div style="display:inline-block;width:6px"> </div>terms of the<div style="display:inline-block;width:6px"> </div>convertible loan, on </div><div id="a67223" style="position:absolute;font-family:'Arial';left:6px;top:541px;">April<div style="display:inline-block;width:6px"> </div>28,<div style="display:inline-block;width:7px"> </div>2023,<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:7px"> </div>Company<div style="display:inline-block;width:6px"> </div>received<div style="display:inline-block;width:6px"> </div>from<div style="display:inline-block;width:7px"> </div>Bergen<div style="display:inline-block;width:6px"> </div>$</div><div id="a67223_50_6" style="position:absolute;font-family:'Arial';left:368px;top:541px;">25,189</div><div id="a67223_56_29" style="position:absolute;font-family:'Arial';left:413px;top:541px;"><div style="display:inline-block;width:7px"> </div>in<div style="display:inline-block;width:6px"> </div>cash<div style="display:inline-block;width:6px"> </div>while<div style="display:inline-block;width:6px"> </div>an<div style="display:inline-block;width:7px"> </div>amount<div style="display:inline-block;width:7px"> </div>of<div style="display:inline-block;width:7px"> </div>$</div><div id="a67223_85_5" style="position:absolute;font-family:'Arial';left:621px;top:541px;">3,675</div><div id="a67223_90_5" style="position:absolute;font-family:'Arial';left:657px;top:541px;"><div style="display:inline-block;width:7px"> </div>was </div><div id="a67224" style="position:absolute;font-family:'Arial';left:6px;top:558px;">converted into partnership interests in Bergen, representing </div><div id="a67224_61_2" style="position:absolute;font-family:'Arial';left:396px;top:558px;">25</div><div id="a67224_63_38" style="position:absolute;font-family:'Arial';left:412px;top:558px;">% of the total partnership interests. </div><div id="a67227" style="position:absolute;font-family:'Arial';left:6px;top:592px;">The Company<div style="display:inline-block;width:5px"> </div>evaluated its variable<div style="display:inline-block;width:6px"> </div>interests in Bergen<div style="display:inline-block;width:6px"> </div>under ASC<div style="display:inline-block;width:5px"> </div>810 and concluded<div style="display:inline-block;width:6px"> </div>that Bergen<div style="display:inline-block;width:5px"> </div>is a </div><div id="a67228" style="position:absolute;font-family:'Arial';left:6px;top:609px;">VIE and that the Company does<div style="display:inline-block;width:3px"> </div>not individually have the power<div style="display:inline-block;width:3px"> </div>to direct the activities of the<div style="display:inline-block;width:3px"> </div>VIE that most </div><div id="a67229" style="position:absolute;font-family:'Arial';left:6px;top:626px;">significantly affect the partnership’s performance. From April 28, 2023 the Company no<div style="display:inline-block;width:5px"> </div>longer retains the </div><div id="a67231" style="position:absolute;font-family:'Arial';left:6px;top:642px;">power to<div style="display:inline-block;width:5px"> </div>control the board<div style="display:inline-block;width:6px"> </div>of directors. On<div style="display:inline-block;width:6px"> </div>the same date,<div style="display:inline-block;width:6px"> </div>Bergen was considered<div style="display:inline-block;width:6px"> </div>an affiliate<div style="display:inline-block;width:5px"> </div>entity and </div><div id="a67238" style="position:absolute;font-family:'Arial';left:6px;top:659px;">not a controlled subsidiary of the Company. The Company accounted for the deconsolidation<div style="display:inline-block;width:2px"> </div>of Bergen in </div><div id="a67239" style="position:absolute;font-family:'Arial';left:6px;top:676px;">accordance<div style="display:inline-block;width:6px"> </div>with<div style="display:inline-block;width:6px"> </div>ASC<div style="display:inline-block;width:6px"> </div>610<div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>retained<div style="display:inline-block;width:6px"> </div>noncontrolling<div style="display:inline-block;width:5px"> </div>interest<div style="display:inline-block;width:6px"> </div>was<div style="display:inline-block;width:6px"> </div>accounted<div style="display:inline-block;width:6px"> </div>for<div style="display:inline-block;width:6px"> </div>under<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>equity </div><div id="a67240" style="position:absolute;font-family:'Arial';left:6px;top:693px;">method due to the Company’s significant influence over Bergen. </div><div id="a67245" style="position:absolute;font-family:'Arial';left:6px;top:727px;">On<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>date<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>deconsolidation,<div style="display:inline-block;width:5px"> </div>the<div style="display:inline-block;width:6px"> </div>fair<div style="display:inline-block;width:6px"> </div>value<div style="display:inline-block;width:6px"> </div>of<div style="display:inline-block;width:6px"> </div>the<div style="display:inline-block;width:6px"> </div>Company’s<div style="display:inline-block;width:6px"> </div>interest<div style="display:inline-block;width:6px"> </div>amounted<div style="display:inline-block;width:6px"> </div>to<div style="display:inline-block;width:6px"> </div>$</div><div id="a67245_86_5" style="position:absolute;font-family:'Arial';left:591px;top:727px;">4,519</div><div id="a67245_91_9" style="position:absolute;font-family:'Arial';left:628px;top:727px;"><div style="display:inline-block;width:6px"> </div>and<div style="display:inline-block;width:6px"> </div>was </div><div id="a67247" style="position:absolute;font-family:'Arial';left:6px;top:744px;">calculated through<div style="display:inline-block;width:6px"> </div>Level 2<div style="display:inline-block;width:6px"> </div>inputs of<div style="display:inline-block;width:6px"> </div>the fair<div style="display:inline-block;width:6px"> </div>value hierarchy<div style="display:inline-block;width:6px"> </div>in accordance<div style="display:inline-block;width:6px"> </div>with ASC<div style="display:inline-block;width:6px"> </div>610, by<div style="display:inline-block;width:6px"> </div>taking into </div></div></div><div id="TextBlockContainer219" style="position:relative;line-height:normal;width:704px;height:646px;"><div style="position:absolute; width:137.4px; height:16.8px; left:52.2px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:41.1px; height:16.8px; left:222.7px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:45px; height:16.8px; left:554.6px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:45px; height:16.8px; left:640.7px; top:102.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:133.8px; height:17px; left:234px; top:576.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:39.4px; height:17px; left:398.9px; top:576.9px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:238.1px; height:17px; left:451.5px; top:610.6px; background-color:#FFFFFF; "> </div>
<div style="position:absolute; width:184.5px; height:16.8px; left:5.8px; top:627.6px; background-color:#FFFFFF; "> </div>
<div id="TextContainer219" style="position:relative;width:704px;z-index:1;"><div id="a67270" style="position:absolute;font-family:'Arial';left:5px;top:0px;">consideration the<div style="display:inline-block;width:2px"> </div>fair value<div style="display:inline-block;width:2px"> </div>of the<div style="display:inline-block;width:3px"> </div>distinct assets<div style="display:inline-block;width:2px"> </div>and liabilities<div style="display:inline-block;width:2px"> </div>of Bergen<div style="display:inline-block;width:3px"> </div>on the<div style="display:inline-block;width:2px"> </div>date of<div style="display:inline-block;width:2px"> </div>the deconsolidation. </div><div id="a67271" style="position:absolute;font-family:'Arial';left:5px;top:17px;">This resulted in a gain on<div style="display:inline-block;width:5px"> </div>deconsolidation amounting to $</div><div id="a67271_57_3" style="position:absolute;font-family:'Arial';left:379px;top:17px;">844</div><div id="a67271_60_43" style="position:absolute;font-family:'Arial';left:404px;top:17px;">, separately presented in the accompanying </div><div id="a67275" style="position:absolute;font-family:'Arial';left:5px;top:34px;">consolidated statement<div style="display:inline-block;width:2px"> </div>of income,<div style="display:inline-block;width:2px"> </div>being the<div style="display:inline-block;width:2px"> </div>difference between<div style="display:inline-block;width:2px"> </div>the fair<div style="display:inline-block;width:2px"> </div>value of<div style="display:inline-block;width:2px"> </div>the retained<div style="display:inline-block;width:2px"> </div>noncontrolling </div><div id="a67276" style="position:absolute;font-family:'Arial';left:5px;top:51px;">interest plus<div style="display:inline-block;width:6px"> </div>the carrying<div style="display:inline-block;width:5px"> </div>value of<div style="display:inline-block;width:6px"> </div>the liabilities assumed<div style="display:inline-block;width:6px"> </div>by Bergen<div style="display:inline-block;width:6px"> </div>and the<